, despite his proximity to the indian government, and that is why the steps that the reserve bank of indiathe next few months under his leadership will be watched very closely, because based on those decisions, investors and the market at large will gauge whether the reserve bank of india continues to remain an autonomous in —— institution. continues to remain an autonomous in -- institution. google claims it is clear of political bias and it insisted it was a core principle of the business. our media editor has this story. a soft—spoken tamil engineer who embodies india's diaspora, sundar is shy by nature. just like mark zuckerberg, then. whereas the facebook founder ceo, chairman and majority shareholder has taken public meetings this year, google's boss has resisted interrogation in washington. he has been in charge of google for three years and took home around $200 million in 2016.m google for three years and took home around $200 million in 2016. if you "idiot" under images, a picture of donald trump comes up. i did that. he faced a barrage of questions about alleged anti— conservati

critics and observers have been saying that the government has been trying to undermine the reserve bank of india'sge that the government has denied all this while, but urjit patel‘s resignation is only going to reinforce that belief. in terms of the economy, mr patel‘s resignation could not have come at a worse time, because economic growth has slowed down in recent quarters, and mr patel‘s resignation is only going to make international investors even more anxious going ahead. the big question is who will be appointed as the next governor of the reserve bank of india, and more importantly, will the governor have the autonomy and independence to carry out decisions which the reserve bank wa nts to decisions which the reserve bank wants to implement? in other business news making headlines, a canadian court has adjourned for the day with no decision on whether to grant bailto day with no decision on whether to grant bail to meng wanzhou, the chief finance officer of huawei, as she awaits ruling on her extradition to america. ms meng faces accusations she misled banks about huawei's control of a com

still ahead, patel quits the reserve bank of india. we will discuss the governor's bombshell departure later in the show. >> coming up, market volatility continuing into a 12th. we will get the views of mainstay's ceo. that is coming up next. this is bloomberg. "daybreak asia." shery: let's return to the wild session on wall street as volatility continues into its 12th week. joining us is mainstay capital management ceo david could the. -- always great to have you. we are hearing more analysts from goldman sachs and jpmorgan recommended increasing cash holdings. how do you had all this volatility? it seems we have lost david from mainstay capital management, he is the ceo there. we are talking about market volatility after a wild session on wall street when we saw a reversal coming from u.s. stocks, and we were headed toward an eight-month low, then we saw the reversal in buying the dip. investors and the dow reversing the decline and really gaining .1% at the end. as we get the connection established with david, we will take you to a c

bank hasn't increased the. and in india the central bank governor there unexpectedly resigned on monday patel had been embroiled in a series of clashes with prime minister modi's administration putting the reserve bank of india under intense pressure to ease lending conditions experts warn of real economic consequences still for now it seems as a global tussle over who gets the keys to their country's monetary policy. and that's it for us at the business you can always learn more about these stories at dot com slash business follow us on facebook and twitter as well i'm seeing there's a follow us on the news of the hour thanks for joining us. on. freeskiing is an adrenaline fueled sport. sharing tricks and jumps are what it's all about. anything. the cash free rider empire and. the little. boy. takes football personally i do anything with a little bit wonderful people in stories that make the game so special. for all true fans. mummy. mummy cut more than football online. bursts play home to news of species plays a home worth saving. the lives of those are big changes and most start with small steps but global ideas tell stories of creative people and innovative projects around the world. like t

of income for bolivia. over to india which has a new central bank chief shakti confidant has been appointed to the top job at the reserve bank of india after the abrupt departure of hell on monday to tell side of personal reasons but it's resignation follows serious disagreements with the government over monetary policy as part of a trend that has economists worried as an increasing number of governments across the world interfere with their central banks banks that are supposed to be independent. the u.s. federal reserve the bank of england the european central bank the world ofa central banks are some of the most powerful institutions there are allowing them to adjust interest rates inflation print money i'm sure up the economy they usually designed to be independent from political interference but is that changing. applause handshakes and backslaps aside president chump hasn't proved to be the biggest fan of fed your own powell openly criticizing the u.s. federal reserve's decision to raise rates on several occasions i think it is great i really think that the fed is out of control i think what they're doing is wrong

bank hasn't increased them and in india the central bank governor there unexpectedly resigned on monday patel had been embroiled in a series of clashes with prime minister modi's administration putting the reserve bank of india under intense pressure to ease lending conditions experts would have real economic consequences still for now it seems as a global tussle over who gets the keys to their country's monetary policy. and that's all your business here's a reminder of the top stories we're following for you here on news police are hunting for the gunman who opened fire near christmas market in the french city hall stross book on tuesday night at least three people died several others are still in critical condition. and british prime minister theresa may is fighting for a political survival as rebel lawmakers in her conservative party say they have enough support to mount a leadership challenge against off the decision earlier this week to delay a vote on how brags a plan can. you watch indeed obvious news alive from there's more news coming of course at the top of the hour stay tuned to v.w. global three thousand that's up next here on the dot also chicago website. dot com for more stories l

a shocking exit from the reserve bank of india, another round of uncertainty. r a key india races elect oriel test. we have been talking about the reserve bank of india and just like that, governor out. he is leaving because of personal reasons, but we saw that brewing for the longest time. we saw the deputy governor come out and they really talked about the importance back in october and finally, we have the governor leaving. this coming less than a week after the r.b.i. cap interest rates unchanged and ahead of a board meeting on friday. this chart on the bloomberg showing inflation. we can finally see that inflation has fallen below the r.b.i. target of 4% and what this will bring to the markets of course is the key question. anchor: a lot of this had to do with lending and different -- how with regards to much they needed to be involved in the market. anchor: you guys were talking about the billionaires in india, maybe they can spread the wealth and this would not have happened. i think this is a key background because patel came out and he waged a war again

bank hasn't increased them and in india the central bank governor there unexpectedly resigned on monday patel had been embroiled in a series of clashes with prime minister modi's administration putting the reserve bank of india under intense pressure to ease lending conditions experts warn of real economic consequences still for now it seems as a global tussle over who gets the keys to their country's monetary policy. german comic a dime was planning to buy batteries cells worth more than twenty billion euros by twenty eight to ramp up mass production of hybrid and electric vehicles the maker of most say these vans cars is just one of several german car makers that are ramping up electric vehicle production as european regulators clamp down on emissions needs battery cells to feed its global network of battery assembly plants in germany china thailand and the united states. massive chocolate spill left a sweet sweet mist on a german street last night the spill took place in a vest on a town in the west of the country the chocolate flow hardened on the chin these streets and it took twenty five firefighters with water shovels and torches to remove the tens of meters of confectionery miss small t

of prime minister narendra modi as the country's new central bank chief tuesday a day after his predecessor a quick for not dispute about government interference shock. has been appointed governor of the reserve bank of india for the next three years the sixty three year old is a former senior finance ministry official that has worked with various government bodies including the economic affairs ministry. to london now a city not only considered a cultural melting pot but also a foodie paradise hosting some of the best restaurants in the world but the city's vibrant gastronomical scene could be under threat because of bricks and if things go wrong there won't be enough cooks in the kitchen because many of them are from all over the e.u. . the british restaurant scene is booming particularly in london but could send as a result of breck's it easy you work as a missing. american while the specializing in game meat steak bagus and even mac and cheese come with venison meat from the chef to the waiters only three employees in the whole restaurant during lish post office come from the rest of the e.u. . you're going to manage a field goal is going through the new christmas menu with a polish head chef you know

bank hasn't increased the. and in india the central bank governor unexpectedly resigned on monday patel had been embroiled in a series of clashes with prime minister moody's administration putting the reserve bank of india under intense pressure to ease lending conditions experts would have real economic consequences still for now it seems as a global tussle over who gets the keys to their country's monetary policy. so independent central banks under pressure right now is that a bad thing questions i'd like to ask constant jessica he's the chief economist that. frankly the cost why is the independence of central banks under threat right now should politicians exercise more restraint i think they should exercise more restraint or why are they on the pressure when you look back over the last ten years especially view of the crisis central banks where that were key they were the main crisis fighter's by inserting extremely loose monetary policies and right now all central banks try to normalize monetary policies which also includes higher interest rates and these then increases borrowing costs for governments for companies and fiscal policy or governments of politicians to look like this law

a day after urjit patel‘s surprise exit as the head of the reserve bank of india, shaktikanta das hasof the central bank. mr patel‘s resignation triggered a selloff in the rupee on concerns that moves by narendra modi's government are threatening the banking regulator's independence. china's music streaming company tencent music has reportedly raised over $1 billion in its us initial public offering. that's according to reuters. if confirmed, the music arm of gaming and social network giant has been valued at over $21 billion, defying a bout of market volatility with flotations. now, we did tell you this was going to ta ke now, we did tell you this was going to take place. executives of big tech companies have spent parts of 2018 testifying in front of us lawmakers in washington dc. google was the latest, talking to lawmakers about their policies regarding alleged political bias, tracking and expanding in to china. the bbc‘s north american technology reporter dave lee breaks it down. if you "idiot" under images, a picture of donald trump comes up. sunday petard's goal when coming to t

the governor of the reserve bank of india has resigned tells cited personal reasons but the media says he was fed up with state attempts to influence central bank policy the government wants access to the r.b.i. and surplus reserves and to reduce cubs' on lending to the poor and under is editor of news website quotes india i asked her how significant the government's resignation is. this is an extremely significant and very unprecedented more. because the central bank governor abruptly stepping down is something that has not happened in india in recent tanks or so even though the governor has cited was no reasons for stepping down it is widely believed that the tension between the net in them or the government is what has led to him stepping down right now in fact even though you're the r.b.i. have already won implications if there are no he was taken and now considering her that you know we are approaching the election you're it's going to have seen us and if it's definitely not something that's not going to go well for the indian government and patel it only been in the job for a cou

the reserve bank of india is dialing back its hawkish tone signaling it is open to a more flexible monetary approach a few months after stating interest-rate cuts were off the table. the governor urging the possibility of policy actions if inflation continues to undershoot. he spoke after the r.b.i. kept rates unchanged for a second straight meeting. joe low continues to professes innocence despite new charges of money laundering and embezzlement linked to the investment fund. his whereabouts are unclear, but a statement from his lawyer says he will not submit to any jurisdiction where guilt has been predetermined by politics. he's it accused in relations of the loss of billions of dollars from 1mdb. global news, 24 hours a day on air and on tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i am jenna dagenhart. this is bloomberg. shery: thank you. saudi arabia, russia, and other members of the opec plus group are defying a plea from president trump and recommending a cut in oil production. although the details need to be ironed out. let's bri

with our team in india because mastercard has agreed to start deleting data of cardholders from its global service under new regulations issued by the country ‘s central bank. the reserve companies to store all information regarding transactions of indian customers solely on computers with them in the country. for more, i am joined by our indian business reporter. 80s a much forjoining us. has the company set out a date to start deleting data? not until now because according to reports, mastercard has proposed a certain date to the indian central bank, saying they will start deleting indian customers data from the other service and the global service, until now, the date has not been specified in the public domain. but this is an interesting development because india's central bank came out with the regulations way back in 0ctober, which asked all of the foreign companies to store data locally. it says that it needs these companies to comply with the indian standard of regulation. also, the experts have said that if data is here in india, it will mean that it will be also liable for tax payments in india and that is one of the big pushes from the government. while, the

the resignation of the governor of the reserve bank of india has dealt investors another bout of monetaryicy uncertainty. an country is racing toward electoral test for the prime minister. great to have you. it's been a volatile week in indian markets. we have the state election results coming today. a little bit of a double where me for markets. -- whammy for markets. what is the big concern here? there was a knee-jerk reaction to governor patel and his exit. another big event was india's elections. r.b.i. had ordered its leader to step down by the end of january. it's corresponding stock is now surging. whenever we going to hear about the next governor? when will it be named? government is really rushing to find a replacement. they want to name a full-time governor, but that could change. >> thank you for joining us. today, we are asking the question, which emerging-market assets are looking attractive amid this year's rout? >> i want to bring back in the head of economic research at mufg securities. at what is going on in the emerging markets, what is your take, considering the mliv qu

his resignation comes amid reports of a rift between the reserve bank of india and prime minister narendra to our bureau in mumbai, sameer hashmi. samia, we know they haven't been getting on but now urge it patel has walked? that's right. for the last two months there was a strong rumour mr patel would step down, especially after this whole very public feud between the two sides. over the last few weeks there we re sides. over the last few weeks there were reports the government and the central bank reached an uneasy truce, but the resignation has taken eve ryo ne truce, but the resignation has taken everyone by surprise and definitely the markets and investors. there we re the markets and investors. there were a lot of issues between the two sides and the public rift is unprecedented. there's often been a difference of opinion between the government and the central bank but the kind of public feud we witnessed over the last month was clearly unprecedented, both sides exchanging tough words and that clearly dampened the relationship between the two sides. the crux of the issue is the gover

latest central banks of scale back their views on their ,conomies, canada and india there is some discussion about the reserveia maybe turning a bit more dovish. mario draghi in europe has expressed concern over the latest economic indicators. the fed, there is talk about it will call or stop texture, but nevertheless, there is a rate hike coming this month and at least one more coming next year. so u.s. yields are higher than their counterparts around the world. the fed is continuing to hike rates even if it does cause sometime next year. that i think will continue to benefit the greenback. west goodman, we will leave it there. thanks for joining us from singapore today. follow this and all of today's .rading on the bloomberg still ahead, opec less nations to five president trump and recommend a production cut. we will take a look at oil, later. shery: we will discuss how trade tensions are impacting emerging markets. this is bloomberg. ♪ paul: this is "daybreak: asia." i'm paul allen in sydney. shery: emerging-market assets extended declines with investors still skeptical the trade war will end any time soo

right and read the story actually begins in india which has a new central bank chief shakti come to doss has been appointed appointed to the. top job of the reserve bank of india that after the abrupt departure of patel on monday now patel cited personal reasons but his resignation follows serious disagreements with the government over monetary policy and that's the trend that has economists worried as an increasing number of governments the world over interfere with their central banks which is supposed to be independent of the us federal reserve the bank of england the european central bank the world over central banks are some of the most powerful institutions their arsenal allowing them to adjust interest rates inflation print money and sure up the economy they usually designed to be independent from political interference but is that changing . applause handshakes and backslaps aside president john paston proved to be the biggest fan of fed chair jerome powell openly criticizing the u.s. federal reserve's decision to raise rates on several occasions i think it is that they. really think that the fed is out of control i think what they're doi

bank hasn't increased them. and in india the central bank governor there unexpectedly resigned on monday to tell had been embroiled in a series of clashes with prime minister moody's administration putting the reserve bank of india under intense pressure to ease lending conditions experts would have real economic consequences still for now it seems there's a global tussle over who gets the keys to their country's monetary policy. and earlier we spoke to cast and cesky of the chief economist of i n g bank we asked him why the independence of central banks is now under threat and where the politicians should exercise more restraint and. frankly why are they on a person when you look back over the last year across. the world where they were the main crisis hiders by only starting in her policy and while also who tried to log more of her policies would also include higher interest rates only from increased borrowing costs for government. policy or government or politicians look like the quality because it also means it puts more pressure on them if you want a proper reform well to do their homework in what me the case of the government has not done their homework. and so for business i'm going to head

building consensus, and that comes as a member of the broad group of board members and the reserve bank of india government will see what kind of stand he takes there. that is when we will get a sense. where does he stand on bank capital? what is his team pushing for. no policy tweaked expected. what are we looking out or? -- out for? kathleen: all of the bloomberg economists say that they are going to stop this time. pointsve hiked 175 basis to fight inflation. echohey going to pause the after hiking so much, if you look at the green bars, even come down from 6% plus. the problem is that inflation risk is expected to mount starting in january where there is new tax hikes on oil and cigarettes. bsp -- in their policy statement, what will a signal? note, they will stay .n guard too early to take a rate cut. haidi: kathleen hays taking and i -- with us, keeping an eye on the philippines. ,n the chart, showing g tv these charts are featured on bloomberg tv to catch up on the analysis. and you can save charts for future reference. this is bloomberg. ♪ haidi: this is daybreak: asia. shery: we ar

and major financial news from india as the governor of the nation central bank has resigned the resignation of the governor of the reserve bank of india birgitte patel was reportedly prompted by mr patel's concerns about prime minister narendra modi's infringing on the independence of the r.b.i. with demands for relaxed monetary policies and lighter and forstmann for india's troubled state banking sector you know what that's like in the us mr patel's resignation follows the exit of a number of senior economic advisor to president to prime minister modi the indian rupee fell sharply on the news taking the largest percentage of change among asian currencies against the us dollar this year. and turning to africa regional cloud computing giant liquid telecom will receive an investment amounting to one hundred eighty million dollars from the united kingdom's commonwealth development corporation or c.d.c. c.d.c. formerly the colonial development corporation is a public limited company or p.l.c. and an organ of the u.k. developments for international development government for international development liquid c.e.o. touted the

bank hasn't increased them and in india the central bank governor there unexpectedly resigned on monday patel had been embroiled in a series of clashes with prime minister moody's administration putting the reserve bank of india under intense pressure to ease lending conditions experts would have real economic consequences still for now it seems as a global tussle over who gets the keys to their country's monetary policy. so independent central banks under undue pressure right now is that a bad thing questions i'd like to ask austin jessica he's a chief economist at the dba in frankfurt a constant why is the independence of central banks under threat right now should politicians exercise more restraint. i think they should exercise more restraint but why are they under pressure when you look back over the last ten years especially during the crisis central banks where that were a key they were the main crisis fighter's by inserting extremely loose monetary policies and right now all central banks try to normalize monetary policies which also includes higher interest rates and these then increases borrowing costs for governments for companies and fiscal policies or governments and politicians do

meanwhile, the new governor of the reserve bank of india was named today, he oversaw the controversialash than two years ago. in an exclusive interview, the ceo of the bombay talk exchange welcomed the appoint went the new governor and said that invest as can be reassured of the central banks and and and best central banks check or independence. global news, 24 hours a day, on air and at tic-toc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. .. nejra:. debra mao and hong kong, thank you so much. theesa may could be on brink of a vote of no-confidence come out lawmakers could be able to topple the prime minister. that terry and theo. controls the process of a no-confidence vote has kept quiet as to whether or not he has received the 48 letters needed to trigger the contest, but there are reports that he could speak this afternoon. for now, we go to maria in brussels. what a week. and it is only. wednesday. does the speculation of a --confidence vote, does it in the eyes of russell's? : i think every european official in every european capital of th

new central bank chief to stay a day after his predecessor quit following a dispute about government interference shakti come dusts has been appointed governor of the reserve bank of india for three years the sixty three year old is a former senior finance minister official that has worked with various government bodies including the economic affairs ministry. and the german carmaker diamond is planning to buy battery cells worth more than twenty billion euros by twenty thirty the move as part of its efforts to mass produce hybrid and electric vehicles the company is one of several german automakers ramping up electric vehicle production as european regulators clamp down on toxic diesel emissions by monied battery cells to expand its global network of battery assembly plants in germany china thailand and the united states. that's all for business here is an update to the breaking story we're following you tonight reports say gunshots in the city of strasbourg in france have left one person dead and several injured the shooting is said to have happened close to the christmas market in the center of the city a gun man is reported to be on the run the french interior minis

bank chief urjit patel. his exit comes after reports of a rift between the reserve bank of india and the government.resigned for personal reasons, but the move appears to have unnerved investors. a canadian court has adjourned for the day with no decision on whether to grant bail to meng wanzhou, the chief ms meng, who awaits a ruling on her extraditon to america, faces accusations that she misled banks about huawei's control of a company operating in iran, putting the banks at risk of violating us sanctions. chinese markets picked up this morning on news of a phone call between us and chinese officials to discuss the next steps in trade talks between the two powers. who knew a telephone call could make such a difference? china's ministry of commerce said officials set a road map for the next stage of consultations. first, robin brant is in shanghai. who was calling who? apparently china's vice premier, the man leading the trade talks, the chinese delegation, made the call to the man he was now his american counterpart, robert likewise, the us trade representative who has been a lawyer for some 30 y

the simmering power struggle the reserve bank of india and the modi government in aee the economy caughtssfire. the agency says higher financing costs and reduced credit contributed to the lower forecast. global news, 24 hours a day, on air, at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 127 countries. bloomberg. >> a bit of a mixed picture in asia.trading in let's see what's moving across markets. by 33%pany, sinking, but this morning. what's the story there? holdings inoof sydney, plunging the most on record. this as australia's banking toulator is seeking disqualify five executives for alleged misconduct in a court jeopardize itsld purchase. the shares tanking on the back of that news. i also want to highlight dropping thehton, most in four years, falling to a february 2016 low, after cutting earnings amid a slowdown and demand. the is a ramp-up in infrastructure progress has been slower than expected. but aside from those drags in aussie we are seeing shares sit to snap a three-day decline, led higher by health and real estate stocks. adding hal

the power struggle behind the reserve bank of india and the modhi government has a lowering of the growthberg ♪ is bloomberg ♪ yvonne: reports out of japan saying they are planning to ban equipment from huawei and zte for government entities. the seniort over to telecom research manager at idc. this has really thrown a spanner into the works, hasn't it? with this trade truce looking shaky to begin with, this could perhaps heat it up a little bit even more, couldn't it? yes, definitely. although it is too early to theent on the results of investigations around what is and aroundn the u.s. the violations of u.s. sanctions in a ron. -- iran. there is definitely a political side to it. we talked last week when matters were going well and now we are heading on to some set of a temporary truce around it. she is a part of china's eminent inner circle and not just the daughter of the huawei founder. this has definitely thrown a spanner in the works around the trade negotiations. negotiations, it is not just about trade tariffs. it is about five g and tech supremacy and who gets a larger play and

the government is pushing a higher share of results from the reserve bank of india and governor pateln opposed to that. because he is a consensus builder and he knows the ways of the government and the way the government works and various stakeholders, i think he will try to draw a middle line that will help the government with some money that goes out as well as keep the autonomy and independence in fact -- intact. not easy, but he might just well do it because he is a team player. david: we will see. nag.odirban decent open for the equity market. it is really in the currency space where we are getting the sharp move downward. that is the biggest move in about two weeks, so we have not quite returned down to levels. risk on so far in india. the other thing we are talking about, shares of softbank anti-japanese underwriter are lower after the admission on the part of the underwriter they are allocating some of the $1.6 billion of shares that sbi is selling in softbank's massive ipo. rishaad: let's have a look at all this and get over to tokyo finance editor, russell ward. this is a sc

jenna: the new governor of the reserve bank of india described himself as a consensus builder. he is their third leader in as in as many years. he was a key part of the prime minister's controversial cash ban two years ago. president trump's former lawyer and fixer is heading to jail, still pledging to give potentially damaging information to prosecutors. michael cohen was given three years after failing to win the leniency he thought from robert mueller -- sought from robert mueller. he said "it was my duty to cover up donald trump's dirty deed for the 2016 election." the white house declined to comment. the man suspected of killing three people in strasburg remains on the run. police say he has a long criminal record. the 29-year-old was first convicted at 13 years old and had a string of crimes across france and germany. he has 27 convictions and was well known to police and --nce's is equivalent france's equivalent to the fbi. banned iran but is used by the president and foreign minister. the oil minister tweeted he was joining twitter for more dynamic and effective relation

india. these markets are repricing growth. how is it playing out in the indian market? am: the rate change of the reserve bankindia has offered no respite to indian equities. at this point in time, they grind lower taking cues from global markets. the nifty and sensex down as much as 1%. wefar as the indian rupee, see the u.s. dollar strengthening against the indian rupee, around nearly the mark of 71. that could be another factor playing out against indian equity markets. tracy: thank you so much for that. let's go over to debra mao in hong kong with first word headlines around the world. debra: u.k. prime minister theresa may is considering a round of concessions to win over conservative rebels and save her sinking brexit deal. she held talks with prominent eurosceptics to solicit support. northern ireland's democratic unionist party is said to be prepared to drop support over the so-called irish backstop. royal bank of scotland says uncertainty around the brexit deal could push the u.k. into recession, as politicians continue to wrangle the deal. the ceo says it is already causing a get in investment. he s

india. the resignation of urjit patel as the governor of the reserve bank of india has dealt investors anotheralready embraces for a test of the prime minister's electorate. we saw that state elections went in his favor. let's take a look at what happened in indian markets overnight. india still trading there. we see the nifty index up about 0.4%. the dollar, and ruby terms, rising -- in indian rupee terms, rising. you can see the indian 10 year yield, for those of you invested in indian debt. terribly unlikely you are watching out, but if you are, 7.5% is whaten -- we are looking at there. let's quickly take a look at the mov screen. 431 stocks on the stoxx 600 gaining. 154 stocks are down. we do see some defensive stocks, , so you havetle consumer staples as well as health care stocks helping to lead the way and at points to the stoxx 600 -- add point to the stoxx 600. lloyd's and barclays pulling us down a little bit. that is it for "bloomberg markets: european open." stay with bloomberg television. up next is "surveillance." this is bloomberg. ♪ comcast business built the nation's largest

thursday, the european central bank looks set to cap asset purchases after spending 2 trillion euros over the last three years to over deflation. the board of the reserve bank of indiad meets amid standoff over the central bank's autonomy and reluctance to cut rates. let's check in on the markets around the world. joining us in mumbai -- m dani burger. dani burger. we have this small matter of state elections to look at as well. good morning. friendly, the markets probably are looking at that and that is why they are a bit soft. one would have started off poorly. all of the gains for 2018 after of it today. awfully of them are down. the currency has depreciated strongly. 71.32. i recommend is in part to the prices as well. at least, that is what the exports seem to suggest. markets.hat is on our ahead of the state elections justts tomorrow, there are -- to fill in our viewers about what is important, prime minister modi could well be facing imminent defeat in three of the state elections which are important. ahead of that, the index falling. anti-that,lts are they have more chances of remaining soft. nejra: thank you. you're taking a look at chinese equities. what a

the reserve bank of india governor quit. of tension months with the bank.we were just mentioning, china is cutting its trade war tariffs on cars imported from the u.s. they are cutting from 40% to 15%. president trump has said this was a concession he won during trade talks in argentina. global news 24 hours a day, on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. david: thank you. we want to stay on the subject of cars and china. we go to our bloomberg managing editor on asia. thank you for joining us. this announcement came up just before we came on air. was it a surprise? >> was it a surprise? i think when president trump tweeted earlier this month that this would potentially happen, people did not know whether to believe him. there was silence from the chinese side. we have heard a key ministry has submitted this proposal to the state council. it will be reviewed by top leaders. they are looking at reducing that 40% tariff on u.s. made cars into china, which has ballooned during the trade war,

pushing on the reserve bank of india to loosen curbs on the weakest banks. ing is to look at some of his tweets. a lot of scrutiny now. here is a recent one from september 13. macroeconomic -- india's macroeconomic numbers need to be further strengthened. targets will continue to be the main focus. this looks like a perfectly smart and responsible thing for the head of a central bank to say. india's economy was going over 8%, slowdown at 7%. --ll the flash this fastest-growing economy in the world. on september 16 he called for a strong commitment to the fiscal deficit target. that is also responsible. i would like to move onto another tweak. -- tweet. with current macroeconomic numbers looking stable and strong there is no need for offshore nri bonds. basically those are bonds that have been used on rare occasion to help support the rupee. here is what is interesting. he knows the rbis reserves are still around $400 billion. they have a lot. focus should continue on studying the banking sector. the question this raises is is he in the camp that says the r.b.

shery: the reserve bank of india has a rate decision leader and analyst expects no change.kely to be merely an appetizer for governor patel's press conference, his first since a public feud between the banks and the government. our asia correspondent is watching this. let's get started with the rate decision. inflation seems to be flowing significantly in india. this will still not affect the monetary policy decision today. thet is interesting because slowdown in inflation could perhaps alter the rbi's thinking in the coming months. what is happening is the big slump in oil prices have an impact on india's inflation. india is a big energy importer. it will flow through to consumers soon. on the other side of things we have seen -- indy is very vulnerable. if it is coming off at the pace it is expected, while the bank -- early next year some economists say they might have room to cut interest rates if needed. there is certainly a changing dynamic because of the impact of high inflation and slowdown in india. conferencehe press after will be closely watched. are we expecting

the governor of the reserve bank of india has resigned. already worried about election results. joining us now is bloomberg's executive producer in mumbai. how much stress is there on the markets right now because of the exit of the governor? just when you thought the , comes a surprise exit from the governor late last evening. the fact of the matter remains that this opens up the issue of independence and autonomy. operationally, this doesn't eyange much, but the quakk question that remains is, who next? he will have to perhaps when the perception battle that he has not seen as a yes man of the government. he will have to restore the confidence of the community. if you look at the child centered relations of the how to bank, is it 50% deal with dollar dynamic and 50% domestic, or different? i think most international investors are concerned about the issue of the bank of india. the timing of the result is curious. he chose to exit on the eve of the state elections and also chose to exit at a time when there are these board meetings schedu

it looks like the new reserve bank of india governor had more time when it came to more say in the central a look at what we are seeing. up a third of 1% here leading up to the open. flatrupee is pretty much at 71.88 at the moment. more talk of a second deficit on britain, remaining -- of brin remaining in the year -- a bridge and remaining in the european union. are pushingcials back at the ideal of a second brexit referendum. a new vote has been rising since the prime minister abandon the parliamentary vote on her deal with brussels. may herself attacked former for championing the so-called people's vote. she fates -- she faces more intense crystallizing of the comments on monday. leading u.s. politician say a government shutdown must be avoided at all cost and it is up to president trump to resolve the issue. so that he would be happy to bring federal agencies to a halt if he does not get his way. the president must understand he is not going to get what he wants. trump should not -- should understand, there are not the bolts for the law in the house or senate. you will not get the wall

he's not reinstated rebel with from a single says thousands of his supporters will rally in the capital colombo next week india's reserve bank governor has resigned citing personal reasons patel's announcement follows weeks of disagreements with the government over policy those were the headlines i'm back with more news that half an hour next donald as there is al-jazeera investigation should generation eight. do you. put a little over. the last. name. al-jazeera as investigative unit exposes links between one of france's largest political parties led by marine le pen. and a movement demanding the expulsion of muslims from europe. to says he's got a good reason. you don't know. what. our investigation unmasks an emerging right wing ideology called identity terry in islam it claims europe's identity is white and christian you suppose they see themselves as crusaders who defends the values of a white west in the face of the assaults of the arab muslim world. marine le pen's claims that she's read her policy of the extreme far right although i. think you. saw the arena pens demonization of is torn to shreds by these images. and

he's not reinstated running away from a single says thousands of his supporters will rally in the capital colombo next week. india's reserve bank governor has resigned citing personal reasons patel's announcement follows weeks of disagreements with the government over policy those were the headlines i'm back with the al-jazeera news hour in half an hour we continue with our investigations generation hate. al jazeera is undercover reporter louie has infiltrated the legal branch of generation identity in northern france. he witnessed a race attacked by g.i. activists over three weeks of fighting oh look i want to be expresses a desire to kill indiscriminately there's a market popular with muslims. for promotion was the. route. you. drew from because i'm not sure you do a good to see lucky to be. coming up. with the. right mind the pen became leader of the national front in twenty eleven she made a pledge to supporters. yes i mean citizen no not good at tragedies you see that so soon the nuclear developed. this is going to hurt the most cause and the foe someplace you don't. want to see not. as something the course that sure it wi

on saturday that he has been turmel since the fall of moammar gadhafi in twenty eleven with multiple armed groups vying for control. india's reserve bank governor has resigned a citing personal reasons patel's announcement follows weeks of disagreements with the government over policy among the issues as pressure to relax lending rules toward some state run banks the government is believed to be unhappy about the reserve banks and willingness to use capital reserves to fund its fiscal deficit while staying in the region sri lanka's ousted prime minister has threatened to launch what he calls people's power to the streets if he's not reinstated rather will work with singers says thousands of his supporters will rally in the capital colombo next week the country was thrown into political turmoil in october well president method appeal said a set of replaced him with a former leader in the rajapaksa on tuesday sri lanka's supreme court began hearing a challenge to sara said his decision to dissolve parliament and called snap elections. well he's being called a reformer by some dictator by others after three years in power to answer is pre

2014 the use its capital reserves to help the governor boost economic growth and that eventually led to patel's present nation. >> india appointed a new head of the reserve bank than 24 hours after his predecessor abruptly stripped down. he was the economic affairs secretary, part of the administered there are -- ministry of finance, and he then oversaw one of the moving forces behind modi's demonetization of a program that is still controversial to this day. he has been a member of the finance commission and he was one of the sherpas at the last g20 meeting for india. >> china's trade surplus with the u.s. hit a record, $1.6 billion in november, despite overall exports waning and uncertainty over the trade war. factory gate prices slowed further. consumer inflation saw moderation. does this give you a sense of it arade war or is structural slowdown that was already hitting china and that continues to play out? >> i would say that we have traded toward weak demand and effect of the u.s. china trade tensions. in the meantime, china's trade surplus jumped to $45 billion u.s. dollars. that is on track to shift china's current account balance to a moderate annual

india. we have the rate decision out of the reserve bank. mics police the slow down in inflation in india and slowing growth might prompt a rethink of the central bank. yvonne: to explain that call, we are joined by our guest with the latest. expecting,t we are this calibrated tightening seems to be off when it comes to the rbi. room foris certainly further easing by the central bank in india. is expanding and likely do downtrend further given the sharp fall in crude oil prices globally. indicates my standpoint that the early rate hikes by the rbi have been a policy error, and it remains to be seen with the bank now does. my sense is it will be difficult for the rbi to cut rates, given at the last meeting, the governor categorically stated that rate cuts her off the table. however, data has completely changed since then. growth has undershot. inflation has severely undershot. likelyy's policy, we are to switch back to a neutral policy stance, probably with one of the six members voting for a rate cut as well. that takes me to my question. i l