wasdifference is that rajan very vocal about social issues, commenting -- he is as good as rajan as far as monetary policy and fiscal policy is concerned. he maintains a low profile. he is an introvert. rajan was seen as very vocal and sometimes critical of the government. that is one difference between the two. otherwise, investors are very happy. they said that this is signaling to global investors and rating agencies. yousef: tell us a bit more about how patel is different from rajan. is seenioned that rajan as this rockstar central banker. is patel going-- to be able to fill his shoes? rajan's: yes, he was spearheading, during most of the work. in one case, it is the biggest comforting factor. there is no change in policies. on he is going to focus .ontrolling inflation is only difference in style rajan is more vocal, while urji take a steps to backward, is an introvert, and does not like to give many media interviews. yousef: all right, we believe in there. we can get more on this and all sectionews on our tailor-made for word -- tailor-made for news about the middle east. still ah

rajan brought in, that is good news for the long-term.markets were bracing for somebody coming in slightly less hawkish and a bit more dovish than mr. rajan. that is not the case. i would not be surprised to see a settling in india. longer-term, it is the right approach. yvonne: great stuff. we have to leave it there appeared thank you so much. up next, we continue to talk about the new xi jinping -- new rbi governor. we will talk more about urjit patel. this is bloomberg. ♪ yvonne: the outgoing governor of the reserve bank of india made headlines with his outspokenness. his successor is the opposite. urjit patel is seen as a techno crowd --technocrat and likely to continue the policies of raghuram rajan. he is low profile and different from rajan. how will he impact markets? has put intoment place someone who will continue the policies of rajan. quieter, perhaps more conservative in his style, so perhaps more in line with prime minister modi's government. let's take a look at how the take this. there has been some nervousness in the run-

rajan's replacement.new central banker in ujin patel, but will his policies be more of the same at the r.b.

urjit patel has been working alongside raghuram rajan for three years now to set policy.t will be continuation, perhaps more low-key compared to raghuram rajan, who has seen some frictions with the government. maybe and terms of policy and getting along with the government, it might be seen as a positive thing. let's look at how the markets might be reacting to this announcement. there was speculation that the next governor might be inclined to do more in terms of pushing the inflation level, lower interest rates, and be less stringent on things like reviewing bank assets, bad loans for example. thatad: that is something raghuram rajan got credit for, trying to get the banks to clear up these nonperforming loans. there was quite a bit of political opposition. rosalind: that's right. the bonds and sensex has been driven to highs. that is partly because of continuing stimulus from central banks globally. and bondsarkets driven to highs, you see there, but that may be tempered by this appointment. he is seen as an inflation hawk, therefore he is likely to keep pressing on th

rajan was considered one of the best central bankers.ow much is india different to other emerging markets? mike: it is different in that it is one of the few emerging markets that we think is going to deliver extremely strong growth over the long term. it is one of the emerging markets where we are most positive over the next five to 10 years. the loss of rajab is huge for india. as long as his replacement comes in and maintains the same kind of regime he had been running, hopefully that will be ok. but he's definitely a loss. he's a guy that has been very positive for india. francine: what does a fahrenheit mean for emerging markets? mike: we think emerging markets can withstand one fed rate hike this year and the gradual pace we expect going forward. what becomes problematic for emerging markets in general is if the dollar strengthens meaningfully. we've seen an inverse correlation between emerging markets relative performance to the rest of the world and the dollar. when the dollar goes up, emerging markets underperform. if the fed bu

we are live in mumbai as rajan makes his last policy decision.ak with nigel wilson after the company has posted results that they missed. this is bloomberg. ♪ caroline: welcome back. 10 minutes into your trading day. it is lack luster if you are looking at the stoxx 600. looking at the different indices. some of the big miners on the downside. cac is up. , the insurance sector and the telecoms are your out performers on the stoxx 600. minors are the underperformers. the bank of england, the policy maker says the central bank should follow a gradual approach in how it responds to brexit. writing in the times newspaper, the u.s. -- he believes that more easing is likely going to be required. put any brexit anxiety to the side in july as warmer weather boosted purchases of barbecue food and summer clothing. kpmg. mostgrowth which was the since january. in germany has called for a tougher stance on the deal with turkey in the eu. red lines should be established or it should be canceled. germany was sitting on a time bomb with regard to the refugee in

rajan's replacement. india gets a new central banker in ujin patel, but will his policies be more of the same at the r.b.i.? and a blockbuster drug deal. pfizer is a to be close to buying a rival for around $14 million. caroline: manus, we are looking ahead to the market open. a bit of profit this monday, similar to what we saw on friday, the futures market signaling a down day in europe. all eyes are on central banks, on jackson hole, as we see that it is a day of dollar strength. today we could see 2/10 of 1% being wiped off the euro stocks 60. manus: caroline,, yes indeed. let's have a look at that risk radar. betterlar is bid, yen offered. fischer signaling a 2016 rate hike is on the cards, less than a week to go until jackson hole. dollar-yen, you have movement. very much this divergent policy, kuroda also indicating that the bank of japan won't hesitate. this is in a newspaper article over the weekend. bloomberg, a 51% probability of a rate hike, up from last week. keep an eye on your government not

rajan has ruffled some feathers and india with his speeches.s like we may be going toward a more quiet relationship, but that has yet to be tested. francine: thank you so much for the update. turning to the u.s. election, details of donald trump's fundraising efforts were released over the weekend, coming after the clinton foundation was criticized for accepting donations from corporations and foreign entities. meanwhile, in his first tv out of the presidential campaign, he highlights distances between himself and clinton on issues like immigration, border security, and syrian refugees. let's get more with stephanie baker, just returned from the states. stephanie, thank you for joining us. one of the main differences in terms of fundraising between clinton and trump? >> we have seen from recent reporting that clinton is still outpacing him on fundraising. she raised $52 million to his $37 million. and more importantly is that she is outspending him. she has spent almost double what he has, and even though trump has started running tv ads, it is

that is something the modi administration has been really calling from from rajan in the past.a: you hit the nail on the head. it's about personality. dr. rajan was an outspoken personality, and often spoke about social issues, stuff that was unrelated to monetary policy, which is part of the problem. urjit patel is known to prefer a low-profile. he does not give too many interviews, and he's likely to keep, operate within the orbit of what the central bank is usually due, talk about monetary policy and interest rates, which might keep him away from controversies with new delhi. the equation with new delhi will be critical, because there are two important elements taking place. one, inflation targeting, and the second is monetary policy. it will not be one man's call on the interest rate. the situation with new delhi will get even more critical. yousef: harsha, thank you so much. in mumbai.ramaniam bluescope steel is at its highest in five years after the australian producer said they will see improving prices in asia. the stock is up 2.7%. blue scope reported underlying profit

new leadership at the central replacingurjit patel raghuram rajan and providing uncertainty.umber on thursday, recent figures indicate resilience, but economist are forecasting a slight drop this time around. we have payroll growth in the u.s. expected to moderate and august after the strongest two months of hiring this year. the job numbers due later this week. in the chief joining us right here in hong kong today. i will start off with the payroll number. it does matter. at jackson hole, there was this call for stop using the same medicine to cure the ills. we need new medicines, but we did not get them, did we? >> the u.s., europe, and japan, ecb did anhe adjusting speech, saying we have to be aware that monetary policy is less efficient. thatght be the case monetary policy is counterproductive. rishaad: some are already saying that. >> especially in europe. negative rates have been bad for banks, reducing profitability. unwilling to lend more in the future. central bankers feel more and more that most of the burden should be shifted from monetary policy. what is the rest?

lastad: today is rajan chance to curb prices. he makes a final policy decision. stepping down with a successor yet to be named. what can we expect in his statement? >> status quo. we don't expect any change in the interest rates today. markets are going to be watching as far ass commentary inflation is concerned and what he is likely to say about the new law. expect noconomists change in key policy rates at all. the focus will be on what he will say and the fact that this is his last policy. the question begs -- he has been in the job for three years. many think that is not long enough to leave a legacy. what does he leave behind? he has had a fairly interesting 10 year. the time he took over as governor was when india was serious current account problem and the ruby was under pressure. if you contributions he has made to stabilize the bank of india is to stabilize the rupee. $360 billion. he brought in the much-needed credibility in the markets for the investors. india is not -- and yet has enough resilience to with -- to withstand shock. monetaryushed for the p

today's policy announcement is the last and rajan's time as a governor.s yet to be named. barclays has agreed to pay $100 million to 44 u.s. states to resolve an investigation into interest rate manipulation. it is the first lender to settle state probes -- that inflated borrowing costs linked to the london and u.s. dollar -- u.s. dollar. global news, 24 hours a day, powered by 2600 journalists and analysts in more than 120 countries. i am nejra cehic. this is bloomberg. francine: thank you so much. learn as we go as the bank of england -- advice on monetary policy post-brexit. mccafferty suggests easing is likely but he prefers a wait and see approach on policy in the aftermath of the eu referendum. prefer to learn as we go. the pound continues to slump since the brexit vote as the boa -- the boe began expanding its program. we are joined by richard jeffrey. thank you so much for joining us and help us understand what the mean.eers are we going to see more qe? is mark carney too quick and throwing tools out there? richard: i think he has been too quick.

very different style from rajan. is there a chance they might be less immune to political pressure?l he play ball with the government and cut rates? >> the decision on interest rates impinges -- hinges on a couple factors. one is inflation, which has become uncomfortably high from a bank of india standpoint, at a three-month high. and oil prices are inching up. oil prices had been at an all-time low, from january 2015 to july, and interest rates were down 150 basis points because of that. but now the environment has changed. the decision-making process has also changed. so given the track record of has been on as far as inflation, he's likely to be very conservative on monetary policy decision-making. secondly, his situation with new delhi, you said rightly, you have seen he. is not outspoken he doesn't give many media interviews. that might bode well for negotiations with new delhi. yvonne: thank you so much, joining us live from mumbai. from one central bank governor to another. the boj governor hero hugo kuroda says there is a -- kuroda says there is a significant chance they wil

ra gur ram rajan. raghuram. >>> back to "world wide exchange." we're looking at fractional gains as you can see. the dow around 10 points. yesterday we were lower to the tune of similar amounts. valiums a little bit lower. people focus more on the olympics than trading portfolios. ail is the big driver yesterday. energy was up 3%. brought the markets back today. take egging a bit of profit for >>> gap missed stores estimates. the clothing companies didn't see foot tracks improve significantly and banana republic saw sells decline. >>> lending club reporting a wider than expected second quarter loss. >>> staffing provider randstad is buying monster worldwide. that deal worth $34 million. twilio saw quarterly revenue jump in the latest quarter. and gave a strong outlook on increased demand for its products. news corp. posting stronger than expected sales. digital real estate business. so mixed quarter there for news corp. >> now to today's must read stories catching our attention. this one is making the news today gop senator susan clinics wri coll

. >> takes helm as patel named new governor replacing rajan next month. . >>> welcome back to "street signs." dow indicating 16 points higher. we did close in the red for u.s. session on friday but we keep sitting around jordan highs. 9% rally, rotation we seem to be seeing out of more defensive to cyclicals. the question is what does this week bring. here we are for european markets this morning, green across the board despite overall losses that we saw last week. a bit of consolidation here relatively unchanged for the fz 100. .8 higher for german market likes of autos lifting here. one of the outperformance, smi in switzerland, syngenta out performer getting green light from u.s. regulators over their bid at well. here we are. nancy. >> thanks for that, julia. we are taking a look at short interest across ftse 350 jump by 15% since uk's brexit referendum. this comes according to report by market which shows short sellers eyeing domestically exposed low momentum uk stocks. joining us now to explain is analyst at ihs market. simon, thank you for joining us today. perhaps not a huge s

jonathan: that is a really important point, because covenant rajan introduced two things. investors looking at india right now, they have the continuity in the governor but it is not all about him. can you talk about the composition of the mpc and what that could look like? includell representatives on the bank of england and the government and the finance ministry. it would also include the governor of the bank of indian. -- bank of india. nextnot yet clear if the monetary policy review will be done by the mpc or by the governor. also bear in mind that we also want to get our time, the macro economic environment in india has changed. three month high for prices. the expectations are extremely high. not to mention the pressure for cutting interest rates is always high. jonathan: the question remains whether those positions will be somewhat political, and that's something we will be looking at in the monsteths to come. on the markets globally, it is a stronger dollar story. futre markets in the united states. chinafor chmemc getting u.s. regulatory approval to buy syngenta.

rate time for rajan's last decision. and we speak to the ceo of the .orld's second-largest -- this is bloomberg. ♪ manus: welcome back. it is "countdown." -- let us be generous. it is flat on the hang seng. we have a business flash. delta airlines says the number of flights affected by computer failure is approaching 1000. -- 870cts -- it expects flights were canceled on monday. they warn that delays and cancellations will continue. have reached a seven-month high after the company has says it cut low returning assets. the ceo also indicated that expenses for bad debt would remain steady. reducing loans. that has dragged down return equity and forced it to return dividends since of dust for the first time since 2009. 36% to almost 147 million dollars exceeding the company's guide is. users reached 282 million in june. japan -- fair trade commission. according to a person with knowledge of the matter. the agency is looking into whether amazon -- more favorable conditions over other e-commerce companies. barclays has agree

can you pick up where rajan left off? rbs as negative interest rates -- sir howard davies. this is bloomberg's "surveillance." tom, we have a lot of market is. look at dollar, stanley fischer the only game in town today. then we have to look at what governor kuroda said. friday, theellen on first real day of summer. if you get all the way to august after the drama of brexit, where i walked in and said, what's the news? we will drive that forward to chair yellen on friday. francine: we certainly will, four days to go. let's get first of the bloomberg first word news. taylor: tokyo has been hit by a typhoon. more than 300 flights have been canceled, stranding thousands of passengers and more than 100,000 homes are without power. the japanese government is warning of possible landslides and damage from strong waves. the leaders of germany, france, and italy will meet at sea today to discuss brexit, economic growth, and the threat of terrorism. on the merkel, france le monde, and -- and another of their concerns is the eu dealing with turkey to send migrant flows being in jeopa

tuesday, the end of an era in 's lastraghuram rajan meeting as governor.ts courtly earnings on wednesday. the stock had a roller coaster ride last week, rallying 16% following a two-day drop. this is the first set of earnings out of the new leadership. on thursday, the reserve bank of new zealand makes a decision. surveys expect a cut in benchmark rates by 25 basis points. another cut is expected in november to take rates to 1.75%. on friday, the latest picture of china's economy when it releases retail and industrial production data for july. the previous month showed an increase for both. we will see if there is momentum ase in the slow transition well as recovery. let's head to japan, a survey has found economists expect the boj to increase its stimulus program. the majority think the central bank will stick with a negative rate and the 2% inflation target could change. tell us more about the release today. it is more of the same? >> sure, we had a survey this spokeg published that about the review of monetary policy coming up at the next meeting. we ha

of governor that is much more in bed with the government or will they stick with the firepower that rajannaming his successor? harsha: there are two challenges. some critics said he was way too hawkish or wait -- for way too long and the interest rate should have gone down. since january 2015, the rates have come down. they felt he was too outspoken. onoften offered his views areas outside the ambit of monetary policy which did not go too well with the establishment. we do not know who the successor will be. it could be the deputy governor. or even the former deputy governor. we do not know who the likely successor is but we do know that september 4 will find a new one and hopefully he will play ball. tom: we talked yesterday about , and like stan fisher with his tour of duty at the bank of israel, these are western heavyweights. how does the indian elite take the idea that india has to go out and get a bunch of american academics to run their central bank? is there a pressure to keep it domestic for the next guy? harsha: there are two aspects. one is there is a view that getting someone

governor rajan says the policy stance remains accommodative.ntime back in the states, several earnings to note on today's calendar, expecting results from coach at 7:00 a.m. the one to watch is disney. we're also going to get numbers from solar city, which is to become a part of tesla, and yelp. >>> update you on a story we started yesterday. delta is not in the clear yet. expected to cancel three 250 more flights in morning and delay about 200 more as it continues to recover from huge travel outage yesterday. nearly 900 flights cancelled and tens of thousands of passengers stranded. all this as a power outage in that's which is a major city in the south crippled the company's computer systems. to offer a refund to passengers traveling today and $200 voucher. >> you do wonder in 2016 how something like this can happen. how a power outage can ground an airline for six hours and then still have ripple effects. >> power outages are going to be more and more common, but you need a backup power source. >> a generator. >> saying on "squawk box" yeste