jonathan: from new york city for our audience worldwide, i'm jonathan ferro. bloomberg "real yield" starts right now. ♪ jonathan: coming up, the u.s. economy delivering stronger-than-expected jobs growth, validating the fed's pause. clarida says the economy is in a good place. just as the u.s. and china look to close out phase one. we begin with the big issue, an unexpectedly solid jobs report. -- solid payrolls report. >> pretty solid report. >> solid report. >> really strong. >> the jobs number did not disappoint. >> pretty impressive. >> we not only had a strong report but we had a revision higher for the prior number. >> don't write off the economy just yet. it has a lot of fundamental strength. >> the u.s. economy is resilient. >> they are a lot stronger than people think. >> the fed is in a good spot with where the data is. >> i don't think the fed does anything differently other than

jonathan: from new york city for our audience worldwide, i'm jonathan ferro. bloomberg real yield starts now. coming up, rinse and now. repeat. president trump says the trade deal is close. enthusiasm dating. spreads widening, triple c junk credit rolling over. let's begin with the big issue. overlooking year-end risk. >> everything is awesome right now. >> hope is a wonderful thing. a truepotential for bottoming of the economy in 2020. >> we are pretty constructive on 2020. >> we are just not there yet. ,> there are still some scabs wounds here. >> i don't know if there will be a trade deal. >> we don't even know how many war phases we could get. >> anything could go wrong at this point. we don't want to end the year on a mediocre note. the year is not over yet. run the table, oksana aronov, george rusnak, and greg peters. gray, let's begin with you. a real year-end field to soma discussions we've been having. how do you have a 2020 call before 2019 is even over? greg: people want to look forward just to look forward. there is such a focus on seasonality. lik

this is bloomberg real yield. ♪ i'm jonathan ferro.s is bloomberg real yield. , onng up over the next week tuesday, u.s. housing starts. wednesday, fomc minutes, and another democratic debate. thursday, inflation and pmi data. event, perhaps the main christine lagarde making a policy speech. u.s. and eurozone preliminary pmi for the month of november. still with me are mike schumacher, matt hornbach, and kathy jones. let's talk about europe. there is a belief on the side of the atlantic that christine lagarde can do something mario draghi cannot, and get governments in europe, specifically germany, to spend. kathy, the good news this week is germany of voting a recession. the bad news, the government seems to be satisfied with 0.1% gdp growth, and no signs of that will lead to fiscal loosening. kathy: no sign that they are inclined to worry about their current account surplus. from the public statements at least it doesn't look like they are inclined to make much change in the budget. things would have to get worse before they would ta

jonathan: from new york city, i'm jonathan ferro. bloomberg real yield starts right now. coming up, global risk appetite remains at the mercy of the next trade headline. treasuries heading for a big week. bond yields climbed to a three-month high. we begin with a big issue. the global bond market shakeout. >> it feels that in the bond market yields could go higher. beyondainly you can go 2% likely by year-end. >> if it keeps pushing higher, then you'll start to get a capitulation which will bring us another leg higher in yields. >> you will continue to see pressure on yields. >> lower bond yields from here the market would not like. >> it reflects significant duration in macro. >> the market has come around to the view that maybe we are not going into recession but slower growth environment. >> they perhaps haven't overweighted duration. >> you want to be fine duration here because we have not yet seen a sustained pickup in momentum in u.s. data. jonathan: joining me are robert tipp, samantha azzarello, and krishna memani. any more oxygen left in this treasuries a lot we

>> from new york city for our viewers worldwide, i am the sub romo it's in for jonathan ferro. yield startsl right now. ♪ up, inversion watch. the u.s. yield heard reporting it's -- yield curve reporting ngest flattening. and high-grade continuing to sales and new debt bonds rallying in the secondary market. we begin with the big issue, markets debating whether a flatter yield curve is here to stay. >> you have seen the flattening of the yield curve. >> it is incrementally flatter. >> it has been catching a lot of investors off guard. >> i think it is there for a long haul. cycle, weoverall fed would anticipate the fed should steepen somewhat. >> you're seeing late micro cycle -- market cycle behavior. >> it will keep the short and suppressed, which everyone expects. >> a market priced for recession, but it is telling you there are no risks whatsoever. that is not a tenable situation. >> the launchpad controls are in the hands of politicians right now as opposed to central banks. >> if you see these deals go through, you could see a steepener. youf it happens, we think create t

jonathan: from new york city, for our audience worldwide, i'm jonathan ferro. "bloomberg real yield" starts right now. ? jonathan: coming up, investors patiently waiting for a phase one trade deal. big returns to the treasury market, yields retreating from three-month highs. u.s. credit delivering the second biggest week of issuance so far this year. we begin with the big issue. just what is feeding investor optimism? >> the fundamentals are a lot more of a driver. >> it is all about trade. >> it is 100% a data issue. >> i have to disagree with that. >> trade is becoming a secondary issue. >> i think it is dependent on trade issues. >> the real key here is the global growth bottom. >> data has bottomed out. >> probably bottomed out. >> the data has been decelerating for the last year, 18 months. that is coming to an end. >> confidence is rebuilding. you can see it in the bottoms up numbers. >> the data has been bottoming. it is not 100%. >> all we are looking for markets to go hire is for the global economy to revive and overall trade issues do not get worse. >>

jonathan: from new york city, for our audience worldwide, i'm jonathan ferro. bloomberg real yield starts right now. coming up, investors patiently waiting for a phase one trade deal. big returns to the treasury market, yields retreating from three-month highs. u.s. credit delivering the second biggest week of issuance this year. we begin with the big issue. what is feeding investor optimism? >> it is all about trade. >> it is 100% a data issue. >> trade is becoming a secondary issue. >> i think it is dependent on trade issues. >> data has bottomed out. >> the data has been decelerating the past 18 months. that is coming to an end. >> confidence is rebuilding. >> the data has been bottoming. >> all we are looking for markets to go higher is for the global economy to revive and trade issues to not get worse. >> if trade negotiations fall apart right now, and the tariffs go in, you cannot tell me that the data will not get worse. >> if you get a phase one deal, which is fine, or it falls apart, and we go into phase one tariffs, which is bad. jonathan: joining me

lisa: from new york city for our viewers worldwide, i am lisa abramowicz in for jonathan ferro. "bloomberg real yield" starts right now. ♪ lisa: coming up, inversion watch. the u.s. yield curve reporting it's longest flattening. investors don't care, when wages on a steepening yield curve gathering mention on wall street. and high-grade continuing to build with new debt sales and bonds rallying in the secondary market. we begin with the big issue, markets debating whether a flatter yield curve is here to stay. >> you have seen the flattening of the yield curve. >> it is incrementally flatter. >> we expect that to continue for the short term. >> it has been catching a lot of investors off guard. >> we are playing the flattening. >> i think it is there for a long haul. >> in the overall fed cycle, we would anticipate the fed should steepen somewhat. >> you're seeing late market cycle behavior. part of that is a flatter yield curve. the economy will run hot and it will keep the short and suppressed, which everyone expects. >> a market priced for recession, but it is telling you the

jonathan: from new york city for our audience worldwide, i'm jonathan ferro. "bloomberg real yield" starts right now. ♪ jonathan: coming up, rinse and repeat. president trump says the trade deal is close. enthusiasm fading. high yields spreads widening, ccc junk credit rolling over. let's begin with the big issue. overlooking year-end risk. >> everything is awesome right now. >> hope is a wonderful thing. >> low and contained inflation. >> the potential for a true bottoming of the economy in 2020. >> we are pretty constructive on 2020. >> people want the year to be over. >> we are just not there yet. >> there are still some scabs, wounds here. >> december 15 is looming. >> i don't know if there will be a trade deal. >> we don't know how anymore phases we could get. >> anything could go wrong at this point. we don't want to end the year on a mediocre note. >> we need to see the data come through in order to pop the champagne and call the all clear. jonathan: the year is not over yet. joining me around the table, oksana aronov, george rusnak, and greg peters. gre

jonathan: from new york city, for our audience worldwide, i'm jonathan ferro. "bloomberg real yield" starts right now. coming up, global risk appetite remains at the mercy of the next trade headline. treasuries heading for a big week, and bond yields climbing to three-month highs. and as credit rallies, investors waiting for the fourth biggest corporate issue on record. we begin with the big issue, the global bond market shakeout. >> it feels that in the bond market yields could go higher. >> close to 2% right now. >> certainly you can go beyond 2% likely by year-end. >> we weren't expecting them to keep going up for sure. >> if it keeps pushing higher, then you'll start to get a capitulation which will bring us another leg higher in yields. >> we have seen some capitulation. >> you will continue to see pressure on yields. >> lower bond yields from here probably the market would not like. >> if this push higher in yields reverses, it reflects significant deterioration in macro. >> the market has come around to the view that maybe we are not going into a recessi

jonathan: from new york city for our audience worldwide, i'm jonathan ferro. bloomberg real yield starts right now. coming up, the u.s. economy delivering stronger-than-expected jobs growth. validating the fence pause. clarida says the economy is in a good place. just as the u.s. and china look to close out phase one. we begin with a big issue, and unexpectedly solid jobs report. >> pretty solid report. >> really strong. >> the jobs number did not disappoint. >> we not only had a stronger part but we had a revision higher for the prior number. >> don't write off the economy just yet. it has a lot of fundamental strength. >> they are a lot stronger than people think. >> the fed is in a good spot of where the data is. >> i don't think the fed does anything differently other than a pat on the back. >> a pat on the back for chair powell. a picture-perfect soft landing is what they are track four. jonathan: here in new york is bob michele, priya misra, and gershon distenfeld. priya, a solid payrolls report. i thought we would start by making up excuses for a week j

>> from new york city i am jonathan ferro. real yields starts right now. coming up, the u.s. economy delivering stronger-than-expected jobs growth. the economy is in a good place. the united states and china look to close out a phase one trade deal. we begin with the big issue, an unexpectedly solid jobs report. -- payrolls report. >> >> pretty solid report. >> really strong. >> the jobs number did not disappoint. >> we not only had a stronger but we had a revision higher for report strength. the u.s. economy is resilient. >> the fed is in a good spot with where the data is. >> i don't think the fed does anything differently other than a pat on the back. >> a pat on the back for chair powell. >> this is a picture-perfect soft landing is what they are track for. jonathan: here in new york is bob michele, priya misra, and gershon distenfeld. priya, a solid payrolls report. i thought we would start by making up excuses for a weak jobs number. we got a strong one. priya: we went in looking for a weak number with the gm strike. i don't think the number told us a whole lot. we have

. ♪ jonathan: i'm jonathan ferro. this is "bloomberg real yield." want to head to the auction block and begin in europe, where the primary market is showing few signs of calling. deutsche bank raising 500 million euros, helping weekly sales to pass 30 billion. no shortage of supply on this side of the atlantic. the junk-bond market set for its busiest week in two months. after pricing more than $10 billion. finally, the big one, abbvie selling a monster $30 billion in bonds to finance its acquisition of allergan. peaking at $77 billion with big demand to buy a piece of the biggest debt sale so far in 2019. it took the supply to roughly $50 billion, the second-biggest week of 2019. >> rates are cheap. why wouldn't you raise as much as you can? there are flows into the fund. once you are a large issuer, everybody forgets, you become a big weight in the index. the more you issue, the bigger you get. jonathan: still with me are kathy jones, matt hornbach, mike schumacher. kathy jones, we just took down the fourth biggest bond issue. spreads the tightest

. ♪ jonathan: i'm jonathan ferro, this is bloomberg real yield.ight here with the treasury market in the 30 year treasury yield climbing to a high. the $19 billion auction and maturity this week. boosting u.s. investment grade supply but by issuance. next week, investors await the monster $28 billion issue and finally over in europe, and the sales of rocha and the for record with more than seven weeks to spare. the annual tally exceeding 1.2 8 trillion euro. sticking with europe, investor appetite for european exposure has remained. being less bad than it has been an with sentiments already so negative, it's an interesting time to go back. less bad is enough to buy risk. jonathan: less bad, that is not the by european risk. >> we don't really like european credit at the moment. we would rather be with an investment grade on the high-end of high-yield in the u.s.. jonathan: let's talk about that. i imagine this is a difficult population to make. euro versus the united states. >> do you find credit assets very active at this point? the answer is no.

jonathan ferro and tom keene will be joined by richard claire ptak.rg. ♪ nejra: european banks have struggled, here with more is dani burger. this is athis week, surprise to the upside. this has more to do with good expectation setting. we saw smartphone makers like apple and samsung beat estimates and we saw chipmakers do well this week. other tech giants, facebook beat expectations as well.

i'm jonathan ferro. open" starts right now. ♪ jonathan: coming up, the longest winning streak since july taking stocks deeper into uncharted territory. president trump facing off with jerome powell, pushing back against fed rate policy but remaining silent on hong kong. senate republicans pushing a bill supporting protesters. here is your tuesday morning price action. equity futures firm or six points on the s&p 500, elevated .2%. in the treasury market, a little bit of a bit, yields lower a single basis point to 1.81 on the u.s. 10 year. recent price action for the euro. euro-dollar 1.1077. let's begin with the big issue, the equity markets shaking off everything thrown at it. >> markets will continue to grind higher. >> continued to grind higher. >> the market at record highs. >> approaching melt up terrs.

the cable show with jonathan ferro and me, jonathan is in new york, i will be in london.ab digital radio in the london area and around the world on all of your digital devices -- and all of your bloomberg devices. this is bloomberg. ♪ guy: in today's quick take, shares from alibaba hong kong ipo will begin trading tuesday. five years ago china's largest company pulled off the biggest share offering ever on wall street, so there number of questions being asked about this one. alibaba is raising at least $11.2 billion. it could be as much as $12.9 billion if it exercises an overallotment option. the money could help the company finance a costly war against homegrown rivals. closer to home will make it easier for investors in mainland china to buy and sell the shares . was a blockbuster debut which showed confidence in hong kong's future at a difficult time for that city. that could earn alibaba goodwill in beijing. the hong kong share sale is a secondary listing in a filing. alibaba said the new york stock exchange would continue to be its primary listing venue. with two li

i'm jonathan ferro. right now. ♪ jonathan: coming up, senator sending a warning to china, passing a bill backing hong kong protests. president trump stuck between breaking with republican lawmakers are risking a trade fromocks risking back all-time highs. here is your wednesday morning price action. 3%ities drip lower, down .30 on the s&p 500. the euro a little bit weaker. euro dollars. treasury yields heading south by four basis points to 1.74 on the u.s. 10 year. let's begin with the big issue, the u.s. senate unanimously passing a bill supporting the hong kong protest . >> the protests continue because the people hong kong see what is coming. they see the steady effort to erode their freedoms. the

i'm jonathan ferro. open" starts right now. ♪ jonathan: coming up, five weeks of gains for equities. investors hoping macro risks were receipt. desk of the biggest players in the global economy taking center stage later this week and saudi aramco publishing the prospectus for what could be the largest ipo in history. 30 minutes until the opening bell. good morning. here is your monday morning price action. futures -12 points on the s&p 500, down .4%. euro-dollar 1.1038. in the treasury market, we are closed for veterans day. your 10 year government bond in germany unchanged at -26 basis points. let's begin the program with the big issue. what is the primary driver of the global risk rebound? >> i do not think trade is the driver at the moment. >> i disagree. >> fundamentals or more driver. >> it is all about trade. >> trade is becoming a secondary issue.

i'm jonathan ferro. starts right now. ♪ jonathan: coming up, the president set to sign the bill supporting hong kong protesters. china pushing ahead with straight talk. american officials receiving an invite to beijing. investors investors between cautious optimism and consumer -- and confusion. with 30 minutes to the opening bell, good morning. here is your price action. equity futures going nowhere on the s&p 500. foreign-exchange beating price action. the euro flat against the dollar. in the bond market, a little bit of a lift. to 1.75sury yields up on the u.s. 10 year. let's begin with the big issues. investors between cautious optimism and confusion. >> difficult for the market to begin to see through some of this. >> the political situation in hong kong is obviously important. >> bipartisan support. >> this could be impairing

jonathan ferro is in your. digital radio in the london area and around the world.omberg. ♪ vonnie: it's time now for the quick take. the state department has formally submitted the request to leave the paris climate accord. the administration says it faces an unfair economic burden. almost 200 companies pledge to limit fossil fuels for climate change. it's voluntary a nonbinding. the goal is to hold the rising temperature. that will avoid rising seas and superstorm's. the u.s. promised to cut carbon emissions. president trump calls the agreement a disaster. give away would american wealth. u.s. loves being caps on to agreement climate fund that poor nations are invested in renewable energy. guy: this is bloomberg. ♪ guy: from london, i'm johnson. vonnie: this is the european close on bloomberg markets. hoover's new target of achieving profitability did impress analysts even as shares fell. taylor riggs is here to explain more. we were surprised by the share reaction. a lot of analysts thought there and negative. let's talk about the positives. they should be positi

i'm jonathan ferro. ts right now. ♪ jonathan: coming up, the latest data out of china disappointing. the economy is decelerating. trade talks hitting a series of road bumps weighing on homes for a phase one deal. as treasuries rally, stocks weathering the storm. equities closed all-time highs. with 30 minutes until the opening bell, here's your thursday morning price action. equity futures .2% on the s&p 500. 110 -- 1.10 and weaker against the dollar. yields coming in six basis points on the 10 year to 1.83%. let's begin with the big issue. equity markets holding onto all-time highs. >> a lot of the major lists have receded. >> the biggest risk is straight, that has dissipated. >> we will see if we can deal with that and uncertainty. >> it will

i'm jonathan ferro. starts right now. ♪ [no audio] jonathan: recession odds falling. >> the chance of a recession is not significant. >> recession risk is off the table. >>

i'm jonathan ferro. starts right now. ♪ jonathan: coming up, equity markets making fresh record highs. the white house talking up trade talks. chaos continues in hong kong. the u.s. senate moving to expedite legislation supporting protesters. the american consumer remaining resilient. u.s. retail sales continue to support confidence. 30 minutes until the opening bell. good morning. friday morning price actions. equity futures up another .30 3% on s&p 500. we grind towards a sixth straight week of gains. treasury yields higher by a single basis points. the dollar weaker against the bulk of g10, euro-dollar firmer 1.1042. let's begin with the big issue. still waiting on a phase one trade deal. >> we have come to a substantial phase one deal. we have come to a deal

i'm jonathan ferro. arts right now. ♪ jonathan: coming up, equities advancing for a fifth rate week. investors remain patient for a phase one deal. another sign the global economy may be bottoming out. china's exports declining less than expected. as european stocks outperform, jean-claude juncker says trump will not hit the eu with auto tariffs. 30 minutes until the opening bow. good morning. friday morning price action. futures lower .1%. the dollar stronger. the treasury selloff continue. yields higher by three basis points. 1.95 is your yield on the u.s. 10 year. let's begin with the big issue. the global bond market selloff continues. >> it feels that in the bond market, yields could go higher. >> close to 2%. >> we think you can go beyond 2% by year end. >> there is a tremendous pile of cash.

coming up on "the open" with jonathan ferro, lisa shalett.wait for president trump to begin speaking at 12:00 p.m. dollars and yields go nowhere. the question is what he says about cars and tariffs. noon. that and more, at ♪ ,onathan: from new york city for our audience worldwide, in jonathan ferro. now.open" starts ♪ coming up, equities trading wars, investors looking for clarity on trade policy. president trump taking center stage, delivering an address at the economic club of new york as the united states is expected to delay a call on european autos tariffs. good morning. equities going absolutely nowhere on the s&p 500, dead flat. stronger dollar broadly in g10. treasuries reopened following veterans day, yield on the 10 year 1.93. donald trump taking center stage. mentioned anything about progress with respect to china? >> he is willing to take this phase one deal. >> we are hoping for easier conditions with respect to trade. >> rollback on

jonathan: from new york city, i'm jonathan ferro. eal yield" starts right now. ♪ jonathan: coming up, global risk appetite remains at the mercy of the next trade headline. treasuries heading for a big week. bond yields climbed to a three-month high. as credit rallies, investors waiting for the fourth biggest corporate issue on record. we begin with a big issue. the global bond market shakeout. >> it feels that in the bond market yields could go higher. >> close to 2% right now. >> certainly you can go beyond 2% liel

. ♪ jonathan: from new york city for our audience worldwide, i'm jonathan ferro. l yield" starts right now. ♪ jonathan: coming up, rinse and repeat. president trump says the trade deal is close. enthusiasm fading. the flatten or returning to the treasury market with high years spreads does high yield spreads widening, ccc junk credit rolling over. let's begin with the big issue. overlooking year-end risk. >> everything is awesome right now. >> hope is a wonderful thing. >> you have got low and contained inflation. >> the potential for a true bottoming of the economy in 2020

we have richard clarida joining jonathan ferro and tom keene. night in hongay kong, 9:30 a.m. new york. david: have a look at the live pictures out of beijing. you are looking at the press briefing we understand is just starting right now on the communist party's meeting. rishaad: this is coming at a critical time for the president as he faces obstacles to chinese economic growth. trade war, rise in labor cost, and that could threaten the key source of the party's legitimacy, which is delivering economic prosperity. that is what we have so far from beijing. this is bloomberg. ♪ thed: hong kong confirmed .irst recession since, september will likely have its hold my beer moment. this is what we have in japan as we head to the break, the lunchtime break. down 1.2, a big mess, missing estimates. 107 billion yen operating profit, we had 129 billion for the third quarter. cut its full-year operating profit. nintendo up 6% at the introduction of the switch light. duesonic, 4% to the upside to a beat on its second-quarter operating income even though it cut its net sales forecast for

jonathan ferro is a new york. i will be joining him in london.ll continue on bloomberg television. later we are on dab digital radio around the world on all of your bloomberg devices. this is bloomberg. ♪ guy: from london, i am guy johnson. vonnie: from new york, i am vonnie quinn. a big day for streaming stocks and travel planning stocks. let's bring in bloomberg's dave wilson to explain it. let's start with the travel planning stocks. we had the ceo of expedia on trying to put a brave face on, but the stock is down almost 25%. it is dragging down others. dave: it is not just expedia, it is trip advisor. they both had numbers out that did not go over well with investors. the stocks are taking a beating. you're talking about the two worst performers on the day in the s&p 500. this is what happens when you have to go up against google. in the past quarter, they tweaked their hotel and flight information, moved away from an app called google trips, build it more into google travel and google maps. they are making a push to have it easier for people

. ♪ jonathan: from new york city for our audience worldwide, i'm jonathan ferro.arts right now. coming up, the u.s. economy delivering stronger-than-expected jobs growth. validating the fence pause. clarida says the economy is in a good place. just as the u.s. and china look to close out phase one. we begin with a big issue, and unexpectedly solid jobs report. >> pretty solid report. >> really strong. >>

jonathan: from new york city, for our audience worldwide, i'm jonathan ferro.eal yield starts right now. coming up, investors patiently waiting for a phase one trade deal. big returns to the treasury market, yields retreating from three-month highs. u.s. credit delivering the second biggest week of issuance this year. we begin with the big issue. what is feeding investor optimism? >> it is all about trade. >> it is 100% a data issue. >> trade is becoming a secondary issue. >> i think it is dependent on trade issues.

jonathan ferro in new york, i'll be joining him in london.ve on dab digital radio in the london area and around the world and all of your bloomberg devices. this is bloomberg. ♪ vonnie: live from new york, i'm vonnie quinn. guy: from london, i guy johnson. ons is "the european close" bloomberg markets. let's check in with the merck first word news. courtney: committees --estigating president trump all four are members of the administration. the white house has been fighting house investigators attempts to depose current and former officials. china is reviewing locations in the u.s. where an interim trade deal could be signed between xi jinping and donald trump. bloomberg has learned president she is open to a visit to the u.s. even if it is not a formal state visit. wilbur ross says the two sides are far along with the trade deal. wilbur ross also said this month the u.s. may not need to put tariffs on european cars. he told bloomberg the u.s. had good conversations with european carmakers about their investment plans. last week, the u.s. str

from new york city, i am lisa in for jonathan ferro. bloomberg real yield starts now.up, inversion watts. the longest stretch of flattening since november of 2015. investors don't care with wagers on a steepening yield curve gathering momentum on wall street. a momentum and high-grade continuing to build with buyers flocking to debt sales. we begin with the big issue, markets debating whether a flatter yield curve is here to stay. >> the yield curve is incrementally flatter. >> we expect that to continue for the short-term. >> it has been catching investors off guard. >> i think it's there for the long haul. >> at this point in the fed cycle we would anticipate the curve should steepen out somewhat. >> part of that lay cycle may havey or -- lay cycle behavior is a flatter yield curve. >> you may see the long end drift higher. a spread perspective, it is telling you there are no risks whatsoever,. a >> the launchpad controls are very much in the hands of politicians as opposed to central banks. >> if you see these deals go through, you could see a steepener. >> we think

jonathan ferro is in new york. i'll be joining him here in london.ve on dab jewel radio in the london area and around the world on all pure bloomberg devices. -- around the world on all of your bloomberg devices. ♪ guy: in today's quick take, is really politics. benjamin netanyahu has never faced a test like this one. he must stand trial for bribery and fraud. that is jeopardizing his chances to continue as israel's longest-serving prime minister after the inconclusive election. benjamin netanyahu is accused of taking $276,000 worth of items such as cigars and champagne from wealthy friends. he is also charged with advancing the business interests of a telecom mobile in exchange for favorable coverage and conspiring to undermine a newspaper. benjamin netanyahu says he is innocent and is the victim of a left-wing conspiracy. he has proposed moves that would give him immunity while he is in office and that would limit the courts ability to intervene. twice benjamin netanyahu has been unable to put together a governing coalition after the back-to-back c

jonathan ferro in the united states live on dab digital radio in the london area and around the worlddue bloomberg devices. this is bloomberg. ♪ guy: from london, i'm guy johnson. vonnie: from new york, i am vonnie quinn. this is "the european close" on bloomberg markets. at&t falling this morning at the stop was downgrading to sell from neutral by nathan since. they are casting doubt on the company's ability to hit the three year guidance. taylor riggs joins us from san francisco with more. taylor: a very rare downgrade to mentioned trouble reaching the target, the three-year plan target. the problem is three portions of their business, part of that included the entertainment group, the time warner media group, as well as the business group, all are looking at revenue declines. that makes up 60% of the business. the problem is the wireless segment now has to punch more than its weight. craig is saying it could have to grow by 8% topline revenue to get the company to achieve its targets. they are losing video subscribers. a lot of the weakness continues in the video subscriber losses.

jonathan ferro is in new york. i will be joining him in london. bloomberg. ♪ vonnie: time for today's quick take. the christine lagarde air a at the european central bank is underway. she takes ever the time policymakers are split over stimulus tools. one of those tools is the use of negative interest rates. here is how they work. negative interest rates were seen as an experiment because other options were not working after the 2008 financial crisis. the ecb cut benchmark rates below zero in 2014. now a quarter of the world's economies are living with rates in the red. negative yielding bonds has top $17 trillion, or one fourth of all investment-grade debt. investors buying those securities will not get all of their money back. that is including the focus on how people are hurt when their retirement savings failed to grow. some policymakers encourage that ultra rates encourage asset bubbles and risky lending. the disparity between the u.s. and the rest of the world has driven the dollar higher, which could damage u.s. exports. that is the latest

jonathan: from new york city for our audience worldwide, i'm jonathan ferro.rg real yield starts now. coming up, rinse and now. repeat. president trump says the trade deal is close. enthusiasm dating. spreads widening, triple c junk credit rolling over. let's begin with the big issue. overlooking year-end risk. >> everything is awesome right now. >> hope is a wonderful thing. a truepotential for bottoming of the economy in