manus: simon derrick. 111, timeframe? quarter next year. , chiefsimon derrick global strategist from bank of new york mellon. a chief economist joins "surveillance" a sign of strength. import data from china. we will break down the numbers. officials are said to be considering cutting monthly bond purchases at least 50% in january. we will discuss. this is bloomberg. ♪ ♪ is 1:50 a.m. in new york city. cpi data today. we have a few more fed speeches hinting at the probability of a rate hike. let's get to china as one of our main stories. we have the data. shipments rose from a year earlier, narrowly missing estimates. the imports started the equation, exceeding expectations. let's get to our china economy editor. when i look at this, should i be more heartened by the imports in terms of the greatest demand within china relative to the export number? [laughter] reporter: you pick. they are both good. the domestic demand clearly looks intact from these numbers coming in stronger than estimates and stronger than the prior rea

and simon derrick and charles dumas. listed all of the political risks in europe that consumers and businesses seem to be ignoring. why? andrew: there are a few we did not touch on. the migration, climate change. i do not know if necessarily the market is ignoring it. it may be more a question of the time horizon that we saw in the spectacle of the cattle and -- catalan situation. concerned, the grievances, will go on for a long time. you could say the same of all of these risks. nejra: there is a good point about the time horizon. it seems the markets are good at putting off risks that are further away. in terms of the european economy, you have talked about recovery being led by the north, germany in particular. gone are the days that we talk so much about a tuesday speed europe anymore, but do you see that coming back? spanish is probably being affected by this catalan this is, but the truth is the economy is subject to extremely aggressive monetary stimulus. there is no longer a fiscal tightening. undervalued.vily th

joining us is simon derrick, chief markets strategist, bank of new york mellon. rning. ben talking about the outcome in spain, we don't know where we are, actually. i was saying to you in the green room, the euro has firmed up a bit thanks to that speech in spain and you disagreed with me, simon. what's going on? i think what is happening in the last 2a hours has been about dollar weakness. the dollar is down against everything. that said, it is no question that over the course of the last six to nine months european politics has played an important role in the euro and therefore, we will be keeping an eye on what happens in catalonia and elsewhere. i think that's going to remaina elsewhere. i think that's going to remain a strong story for everybody, not just for the foreign exchange markets, but for the bond markets as well. before we move on, because we we re well. before we move on, because we were all saying at the beginning of this year that political risk in europe is the biggy. we are in the middle of october, spain and catalonia and all the elections have