either we buy seeds for the entire 2000 rupees or four 1000 rupees but we need to buy lesser amounts that is not possible. >> on thursday, the indian government moved to allow farmers to withdraw up to 25,000 against their crop loans. but the majority do not have bank accounts and use cash to pay for most things. the government says people can only exchange 2000 rupees each and must deposit the rest before banks stop accepting the old notes after december 30. >> let's take a look at other business stories making headlines. announcedaker has that they are reducing their earnings target for 2018. they will be buying back from the shareholders around $990 million in stocks over two years. they came together to become the largest maker in 2016. and donald trump appear to take aedit for forage not moving plant from kentucky to mexico. saying, "i worked hard to keep he lincoln plant in kentucky." however, ford said they never had the intention of moving the plant saying they are bound to keep it there with the agreement with the automakers union. hasthe premier league reportedly agreed to

a newly issued 2,000 rupee note. people are flocking to atms to try to break down their cash in smaller banknotes. >> it's definitely a panicky situation. putting us into really trouble for two days. i don't have money today. >> modi said corruption and blackmony are spreading. he asked the public to help clean up the country. that is the latest in business for this hour. i'll leave you with the latest on the ♪ ♪ >>> moving on to other stories we're following this hour, japan has completed procedures needed to ratify the paris agreement on climate change. and can now join international efforts to curb global warming from 2020. the deputy permanent representative of japan to the united nations submitted the required papers to the u.n. headquarters on tuesday. japan will become the 103rd member of the pact after 30 days. >> translator: japan will be able to hold more convincing negotiations. i've heard that the negotiations at kop 22, which is under way, are open and transparent to every country. >> the parties to the

and the rupee and the lira tumbled thursday. the philippine dollar, for the first time in eight years. airasia swung to profit in the revenuearter, with growth. net income was $79 million with factor at 87%. a six-point jump from the same period last year. biggest budget carrier also benefited from a 22% fueltion in its average costs and it made more from its sideline of leasing out its aircraft. at least 74 workers were killed when a power plant collapsed in eastern china. part of a tower crumbled. all but three of the people working on the plant died. two were injured. is missing.on china suffered several fatal recently, accidents blamed on corruption and pressure to boost production,

the indian rupee hits a record low as e.m.ncies drop to lows last seen in the wake of the financial crisis. we break down the mornings market moves. ♪ francine: this is "bloomberg surveillance." in 10 days, italians vote in a crucial constitutional referendum. at stake are not just the reforms on the ballot paper, which include slashing the number of senators, but also the future of prime minister renzi, who threatened to quit if the measures don't pass. we have the former ceo of ferragamo. simon french is still with us. always a pleasure to have you on the studio. you are italian. you follow italian politics. that we gocerned back to political turmoil? michele: the point is the referendum is a very unsophisticated instrument for a constitutional reform, which is itself quite complicated. you are modifying a number of articles in different parts. for voters, it becomes quite difficult to understand the mechanism and to enter into the context of reforms. pro or vote tends to be con the government because of the past two years.

needs to take action to deal with the declines in the ruby. -- rupee.nd also under pressure trying to fix for the first time since june 2008 after the dollar index rose to its highest

now i will have to take their 500 and 1000 rupee notes to the bank.s triggered a cash shortage. >> i been looking for an atm since 11:00 p.m. i could only now find one and it is almost 4:00 in the morning. >> i'm distressed, i have not eaten anything. i hope i can get cash somehow. reporter: the indian government increase the limit from cash withdrawals from bank accounts. what of thousands of atms are out of operation since they need to be reconfigured for the new series of 2000 rupee banknotes with new security features. ended the chaos, india's prime minister -- amid the chaos, the prime minister says he will do all in his power to make sure citizens to not suffer. they say they are working on a solution. >> it was decided that a number of micro-atms will be deployed and they will dispense cash against credit and debit cards. reporter: when he came to power in 2014, the prime minister promised to bring billions of dollars in unaccounted for cash back into the mainstream financial system. the size of india's black economy is estimated to be around 2

some banks ran out of the new 2,000 rupee bills, and half of india's 200,000 a.t.m. machines have not yet been reconfigured to dispense them. the government said it will take two to three weeks to reconfigure the a.t.m.s. for the third weekend in a row, protesters in south korea have filled the streets of seoul to demand the resignation of president park geun-hye. tonight's candlelight protest was the largest yet with organizers claiming a million people; police estimated the crowd to be a quarter that size. president park has apologized for seeking the advice of a longtime friend who stands accused of fraud and abuse of power for allegedly using her connections with park to pressure corporations to donate money to her foundations. so far, there's been no move in south korea's parliament to impeach park. >> stewart: donald trump has signaled that high on his domestic agenda is attending to the nation's infrastructure, which he addressed in his election night victory speech. >> we are going to fix our inner cities and rebuild our highways, bridges, tunnels, airports,

like jackie rupe, who showed her gratitude for deputy miles by organizing a car wash...raising nearly 400-hundred dollars for deputy miles. 0094q5.mxf 01:23:28;10 thank you for giving to us all these years now it's time for us to give back to you.deputy miles never imagined her career would end like this.. or that cancer would leave her so tired and weak.. but knowing that the community has her back is giving her the strength she several rounds of treatment and surgery since she was first diagnosed in 2013... she still has a long way to go in her recovery.. she hopes to get back to work one day soon. ahead this hour: an update on the st. pete pier. when construction is expected to finally get underway... but first, where a car has driven into a bar. he'll bring us the new this morning: the search for a person involved in a bad accident that sent a car the bad monkey nightclub. that's where we find fox13's "ken suarez". ken, what do we know? senior sgt. christopher ugles no closed captioning is it's 5:xx... taking a look at some of today's top stories. parts of i-75 are back open after

the 500,000 rupee notes which is more than 80% of the nation's currency. us find out what is going on here and what is going to happen next. drive --e monetization de-monetization the strategy scuttled the growth story? that me put that in context, the eighth of november, the prime minister announced a withdraw of 500,000 rupee notes. the goal was to squeeze out fake currency and black money of unaccounted wealth from the system. execution was flawed. you have seen people standing in ueues. small traders and businessmen have been hurt the most. a large part of the population that does not have access to the banking system have been reliant on the cash economy and have been highly hit as well. no one knows the economic impact of this on india's gdp in the long run which is why you are seeing analysts cut back on their forecast for the financial year. is large method out there one of uncertainty that has crept into the story. guy: what our markets saying about the growth? how our markets dealing with all of this? -- are markets dealing with all of this? >> y

that is the indian rupee that i have on the screen. we do have a turkish central bank decision coming up later on. remember the pressure from the president has been for rates to go lower. but given the volatility we have seen in the currency we may need to see them going higher. coming up on the show, data dependent in december. the fed looks likely to raise rates. the economy grows strength. take a look at yesterday's durable numbers. european bank climb but so does credit risk area find out why one analyst thinks financials look cheap. -- we will be back with that story. all of that and more. this is bloomberg. ♪ matt: welcome back to the european open. in frankfurt today along side guy johnson in london, let's take a quick look at currencies. it is the market story to focus on this morning with the dollar at a 10 year high. it is interesting to see other currencies hitting lows we have not seen in some time. a euro falling to a low we have not seen since april of 2015. after the record consecutive days of drops that we saw finishing

20,000 rupee notes.re is a temporary cash reserve ratio to absorb some unused cash. it lets take a look at what is in store for stocks in the easte east with the middle market reporter felipe. deal looks unlikely. what should we be seeing in the region today and the rest of the week? going to beis is interesting. we have the dow increasing over 4% last week, and that was expectingpeople were we would see a deal in vienna this week. the markets are closed on friday and that is when we saw a big slump in oil prices. there is going to be a reaction. basically they are a racing many of the gains we saw last week. part of this could happen today, maybe tomorrow there will be a continuation and we have to remember that saudi is a market basically driven by retail investors. every piece of that news tends to disseminate pessimism among investors. desley: we saw interesting moves in the stock markets through the dsm and i would be markets. we have: sure, recently seen many names in the markets that are not respo

the indonesian rupiah , allhe indian rupee falling as well. the weakness in japanese yen, down .4%.dollar arge and the barometer we are likely to see the fed increase rates in december, so that is weighing into these emerging markets and the bond space as well. let's look at the movers, the other big for we have seen in terms of dollar strength is gold, and gold has plunged to significantly, the lowest level since february. these are some of the australian gold players coming under pressure today. all off by over 2%. if you look at the japanese movers affected by the weaker yen, exporters as you would takata has risen the most since may on speculation that we could see a bidder for the company. mitsubishi motors doing well on this yen story, so some strength from the carmakers. casio computer also a standout today. rishaad: thank you. cpin's inflation rate, the index has extended its longest losing streak in five years, the key gauge brought -- dropping by .4% in october. to tokyo, what is the broad take away from this data? can we say anything about the trend? >> yes, there was ano

thank you.it she's unbelievable this is one of those rupees un that you thiu it just takes you to a whole other world.'sevi very good. first let's check out a few when she from and then do you they come in and how long to being out of the story. a while howng to computer flavo. this is on believable. six pennies scoops that this iss $8. is this is something i would do so many great things how do you do that. we take flowers and we mix them together.d you ever nervous when that you flavor that people won't like it.lav i've made a couple flavors that i like your pets l welcome back to new day cleveland why not add a little black friday deal. y black friday is so exciting it's really specialal something special. what a deal. what we love about thisbs is magnetic for anything else like that it's a great collection from italy. i we're going to offer the newth product. this has some means that they you have to go on the store and say that you saw them on new day and they will give you thatyou i think it when second when 50 percent off that's a great deal.whehen have so many opportunities for yo

with new versions. 1000 rupees is about $15. tax evaders. sean: "doctor strange" continues to rule the box office. the latest marvel superhero flick took in about $43 million over the weekend to take the top spot for a second week in a row. and leading a busy weekend at the movies, strange was able to hold off the animated movie "trolls," which was a strong second. toyota will pay up to $3.4 billion to settle a class action lawsuit brought by owners of their vehicles didn't have enough rust protection. the settlement covers 1.5 million vehicles dating as far back as 2005. erin: dozens of people carved up the snow at bretton woods yesterday to help fight hunger in new hampshire. the resort offered free lift tickets to skiers and boarders who brought a non-perishable food item to donate. the campaign was called say goodnight to hunger and judging by this picture, it was a great success. bretton woods hopes to open for the season closer to thanksgiving. a ribbon cutting ceremony is planned for today to celebrate a huge expansion at the jackson

. -- rupee. the you and also under pressure trying to fix for the first time since june 2008 after the dollar index rose to its highest in 13 years. a bloomberg gauge of dollar strength rose to an all-time high. the widening spread the trade offshore and onshore shows that rising debt liquidity on the depreciation good. widespread rages on a weight height -- a rate hike next month. fed missed before the u.s. and selection, but uncertainty over donald trump's policies have not tightened expectations of a hike in september. -- in december. this is bloomberg. a quick look at the markets heard we do have a mixed picture here in asia. ♪ >> i am emily chang and this is bloomberg technology. seven years after getting kicked out of china, facebook reportedly has a way to get back in. we will dig into the social networks plan to reach his largest untapped market. after a bitter election, and americans are ready for some retail with black friday kicking off in two days. you will find out the top holiday tr

they are moveing to get rid of large denomination rupees. the prime minister says the change is meant to stop construction. >>> many people patrick from spongebob squarepants. they thought he would be good for the star. it sits in the center of a russian city. locals are divided. police are still looking for the rogue artist. >> putin has to lighten up. [ laughter ] >> not patrick. [ laughter ] >>> pretty good stuff. so, we probably won't be up at 2:00 or 3:00 in the morning. is that when the big chill colder temperatures. let's go outside, take a look. no weather problems here. because we still have clear to partly cloudy skies over the city. tomorrow morning i think kind of a colder air. i don't think we see the moisture until the day goes on. we are much warmer than we were yesterday at this time. all this heat is gone off to the east. but look at the darker blue. colder temperatures. yes, they are all headed our way. we have a little moisture showing up in the mountains. stil here is a big glob of moisture coming our way. certainly cold

the indian rupee has hit a record low. same with the vietnamese dong.ise rates. we saw the italian lira bouts, back to that low. on investments, alex joins us this thanksgiving. things are pretty quiet this morning london time. then we got the surprise move. it has proved to be short-lived. markets still in a low phase. alex: they were rallying hard, helped by commodities and better growth. now, it has started to drop back a bit. investors are starting to question what trump will actually do and the impact it will have on trade and foreign policy. we were talking earlier we need to start distinguishing. we need to start distinguishing, but it does not look as if it is going to be getting better. alex: it is not one homogenous blob. you look at southeast asia. trumps protectionist measures, looking to reverse globalization, that will be felt sharpest in southeast asia. we saw a bit of a reaction on the turkish bond markets. risk, highedium risk. alex: turkey is one aspect. you see investors turning away from an area they were looking to get into. third,

. >> india's rupee hit a record low as investors expect donald trump's economic policies to push up inflationnd interest rates. that has led to a huge selloff in indian assets which has sent the currency tumbling. gold is the classic safe haven asset will buy in times of uncertainty. between brexit and the u.s. elections gold prices have been rising much of this year. following an initial spike, the price has dropped by almost 10%. it's at its lowest level since february of this year. genie: how are the stock markets doing today? >> we saw a record highs on wednesday on the dow and the s&p 500. donald trump having a positive effect on share markets here in europe. europe, a bit more of a flat picture. red tos ftse 100 in the about .3%. lufthansa have extended their error -- strike into friday. flights have been canceled over the walkout which began on tuesday evening. expected onlyn is to affect short-haul flights. the chinese travel company has bought sky scanner. it's the biggest player in the chinese market while sky scanner is the leader in europe. it's the latest in a string of global ac

the 1500 rupee note amounted 86% of the country's currency.was designed to end corruption, but they say it has caused chaos, with long lines at banks and widespread hardship. the british prime minister, theresa may, and her polish counterpart, holding talks in london. they laid wreath -- laid wreaths at the british -- at the polish war memorial. they discussed the strengthening of business ties ahead of the u.k. departure from the european union. yesterday was the first sunday of advent in the christian calendar. the countdown to the festival of christmas, when christians celebrate the birth of june -- the birth of jesus. in germany that means that christmas markets of opened all over the country, like the famous one in nuremberg. take a look. >> ladies and gentlemen, children, this is the square to which our ancestors came. you can see the market as it is laid. whoever comes, let them be welcome. >> every year, thousands of people gather for this moment. mess the traditional openinof the christmas marke in nuremberg. nuremberg gingerbread, gr

lines continue to grow outside banks and atms outside india week after the government pulled 5000 rupee notes out of circulation. many were not able to exchange the note for valid currency. many indians have complained they are not able to get enough money because of restrictions or shortages. lock couldnce, a new be set to change the pay packets of bosses at some of the country's biggest companies. the average pay of the chief executives of a firm listed on the index rose by 18% last year to 5 million euros. executive pay has been a major matter of public debate. the government wants investors to have more control. the looming executive pay has been causing frictions in france. in 2015 the bosses of the country's biggest publicly 18%ed companies took home more money than the previous year. and third place, carlos gomes took home 50.5 million. at the top -- and with almost 17 million euros. even in companies where profits fell, pay packets increased. his earnings jumped by almost 90%. some analysts say this is regular practice. gooden the results are not the ceos say it is not their fau

high-value banknotes. .any atm have run out of cash the government decided to withdrawal all 500 and 1000 rupee in an attempt to and illegalvasion activity. residents are suffering from malnutrition and last week, the only remaining hospital was closed, leading some to consider suicide. >> this is the slow death of peoplea, a town and its breaking under a year and a half of siege. his kidneys are failing because he is malnourished and finding it difficult to walk. he is just six years old. few weekscuated a ago. his mother had to stay behind. for others, the torment isn't physical. omar is 15. earlier this year, he tried to end his life. we spoke to him on skype. >> there is nothing left for me here, and i thought the easiest thing to do was kill myself. i tried to throw myself from a building, but it wasn't high enough. >> omar's father is in jail. his mother left a year ago. she left him behind with his older sister to avoid him being recruited to government forces. he hasn't seen his mom in over a year. >> we have nothing to eat, no rice, no chocolate, nothing. we are being strangled here. i

reporter: 85% of the cash in the indian economy is in 500 or 1,000 rupee notes. both of which are now worthless. canceling the currency is next ordinary move in -- is a next ordinary move in the world's seventh-largest economy to have . the cues are to change the old money for new notes issued for the first time today. the idea is to force people to bring out in cash, which they haven't paid tax on or got through corruption could just 1% of indians pay income tax. the prime minister wants to change that. >> he wants to bring a lot of money,-paid, corrupt out of the banking system come into the banking system. reporter: the movie is popular with most indians despite the long waits. >> this is a good thing, but changes come with some pain. it canncurrent current-- curb corruption, bring back black money. reporter: what do you think? >> it is a good idea. >>reporter: what banks have been running out of money and if the government cannot get new cash into the system soon, there could be trouble. it was a sight many thought we would never see. after the bitterness of

now you have individuals -- >> a thousand rupee note. would that be $100 bill effectively? >> basically. sorry 500 rupee note is about $12. >> so my currency conversion is not well on in the ruppy to doll -- >> so 25 bucks. that's high denomination. >> for them it is. >> if we scale it up, the u.s. government, i would assume pulled 100s out of circulation. >> exactly. >> the equivalent. >> that's why there is such a large response. >> black money usually in the hundreds. >> that's the goal. take out the big notes, corruption will come down, still have to see. >> i asked for change for a thousand the other day. you pulled out 10 hundreds. >> you bet. >> only one sided, though, very odd. >> full story on cnbc. it is the number one story at this moment online. >>> on deck, some opportunity just for you. the big wall street calls you need to hear about it. called street talk. we're doing it. first, rick santelli at the cme for the bond report. >> you want to pay attention today. it isn't just because of r 10s. today would be the 9 session between 230 and 236. we'll get down to

window onpened up a gdp that has helped the rupee and has started to accelerate spending on infrastructurerojects. a lot of clients ask me what can go wrong with india. back to $60, go oil, that would be a. -- that would be it. what more can they do in terms of the structural reforms they should be pushing through? >> this is where you have to give the administration credit. say, this is potentially another game changer for the indian economy, turning india into a single market, driving huge efficiency gains, so structural reforms have been important. this surprise attack on the black econom, you have to tip yt to the administration. they are really taking some tough choices which should serve india well over the medium term. which was the real single market, the black economy. some are calling it note gate. what does that actually do? it is good for banking, but probably has the ire of a lot of people. economylarge cash-based , 50% of the people don't have a bank account, this is hugely disruptive in the short-term and is causing a gift in popularity for the administration. dip in popular

and i went to the jail, and you drop a few rupees in a few outstretched hands, which is the asian way. >> yeah, you bring that up constantly throughout the book. >> i was watching them to see-- >> yeah, but no matter what country this takes place, whether it's in the hong kong or thailand or vietnam. >> that's a wonderful word, backshish. >> yeah, you say you dropped a few rupees and almost anything you can get done over there. >> i think that's a worldwide language. the prison and into a courtyard, and here in a very dusty indian courtyard in the middle of a jail. you can't imagine the hell of an indian jail, but try to. here was 40 or 50 police carrying rifles and bayonets, and in the middle was this little man. and the waves parted and i walked up to him, and he struggled to stand up because he was chained at the arms and legs, but he was wearing a pierre cardin suit and and tinted glasses, and there was a little sparkle in his smile, and i learned later it was not due to any good humor because he's a wretched man. but he has at any given moment 70 or 80 carats of sapphires and rub

there's also spillover effect on .o emerging-market currencies we've seen the indian rupee at a record low today and is pressures can create instability for emerging-market policies. the fed cannot ignore this. it's not just through the trade channel that a stronger dollar works but as the bank of international settlement pointed out and i have pointed out for my own research, it went through the financial channels to the dollar is the global funding currency of choice and we see that in the cross currency basis. out and thereing are funding and liquidity pressures in the system and we german banks, to year bond yields going down because they are used as collateral. there are things going on here that dollar strength is creating and it's going to become a big problem. mark: what does it mean for fed policy? december is 100%. 2017, given what you have said, what does it mean for fed policy? it is interesting because there are echoes of this time last year when the markets are saying this divergent policy theme, we know at the moment u.s. german spreads are wider since the late 80's. thi

more than $7 billion in cash deposits, customers queued for hours to exchange the bad 500 and 1000 rupees. modify --worked to the work to modify the mpm's the new notes -- for the new notes will take at least five weeks. tracy: coming up, more from ed bell, next. this is bloomberg. ♪ manus: welcome back. you are watching bloomberg markets middle east. i manus cranny -- i am manus cranny. alloway.m tracy peso isexican experiencing a lot of volatility , as other emerging market asset prices as well as. well -- willtainty diminish. i expect visit volatility will be reduced. -- this volatility will be reduced. and with trump trump presidency hot on the heels of brexit boats, we have a professor at harvard university and says there could be mutual benefits. >> christmas came early for theresa may this week. up until this point, it looked as though breaks it was going to be the longest and most expensive divorce in history -- brexit was going to be the longest and most excessive divorce in history. then donald trump announces that he loves the u.k. who knows? by monday, we may hear of a north

we're going through the list, there is the yuan, the rupee, and the japanese yen. as you can see, on a day when the dollar is consolidating, the revenue is continuing to fall. 688.e now looking at this bit right here. they started to come out with revisions off the chinese currency to well above 6.8 against the u.s. dollar this year. that is continuing to adjust. -- party continues on the top three performing commodities today, all on the chinese commodities. not going to get into details there, but the party continues. before i go, very quickly, yes, we are seeing a rebound across most bonds, with the exception of what we are seeing in japan, where bonds continue to fall. we see yields up for basis point. when you look at the 10 year, we are just above zero. , the bigout, the boj question they are asking, is that a floor or a midpoint? know, but boj to donald trump, thank you for that. you did something we could not do for so long. we will leave it there. angie: of course, a could be all about oil, as well. it is notable on the hang seng index we see stocks rise f

the 500 rupee note is widely used in india. compare that to the $100 u.s.l, rarely used by even the richest americans. that.d: thank you for you're going to have a thick look at the trading day across the asian pacific. into itst getting lunch breaks, giving up some of its early gains. it has been on an absolute tear, a formal bear market. up, a look at jakarta's say or -- shares. they have shortlisted to bias for the company. ♪ seeing is believing, and that's why we're opening more xfinity stores closer to you. visit us today and learn how to get the most out of all your services, like xfinity x1. we'll put the power in your hands, so you can see how x1 is changing the way you experience tv with features like voice remote, making it easier and more fun than ever. there's more in store than you imagine. visit an xfinity store today and see for yourself. xfinity, the future of awesome. donald trump has outlined his policy priorities, including dumping the transpacific trade partnership during his first day in office. spoken to more potential cabinet members,

it's putting more pressure on the rupee. rishaad: malaysia, central-bank sticking to that rate. they are concerned about the currency, forcing them into a straitjacket here. rosalind: according to bloomberg intelligence, the figures they have, they suggest the outlook for inflation and the economy suggests more easing. there is definitely a case for that in malaysia, but the has kept its benchmark rate of 2% in support of the ringgit. the ringgit is hovering near 18 year lows. it has fallen more than 5% against the dollar since donald trump won the u.s. election. bank on november 18 said it was not supporting the ringgit, some not surprising that it is caring on. is imf warning the ringgit one of the most vulnerable emerging market currencies due to fx weakness. it has foreign reserves lower than the imf recommends. you aboutet's tell what has been going on with the federal reserve. the minutes show policy makers are ready to raise rates in november, reinforcing the view that economists and traders think it is a done deal. kathleen hays joins us for more. tell us, i think it is

they reeve 3.3 millimeters of rain in november and they quad ruped that in a short period of time. show you the satellite imagery out of the area. the total 75 millimeters of rain. look at the totals that made their way across the country. just on saturday alone, 35.3 millimeters of rainfall. that was in a 24-hour period. that's nearly 50% of the yearly average for the country at doha international airport. a new airport replaced it. they still have reporting stations there. 23.3 millimeters of rain. there's still more rain on the way. flooding still a potential. qatar meteorological agency warning to look out for flooded roadways. swift water rescues have taken place. no fatalities or injuries. but an anomaly to see this amount of rain across this part of the world. you can see part of the country being blanketed by another 5 to 10 millimeters of rainfall in the next 24 hours. a wet sunday and early parts of monday as well. taking to the pacific northwest where they have seen a significant amount of rain, we have to do a comparison here. we know that the north american, the wester

sources tell bloomberg the move could help the rupee. the r.b.i.e exchange of notes will continue at r.b.i. counters, but not at other banks. global news 24 hour was a day powered by more than 2600 journalists and analysts. this is bloomberg. let's check on the markets in asia. we had a swing when it comes to japanese equities. juliette: we have seen a little weakness coming through in the nikkei and the topix. this is a market in bull market territory and also has been higher for the past 11 sessions prior to today's trade. you are seeing a little bit of weakness. in shanghai, the shanghai composite just coming off a little, down 0.1%. most asian markets tracking higher. the regional index is up. it is on track for a weekly gain. higher by 0.4%. a strong finish in new zealand as well. seeing hong kong, we are gains in the late session. still seeing those insurers push the hang seng session higher. having a quick look at currencies, seeing the yen pull back a little after a weakening in the morning session. that is the state of play across markets

this experiment with changing the rupee note is an exercise where in the short-term the best case ismporary but sharp contraction in the economy. it is coming at a time when india doesn't need this. nejra: we are going to get a rate cut on december 7? tom: that is not a short, although inflation has been falling for other reasons. at some point, and meeting or the one after that. -- next meeting or the one after that. various issues, logistic and other issues, remedy monetization process does raise short risks. clarke, great to have you on the program. vonnie: let's take you to the "first word" news. >> president-elect donald trump resumes his auditions for secretary of state today. had dinner inmp new york with former republican presidential candidate mitt romney romney was harshly critical of trump during the campaign but now he is full of praise. did something i was on his successful in pg one the general election. -- he won the general election. and he as a message of bringing people together and this has connected with the american people in a powerful way. the last few weeks sh

in my view, the indonesian will bend indian rupee more insulated.e over 2017, iy, but expect those two high-yielding currencies to weather the storm better given that fundamentals have improved in the last three an singaporeanon dollar are the two that will have further to run. have been talking about how inflation expectations in the u.s. have distorted global markets. it has given summer's fight for yen-dollar, but do you think as more certainty comes to light about the transition, donald trump's prophecies, we will see a reversal and the yen come under pressure again? >> i think what we will be a continual reversal of the carry trade that has benefited asian currencies over the last few years. seen a tremendous amount of capital inflows heading into asia. a lot of that is going to start to unwind. those countries that have benefited the most from large capital inflows will be the most susceptible when the unwinding starts to occur. this is where we continue to be bearish on korea. for the yen, a slightly different case. we will have u.s. dollar a

reserves lenders have accumulated $75 billion after prime minister narendra modi band 500 and 1000 rupee. with a temporary cash reserve ratio to absorb some of that money. next, reports saying the tabcorp tatts could be gatecrashed by a leading rival. this is bloomberg. ♪ tabcorp on the up in sydney, word that a competitor might try to gatecrashed the deal with tatts. what would this mean for tabcorp 's plans? >> it might mean time for a new plan. it was going pretty well when tabcorp bought a 10% stake in tatts to head off other interest. tabcorp was to create a pan-austrian bedding agency with the merger. we have this report from the u.k. daily mail that led br adbrokes is preparing an offer. the market responding pretty well. tabcorp shares were up strongly, now up 2%. tatts up about 1% as well. analyst with views on this, for example, citibank saying this bid could appease any concerns held by regulators over having them tie up. bedoes warn that this could an "difficult bite due to the size of tabcorp." rishaad: thank you. some other stories making headlines, phillips taking on ge an

reserves at the central bank as a result of what's been happening with the banning of the 500 and 1,000 rupee notes, creating a huge surge of liquidity there in india. so, that's a snapshot of this monday afternoon. louisa, back to you. >> pauline, have great rest of your day. we're just getting started here on this end, so you're a bit ahead of us. we'll talk soon once again. >>> standard charter reportedly set to cut 10% of its corporate and institutional banking unit, according to reuters sources. it's understood the job cuts may come this week as part of a wider cost reduction drive. shares off 1.5% in today's mostly negative markets. >>> aberdeen asset management's full-year profits have fallen by around 30% to 353 million pounds amid a continuing shift to passive investing. aberdeen reported annual net equity outflows of 13.6 billion pounds for 2016. that's a less steep decline than it reported in the prior year. speaking to cnbc earlier this morning, the ceo of the scottish asset management firm said that the outlook for emerging markets is improving, despite donald trump's election vi

here ande blocked burned in effigy in protest of his movement to withdraw 1500 rupee bills, which has caused great inconvenience to the poor, farmers, those who have wedding find up. if they do not roll back their decision, we will continue our education. amy: in columbus, ohio, university police officer shot and killed a student on the campus of ohio state university, after the student drove a car into a group of people and then began attacking them with a knife. 11 people were injured in the attack, one critically. police identified the student as abdul artan, a legal permanent resident of the united states who was originally born in somalia. police say they do not know the motive of the attack, which is being investigated by the fbi. on monday, the university's emergency management agency tweeted -- "buckeye alert: active shooter on campus." although, in fact, the only shots fired were by the university police officer shooting and killing artan. and former u.s. president jimmy carter is calling on president obama to join 137 other nations in granting palestine diplomatic recognitio

lows on the indian rupee and the turkish lira. halting a five-month rally in its tracks.w of standard advisory in london is still with us on set. we talked about the strong dollar. let's talk about the upside and it comes to emerging markets and weakness in em currencies. we have the, overall index of msci emerging market currencies, coming down very obviously since the u.s. election. it points to some of the commodities going higher. that is interesting. we need to start to pick apart the emerging markets, don't we? those that are going to do well if commodity prices go higher, and those that do not. those that are reliant on global trade, those that are less so. it is a complex picture. steve: it is. firstly, we would look at the economies that are most dollarized, that use dollars in their economies. we saw turkey yesterday. it is quite a dollarized economy. it is a problem for those countries. with u.s. interest rates rising, with the dollar rising, a lot of those companies in those countries have borrowed quite heavily in dollars, and they will probably want to shed

today's figures will not impact the impact of the prime minister's decision to 1500 rupee banknotes fromlation. yousef: that is more than egypt. has a coupled in you is fast-paced -- has its coupled india's fast-paced growth story? >> let me explain. on the eighth of november, the prime minister announced control of the currency. the intent was to squeeze out to fake currency in the system in what is called black money. the intent was right but the execution has been flawed. you are seeing a massive cash crunch. because running dry they have not been filled up with new notes. the impact has been cash crunch. more businesses -- no one knows the economic impact of this move on the broader economy and how the economy near bounce back in the term. some estimates say gdp could be dragged down 0.5% which is why analysts are dragging down there estimate. 4%.ow as seven point watch out for the october/december number. the story is how you have the attention of the economy has shifted away from jobs and growth to this disruptive event that has brought a limit of uncertainty. anna: thank you very

take a look at the rupee, trading has not started, but indian trading fell to lows.e peso, the malaysian ringgit, and the chinese yuan falling to a record again in the offshore space last year. -- last week. trading will get underway soon. betty: what energy materials, we continue to watch commodities and metal, that is a big deal. haidi: we are not preoccupied by with oilwith oil prices. we are also watching gold. that is actually the one week future we are looking at. today we are up 0.1%. we know this has been coming down on pressure metals, the dollar story, the yuan, and defense. a lot of that is going to inform where the gold price goes from here. it has been badly beaten down with this trump trade rally. take a look at the mood in terms of australia. gold miners are watching closely. gold production output in australia rose 3% year on year. a lot of producers taking advantage of the fact the aussie dollar denominated prices are looking better. here is a real pickup, evolution surging 1%. outperforming the broader australian market, down 0.3% at the moment. whe

the indian rupee, we are watching what is happening with the turkish lira right now as well.ig moves in those currencies. brexit felt different. u.k.rned around to being a story and focused into what is happening in london. this feels more global, as if it will be represented around the world in a very different way. looking atre wisconsin, pennsylvania, and michigan. they could be hugely determinative. bloomberg's special election night on bloomberg radio and bloomberg television. ♪ david: this is bloomberg politics, and election night special. i am with megan murphy and guy johnson. the latest update on our electoral map here, a map that has stayed pretty static for the last hour plus. >> i want to run through one scenario. the rates in pennsylvania seem to be getting tighter and tighter and that state has 20 electoral votes. 244. is at all he would need then is to win votes in11 electoral arizona. that is leaning donald trump. he is ahead by four percentage points, at least in the votes that have come in, and pennsylvania, those 20 are a big deal for donald trump and his p

confusion as banks and atms remained closed after the government removed from circulation 501,000 rupeevernight. it's an attempt to halt money laundering in a country where many still rely mainly on cash. >>> the faa has released a temporary flight restriction in new york city. it applies to all aircraft below 2099 feet. the area is centered below trump tower. the ban is in effect until january 21st of 2017, right after inauguration day. >>> that is the news update this hour. kelly, i'll send it back to you. >> all right, sue. thank you. >>> up next, real estate tycoon and long-time friend of president-elect donald trump. richard lefrak joins us live to weigh in on how the real estate sector will be impacted by trump's policies. >>> and vladimir putin also sending trump a telegram last night saying he hopes they can work on u.s.-russia relations. the future of america's relationship with russia, coming up. the greatest population shift in human history is happening before our eyes. sixty to seventy million people are moving to cities every year. at pgim we help investors see the implica