and christine lagarde wants to focus on those tensions.he's not willing to signal any direction on the monetarily policy fund. matt: all right. thanks very much for joining us. we're going to bring you that speech live when it kicks off, and of course, market reaction if any follows it. let's get in with mark cudm, ooer. what do you expect from christine lagarde today. is she going to tow the droggy line? >> i think there's very little relevance for maria. it would be shocking if she discusses it before she had a meeting with her board members. it would be rare for her to make any monetarily comment. there's any chance to relevance today, perhaps she reiterates the desire for fiscal stimulus. that's a well-known stance. i don't think there would be much of a market reaction. there's a chance of surprise. but it would shock markets if she doesn't move anything today. to moveat do you expect markets today? we don't see a lot on futures. are we going the get some kind of clarity on trade which seems that's what the markets want? >> i think it

christine lagarde says a strategy review will begin shortly.ants to works he towards a phase one trade deal with mutual respect and equality. he says in china did not want the trade war. and on the cusp of collapse. this coalition looks more fragile than ever. angela merkel seeks new party confidence. good evening to everyone. we have been covering the economy, bringing you live coverage from beijing. in the meantime, this is what is happening in europe. euro area november services pmi falling to 51.5. anything above 50 is expansionary but below forecasts. again, this is for your-area manufacturing for the month of november. quite a lot going on in the markets. it is all about the ecb speech and christine lagarde. how she means new policies will be taking place. stocks overall on the up. we had a similar rally when it came to asia. pointing towards a marginally strong open in the u.s. as investors try to figure out headlines on the trade dispute. say, a lot of the talk in beijing was on that. the dollar is mostly steady. let's get first word ne

lagarde is speaking today in berlin.hese manufacturing pmi's will really give her the ammunition which she probably needs about making a strong point to governments. it is clearly struggling. a very different picture on the side of the atlantic than what we are seeing over the pond. will make a strong message to the german government. we need more stimulus. matt: one of the things we are that is similar in europe is this manufacturing recession. the blue pmi line is eurozone manufacturing. the services pmi's are holding up fairly well. if i change over to another chart looking at what is basically a factory recession around the world, here you see china, japan. all of the manufacturing pmi's. what stops that from spreading over to services? >> that is the key question. it has been exactly the same story in the u.s.. we are in a global manufacturing recession. the consumer is holding things up at the moment. they are doing it on both sides of the atlantic. how long can i continue? u.s. was that the the service sector, the

christine lagarde asks the time and defends the measures >> the ecb policy stance has been a key driver during the recovery that stance remains in place >> stocks rebound. european equity markets stage a come back after a mixed day in asia after the dow logs its largest losing streak since august >> fighting words. xi jinping insists a phase one deal must be based on mutual respect. >> and manufacturing activity in france and germany expanding that beat expectations >> you mentioned some flash data we have some more here we have the november flash numbers for the november pmi coming in at 46.6 and services coming in at 50.3 against 50.6 in october and coming in at 51.5 for november against 52.2 last month. >> we saw the german and the french data that was better than expected that led to the small rise in the euro i wouldn't say it was a huge rise we are seeing the euro changing at 1.1056 given that the french number beat consensus. the german number well below that 50 boom bust level at 43.8 versus 42.1 for october. the services for both countries was below forecast but maybe this poin

nejra: and her lagarde -- enter lagarde. the german deputy finance minister tells us there should be progress on a banking union by december. think it's a question whether we will have something definitively agreed in the next two or three weeks. i think the key thing is that there will be progress soon. we aim to see first results in december. nejra: new pickup line. entice newooks to buyers as he unveils a cyber truck in los angeles. we are live from the event. manus: a warm welcome to beijing. we are wrapping up a couple of days of great conversation. for me, the defining moment was henry kissinger when he sat on that stage yesterday and said we are on the foothills of a new cold war. if things are left unchecked, this could be as bad as world war i. the phrase that really caught my mind was, this is a minor crisis but needs to be mastered. those are the words of henry kissinger. the question is, is the signing of that bill, what will be the words that follow the signature from the president, if it comes? good morning. ne

and christine lagarde's debut.'s new president uses her first speech to call for strength, resolve, and courage in europe, but not fiscal stimulus, and steers clear of monetary policy. good morning. we are getting breaking earnings foods. we speak on ab the company is saying full-year revenue was 15.8 billion pounds. int is being in line -- bang line with the analyst estimate in our survey. a4 2 billion pounds, just hair above the estimate of 1.41 billion pounds. primark sales, in terms of , up 1%. fx ab foods giving us a little bit of a look at an in-line quarter. in terms of the full-year adjusted eps number, it was 137.5 pence. we were looking for 136.1 pence. a little bit better than the analyst estimates. it does seem margin decline for primark in the first half of the coming year, so watch out for that. we are getting imperial brands right now. imperial brands saying that it's going to take a more cautious approach to its outlook for 2020. it sees full-year low single digit and eps growth. it says performance

we heard from christine lagarde this week. first big policy speech and it reminded me of assigning at a sports club when you have press day but you learn they're not any good at what they're doing. it is not gametime yet, is it? greg: it was very mosaic, laying the pattern out but nothing nothing tangible was said and her feet not put to the fire yet. george: she is not an economist by background. she will have to negotiate more. she will have to be a political official to some extent, work to be that. from our perspective it is process and policy. from the process standpoint, she will work to be more collaborative. from a policy standpoint, her challenges of lowering rates and quantitative easing have run their course, so she will look to do more fiscal policy. oksana: speaking of bbb's, prior to 2008, there was not developed market bbb rated sovereign right debt. today, italy is 40%. and on negative watch by two of the ratings agencies. christine lagarde has to contend with all of these challenges. interestingly to what we w

and lagarde to europe, believe in yourself. lagarde calls on europe to invest in the future as growth in the region stagnates. unveilingbotches its of its ev truck by smashing two windows as elon musk tries to break into a very but it of market. welcome to "bloomberg daybreak" on this friday, november 22. i'm alix steel. tgif. happy friday. shortened week next week. 3107.l, s&p futures at we are at risk of breaking a three week winning streak for the s&p. yields a little bit lower. the dow jones is reporting that ray dalio now has a $1 billion bet on stocks, that they were going to fall by march. is it time to start hedging and gearing up for some more volatility? time now for global exchange, where we bring you today's market moving news from all around the world. from london to frankfurt, beijing to hong kong, bloomberg voices are on the ground with this morning's top stories. want to start in hong kong, where the high court is set to allow the government to reinstate a law banning protesters from wearing facemasks. earlier i

jason: i love the piece on christine lagarde taking over at the ecb.written and talked about as it relates to her but i really learned something. i loved it. carol: it's a new era for the ecb. jason: check out our daily "businessweek" podcast. carol: we are bloomberg television -- more bloomberg television starts now. ♪ the game doesn't end after that insane buzzer beater. because with nba league pass on xfinity you can watch the out of market games you want- all season long. and with the all-new xfinity sports zone, you get everything nba all in one place- even notifications about your favorite teams. watch the dropped dimes, monster blocks, and showstopping dunks. plus get instant access to your teams with the power of your voice. that's simple, easy, awesome. say nba league pass into your voice remote to upgrade for a great low price - or go online today. ♪ taylor: i'm taylor riggs and this is "bloomberg technology." we bring you all of our top interviews from this week in tech. coming up, the be is on. apple's fourth-quarter results beat across the

jason: i love the piece on christine lagarde taking over at the ecb. been written and talked about as it relates to her, but i really learned something. i loved it. carol: it's a new era for the ecb. jason: check out our daily "businessweek" podcast. get that at bloomberg.com. carol: more bloomberg television starts now. ♪ david: in the last recession your firm performed extremely well. are you anticipating any recession now? ray: in 2007, it was pretty easy to calculate that they will be debts that came due. when i go through those calculations, it is not the same. it would not be said to be an easy place to work. people love it or hate it. david: in high school where you interested in academics? ray: i cut classes to go surfing. david: i don't consider myself a journalist.

jason: i love the piece on christine lagarde taking over at the ecb. been written and talked about as it relates to her, but i really learned something. i loved it. carol: it's a new era for the ecb. jason: check out our daily "businessweek" podcast. get that at bloomberg.com. carol: more bloomberg television starts now. ♪ scarlet: i'm scarlet fu. this is "bloomberg etf iq," where we focus on the access, risks, and rewards offered by exchange traded funds. ♪ buying opportunity or value trap? are inflows in european stocks here to stay? don't call it a comeback, former 3rd avenue ceo david barse returns to wall street -- and this time he's pitching custom indexes. and trick-or-treat -- we unmask one of the scariest exchange traded products ever. love them or hate them, etf's are here to stay.

jason: i love the piece on christine lagarde taking over at the ecb.as been written and talked about as it relates to her, but i really learned something. i loved it. carol: it's a new era for the ecb. jason: check out our daily "businessweek" podcast. get that at bloomberg.com. carol: more bloomberg television starts now. ♪ 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: in the last recession your firm performed very well. ray: in 2007, it was pretty easy to calculate. when i go through those calculations, it is not the same. it would not be said to be an easy place to work. people love it or hate it. david: in high school where you interested in academics? ray: i cut classes to go surfing. david: i don't co

jason: i love the piece on christine lagarde taking over at the ecb.as been written and talked about as it relates to her, but i really learned something. i loved it. carol: it's a new era for the ecb. jason: check out our daily "businessweek" podcast. get that at bloomberg.com. carol: more bloomberg television starts now. ♪ >> welcome daybreak australia. i am haidi stroud-watts in sydney. shery: i am shery ahn in new york. sophie: and i am sophie kamaruddin in hong kong. we are counting down to asia's major market open. >> here the top stories we are covering in the next hour. deal or no deal? an agreement is near. president trump wants a siding to take place in the united states. the world top oil company presses go on its long-awaited ipo.

christine lagarde has to contend with all of these challenges. imf just offered a paper where they talk precisely about how the chase for yield has pushed some very large defined benefits and insurance players in the marketplace out of the risk curve and may destabilize the market, should that technical reverse. cyclical and contributing to the destabilization. jonathan: rapidfire around. here is the first question. story ande hong kong the situation around trade has been treated as two separate tracks by the chinese so far. i wonder, in terms of the consensus view, where the market perception is right now. will they be treated as one story or two tracks? oksana: to them your tracks. greg: one story. george: one story. jonathan: treasury market, some of the buildup in enthusiasm over the last couple of months resulted in a steeper yield curve. into year and from where we are right now, the flatter curve or steeper into year-end? george: flatter. greg: flatter. oksana: steeper. jonathan: triple c's, red flag or is the coast clear? greg: both. bret

in that context, lagarde represented very well when she was in her position.ut now she is going to be in the position to potentially have an even stronger guarantee. i firmly believe she will go down that road, given her political views and persuasions. will coerce a european safety net more strongly and explicitly than draghi. that only matters if there is in a -- if there's a crisis. but i don't think there's any accident that the spreads have come down since she was nominated on july 3, or her name was announced, at the time we credited good policies in greece and italy, but i think it has a lot to do with lagarde being in the position. but whether she will be effective, i don't know what's effective about negative rates, and i think with the current policies, the they are really in the crisis environment where lagarde could be effective. vonnie: and i want to get your target for the chinese yuan, we are looking at 6.97 offshore and onshore. guy: we are on it -- axel: we are unenthusiastic to the euro relative to other currencies because of lagarde, because

. >>> christine lagarde has started her first day. we say goodbye to mario draghi let's look back to when draghi wound it down and ramped it back up again >> today, measures have become warranted to achieve our priced ability objective given that the key ecb rates have reached the lower bound. we will on 9 march 2015 start purchasing euro denominated securities in a secondary market we will also continue purchasing asset based securities and bonds as started last year the euro system will invest principal payments from securities to the asset program. >> economists this morning, joins us christine christine lagarde, how is it going to be different? >> not much. she hasn't got many options. we see that as a continuation of mario draghi with the monetary policy she also has limited experience as a central banker. we see her mostly as a follower her role is political of a kind. she'll try to force the government into more spending creating the common budget >> some of the data has not been too bad this year. we got the larger numbers tha

event, perhaps the main christine lagarde making a policy speech. u.s. 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 take action on the fiscal side. mike: why would they change? i have not heard any signal and in germany that is likely to change its tack. talking about hitting the nail target. i think we can dispense with the idea. when i speak to people in europe, t

the week ahead featuring a speech from christine lagarde is coming up next.his is bloomberg real yield. ♪ jonathan: i'm jonathan ferro. this is bloomberg real yield. coming up over the next week, on tuesday, u.s. housing starts. wednesday, fomc minutes, and another democratic debate. thursday, inflation and pmi data. friday, perhaps the main event, 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 this 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 avoiding 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 mu

see the upside. >> the notion that lagarde will push into the territory.'m a bit skeptic. there is little appetite left for policymakers and further rates. we saw discussions in europe and sweden basically, the problem is they are not working. central banks can do all this stuff. lagarde can do more in terms of going out and meeting politicians and explain they have to find a way to do more. >> we have eight years to discuss it you'll be back on the show and talk about what lagarde is doing. we've talked about banks now if you have any views on european banks or u.s. banks tweet us @street ins cnbc or @cnbc jou coming up, more on the target date for uber. when we return the game doesn't end after that insane buzzer beater. because with nba league pass on xfinity you can watch the out of market games you want- all season long. and with the all-new xfinity sports zone, you get everything nba all in one place- even notifications about your favorite teams. watch the dropped dimes, monster blocks, and showstopping dunks. plus get instant access to your teams wi

the new head of the european central bank but is it just business as usual christine lagarde has given her 1st official speeches e.c.v. president breathing space for south african airways carrier and trade unions have agreed a deal to end an 8 day strike. v. is 1st victory of us has what it hopes is a winning idea to save fuel inspired by migrating birds. in berlin welcome christine legarde has used her 1st official speech as president of the european central bank to put yet more pressure on wealthy euro zone countries to spend spend spend she told delegates in frankfurt that better targeted investment would be key to the region's challenges i manage them to create a greener more modern europe. a fresh face for the cameras but the message from christine lagarde was much the same as her predecessors it will be up to the eurozone members with the means to do it to help spend the region away from a possible recession. investment is a particularly important part of the response to today's challenges because it is both today's demands and tomorrow supply. and of course investments need to b

the paper says ms lagarde believes global warming should be a "mission critical" priority.esters in hong kong despite angry objections from china is on the front page of the new york times. we have of course mentioned this story. variety are reporting that star wars actorjohn boyega has admitted that he was the one that left a top secret script under his bed which then ended up for sale on ebay. and the independent devotes half of its front page to the broadcaster and critic clive james, who died yeaterday at the age of 80. with me is inga beale, from london first, a not—for—profit group made up of business leaders from across the city. and of course in the uk you would expect a lot of politics on the front pages. the times, looking at the u gulf bowl, which has been done for the

christine lagarde becomes the first female president of the ecb and the soul policymaker. she will face a host of challenges as the economy slows. nobody thinks negative rates are the signal of a healthy economy. >> negative interest rates have less effective in stimulating growth. >> negative interest rates are not helpful, everybody can see that. business itor our is not a good thing. >> if this situation stays what it is for a long time, we will have to think about charging institutional customers large deposits. passing onooking at negative rates to clients where it is prudent and sensible and legal. >> it is unpleasant for our clients. we do not pay them anything, it makes you feel bad. >> negative interest rates on retail deposits is something for the future, not now. nejra: jeremy stretch is still with us. i said goodbye but that was a head fake. as we look ahead to christine market's tenure, the might need to get ready for some sort of normalization from this negative rate world under christine lagarde. is that something markets are underpricing? i think they proba

christine lagarde's speak for the first time tonight as president of the ecb. looking forward to hearing how many times she uses the word fiscal. south africa was not downgraded by moody's on friday. a negative watch, but it does bring that just a little bit closer. the market, a relief rally in the ram. was me thinking it was because of the rugby guy. just kidding. china signaled progress. earlier, wilbur ross spoke exclusively to bloomberg about the prospects of that so-called phase one trade deal. shape,ink we are in good we are making good progress. there was no natural reason why it couldn't be. bynie: we are joined now mark haefele from washington, d.c. is there any reason why this optimism should be starting to get baked into markets? we are looking for some kind of phase one deal to get done, but it doesn't solve the overall problem. mark: i think that is right that it doesn't. a lot of recession talk over the summer priced in. we have had the negative side of the trade deal. now, this optimism on the trade deal is getting priced in. as you say, even in

-- from lagarde so far? lucy: the fact is we don't know that yet.'s policies are likely to come under more question because draghi had a certain amount of goodwill behind him because he saved the euro with his statements, and therefore there wasn't, by the end, too much discussion or disagreement about the strategy or policies. with lagarde coming in new, there's likely to be more debate about the policies which are going to be followed. though it has to be said, there is an enormous amount of room for movement anyway because of where interest rates are and because of the constraints on quantitative easing. guy: i wonder where that leaves the european banks next year? lucy, stick around. macdonald, allianz global investors cio of global equities, staying with his again. romaine: u.s. secretary of state mike pompeo speaking out in washington on a wide range of issues. he is calling on china to release detainees, and also congratulates hong kong on the recent elections. also on china, says he is clear on how china should treat people. pompeo also talk

christine lagarde seems keen to give it more prominent role. central banks should be very close to getting too much into politics and i think he is right. there is a danger there. central banks move to close to politics. anna: thank you very much. very good to get your thoughts. now climate talks are expected to take center stage at next month eu leader summit in brussels. bloombergs maria tadeo caught up with the incoming eu president ursula vander line in strasberg. she sees the challenge as an opportunity. >> it is a must for all of us because we know climate changes existential. ,here is a huge opportunity because at the moment we are the european front runner fighting climate change and new technologies and financing, we have 40% of all the payments and renewable energies worldwide. if we do well, it is not only good for the planet, it is not only good for the people, it will also be good for the european economy because we will be the executor of knowledge and technologies and the front runner. maria: if you look at the friction we have s

what do you think christine lagarde's first task should be?k would be to press the case for more fiscal stimulus, or fiscal stimulus to take on more of a role in helping the euro zone in this slump, and i think she would be focused on that. on the monetary policy front, she will not upset the apple cart. with thee, she will go council recommendation. it would not be much of a change. your thoughtsven, on what christine lagarde would have to do, and there was a lot of talk about the tier system that mario draghi put in place. withn: they will continue the same policies. so much has been done that there is very left -- very little left to do. in the previous meeting -- it is quite interesting. investor,e a rational would you buy a two-year note or so?o -90 twice or so, we have bounced off reversal rate is that theoretical level where if you go underneath that, the policy rate becomes, in a way, it is like a -- anna: and it shows we bounced off of it, putting a yellow line in at, what, -100 basis points, but you say the reversal rate is where the

lagarde's christine job very difficult. marvin barth still with us. upside's for the euro next year? marvin: certainly not in our base case. we are starting to see some signs of bottoming in manufacturing. we are hopeful that is going to lead to a bottoming and slow recovery in the economy. itare not talking a v-shape, is very much an l-shape. floor? is the bath tub that is a perfect description of it. on the hard data side, bottom out in the summer. the fed has provided additional stimulus because they had room. that is going to provide support. we are seeing it filter into housing. the u.s. is continuing to slowly outperform or keep a significant therelative to europe and rest of the g10 and much of the rest of the world. that leads to the dollar continuing to slowly grind higher. up close it looks like we are not moving anywhere, but you look back and say the euro-dollar is down at 1.07. guy: a lot of people have the dollar down next year in their forecast. when you look at what they are saying and think about what you are saying, how do they sit s

the other words about christine lagarde. a warm tone. the fact that there is some harmony is a good starting point as we talk about moving further beyo and talking about gender equality there have been measures to bring more women into the board room record number of women in parliament there is more work to be done. just two women lead cac listed companies here in france i asked about what is next for the french in tackling gender equality >> one key point is first of all the top jobs we need to have stronger reserves for access to the top jobs for women we still have a problem with training when you are looking at the girls that are going into jobs like engineers or scientists we don't have the number of women we are expecting we want to fight against that inequality that's a key issue access will be one of the key line we will support in the very next month. we are in the process of thinking about the new low that might be passed at the beginning of next year to address those issues access to financing and top jobs for women. access t

christine lagarde has become the first woman to head the european central bank in frankfurt.he predecessor of mario draghi stuck to low interest rates. she wants governments with big budget surpluses like germany and the netherlands to do more to boost growth. reporter: the new head of european central bank has not given much away about how she intends to proceed, but she has given some indication what she thinks the institution needs to do. >> the ecb needs to listen to and understand markets. need not be guided by market but needs to listen and understand. but it also needs to understand the people, because the currency is a public good that belongs to ththe people.. wewe can work -- reporter: she is expected to maintain the loose p policy spearheaded by mario draghi. the combination of super low interest rates and a massive bond buying program stabilize the e eurozone's weakest and indebted economies in the wake of the crisis. those policies have been bad news for savers who feel there is no longer an incentive to park their money in the bank and fear they could be punishe

i think lagarde has a very tough job to do.ming in at a time when the ecb is providing more easing , and has been set on a path of further easing, so she has to make her own assessment. was that the right course for draghi to set the ecb on? does she want to maintain that course? how far does she want to take it? it is an extremely tough job to provide more monetary policy easing when rates are already about as low as they can get. vonnie: just to finish off in the u.s. and on the stock market, obviously we are at 3060 right now, and up another 0.75%. appetite today for risk. rich clarida talked about us being midcycle, which he couldn't define, but said we are definitely not late cycle. what do you make of that? ellen: it's been hard for people to understand what to make of the midcycle comment. it.as goaded into that make more sense. if you want to take it literally, then by saying we are midcycle, you would be telling investors that we have 10 more years to go, and it just doesn't seem believable. they are called business cy

steam lagarde next week, -- christine lagarde next week, very much calling for a fiscal response.talking about the u.s. debt situation and the fact that it has to be managed because, when the next downturn comes, we are going to need fiscal policy to compensate for some of the weakness we are seeing in monetary policy. if monetary policy is done reaching the limits of what is possible, is the 30 year bull market in bonds also done? if so, what are the impatiens of that for your world -- the implications of that for your world? win: but i give credit for during the crisis is they acted quickly and aggressively. we went to zero rates very quickly, started qe very quickly , gave several other rounds of qe. we were sort of first in, first out. my one complaint is they probably waited too long, until 2015, to start hiking rates. that's a good seven plus years. did the u.s. really need that sort of low for that long? i would say no. but look, policymakers in general are really flying with one eye blind. we are trying to figure it out the new reality and how to normalize policy when pric

he of the druggie christine lagarde has a difficult job ahead of her to form a consensus that is also enough to steer the economy i mean mario draghi didn't do this for 4 is enough for his own entertainment he knew that he needed to take very bold decisions and there was probably going to take too long if you needed to bring the entire governing council behind him mario draghi was renowned for being prepared to do whatever it takes to defend the euro and the euro zone what he could not do was persuade enough member states to do all they could to make the european banking union complete. germany had long resisted the idea of its citizens insuring the deposits of banks in riskier parts of the euro zone but now it is offering conditional backing for a pan european deposit protection scheme. but not everyone thinks it goes far enough i welcome mark at the proposal and many aspects are leading to completion a banking union course on some aspect including on the street so i for then should treat our story exposure so. our position are different than ours and we consider that this is a man m

had christine lagarde who actually control the 17 trillion on bigger trading bike than america is actually this is the true threat and trump never makes any. comment about this in terms of you know transitioning to a post carbon coast post fossil fuel economy i mean this is going to have to happen one way or another i mean there's a lot of saber rattling when it comes to russia and the existent all that nonsense but the fact is there's got to be a transition it's got to happen now the plastic is already babies are coming out of the womb plastic basically plastic babies these days because of the petroleum toxicity. loss we want if we want to give up our humanity and become plastic people we've got to make the transition now anyway we got away i hold you over for other segments of say goodbye but we'll say good hello again in just a moment alister ok and that's going to do it for this edition of the cars are with me max kaiser and stacey erbert like to thank our guests from a cloud of gold money if you want to get in touch with us twitter earth's kaiser report until next time by. the. presid

. >> one final question while i have you here, i want to ask you about christine lagarde and her presidencyf the ecb. we had her first big policy speech last week did you get the sense from what she said there would be a very clear continuation of mario draghi's policies? >> well, that's the impression one gets it seems that the communication is different she tries to communicate more. she does speak a lot of very specific issues outside the realm of monetary policy some people have criticized her for that generally i think she will try to communicate more and be less focussed on technical aspects of monetary policy, but in general, i would expect her to continue the monetary policy of mario draghi. >> thanks so much for joining us and sharing your views there. >>> the u.s. and china are, quote, very close to a preliminary trade deal despite reports to the contrary, that's according to the chinese state newspaper the global times the papers also tweeted that beijing is exited to on going talks for second and even a third phase agreement. the english language newspaper controlled by china's

he believes lagarde should take time to watch, look and understand let's pay attention to the lender i know you are very interested in the numbers let me give you a summary in the performance. french retail as well as international retail saw a slight drop from last year it was really investment banking that was a big drag in the third quarter results with net income down more than 26% >> thank you very interesting interview as he told you, they are indeed an equity business bank. down 26% so probably not a good signal for other banks out there. >>> coming up next, we'll hear from mozilla chairmanwoman back in a couple of minutes. fun fact: 1 in 4 of us millennials have debt we might die with. and most of that debt is actually from credit cards. it's just not right. but with sofi, you can get your credit cards right, by consolidating your credit card debt into one monthly payment. you can get your interest rate right by locking in a fixed low rate today. and you can get your money right with sofi. check your rate in two minutes or less. get a no-fee personal loan up to $100k. dopreva

christine lagarde gave a speech today. did you hear anything and what she said that maybe justifies optimism for europe? >> investors are waiting for pressure for fiscal stimulus from europe. that would change sentiment remarkably. i was in europe for the last two week. the investor community is waiting for a change. negative rates have been a difficult for many investors there who cannot invest in equities. so that impetus from the central bank to push forward on fiscal stimulus would be positive. your thoughts,t if you are not on the right side of the trade you have to move quickly. what about hedging? comingtraordinary things today about whether or not one side of the trade with stocks or not. our people hedge? >> that is not the case. they are not betting on a big drop. if you look at the chart, we saw a big spike in the put to call ratio. people snapping up these bearish put options as opposed to bullish call options. -- might have some foam oh fomo. we joke about it. but people do want to be invested in this market.

they are sweden, separate from oxford and madame lagarde.times before, always an original central bank with their own set of values and their wonderful history under crisis. making comments here on stability. i believe we will have some of that discussion with bill dudley, former new york fed president, in the 6:00 hour. greater europe, jordan rochester still with us, and we are thrilled to bring you quentin peel. for decades with "the financial times," now holding court at chatham house as well. 2020, it is a continued euro experiment. we talk about banking union and we talk about these good feelings, but mostly, i don't see much trust, internal trust, country to country. what does the peel trust meter look like right now for europe? quentin: we are in a very strange period of drift, i think. it is partly angela merkel on her way out. this is the period of the merkel -- that is a problem because germany does not provide a sense of leadership. have emmanuel mack ron clearly trying to make the running, but he, too, has got -- you have macron

francine bogart telling -- lagarde toeing the same line.avid: when we look back at negative rates, i don't and it will look like a great experiment. i don't think it is bringing the benefits we had hoped to say. negative rates have not allowed in acceleration of growth, in my opinion. i do not think they are constructive. we will have to see how it plays out. the worried when we look at experiment of negative rates, we won't like what we see. matt: central bankers say fiscal stimulus is needed to mitigate the unwanted side effects. i know you will be talking to companies around germany. surely, they will have something to say about negative rates. they will probably also want to talk about infrastructure they think is needed. do governments need to chip in more? david: when you talk to people here in germany, there is significant discussion about fiscal stimulus. i think it is a balance in all of this. andlance in monetary policy stimulus and sometimes in the cycle, there are a variety of other factors that can slow down economic growth. --

that first day checking out for christine lagarde? reporter: it is a little pentacle mektic -- it is a little anti-climactic since lagarde's first day is a holiday. we are certainly expecting a lot from her as she starts her term. we are expecting a strategic review of the policy, and for her to be far more in the spotlight. we are expecting her to take on a communication style effort to her predecessor, mr. mario draghi. we are also expecting her to amend some of the risks that have emerged within the ecb septembers contentious decision to add stimulus, so there's a lot to look for there. alix: thank you very much. we turn now to retail. jcpenney is one step further along the comeback road. the retailer is unveiling a store to test ideas before rolling them out across its 850 store fleet. the new ceo gave her first broadcast entry exclusively to bloomberg's emma chandra. >> it has been an interesting decade at jcpenney. as i've been very overt on my earnings calls, there's been a lot of fundamental problems to fix. we are marching do

lagarde said as so much central banks can do, is it time for dpe germany to draw its balanced budgets? >> the central banks are the heroes they've been at the center of getting us out of a very rough patch. interest rates are at zero or even below that means that there is only so much central banks can do going forward. when i mean governments. i don't just mean germany. i mean all the fiscal space that are going to pay less interest payments because rates are going to remain very low for many longer >> being looking at the equalities it was said, equalities is a time bond. it is a view from many people. including jamie dimon. one solution in this debate was wealth tax do you agree with speaking of the french economy that billionaires should be abolished and well distributed >> i think i was the one who used the word time bomb and said 10, 10, 10 the income of the lowest fits 10 times in the income in the highest 10% in terms of revenue. the problem is that one generation ago, this was seven times. we have gone from seven to 10 times in one generation. that means we are going in the w

christine lagarde has been talking in germany, talking about the idea that we need some joined up thinking when it comes to government spending and monetary policy. will that actually deliver? we will wait and watch. vonnie: let's get to hong kong. u.s. legislation supporting protesters has been drafted and agreed to by both houses. as for president trump's signature, he is counting amid trade talks with china. >> i stand with hong kong. the stand with freedom. ofare also in the process making the largest trade deal in history. if we could do that, that would be great. china wants it. we want it. vonnie: hong kong's high has reportedly allowed the government to reinstate that controversial ban on protesters wearing face masks. this comes with an election s to besunday with poll guarded by riot police. given comments, it's sounds like there will be no signing of any support for the hong kong demonstrators. is this a sign that it maybe feels a little weakened? >> it will be interesting to see what president trump does following those comments earlier. he could let this legislation expire and

more economic growth at home that's the message the new european central bank president christine lagarde today at the european banking congress in frankfurt germany she called on eurozone and governments to strengthen domestic demand and to end a decade of export driven growth largely led by germany but god said european countries should quote innovate and invest more to support growth time of global uncertainty it was her 1st major policy speech as the president of the e.c.b. . and now to some of the other business stories making headlines today a chinese national who work for one some talk before it was taken over by by a has been arrested in the u.s. ease accused of stealing trade secrets from the american company for the chinese government. to make a victoria's secret has canceled its annual fashion show and it falling ratings and criticism of the event that the event is all dated the show has typically featured top supermodels but last year it had its lowest ever ratings. an international charity is selling lottery tickets for $100.00 euros each with a chance to win top of picasso's