romaine bostick is here to explain its us.aw this decline start last month and it accelerated prior to thanksgiving. there was some sense there might be a bottom for we are clearly not seeing that. what is scaring investors is there is not a good explanation for it. you can point to saudi arabia, some of the supply concerns in the permian basin and out of russia, but at the end of the date there is a severity in oil prices that has people little miffed, and they are murdering -- wondering how that will spillover. david: global growth or supply? romaine: if you talk to 10 different people, five it's a supply and five it's a command. it is probably somewhere in the middle. there are certainly supply issues. there are concerns that some developing nations that rely on oil will not be as reliant as he moving to 2019. david: you follow the markets closely. is there a larger phenomenon here that a lot of investors are skittish? .t does not take much to overreact -- it does not take much to overreact. romaine: if you think about wher

for more we are joined by romaine bostick. ey were waiting on that last approval from china, got u.s. approval last month. this will close the deal probably within the next couple days. rockwell collins will be folded into united technologies but the real issue for united technologies is there is a plan resume agree that they will break into three parts. getting the rockwell collins deal done was a huge component of that plan. now that this appears to be a done deal, investors will start looking to what the next structure of you tx as a whole will look like. do in termses this of the supply chain story? these are big parts in the military and civil side of the aviation sector. heftombination changes the they have in the supply change. does this change the relationship with the oems like boeing? they were pretty explicit when they announce the deal a year ago that they were looking to get more leverage over boeing, airbus with regard to the cost cutting we were seeing at those airlines, pressure that those aircraft makers can pu

taylor: romaine bostick, thank you.et's get a check on the bloomberg first word news with katie lang. that -- kaylie: president trump is thinking saudi arabia for keeping oil prices debt. he said lower prices are like a big tax cut for america and the world. he urged them to force prices lower. that comes a day after he said he would stand by the saudi's whether the crown prince or the death of jamal khashoggi. production surged to a record. they boosted output after stronger than usual demand. it is not clear how long the saudi's will keep this up. opec meets next month. the saudi syndicated they support cutting production. a dozen gop senators urging president trump to send congress u.s.-canada-mexico u.s.-canada-mexico trade agreement. they wanted to pass democrats they control the house next year. some house democrats want the agreement to be revised. the trade war with china appears to be cooling momentum and american factories. nonmilitary capital growth excluding aircraft was little changed. global news 20 hours

romaine bostick is stepping in for "what'd you miss?" we will get a preview of what to expect from president trump and his meeting at the g20 summit. this is bloomberg. ♪ caroline: live from bloomberg's european headquarters in london, i'm caroline hyde. romaine: i'm romaine bostick in new york. joe: and i'm joe weisenthal. caroline: markets close in the green. overall it is focused on trade. joe: the question is "what'd you miss?" caroline: setting the table for trade talks. president trump and xi jinping will meet for saturday -- meet for dinner saturday. will tariffs still be just desserts? we will talk to the utah senator about whether he is concerned with the impact of tariffs in china. home values may still be rising. sinceins of the lowest january 2017. rising mortgage rates cut into affordability. joe: it's time for instant replay. some of the biggest voices on tv today weighing in on the trade tensions. would be goconcern all in on every chinese import, do it at a 25% rate. that is a $25 billion tax increase. 50, that would be n

i thanks romaine bostick.uy: coming up, and exclusive interview with morgan stanley's gorman, and ceo, james that that level in 30 p.m. eastern time, 5:30 p.m. in london. looking forward to what he has to say. that's coming up, this is bloomberg. ♪ steepening,selloff the dow jones off 2.3% and the down 2.7mposite index percent. volatility in the first 45 minutes of the u.s. session and the vix is close to 24 now. hedge funds seem to get doubling down a losing strategy. equity funds betting on volatile stocks lost more than 4% in october the low volatility strategy rose more than 4% last month. and why it may not be the best strategy for pension funds. the deputy investment officer at common fund. while hedge funds are going crazy right now, piling into others and generator for thinking their strategy, all of that is a waste of time. what do you do it common fund? don't over the waste of time, but we only manage money for long-term strategic pools, so for foundations of endowments are verylients long-term strat

i am romaine bostick. >> i am joe weisenthal. >> i am taylor riggs. are we having fun? joe: it is quiet and volatile. romaine: i thought we would have a quiet day. the three handle on the 10-year as we get lower and lower it really catches my eye. joe: they are missing some interesting action. we have seen closing up close to the low of the day. even in the equity markets, not exactly optimistic. romaine: we will talk about more about that. the s&p 500 is physically ending not only today down, but the second straight week for we had a drop in the s&p 500. this is setting us up for the second straight monthly loss in the broader market. let's bring in vincent cignarella about what -- to talk about what happened today. not a lot of is effecting a kind of market movement but we got that. vincent: it is one of those things. you expect nothing and nothing happens, for you expect nothing and everything happens. this is an everything happens. crude is not having fun today. taylor: talk about the energy stocks. cap what point for some of these companies not profitable? do you ha

bloomberg's peggy collins and romaine bostick. a reminder, you can find all the charts we just used on the bloomberg terminal, g tv . of the day,avorite the wti in a bear market. coming up, a conversation with the marc chandler on oil. this is bloomberg. ♪ ♪ alix: mrs. bloomberg daybreak, i am emma chandra with your bloomberg news flash. a sale of this international for eight billion dollars. it's as if these largest ever deal. the company makes software for surveying customers and analyzing employee sentiment. softbank wants to raise a staggering $21 billion in the ipo of a domestic telecom operation. the company's founder, messiah she son, wants to -- messiah she san was to raise capital. of british american tobacco are plunging today according to the wall street journal. u.s. regulators are preparing to ban menthol cigarettes, which would hit a business that generates about a fourth of the companies profits. drug administration has been campaigning about the cigarettes. alix: thank you, mi. did you ever smoked mantles? >> n

romaine: i'm romaine bostick. joe: and i'm joe weisenthal.rs a quick check on the u.s. market. closed the day significantly lower. joe: the question is, "what'd you miss?" caroline: the nasdaq closes 3% lower. on weakness in tech weighs the market. bitcoin is at its lowest price in more than a year. leader tells labor us why his party would vote against the government's brexit deal. that exclusive interview coming up. momentum place in tech are taking a turn for the worse. the once reliable names of apple, netflix, amazon, are now underperformers. let's bring in gina martin adams and bloomberg markets live editor michael regan. i want to start with you and the pummeling we see. is it a surprise to you that what goes up must come down? >> i don't think it is a surprise. it doesn't always by necessity need to come back down. stock prices over a long time generally go higher. you're just embroiled in a reset of expectations. we've been saying it for a couple months now. especially when it comes to tech stocks, some of these stocks were very high

romaine bostick is stepping in for "what'd you miss?" ok at fundamentals and president trump is thinking saudi arabia for lower crude prices. this is bloomberg. ♪ caroline: live from london, i am caroline hyde. romaine: i am romaine bostick in new york. joe: and i'm joe weisenthal. caroline: markets closed ahead of the thanksgiving holiday. it was flat on the dow jones. ands&p 500 held onto gains the nasdaq in the tech sector is the upper former. joe: the question is "what'd you miss?" caroline: a mixed bag of economic data. is a sting home sales rising to the first -- for the first time in six months. what the numbers could mean for the fed plans ahead. trump tweets. crude surging the most in five months even after president trump urged keeping oil prices down by thinking saudi arabia. what the reason tremors and big tech could mean for company's plan to the public -- plans to go public. got axisting home sales rising surprise. even with the increase, the housing market remains solid. by more now, we are joined bloomberg economics. >> if

here with a look at the reasons why is romaine bostick. the best-performing stock in the s&p 500 over the last 12 months. if you look at what they did over earnings season, they had a 27% top in their stock the day after their earnings. when you prepare that to some of the other s&p 500 stocks, this is the best earnings we have seen of any s&p 500 stock. part of this has to do with the fact that under armour was beaten down back in october of 2017. it has almost doubled since then and a lot of this has to do with the fact that it dealt with its inventory issues, got rid of some of its less profitable product lines, spent less money signing big-name sports stars, and that is help the financials and is helping these stocks. the the short position going into these numbers? it feels a bit like a squeeze in the stock. there are a bunch of notes that are positive. vonnie: we continue to talk about it in our bloomberg, if you want to take the bloomberg you a equity fi and you can see what the short position is. we can go back about a month if you

romaine bostick and lisa abramowicz, thank you. you can browse recent features and save charts and there are some tom keene specials go to gtd go. it's more on the mounting u.s. china tensions ahead of the g20 summit, with absolute strategy will be joining us next. this is bloomberg. ♪ erg. ♪ taylor: this is "bloomberg daybreak," i'm taylor riggs. united technologies will focus on aerospace and spin off its elevators and climate control division. the move follows united technologies twitter $3 billion acquisition of rockwell collins. blessed ceo greg hayes is better pressure from activist investors bill ackman and dan low. president of politics and economics of the auto industry are crashing head-on, president trump says he's pressuring general motors to move production back into ohio, state that usually a critical battleground in presidential elections. gm plans to dismiss 14,000 workers and close seven factories. one of them is in lordstown, ohio, which makes the slow selling seven -- chevy cruz. in a very bad here is getting , a

romaine bostick with our stock of the hour. let's check on u.s. markets and the vix. the dow, s&p, and the nasdaq, down 1.2% in spite of those positive stories. the s&p being led lower by apple, down almost 7%. kraft heinz having a majorly difficult day in the s&p, dow 9%. some good stories out there. brands up 14%. this is bloomberg. ♪ >> from bloomberg world headquarters in new york, i'm david westin. this is where the world of politics meets the world of business. carl riccadonna on continuing jobs and weight growth. from washington, president trump's willingness to move on trade disputes. and tina davis on reports of relief coming for some countries on those iran sanctions. let's start with carl riccadonna and those jobs numbers. better than expected, you say not to overreact. >> we have to the october gains in context of what happened in september as well. september was revised lower. we can see there was definitely a hurricane impact in a data in september and also october. october was a payback from hurricane florence, also a negative impact from hurricane matt

anchor: i am romaine bostick. two weeks. joe: the question is, what'd you miss?aroline: black friday sales start to themerry hollywood season. general motors announcing a major restructuring of its business. and editing embryos. a chinese researcher is claiming to have produced the world's first genetically edited baby. we will talk about the stock reacting to the news. celebrating. "the wall street journal "the wall street thenal" talking about tariffs with china, saying it is highly unlikely to hold off on tariffs, so, again, "the wall street journal" saying it will move forward, the u.s. will move forward with those tariffs up to 25%. joe: context ahead of the big meeting. transaction data, based on same-store sales, capturing the holiday retail season live as it happens, and for more on the data, we welcome our guest, guy. you have real-time dashboard -- the pulse of the american consumer. who is winning? i think the consumer at the end of the day, but in the lead up to cyber monday, we have 6% growth in spending and also in retail, but the brick-and-mortar b

inlor: i want to bring romaine bostick. s&p, earlier, futures have pointed higher. interestingly enough, technologies leading the decline. what do you make of this technology? anytime you have a company like apple moving down, you're going to have the broad market pull down. this is really a much broader story, not just about apple, but about what the economy looks like and how consumer spending is holding up. this isn't just a u.s. story, this is a global story. a lot of the cracks are outside of the u.s. in europe and asia. that is bleeding over into the u.s., or at least until how these stocks are valued. guy: let's talk a little bit about oil and figure out what is happening there. this is with the bp ceo of deadly had to say. bob: the market has dropped so fast. sort of an overshot both directions. announcement of saudi arabia reducing -- guy: prices shot up in a shooting back down again. there is volatility in the oil market, but also opec's communication on what it is going to be doing next. opec is basically now saying it is going to take barrels off the mar

romaine bostick will be stepping in. this is bloomberg. ♪ this is bloomberg. ♪ caroline: live from bloomberg's european headquarters in london, i'm hairline -- caroline hyde. markets hadthe their best they since march. we see the power of powell. joe: the question is "what'd you miss?" u.s. stocks surge the most since march as they strike a dovish -- dovish tone. bitcoin becomes the first state to allow -- we speak with the state treasurer as bitcoin has its best day of the year. the road ahead. we speak with one of the carmakers top executives about how to get back on track after downfall. the two were is making waves in the markets is chair jay powell. interest rates are still low by historical standards and remain just below the range of estimates of that level. it is neither speeding up or slowing down growth. romaine: for more let's bring in tim a from bloomberg economics. below are the two words everyone is focusing on. i felt like the market overreacted to this. are we overreacting to these comments as well? >> i

taylor: joining us is romaine bostick. and stuart wallace in london. below $60 as barrel, but markets just opened here, so we want to touch on this -- oil really folding in. on the s&p 500, everything up, except energy. what is driving that? >> $51 on wti and below $60 on brent. this is something that has really started out -- well, it started to couple of weeks ago, but when you think about how fast oil has come down from the peak of the beginning of october, the concerns about supply, whether it is coming out of saudi arabia, or supply out of the u.s. and shale basins, this is weighing on prices to a level that does not have an end insight. that is reflected in the oil stocks, conoco, the oil field service companies like halliburton, they are taking it on the chin. a lotta folks are looking at 2019 and they are not sure what the set up will be with the supply and demand balance. taylor: what is this an evidence of brent below $60 and more importantly how quickly we got here? >> i think it is reflecting the speed at which is sentiment turned around. m

romaine: i'm romaine bostick. joe: and i am joe weisenthal. caroline: u.s.tocks closed higher on the day. joe: the question is "what'd you miss?" caroline: what kind of price tag? investors are watching the selling price of the iphone x models as apple reports earnings. the china fx, apple's earnings report should give answers from the fallout of u.s. trade tensions. always growth breakthrough, which gains of more than 3% since 2009 in the october jobs report expected, but is it just a one of? to other earnings. starbucks is killing it after-hours. why they managed to kill it in comparable sales. this has struck you in terms of earnings report. joe: just really solid. earlier this summer, back in june, they spooked investors and have been climbing out of a hole since then. this is a very impressive report and the company saying it saw improvement on every metric. the big fear was that they make all of their money on sugary drinks and nobody likes sugary drinks anymore. romaine: they sold a lot more on the sugary drinks. they talked a lot on the earnings call

romaine bostick is off today. caroline: a snapshot of u.s. stocks in the green. we have had for the s&p 500 since 2011. joe: the question is "what'd you miss?" call it the g20 -- hotel hack attack. highlyrized access to sensitized information. investors will blow watching electy as the president begins his term tomorrow with a speech. the g20 summit is officially underway in but authorities in all eyes are on president trump reaching with xi jinping. some struck an optimistic tone today. very hard.orking if we can make a deal, that would be good. they would want to and we would like to. we will be meeting with president xi and a little while, but for the most part, people , larry kudlow is dealing with them on a constant basis. there are good signs. we will see what happens. caroline: for more, let's welcome your asia group analyst. optimism? >> we are a little bit more pessimistic than trump has seemed today mostly because of the fundamental issues here which are not even close to resolved. it depends on what your goal is. there is certainly a reason to be optim

romaine: i'm romaine bostick. caroline: here's a snapshot of the u.s. stock market today. ixed picture with energy the laggards. romaine: "what'd you miss?" caroline: brent's joining the bears and crude falling the most in three years. president trump's criticism to saudi arabia added to this. still rate is the latest to join green week at the cannabis -- the cannabis company reports wider -- romaine: marijuana stocks are all of the rage this week with all of the earnings coming out. report,s the latest to and here to help us and break down the numbers is our cannabis reporter in the bloomberg news room in toronto. hi. got the numbers from tilray and it is a significant increase in revenue which is a pattern we are seeing from these cannabis companies. revenue and production numbers -- which isbecause not surprising because this is the quarter including the numbers post legalization -- not including post legalization. production,, higher but we also see across the board is lower average selling prices and lower margins with costs growing. the companies are saying that is no

joining us is not joe weisenthal -- he is overseas, but remaine -- romaine bostick. great date to you are the equity markets. romaine: amazing day, though. you think of how many sectors are down, but the first email i got was from a colleague saying you see how many stocks are still in correction territory. inthe nasdaq 70 stocks correction territory. three quarters. half of the s&p 500. names -- the big apple, amazon, home depot. caroline: amazon is nearly bear. romaine: they are down 19% from their session highs. you have apple down 16%. scarlet: there is a broad reassessment going on in u.s. equities. you can see it in today's sector performance as well. off byogy of the bottom three 1/3%. caroline: it is veterans day and the bond markets are closed. scarlet: bond prices are doing a little bit better. we started out lower and we cap to sinking lower. 10 minutes to go before the off., nasdaq we are just moments away from today's close. let's dive deeper into the equity action. romaine would get us started. romaine: thank you, from a new position here. this idea that

romaine: i'm romaine bostick and caroline and joe are off today.t's take a look at how stocks closed for the day. the s&p down for a fifth straight day. for a fourthlling time in five days. the dow lower for a fourth straight day. the selloff continues. romaine: the question is, "what'd you miss?" scarlet: brexit breakthrough. theresa may gets the support of her cabinet allowing the cabinet to remain -- allowing her to remain in the european union for now. wti rebounds for a 12th day slump as opec and allies consider production cuts as early as next year. a fall from the highs. foredy's revenue falling the first time in three years after canada legalized recreational marijuana. pricesent plunge in oil may be a problem for companies that have leveraged themselves to the hilt. as many of these companies are relying on junk bonds. here is more insight into the oil collapse in the impact on high-yield bonds is bloomberg's john and eric. this is something you have been writing about which is these overleveraged oils companies -- oil companies. we could

here to explain, romaine bostick. you're talking about a stock that has been down for eight days.cline. you have three issues. first was delivery. they basically said deliveries of planes, that critical plane came in below what folks were expecting. below what they need to make it profitable. there was a safety report that seem to suggest there might have been some issues with the way pilots may have contributed. over the weekend you had mike pence ramping up the rhetoric against china. china makes up a big component of future orders. any crack's there does not bode well for the country. >> in terms of the technicals either. we are looking at close to a bear market. >> the stocks down eight and half percent or so. if you want clarity as to why the market not only is falling but there is no confidence, the big-name movers, the companies are basically either in bear territory are moving close to it. dow, dupont, even goldman sachs. down 20%. >> talk to me about those. when you look at free cash flow, $10 billion or more. this has orders coming in constantly. what are the fears? >> m