. >>> imf managing director christine lagarde and bank of england governor mark carney say jerome powell knows exactly what he's doing >> i wouldn't associate jay powell with craziness, no. no he comes across and members of his board as extremely serious >> he's an individual who really understands the plumbing of the u.s. and global financial systems. that's an incredible advantage for the system at a time that the system is changing >> asian equities fall to 19-month lows with chinese blue chips closing out the worst session since february 2016 as volatility spikes on both sides of the atlantic. >>> and dialog shares are super charged after apple takes a bite out of the chipmaker in a 6$600 million deal >>> good morning there is a lot of volatility going on in the markets. that started with the u.s. overnight. just so you know, dow, s&p, nasdaq had the worst day since february, some significant amount of damage going on there with a lot of people expressing concern about the rising interest rate yields this is a theme we've been focused on we've seen the extent of the rout and the exte

it's the return of mark carney and the bank of england for rate inflation against the backdrop of changingary policy. we are also awaiting results from the likes of bp. joining us now is james bevan, thanks for joining us. >> great to be here. >> let's start with the budget. game?it a wait and see they really can't do anything until brexit is settled. >> there's is an expectation that it will be a nonevent until they stood up at the tory party conference, so we'll spend a lot more money on the nhs, and that was the point where people begin to say, so we have to put something into the budget. i think we have a little bit of wriggle room, because back in march, the office response said they thought the deficit would be 37 billion. if you join the dots, it looks like it will really only be 24 billion. that means he has around 13 billion he has to play with, and he will therefore be spending some additional money and keeping most of the measures in his back pocket, depending on what the brexit deal looks like. >> that money will go toward what? nhs? >> he will clearly put the money into nhs, a

i'm going to invoke mark carney, who came here and spoke to the economic club and said the following. $30 trillion of assets are held in fines despite investing in illiquid assets. they are built on the lie that markets always clear. that is a not so veiled reference to etf. mutual funds payout in cash. they are forced sellers. , securities inside the fun to give you cash. there is an institutional investor. trading on the exchange. etf's completely circumvent it. between a buyer and seller, mutual fund sales get the cash, given to persons. we solve that problem. i look forward to educating him in that understanding. >> he has a dim view of etf's. what does the bank get? they act of shock absorbers. they don't guarantee the price. hedge funds, fixed income etf's , big banksely small are the core of the fixed income test. >> not all etf's are created equal. structuresome other that some might consider a little out there. , black rocksident focuses on brand and liquidity. to the degree others do not, what is the risk bad behavior could come to damage the etf industry as a whole? >> i'm

kick off with the opening question and just a few days ago, the governor of the bank of england, mark carney issued dire warnings about the consequences of a no-deal brexit he said there would be a collapse of the housing market, a surge in unemployment. similar things to i think what he was saying before the brexit referendum and we seem to be sort of going through another project fear from those who initially opposed brexit in the first place. can you talk about the resurgence of project fear and if there is a no deal for brexit, what would that look like for the united kingdom? >> you are quite right. we are asked about project five or six. i think having led the comments run and is briefed on what was the worst possible outcome. he only then sort of corrected that after the story had got going, and the bank of england and her majesty of treasury have been wrong on that forecast. they're actually comical and no one takes them that seriously beyond the establishment. outside the establishment, you talk to businesses and the most common phrases are five very english word, just get on with i

in to cnbc on thursday when geoff cutmore will host a panel that includes christine lagarde and mark carney that discussion will broadcast live from the imf world bank annual meeting in bali >>> aviva announced that ceo mark wilson will step down six years after he was hired to implement a turnaround strategy at the british insurer he will remain in the chief executive role until april of 2019 aviva says the search for a successor will begin immediately and could last four months >>> airbus has appointed a new ceo. gaury will replace enders. airbus also announced that the chairman will leave after his kir current term finishes in 2020. this ends months of uncertainty at the company after corruption investigations prompted several ceos to leave. >>> more personnel changes, another shake up solvay has appointed kadri as its new ceo. shale replace the outgoing boss and will start at the chemicals group january 1st of next year. >>> sir richard branson believes virgin galactic will be in space in weeks catch more from our exclusive interview with the virgin founder coming up next every call is

officials work with mark carney on new economic forecasts. theresa may has yet to nail down an agreement in negotiations with the european union. boe has left the boa -- the basing its outlook on -- that will need rewriting. global news, 24 hours a day on air and @tictoc on twitter powered by more than 2700 journalists and analysts in more than 120 countries. anna: thank you very much. asian markets facing a recovery after the biggest selloff in global stocks in february. u.s. and ftse futures pointing to a positive open later today. joining us now, the head of multi-asset funds at legal and general investment management. good to have you with us. i have a chart here that shows s&p 500 members at oversold levels. ofstorage of -- shortage impressive looking charts around what we have seen over the last couple days. our markets oversold? are you jumping back in? >> we think it is early to be oversold, but we do think it is a technical point. it is more around sentiment. u.s. is a huge outlier in terms of positive sentiment around equities. frig

mark carney made comments in regards to banks' robustness.mi want to understand you in his synopsis, he modeled a 35% drop in housing market over the next three years on a hard brexit. do you think that is an overly aggressive call? how perilous a position of the and terms of planning for a hard brexit at barclays? are well onlays, we our way to being prepared for a hard brexit. can have increased the size of our bank subsidiary in ireland. -- filed allwed the necessary applications to relicense our branches across europe from branches of the u.k. to branches of the bank in ireland. we are prepared to be 100% operational in the case of a hard brexit. you are a british bank. the concern is around u.k. economy. -- we are a british bank. the concern is around u.k. economy. we have not grown our credit card receivable book in two years. our leveraged loan portfolio is down 25% in the last two years. our strategy is to be diversified. that diversification needs over half of our revenues come from outside the u.k., most notably the u.s.. we feel we

officials look for governor mark carney on new economic forecasts.remised are theresa may has yet to nail down an agreement in negotiations with the european union. they are basing their premise most likely needing rewriting. anksy artwork that shredded itself is said to be keeping the peace. it will be renamed lovers in the bin to reflect its changed state. he installed a shredder in case the work came up for auction. 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. i'm sebastian salek and this is bloomberg. francine: thank you. let's get back to your markets. stocks in general have stayed robust recovery today. if we look at the boards and some of the scenes in the market, what i want to focus on his u.s. stocks. we bring you to european equities, their gains 0.5%, 0.6%. let me bring you to my bloomberg terminal. stocks overall actually stay robust recovery. strong data from china. and of a tumultuous week. this is my chart of the day, the s&p 500 dropping

the question is whether mark carney will have to take a more pessimistic view of the economy. all of this with rupert harrison of blackrock. life, he was the chief of staff to the previous chancellor. is this a political message when you give a budget? does it get you or lose votes? isert: if the government working together, budget day is a great opportunity to get your message across. yous one of the days when can guarantee that message is going to be top of the news. i wonder whether the government is coordinated enough to make use of that today. there is evidence of that around brexit. you were talking about u.k. asset prices and it is about brexit. this budget is awaiting the outcome of the brexit vote. there are up winds ahead. times will be better as long as we get a smooth deal. it is transparent, using the budget as leverage. francine: let me bring you to our sterling forecast chart. where do you see sterling go? rupert: we are positive. it is a bumpy ride. we get a deal in negotiations and i think that gets through the house of commons. tom: thank you for joining us t

bank of england governor mark carney in new york. he speaks at noon.our, robert hormats on pompeo and a saudi response. the mystery of the midterm elections. america ever more divided. good morning, everyone, this is "bloomberg surveillance." i am tom keene. in london, francine lacqua. i am shocked. in the last hour, we were brexit-free. that is un-american. give me an update on brexit. francine: the we can update, they're trying to figure out what happens to the pound in the eventuality of a no deal. i would caution the markets, caution people a lot of copy has been written in the media about the eu and the u.k. coming closer together and finding a solution for the irish border. wehave been here before and take a step forward and two steps back. this time we can't be optimistic but just be cautious. -- this time we can be optimistic, but just be cautious. tom: we will see. here is taylor riggs. taylor: china's economic growth slowed more than expected in the third quarter. the government admits what it calls the severe international situation is havin

mark last month. the vermont senator today after the announcement now applauding amazon for this big move. joining me now, amazon senior environment jay carneyalso former press secretary for president obama. thanks for coming in. >> thanks for having me. >> bezos in the announcement said you listened to your critics. decided you wanted to lead. why now? >> well, for just that reason. we listened to a lot of critics, it's part of our culture to examine ourselves, see if we're doing the right thing. and senator sanders was one of the people we listened to, among many. and when we saw the opportunity to raise wages at amazon, we decided we wanted to lead and not just raise them incrementally or marginally but give a significant boost to 350,000 employees at amazon by sitting a floor of $15 an hour. >> that's the difference between target or walmart in their incremental moves. amazon has been a consistent target, i think we could say, of president trump's. he's argued that you're taking advantage of the u.s. postal service, you're getting a subsidy from the taxpayers and hurting other retailers because of it. what do you say to the president? >>