shery: i'm shery ahn. our stock of the hour is walmart.sing after an analyst upgrade at rbc. emma chandra is here. this is helping the stock of .8%. >> it's interesting because there is now only one cell on walmart. all the other analysts recommendations are either hold or by. it tonalyst raised underperform and many of the changes we have seen over the past few months and years including investments in acquisitions and in e-commerce and putting in a very good position longer-term. he said investors are increasingly viewing it as a consumer staple company and as a true competitor to amazon. if you take a look at my shows howhis kind of the retailing sector has been doing against the s&p. the top is amazon and walmart is not too far behind considering the rest of the retail sector is much further down the way. david: this is quite a turnaround for walmart. it was only three years ago they said there were going to invest in online and they got hammered by investors. have they earned this? >> they absolutely have. that was evidenced by their

shery: go ahead.t whathard to point people will see these allegations and say, you know what, something's fishy here. i am starting to believe these women. david: thank you so much. but as i reached john. coming up have, president trump is in the philippines and finding common ground with their president. live from new york, this is bloomberg. ♪ ♪ david: this is "bloomberg markets: balance of power." i'm david westin. shery: i'm shery ahn. president trump is wrapping up his historic asia trip with a stop in manila. in his first face to face meeting with the philippines president. trump found a common ground with him over a similar dislike of his predecessor, barack obama. while managing to avoid any discussion of human rights. your with more is white house -- tulu fromou washington. president trump talking about resolving territorial disputes in the south china sea. china has been more aggressive its territorial claims giving how much the u.s. has retreated drawing fromth a the tpp under president tru

shery: i am shery ahn and this is "bloomberg markets."'s get a quick check of the major averages. we are seeing gains in u.s. stocks only after the worst week in months. this is a shorter thanksgiving week. also on holiday so investors are little uncertain about the directions for the market right now. 1% and is up for 10 to s&p 500 being led by telecom and consumer stocks. the nasdaq remains unchanged. vonnie: let's get to the first word news this afternoon. here's mark crumpton. mark: as we have been reporting, president trump today designated north korea as a state sponsor of terror. the move will impose further penalties on the country and that tomorrow the treasury department will impose additional sanctions on condones regime. -- kim jong-un's regime. >> the north korea regime must be lawful. they must end its unlawful nuclear ballistic missile development and sees all support for international terrorism, which it is not doing. mr. trump the move is what he called the u.s.'s maximum pressure campaign against pyongyang. iran,korea wo

shery: thank you. now the taxes.dent trump's plan for a $1.4 trillion tax cut will be put to the test next week. senate republicans plan of floor vote on the bill as soon as thursday. passing tax reform would be a much needed win for the administration is still missing a signature piece of legislation in its first year. it is expected to be a dramatic moment of will come after a debate that could go all night. joining us to discuss his lower davidson, bloomberg's congressional tax reporter. bloomberg's congressional tax reporter. let's talk about the vote. . laura: there are three thing still wrong with the bill. susan collins is expressing concerns that it is something that can take up to get the bill through. another is small business taxes, pass-through taxes. ron johnson is concerned about that. the problem is both these things require revenue, money. this could be to the tune of several hundred billion dollars. maybe that means they have to raise the corporate tax rate a percentage point of the 21% or 22%. ga.pl

shery: the pressure is on. senate republicans hustle for the votes to get the tax bill approved ahead of vote-a-rama. senator john mccain is the latest the come out in support of the bill. part of ourt exclusive interview with lloyd blankfein, goldman sachs chairman and ceo, and bloomberg founder and majority owner -- president trump for re-tweeting of far right political figure in britain. will this distract theresa may from delegate brexit negotiations? david: the markets are really moving. let's get a check on exactly where they stand. abigail: we are in full round mode. even the dow transports, big gains. the dow is up 1.5%, up for its best day since march. on pace for the best day of the year. record highs for the dow and s&p 500. 1% -- up tenths of .8%. the dow is on pace for the best week since 2011, so investors seem to have confidence that tax reform may happen. they may be encouraged by opec reaching a deal to extend the supply cuts. we take a look at the s&p 500 in the bloomberg, it is having its bes

shery: hold on one moment. we have kevin cirilli there on the hill with a congressman, congressman cole of oklahoma. kevin: we are here with the congressman. what did you and the president and the caucus talk about? it was the president speaking to the caucus. pretty exciting. it is a historic day for us, people have been working very hard to get here. we have not accomplished something like this since 1986. the president spoke about how important it was to get this done and what it would mean for the country, the opportunity in front of us. and a lot of things that could come after. kevin: did he take a position on the individual mandate. >> he did not. he made it apparent he thinks both packages are good. he knows there is more negotiation to go and i think he will be heavily involved in that, but like a good negotiator he will not tell you anything up front. kevin: what about ron johnson, the republican, concerns about that? >> i think he has ligament points he makes -- i do not think there is anything there

shery: thank you.st learned the senate finance committee is planning a markup of the tax bill or monday at 3:00 p.m. one of the proposals drawing ire is eliminating the deduction for state and local property taxes. that change would disproportionately affect people living in high tax states such as connecticut, new jersey, new york and california. get a talk about the impact of losing the so-called salt deduction and the broader impact of the tax bill is republican congressman leonard lance from new jersey. your district would be very hardly hit. we are cheering from the house bill that they are reserving the property tax deduction up to $10,000. can you be supportive of this bill? where do you stand as the bill currently looks? i do not support it in its current form for the reasons you suggested. the average salt deduction in the district ever-present is $21,000. we are making progress but we are not there yet. the senate version of the bill completely eliminates salt. david: how much of this is real

shery: i'm shery ahn. the hour, the pharmaceutical company having a rough day. down over 30%. at one point it was down almost 40%. the lowest level since the company went public in 2013. emma chandra has more. i was telling david how scary it rate in the u.s. -- in japan you have a limit of 20%. here it just continues to fall. is a huge fall today. to add a further superlative to that see the company is the worst performer today on the russell 1000 index. it is really not a great day for the pharmaceutical company. it beat earnings per share but it missed on sales and declining revenue from its lead asset. that's got investors worried. this particular drug is a itding source of revenue and is used to treat infantile spasms, multiple sclerosis. the company has come under scrutiny this year because of the price. cost01 a file of this drug $40. it now cost $34,000. they paid a big fine earlier as part of a federal probe into drug pricing. now the company is saying prescriptions for this drug are not being filled due to pressure from insurers. david: they have also

i'm shery ahn. vonnie: i'm vonnie quinn.ineering and construction company are among the top performers for the s&p 500. its best day since november of last year. joining us to break down the numbers is abigail doolittle. abigail: they put up a very big quarter. he earnings by 11%. they have overcome some challenges. i spent some time on the phone with andy whitman. he has a neutral rating on the stock. it sounds as though this quarter is perhaps a turnaround of sorts. he said they are working down. they have been working down there guidance in the last few quarters. and his particular quarter they kept the guidance. execution charges have been abating. the awards for new work have gotten stronger, especially in the key mining segment. the stock is down in a big way this year, dad more than 10%. on pace for its worst year since 2015. perhaps this is truly an conception point for the company. whitman --nt -- andy valuation is a little high. the low $40 per share. he could probably be more constructive of the business turnaroun

shery: i'm shery ahn. this is "bloomberg markets."eeing stocks fluctuating a little bit, marginally higher for the dow jones, which is lost ground the past two days. the s&p 500 slightly higher. utilities, consumer staples leading the gains. energy and industrial leading the losses. the nasdaq also gaining. still around the lowest level since november. this week, we have u.s. growth numbers, inflation, a lot for investors to keep in mind. julie: not to mention taxes. now let's get to the first word news. review by the united nations agency monitoring iran's compliance with a treaty that restricts its nuclear activities has not identified any violations. last month, president trump refused to recertify that iran was in compliance with the agreement. he said iran had committed several earlier violations and was receiving disproportionate relief from international sanctions. the president is praising republican lawmakers for their efforts so far on tax reform but wants them to get more aggressive. in a tweet today, the president suggeste

shery: i'm shery ahn.o bloomberg markets: balance of power with a focus on the intersection of politics and the economy. the top stories we are watching. crunch time for republican tax writers today. the ways and means committee in its final day of hammering out legislation while the senate is revealing its own version. we will speak with a house freedom caucus member from arizona. donald trump is china is taking advantage of american workers and companies with unfair trade practices. he blames past u.s. leaders rather than china for allowing to widen.rade deficit an unexpected fight is exploding over cnn. we dig into why at&t isn't willing to see the network go into battles with the justice department over its acquisition of time warner. breakws

shery: thank you.cohn of the white house economic council says ceo's are most excited about the tax overhaul. how is corporate america reacting and how much is passage priced into the markets are ready? we are joined by shawn golhar at barclays capital. what are you cheering from your clients? shawn: a lot of them start off optimistic. as the year has gone on with the aca, the failure to repeal, they have reassessed the situation. in the last global macro survey over one third of the clients think there is a chance of getting tax reform done. david: it will affect people in different ways. are there particular elements people are focusing on? shawn: state and local deduction, mortgage interest, property taxes, but also the interested up the ability of debt is something of interest for the high-yield clients. our team put out a note where they talked through this. the application being this larger number of that's the difference of using the house signing on the senate side could lead to additional defa

shery: i am shery ahn.etflix has had a strong year with the stock price up more than 60% but the plans to stop net neutrality threaten the business? let's bring an analyst who joins us from san francisco. well this had any impact on the -- on netflix's ability to grow if it passes? >> probably not, their biggest cost items are content and marketing. you think about the broadband distribution costs the company faces, that is a single digit percentage of their costs. it is swamped by the amount of money they spend on content, which is about 40% of all their revenue goes to buying the content. original and licensed content and maybe an additional 20% goes to marketing. it is a small cost items. it could have been material five years ago, maybe, no more the case. i think this is an immaterial event for a name like netflix. it probably stymies the creation of new competitors. it does not impact amazon but if there were a new, new netflix, this could cause that kind of company to have a harder time scaling up. vo

shery: i'm shery ahn. at&t is gearing up for a battle with the u.s.tice department for blocking its acquisition of time warner. the trump appointed leadership is pressuring the company to of then to win approval deal. it's a provision that at&t ceo randall stephenson said he would not do and never proposed. isning us to discuss managing partner jonathan chaplin. could we be headed for a court battle and who wins? >> there's a real possibility we are headed for a court battle. the odds of this being litigated have gone up over the last 24 hours. it goes the full extent of litigation at&t has a really good chance of winning. case in this particular matter is really weak. they will be going into court arguing something that is for a republican doj to argue and the implications of blocking this vertical merger would have pretty broad based for vertical mergers in general. i think at&t knows that going into this process. more than being asked to divest cnn they have been asked to divest all of the turner assets. the likelihood of them excepting that is clo

shery: mark, thank you.eaders face a balancing act in the senate to get their tax plan to 50 votes. even if the legislation makes it through the congressional gauntlet, will they live up to promises of economic growth? our next guest is doubtful. we're joined by former deputy secretary of labor for president obama and currently a senior university miller center of public affairs. think we will see an initial boost to the economy from spending from businesses and individuals? mr. lu: it's not just me saying that. the 2001 tax cuts from bush or the tax cuts the state of kansas put through in 2012, it didn't live up to the claims of job growth or wage growth. respected economist have looked at this and the tax policy center have done you tell analyses. you're right, there's a long way to go in this process, right now it looks like a piece of going to harm a lot of low income and middle income people at the same time, raising the deficit significantly. and taking away health care from 13 million americans. david

shery: caroline harris, thank you.ing up, round of nafta negotiations kicking off in mexico city today, but without any of the assistance.p trade this is bloomberg. ♪ shery: welcome back. david: yesterday, we heard from wilbur ross that it would be "enormously complex" to get a new nafta deal done by march but it was "on a very short time fuse." the fifth round of talks will not include the trade ministers responsible for getting the job done. of this posturing coming with tough negotiation or are there deeper problems with the trade negotiations going on? we welcome our bloomberg nafta and mikeeric martin mckee. know about why the trade ministers are not showing up? : what we have been told is that they met this past week in vietnam on the sidelines of the aipac meeting. they felt another meeting this soon after would be unnecessary. the subtext here is that it appears the three sides are trying to lower some of the belligerence and political rhetoric and get back to what trade negotiations normally are, which are ver

shery: the pressure is on.publicans hustle for the votes to get the tax bill approved ahead of vote-a-rama. senator john mccain is the latest the come out in support of the bill. part of ourt exclusive interview with lloyd blankfein, goldman sachs chairman and ceo, and bloomberg founder and majority owner -- president trump for re-tweeting of far right political figure in britain. will this distract theresa may from delegate brexit negotiations? david: the markets are really moving. let's get a check on exactly where they stand. abigail: we are in full round

vonnie: teddy new york, -- shery: and from new york, i'm shery ahn. lot of moments of the s&p 500 or the dow, but still for the nasdaq any 2/10 of 1%. we have apple dow approaching what is it, $900 billion market cap? they are doing pretty well. the iphone x is unveiled now. the dow go unchanged at the moment. 23,500. investors showing a mixed reaction to the latest jobs report. we have the dollar and treasuries little unchanged after the data. we are saying a muddled picture on the strength of the american labor market, although the unemployment rate fell to 1.4%. the estimate was 4.2%. payrolls missing estimates, 261,000 instead of the estimate of 313,000. we are seeing a little bit of movement, but not much. the nasdaq is up .2%. mark, you are following the european markets there. mark: similar kind of day. we have moved roughly a quarter of 1%. 1% for the 10th of stoxx 600. on track for the second weekly gain. the company that stands out is --vestis. biggest decline since 2012. republicans working on that tax overhaul bill. to alix steelo and jon

shery: i am shery ahn.could be going shopping, said to expand into healthier heinigth an expansion of -- hain celestial. ed hammond has the details. ed: they have some assets and businesses but also some not good businesses. issue with the second thing, if they try and do that as well hain be interested because you will not sell off your crown jewels and be left with a less good company. you could see a strategic company team up with a priority company to take over the whole of the business. vonnie: where has private equity been? activist whoan owns just about 10 percent of the stock who has been pushing for sale of the company. , it isrivate equity still fairly expensive, even though we look at hain, trade at a high multiple. it is a slightly lower quality business, so it would be expensive to buy the whole company. vonnie: there are brands here like avalon organics and earth best, but the garden of the? shery: i have to confess, i have not even tried them. i know they are supposed to be healthier. fits ri

shery: thank you.oming up, jpmorgan chairman and ceo jamie dimon is set to take the stage at the economic club of chicago. we will bring you his comments when he begins. this is bloomberg. ♪ kevin: this is bloomberg markets: balance of power. shery: let's check in on the bloomberg first word news. >> north korea today said president trump's decision to relist it as a state sponsor of terrorism amounts to serious provocation. the regime's official news -- news agency says the designation justifies the country's continued development of nuclear weapons in order to protect itself from american hostility. -- assessas declared to be ethnic cleansing. secretary of state you -- secretary of state rex tillerson says they will work united nations in myanmar. vigilantes have been accused of attacking villages. more than six -- more than 600,000 have fled. a second federal judge has stopped president trump's proposed ban of trans-genders in the military. it supports the ruling that month that said the administrat

shery: 68 basis points right now. take a look at the chart showing you exactly what happening there. ofare also seeing spreads net positions between two and 10 affectinguries are leaders and they are betting that the yield curve will get even flatter. douglas: again i don't like that as a barometer of risk-taking. for us, particularly when you mentioned earlier the credit-rating marketplace, it's to be long credit. crowded is to be short duration. we are asking clients to think about that. liquidity is still somewhat challenged in the bond market and you don't want to be around crowded trades. to balance the duration risk along with the credit risk because those two are negatively betweened, so i balance those two in today's markets when the credit spreads are so expensive to us, it's a much better way to play the market place today. what about outside the u.s. like china or emerging markets? douglas: the big thing in europe is that the ecb was a bit more dovish than expected. they did in fact announced that they are

shery: i'm shery ahn. -- g presents a new ceo.y suffered a $100 billion wideout of its market value just this year after a series of missteps and a major earnings miss in the third quarter. if you put it against the broader market, take a look at chart 6462, you can see the divergence against the s&p 500. set ton flannery is update investors on his turnaround plans on monday. bloomberg's rycroft joins us -- rycroft -- rick joins us with more. what do they need to say to bring back investor confidence? rick: there are couple of things they are going to address on monday. the expectations for next year. there's a decent chance they make up their earnings forecast, which would normally be pretty good news, but there are two areas even more in focus right now. one of those is the dividend. as the magnitude of ge's problems became clear, in particular their cash flow issues, has become a real concern among investors that the dividend could be cut. that's going to be addressed on monday. it's not clear yet if it will be cut, but it's lo

shery: thank you. david: coming up, lawmakers and lobbyists have four days to make their case for changes to the gop tax rapoza. -- onethe gop leaders group that gop leaders will hear from is tim phillips. this is bloomberg. ♪ shery: welcome back, this is bloomberg markets, balance of power. david: let's check in on first word news. mark: there is now a report about a possible link between the church shooting and the church he attack. the gunman's former in-laws occasionally attended that church in sutherland springs. the attacker killed 26 people and wounded 20 others. he was found later dead in his vehicle stop authority say they found no ties between him and organized terror groups. paul campaign official manafort and rick gates cannot travel internationally even under bail terms. at a court hearing, a federal reviseaid she would conditions depending what the assets place to secure their freedom. house arrest and pleaded not guilty to 12 felony charges. commerce secretary wilbur ross says he does no

i am shery ahn.epublicans tried to overhaul the tax code are facing new headwinds today, including a new $74 billion hole in their plan and political fallout from gop losses in yesterday state and local elections. david gura is with a special guest who has some insight on the feasibility of a major tax overhaul and what is next for the gop. david: i'm here with eric cantor . you are in virginia as well. we had this election yesterday and i remember people saying that was a moment when we saw virginia changing. is what we saw last night a continuation of that with a different change entirely? how do you process from a cultural perspective what's going on in virginia? eric: everybody is searching for the signals and what happened last night and virginia to try to apply them and project them out to the midterm congressional elections. before you try to do that, i think it's fair to note that there are deeper structural issues in the virginia republican a party that needs to be addressed. our party has n

shery: i am shery ahn. let's get to the first word news with mark crumpton. top democratic leaders in congress have pulled out of a planned meeting with president trump on tax reform after the attack them on twitter. he said earlier today "i do not with chuck schumer and nancy pelosi. -- nancy pelosi." given that the president does not seek a deal with the president and white house, we believe the best possible rate is to negotiate with their republican counterparts in congress instead. the british trade secretary says the u.k. has gone far enough from brexit negotiations to move on to trade. they said the u.k. once a trade deal with the u.k. union -- european union but will move forward with that one. >> we want the comprehensive agreement to maintain market access and ensure we do not have trade investment today, so we want to work towards that agreement. but we are not afraid, not to get an agreement. the u.k. and the eu one to reach an agreement on outstanding issues by next month, so trade talks can begin. kenya's president was sworn in for a second term

this is bloomberg. ♪ ♪ shery: welcome back. this is "bloomberg markets." i am shery ahn.e: i am vonnie quinn. shery: the iphone x is just making its way into the hands of eager users but the tech giant may be aiming to have the technology for an augmented reality headset in place by 2019. they want to go beyond the headsets available now. here with his exclusive scoop is mark berman joining us from san francisco. product behis ar different from the virtual reality headsets out there? mark: the way ar works is it is all encompassing. in could be in your office, the living room on your couch. the difference with ar, it augments the real world with what you can see. for example, i could be looking at you wearing ar glasses and it would pull up your contact card and tell me all about you. it gives you information that can help you in your day-to-day life. vonnie: how is it more attractive? why is apple pouring money into this as opposed to virtual reality? mark: it is more mainstream. they want products people will line up for. vr is very focused on specific applications, per

shery: i'm shery ahn.the outer is dick's sporting goods, after the forecast of a 20% incline earnings last year, it's down 5%. emma chandra has the latest. emma: they had third-quarter results that came out and they saw to raise their guidance for this year, but that was after reduced guidance earlier. investors are focusing on the guidance they have given for next year. for the year that ended january 2019. they're forecasting a decline as much as 20%. the company says this is down to some significant investments, including e-commerce, store technology, payroll, supporting a private brand. it's also to do with comparative sales, being essentially flat and they face real pressure when it comes to margins. we have a chart that shows you that over the last few years, they have fallen from 31% down to 28%. that fall down to doing a lot of promotional activity, they are having to cut prices in order to compete, because everybody is cutting prices. there's a really nice column by our bloomberg gabbard -- gadfly

shery: the macy's ceo jeff gennette.nie: we want to recap breaking news in london, an incident at oxford circus tube station as it closed and police are responding. it isre responding as if a terrorist incident but at this stage, no casualties have been located. oxford circus station closed and street one station away. metropolitan police have asked anybody on oxford street which is a large shopping street in the center of london to get indoors. british transport police are responding to an incident at oxford circus tube station. they say they are responding as if it is a terrorist incident and we will continue to keep you updated. this is bloomberg. ♪ station isord circus the site of an incident in london. police are responding as if the incident is a terrorist attack. it is reported at that underground station. no caps on tays relocated according to london police but the metropolitan police have asked people on oxford street who may be shopping because a black friday in london to get indoors. they are telling shoppers

shery: investors watch the length of the bull market.istorically, we may not even be near the end. the chart 8813 explains that. what is this telling investors? >> we pulled this chart because one of the things investors often say to me -- this market has gone too long, too far. an extraordinary bull market. realistically, bull market in the last half of century has lasted 18, 19 years and you have pullback within the longer-term bull market. we had one in 2011 and one in 2015. this market is within the scope of what typically is a bull trend. we are halfway through it, if former bull markets of the last century are a guide. julie: speaking of al everything is relative -- everything is relative, the cyclical -- the cape ratio for stocks is being high resistance three. as you point out, not just relative to history but other stuff. you have a chart of that on the bloomberg. 8827. you are looking at it versus the earnings yield versus the 10 year yield. >> this is important to watch. if you follow the cape ratio for the entire cycle, you h

shery: and i'm shery ahn. the u.s. could be entering the next phase of the m&a cycle.eport, u.s. executives are expecting the deals market to return to normalized levels after a flurry of to mistake m&a activity over the past couple of years. jason kelly joins us with more. jason: thank you so much. , viceere with bill casey chair of transaction advisory .ervice the report you just put out is talking about where the m&a market is. a lot of the talk this week is about qualcomm. what are we to make of that from a sector respective or an enthusiasm for deals perspective? coming off last week's largest tech deal ever, our barometers showed that 73% of executives believe this is a healthy and stable market. in fact, as we saw last week, companies that are over $5 billion in revenue, 74% are expected to do deals. combine that with coming off two quarters of 3% gdp growth. overall, the global economy is doing really, really well. 63% of respondents feel the corporate earnings are improving, combined with all the other great fundamentals we have seen in the market. we are expe

shery: i'm shery ahn. stock of the hour, jacobs engineering.e top performer in the s&p 500 and one reason indexdex -- erreason, the has risen above -- abigail doolittle discussing the outperformance, up 10%. and it has to do with earnings. abigail: having their best day on a strong earnings report, they beat earnings by 19% and they also beat revenues, truly impressive the backlog, the tell-all future business. we have a great chart of the backlog, up $1 billion from the last quarter. you can see the full year, at $19.8 billion relative to 2016, $18.8 billion. that is a big deal, especially when you see them breaking the plateau. take a look at the revenue breakdown, you will see four segments of business, industrial, petrochemical, construction and aero technology, all of it important because more than 50% of the business comes from the public sector. they do very well with defense and aerospace. they made an acquisition of blue canopy, and cybersecurity company, said it really helps in terms of the cell to the public -- sell to the public and

this is bloomberg. ♪ shery: welcome back. this is "bloomberg markets," i'm shery ahn.ulie: i'm julie hyman. u.s. stocks in the red today after hitting record highs yesterday. it's been a roller coaster ride as share some of the biggest gain after the biggest drop in two months. ,et's bring in jim paulsen joining us from minneapolis today. as we watch these up and downs with stopped, they are still relatively muted moves to be fair. even though they were the biggest swings we have seen in a couple of months. on historical basis, they are not. what does that tell you about market sentiment, and what comes next? mr. paulsen: i don't know if it tells us a lot. think there could be a little evidence of buying on the d ip mentality. people waiting to get an opportunity to buy. but not sure there's much information to be taken from what's going on in the last couple of weeks. i tend to think we are headed for a pause as we move towards year-end into next year, maybe even a mild collection -- correction. there are some things a stacking up in the market a little bit. i still d

shery: i am scarlet fu. vonnie: bitcoin has it $11,000.omeone sound alarm in an interview earlier. >> bitcoin is successful only because it's potential for circumvention. a lack of oversight. it should be outlawed. vonnie: joining us to discuss is our editor at large cory johnson. usually skeptical about these things, i would imagine he is skeptical -- you are skeptical? >> bitcoin is not widely understood by of skeptics and people buying it will expect a greater full to buy it. when we look at financial instruments, we have to appreciate the differences to see what we are talking about. sometimes i get assigned these things because i am of dutch descent. it was about bidding for a bold bulbup with a white -- with a rare genetic deformity which led to insane prices. understanding what bitcoin is get people excited to get the bubble going. people figure out if they are bidding for bitcoin or statements against bitcoin without understanding it. shery: someone will launch the futures in december. >> that could help support the price. it would

shery: thank you. coming up, the gop continues to hammer out the because of their tax plan, what can we expect to hear today? details next. this is bloomberg. ♪ ♪ julie: the senate finance committee continues to hammer out the because as the tax plan with orrin hatch saying his family has work to do and changes should be expected later today. the house could vote on it version as soon as thursday when the president is expected to visit gop members. for the latest, laura is on capitol hill, a reporter for bloomberg tech. she has been one of our go to folks for this tax issue. what changes did we expect in this next senate version? >> there are two things the senate needs to do, make it for leral compliant -- byrd ru compliant, they cannot add to the deficit after 10 years, they have to scale back and figure out what all sets they can come up with which is a painful process. finding ways to raise taxes is not easy. and this pass-through rate. in september, the unified tax framework said it would lower ra

from bloomberg's world headquarters, i am shery ahn.come to bloomberg markets: balance of power. shery: president trump in parks his first official trip to asia as president. he is making a stop first in hawaii. plus, after a display of unity and unveiling the tax plan, some house republicans are picking up the problems in the bill they don't like. are on theployers biggest hiring spree in more than a year, coming back from more of a month of hurricane disruptions. ♪ shery: it has been a busy week in washington, caps off of the

. ♪ ♪ from bloomberg's world headquarters in new york, i'm shery ahn.to bloomberg markets. ♪ shery: markets are closing in new york. black friday. optimism from brick-and-mortar at the start of the holiday shopping season. let's get a check of where we stand. abigail doolittle has the latest. abigail: as you mentioned we are looking at gains for the major averages. all higher, modest gains. nasdaq weeding by the most. for both the s&p 500 in the nasdaq, while they may be relatively small to moderate, we are looking at all-time highs. plus, record closing highs. the momentum we have seen continues. weekly gains, the first time in three weeks for both the dow in the s&p 500. we will dig into that in a moment

shery: welcome to "bloomberg markets: balance of power."er top stories at this hour. the house is moving forward with a tax bill hoping for a vote next week. it will have to face up with a different version in the senate. on to vietnam. president trump continues his asia trip, meeting with his asian and pacific counterparts at the apec summit. china opens up. as president trump leaves beijing, the government decided to let the u.s. and other western companies buy majority stake in chinese banks. will u.s. banks want in? ♪ shery: it has been an intense week for tax reform and senate republican leaders debuted their own attempt at a massive tax reform yesterday. that sets up a showdown with the house over what

shery: i am shery ahn.rg markets." ♪ from bloomberg world -- vonnie: from bloomberg world headquarters in new york, here are the top headlines. resident donald trump arriving in beijing, looking for wins on trade and north korea from his chinese counterpart. will his personal round of diplomacy reduce results? day three for the tax-writing committee work up of the gop plan. a $74 billion revenue hole needs to be patched. this may put obamacare appeals back on the negotiating table. we had to sunny los angeles for .n interview with steve ballmer his take on tax reform, tax relationship with washington, and the future of the nba. shery: a

poems that are my messages could be right and i was sheri's poems and people kind of get out you know and i made me cry oh you know what i mean you think about my father when the poem was about my little brother you know or this poem a spy in me you know and i never. heard these type of thing about me of my own life by services like well like i've been noted that had that much of an impact so. i started to take heed that a utilized in a by a strategic way because i sort of recommend then of a feat and i came to spy people did i say you know that's what i need to keep door you know so i channeled myself to start learning more history because i hated history you know because i just never understood after that who cares about what happened back then like we need to focus on it now but and i realize how important history was so then you know i started a researcher more learning more and becoming more in tune with black history you know and i'm like yes a lot of people that's not going to really you know so i have to be that plug like that middle man and that guy has got something once i m

shery: i am shery ahn.loomberg markets." ♪ vonnie: from bloomberg world headquarters in new york, here the top stories on the bloomberg and around the world that we are following. activist investor bill ackman failed in his bid right now at ats at adp.t se what it will mean for adp and for bill ackman. he joins us in a few moments. president trump continues his tour in asia and sends a message to kim jong un -- come to the table and do a deal. tax reform front and center on capitol hill as house republicans approved last-minute changes to limit the carried interest tax break. a look at what is an and what is out as the debate heats up. let's check in on the first word news. mark compton is with us. mark: president trump calls north korea a

shery: i'm shery ahn. welcome to "bloomberg markets."loomberg world headquarters in new york, here are the top stories on the bloomberg and around the world we are following. bill gurley from benchmark capital will join us live, and why he's betting on the online personal style and service. u.s. stocks or agent lower after rally of two months, after treasuries advance. the world's largest wealth manager is not buying into one grade. why bitcoins should not be seen as currency. in abigail doolittle is with us halfway into the trading day. we are seeing a little bit of a pullback. abigail: very small declines in the u.s. the dow was the most by about .4%. all of this follows

i'm shery ahn.o up to news that angela merkel's attempts to put to get a coalition government has failed when the three democrats walked out over immigration and other issues. germany's president has called to the parties to return to the table and try again. for the latest details, let's bring in bloombergs matt miller in religion. matt, now we are hearing angela merkel is not planning a minority government? she has said she would rather face new elections then go in a minority government. this is in an interview with the state television channel. it will air in about five minutes. we got a look at it first. she really would refer to form a coalition government. she has asked the president to .ut pressure on the spd he is a member of the spd party, although he is supposed to think about the party first before his party and role as president. fpd hasd -- the rejected going into a coalition. sherry: is this because it would be so difficult to roll with shifting alliances? because int is just the last

shery: and i am shery ahn. welcome to "bloomberg markets." bloomberg will that headquarters in new york, here are the top stories on the bloomberg and around the world. u.s. stocks a late lower now after headlines about senator edges the senate tax bill will delay corporate tax rate cuts until 2019. in china, president trump pins the trade deficit on predecessors. he says the trade between the u.s. and china has not been fair. and capital yields, one-on-one with senator mark warner of virginia. what the senate intelligence committee chair has to say about the latest in the russia probe and the latest senate tax bill. julie hyman is with us. we are halfwou

nejra: i'm shery ahn. welcome to "bloomberg markets." i'm shery ahn.bloomberg markets." hero the top stories on the bloomberg. stocks and bonds sold off around the world with u.s. equities poised to halt the streak of weekly gains come as the senate reveals its tax plan, which could delay a corporate rate hike until 2019. the world's biggest online retail event is underway, we speak with alibaba president mike evans about the e-commerce hosts a single day sales promo. nearlyf ge of fallen 37%, down about $100 billion of market value. we look ahead of monday's investor day as john flannery will unveil his turnaround plan. vonnie:

shery: it did. it lasted away expectations a lot of fun -- a lot of fronts. mac sales are up, i revenue growing 5% and products like the watch and the air pods cover the headphones that can be annoying when you break them or lose them, that revenue was up 36%. also research and development spending, that's a 17% in three months to $3 billion. apple is not resting on its laurels, in terms of r&d. it wants to keep up the lines. hit, if the iphone x is a that feeds into the other offerings like apple music and i club storage. we spoke to michael flynn about the price. olson about the price. he already bought one today. sense ont have a good the price until later this year at the earliest. vonnie: of laws continues at the apple store in palo alto and tim , bound tople uniform cell phones today. the sick a look at with the rest of the universe of equities is doing about 90 minutes into the trading session and julie hyman is here. julie: apple is a big part of the universe when you look at what's going on with major averages. one of them stands out is the one that

from bloomberg world headquarters in new york, i am shery ahn. david: welcome to balance of power.ders prepare for a fight as a public and senators push their tax bill through the finance committee hours after the house passes a different version. president trump is now paying for his own legal bills related to robert mueller's pressure pro. trump also was to pay his staff in legal fees. could this influence the testimony of those who accept? we will get a laundry list of million dollar home improvements president trump's former campaign manager paul manafort made his various homes. the numbers don't add up. ♪ david: after a tax overhaul package sailed to the house by a wide margin, republicans are taking a different set of

sheri pomeroy saying most of our church family is gone. we are only beginning to learn the names of the victims that we will hold in our thoughts and prayers. we will be getting that information and bringing it to you as we get it. thank you so much. we'll be right back. how much money do you think you'll need in retirement? then we found out how many years that money would last them. how long do you think we'll keep -- oooooohhh! you stopped! you're gonna leave me back here at year 9? how did this happen? it turned out, a lot of people fell short, of even the average length of retirement. we have to think about not when we expect to live to, but when we could live to. let's plan for income that lasts all our years in retirement. prudential. bring your challenges. t-mobile family plans now come with netflix included. that's huge. that's right. t-mobile's got your netflix subscription covered... ...when you get a family plan with two or more lines. really? that's incredible. so go ahead and watch however you want. you're messing with me, ri

sheri burress has more from new orleans. >>> an emotional 34-31 overtime loss for the redskins in new orleans. third quarter, redskins lead the saints 17-14. a kirk cousins scramble has chris thompson in front of it. thompson gets rolled up. potential pro bowl cena peers to end with a fractured fibula. a 15-point fourth quarter lead for washington evaporates under drew brees' direction. they scored twice in the final then in over time, a field goal to win. >> you got to win the game, man. i don't care what happens. i don't care what the case is. you got to find a way to win. >> feel bad for the players. they laid it on the line. came out to a hostile environment. came out to a team that won seven in a row. don't get anything for close. >> a tough one to take and a tough turn around. a short week for the redskins as they host the new york giants on thanksgiving this thursday. from new orleans, sherry burr s burruss, news 4 sports. >> you don't get anything for close. >>> at fedex field, 8:30 thursday night. >> it's hard to -- it's horrible. >> the redskins had a 99.6% chance of winning

. ♪ shery: -- vonnie: a holiday shortened trading week.

julie: i'm julie hyman info shery ahn.loomberg markets." ♪ from bloomberg world headquarters in new york, go to top stories in the bloomberg and around the world that we are following. cyber monday is in full swing and stocks are admit securities as investors focus on the busy week ahead, particularly for fixed income. the koch brothers are back. meredith corporation is all ofng time inc. and its brands for $1.8 billion in cash. more details a little bit later. past $9,000. blows the cryptocurrency showing most no signs of slowing down. is it just the beginning or the bubble about to burst? all that in the next 60 minutes. abigail doolittle is with us