desley: davidowitz end associates -- davidowitz and associates chairman told mike mckee that only theong will survive. friday is notck nearly as significant as it used to be. however, because of what happened in this election and the market going crazy and hitting new highs, i think that is going to affect retail very positively going into this holiday season. with 42% on spending. this run on the market will affect retail sales in a positive way and that is something that the election has done. talk to me about why we still even do black friday. does it make sense offering all of these discounts because you're not really luring anyone to your shops? >> we are in a battle for market share. in america we have three times the amount of square foot per person than any other country. three times more than japan, three times more than canada. we are going to close tens of thousands of more stores. we will close malls. we will have a massive real estate problem. the fastest-growing area is online. it makes absolutely no sense. in the battle for market share -- and that is what we are -- you

early nexy the goods ahead of time can give bidders a better idea of what they want to pick up: ((mike mckee/tnt auction: "i always recommend come to the preview. we have a three day preview here in las vegas before the auction. check the stuff out, look it over, and do your research and make sure you know what you're buying." )) ((christianne klein)) >> in 20-15 clark county made about 2-point-six million dollars in sales from the auctions./// ((christianne klein)) >>> several organizations here in the valley and across the nation have teamed up to help today the convoy of hope along with the champion center hosted it's 3rd annual help for homeless event. we're told a free holiday turkey was given to the first 25 hundred families--- and many others received bags of groceries along with an early thanksgiving meal. one of the pastors at the champion center says every year the event seems to grow--- and while it's disheartening at times to see so many in need... she gives this advice to others: ((randall araujo: champion center pastor " do somethin. we've all been given so we should give back.

david: joining us now is mike mckee. , looking here at the european exchanges, the equities are off although not dramatically so? mike: it is early to know what the markets will do with donald trump. but you are hearing the leaders say what you would expect them to say but there is an edge to some of their comments. let's start close to home. he will change or withdraw from nafta. you saw what happened with the peso. there is also a talk with canada with lumber. you go to europe and you heard angela merkel -- the idea of the various values that we share. those are not values that donald trump shares. so we will see. we have elections coming up in germany next year. italy next month and a referendum in france. east at to the middle the one country that is happy about this is israel. he did not get along with barack obama. but trump has demonstrated he doesn't know a lot about the middle east. saudi arabia is concerned. vladimir putin is a winner in this. and south korea is very concerned about whether north korea will test

thank you mike mckee for sticking with us, and david stockman, former o.m.b. director. the author of trump, a nation on the brink of ruin. >> we know who he is voting for. >> i am not sure he voted in full faith. >> a reminder to turn in toe bloomberg for complete election coverage tomorrow night. david gura will be your host. this is bloomberg. >> we are minutes to go before the close. stocks rallies after nine days of losses in the s&p 500. i am looking at safe havens. the russia safety is fading here. gold, sovereign bonds and the yen had rallied in the last 10 trading days. you can see that leg lower today. year to date, gold is still up 24%. this is bloomberg. . . scarlet: we are moments away from the closing bell. "what'd you miss?" global commodities rallying. and gold retreated across the board. i'm scarlet fu. joe: i'm joe weisenthal. matt: and i'm matt miller. we want to thank all of our viewers tuning in live on twitter. you can watch her coverage every day from 4:00 until 5:00 eastern. scarlet: we begin with the end of the nine day selloff in u.s. stocks. .o

mike mckee has the details.usnutes do much we already do not know about the feds short-term plans. most expressed of you that it could become appropriate to raise the target range for the funds rate relatively soon, the minute say. as long as the data cooperate. to maintain credibility some members argued a rate rise should occur at the next meeting. the economy was at or near full employment, fed officials agreed, although there was discussion about whether they should let it go even lower. some members felt that could cause the fed to have to raise rates much more quickly if the animal planet rate declined to far and pushed up inflation which is rising. although members said that is a good development even if they cannot be sure it will last. the meeting was a week before the presidential election, the subject did not, except for a brief mention about uncertainty. about government policy as one of the list of reasons that the business investment climate had been so cold. it was discussion about developments ov

mike mckee, you and i have been through this before. why is florida so difficult? states that has a very next voting public. you have a hispanic population that could play a very big role in this election. they are divided on their issues, not necessarily the candidates. you have the cubans in miami not like obama administration policy. you have others who have been offended by donald trump. it was not just 2000. in 2012, florida was never called on election day because it was so close. it did not factor into the final decision. they didn't even have those primitive old ballots. mike: we don't want that again. david: florida is a tossup in the polling as well. a .2% difference for hillary clinton. how late could it be before we have a sense of florida? mike: we could go well into tomorrow. we could have the same situation from 2004. the early votes in florida favored democrats by a very small margin. the remaining number of people who come out to vote, is it republicans will be motivated to vote for donald trump, or does hillary clinton drive that latino vote into

joining us now is mike mckee. ou enter your local otb, if it was legal, you would find odds are giving trump four to one kids a few put down $10, you would get what, $50 back? mike: that is a mistake made during brexit. that is why trump is cleaning -- clinging to the idea brexit as a surprise. but it will not happen. the poles themselves in the united kingdom were not wrong. vote, twofore the points higher for the remains side pay the day it of the vote, two points higher in the leave vote to you they were within the margin of error. what happened is bookies to in more money on remain, even though there were more bets placed on leave. ofy focused on the amount money. then the media picked that up. everyone thought it would be andin by and easy amounts, it turned out to be not the same. we do not have that here, because we do not have that vote. the people who are betting on the british side were largely overseas. and we have 51 different races with all kinds of different people on the ballot. senators, congressmen

i'm mike mckee. vonnie: i'm vonnie quinn. d's path to raising interest rates does not look as smooth as it did. president-elect donald trump has plans to overturn international trade deals and build a wall on the u.s.-mexico border. market volatility could stay there and if this persists and conditions tighten. jeanna us now is smialek. if you are a betting woman, what are your eyes on a december rate increase? jeanna: it is an open question. it depends on what markets will do in the coming days. sustained sees a period of volatility, it will give them cause because they will not want to tighten at a time when financial conditions are already tightening because of market volatility. at the same time, they are seeing inflation buildup, so they will want to raise rates to do rather than later. i don't think the fact that donald trump one will diminish that in any way. mike: i know there has been a lot of talk about new regulations to rein in the fed, to make them use a rules set of interest rates, or to be audited. how concerned

mike mckee is joined by alan bollard. great to have you with us, michael. ery much. those statistics tell you why this meeting is so important. a peck formed discuss ways to promote free trade. you have the elephant in the room, the election of donald trump. the host says this is something the leaders have to address head-on here. alan: either we haven't been doing our job properly -- we have to pay more attention to the picture of globalization. two decades of opening of trade and investment has helped half-a-billionaire people get out of poverty into the middle class. mike: that is a great statistic and something you can focus on. how does that help the unemployed steelworker in pennsylvania and the united states. how does that translate what you do that -- alan: we have communicate the advantages and beneficiaries. that is clearly not what the mission out there is. we are looking at what we call soft globalization. trade agreements running into big problems. we are pushing ahead with voluntary stuff so economies who want to go ahead on these things well.

mike mckee, we have david folkerts-landau coming up with us later. ne make radical adjustments? i don't see that. mike: the radical adjustments came the day after the election when people decided the economic good times would probably continue and that we would see money from the fiscal side. so that is the story. and until donald trump and members of congress change that narrative, you don't see any reason that we will see something like that. tom: michael mckee, thank you. it is time for a correction. francine: but you are learning cricket. tom: i'm trying. it goes all the way out to the border. francine: and a game last three days. -- what is it about the game lasting three days? we will be here in london all week. an important week for london economics. next we will frame the election in the united states with someone who has given us terrific perspective on china. jonathan fenby will join us. this is bloomberg. ♪ francine: the world is a little bit more crazy when tom keene shows up in london. he is here. we are talking china, foreign policy and

we bring in might -- mike mckee. whatif you take us through is going on. ublic drama being played out. what is it telling us about where this might end up in terms of policy? mike: interesting cattle show. the jober profile interview, the more disappointment there might be if you don't get the job. what donald trump seems to be doing is trying to show people that he is more inclusive, more broad-based in the advice he is seeking. he went with insiders and loyalists for his national security jobs, but for the treasury job, the state department job, he does seem to be broadening the searcher little bit. we don't know how serious it is because it is a public spectacle, but if he is looking at people like david mccormick coming he served in the white house -- mccormick, he served in the white house. this is a complete change from democratic to republican minute -- republican administrations, so they have to completely staff up and trump knows nothing about government so it makes sense that he would seek the advice of people who have been there and done it. addi

schenker,t is marty senior executive and mike mckee, politics editor. the new treasury secretary will have a new play, and on his is goingr -- and ed over that agenda. let's go back to marty, what is on the agenda for the treasury secretary? he said financing the government. how concerned to they have to the have to be with the bond market? ed: when i suspect is to confirm what donald trump's economic policies will be. he said there will be an increase in infrastructure spending and tax cut. financed. need to be we have seen the bond market selloff in anticipation of andter supply of treasuries trying to balance that increase in interest rates that are likely to come from the potential supply with other demands on the government and treasury. not an easy task. jonathan: we're back to january with the back of the niels. they aren't -- with the yields. they are incredibly low. they mature and then they come back again, so these are incredibly low. at what point is it a problem? 2% on the 10 year is not a problem yet. ed: i don't think until we get north o

joining us from chicago now, research founder and president here in the city was mike mckee, bloombergitor. about theseing eerily similar situations of the brexit vote. a freeze in the markets, going the one way with reports. why won't this be a june 23? real feeling in the markets and elsewhere that brexit is the template. it was a different situation there. for one thing, you had a binary vote -- a yes or no. here, not only do you have the presidential race and the senate race you have millions of different kinds of referendums on the ballot. their reasons for people to turn out in ways that may influence the way that they vote. the biggest thing is, the polls in brexit weren't wrong. they were within the margin of error. within two percentage points either way. what happened was the bookies got it wrong. a lot of money came in the remain side. but there were more people actually betting on leave. mediaot obscured and the picked up the big bookies a story. people picked up on the idea that remained was going to win handily. when you look at the polls, it was always going to be close.

mike mckee is in new york. reject constitutional reforms. he says a technocratic government would not serve the country well. we are back. hen, i'm going to start with you. what does this mean for the banks? had -- have a technocratic government, is it that much more difficult to get investors to buy into your plan? stephen: i think bottom line, yes. it will be more difficult on the margin. recapitalizing the italian banks should be an absolutely key priority over the next 6-8 months. is kind ofalization a lockstep that has been taken. we have 16 successful recapitalization. it is a priority. francine: we had have reforms from matteo renzi, but a lot of people think he could have gone a lot further and we need somebody to reset, so we start growing in italy and unemployment comes down. fabio: first, i would like to say that matteo renzi has changed his mind a couple of times, so we cannot take for granted that he will resign. he has said he tends to remain ,he leader of his own party which is the largest party

. ♪ scarlet: let's go to mexico city where mike mckee is standing by for an exclusive interview with for joining us here in mexico city. i want to take you back to washington to start interview and ask you about today's jobs report. the fed said wednesday, it is waiting for some more evidence before raising interest rates. did you get it today? robert: the averages are in the one 70's if you include this number in the september revision, very consistent. this is to be progress toward removing some of that labor market slack and moving toward full employment. fiction got a strong gain in wages, 2.8%. are you confirm -- convinced that we have absorbed enough generateck to inflation? robert: when you have this type of weight growth you would genee inflation? -- you would find its way into prices. one of the secular trends that is going on is technology enabled disruption. it is harder for businesses to pass on cost increases in the form of prices. businesses have less pricing power. i will be interested to see how much of this wage increase finds its way into prices. it will probably be

mike mckee spoke with u.s. home secretary jeh johnson this afternoon.build ties with the muslim community. sec. johnson: in the current environment, it is important that we build bridges to the communities that isil and al qaeda are attending to target for recruitment. so here in this country, we spend a lot of time building or muslims, toican encourage muslims, to encourage them that if you see something, to encourage them to participate in their own countering violent extremist efforts, and that is something i have been on a mission to do rsonally as secretary. so the answer is not to vilify our drive into isolation or into muslimdows american communities, but to bring them in as part of our overall public safety home and security efforts. mike: what about the group ever, the isis or the al qaeda -- are we more or less likely to see an organized attack from abroad? sec. johnson: what i have been saying that for a while is that we have an environment where we have to be concerned solely about terrorist-directed attacks infiltrateas that our borders, we

this is bloomberg. ♪ mike: good morning, everybody. i michael mckeecine lacqua is in london. interesting column in "the financial times," looking at barack obama was world and the world we knew, saying it would be hard to overstate the ethical chalificance -- the epo significance. we are joined by sheila bair, the president of washington college, the former chair of the fdic. still with us, gideon rose, the editor of foreign affairs magazine. change is this going to be? you have dealt with a lot of regulation, and that is one of the things donald trump particularly ran against. -- is itethical change an ethical change for the united states? sheila: he is not really a big fan of the big banks, at least during the campaign. some of the people he is talking about bringing into his administration, even though they delete regulations in certain areas, they want to increase it in areas like capital, which i think is important. glass-steagall -- i think the markets are getting ahead of themselves in terms of assuming that the regulatory policies under mr. tr

and politics editor michael mckee. mike, let's kick it off with you. today, we find out. there are battleground states. the polls are closed. it seems like clinton could win this. the way. breaking, she will be able to win this possibly in the east coast, like her husband did in 1992, before it got to the midwest. he had almost accumulated enough votes to win. first results are in. donald trump has the early lead. there are three small towns in upstate new hampshire. you should go while you are here in the united states. it's still not hart's location, and mills field vote at no field -- the three towns vote at midnight, according to tradition. trump disfavored, though hillary is still favored in the polls overall in new hampshire. you heard tim kaine say that you should get out and vote. you should get out and vote. it is very important. 200 35 million americans eligible to vote. only 129 million voted in the 2012 presidential election. a turnout of 54%. the brexit vote, which we covered in london -- 72.2% voted. you do not want the brits to embarrass us. get out the vot

he has transitioned to lima, peru, michael mckee with christine lagarde. somehow, mikee american transition going on right now. mike: that is absolutely true, tom. we are going to have 21 liters that rim the pacific here. -- we are going to have 21 world leaders that rim the pacific here. donald trump's anti-globalization policies kind of scare the leaders here. we do have a kind of divide. you have the big countries, the developed economies. they are really nervous. president obama, you can understand why he will be one of the last ones here. this is his last for an engagement, and he has to tell states isthe united not going to pass the transpacific. the smaller economies, the developing world are all still in favor of it. xi jinping is here, pushing a free trade agreement of his own, putting the chinese in the center of drawing the rules of trade in the 21st century. it will be interesting to see how that plays out. of theght now, images president traveling from germany to lima, peru, to meet with michael mckee and madame lagarde. for those of you on bloomberg radio

michael mckee is there now with imf managing director christine lagarde. mike: thank you.isis, the imf is usually there to help. but this is a different kind of crisis. everybody talking about donald trump, the anti-globalization fever squeezing the world. our host in peru says this has to be addressed immediately by the leaders. ms. lagarde: you are right that the imf is trying to be helpful. is to work with the international community. and where we hope to find common and weis around growth have said for a while that growth has to be included. we have observed over the course of time that trade is a huge engine for growth, but it has not been inclusive. some people have been left to the side of the globalization. what we certainly advocate is that growth be inclusive and trade be done on a different page, if you will, where it will also be included. we will pay attention to those with jobs that are eliminated or displaced. and i think we should be very careful not to mix trade and technology, for instance. there are many more jobs at the moment that are changed deeply an

mckee in peru at 3:15 eastern and 8:15 london time. news, president-elect donald trump announcing a cabinet selection. jeff sessions as attorney general, mike pompeo as cia director and echo flynn has been announced as national security advisor. those are the official announcements made by the trump transition team. you are watching bloomberg markets. ♪ live from london and new york. i am mark barton. vonnie: i vonnie quinn vonnie quinn and this is "bloomberg markets." a look at the biggest business stories. softening warnings as the united kingdom withdraws from the eu. andle acknowledge the firm bankers are confidence that theresa may will be able to , onee a transition period that would trade them over from current yields to whatever new terms of trade are agreed with the eu. completing their merger agreement, the combo creates a typhoon, controlling more than the fantasy sports industry. it raises potential anti-[indiscernible] concerns. the two companies hope to close the deal in the second half of 2017 and no terms were provided. at lasting 30 $400 million on the previous deals for life insurance company in japan. it may be cushioned

mckee, give us protest update. are the streets still full in new york and other cities? mike or last night. .e have seen the protests grow i do not know if it is related to the fact that the bond markets have slowed. we have seen fewer people out. but the security is extraordinarily strong, especially on fifth avenue in the vicinity of trump tower. it has been one of the smartest essays of this historic election, and it came from robert skidelsky, the great keynes biographer. ethos.eves in a liberal robert skidelsky, wonderful to have you with us today. yourve two quotes from wonderful project syndicate essay, and this one is on a gentleman named hitler's. hitler. the new globalization. how will presidential deal with it? in favore has come out of protectionism, and that is a very old american tradition really. i think in what he has been saying, he believes globalization has been responsible for the loss of lots of jobs and the feeling of insecurity. not only in the united states but elsewhere. i think there was the feeling of that kind in britain as well, behind the brexit.