nejra: so much.h engineering software maker dassault systemes reported results this hour with revenue beating expectations after dassault systemes bought meta-data solutions, a trial technology company. they expect completion of the acquisition in the coming days. joining us for the first interview of the day is the ceo of dassault systemes, bernard charles. the clearanceut for metadata. congratulations, but what does this mean for the broader strategy in acquisitions? bernard: it is a significant acquisition, 6 billion is a lot of money. it is a world leader, clinical trial. planes and cars have been done using between experience. you manage the real world to produce a design. same with the human body. the intent is to create a system for the digital between of the cells,ody organs, human connecting, manufacturing on clinical trial is a significant game changer. in the health care industry. theink people are realizing health care industry will change with that platform-based set of practices. nejra:

nejra: the u.s.tough nut to crack given the size of local banks, is now a good time to divest from there as you did in puerto rico? jose: no, rather the opposite, we see opportunities in the u.s. business isance registering and doing very well. , it is becoming more profitable. we have quite significant competitive advantages. basically our presence and latin america, that we are the lowest cost producer in any country where we operate leaves advantages and basically make us confident we can grow and be successful in the u.s. we see the u.s. as a great growth opportunity for us. nejra: great to catch up as always. jose antonio garcia cantera, senior exec vp / cfo, banco santander, thank you for giving us your time this morning. this wednesday asian investors are treading water withasian stocks mixed, lackluster moves across the region. this is ahead of the fed meeting. earnings,reaction for a lenderong kong, defied expectations for a drop in profit. the hang seng under pressure and extending the decl

nejra: u.s. policy comes under fire as turkey sends troops into syria. >> it is been unusually high pushback from republican senators. nejra: the white house says it will not cooperate with an impeachment inquiry. >> president trump signaling he is ready for a long political battle. nejra: hong kong drops its bid for the lse. >> it is too challenging of a deal to pull off. nejra: the brexit outlook remains murky at best. >> we are nimble. -- we are in limbo. and being at limbo is not a good thing. nejra: they discussed the british divorce from europe. >> if i am right, the u.k. will come back and rejoin the european union. in 10 to 15 years time. nejra: jay powell says the fed is planning to expand its balance sheet. >> he came out and said we are doing this, be prepared. nejra: and an exclusive conversation with robert kaplan shedding more light on monetary policy. >> this cutting we are doing should be limited, restrained, and modest. nejra: it is all straight ahead on "bloomberg best." hello a

nejra: it could go to 140.et to the bloomberg first word news. >> president trump depending his decision to pull u.s. forces from northern syria. he is also fine with letting russia fill the void saying it is a lot of sand but the house of representatives took a different view passing a cross party revolution rebuking the decision. michael pompeo blaming turkey's president for the crisis. u.s. senators are pressing ahead th a bill on hong kong's movement. board agreement showed support for the protesters and punish china for any crackdown. the eurozone stuck with feeble growth and inflation. it comes a week before draghi holds the final policy meeting of his eight-year term. mark carney said negative rates are not a policy option for the he has called for more fiscal policy. carney says it is now time for governments to extend their budgets and you now need to earn even more to be rich according to one metric. to get into the top 1% of u.s. taxpayers you need to earn over $500,000. that has gone up by 1/3. glob

nejra: indeed.d end up getting blocked or it could look very different with amendments. addedget those amendments and then we get onto that shaky ground you were talking about, what happens then? we go to an election? or it could still get past that third meeting even with the amendments? >> if you have a look at the indicative votes to decide what sort of brexit they did want, we saw a customs union and a second referendum. neither could get the majority of the house. nothing can change between the u.k. and the eu. if they commend the customs union here, boris johnson is going to negotiate that. many see this as a way of pushing toward a second referendum. an election is a possibility. but remember, if brexit has not been delivered, boris johnson has not kept his promise. this could not go down well. you have the brexit party still in play. they are putting pressure on johnson's government from the right wing. they are advocating a clean brexit, which is essentially no deal brexit, even more extrem

nejra: and i'm mayor cain pitch. these are today -- nick here -- nejra cehic. these are today's top stories. donald trump held a rally, saying negotiations are going well ahead of a rally with the chinese premier. president trump: you know, i'm dealing with china right now. they are in washington. we're going to see if we can make a deal. they want to make it. we are going to determine whether or not we make it, but they've been very nice. nejra: the pound jumps the most in seven months after a meeting with u.k. print minister boris johnson. >> what i would hope is that what happens today would be sufficient to allow negotiations to resume in brussels. nejra: and changes at the top. sap's long-standing ceo announces he's stepping down as rental looks to -- rental -- replace thes to ceo. ♪ matt: good morning from berlin, nejra. we have had a lot of fed news out, a lot of trade news out, a theory a news out. basically, washington is the place to be. nejra: i found the comments really interesting in terms of what he might see as a rate cutting cycle. we'll get int

nejra: thank you so much.ow turning to china and its economic growth slowing in the fourth quarter. gdp growth between july and september from a year ago, the slowest pace of growth since the 1990's as the market is weak as the trade war drags on exports. >> it's not that they are going to be the pause of any major shocks, but their reduction of demand for a number of commodities does have an impact. the future of the chinese economy is something the president of the asian development bank expressed concern about. he told bloomberg lower growth offsets any gains from shifting supply chains. ofeven the relocation investment from china to , theyies like vietnam gain from relocation to the united states, but they are also suffering from lower growth in china. there can be a shutdown gain. at this moment, there is -- to these economies. financial,ceo of ant controlled by jack ma, was optimistic about chinese consumers when speaking to bloomberg. >> very resilient. we are looking at the numbers. part, masso the con

nejra: in terms of u.k. equities, is it the right time to be making binary calls on ftse 100 versus ftse 250? >> it is hard at this stage. if you were confident we were asng to get the bill passed mr. thompson maybe hoping, there is more upside. there is lower exposure to overseas earnings. you would not a speck so many headwinds. stage of theat a economic cycle that typically favors large caps over small caps. we have seen in the u.k., the ftse 100 tends to be more resilient in periods of slowing economic momentum. for investors looking to take into smallicant step caps in the u.k., they have to be confident this bill has legs and has momentum as we can see overnight, there is some fairly material downside on that front. from: do you get a sense global investors that if they were going to start allocating to u.k. equities, they would have preference for the large caps? >> it is what global investors are more familiar with, so given as well the uncertainty around the future relationship, we have to remember

good morning, nejra. nejra: good morning, manus. you have the e.u. side as well as to whether they will back that extension. to stay with the u.k. for the moment, boris johnson ask the house of commons today to back his brexit deal after lawmakers frustrated his plans on saturday by voting for more time for the agreement to be scrutinized and forcing johnson to write to brussels to asked for a delay. the primehave written minister off. he has confounded the doubters. we have the numbers in the house of commons. >> we do not know that yet. >> somewhat people said, a lot of people say get this done, move on. meanwhile, boris johnson was adamant the u.k. would still leave the e.u. on october 31. p.m. johnson: i will continue to do all i can. nejra: speaker john bracco could block the vote because it amounts to asking the same question twice. we are asking the question on mliv, what impacts will a negotiated brexit have? you can reach out to us and the team on your bloomberg. joining us now for the hour is just host peter casella. great to have you with

nejra: yes.: the fed, in particular, i think has been very proactive, and they have eased policy even though it has been very delayed, and we are now beginning to see it. banksk in general, the are doing a good job, but it is to offset the current situation with trade. manus: with that in mind, michael, have a look at this. this is what the market is pricing from the fed. that good news, the handshake and a deal, so we have this october rate cut expectation dissipating ever so slightly. we caught up with a man who dissented and went for a 50 basis point cut at the last meeting. michael, do we need a mini shock reinforce really insurance live at the fed? michael: yes, a 50-basis-point cut, i fear, is a double-edged sword. if the fed were to cut 50, yes, it is the business sentiment, but it also potentially weighs on sentiment, because the first question then is, oh, what does the fed know that we do not, or are they seeing something in the economy that we do not, but the reality is, the u.s. econo

a flutter nejra: we were looking at u.s., looks like they were .ointing at four day gains we had three days of gains in the stoxx 600. dekes and cap coming in negative. we solve global equities with that gain, monday looking mixed, the ftse 100 flat but you have got to take in dynamics of the from falling on that high the comments about whatever deal we have at the moment not being good enough. manus: let's look at the bond markets because futures markets are open, treasuries are higher, but a smaller amount. it was the second biggest rally in yields this year. was that the beginning of a onrating in the bond market the prospect of a trade deal and why are we going back in to bonds? the prospect of an october hike is dissipating. you see futures dropping back in terms of the propensity for a cut from the fed this month. the curve, 310-year, recession , inverted, saw, sought go back into positive territory. let's see with the view is on the bond market. the market is trying to grapple with the probability of a durable trade d

nejra: still a big if.ite positive with the phase one, but a long way to go even beyond that. let's stick with the thesis that we do see a weaker dollar. translate that into the european equity strategy based on that? sebastian: three implications. first, the dollar weakening means more upside for commodity prices, like energy, copper, mining. secondly, clearly good news for the emerging markets. the main driver for them is almost exclusively the driver -- dollar. and a strong dollar has done damage to the u.s. manufacturing cycle. thehe dollar weakens, then drag on u.s. manufacturing from the strong dollar would go into a reverse, closer to a scenario in early 2016. the dollar weakens, manufacturing comes back and that boosts global growth momentum. if we have stronger global growth momentum, we would upgrade our european equity targets. nejra: so the weaker dollar, a tale risk not the central scenario. talk about the central scenario. what is priced in with european equities? take me through the three dif

nejra? nejra: thank you so much. after days of intense negotiations, the brexit agreement is again in doubt. sterling is sliding after the dup said they cannot back to the quote as things stand. the dup has flagged three sticking points including crossing the border and have northern irish leaders will give future consent. let's speak to adam in brussels. how should we read the statement from the dup? we look at it and say they are still working together and therefore it is positive, or they put out the statement on twitter that was quite firm and so it is negative? >> exactly. it was not exactly the statement that boris johnson was hoping for on the morning when he was planning to come to brussels to seal a deal with the european union to try and get his brexit plan over the line. the prime minister was pressing the flesh in london while his negotiators were in brussels trying to get those final legal details sealed in the document. he was hoping that this morning would bring approval from the dup, not a statement o

nejra: what outperforms?estment grade outperforms in that scenario. , the economic deterioration is so entrenched that you will see an increase in the default rate next year. corporate balance sheets are still very highly leveraged. that manifests itself as higher and higher idiosyncratic risks. we see headlines of a defaulting company probably every month going forward. that makes it difficult for the lower rates to rally. but at the same time, ample support for the hybrid market committee including financials. matt: so you like investment grade corporate bonds. what about regions, industries? this is probably the time when europe outperforms the u.s.. there are two reasons for that. , all the negative economic surprises are coming out of the u.s.. was previously thought of as immune to the global slowdown, but that is no longer the case. there are more negative surprises coming out of the u.s.. , quality is further ahead and europe cannot meeting the ecb is on the verge of another round of qe. that will cle

nejra: this is "bloomberg daybreak: europe." nejra cehic in london.anus: i'm manus cranny in dubai. the un security council will meet later to discuss turkey's incursion into northern syria after ground troops crossed the border after hours of airstrikes against kurdish forces. for widespread condemnation. turkeynt trump warned not to destroy the kurds. -- wipe outke his economies if he does that. i've already done it once. i hope that he will act rationally. manus: for more, let's bring in our reporter for the middle east and africa. a warning shot again from the unitedrump, states did not give turkey to green light. have you any thoughts in terms of, is this the u.s. stepping back from an open mandate to rdohan.ne -- e >> this is not about destroying the syrian kurds immediately, this is about the u.s. trying to appease their nato ally, turkey. they have said they understand turkey's concern about the relationship between their own kurdish separatists and the syrian kurds, but at the same time, they don't want to give the impression they basically h

nejra: good morning. i'm nejra che at. matt: i'm a matt miller in frankfurt.is bloomberg daybreak: europe and these are today's top stories. we have a standoff. jeremy corbyn wants no deal taken off the table and might not want an election. the eu needs to decide on the length of a brexit extension. power forward. mike pence urges engagement in trade while defending liberty and freedom for hong kong protesters. he also takes aim at nba and nike for kowtowing to china. deal.ckage amazon shares drop in late trading as faster delivery targets spur a quarterly profit decline. jeff bezos says it is a long-term investment decision. in europe, gearing up to speak with jes staley as we wait for bart staley's -- barclays results to come across the wire. nejra: welcome to "daybreak europe." we have exciting news from barclays, breaking on the bloomberg. third quarter civ revenue comes in at 2.62 pounds. that is a strong beat in the estimate. what barclays does say importantly is that it has become more challenging to achieve the return on tangible equity targets. this i

nejra: your preference isn't emf?mmit yesterday who was resident about getting into emerging market equities. what looks good for you? big story onthe the business cycle globally is that emerging markets have been quietly outperforming. the emerging-market pmi, the manufacturing pmi is going to be above 50 for the fourth straight month. it is above the develop market equivalent for the first time in seven years. for some reason, everybody seems to be worried about emerging markets. emerging markets seem to be stabilizing at a point where emerging markets are under pressure. i thing the emerging markets over very good story. nejra: is credit a good story at moment? we have seen both high-yield and investment grades tightening we seen a backup and other government bond yields. the credit story pertinent. we were asking barclays a few days ago about whether he was worried about the credit cycle turning. should bank ceos be worried? jim: i think credit is a difficult asset class. it had the perfect year of a relatively go

this is bloomberg. ♪ nejra: this is "bloomberg surveillance." i am nejra cehic.sident trump says china has indicated trade negotiations are advancing raising expectations a deal could be found next month in chile. it was said that it is more important to get the details right. u.s. stocks climbed to a one-month high with the s&p 500 closing above 3000. patrick armstrong, cio / managing partner, plurimi wealth is still with us. you reminded me that you thought we would get a deal by the end of the year. are we going to get there? patrick: i thought we would get a deal in q1 2019, a bit optimistic. it feels like groundhog day where every few months we are 90% of the way to a deal, just about there and we are never quite getting there. i do not think we get an all-encompassing deal. they are referring to a partial deal now. we might get to a truce. we may not have seen the last round of tariffs, and china is buying agricultural products. i do not think we get an all-encompassing deal. there are strategic issues that neither side is inclined to get an agreement on th

nejra: and i'm nejra cehic in london.ook shares rose after hours after reporting sales that beat estimates on strong user growth but the cloud over the social network giant include regulatory issues and the company's decision not to block political ads. bloomberg's caroline hyde asked cheryl sandberg to explain facebook's decision in an exclusive interview. >> we're not doing it because of the money. this is less than 1% of our revenue. and the revenue is not worth the controversy. but what mark said is that we believe in free expression. we believe in political speech and ads can be an important part of that. we're really focused and i think we are leading is on transparency. we put out an ad library. we now announced a presidential ads tracker which means that you can see any ad anyone is running who is a political candidate anywhere in the u.s. and anywhere in the world even if it's not targeted at you. and that kind of transparency we think is really important. to people understanding. and you also talked about invest

nejra: this is bloomberg. ♪ nejra: this is "bloomberg best," and i am nejra cehic.e have an intense geopolitical drama involving turkey, the u.s., and the conflict in syria. >> it appears to be a major policy shift for the u.s. turkish military will be moving into syria and the u.s. will be stepping aside. walk us through the significance of this. >> donald trump just told president erdogan that the west will stand aside as the turkish military launches an operation allies the u.s. kurdish in syria. the forces have been a close ally of america in its fight against islamic state in syria. on the other hand, turkey tosiders the kurdish group be a major security threat because of its links to groups that turkey has been fighting against for decades, the pkk. >> the biggest selloff so far. since march. we can see that around 11:30 a.m. -- around 11:38 was when it took a leg weaker. president trump put out a tweet writing -- as i have stated strongly before, that if turkey does anything -- to giveresident seemed turkey the green light initially to attack kurdish forces i

nejra: thank you so ch.oining us for the next 40 minutes is the european economist at barron bird. -- berenberg. what sort of impact might a trade deal have on business and consumer confidence? or will businesses be preparing for the worst-case scenario? partial were getting a trade deal, this would definitely be a step in the right direction. obviously, we have been going up the escalation ladder and down a little bit. know them a we have been here before quite a number of times, so i would not get too excited by this news. i'm happy not to be a traitor today because it is going back and forth. but if we get in this direction, a giant be the start of but i wouldidence not start doing that now. nejra: if that confidence doesn't start to recover, where would you expect that to happen first? florian: especially those countries that are most affected by the trade war. so it would be the u.s. and china, but obviously look at europe, which has been suffering badly. germany and ily. you would expect these economie

nejra: thank you.nd about an hour as third-quarter results will likely be eclipsed by questions around the 737 max jet. to aatal crashes led withdrawal around the world. those results due at 7:30 a.m. in new york. this is bloomberg. ♪ ♪ you are watching bloomberg "surveillance." nike has made it clear at wants to be seen as a tech business. turned to former had john donahoe to be its next ceo, replacing mark parker. nike gets 50% of its sales online and the company wants to double that. , investigators have partially blamed the design of the boeing 737 max in last year's deadly crash. of lion air flight was one two. meanwhile, the head of boeing jetliners division has stepped down, the highest ranking executive to leave since the crisis began. china's state-run cctv sticking to its blackout of the nba. it's sports channels did not air the nba game, the first time in a decade. cctv launching its boycott when the general manager of the houston rockets tweeted his support for pro-democracy demonstrators i

nejra: despite a resilient u.s.my, the central bank -- let's take a look at the key worries on the horizon. first up, global trade. the u.s. and china appear to have reached an initial agreement, but china wants further talks. global activity in manufacturing has contracted for five straight months. geopolitics tops the tensions list. oil has been whipsawed by attacks in the middle east. protests in hong kong continue. countries including argentina and lebanon faced debt crises. a squeeze on central banks with little ammunition left. putting off fiscal policy. the imf is among those urging governments to loosen budgets. countries with room for stimulus are holding back. is still withdola us. there are issues we raise. that is a very long war. can i deal with something first of all? we touched on the possibility of recession risk. the bloomberg probability and the new york fed probability. let's have a look at this. what does it take in the u.s.? have we almost double talked ourselves toward recession risk being so h

rough -- nejra? nejra: with six days before the u.k.eaves the eu, we have not reached a breakthrough on brexit. boris johnson has called for a general election, but does he have the votes to get his way? jeremy corbyn says his backing depends on the length of a brexit delay granted by the european union. that puts brussels in an awkward position. bloomberg understands they are planning to delay the position to avoid getting caught up in westminster politics. maria tadeo joins us now. is that eu going to satisfy jeremy corbyn's demand in terms of taking no deal brexit off the table? >> good morning. at this point, the one thing officials will tell you is they don't want to answer that question. simply because they do not want to be dragged into u.k. politics. they believe any decision that they can make will be delayed and we won't hear from ambassadors today. it could be seen as trying to stop the election or trying to help the prime minister get the election. they made us very clear many times. they don't want to become up in the inter

nejra? nejra: sophie kamaruddin, thank you.ng this morning, likely byagree to delay brexit january 31 with an option to leave earlier. mp'sr in westminster, vote, but with labour against it, they are likely to fall short of the majority needed. at westminster, our bloomberg anchor anna edwards is joining us, and, maria, let's start with you. great to have you both on the show. we saw earlier that france has agreed to a three-month brexit extension, so does it look like we will get the three-month extension? the french, if agreed to it, then it would be very likely we could get that three-month extension to the end of january 2020, and that is exactly what the u.k. had asked for. now, this is a significant change in the tone, a big change in the french position, which up until now had argued there is no point in granting an extension, because time would not fix the issues around brexit, and they say the time pressure was needed 's to focus, but they say it is time for time sake not good enough, so this is a big departure to the

nejra: thank you so much.to marija veitmane, senior multi-asset strategist at state street. i know that you are still looking for the right time to buy emerging-market stocks. earlier, we were talking about the s&p 500 at a record. you were bullish about the and not worried about valuation. what is not right in the world for you to not want to jump into emerging market stocks right now? marija: we want to buy emerging-market stocks. we think emerging-market stocks are cheap and they offer growth. growth is a thing that attracts us. we know that investors mostly kind of shy away from emerging markets. obviously, given the geopolitical stress. i think this kind of negative sentiment is still there. there is a way we think about markets in general right now. markets are very narrowly driven. it is all about trade war. should we get resolution or should we not? it is useful. this week, everything is good. it looks like we are ready to get the first phase of the trade deal done. that is very positive for markets. i

nejra: thanks so much. here is how some of the key players reacted to boris johnson's last-minute deal with the european union. >> a great deal for our country and for the u.k.. it is a good deal for our friends in the eu. i will say that our objectives have been met. >> i am happy that we reached a deal. >> we have a deal which allows us to avoid chaos and the utmost fear of conflict. thanks to this deal, we can't avoid this hard quarter, including custom checks. >> there will be no hard quarter between north and south. the economy will continue to develop. >> it means that we in the u.k. can come out of the eu as one united kingdom. >> it is for the british parliament to make a decision it is a long-standing parliament with a long tradition. >> the extraction having been done, the building now begins. anna: that is brussels, now to u.k. parliament. the british prime minister now has less than 36 hours to sell his deal. nejra: compromises mean the loss of 10 votes from the dup, a party which usually backs

nejra had a conversation.he bank of england will be cutting rates even with a transition. even with that deal agreed. cable? a cap is that i cap to sterling-euro? i don't think so. basically what we need to see with a new government in a new central bank because mark carney is going to step aside from next february is almost an alignment of policy. it is what trump complains about and.the fed this is the key issue about nominal gdp targeting. you need all parts of the government aligned. on growthpendent objectives if we still have a stagnatory in the u.k., the bank of england has met the stakes in hiking interest rates. the rate cut environment and the interest-rate environment has to be very proactive in supporting the economic agenda the u.k. goes forward. manus: thank you very much stay with us. coming up, i spoke with rick perry about the surge in u.s. shale access. we will bring you the latest on his comments. the world is awash with oil. the analysis next. --ra: friends von helton franz von houten joins

nejra: u.s.y comes under fire as turkey sends troops into syria. >> it is been unusually high pushback from republican senators. nejra: the white house says it will not cooperate with an impeachment inquiry. >> president trump signaling he

nejra: we've got numbers from air france.rter operating profit missing 900 million euros. the estimate was 963 million euros. it is also cutting its outlook. to six to the outlook 8%. it also sees slightly down year on year. in terms of profit being hurt, the reasoning is it has been hit by last-minute bookings -- lower last-minute bookings. also demand for cargo transport height of the summer travel season. let's talk about bba. .ine-month income falls the net income for the third quarter is a nice beat. nethe third quarter interest income, four point 49, pretty much in line with the market. beat even the highest of the estimates. there is only one topic that matters. it is the fed. powell re-grasp? nejra: officials have cut basis point pet -- have cut rates for the third consecutive time. the pausealso hit button unless the outlook changes materially. the fomc promised to monitor data. theme powell justified central banks position in a news conference following the rate decision. >> the policy adjustments we have made since

nejra: repo red tape. dimon says jp morgan has the cash and willingness to calm repo markets when they went haywire, but regulations held it back. and warren buffett seeks leeway from the fed, and facebook on the hill. mark zuckerberg is set to go back to congress and regulators project thisa time. welcome too

they thought that they were nejra deal earlier this year. whether they can get back or not is the open question. taylor: we frequently get tweets from the president. one of them stuck out today where he tweeted china once a deal, but do i? >> guessing what he means is my job these days. i think trading partners have learned to shrug that off. to thes to be invited table rather than inviting people to the table. what he has been saying for weeks is that he thinks china wants to make a deal and he think's china is being hurt more by the tariffs than u.s. consumers are. can wait that the u.s. this out longer and therefore he thinks china will want to deal more with the u.s.. he's good with the tariffs as they stand? any sense why we are getting resolution on smaller deals? soybeans butmore not ip theft. >> it's a great question. these are things at peter navarro and white house officials have been talking about a lot. now they are not getting into specifics. if they get that interim deal, trump wants agriculture as an election issue. tell farme

barclays ceo talked about the result to nejra and matt miller. >> we are pleased with our markets performanceear-over-year. we look quite good compared to u.s. peers. european peers, we will see. we continue and argue to gain market share. we had a good quarter, investment banking fees up 24% year-over-year. debt capital markets and equity capital markets, strongest third quarter in the history of the bank. we are making progress in investment bank. we like diversification benefit. we like diversification business, heavily weighted u.s. and u.s. dollar. corporate and investment bank delivered strong quarter. revenue was much better -- cib revenue was much better. which opportunity do you get excited about? what is the best opportunity for barclays in this environment? characteristic i feel best about when i look at the investment bank is we are across all asset classes in markets. i don't think you can pick and choose a vertical in investment bank. you need to serve full range of by side clients, offer corporate clients full range of advisory, debt capital markets, equity capital market servi

this week marks the end of the nejra at the european central bank.ario draghi presided over his final policy decision. he will hand the reins to his successor christine lagarde november 1. here is a look back at his eventful eight-year tenure, full of a conference and controversies. >> the ecb is ready to do whatever it takes to preserve the euro. believe me, it will be enough. president mario draghi is credited by many with saving the euro with these words but he had proved willing to take decisive action. two meetings, he undid the rate hike enacted by his predecessor and later took the key deposit rate to an unprecedented 0% to baffle the great, then european debt crisis and that was just the beginning. >> the deposit rate has gone negative. that is stored for any major central bank. purposes, practical have reached the lower bound. >> has the european economy continued to deteriorate and bond yields surged, the ecb introduced quantitative easing. not everyone supported it and opposition to the ecb was growing. despite signs of recovery in growth

the: that was jes staley, ceo of barclays speaking to nejra cehic and myself earlier.mario draghi says goodbye is the president of the european central bank. what legacy does he leave behind? that conversation next. this is bloomberg. ♪ >> i have advice for christine, she knows better than anybody else what to do and say. for much of what i do next, just ask my wife. i focus on things that cannot be done, not things that you can change. cannot change the past unless you are in the historian. this has been intense, profound, and fascinating. proudre is one thing i am of, it is the way the governing council and myself have con's only pursued our mandate. this is part of our legacy. that was mario draghi speaking in his last ecb meeting as president. you cannot change the past unless you are an historian. elsa lignos, managing director / global head of fx strategy, rbc europe is still with us. we'll historians see mario draghi as the savior of the euro? on whichreally depends country are background they are coming from. there will be people who see him that way. 2011 andi

nejra: good morning, and welcome to "bloomberg markets." i'm anna edwards in dublin alongside matt miller in berlin. matt: today, the market say don't hold your breath. asian stocks drop on the eve of trade talks but equity futures are pointing higher. the cash rate is less than 30 minutes away. than 30 minutes away. anna: the white house says the president won't participate in the cleveland inquiry, calling it unconstitutional and invalid. powell sees the fed growing the balance sheet again. they suggest this is not a return to crisis era stimulus. and credit suisse considers a return to u.s. wealth management as the ceo seeks to boost growth and private banking. a warm welcome. you down to the start of equity trading at just less than half an hour. we are live in dublin once again as issues surrounding the irish continue to dominate the brexit america -- narrative. we have heard from ireland how they see it difficult to achieve any kind of deal. that's why we are here, focusing in on the broader story. is not pricing in anything happening

nejra: boris johnson urges supporters and rivals to back his brexit deal, but can he win over the parliamenta may three times? and china's economy grew at the slowest pace since 1992 as recent events take a toll. renault slashes profit forecasts about putting blame on the deteriorating local economy. shares tumble. welcome to "bloomberg surveillance." francine

i want to translate this into the rates discussion, because steven major's point when he was with nejraf is that are leadingiwi at the front in front of rate cuts momentum. if i have aussie and kiwi at the front and the fed not doing as much as you said, what happens to the spreads? raffaele: the spreads should widen. these refer to the different nature of the two economies. new zealand and australia are very much depending on the global trade. they are countries very export oriented with strong gdp oil andge of export of their other resources. the difference is going to be more on the spread between the two economies. we need to bear in mind that the room to maneuver, especially for rba, is very limited at the moment. they do not have much ammunition left, which is the main difference with the fed, which is still -- manus: they still have a reasonably full tank. raffaele: possibly, because they already adjust it race last year. that's a difference. manus: can i circle back to what what we just saw there now from e, which is the deflation story from korea? down 12alling, exports months