saying this to a meeting of central bankers you know mark carney the head of the bank of england saying this to other central bankers and in jackson hole i was in close enough when he says that so here vandals of course you think of the visigoths of gotham they invented is at the edge of empire and eventually the people let them in and say you take everything because you know our emperor doesn't care about us anyway and then . but vandalism in this case they're starting to recognise here these pension fund managers are recognising that vandalism we think about it is petty. wilful and destruction of property i would posit that the empire in this case the maker is the dollar and all the central banks that are part of that system they believe it's their property anyway it might be in your savings it might technically be in your pension fund right now on their balance sheet but they can take it whenever they want and they are taking and right there when there was a book came out you know 25 years ago barbarians at the gate talking about a hostile takeover of our jr nabisco and so on wall st

all right so not only did mark carney call for a post dollar world right so mark carney central bank said he said get out of the dollar ok this is after russia's been accumulating gold and position themselves for a post dollar world at the good dollar rise world now mark carney at the bank of england saying we need to get out of the dollar as a world reserve currency and he's looking at crypto what do you make of this idea that in america the federal reserve chairman your own powell no you know it was bill dudley the former new york fred he wrote an op ed he says you know we got to stop trying from winning we can't lower rates so this is beyond activist fed this is gone my personal view is that the independence of the central banks really hasn't existed. for a least a few decades for instance going back to george herbert walker bush him blaming greenspan for not being reelected because he didn't he didn't lower rates in one. and so and so so nixon even going back to nixon this is this was always like a little bit of a game which now is. busy very obviously going on in one can just fo

not armed carney i'm thinking about honeymooners i mean mark carney over there the bank of england in london you know he's down almost to the point of being a big coin drone he now is embracing digital currencies as a global solution against the dollar the global insurrection against banker occupation we start of that really before occupy wall street before the revolution in cairo before obviously the goal in france or the protests in hong kong they're all connected all these protests are connected they're all connected to a rebellion against money and banks they're all global insurrection against banker occupation the solution for this. is because the solution to the protests in hong kong is bitcoin the solution to the oppression in egypt is a big point it has the same solution they have all these groups are protesting once the penny drops or the big coin drops and they understand this then you'll see that $100000.00 price pretty quickly yeah i think even before arab spring so-called spring was the indignados in spain that's when we started to talk about a global insurrection against

just how significant do you think these comments from mark carney are?ion, but still far from comfortable. he also said, the governor, that the economy was growing weakly. he waded into this political debate about the income of —— impact of no deal on food prices. although, could it be worse, they could go up by five, 6%. that's why the chancellor has put £2 billion extra into no deal preparations as pa rt extra into no deal preparations as part of the spending review for next year. the other connection is also interesting. his predecessor, philip hammond, set aside extra borrowing capacity in order to deal with what would be the consequences of a no—deal brexit. that is what has been used to fund the extra public spending that we have just heard about. thanks very much. hurricane dorian is approaching the east coast of florida, after causing devastation in the bahamas. at least seven people are known to have been killed in the islands — with that number expected to rise. the prime minister, hubert minnis, said parts of the island nation were left decima

visibly opposing libor others are notably cool to it as well the governor of the bank of england mark carney said he would engage libor with quote an open mind but not an open door is it time to question whether this project really will ever launch. well i think it's hard to say look i think at this point it will ultimately launch and i think the reason for that is because of the backing of the corporations the fortune 500 companies that are really powering libor and so what mark zuckerberg is very smartly done and what libor has very smartly done is they've not made it soley a facebook project but they have brought in these other fortune $500.00 companies which i in the past referred to as the legion of doom but i don't think it's necessarily a positive that all these fortune 500 companies are there i think the real question daniel becomes who actually runs the world is it these governments that will have the ability to keep libor out or will these fortune $500.00 companies ultimately say we're the ones who actually run the world we're the ones who run these countries and we will be the one

, had that sort of —— mark carney, had that mess on their doorstep on day one and so that make sensene if he is prepared to stay on a bit longer to try and guide britton through the potential turbulence of that period. all i would say is the problem with that is it when it is a table it's going to and? you could extend for years and years. we are all waiting for it to stop. let's turn on from politics and why not? back to the times new speed limits, drivers should keep below 120 beats per minute this is to do with the kind of music we're listening to we drive. apparently those who listen to softer and more classical music are changing lanes about 70 times in a mock trial in which there were testing drivers and their reaction to music with those listening to rock music and more intense music claim were driving faster and sometimes 5—10 mph faster over the speed limit and public health experts have now warned that it is dangerous to listen to such music while driving which begs the question is there anything these days that public health experts would say will not kill us? i suspect th

u.k., lack of england governor mark carney may have to extend his term is brexit is delayed. financial times. reports that naming a successor is less and less likely. mark carney originally planned to serve only five years but has extended his term twice to help prepare for brexit. 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. this is bloomberg. . >>. >> naomi carnival in london, thank you so much. coming up, the fomc's two-day meeting and today, with a 25 basis point cut anticipated. we will discuss. this is bloomberg. ♪ is is bloomberg. ♪ ♪ ♪ bloomberg: -- is this is bloomberg daybreak: europe, i am nejra cehic in london. manus: and i am manus cranny in dubai. the latest from singapore. >> manus, asian stocks are lower a third session today. the fact that you are seeing japanese stocks down is weighing on the overall asia-pacific index. the topics snapping its longest the quest, in the red for the first time in nine session, due to disappointing data. that asx 200 is also in the red f

sri: there is a lot of similarity between the bill dudley statement today and the mark carney statement. both are saying, in carney's case, he is saying brexit is beyond the control of the bank of england. bill dudley is sitting the trade war is something the fed cannot do about and should sit by in order to influence the election, but because the fed economically is powerless to do that. who them are saying things close to each other rather than diverging in terms of the approach. what you are going to see increasingly is central banks do act. let me add one more point. you had christine lagarde, the next ecb president indicate that she would stand ready to help out. the problem is the ecb is not going to be able to do much to turn the economy around. the euro zone's problems are structural. labor marks are not having a common fiscal policy. monetary policy can do little to help with that. guy: why does the market put so much pressure on central banks? why is the market not finding a mechanism for the government to act ostensibly? to spend money in the case of germany. to not spend mon

the bank of england governor mark carney says sterling's volatility is currently at emerging-market levels. >> australian volatility, as you know, is at emerging-market levels decoupled from other economy pairs for obvious reasons. theatters tremendously brexit outcome. annabelle: 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. this is bloomberg. . nejra: annabelle drouler in hong kong, thank you. eyeing the stimulus package ahead of the ecb meeting. investors will wait to see how much easing the central bank provides. this is bloomberg. ♪ nejra: this is "bloomberg daybreak: europe. i'm nejra cehic in london. manus: i'm manus cranny in abu dhabi at the world energy congress. talking oil and gas, a constant theme. there are worlds and markets beyond oil and gas. juliette saly has that in singapore. juliette: seeing asian stocks had a five-week high. the bond selloff continues with yields on australia's 10-year note climbing. the nikkei is on track for a seventh session of gains, its longest winning stre

guy: mark carney was in new york a little earlier on, the governor of the bank of england.e's what he had to say. mr. carney: part of the challenge, we think, is that we are not in, but we are getting closer to a global liquidity drought. that is a question in terms of policy space, but it is also a comment on where we see global equilibrium interest rates going. monetary policy is reaching the limits of what it can achieve, how do investors react to that? we seen bund yields going more and more negative. nevertheless, how should investors -- do investors need to start thinking about how they should reposition for the point in time where europe is in the liquidity trap? japan is already there. how do we've invest in that kind of scenario -- how do we invest in that kind of scenario? manish: i'm looking at where do i invest in don't lose money, rather than making money. if you want to make good returns, you have a cross between a capitalist economy, and you have the new economy and new business is being created, so it is not happening in europe. you haven't had the bankruptc

mark carney said the continued uncertainty is undermining sterling.latility emerging-market levels, decoupled from other events for obvious reasons because it the brexitmendously outcome. su: there is confusion around the departure of former white house security advisor john bolton who claims he could -- he resigned while president trump insists he was fired. the notorious hock left -- notoriously hawkish bolton left before a meeting on terrorism. he and the resident had been disagreeing on many issues, with bull advising the president against meeting the television. appleunder of top supplier foxconn is seemingly a step closer to running for the presidency in taiwan. aides to the main agency said he will launch an independent campaign. he will make a decision on the run but independent candidates must apply by next tuesday for a chance to stand in january's election. china has removed another obstacle for foreign investment into capital markets. this is after decades of access first allowed. people no longer need approval to buy mainland stocks and b

here is the head of the bank of england, mark carney.or judgement is that the economy is growing very weakly, slightly positive, but close to zero. and michael mccarthy from cmc markets joined me earlier and told me how these latest developments are impacting the uk economy. it's very ha rd impacting the uk economy. it's very hard for businesses to invest when they don‘t know what their future looks like, and in particular the ha rd looks like, and in particular the hard brexit, that is no deal brexit, is of concern to business. because while in the longer term it might be a positive for the uk economy, in the short term the disruption to the existing business relationships across europe means it is likely to continue to slow the economy. it is that uncertainty which is really worrying business leaders. and with the pound against the dollar at 1.20, now1.22, how the pound against the dollar at 1.20, now 1.22, how is this impacting exports? the impact is a bit of a boost and it is one of the reliefs being triggered by the market action in

ahead of all of that, we have remarks from mark carney.s well as getting reports to provide growth. when it comes to the data docket, we have jobs data due out along with industrial outlook from malaysia and consumer confidence as well. paul: thanks. let's check in on the first word news with jessica summers. jessica: while china is opening the door to soy imports from argentina as it pivots away from u.s. farm products in the ongoing trade war. beijing has traditionally preferred to import raw soybeans and process them on the mainland, but there may be hope for u.s.-china soy ties. chicago soy futures rose on reports that trade teams are working on a deal that would see beijing buy more american farm products. the trump administration is set to be considering an executive order to crackdown on shipments of the opioid fentanyl. sources say the move aims to pressure china to help the u.s. fight its ballooning prescription drug addiction. we're also told the draft order would target four shippers using the u.s. postal service but not ups or

scarlett: about the ecb and we heard earlier from mark carney the bank of england governor, warning about monetary policy. listen. >> part of the challenge we are not in bute we are getting closer to a global liquidity trap. and that is a question in terms of policy space. but it is also a comment on where we see low black librium interest rate going. equilibrium interest rates going. scarlett: are you worried about a global liquidity trap? >> i'm worried about a lot of things. i guess the central banks have to because they do not want to find out what the other side of the equation is, is to continue to ease. right now you have $17 trillion of negative debt. i would not hazard a guess as to what it means if we ended up if we ended up with more than that if we had a recession. i think central bank policy makers are in a bit of a bind. they have to provide liquidity to the markets. there are still the ability to do so. they are creative. we were talking about qe light for the fed today. i do not think central anchors have run out of actions they can do to enhance gross. is it at the margin

anything mark carney can do to bail out the u.k.?on all central banks don't like being faced with. they seem like the last resort. .he toolbox to use that phrase . is getting pretty empty i think mark carney -- is getting pretty empty. i think mark carney and the bank would do what they can to make sure we don't slip into deflation and make sure the economy has some measure of growth on they are not impeding it through monetary policy. francine: what are the chances the eu gives something at this point to boris johnson? will they just waited out -- wait it out? anna: it does not seem likely, does it? they thought this would be the way to make the eu back down. the trouble is, they have lost the majority. boris johnson has lost his majority in the house now. if you are in brussels, you are looking at boris johnson and thinking, why would i bother working anymore on a deal with this guy if he is not going to be able to pass through parliament whatever deal we reach? perhaps he is in an even weaker position that theresa may was. francin

meanwhile, mark carney says sterling volatility is currently at emerging-market levels.ebuted in amsterdam today from this newly created a loop -- group. this firm has become the netherlands third largest listed company. the ceo gave bloomberg his first interview of the morning. purpose is to facilitate our next wave of growth. time, abecome, over really substantial part of our original exchange in johannesburg. >> global news, 24 hours a day on air, on tictoc, and on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. matt, anna? anna: thanks so much. the debates around fed policy are heating up ahead of next week's rate decision. james gorman has rate -- weighed easilyning of cutting to , despite his support for the reductions made so far. he spoke to bloog columbia business school in new york. >> i am very surprised by rates. i would have expected the 10-year to be around 3%, i was dead wrong. curve has yield historically been highly predictive. but as janet yellen said, it is not necessarily so. does not necessar

tuesday, the bank of england director mark carney speaking in new york., and cpi on thursday. plus, we hear from president mario draghi following an ecb rate decision. on friday, more u.s. data with the august retail sales report in focus. with me for final thoughts are my guests. as we record this program, chairman tell is including his remarks in zurich. nothing really new here. he declined to go beyond the following quote him act as appropriate to sustain the expansion. what are you looking from the federal reserve in the next couple of weeks? subadra: 25 basis points rate cut i think is all the market is pricing in and what we expect. for the most part, i would say that he is probably going to continue to say this is a midcycle adjustment, which is somewhat at odds with what the market is pricing in, which is for cuts between now and the middle of next year. i would be looking to see how they square the circle on market pricing, if or at the beginning of a rate cut cycle, or continuing to characterize this is a midcycle adjustment. jonathan: are we at

speakers include incoming ecb chief, christine lagarde, mark carney and prime minister's modi and --.ew economic program for italy by friday. fixing the ailing economy and lowering the unemployment rate. when you are traveling to work, tune into the bloomberg radio or on the digital radio in the london area. matt and i will be joining you there later. this is bloomberg. ♪ daybreaks is bloomberg europe. i am matt miller in berlin. nejra: and i am narrative edge in london. tension returns to global markets this week. slots and profile poor performances, how will these companies fared. dani burger has the details. is set to price monday, today come in hong kong seeking to raise as much as $4.8 billion. 2019econd biggest ipo of but even so, this is roughly r targeted.he brewe china shanghai makes its public debut. it raised about $410 million when it priced last week. this will really test investor sentiment since it is the first listing in hong kong since july. and a german software company is set to be one of the biggest in europe this year and expected to raise between 1.4 billion euro

mark carney originally was going to serve five years but has extended his term twice.s headed for a fourth election in as many years after king philippe a concluded there felipe a cat -- king concluded there was -- global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. matt: thanks very much. latestas delivered the sign the trade war is hurting america's corporate titans. the courier company slumped in overnight trading after cutting its profit forecast for 2020. it said it would pair it's cargo jets --to contend with expectations. why is the trade war a particularly difficult issue for fedex and ceo fred smith? well, fred smith is well known as a very proactive and vocal free trader. he's been a longtime republican donor. he has sound the alarm quarter after quarter -- sounded the alarm quarter after quarter saying that the tariffs are going to have an effect that would lead to some economic slowdown. it would particularly hurt manufacturers. he's been sounding this alarm for a while and now in thi

we will hear from world leaders and policymakers including jamie , mark narendra modi carney, christines bloomberg. ♪ ♪ this is bloomberg "surveillance." the pound rally has slowed after a rise sparked by optimism from the ec -- european commission president. the pound has pulled back as ireland warns a brexit deal is not so close. it is heading for its longest run of weekly gains since january. bloomberg'sow is european reporter. juncker talking to a u.k. domestic audience that does not see the e.u. as bad guys, and expects to make headway to the backstop? >> we should listen to what jean claude juncker says. he is the most powerful, until he retires. at the same time, when you look at what he is saying, he is not saying a lot. we want a deal. we think a deal is possible, and if the u.k. is open to coming up with better ideas, we will look at them. the pound response to a lot of things. it does not mean we are closer to a breakthrough than 24 hours ago. paperse: the u.k. gets to the e.u. for their proposal. it seems both sides are softening their stance so that must count for something

that could boost the japanese yen pressuring the bank of japan to cut and mark carney is holdingis fire before he knows how the u.k. is going to exit the european union. in an inteiew in jackson hole, he talked about the impact of brexit and trade >> business investment is actually running 25 percentage ints below itstrend. business in the u.k. and quite reasonably said wait a minute, i'm goingo wait until if they have any exposure to eurr e, upstreamwnstredo, they decided to wait and see what are the new rules going on f that's partat's hpening worldwide. well, okay, i've gotur expos to chy these supply chain. let me see where this goes. >> there's a wide spread in global interest ratete china's central benchmark rate is at 4.35. u.s. at 2.13. pek. at just three quarters of a pe ent while eu is at zero and japan is nigh news 0.11. up 37 looked at by threuters, a net 14 cuts in august. that's the most in a decade. and that's up from eight nul cuts in and the seventh straight mon of cuts from these banks. the fed is expected to cut rates in september and again in that could prompt anothe

is where mark carney may be asked to extend his term if brexit is delayed.ancial times is reporting the prospect of a snap election dates the naming of a successor less likely. mark has inspected his term twice to help repair for brexit. global news -- global news, 24 hours a day on air, on tictoc, and on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. francine? francine: thanks so much. more cuts are coming. the fomc decides today with a 25 basis point cut broadly anticipated. we spoke exclusively with the bank for international settlement general governor and about the challenges facing central bankers. >> the real conundrum monetary policy faces right now is that monetary policy has been tremendously accommodative. but weat low interest still are not fully their terms of economics. >> that's what i wanted to get at. , as itmonetary policy did in the past, engender a recovery? the toolkit seems to be bearing for many -- barren for many of these banks. >> a little more can be done. facing theare sit

mark carney, governor of the bank of england, said he was going onjanuary 31?t once already because of brexit? he just can't get enough brexit. he wants to stick around and enjoy the fun. you can't get enough. so i think the thinking is yet another, in such a period of turmoil as we are currently end and frankly going to be infor currently end and frankly going to be in for the next three months whether there is another election or whatever it is. no—deal brexit, all those things are going to be pretty similarto those things are going to be pretty similar to us. so mike carney will bea similar to us. so mike carney will be a central thing in how britain's economy reacts to that. so he knows where all the levers are and probably is the best man for the job for that period. so i think that there is changing here, as the same time as all this other change. does the fte say, cape, whether he is up for this or whether he has been asked? have they tied him to his jack —— does the ft? asked? have they tied him to his jack -- does the ft? the key is here he could be as

time and this is now reflected in the price of gold you publish just in may in just 2 weeks ago mark carney confirmed this trust has gone globalisation is over what next for what people are familiar with and that is fear out money fiat's currency like the dollar the euro i think one has to differentiate very much with one lives so which kind of culture one has in terms of currencies we say we in central europe for instance in switzerland again and austria germany we were brought up with a relatively stable money and relatively stable purchasing power which is declining no not perhaps in terms of consumer price inflation but in terms of purchasing power of real estate so people now starting to question a little bit of. the system also from from the field money side if you are on the other side living in south america or living in the middle east i think you've got a completely different. view of money you already were much more skeptics and so the eroding trust which we this report also mainly refers to i say western societies which still had generally the feeling that this is a stable syste

mark carney, the governor of the bank of england, saying the economy is grinding to a halt.ty for businesses and consumers, is in danger of paralysing the economy and we need more clarity in the next few weeks to push this forward.” we need more clarity in the next few weeks to push this forward. i wonder whether we will get some on monday. we will speak later when we look at the papers. let's brief you on some of the other stories making the news: pope francis has met the president of mozambique on the first full day of his visit to three southern african nations. speaking afterwards, the pope said he hoped the recent peace accord that formally ended years of civil war would bring about permanent reconciliation. he will go on to madagascar and mauritius. the us defence secretary, mark esper, is urging european countries to repatriate foreign isis fighters and their families, rather than leave them detained in syria. mr esper is due to meet uk defence secretary ben wallace in london. mr wallace has supported revoking the uk citizenship of some foreign fighters and their fami

mark carney, the governor of the bank of england, has said several times when investment has been growingse political uncertainty, just as we are seeing in the pound, has a detrimental impact on decisions. people might say, i need to have clarity on the political situation before i make that investment, before i build that new plant. 0r that investment, before i build that new plant. or maybe i will build that new plant somewhere else where the political situation is more stable. politics has a very significant impact on decision—making of investors and thatis decision—making of investors and that is exactly why it is reflected in the pound. let's look at that again in light of the us and china trade war. political decisions have an impact. however, there has been a glimmer of hope for the chinese economy that it is withstanding the trade war with services numbers out today. services numbers are a little bit better and we have to remember the domestic economy has been lifted by their stimulus. the chinese government is stimulating and trying to support growth. but looking at the external

mark carney speaking earlier there. as you can that is trading action now the major european indices sharply higher even as that uncertainty over briggs it continues and the pound rallied. so stocks in milan up about one and a half percent is italy prepares to swear inn its new coalition governme wall street also rose after steep losses on tuesday. the dow jones of about two hundred points there the tech heavy nasdaq outperforming their up one point three investors focusing on a lot of different geo political issues including breads it up but also the us china trade war and the unrest in hong kong all of that making for a rather rocky. month or so on the global stock markets. moving on from the days of the business headlines now. head of emirates airlines is one plane makers to improvee the e reliability and safety of their aircraft. or risk seeing orders dry up. tim clark told. boeing airbus and their suppliers. they must better respect their clients. boeing has delayed delivery of its triple seven x. wide body jet. th

the ecb, the european central bank when they raised rates in a few weeks ago, the message from mark carneywell, i think you are looking at some of the comments from trump on his twitter feed. it‘s extraordinary, in the states we had the federal reserve cutting interest rates slightly but this is something that donald trump has been very vocal about on twitter. his favoured medium. asking them to slash rates, something that no sitting us president has ever vocalised before in such a way. he then called the fed members things like boneheads, no guts, no sense, no vision, this is extraordinary. imagine having a boss like donald trump, he hires you and then he calls you a bone head, he says you've got no guts, no vision, clearly what he's trying to do, he wants to put a huge public pressure on the fed to cut rates, he says he wants to get them down to zero, below zero, that's where they are virtually in europe and the rest of the world, he thinks that definitely central banks have a big role to play in pumping up demand and potentially staving off what many fear could be another global recessi

caroline: let's talk about governor of the bank of england mark carney and how he could potentially be to extend his term further than the six years he has served due to brexit delay. this is all being reported by the financial times. he is sent to step down next year but no successor has been announced. numbers of those already serving in some way, andrew bailey, the head of the financial conduct authority, the deputy governor, also the reserve bank of india governor. as of yet, we don't know any successor. like hotel is california. he might get stuck there for a while. caroline: there are quite a few politicians who move in and out. romaine: let's also check on some earnings news crossing the wire. results out a little bit earlier. it looks like they beat on several of their main metrics. shares down about 4.5%. it looks like the street was looking little bit that are on the guidance. adobe gave fourth quarter forecast for both revenue and eps. then you have fedex, totally different story. shares down about 9%. they gave a full year outlook. the average of estimates was coming in muc

guy: mark carney says the global slowdown is underway.e spoke at the council in new york. : the probability of that slow down, which is underway at economy wasbal growing at for printing --four percent 18 months ago, but the possibility of that slowdown has certainly gone up. was speaking and new york spirit he talks about the fact that we are getting close to a global liquidity trap. we are continuing the conversation with our guest. andrew, do you agree with that? do you think that ecb may already be there? andrew: yes, we do. that is something that we have looked up earlier this year. this is the 20th anniversary of the bank of japan having zero interest rates. there country clearly fell into this trap. unfolding inly that euro zone as well, the lower interest rates not bringing a revitalization and credit growth. if you go back and look over the last five to 10 years, the history of negative interest qe, there has been a pretty low outcome in terms of inflation. and inflation expectations for that all speaks to that liquidity trap. gu

mark carney moderated a session on harnessing the power of capital to fight climate change.featured top executives from the world largest pension fund, the largest insurance company, and one of the world's leading investment banks. upthe conversation has amped materially over the course of the last year or two. with is no place i go either ceos, investors, market participants, it is not a significant conversation. volume is different, particularly in europe. of can feel the ground swell popular sentiment that the urgency of this is elevated. in the u.s., it depends where you are, in terms of level of engagement. it is up everywhere. there is a lot of focus on it. from a capital markets perspective and availability of capital, it is relatively niche in terms of how it is operating. there is growth of green bonds over the course of time. significant last year, about $250 billion of issuance of green or sustainability linked bonds. it is small, 1%. . capital markets activity is very small. how do you find things that more mainstream is into the capital markets? green is terrifi