kailey: and we begin with antitrust.cial media and tech companies remain unregulated radars. ulator radars. mark zuckerberg testified this week and got a lashing on just about every controversy. the tremendous power amassed by facebook and other companies gets an entire section in the special issue. here is one editor of the section. >> it was a very short discussion. be soust is going to important next year that nobody argued against a special section. it was like, yes! carol: because of the focus on big tech companies. >> exactly. they are a big part of the economy and political conversation and 2020 elections. it was pushing on an open door. kailey: talk to us about the politics. we know this is a big issue for trump and his attorney general. >> this is a bipartisan issue. one of the rare issues were both parties seem to agree that big tech has gotten too big and too powerful. but they come at it from different angles. president trump thinks they are biased against him. and he really has it in for jeff bezos. he perso

kailey: and i'm kailey leinz. ahead, the year ahead will be a big one for elon musk in his quiet courtship of china. carol: i'm looking forward to that. plus, 2020 looks primed to be a great year for consumer gadgets. we get a preview. theey: and we begin with big battle for tech companies in the year ahead, antitrust. carol: social media and tech companies remain on regulator radars. this week, facebook ceo mark zuckerberg testified and got a lashing on just about every controversy. the tremendous power amassed by facebook and other big tech companies gets an entire section in the special year ahead issues. here's a editor of the section, pollard wire. ka la dwyer.er -- paua paula: it was a very short discussion. antitrust is going to be so important next year that nobody argued against a special section. it was like, yes! carol: because of the focus on big tech companies. paula: exactly. they are a big part of the economy and political conversation and 2020 elections. it was pushing on an open door. kailey: talk

kailey: i am kailey leinz. also listen to us on the radio on sirius xm channel 119, and on a.m. 1130 in new york, 106.1 in boston, 99.1 f.m. in washington, d.c. carol: a.m. 960 in the bay area, also over in london on dab digital and of course on the bloomberg business app. kailey: boeing reported earnings in the company says it is confident the 737 max 8 will be cleared to fly this year. carol: while that's good news for carriers, the question remains if travelers will be nervous about flying in this plane involved in fatal crashes. here is justin in dallas on what is to come. >> it was grounded for most of the year following two fatal accidents that killed 346 people. are saying noines regulator is letting it in their airspace. it has been a tough year for boeing in terms of the max. kailey: it is not just the fact they need to get planes back in the air. it is that they need to get travelers willing to go back, right? >> right. the airline customers really need to face up to how much isa public fear and conce

kailey leinz is here with more. give us a picture. it is not pretty. kailey: it is very ugly today. have the dow down more than 2%. the s&p 500 is more than a 3% loss. we have reached key technical levels. the s&p is below the 2900 level, which is closely watched. this is showing you how much growth shares are percolating through the market. the adp print we got this morning is not something you pay much attention to. when you look within that print, it showed there were basically no pickup in manufacturing jobs. only 8000 of the jobs were in manufacturing, the rest were in services. that adds to fears of the manufacturing slow down. you are seeing that play out in a lot of cyclical stocks. david: the backdrop of all of the pmi's in the united states and overseas. ?hat about sectors our manufacturing sector is getting hit hard? kailey: the cyclical sectors are getting hit. if you look at the imap, every sector is down. the ones down the least are the ones that typically would be more expensive. real estate, utilities. every sector is down at least .7. if you look at the industrials,

kailey: the trump administration is all for this. david: many thanks to bloomberg's kailey leinz.sident trump says he was just trying to go after corruption. democrats say he was asking a foreign leader for a political favor. we try to sort it out with our political panel. this is bloomberg. ♪ david: this is balance of power on bloomberg television. i'm david westin. for bloomberg first word news, we now go to mark crumpton. mark: president trump is fighting back against the impeachment inquiry. leftg to reporters as he the white house today, he said his administration is preparing a letter to house speaker nancy pelosi, formerly objecting to the house democrats conducting their inquiry without a formal vote in the house. when asked if he would cooperate with the investigation, the president said "i don't know. that's up to the lawyers." ukraine's top prosecutor today said his office is reviewing several cases related to the owner of a gas company where joe biden's son sat on the board as a part of a review by all the criminal cases closed on his predecessors.he told reporters tha

we go to kailey leinz. it has been a roller coaster. kailey: roller coaster is good way to put it. we are off the lows we saw on the week ism services print. the dow flat. the s&p up .2%, and in the nasdaq, tec the big upper former, up .4%. traders dealing with the prospect of a slow down and greater odds of the fed cut in the next meeting. investors looking for direction. where you see conviction is in the treasury market. you can see that since the recent highs in the past two weeks yields have come down 35 basis points. investors seeking the safe haven assets that is u.s. treasuries. the u.s. 10 year yield 1.54%. let's look at the sector picture and where investors are finding safety within the equity market. if you look at the past year, the s&p 500 has gone nowhere. down slightly from back in october of 2018. the big upper formers have been the traditional defensive sectors. -- each utilities, and of those sectors up 20%. finally i want to take a look at movers in the food and beverage space. on the positive side pepsi beating on earnings yet again. that stock up 4%. it has be

kailey leinz is here to tell us about it. kailey: we have a healthy beat and raised.is the third time in a row since it raised its forecast. market good news for the is on costs. specifically the medical loss ratio, which is the percentage of a premium paid out on claims. the higher that is, the more cuts into profitability. quarter, 82.4% this down from 83.1% this quarter. last quarter there were a lot of fears and the second quarter about that higher ratio because it can cut into profitability. although it does not seem like a huge difference, it can equate to hundreds of millions of dollars. you are seeing a lot of optimism. that is not just good news for unitedhealth. on the back of this report, we are seeing a broad-based rally in the likes of anthem and peers. this index is on pace for its best day in many years. david: that is good news. is there anything unitedhealth can do to control that number or is it just like manna from heaven? kailey: it is a little bit of both. claims did come in higher, but it does show some kind of control the company is having over

any thanks to bloombergs kailey leinz.oming up, we are awaiting the news conference with president trump and the president of italy, patrick: we are going to italy,ou -- president of sergio mattarella. this is bloomberg television and radio. ♪ david: this is balance of power on bloomberg television and radio. we are still waiting for the news conference from the white house between president trump and the president of italy. we turn to our chief content officer to set it up. there are two stories here. came togio mattarella talk to president trump about, and what the principal want to talk about. >> they are not the same. it is orchestrated chaos. donald trump usually takes two questions. they're usually not about the meeting he just hand. he extorts the press to ask questions about that. they're going to go right to impeachment and syria and to the bidens. david: there are some issues between italy and the united states. it includes the basic -- the hawaii -- theill --huawei issues. >> they can discuss them, but whether g

kailey leinz is here to tell us all about it. kailey: pg&e filed for bankruptcy in january. company is facing $30 billion in liabilities. the company had exclusive control over that restructuring until yesterday, when a judge ruled competing plans can now come in exclusively from the bondholders like elliott and apollo. they are now allowed to submit competing restructuring plans. good news for bondholders, you are seeing the debt rally helpfully. bad news for shareholders because the existing plans would essentially see all of the equity value wiped out. if you ask the street, they say there is a good chance the stock actually goes to zero. david: rolling blackouts are another part of the story. kailey: it is a bad debt aware me for pg&e. they are still dealing with the blackouts. they are considering a third to prevent wildfires. this is upper caution, this is saying we do not want to face another $30 billion of liabilities. we are taking action into our hands. david: cannot blame them for not wanting to do it again. thanks much to kailey leinz, terrific reporting on pg&e.

kailey: that is very true. market is putting that aside for now and it is important to note on the flickr advertising front, it is not that much of a revenue driver for them. have thatgoing to much of a financial impact. it is not to say that if we see in elizabeth warren presidency that it will become more of a concern as the prospect becomes a little bit more to the forefront. david: twitter is going a different direction. do they have more political advertising? kailey: not really. cycle, theymidterm got $3 million per ad, financially, it is not a big deal. the optics, twitter is taking the moral high ground. jack dorsey announced the band but did not point to mark zuckerberg directly, but he did alluded to him. twitter banning the ads, they said they will not promote any material that takes a policy positions. they are taking different views on this. twitter shares are getting a little bit lower. it is not a huge financial impact. david: the pressure politicians will feel if they can't get any advertising.

kailey: there is a split on the street. analyst at bloomberg say this is a step forward, but analysts -- other analyst say they do not see this is happening because the political and pragmatic are competing with each other. of course, there's a lot more that goes on. david: a lot more legal fees. thanks so much to kailey leinz. decide then canada fate of prime minister justin trudeau. we talked to a global analyst in ottawa. ons is "balance of power" bloomberg television and radio. ♪ devices are like doorways that could allow hackers into your home. and like all doors, they're safer when locked. that's why you need xfinity xfi. with the xfi gateway, devices connected to your homes wifi are protected. which helps keep people outside from accessing your passwords, credit cards and cameras. and people inside from accidentally visiting sites that aren't secure. and if someone trys we'll let you know. xfi advanced security. if it's connected, it's protected. call, click, or visit a store today. david: from new york, this is "bal

kailey: all of the headline numbers before the bell. real focus will be on the company's commentary around lawsuits. last week two wins in terms of the baby powder product, but was also hit by an $8 billion fine in regard to antipsychotic drugs. those were three cases and what art 100,000 damage claims for a toiety of drugs from opioids other issues. analysts estimate the cost will be around $20 billion. only 20,000 cases, but they estimate the cost could be $5 billion when you consider all of the global payouts they have. david: that is what grabbed my attention from the bloomberg story. johnson & johnson faces more damage claims. do they know how big the problem is? kailey: frequently the company cannot say we know how much liability we are seeing. already they have paid out nearly $3 billion in settlements, that is just in the past year. they have many more to,, over 100,000. analysts say when you look at the stock, some of that risk may have already been priced in. one analyst says they're pricing in a $50 billion where the consensu

david: many thanks to kailey leinz.s is "bloomberg markets: balance of power" on bloomberg television and radio. ♪ from new york, this is "balance of power" on bloomberg television and radio. i'm david westin. let's go to mark crumpton for first word news. mark: boris johnson will get what he wants to break the brexit deadlock. willpposition party support the prime minister's call for an early election in december. it may be the last chance voters have to choose between canceling brexit or force through a hard split. this will be the third general election since 2015. members of parliament will vote today to endorse the election plan. lebanon's prime minister resigned today after two weeks of antigovernment protests descended into violence. in a televised address, he said he had reached a dead end, and it was time for what he called a major shock to confront the crisis. protesters thanked him for taking the first step to address popular demands but are now calling for other top officials to step down. in hong kong, chie

kailey leinz is here with more.f the out performers over the last year, so what happened? kailey: the stock has done markedly well -- has done remarkably well. it had a blowout second-quarter, and we have kind of seen things pulled down, especially with comp sales. scale, actually beat. but when you look regionally, the u.s. market, a very key market that makes up more than missed by aevenue, pretty decent margin. it is mostly due to traffic. the comp gains they did see were because of things like higher prices, not necessarily more people coming into the restaurant and buying. competition is a big part of this, especially at breakfast, which noah some thing mcdonald's has been focusing a lot on. there's a lot of competition from burger king, dunkin' donuts , which also has faux meat offerings with beyond meat, which is another issue. even with all of the investments they have made in technology and automation, it has paid off. comp sales are way higher than they were, but we are seeing momentum a be losing a little

here with the first word news is kailey leinz. kailey: the u.s. is raising tariffs on turkish steel and stopping talks on a trade deal. . the administration is calling for a cease-fire in syria, but not a turkish withdrawal. the u.s. how far apart and china are on trade despite the handshake deal, beijing will struggle to buy if you billion dollars of u.s. farm goods unless it removes retaliatory tariffs on american made products. that won't happen unless president trump removes tariffs on chinese products. the european union sounding a more optimistic tone about the chances of a brexit deal after the u.k. sent revised proposals. negotiators are trying to wrap up at agreement in time for eu leaders to rubberstamp it at their summit this leak. the focus is on the border between ireland and northern ireland. the son of democratic presidential candidate joe biden says his service on a ukraine gas service company board was a bad idea. >> did i make a mistake? may be, and the grand scheme of things, yeah. but did i make a mistake based upon some ethica

kailey leinz is with us, pretty quiet. kailey: it is pretty quiet. the moves are pretty marginal. flat.w is roughly the s&p 500 and the nasdaq each down by 21% as investors await the prospects of a deal. down by 0.1% as investors await the prospects of a deal. see the big leg lower came after this morning when china said they wanted more talk before signing on to phase one of the trade deal that the see the bigpresident was excitr the weekend. we got more support on a tweet from the editor of the global ese, sounding optimistic, saying they want a final agreement. all of those there gives have left investors unclear on where to go. a lot of swings, not a lot of moves at the end of the day. one sector that is of is financials. big bank earnings ticking off tomorrow. take a look at the chart of the banks that will be reporting starting tomorrow. between 1% and 3% in the past week. we will be paying attention to net interest income and trading revenue in those reports. one risk asset that is decidedly lower today, crude. take a look at the intraday chart of wti. trading atone risk ab

kailey: in the market opinion, they are sort of guilty until proven innocent.already been for wildfires in 2017, 2018, facing $30 billion in liabilities because of those. anymore than they could be facing as a result of this fire is bad news. conducting has been wide-ranging blackouts across california to avoid is very thing and it happens anyway. it throws their bankruptcy into question. atid: they are in bankruptcy the same time. who is buying this stock at the same point? kailey: shareholders hope that they will be able to exit chapter 11 bankruptcy. will get toan, they retain some of their ownership, but a judge stripped pg&e over exclusive control. bondholders can now have a rival plan. the $15 billion in equity commitments that pg&e has gotten for their plan can go away, should they have more aggressive liabilities from the wildfires like brca 2. it kind of throws a wrench into the whole thing, which means the equity value could go to zero. david: seems like a possibility. thank you. the country tof another, in east rutherford, new jersey, the american dr

kailey: possibly.e are beginning to get auto sales data in honda in with a big miss, down 14 1% in the u.s.. the estimate was for them to be down 4.6%. that is 10% lower than forecast. auto sales did take a back step in september, according to analyst estimates. have the incentive spending by carmakers struggling to clear old models from dealers inventory on the way. we know last months nissan, which is struggling after carlos ghosn, was struggling, and the loss of other carmakers. we will continue to bring data as they come in. type your latest bloomberg business flash, look at the biggest bloomberg stories in the news. sony has cut the price of its playstation now videogame service in half. the new price reflects increasing competition online. sony has also said it is adding limited runs of popular titles such as grand theft auto five. sony is the into steep -- industry leader in video games. thanhas struggled for more two decades to whenever buyers in the world's fourth-largest auto market. manufact

here's kailey leinz. kailey: stocks lower across the globe.art of that is because of concern about the prospects of a long-term trade deal, as well as economic data in the u.s. that came in a little weak, and the prospect of a federal reserve that may be on hold. the nasdaq 100 actually, even just marginally in the green, you can thank positive earnings. from tech companies the ftse 100 down -- positive earnings from tech company's. the ftse 100 down, and the stoxx 600 in the red as well. if you look over the past nine days, the s&p could be set for its first decline today. thanks to some outside moves from some of the heavyweights. i mentioned weaker economic data. i want to take a look at the chicago pmi, disappointing in a big way. the read coming for october at just 43.2. when we look at this in context on the bloomberg terminal, outside of a scare at the end of 2015, it has not been that low outside of recessionary periods. boeing is headquartered in chicago. that could have messed with the data a little bit, but still not sending a great

many thanks to kailey leinz.next, mark carney will be on "balance of power" on bloomberg tv and radio. he will come to us from washington where the imf and world bank are meeting. this is bloomberg. ♪ here, it all starts with a simple... hello! -hi! how can i help? a data plan for everyone. everyone? everyone. let's send to everyone! [ camera clicking ] wifi up there? -ahhh. sure, why not? how'd he get out?! a camera might figure it out. that was easy! glad i could help. at xfinity, we're here to make life simple. easy. awesome. so come ask, shop, discover at your xfinity store today. david: from new york, this is "balance of power" on bloomberg television and radio. i'm david westin. bloomberg first word news, we go to mark crumpton. isk: the united states trying to reassure israel the relationship between the two nations remains as strong as ever. secretary of state mike pompeo met with benjamin netanyahu in jerusalem today, monday after turkey agreed to halt its offensive against curtis forces -- kurdish force

kailey: it also cut its guidance. the stock is down more than 8% today.ne of the bigger underperformers. strugglingdistiller with weakness in asia. you have some big underperformers there. down 8.5%.ee it is remi is down 1.5%. it is not a good day for these french companies. talk to us about the european markets. guy: let's pick up on what she was talking about. the french market is underperforming significantly. as you can see, the french market is down by .9%. the dax is down .3%. the ftse 100 down .4%. the dominant driver had been foreign-exchange for much of the week and what is happening with brexit. we await tomorrow's vote. we are getting underperformance from the cac. european close will be coming up. this is bloomberg. ♪ guy: live from london, i am guy johnson. vonnie: from new york, i am vonnie quinn. wpi trading is that $54 a barrel. it feels like oil trading is of its own dynamics. what happened? >> there has been a bit of a disconnect. as stocks get better, it looks like we are the tiptop, one good day away from all-time records. i think crud

kailey leinz is here with more. only been at the home for about 18 months, and took a pretty sizable pay cut to come over from the company that could be an issue here. onis going to be replaced november 1. the downside in the market before today, the stock had been up more than 40% since he took the helm. the company had been struggling for out two years of declining earnings. now it creates some uncertainty as to whether the turnaround will be sustainable. thee is some concern about potential attitude toward m&a, and if he will seek out really expensive mergers in order to find growth. that is maybe why you're seeing so much downside in the market today. guy: thanks very much indeed. let's get back to westminster. john bercow just denying the prime minister a second meaningful vote on his brexit plan. tomorrow, though, we will likely see a vote, a second vote on the withdrawal agreement bill. does the prime minister have the numbers to get it over the line? we are joined by conservative f mp. by a conservative >> i

time for a check of markets with kailey leinz.ley: the equity rebound is picking up steam. .9% on 500 now higher by optimism on the news that perhaps china is willing to make a partial deal with the u.s. as trade talks begin tomorrow. also sub00 higher and averages i want to highlight. dow transports up 1%. that led higher by the airlines ahead of delta's earnings tomorrow and also semiconductors tied to china. the sox index up. cross asset checks. one is wti crude, up 1.6%. that risk asset being aided by the risk on sentiment. you also have soybeans onginally higher, up .4% news china is going to float more agricultural purchases as part of the trade talks this week. more on the semiconductors. let's take a quick check on some of the movers of materials. all higher 2% or more. semiconductors heavily exposed to china in terms of the supply chain and major markets. obama up next, president tried to discourage u.s. companies from moving offshore to save taxes. now president trump wants to roll that back. is that necessary after the

with the latest on markets, here's kailey leinz. kailey: the risk on sentiment being aided by the jobs report we got this morning, even at the headline number missed. maybe it was better than some of the market had feared after what was a string of really does abutting data. we can see the toll the data has taken on the equity market. we take a look at a five-day chart of the s&p 500, really being whipsawed by every economic data point. even though we are higher for a second day, on the week we are still down by more than 1% after the early aggressive days of selling we saw earlier this week datae weak manufacturing and fears of a slowdown. we are seeing yields lower for a seventh consecutive day. you can see that bonds did spike higher -- the guild, rather, spiked higher off the back of that jobs report, but we are now down by about two basis points. maybe it is the reality that the fed will cut rates in october. the odds of the fed cutting at the meeting this month now priced in around 75%. let's take a look at some movers on the

kailey: it is everywhere.jority of the teslas that have been delivered do have some kind of autopilot hardware. if you take a look, nearly 700,000 of those cars are on the road. only 49,000 of them do not have any autopilot software at all. that number has basically been level since the first version of autopilot was introduced back in 2015. you now have 100,000 that have the first version, and more than 520,000 that have version two plus. all cars have driven about 100 -- about 1.5 billion miles on the road. the crash rate is low, but context matters a lot when we are talking about those accidents. carol: we are missing the full safety record. that is one of the points of zach's story. still ahead, andrea illy, chairman of the 86-year-old global coffee empire, we talk to him about tradition and innovation. jason: plus, the new skier's paradise. you are going to want to check this out. this is "bloomberg businessweek." ♪ jason: welcome back to "bloomberg businessweek." i'm jason kelly. carol: and i'm carol mas

kailey: that is one of the first things larry called addressed.re, aviation revenue of about 8.4%. he said they are sticking by the facts that they will take about $1.4 billion due to the grounding. dealing with the ceo molen in congress. becomes looking past this into 2020, how much uncertainty around when this plane will get into the air? david: thank you so much. a great report on general electric. set to weigh either a spinoff or a sale in order to get its deal done. his questions are said to be ongoing with both boards. summitanceled the scheduled for santiago. we speak to eric farnsworth about the civil unrest that led to the cancellation. this is bloomberg. ♪ david: from new york, this is "balance of power." i'm david westin. let's go to first word news with mark crumpton. department isice close to a deal with jolo to recoup almost $1 million looted from invasion glezman -- from malaysian investment fund 1mdb. the settlement could be filed as soon as this week in a california court. iskey's president erdogan questioning his travel plans. he

kailey: the house is set --ritika: the house is set to vote on the ground rules for impeaching donald. democrats say they are following the rules used in the past. republicans say the process is stacked against them. a couple of notes on caution on the u.s. economy. consumer spending trailed forecasts last month. it rose 0.2%. meanwhile, weekly applications for unemployment benefits rose more than expected. toless claims were up 5000 218,000. we will get more when the october jobs report comes out. china and the u.s. getting close to signing the first phase of a trade deal, but bloomberg has learned chinese officials doubt a long-term agreement is possible with president trump. they remain concerned about his impulsive nature, and they've told visitors to beijing that they will not budge on the toughest issues. the trump administration is looking to punish spain as a way to get to venezuelan president nicolas maduro. some administration officials are pushing for sanctions against spain. they say the spanish are financially supporting maduro. some u.s. officials worry that imposing san

kailey: and delta is making moves, $2.25 billion investment, the biggest carrier in latin america.a look at how delta has performed. it is a higher growth area and at one point earlier, it's all double-digit sales growth. but the pace has slowed to one put 5% year on year in 2018. now the deal may make delta the largest carrier in south america, replacing them to capitalize on higher growth and see sales growth start to improve. carol: and expand their growth. thank you. delta is among the world's biggest airlines and has invested to strengthen those ties, and that includes the recent deal we just talked about. jason: delta ceo told us what it takes to win abroad and if he sees more consolidation in the industry. ed: i don't think you'll see consolidation in a meaningful way. you may see it and other parts, maybe not participating relative to delta. internationally, i do think you'll see it. in europe, you're already seeing it. you're seeing bankruptcies. we'll see consolidation trends. on the global scene, that's where we've invested. we've invested in our partners. it's more to h

. >> i am kailey leinz. we are inside bloomberg headquarters in new york. special look at the year ahead. this is the issue with everything you need to know for 2020. from politics, power, to the global economy to technology and trends in the luxury space. kaylee coming up, we hear that :re

kailey leinz is here. tell us what is going on. alley: the rally continues, three major averages near the highs of the session. the s&p 500 above that 3000 level. tradesm in the market on with president trump saying he hopes to ink a deal with china next month in chile. take a look at dow transports. 1.6%, gaining for a fifth day. if you hop in the terminal, take a look at how transports have performed relative to the broader dow jones. outperforming for five days in a row, a wide range of outperformance. that index is being led higher by railroads. csx and union pacific up by 3%. boeing is a big drag on the dow. down another 3% or so today on some downgrades. more woes for the 737 max. i want to look at tech. 19 of the 20 largest stocks in the nasdaq on friday were lower but we are seeing a rebound today. apple is up 1.8%, fresh record. nvidia and rpc also up. on those oil companies, let's took a look at those. halliburton out with a solid earnings report this morning. growing its international market. that has to hire -- peers hi

david: many thanks to bloomberg's kailey leinz.balance of power of power" on bloomberg television and radio. ♪ david: this is "balance of power" on bloomberg television and radio. the first presidential debate will be in louisiana. october 15 --l be the vice presidential debate is october 7 in salt lake city. meantime, the u.s. court of appeals from the second circuit ave president trump potentially significant setback, ruling to-one of the president's accountants must turn over his financial records to a house committee investigating potential conflicts of interests or violations of the in all humans cause -- in almonds -- enoulments clause. how significant is this potentially is this? >> it is significant, especially after the ruling in new york along similar lines for other reasons. the president is zero-to for the past seven days, trying to thatnce a federal judge prosecutors, investigators, and congress have no business looking into his tax returns. david: was there a legitimate legislative oversight capacity pursuant to which

kailey: they did a little bit.was bad -- the headline came in a little light compared to the company guidance. international subscribers tim and stronger than the street was expecting. 6.3 million additions, that help offset the u.s.. keep in mind in the second quarter, u.s. subscriptions have fallen off. it is also because of higher prices the subscriptions have been coming down. that leads to more profits and more revenue. that is what the market is taking well today. the fourth quarter guidance as well. that is when apple tv plus and disney plots are coming online. fierce competitors, potentially. the couple says they see subscriber additions of seven point $6 million in the fourth quarter. that may be assigned they are able to withstand the competition, although that will cost more money. still see that $3.5 billion free cash flow deficit. david: although the race has not started yet with disney and apple. up next, cost and jean-claude and jean-claude juncker are holding a news conference. that is next on "bala