. >> i am alisa in for jonathan ferro. bloomberg really yelder starts right now. ♪ bank executives in davos ramping up their calls to end negative rates. with credit markets remaining hot, new deals as many as seven times over -- sparking fears on wall street. let's start with the biggest issue -- rising worry over the impact of negative rates. lacks the business community just does not want lower rates. crack -- >> the business community just does not want lower rates. the more the side effects become important. havingmedicine of negative rates, it has side effects. >> you want to ride that wave while it is happening. >> keep your eyes wide open. >> this cannot be the way in which you manage the real economy. negativeks do not like rates. joining me around the table sam,.danny, mark, and mark, negative rates, they going away anytime soon? >> probably not. a lot of the press that we are seeing and talking about negative rates and what a bad thing they are, it is not as if banks asked for it. their mandate is inflation and

jonathan: i am jonathan ferro. bloomberg real yield starts right now. ♪ forthan: coming up, looking the feds to remain on the sidelines in 2020 even as u.s. manufacturing data hits the weakest levels in a decade. the s&p takes the most bearish drop on credit in -- stands on credit since 2009. >> the fed is on hold. >> the fed goes to the sideline. >> they're not going to raise rates. >> the markets are ok with that. >> polevault high bar. >> the fed may get pulled back in. massive escalation and geopolitical tensions. >> inflation has to majorly overshoot their level. >> they have left the door open. >> they do not want to be the reason the markets fall off, but they do not want to be the reason they are going off. >> they're probably going to stay off the spotlight. , greg peters,a joining us from london, andy. your thoughts on that -- the threshold to bring the fed back to the table in 2020? >> if we put to one side what happened overnight, it is much more complex. the reaction from iran will be important. i do n

jonathan: from new york city, i am jonathan ferro. "bloomberg real yield" starts right now. ♪ jonathan: coming up, the data in america leaving the fed on the sidelines. a record-breaking week of debt issuance in europe, and the biggest inflows ever into u.s. high-grade credit funds. we begin with a middle-of-the-road payrolls report. >> this report was mixed. >> middle-of-the-road. >> right down the middle of the fairway. >> different people will see different things and it >> moderating but still good economy. >> pretty good given where we are in the business cycle. >> it still checks a lot of boxes. >> it does not change any expectations about economic prospects. >> the trends will continue. >> we are now we were before the employment report. >> wage growth may be a little slower but it is still right around 3%. >> we are in an extended period of exceptional mediocrity. >> and economy slowing gradually. >> we are stuck for the time being. jonathan: joining us around the table is priya misra, george rusnak and gershon distenfeld. can

jonathan: from new york city for our audience worldwide, i'm jonathan ferro. bloomberg "real yield." now.rts right qe?ng up, is it or isn't it that's the question for the federal reserve as risk alice -- the global economy shows further signs of stabilizing. we begin with the big issue. one question for the federal reserve. >> the fed continues to tell us this is not qe. >> the market believes it is qe. >> which is all that matters. >> they will continue to do balance sheet expansion. >> that kind of liquidity will be hard to fight. >> that is putting the fed and a bit of a bind. it creates the risk of a policy mistake. >> if the data does not get worse. >> you it creates the risk of a policy mistake. could have an economy where the second half is bouncing back. >> the fed is actually going to is actually going to surprise to the downside on the balance sheet. >> is the market going to see that as the end of qe, quantitative tightening? cuthe fed playbook is to tight and fast and signal if there is weakness. jonathan: joining me around the table is greg staple

jonathan: from new york city, for our audience worldwide, i'm jonathan ferro. bloomberg "real yield" starts right now. ♪ jonathan: coming up, is it or isn't it qe? that's the question for the federal reserve as risk assets rally and the global economy shows further signs of stabilizing. we begin with the big issue. one question for the federal reserve. >> the fed continues to tell us this is not qe. >> the market believes it is qe. >> which is all that matters. >> think about what the fed has told us. >> they will continue to do balance sheet expansion. >> the market is taking this as a signal. >> that kind of liquidity will be hard to fight. >> that is putting the fed in a bit of a bind. >> it creates the risk of a policy mistake. >> the fed will not make a policy mistake if everything is fine. >> if the data does not get worse. >> which people are forecasting. >> you could have an economy where the second half is bouncing back. >> the second half we should see that fade. >> the fed is actually going to surprise to the downside on the balance sheet. >> they sho

lisa: for our viewers worldwide, i'm lisa abramovitz in for jonathan ferro. bloomberg "real yield" starts right now. coming up, bank executives in davos ramping up their calls to end negative rates. with credit markets remaining hot, new deals as much as seven times oversubscribed, prompting new fears on wall street that the party may be nearing an end. let's start with the big issue, a rising debate over the impact of negative rates. >> the business community just doesn't want just lower rates. >> negative rates are a problem. >> negative rates do not help. >> negative rates are useful for the economy as a whole. >> the longer you keep that policy -- >> negative interest rates. >> the more the side effects become important. >> you'll have asset bubbles. medicine ofnal having negative rates has side effects. >> you want to ride that wave while it's happening. >> one would expect rates, negative or not, to stay low. >> keep your eyes wide open for when there's a correction. >> in the medium-term, this cannot be the way that you manage a real economy. flash, ba

." ♪ jonathan: i'm jonathan ferro. this is bloomberg "real yield." want to head to the auction block and kick things off in europe. the primary market had a record month. needing sales of another 50 billion euros to top the january high. unprecedented demand for sovereign debt in italy and spain, receiving record amounts. in the united states, the persistent bid for investment-grade debt continuing. high grade sales of $35 billion topping projections with thursday's deals more than two times oversubscribed. sticking with credit, some investors growing increasingly cautious following a stellar year of returns. kkr cutting its weakest investment-grade debt, bbb, to underweight, writing, "the macro economic and geopolitical environment could trigger a wave of fallen angels or investment-grade credit falling back into the high-yield category over the next 12 to 18 months." colin martin of charles schwab pushing back a little bit. colin: with more than half of the market comprised of bbb's, there is no stigma anymore. they are ok with that. they believe t

for ournew york city audience worldwide, i'm jonathan ferro. bloomberg real yield starts right now. coming up, tears in china fueling global growth worries, driving treasury yields down to october lows, pushing investors pull cash from junk-bond funds. his back.nd bit >> the treasury market rallying. >> rally in treasuries. >> fixed income yields keep falling. >> we don't have any major inflation risks. >> what inflation? >> global growth will be relatively weak. >> the fed is on hold. >> the fed is ready to do what it has to do to keep things going. isthe coronavirus scare completely dominating the conversation. >> we can still go lower. >> the message for investors is to find yield. keep your yield. >> you cannot be scared away. once you give the yield away, it is hard to get back. around theoining me table is subadra rajappa, kathy jones, and rob waldner. kathy, when we start a week with sentiment like this, the next week things look the other way and we are vulnerable to a squeeze. are we vulnerable now? kathy: it doesn't feel like it. the squeeze was people were not prepared fo

." ♪ jonathan: i'm jonathan ferro and this is bloomberg "real yield."the auction block in europe, where the primary market is starting to shake back to life with a handful of deals to close out the week. three sterling offerings in the spotlight, including sales from nationwide building society. the high-grade building market gearing up. reinsurance group of america making up a thin pipeline expected to grow in the coming days and weeks. it could be a busy month for u.s. high-yield issuance. junk bonds scheduled to mature this month as companies look to refinance debt while borrowing costs remain cheap. s&p global ratings most bearish on corporate debt than at any point in the decade. the most down grades for complete relative to upgrades since 2009. with me, diana amoa and greg peters, and andrew chorlton in london. we know the story of the price action. greg: they've given companies the benefit of the doubt the past five years. there's been a slowdown of cash flow growth, it's manifest in earnings. this is somewhat of a topping off. i don't view this

jonathan ferro with lawrence hour.this morning, it is jobs day in america. america's job is to keep buying apple shares. the dow at 29,000. interest rates low. we are fully employed from sea to shining sea. lawrence summers says stagnation is upon us, we are not a fully employed america. you need to go to cash and there are bubble characteristics. confused? i am. the islamic republic and president trump recalibrate after a poly video of death and destruction. headlines breaking right now from dow jones. forward- iraq drives the conversation of american exit. francine: this crust the bloomberg terminal -- crossed the bloomberg terminal, they have requested the u.s. to put the mechanism in place for the exit of american troops. tom: in this hour, steven cook will join us, his incandescent essay on foreign policy. he was visiting iraq and mr. cook makes no bones about it, leave iraq now. right now in new york city with the first word news, viviana hurtado. viviana: a flash of light. do you see it? of the adding evidence f

jonathan ferro is out in the world economic forum.ll generate some of the great sounds generated from the fantastic interviews at the world economic forum in davos today. this is bloomberg. ♪ >> welcome back to the world economic forum in davos the combined bloomberg television and radio audiences. joining me is hong kong chief executive carrie lam. hong kong has been rocked by protests since june, sinking the economy into recession. your government has focused on and economic issues. the protesters have set what they are concerned about is democracy, china's tightening grip on the contrary. how do you hope to address those concerns without a political solution? ms. lam: there is no truth to the accusation the central government is tightening its grip on hong kong. the central government has made it clear they want hong kong to succeed under the one country, two systems that was made clear to me by president xi jinping. this was triggered by the government attempt to introduce amendments to the ordinance, but i have almost immediately

she spoke to tom keene and jonathan ferro in davos.e a lot of conversations of why they are staying private longer. about capital, regulation, all of these things. the fact that they are staying private means there's less of discipline in governance there , less clarity around valuation. are these companies worth what the private markets are saying? or do you need the wisdom and disclosures and transparency to determine that? jonathan: let's talk about pressure. we have the likes of blackrock talking about a leaning on the active management world to lean out of some companies, let's say in coal. the pressure really is going to put on the index providers to say to them, you need to get these companies out of the index. that is going to make the most difference. the pressure will also be on the exchanges. stacey: i thing it is important to make sure that investors have access to opportunities and the right to choose. by putting them on exchanges and giving them information about their disclosures, it is helpful so they can make informed

." ♪ jonathan: i am jonathan ferro. time never the final spread.g up next week, a slew of fed presidents will be giving their outlook on the u.s. economy. the big banks kicking up earnings season on tuesday. the big event on wednesday, the u.s. and china scheduled to sign their first phase of the trade deal at the white house. i went to pick up on a quote from gershon. when you have yields as low as they are people are thinking about, where do i get my returns and fixed income? you pointed out the following stat. the 10-year japanese government bond with the yield near zero. 11 of the last 12 years with the. yield below 1% the annual return averaged more than 2%. promise but dynamic like that in the market we have at the moment? gershon: most times yield curves were fairly steep. you get roll down. they traded lower yields and you can capture that. yields are not nearly as steep today. yield is not necessarily equal return in fixed income. that is something investors don't always appreciate. the main reason to own high-quality fixed income is to se

in an interview with tom keene, jonathan ferro, the canadian deputy prime minister said her country is optimistic about the future of transcontinental trade as it awaits a new nafta agreement. >> as you know, the u.s. has now ratified the new nafta, mexico did it before christmas. the top priority of our government -- we had an election in the fall. parliament is coming together. we will come back from the winter break on monday the 27th, and our governments priority as the prime minister announced you will be to move through with the new nafta legislation. we need to get this done. we are going to work very hard to do it. one very positive sign from my perspective is that, just this week, yesterday, the premieres of all the canadian provinces and territories came out with a public statement calling on all members of parliament to ratify the new nafta. that is significant because our premieres are a politically diverse group. some conservatives, they are ndp, liberal. the fact that they have come out together and called on parliament to ratify this i think speaks to the fact that canad

i'm jonathan ferro. open" starts right now. ♪ romaine: coming up -- jonathan: coming up, 2020 begins with stocks rallying with china moving to ease financial conditions, investors look for further support as eurozone manufacturing remains in contraction territory for an 11th straight month. good morning. here is your thursday morning price action. equities up 20 points on the s&p. positive .6%. euro-dollar 1.1196 and a bid in the bond market. yields down to 1.88%. we begin with the date issue, a new year, new decade, a familiar outlook. >> we are cautiously optimistic. >> cautiously optimistic. >> more optimistic. >> more positive for 2020. >> the earnings have a followthrough. >> the economy is expanding. >> mixed economic numbers. >> trade uncertainty. >>

i'm jonathan ferro. "the countdown to the open" starts right now. ♪ jonathan: coming up, u.s.n's most powerful generals , sending oil markets rally as iran's supreme leader threatens retaliation sending stock markets lower. with 30 minutes until the opening bell this morning, good morning. here is your friday morning price action. equity futures lower, much lower. down 1% on the s&p 500. in the bond market, crude higher 3.64%. at $63.44. tensions escalating in the middle east after donald trump ordered an airstrike in iraq, killing one of iran's most powerful generals. the u.s. defense department writing "at the direction of the president, the u.s. military has taken decisive defensive action to -- by killing qasem soleimani.

i'm jonathan ferro. " starts right now. ♪ jonathan: coming up, earnings season begins. jp morgan delivering the best year in u.s. banking history. the united states, eu, and japan putting pressure on china to cut subsidies. inflation america fades. here is your tuesday morning price action. down a single point on the s&p 500. euro-dollar 1.1110. in the bond market, treasury yields creeping lower, down a single basis point to 1.84 on the u.s. 10 year. let's begin with the big issue. the financials in the spotlight. wall street kicking off earnings season following the best year and more than two decades. kickingn and citigroup off earnings, but wells fargo falling short. goldman sachs, bank of america, and morgan stanley all still to come.

it is much more the cautious optimism that jonathan ferro let off the show with.n it comes to the earnings look, i think it is important to note that if you are comparing it to the context of bond yields ey areal yields, ther low. about one half of a standard deviation below its average and compares favorably. expectations, they might be firm but they are firm in the context of at least they are going to be up. we will find a way to make do with it. guy: the earnings story is going to have to be one of the prime drivers this year in a way that it was not last year. last year was about expansion. last year was about the fed and other central banks providing a really solid, rocket boost for the equity markets. what is going to be there is the question? could major driver that square the circle is that the u.s. dollar will be the most important currency to watch. you can run it up against whatever you want. that will help shape a large part of the earnings story. if the u.s. dollar goes down, especially as we head into the back half of the year, we have that natural

i'm jonathan ferro. ts right now. ♪ jonathan: coming up, the fed decides. jay powell's first rate decision of 2020. apple rising to record highs. and david solomon's goldman sachs delivering its debut investor day. 30 minutes until the opening bell, good morning. here is your wednesday morning price action. futures firmer. .20 5% higher on the s&p 500. euro-dollar just down to 1.10. yield on the u.s. 10 year. today's fed meeting getting just a little bit more interesting. on pinse going to be and needles during the press conference. >> the conference could be more dovish than what was expected before. >> what the fed should be doing is sitting on its hands. >> it will take quite a lot to adjust from there on hold position. >> the fed is on the sidelines. >>

. ♪ ♪ jonathan: live from the world economic forum in davos, switzerland, i'm jonathan ferro. conversation continues right here with the coca-cola ceo, james quincey. great to see you. -- greateat to see you to be here. jonathan: a single $40 share from 1919 worth more than $18 million today. isn't that remarkable? james: it's an amazing story. it is a great american story of building an incredible business and going around the world. i just with my grandparents had bought a share and hung onto it. jonathan: who would've thought that for john pemberton, 100 years later you would have a guy from england running the company? james: it is really a fantastic global business that has gone from that one small idea to 500 brands most everywhere. jonathan: your insight into the fantasticrldwide is a position to begin. what do you see now in terms of consumer strength? james: we still see the consumer doing pretty well. it was pretty stable through 2019, and while the economic forecast came down a little, we see us going into 2020 with the consumer doing pretty well. i know there are so

i'm jonathan ferro. open" starts right now. ♪ jonathan: coming up, china and the united states gearing up to sign the phase one deal. democratic presidential hopeful sanders and warren clashing in iweb. after jp morgan raised -- clashing in iowa. good morning. here is your wednesday morning price action. equities down eight points. , -- the yourncing advancing. advancing. let's begin with the big issue. looking to put a phase one trade deal on the books. >> phase one will be a true spirit >> -- will be a truce. >> the optimism for the trade yield to be finished is priced in. >> there will not be a fundamental trade deal. >> nothing has been resolved. >> details matter

i'm jonathan ferro. open" starts right now. ♪ jonathan: coming up, china anxiety weighing on markets. globo -- global equities heading south. chair powell setting the stage for rates to remain lower. results from microsoft and tesla deliver. here is your thursday morning price action. equity futures negative .7%. the bid slowly coming out of the bond market. yields down to 1.58 on the u.s. 10 year. the euros slightly firmer. euro-dollar 1.1026. coronavirus rattling markets amid mounting evidence it is impacting the chinese economy. the outbreak disrupting major corporations including mcdonald's, starbucks, apple, and tesla with airlines at the epicenter. there stocks leading the charge. larry kudlow telling reporters how the u.s. is planning to respond.

i'm jonathan ferro. now. ♪ jonathan: coming up, into the unknown. global stock markets looking for stability as china expands travel curbs and companies continue to shut down offices just ahead of the biggest earnings report this season. apple results on deck. good morning. here's your tuesday morning price action. equity futures recover. we are positive 20 points on the s&p, up .6%. yields lower earlier for a six straight session. they are higher by one basis point. the euros a little bit weaker, euro-dollar 1.1005. let's begin with the big issue. the coronavirus sending investors into the unknown. >> what we know? >> we do not know much. >> we do not know all of the details about the virus. >> how it will pan out. >> we need more information about the real spread of this virus. >> if the virus

. ♪ jonathan: from new york city, for our audience worldwide, i'm jonathan ferro.real yield" starts right now. coming up, is it or isn't it qe? that's the question for the federal reserve as risk assets rally, ccc borrowing costs drop below 10%, and the global economy shows further signs of stabilizing. we begin with the big issue. one question for the federal reserve. >> the fed continues to tell us this is not qe. >> the market believes it is qe. >> which is all that matters. >> think about what the fed has told us. >> they will continue to do balance sheet expansion. >> the market is taking this as a signal.

kudlowthat was larry speaking to jonathan ferro in davos yesterday.ak to mario greco. don't miss that conversation from davos, next. this is bloomberg. ♪ nejra: this is bloomberg daybreak: europe. billionaires, politicians, bankers, academics, and executives gather at the world economic forum for their annual meeting and davos. this year's theme, a more sustainable world. let's get the francine lacqua. >> i'm not sure about leading the force. keep warm.to i'm joined by the chief executive of syrup insurance. thank you so much for giving us your time. talks climate change influencing the type of investments you make? >> the visible impact of climate change is seen in natural disasters. in the last years, we saw a lot of examples of this. recently, australia is another example of how this can impact the life of people. also, we are changing the way we underwrite our risks. we are trying to incentivize companies to move towards carbon neutral omissions. the problem is, although we follow strict rules and eliminated coal insurance, we are progressively li

jonathan ferro speaks with larry kudlow. do not miss it. that is it for bloomberg daybreak: europe.n open is not next. we have risk on across equities on this friday. the yen at a two-week low. futures hiring your. this is bloomberg. ♪ beyond the routine checkups. beyond the not-so-routine cases. comcast business is helping doctors provide care in whole new ways. all working with a new generation of technologies powered by our gig-speed network. because beyond technology... there is human ingenuity. every day, comcast business is helping businesses go beyond the expected. to do the extraordinary. take your business beyond. anna: good morning and welcome to bloomberg markets: european open. we are live in the city of london. good morning. happy friday. sentiment stays positives on jobs today. european futures pointing to more gains of the open after another all-time high for the s&p 500. cash trade is less than an hour away. ♪ matt: justin

i will be playing some of the fantastic sound jonathan ferro generated out of the world economic forum is bloomberg. ♪ vonnie: time for our stock of the hour. here is viviana hurtado. viviana: johnson & johnson sales up on key blockbuster drugs, but a drop sent shares lower. it is down just under 1% in the premarket. it had reached more than 1.5%. it was able in the fourth quarter to miss on sales but it was able to eat street expect 8 -- two beat street expectations on profits. sales comes from pharmaceuticals. consumer division is the next part. brands like neutrogena and tylenol. it is the third biggest laggard on the spf health index. if we were to look at the top selling drugs, this is a focus for johnson & johnson. think about big growth. 42% growth in the fourth quarter. the europeancludes commission. oncology drugs making up a good part of the growth in 2020. that is written by bloomberg intelligence earlier today. despite the opioid trial it lost in oklahoma in the past 12 months, the stock has advanced more than 16%. but we also wanted to leave you with is the significant fin

jonathan ferro is in new york. i will be joining him in london.he cable show on dab digital radio and the london area and around the world all of york bloomberg devices. this is bloomberg. ♪ vonnie: live from new york, i am vonnie quinn. guy: from london, i am guy johnson. this is the european close on bloomberg markets. let's check in on first word news with courtney donohoe. courtney: iran warns that when it does retaliate it will be "a historic nightmare" for the u.s.. the country is assessing 13 scenarios, but they are not revealing any details. more american troops are on their way to the region. our group carrying 2200 marines will move to the persian gulf. stampedere killed in a for the at the funeral for the iranian general. hundreds of thousands of mourners have turned out in several cities. in southeastern australia, firefighters are taking advantage of cooler weather to contain wildfires. at least 24 people have died. in new south wales, about 1600 homes have been destroyed. the fires are expected to burn for months. home prices are sti

. ♪ for ournew york city audience worldwide, i'm jonathan ferro.eal yield starts right now. coming up, tears in china fueling global growth worries, driving treasury yields down to october lows, pushing investors pull cash from junk-bond funds. his back.nd bit >> the treasury market rallying. >> rally in treasuries. >> fixed income yields keep falling. >> we don't have any major inflat

jonathan ferro is in new york. i will be joining him in london. looking forward to that show.loomberg. ♪ alix: live from new york, i mavs steel. -- i am alix steel. guy: and from london, i'm guy johnson. shares of international paper lower today. the world's largest paper company topping wall street's estimates of more earnings in the fourth quarter, but revenue missed estimates. currently the stock is down 3.5%. , theng us is mark sutton ceo of international paper. talk me through the year ahead. the challenges seem to be mounting on the global space. you just published in numbers. it was guidance on where things go from here. mark: we closed out the year strongly in 2019. we had a strong fourth quarter and record levels of free cash flow. we did close the year strong. guidanceare our 2020 and we had a number that was down from our 2019 performance, primarily based on price decreases that occurred 32019 that will flow through 2020. then with some of the demand environment, we are directly connected to the chinese economy with some of our products. that has been a challenge an

jonathan ferro is on the other side of the atlantic. i will be joining him in london.on of the top of the hour on dab digital radio in london and around the world on your bloomberg devices. this is bloomberg. ♪ vonnie: live from new york, i am vonnie quinn. guy: from london, i'm guy johnson. this is european close on bloomberg markets. let's check in with bloomberg first word news. here is ritika gupta. filing for unemployment benefits dropped to a four week low. in a bloomberg -- that was in line with estimates in a bloomberg survey of economists. president trump's campaign says it raised $46 million in the last weeks of 2019. it ended the year with $102 million in cash. the president's campaign has urged supporters to donate as a way to show their disdain for the impeachment investigation. bernie sanders likely has the largest war chest of any potential nominee. 34.5ampaign says it raised million dollars in the fourth quarter. julian castro has dropped out of the race for the democratic presidential nomination. he was the only latino candidate and supported progressi

. >> alisa abramovitz in for jonathan ferro. bloomberg real yield starts right now.k executives in davos wrapping up their calls to end negative rates. with credit markets remaining hot, new deals as much as seven times oversubscribed by prompting new fears on wall street that the party may be nearing an end. let's start with the big issue, rising debate over the impact of negative rates. the business community doesn't want just lower rates. >> negative rates are a problem. >>

. ♪ lisa: for our viewers worldwide, i'm lisa abramovitz in for jonathan ferro.rg "real yield" starts right now. coming up, bank executives in davos ramping up their calls to end negative rates. with credit markets remaining hot, new deals as much as seven times oversubscribed, prompting new fears on wall street that the party may be nearing an end. let's start with the big issue, a rising debate over the impact of negative rates. >> the business community just doesn't want just lower rates. >> negative rates are a problem. >> negative rates do not help.

jonathan ferro is in new york, i will be joining him in london.berg. ♪ guy: from london, i am guy johnson. vonnie: from new york, i am vonnie quinn. this is the european close on bloomberg markets. let's go back to the j.p. morgan health conference in san francisco. taylor riggs is there. taylor: i am joined by none other than larry merlo. thank you for joining us. i want to start, as you continue to further integrate the aetna acquisition, analysts are excited about the solid execution. what is driving that? larry: we see the challenges for health care and the result of the emergence is more consumers in the health care. in june we laid out a detailed plan in terms of the near and long-term prospects, what we were going to do, how we were going to do it, and the value that would create. onhad an intense focus execution and we are beginning to put the proof points on the board. people are seeing the results of these companies coming together. taylor: you are an insurer, your health care risk company, you are a pharmacy benefits manager, given thos

today is the return of jonathan ferro fresh from the world economic forum, in davos. bloomberg. ♪ vonnie: live from new york, i am vonnie quinn. guy: and from london, i am guy johnson. this is "the european close" on bloomberg markets. lvmh, the french luxury goods conglomerate, coming in at 8%. the survey was an estimate of 8%. we will get more analysis in a moment. lvmh is saying that it is "cautiously confident for 2020." risk.citing geopolitical the abr's are under political pressure. the revenue growth number comes in light. we will show you the number in a moment as we get more analysis in a moment. meantime, the stock of the hour viviana hurtado. viviana: we are focusing on harley davidson. a miss on key metrics in the fourth quarter. reporting what has put a lot of pressure on the stock, down more than 4%, of most touching 5%. it was down almost 6% in the premarket. let's look at the key metrics, those misses. a big miss in the fourth quarter , key motorcycles shipped as well. the share pressure that we see today isn't just limited to today, though it is the b

. ♪ jonathan: from new york city for our audience worldwide, i'm jonathan ferro.real yield." now.rts right qe?ng up, is it or isn't it that's the question for the federal reserve as risk alice -- the global economy shows further signs of stabilizing. we begin with the big issue. one question for the federal reserve. >> the fed continues to tell us this is not qe. >> the market believes it is qe. >> which is all that matters. >> they will

he spoke to jonathan ferro about all of that as well as the impeachment trial. take a listen.haven't had a single impeachment question. not one. i have been in davos 24 hours or whatever. not a single one. i went to the international co thing that we had earlier, and saw a lot of friends and met a lot of people. not a single person asked about it. jonathan: a message of optimism from the president. is that resonating with people? larry: well, look, i think it resonates to ordinary folks. in that speech was aimed at ordinary folks as well as the ceos. i think it resonates with the ceos. a bunch of them came up and talked about optimism. now is the spirit right better than it has been in a while. and i think that is a great thing. the president was extolling the virtues of a market economy and a free enterprise economy. he said with great clarity he is not going to permit any radical socialism. that is not his creed nor his mind as you know. along with the well-being and the middle class improvement, the blue-collar boom and so forth, he mentioned people have better spirit and t

jonathan ferro in the united states, i will be joining him in london on dab digital radio in the london area and around the world on all your bloomberg devices. this is bloomberg. ♪ vonnie: live from new york, i'm vonnie quinn. guy: from london, i am guy johnson. this is the european close on bloomberg markets. vonnie: the consumer electronic show is underway in las vegas. at the event, procter & gamble is showcasing high-tech solutions to traditional products. joining us is procter & gamble chief executive officer david taylor. give us a highlight or two of the p&g products and the innovation you are bringing. you seem to be spending more and more on your venture arm. david: this is the second year we have been at ces. this year is bigger than last year. we have five categories and nine brands. many of these are connected products that take human insights along with leaving in technologies to deliver great consumer experiences. we have a baby care example, which is our connected system. we have our great skincare system, as well as a new power brush that has been reimagined that gives