mark: and live from bloomberg's new european headquarters in the city of london, i'm mark barton. markets." let's check in with emma chandra. she has more from new york. emma: more shots are being fidonet battle over who is running the u.s. consumer financial bureau. president trump has installed mick mulvaney as the interim chief. spokesperson said to disregard any directions from english to with the outgoing director. in which is taking this to federal court. retail spending on thanksgiving and black friday rose more than 9% from a year ago according to first data. in indonesia, a volcano on the island of bali has arrested. -- has erupted. it has led to the evacuation of many people. the airport has been closed in bali. six hurricane season -- the current hurricane season in the year -- the current hurricane season in the u.s. has been the most expensive ever. three category four hurricanes hit u.s. soil. global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. i'm emma chandra. vonnie: emma, thank you. as we have been reported, i

this is bloomberg. ♪ mark: live from bloomberg jerk a -- bloomberg's new european world headquarters i am mark barton. vonnie: and from new york, i am vonnie quinn. it is time for our stock of the hour. let's have a look at another retailer, this time, l brand. abigail doolittle joins us. we just got adobe data would suggest that online spending is what higher than last year. abigail: they did discontinue their catalog business. l brand owns victoria's secret and bath and body works. you have to believe that catalog business has gone online. malls hearing reports of being the busiest they have been in a decade and many analysts say l brand is one of the biggest winners. bloombergting with a intelligence analyst and she said when she was at the mall on black friday, victoria's secret was actually roping a line into the pink stores. millennials apparently like them. we can see, this is another retailer that they need to pull off some kind of a turnaround. back in 2013.es not very impressive for an apparel retailer, plunging down after victoria's secret discontinued apparel, trying to g

full disloads sure, like they say in america — i wrote a piece for my paper, the new european. some sort of dealings with them a few years ago and it's an interesting place. i didn't quite know what it was about. it was at the time i was there very much interested in boris when he was mayor. they published a prosperity index which is apparently the thing they exist for so they gather this data in which they then describe who is the most prosperous. the whole thing is prosperity. any time you see prosperity in relation to brexit which david davis has used, it's the buzz word. people are starting to wonder how much it's influencing. there is some kind of rumour. there isa there is some kind of rumour. there is a big meeting out of chequers or something. people trying to figure out what it is. there is no reason to think they're sinister, is there? well, think—tanks would like to be thought of as sinister and powerful behind—the—scenes bodies but within this story, there is a claim that one of the members of staff is already the day facto brexit czar which was one of the demands m

so i have to say precisely as the new europeans. are also on the other side but come on it's not only the western europeans the poles for example played all sat quiet them and active and i find i have no this is history i think the confrontation poland and that i should as i lugged last thing went on and i think it's also the question of consumation what has happened by the end of the second world war because poland was moved two hundred kilometers west towards losing these eastern parts and getting from germany a dutch as i hear whatever you want to say parts of the country into this still not yet concealed so everybody is essentially acting on that old historical and sometimes mythical agrement says because it's primitive i think you you have no to making any distinctions if you have nothing to consider i think you are using the old formulas and the old to business and that's it and now let's put history aside and let's try to look for it i've heard you say that what russia is currently interested in ukraine is. for managing some

training run looking completely fresh and running with excellent style she's heading towards a new european record. you're not completely exhausted no not in any way dr van ark and this confirms your theory that women are also suited to running marathons definitely i follow the race particularly over the last ten thousand meters during which most runners performance drops she was the fastest. i remember two men accompanied us some bicycles and always slow to sit down so we wouldn't run too fast and would reach the finish line as you really felt like the press was just waiting for us to drop like flies but we all crossed the finish line just fine. it was a milestone for many years we were leaders and women's marathon running along with the united states and that america was our risk up there were no other americans but half a year later dr fun been invited to participate in the boston marathon which he paid for to see what the first time i think i heard of him was when. set a world record in the women's marathon and i was so excited to read about this and then it seemed that somebody else fr

that's a mistake of the west those two specially by the americans by the lives of some brits the new europeans have to say precisely western europeans. those of the other side but come on it's not only the western europeans the poles for example played also quiet there and that event i violated no this is history i think the confrontation the poet in the world because pulled was moved to he acting on that old he's the old fool bellows and building a business is for a man thing some sort of if you consider all possible alternatives frozen conflict may not be desirable but it may actually be a lesser evil at least from the russian point of view because as you said russia indeed does not want to see nader in your crane now can i ask you the europeans specifically the e.u. position what exactly the e.u. now wants to see in ukraine and i'm not asking you about best wishes in the most practical terms given the underlying causes of this conflict what is the bast possible scenario that the e.u. should be working toward. i think i repeat there is no real strategy of the european union to craned this so

with me are the associate editor of the times, anne ashworth and the playwright and writer in the new europeanie greer. so, the sunday telegraph claims that the prime minister has been warned by mp's not to retreat from a pledge to "take back control" of british laws from brussels post brexit. the sunday times, meanwhile, claims that a member of the labour party has died after apparently taking his own life amid allegations of sexual misconduct. the mail on sunday alleges that there are links between boris johnson and michael gove‘s bid to persuade theresa may to take a tougher stance on brexit and a russian tycoon. and finally the sunday express reports that meghan markle is being guarded by royal protection officers as the palace prepares to announce her engagement to prince harry. so let's begin. we start with the mail on sunday, and slightly confusing story, but this goes back to a letter written by michael gove. story of the night! people are getting excited about this. it is multi layered. we will go through point by point. earlier in the month, borisjohnson michael gove wrote a note to

germany that still run on brown coal they will be heavily affected in twenty twenty one when strict new european what regulation on coal comes into effect german states with coal industries want the federal government to challenge the european union's plans and reject the coming regulation deadline i know much about the star deadline is not possible for us currently there is no alternative for the outrageously production it's a reasonable price of all the jobs that will be lost for words and could there be job losses experts say a number of plants are likely to close. but the environment ministry says the power company's future is lie in their own hands. moon mostly i think after each of the farmers just have to assess if they want to apply for exemptions for some of their individual plants then they would just have to open their books and prove that it is economically essential i passionately don't understand the fast of the groom just three months back and barn of the climate conference those opposed to the brown coal industry say they're hoping to find new allies for their find. you think you

this is bloomberg. ♪ ♪ welcome back to our a new european headquarters.ket open. we are 45 minutes into the trading day. we are going nowhere in a hurry. oil stocks are off this morning. julius baer also on offer this morning. later today, the u.k. business theetary will be putting problem at the heart of the industrial strategy outlined. it will define theresa may's administration. with on theto start outlook for investors here in the u.k. and how exactly clock will deal with this issue. joining us is helen morsi. the company has nearly $900 billion of funds under management, probably a little skin in the game when it comes to productivity. when a single into this white paper? guest: it is the most important issue affecting economic prospects on the medium-term. there are things about rebalancing the economy and that is to be a focus on education, apprenticeship, longer-term planning, and infrastructure. it is valuable or vital that we have good structure and we need to deal with the other side of the coin. rates have kept zombie companies are live longe

this is bloomberg. ♪ guy: welcome to bloomberg's new european headquarters.news to deal with. we will take you in a moment to the bank of england. this is the european market open. ♪ guy: rbs and barclays do not pass the health check. banks can withstand a disorderly brexit. mark carney is about to speak. we willat

as new european soccer for you know cologne put their bonus legal woes behind them with a narrow victory over arsenal in the europa league striker. scored a second half penalty to earn the german side a one nil victory result most cologne up to second place in group h. means their qualification fate is there with their own hands arsenal are through group winners despite their. two other bonus league teams were also in action on thursday and both have crashed out of the europa league hoffenheim fell three one to portuguese club braga ending their chances of making the knockout phase then in spain how to pull him blew a two one half time lead eventually losing three two two athletic bilbao two converted penalties from veteran striker potteries dewar's made all the difference for the hosts ending how to his european dreams in the process. before we go just a quick reminder the top story we're following for you zimbabwe prepares to swear in a new president but questions are being asked over how different our son in god while will be from his predecessor and whether he can bring about any pos

the creation of a new european wide army is seemingly one step closer to becoming reality the twenty three e.u. member states subsidies to new joint defense pact called pascoe it's been promoted by france and germany or europe correspondent peter all of our takes us through what this could all mean for the block. permanent security cooperation or pascoe is essentially in layman's terms a military agreement it would allow the free movement across borders across national borders of military hardware and personnel without them having to be stopped to be checked its architects say it's been drawn up in response to the threats posed by terror organizations and by russia it is worth noting though that two of the big boys at the european table in france and germany have very different ideas about how they see esko operating in reality france well they say that they wanted to be a much smaller force a much more targeted force that fits with current french military operations that are in that are under way where is germany here in berlin they're saying it should be a more all encompassing grou

training run looking completely fresh and running with excellent style she's heading towards a new european record you're not completely exhausted no not anywhere but dr van auken this confirms your theory that women are also suited to running marathons definitely i follow the race particularly over the last ten thousand metres during which most runners performance drops she was the fastest. i remember two men accompanied us some bicycles and always slow this down so we wouldn't run too fast and would reach the finish line you really felt like the press was just waiting for us to drop like flies but we all crossed the finish line just fine. it was a milestone for many years we were leaders in women's marathon running along with the united states and that america was our skype and there were no other americans but half a year later dr fun can invite us to participate in the boston marathon which he paid for two months yet the first time i think i heard of him was when i. set a world record in the women's marathon and i was so excited to read about this and then it seemed that somebody else f

cheering the french capital paris has been chosen as the new headquarters for the european banking authority from london after the uk leads the eu. earlier amsterdam was voted the new base for the european medicines agency. we can speak to our correspondent in brussels. talk is through the significance of these decisions tonight. they are significant because these are the two eu bodies, organisations, that have headquarters in london at the minute, which will move because of brexit ahead of the uk's withdrawal from the eu. the eu countries want to sort this out because they want these agencies moved into eu nations ahead of brexit day. this has been a process they have been following. they had host, candidate cities bidding to host the agencies and the two decisions were taken this evening in brussels by a secret ballot process. it was like drawing the host city for the olympics or something. the medicines agency, around 900 staff, overseeing the approval of new medicine and health ca re approval of new medicine and health care in the eu, that will go to amsterdam. interestingly, that was ch

know could a new european wide army be one step closer to reality what at least twenty e.u. countries are right now these are in fact are the pictures there right now signing a new defense pact called pescado promoted by france and germany in fact denmark is the only country to join the pact austria poland arland and malta the other countries who are setting up for the time being but the pen is going to run all the table here in brussels but what does it all mean when our europe correspondent peter all of her can take us through the out for the block right now. well this is being put forward by the european commission and some are saying it was done so in a slightly and handed manner what's called a permanent structured cooperation or tesco agreement was put forward some would say to avoid attention from both nato and from the european council it's designed according to its architects to improve security and also to deepen defense cooperation across the e.u. has been put forward as something of a military sharing game if you will it's now it does come on the back of a lot of

european open. i am guy johnson at our new london headquarters alongside matt miller who is over in frankfurt. less than 30 minutes to the start of cash trading. ♪ a brexit breakthrough on bill helps divorce push up the pound but is the market ignoring the irish border? north korea says its nuclear program is complete but investors failed to go ballistic. he will take care of the situation. will he? $10,000.rosses will we see aggressive profit-taking? that today not see because bitcoin is up another $500 in today's trading. currency gp.he xb if you look at the percent missed price it indicated again for the dax and the cap this morning, indicated loss for the ftse, the euro stoxx. up .51%. it does not look like equities on the continent will be opening a negative territory but there could be pressure in the u.k. guy: are we talking about irrational exuberance again? the famous greenspan words that came to haunt the markets. it took a while to get there but that was a factor that the markets ended up having to deal with. let's take a look at the s&p record after record after record on u.s. equi

there is a sort of, it seems to me, tension between the old western european countries and the new easternt i do think it's interesting that the eu has to uphold the rule of law, liberal democracy, that sense of... but sanctions is a big step. it's a big step and there is definitely — and we're going to see that in the brexit negotiations as well, the old eu, the new eu. but i think, ultimately, the eu does have to uphold those values which is what it stands for. toby, the counter—argument which the poles make is, "look, we are a democratically—elected government, what we choose to do in our country is none of your business, leave us alone." i think for someone on my side of the brexit debate who both believes in the rule of law, believes in universal human rights and so forth, but also believes in national self—determination, this is a really tricky one. but i think the eu would certainly have a lot more credibility as the upholders of the rule of law and universal human rights if they hadn't supported the spanish government in its absolutely brutal crackdown of the independence movement

know could a new european wide army be one step closer to reality well twenty three e.u. countries have just signed a new defense pact called pascoe promoted by france and germany let's see what this might all mean for the block and go live to berlin on our europe correspondent peter all over hi there peter so the defense strategy its freshly inked within the past hour or so what's been agreed upon and what does it mean. well permanent security cooperation or pascoe is essentially in layman's terms a military agreement it would allow the free movement across borders across national borders of military hardware and personnel without them having to be stopped to be checked its architects say it's been drawn up in response to the threats posed by terror organizations and by russia federica maka raney who's the high representative for european affairs at the european union said on her way into the building this morning in brussels that she expected defense history to be signed today well out of the twenty eight member states that was put in front of twenty three of them said

the scotland the former president of iceland representatives from the fadeaway was greenland the new european commission let's hear more about it from to. this week's arctic circle for him an edge abre included decision makers from governments organizations universities and many others to quote as interested in the development of the arctic and its consequences for the future of the globe the event the country but not the concourse of interfaces and and of course recently we've seen the scottish government take initiative from poland all of my in our countries to create a better parent enjoy cause me i'm in shape thank you very much twenty years ago this man made the political well in the united kingdom now he's back and ready for another fight welcome hours to come book let's hear you state your case. we know just how the brain stream is no longer even argue that bret's is going to be great for britain just that we voted for it and so we have to do it well democracy is a process not a moment a country is entitled to change his mind and i believe britain is doing so as the costs and chaos of

new stance. megan murphy, thank you. mark: coming up on the european35 minutes wait till the end of the thursday session. the new three minutes away from the dust 33 minutes away from the end of the session. this is bloomberg. ♪ mark: 30 minutes left in the trading day in europe today. from bloomberg's brand-new european headquarters in the city of london, i am mark barton. vonnie: and stunning it is, too. from new york, i'm vonnie quinn. this is the european close on "bloomberg markets." mark: here are the top stories we are covering from the bloomberg and around the world. firesminister theresa may back to president trump, slamming him for retreating a far-right political figure in britain. well the latest controversy distract her from delicate brexit negotiations? with global equity markets still hanging around records, where are the top opportunities for next year? should investors be into japan or india? nangle, guest is toby global head of asset allocation. and more of the world's top banks are weighing in on the validity of the virtual

based on today's voting, we have selected amsterdam to be the new seat of the european medicines agencynd paris will be the new seat of the european banking authority. and the chief negotiator, michel barnier, clear the uk and the city can't have all the benefits of the single market, but... if we manage to negotiate an orderly withdrawal, there is every reason for our future partnership to be ambitious. this is our preferred option. what was agreed tonight is a long way from a detailed blueprint for brexit. but ministers did accept that theresa may can put hypothetical extra billions on the table, only if, though, the eu agrees to talk trade and about transition. the mood around the table, the government will move, but not on its own. tonight's decision should, number 10 hopes, get the negotiations shifting. but it is notjust events here which will determine if there will be a deal, or we will walk away. laura kuenssberg, bbc news, westminster. the electoral commission has re—opened an investigation into vote leave‘s eu referendum spending. the campaign paid £625,000 to clear bills all

the two plus four treaties the soviet union relinquished east germany and paved the way for a new european order europeans in general but especially the east and west germans were grateful to him. the era of the soviet union as a superpower ended with the reunification of the two germany's. the retreat began. moscow pulled five hundred thousand soviet soldiers out of east germany alone. the group of soviet armed forces in germany was the largest permanent army ever stationed by an occupation force abroad. the logistics needed to get them back home were just as fast. as. poland had also broken with moscow so most of the troops left germany via the ferry port of new kron on the baltic island over again. observers followed the huge enterprise with great interest nobody knew exactly what weapons the soviet army had kept in east germany. as foreign feel good feel hugo there were a lot of hazardous materials so we kept out of everything so you could almost piece it together these were initiatives those were special russian rail cars which were somewhat larger than normal but enclosed and when th

european parliament e.u. council and commission are expected to sign the guidelines the new paper forms what president the president of the european commission has called a pillar of social rights. now that is quite an impressive title of course let's find out what's behind all this this is in gotham but for us following this so what do we make of this pillar of social rights what is it about. the pillar really and shrines monica twenty a principle in social rights from the labor market from the welfare states many things that already exist throughout the twenty eight european member states about the idea really here is to make recommendations to set a standard that those countries that are alleging behind on social rights can work towards and i mean does it have any bite if you say that most of those standards are already exist. although the this pillar really what it will bring the question here is what member states will will make out of it if it is something that will trigger legislative processes if it is something that role as head of the european commission put it start a race to the top of a social standard

thank you. >> that was draghi speaking at the european banking conference. the new take away there is he's quite happy. he's giving himself a pat on the back for improving financial stability and the eurozone he said further supervision is needed the stress test, nowadays, they're pushing for higher interest rates rather than lower interest rates he said there's no housing bubble to worry about and that banks need to use the good time potentially to start thinking about their npl issue. so just bringing it back to what we were discussing earlier, you said clearly that the european banking sector is looking more positive as far as you're concerned. do you think that we're about to start on a new era of higher interest rates and that that will be a boone for the sector, as well? >> no. so when you look at the draghi speech, it reminded me of having my abraceal with my boss he went back and looked at all the good things that banks have done but there was a very clear need and improvement. that was to deal with the npl issue. he made that bank with lots of npls struggle

to scotland the former president of iceland representatives from the freeway was greenland the new european commission let's hear more about it from tasmania this week's arctic circle for him an edge of included decision me christian governments organizations universities and many other stakeholders interested in the development of the arctic and its consequences for the future of the globe the event was hosted by the scottish government given some of the sheer challenges we face tackling climate change attracting tutors and some of the transportation issues that affect arctic countries and of course its neighbors scotland is not an arctic country but we are very close to the arctic geographically and given these challenges it's really important that we work together collaboratively on them scotland with this great tradition from political thinking of experts to use and economic engagement come play a greater role in helping all of us to mark out the framework for cooperation as members with me know taras geographical terms is all strictly speaking and after country but not big countries th

it's interesting but i think you're right the european news has been good. the imf out with revisions yesterday. the german gdp, very good news i think the yushl piecrucial pif news is regarding u.s. tax reform if they push forward with that, the dollar can still rise. if they don't, yes, euro/dollar will break higher again. >> jane foley, head of fx strategy. >>> staying with fx, we were talking about some big pairs want to show you how cable is trading. we reduced some earlier losses on the back of the inline or the unchanged cpi print. we're down by 0.2% at 130.85. and euro/dollar is 117.08 on the back of strong data out of germany and italy. as far as equity markets are concerned in europe, we are stronger today after five days of losses. the xetra dax trimming some of its earlier gains as well. up by 10 points now. the ftse 100 up by 13 points the cac 40 higher to the tune of 4 points i should tell you we got china data which was disappointing when it came to retail sales, fixed assets we are still very much focused on the earnings season negative. dow

on monday, i will be joining you from bloomberg's brand-new european headquarters in the city of londonerg. ♪ >> the following is a paid advertising for time life's video collection. >> ladies and gentlemen, dolly parton. >> country music's biggest night. about when i am about to get myself together ♪ >> when country stars perform on country's biggest date. >> ♪ all my friends live in texas ♪ >> now you can have your very own front row seat. ♪

to both of you a little bit later as well for now though we're going to move on to some other news european union leaders are meeting in brussels at this hour with their counterparts from six members of its so-called eastern partnership bill discuss how to cooperate further to create stronger economies and governance and bellicose moldova ukraine georgia armenia and azerbaijan ukraine is just one of those countries with high hopes of moving towards membership meanwhile that summit could be overshadowed by another meeting in brussels today a british prime minister theresa may will talk to you president donald tusk to try to close the deal on brags that divorce terms british media reports say may could be willing to pay up to forty billion euros for her country's outstanding obligations but that is still far short of the estimate of sixty billion the two sides have three weeks to agree before they can move on to discussing post brags that trade. here in germany the president is pressuring the social democrats to reconsider whether to join a coalition government with chancellor angela merkel a

this is bloomberg. ♪ manus: good morning from bloomberg's new european headquarters in london.reak. these are the top stories. manus: north korea says it has completed the nuclear weapons program after firing a missile that it claims could put the entire u.s. in range. anna: the case for a rate rise next month is strengthening, and the return -- republican plan gained steam. manus: the u.k. and the eu have reached an outline bill for the divorce bill leading -- leaving the irish border as the last major obstacle. bitcoin tops -- $10,000. thoughs of a bubble even which multiply. -- rates multiply. manus: welcome to daybreak. how does the world deal with another ballistic missile from north korea? shrugs its shoulders. everything is awesome. this is the sweep of the equity, the dax is rising by 79 points and paris up i-27 points. london down by 29 points. keep an eye on sterling. that is where you want your eye focused. we had the nature relief rally in sterling, that could begin a bit of a rotation in the u.k. equity market area the ftse 100, could it be that great rotation in t

guy: welcome to bloomberg's new european headquarters. we have a lot of news to deal with. we will take you in a moment to the bank of england. this is the european market open. ♪ guy: rbs and barclays do not pass the health check. banks can withstand a disorderly brexit. mark carney is about to speak. you thatate -- bring live. a commodities crunch. metals and oils we on asian markets. let's look into european trade. of 570expects charges million euros. the ceo will unveil new financial targets very shortly. are less than half an hour away from the open. let's take a look at the equity index futures. pointing down on the continent and substantial drops for futures, more than .51% each. the ftse futures are all changed yields heading down, 33.5. guy: mark carney is talking about stress tests, let's listen to what he has to say. no take needs to strengthen its capital position as a result. informed by the stress tests and risk analysis we judge the banking system can continue to support the real economy even in the unlikely event of a disorderly brexit. at the same time, we h

new stuff in the united states. jerome powell confirmation hearing. we have a guest appearing on the european markets show next. - guy johnson waiting in the wings. this is bloomberg. ♪ this is bloomberg. ♪ ♪ guy: welcome to bloomberg markets. we are at our new london headquarters, along with matt miller in berlin. cash trade is less than 30 minutes away. ♪ guy: a bubble or just the beginning? bitcoin shows no sign of slowing down, blowing past $9,000. it $10,000 on the way? collardi calls it quits. julius baer

to take political responsibility to new course. european union leaders are meeting in brussels at this hour with their counterparts from six members of that so-called eastern partnership they'll be discussing how to cooperate further to create stronger economies and better governance in belarus moldova ukraine georgia armenia and azerbaijan ukraine is just one of those countries with high hopes of moving toward e.u. membership but he ws catherine martin's is standing by for us in brussels where that summit is taking place catherine what are these six eastern european countries hoping to get out of the summit. well it depends where you look at we have kind of two groups here the three the three countries who are really keen to do even more the ties with the european union this is ukraine obviously georgia and moldova these are the three really puryear opin countries who try really to get closer ties beyond just economic corporation for example to grand visa free travel for example the other three countries this is a little bit different so t

will become the new location of the european medicines agency an e.u. institution currently based in london but britain's departure from the e.u. in twenty nineteen means it needs to be relocated the city of amsterdam. nine hundred cities were originally in the running the dutch capital now has sixteen months to organize the move at an estimated cost of four hundred million euros well the first staff members of the european medical agency already arrive next summer so that's very very soon and then in april two thousand and nineteen we're planning to finalize to come from societies and then on january first two thousand and twenty everything should be ready and we should be welcome all the staff members the currently employs some nine hundred people but estimates suggest that twenty percent of positions could be cut as a result of the me from london. another city in celebration is paris who will host the european banking all thora take the selection was a blow to the german city of frankfurt which had been hoping to cash in on its reputation as a. europ

ministers choosing paris adopts them to be the new homes for two. key european regulatory agencies after brexit this of course optimize of london. gonna strike market at the two cities are selected among nearly two dozen cities vying to host the key you agencies after they leave london. in twenty nineteen the race assays heidi came down to lucky draw. at both paris on on saddam the picked out of a fishing pole among the finalists. the dutch capitol will be the new home for the european medicines agency while paris speed frank that the house the european banking authority and inking set reports. after heated battle with nearly two dozen cities vying for the spoils of brexit. amsterdam has won the right to host the european union's mets in agency in the final result was decided by ththe luck of the draw. following a tie between the dutch capitol and milan. we are delighted. thatat in the end it was a it was very tight. that he was nerve wrecking t to be honest. but in the end that's a bbc became the new seat. of for him i. yeah main now has lessened seventeen mont