critics are worried about the fallout from governor kuroda path policies. -- governor kuroda's policiesad: no sign of thet purchase program coming to end. i don't know what the world is coming to at the moment, i really cannot make sense of it. -- to see continue to that. nervousness across the board .ere is no let up and fight just yet when it comes to asian equities. just going into the lunch break with a half-hour to go. it's down more than 3%. we are close to him racing most of the gains we saw in november.

bank of japan governor haruhiko kuroda has said he expects the economy to move to 2% inflation. the factors that suppress prices will recede. the governor also says there was a clear need for bold monetary policy five years ago when there was no need for additional measures now. china raising tension following the apec summit, according the united states of reading the atmosphere -- ruining the atmosphere. for the first time the summit ended without a joint communique . the u.s. says beijing was ablaze with anger. mike pence made it impossible to reach a census. president xi and mike pence traded barbs. ending the 12 day drama over jim acosta. cnn has dropped legal action against the white house. they administration has proposed new rules for press conferences, limiting reporters to one question with follow-ups at the discretion of the president or other officials. taylor swift has chosen universal music for her sought after multi-year contract. financial terms were not included in the statement made monday. the record company will share proceeds with its sale of equity on spoti

governor kuroda at the bank of wean speaking is our saying will need to reduce the balance sheet once prices rise. prices have been improving, he says shouldn't take additional easing measures. we saw a little move in terms of the yen, we saw a stronger yen as these liens drop but a lot of that has been retraced. perhaps nothing much to see here, but that was initial reaction we saw to those lines coming through from governor kuroda and also saying, need to continue current policy. oiln stocks are mixed and is below $65 a barrel. , but a hikepause could be on the cards for south africa. a host of topics to cover with mark cudmore, our markets strategist who joins us from singapore. let's start with the question of the day. with the various themes in mind, what do traders have to be think before? interpret that as you will. what have we can be thankful for this thanksgiving, mark? mark: market makers will be very thankful. given the volatility, the wider sends us to ahat tougher year and looking back, not appreciative of the volatility we have seen. on a forward-looking basis, a lot le

it is something governor kuroda will probably get questions about.n, thank global economics and policy editor. let's get back to our guest. he joins us from our studio in singapore. we have another chart. this is the story of the bank of japan, falling behind. they are falling behind the fed and boe and adjusting some of their inflation targets. >> i think the japanese equity market is still 40% below it's all time high. of things inle bit japan that don't move terribly fast. we have a prime minister in office for at least another three years. manus: are we trapped in qe infinity in japan? they won't hit this inflation target until 2021. interest rates, as you've seen in other places, are not leading to a faster economy. the opposite is true, you keep interet rates negative, consumers will pull back rather than spend. you don't get anything on your savings. you hold back in consumption. qe has not led to inflation in the real economy. the bank of japan -- they are moving much lower than everyone else. manus: fresh data this week provided evidence of

the boj negative interest rate policy comes under fire and puts governor kuroda on the back foot.al economics and policy editor kathleen hays is watching all this happen. it started with the president and not being alone on criticizing the fed for the need for more rate hikes. kathleen: exactly. this was not a major speech president trump gave. i was talking to reporters and he said he still sees the fed as a problem. i would like to see the fed with a lower interest rate. we have much more of a fed problem than they do with anyone else. maybe that will make xi jinping sleep a little easier tonight. i am just kidding of course. we cosans after seeing data. yesterday, the homebuilder sentiment was out. housing was stronger in the u.s. but that was due to both the family dwellings. single-family starts fell. permits were down. a lot of this building we did the last month is considered after hurricanes and things like that which have provoked a wave of building. bloomberg economics thinks this is not going to last. let's put that- on the table. he says he thinks the fed should pause

kuroda, the bank of japan governor, speaking this morning, about how japan is no longer in a situation"decisively implementing a large-scale policy to overcome deflation," interest in comments -- interesting comments. let's check in on our india markets. who is on standby for us in mumbai? guys.d morning, greetings to all of you. markets are doing ok. very flat moves, marginally in the red. the currency has taken a bit of us take -- of a stick. the rupee has weekend marginally -- weakened marginally versus the dollar. it is better than what it was a couple weeks ago. rength -- let's see if the strength we exhibited last week lasts. tracy: thanks so much for that. fascinating moves in india at the moment. abu dhabi has approved a new five-year budget to boost oil and gas production. it will spend more than $130 billion to raise crude output to 4 million euros per day -- 4 million barrels per day by 2020 and 5 million barrels per day by 2030. let's get more from our studio in abu dhabi. nice to see you again. walk us through the significance of this announcement from my old hometown, abu

also today, governor kuroda travel to china where he will meet with china officials.hat is that 2:45 u.k. time. let's turn to credit. thestors in virtually every -- corner of the market are poised to lose money. u.s.is in comparison with counterparts, according to the bloomberg induces. weakness has not been limited to investment grade. let's turn to our guest. let's start with a chart that sums up what happened. showing the spreads, global investment grades at their highest since 2016. it says, paying a premium elsewhere. stress, is that the right word? >> we have seen material widening. this is clearly a poor month for spreads across the spectrum. we have had weakness in high-yield. the oil price falling having something is do with that. there has been a lot of volatility. it has manifested it self in wider spreads. byis not a situation driven mess in the -- massive widening. i think that is something we are looking at closely. in the question of the day. it is black friday. a black friday appropriate question, the biggest discounts in the market this black friday?

kuroda has dropped a heavy hand he wants to normalize japanese monetary policy once the boj gets closere goal. he says japan is no longer in a situation where it's best to be decisively implementing a large-scale policy to overcome deflation. most economists surveyed by bloomberg view the boj policy adjustments as tapering by stealth. economy and inflation are no longer in such stimulusor large-scale judged as the most important policy. however, it's taken a long time to reach our price target of 2%. >> global news, 24 hours a day on air and at tic-toc on twitter, powered by more than 2,700 journalists and analysts in more than 120 countries. this is bloomberg. anna? anna: thank you very much. finance ministers gathering in brussels to discuss italy's budget standoff with the eu. the block is waiting for rome to response to the review it received two years ago. yields in italy moving higher this morning. brussels where she is joined by a guest. maria: good morning. i'm happy to say i'm joined by the european commissioner on a key day-to-day for the italian budget, the focus point of dis

you could see prime minister kuroda with president xi.e railway construction can be seen off the side of the ship -here. millions of dollars is definitely flowing into papa new guinea, as well as australian money. the area around for new guinea is a competitive zone for influence the between australia, u.s.,tween australia, the and china. we have news in the past 24 h memorandum of a signing between the papa new guinea government and oil giants, including exxon. we have peter with us. thanks so much. how does this mou resolve some of the first deal you had that started in 2014? successful, but there were complaints as well. now you are getting into the exxon operating downstream of popular -- papua lng. peter: this is the fiscal regime for the second png-lng project. it sets the fiscal terms. at other benefits to the country, such as domestic ,arket obligations petrochemicals, etc. the government wants to have more value stay-at-home. it is very important to have more energy into the burgeoning markets. but we also want to the local busin

we got a $20 trillion iou, it's going higher, we're driving kuroda and jay powell cutting back on that the juice we put into the system how does the market adjust to that how quickly do interest rates go up what if the 10-year goes to 4% quickly? and how does that market act with regards to the headwind on the multiples. the fed is going to go in december you expect that? >> i don't know. >> what about next year, do you think they need to take their foot off the gas >> they can't. you got to take $10 trillion out of the marketplace that you juiced in about ten years ago. i didn't answer your question about housing. >> do you get a middle class tax cut helps us with the tax cut? >> worse. >> we know that tax receipts are way down this year if you're a proponent of the massive corporate tax cut. you're saying we know it's running low to the cost of it. the second year, third year, we start to reap the benefit. what if that doesn't happen, we remain at the same trend growth, 2.5% gdp which i think is now wall street consensus. >> let's assume that's the case. you can't have cyclical growt

kuroda dropped a heavy hand he wants to normalize japanese monetary policy once the boj gets closer tols. japan is no longer in a situation where it's best to be implementing a large-scale policy legislation. most economists viewed the boj policy adjustments in july as tapering by stealth. >> japanese economy and inflation are no longer in such a place for large-scale stimulus. however, it is taking a long time to achieve our press target of 2%. juliette: global news, 24 hours a day on air and at tic-toc on twitter, powered by more than 2,700 journalists and analysts in more than 120 countries. fulfillsesident trump to ramp up the pressure on the islamic republic. washington has softened its hard-line stance and announced it would grant waivers to allow eight nations to continue buying iranian oil for now. prices have fallen about 15% over the last month and the measures on iran will only climb the outlook for the crude market. joining me now is our reporter. thank you for joining us. give me a sense of what the sentiment is interbrand. -- in turnaround. how prepared are iranians for t

bank of japan governor kuroda will be speaking today. bank ofident of the france speaking as well. be interesting to see what he could be asked about the economy, inflation. big report out later this week. if he gives anymore sense that he is a series about the notion the boj will have to start their exit, but most people say not now. this is not the tame -- time, not during the trade war or questions of their economy. nevertheless we will have a look later and talk about it later as the news comes out. haidi: too much going on. thank you for that, kathleen hays. trade tensions continuing to pile on the pressure on the yuan. we will look at where the currency goes. this is bloomberg. ♪ this is bloomberg. ♪ shery: this is daybreak asia. i am shery ahn in new york. haidi: i am haidi stroud-watts. the gulf between the u.s. and china was laid bare at the apec .ummit at papua new guinea it will come under more pressure in the short to medium term, and the dollar and yen appreciated in line with other havens. coo.ve a securities it makes sense. you will see greater declines for the yuan.

kuroda says he wants to normalize japanese monetary policy.he central bank governor says japan is no longer in a situation where it will be decisively implementing a large-scale policy 20 overcome inflation. the japanese economy and inflation are no longer in such a place where large scale stimulus was judged the most important policy. it has taken a long time to achieve our price target. taylor: global news 24 hours a day, and at tic toc on twitter, powered by more than 2,700 journalists and analysts in over 120 countries. taylor riggs. this is bloomberg. let's kick off the show with trade, and asian stocks. futures are lower after optimism of a trade deal between the u.s. and china receded. the international expo in shanghai hits back against protectionism. >> in a world of deepening winnerc cooperation, takes all represents a dead end. inclusive growth for all is the right way. francine: how are trading and tariffs moving the market? joined by the chief investment officer at the bank of singapore. thank you for coming. oryou worry about tar

let's go to japan and kuroda gave a speech in the last 24 hours hinting at policy normalization.bout that. prices in the economy are improve. what he said was that japan's no longer where it's in a situation where it's best to be decisively implementing a large scale policy to overcome deflation, even though they need to stick with their stimulus program. he acknowledged that it's hurting banks. all the things we were talking about before the policy meeting, they didn't change anything. he didn't signal any changes. even though there were a lot of stories speculating they might. maybe there still is something afoot. maybe we'll see something in january. we'll see how house spending out of japan, philippines inflation later today, that's supposed to ease a bit but not enough to change any idea that the -- [inaudible] -- is still going to have to raise its key rate again. >> monetary policy here in the u.s., could we see any changes with the fed depending on what happens in the u.s. midterms on tuesday? >> first of all, feds watching this pretty closely i'm sure partly because this

on.n's inflation race drags consumer prices excluding fresh foods arose it just 1% in kuroda, and bojovernor said this week that he remains confident that downward price pressure is will recede and the banks inflation goals will be met at some point. global news, 24 hours a day, on air and at tic-toc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. i am markus karlsson. this is bloomberg. ♪ francine: marcus, thank you so much. european stocks are trading lower today. u.s. equity markets are closed for thanksgiving. the dollar is slipping as investors wait for the federal reserve's next move. goldman sachs and j.p. morgan are forecasting the fed to hike interest rates five more times by the end of 2019. economists at morgan stanley only see two hikes after when he expected increases in next month. joining us for the hour, trevor greetham, head of multi-asset at royal london asset management. aversa fromefano alixpartners. thank you but from joining us. we'll start off with you, trevor. if you are trying to get something right for you in the market,

. ♪ ♪ >> we have the bank of japan governor haruhiko kuroda speaking in tokyo this morning.nt seem to be squarely focused on financial stability and japan's banking system, maintaining stability on need toe, but banks potentially lower profits if competition starts to grow. also talking about the impact of aging on bank business models, saying they need to adjust the business model for the aging challenge. obviously demographics in financial stability to long-running themes when it comes to the japan story. >> absolutely. they just had their bond purchase announced, that they left unchanged at their regular operation a couple hours ago. this is a regular routine for them, the latest decision was october 31 and the next one will not be until december 20. we could get some color on some level although stories and speeches have not necessarily yielded anything fresh. >> right. let's see if we can get some fresh material from debra mao. >> telecom italia's decision to name a new ceo marked another victory for elliott management and its push for a radical overhaul. merrillse a fo