still with us is martin gilbert, founder and ceo of aberdeen asset management. thing the presidential election did his move inflection -- inflation expectations to the highest. at inflation expectations, i have to hand it to donald trump. he has managed to do for inflation expectations what all the qe and the world has not done. have we moved far too fast and far too aggressively without a dollar spent? >> i think so. but markets go on expectations, so i think what he has achieved is good, even though single-handedly achieved what no other central banker has managed. i think it is more perception of what he will do. i think that is good for it i think he will borrow a bit more and invest a bit more, and that is what the world needs. i think qe has not worked the way the central bankers thought with that being at the level it is, i would the borrowing 30-year, 40-year, 50 your money and investing. haidi: this is what the markets needed, yield back, volatility back, but he has done nothing -- said very little sense since his election win, so our markets getting ah

coming up, aberdeen asset ceo martin gilbert.loomberg. ♪ nejra: live from london and new york, i am nejra cehic with vonnie quinn. time now for the bloomberg business flash. a look at the biggest business stories in the news. job cuts on the way at standard charters investment banks. the bank will cut about 10% of its staff. it is part of a plan standard chartered announced last year. samsung is talking to investors about a proposal from paul singer to overhaul of the company. shareholders are unhappy with the status quo. singer's elliott management has proposed adding independent investors. moneyans to spend more investing in tech startups. bmw will invest as much as $530 million over the next 10 years. that is the latest business flash. sharesn asset management are trading higher after the fund manager reported earnings. outflows of $9 billion in the fiscal fourth quarter. ceo martin gilbert spoke to tom keene and francine lacqua. martin: i think it is looking a lot better in the fourth quarter with more inflows into the emergi

i knew sir martin gilbert and .dmired him greatly we lost saw each other actually in high court. [laughter] not as adversaries, but attending the great holocaust trial of david irving who had accused professor lips that -- a professor of holocaust denial. useink we should probably inour lone star understanding and appreciating the friendship and the relationship of fdr and churchill using wonderful sentence in martin gilbert's "churchill in america" where he writes "no world long,s had such a frustrating, disputatious, and affectionate relationship as winston churchill and franklin roosevelt. --." so that relationship began unhappily almost a century ago 1918 at a banquet for the allied ministers of war in grazing hall when according to sir martin's account quoting fdr "churchill acted like a stinker." "one of the few men in public life who was rude to me." churchill who had been minister of the missions at the time claimed not even to be able to recall the episode. did it affect their relationship? perhaps. likened the second world war relationship of the two men to that of love

we put the board up for martin gilbert. we can do this enough times to make sure that everyone knows he will be joining us later on, talking to francine lacqua. here is the bloomberg first word news. reporter: can't wait, guy. francois fillon has been nominated for the presidential election next year. is taking a promising tough economic reform and embracing traditional value. he will become the main rival to marry lie la penne. president-elect donald trump has claimed without evidence that the u.s. election saw fraudulent voting. he claimed that 2 million people voted illegally for hillary clinton. meanwhile, hillary clinton has pushed for recounts in three battleground states. trump called his critics crybabies. cuba is following national mourning following the death of fidel castro. his funeral will take place on saturday, followed by a burial. global news 24 hours a day, powered by 2600 journalists and analysts in more than 120 countries around the world. this is bloomberg. matt. matt: sebastian, thank you. now, the sau

we interview the ceo martin gilbert. into trump trades falters.ome of the trades that have performed best sentencing election. taking the pulse. here is nara. nehra. nehra: ministers are flying in for talks to saudi arabia for the first time. delegates due to meet and be in on wednesday. finalize the terms of the first production decrease and eight years. president-elect donald trump has claimed without evidence the u.s. evidence had fudge want voting. he said he won the popular vote if millions who voted illegally removed.ry are a push for recounts and three battleground states. cap said that was also budget went and called his critics cry babies the death of longtime leader fidel castro. cuban flag is flying at half mast. funeral will take place on saturday followed by a burial in a san diego cemetery. global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries, this is bloomberg. this is bloomberg. francine? francine: these are your markets. europe, unchanged. on the lower side. down to 0.9 percent.

he oversold his role to martin gilbert, big time. get into the foreign rights and he made a huge amount of money out of the memoirs. he had a lovely house in the south of france on the back of it. he built up a collection of impressionist paintings and he gave the money to churchill. right,ally, bottom anthony montague brown, when becoming churchill's secretary, howard mcmillan who was defending him, is that whatever you do montague brown, do not get sucked into mr. churchill's financial affairs. of course, he found that such was the scale of spending he had to. he had to get involved. there had to be new revenue streams. of rights.o be sales he had to learn about the film industry and the recording industry and he did. he was a diplomat. he was a very good networker. timeilt up contacts over and after a slow start -- by the end, he was getting big money. the signal performed service of old enough the service, or the irs, until after churchill felt that. though his executors would have to deal with them. churchill would not have the

martin gilbert, let me kick off with you. you know donald trump. in've met donald trump scotland. kind of president will you be? martin: i think he will be pretty pragmatic. he's a businessman. he's got a lot of experience in property development. he's run big projects. i think he will surprise on the upside. i think he will be a good president. francine: because of regulation, because he will surround himself with a thorough team? give me a sense -- he needs to unify this country and be good for business. will he do both? martin: i think so. i think he will certainly be good for business. i think he will take advantage of these very low interest rates. if i was in his position, i would borrow money and spend it on infrastructure. i think that is probably in his dna to do that. lot of people in the business community were anti-trump. do you think there will be retaliation? martin: i don't think so. a lot of what is said in election campaign is rhetoric. i think we've always got to remember that what politicians say and what they do our different things. i think, let's forget the r

david: that was martin gilbert speaking earlier on bloomberg surveillance. of the battle of the charts. lisa, you get to go first. >> investors generally do believe what martin gilbert was saying, which is that trump 's policies will bolster earnings. a sudden rush into the riskiest debt. over here, the biggest one day flow on record yesterday. almost $700 million. pretty choppy. hisle now seem to believe policies as president of the u.s. will bolster at least temporarily in the short-term the appetite for riskier credit. david: consistent with markets going to risk. what are you doing? >> on the flipside, people are not playing defense, so i am looking at utilities. utilities in the white line at the top going down quite sharply yesterday even as we were seeing the s&p 500 rally. down here is the utility sector etf and the outflows from that. there are a couple of pitches for utilities. one of them is the longer duration interest rates going higher and dividends competition between so that is affecting them and we have seen a growth area for utility be rene

the first is a book by john meachem, pub listed in 2993, and sir martin gilbert's book "churchill in america" published in 2005. i new sir martin bill gert. admired him greatly. he last saw each other actually in high court. attending the great holocaust trooifl of david irving. i think we should probably use as our load star in understanding and appreciating the friendship and the relationship of fdr and churchill. using using one of the sentences in marltin gilbert's book, where he writes no world leaders had such a long constructive, intimate, frustrating, disputatious and affectionate relationship as winston churchill and franklin roosevelt. now, that relationship began in london almost a century ago on july 29th, 1918 at a banquet for the ministers of war embrazen call when according to sir martin's account, quoting fdr, quoting, churchill acted like a stinker. quote, one of the few men in public life, as fdr complained, who was rude to me. they claimed not even to be able to recall the episode. the other book recognized the relationship as vying lovers, vying for each other's at

lamb: i mentioned martin gilbert who died recently.ere she was in 1991 on this program talking about winston churchill, the official biographer. [video clip] >> in 1900 after a battle, many british people claimed victory in south africa. he wrote a piece about a, a journalistic piece and ended his man would seern the face of war more often, ordinary folk would see it hardly." mr. lamb: he went on to lead one of the worst wars in the history of the world. language is good but what does it mean? ms. millard: one of the things that is interesting to me, this story, the part of churchill's life is that when we think of winston churchill we think the older man sending young men into war, but no one knew better, and if you knew as well the realities of war, the terror and the devastation and he said to his mother after the second war, he had dearly been killed many times. a horse standing next to him was killed. the father was shot off of the top of his hat. he had watched his friends mutilated, sliced to ribbons. he absolutely new the disas

i had martin gilbert to saying to me he is worried about some of the bigger emerging markets.t are the biggest risks on your radar for 2017 as you look at it from an economic point of view? philip: i remember waking up in 2016 to this massive volatility in chinese markets and it is quite notable that what we have seen over the past few weeks is a quite sizable weakening in the yuan both onshore and offshore and so far, we have not seen any tremors in terms of chinese stock markets, but one thing we are watching very closely towards the end of this year and the beginning of next year is we don't see a repeat of investor nerves over china and consequent capital outflows. reserves have been coming down and chinese official reserves, but so far, the effect on markets appears to have been relatively contained. it is just the currency for now that is weakening. that is probably top of our list right now. manus: do you think the americans are heartened the fact -- have a look at yuan yen here. 's planthink donald trump is spoiled that the chinese are not manipulating. what do you thi

the first is a book by john meachem, pub listed in 2993, and sir martin gilbert's book "churchill in america" published in 2005. i new sir martin bill gert. admired him greatly. he last saw each other actually in high court. attending the great holocaust trooifl of david irving. i think we should probably use as our load star in understanding and appreciating the friendship and the relationship of fdr and churchill. using using one of the sentences in marltin gilbert's book, where he writes no world leaders had such a long constructive, intimate, frustrating, disputatious and affectionate relationship as winston churchill and franklin roosevelt. now, that relationship began in london almost a century ago on july 29th, 1918 at a banquet for the ministers of war embrazen call when according to sir martin's account, quoting fdr, quoting, churchill acted like a stinker. quote, one of the few men in public life, as fdr complained, who was rude to me. they claimed not even to be able to recall the episode. the other book recognized the relationship as vying lovers, vying for each other's at

david: that was martin gilbert. barons,nt page of issuing 100 year debt.e this low. investors got a lesson on duration risks. the treasury will have to pay up for it at a level that something i will anticipate. alix: these are defenders of president-elect trump saying don't worry. what the campaign shows is not who he is. we do not know who he is except as a real estate investor. my to refill better about that? alix: if you wanted to issue longer-term debt, you should have done that before. jon: maybe june or july? bond investors in the era of cheap money may be winners in the wake of the trump win. details from new york as we count down to the open. this is bloomberg. ♪ >> this is "bloomberg daybreak." i'm david westin. much has said about the market since beltran's win. -- market since donald trump's win. it we are joined by jonathan glionna. he has a piece on the bloomberg about winners and losers. let's start with the treasury itself because they have options coming up. loser?treasury a jonathan: it is the complete opposite from borrows and savers. you

. >> that was aberdeen asset management martin gilbert. it is cyber monday. growth?and retail stock. gaining 7 cents, target .9 of one percent. >> this is bloomberg markets. the number of black friday thepers grew this year but average amount that each person 3.5%.shrunk nationalcording to the retail federation today cyber full swing. our next guest runs companies that help companies find deals. cunningham is chairman of retail me not. cyberto see you on this monday. give us your early read on the stats.riday there are a lot of stores, some opening on not thanksgiving day or malls like not of america that did open on thanksgiving day. did they lose out? on.hanks for having me i think in general, we see black pretty positive when we talk to retailers we've seen our own traffic. went prettyhings wealthy in general the deals great. consumers seem really pleased with them. little bit ofa down tick, it's due to stores weren't open on thursday. >> how does this set things up monday?r i wonder if black friday kind of the tone for what happens on cyber monday? >> historicall