in focus.ult and remy standard chartered?in hong kong, the london market will take its cue from there. and thisg kong trading report saying the bank is preparing to buy back shares. there are reports this could happen in february. the proposal is still in infancy and would depend on the size of any fine the bank must pay to settle allegations it breached sanctions in iran, but it looks like we are going to have quite a jump for standard chartered at 8:00 a.m. anna: thank you to all of us -- to you. go is the function on your bloomberg to get the latest equities moving news. networkhe telecoms missed estimates, open to selling a piece of the network. coming up on the market open. this is bloomberg. ♪ anna: less than a minute to go until the start of trading. let's get a look at markets. the euro is a little stronger against the dollar, the dollar in general a little weaker. the euro is a little stronger againsta lot of conversation abt where the fed goes in 2019. ecb minutes release later. is fairly flat this morning, a big dr

announcer: brought to you by standard chartered. one belt, one road, one bank. ♪ stephen: expansive and expensive. an empire-building exercise or the creation of a new world trade order? ♪ >> it is not a program dominated by china. it is a program by which china works with other countries. stephen: tentacles that stretch from china through central asia to europe to the middle east and africa. to india and southeast asia, over land and sea to some of the world's most unchartered economic territories. >> defaults can always happen. infrastructure is a risky business. stephen: a project that, when it is finished, that will have cost china and its partners trillions of dollars unfinished. >> these countries need infrastructure and at the end of the day, money will drive this process forward. ♪ stephen: hello. i'm stephen engle. welcome to a look at how the economic future of the world's oldest continuous civilization is evolving, a new dynasty being built from beijing on the foundations of a project that is china's belt and road initiat

matt: quickly on standard charter.tors, ther company according to bloomberg is looking at simplifying it structure, a list of things they might do but one of the big ones is cutting its legal funding expenses area this is a concern for investors likely to send shares higher. matt: thanks very much, those are the stocks to watch, the markets are trading in four minutes' time. this is bloomberg. ♪ ♪ anna: good morning. we are less than a minute away from the start of cash equity trading this morning. let's look at how markets are positioned at 8:00 in london and the start of the session. the big picture is around trade on the ups and downs in equity markets and currency markets. this is the euro, weaker against the dollar. at the top of the hour, we saw dollar strength coming through. oil, down by .4% on the day. a big drop has been the trend of late. this is the picture across the chinese equity markets. not all that much movement there. u.s.you look to the futures, which suggested a weaker start to the trade at the com

regulators will have to see what happens with that with standard chartered and down in south america at call cap in the colombia also up as is the brazil but best buy now we've talked about this before that i believe best that remained and they were the only of all the global exchanges that were up for the entire month of october. and most of that based upon the candidacy and then the election on sunday of the far right conservative candidate hardball so narrow and he's a free market guys all markets actually love him in toronto the ts x. also up and in new york at the nasdaq up on the week but again a horrible brutal month in october and why you see also up and by the way the s. and p. five hundred had the worst month since september of two thousand and twelve now it's time for a break here but hang here because when we get back kristie i have counterpart xs back to help us look at fresh financial cryptocurrency news as some of the largest players are taking a decidedly different course on crypto plus r.t. correspondent caleb eligible to join us as i was saying to discuss news today

hsbc, standard charter, santander are trading in the green. i'm happy to say i got a bank specialist with me, a senior analyst from axiom alternative investments joins us, and peter oppenheimer from goldman sachs is still with us let's talk about some of that divergence that emerged yesterday. investors going straight to reward banks with international exposure punishing banks with domestic exposure. seems like some of the moves may have been overdone >> indeed. the key to read this under-performance is probably in fx and the exposure of those banks to the weakness of sterling rbs, lloyds as well as the insurance sector, the stocks that are the most correlated to sterling weakness. what we've seen yesterday we saw as a strong performance from hsbc and standard chartered, who were up 2% on the day. so that's probably the key to understand this move the banks are actually indirectly impacted by the brexit with all elements they were barely mentioned in the 585-page document, and they are feeling the pinch on the rates expectations whereby the ou

. >> fraud you by standard chartered bank. -- brought to you by standard chartered bank. - david: from world headquarters, i'm david westin. welcome to "bloomberg markets: balance of power." on the brief today, kevin cirilli from washington on possible cabinet changes. from rome, we talk about italy's standoff in brussels over its budget. and in london we have reports of a possible brexit deal. kevin, there was a report that crossed right before we went on air, that is that we may have a new head of the department of homeland security coming in. nielsen is cares and set to leave the administration. that could pose trouble for president trump's chief of staff, john kelly. according to their reporting, the advisor to mike pence is being considered for the chief of staff position. we have known that he has been somebody who has been rumored to be in mind for the chief of staff position, but we do not know the timeline. i was on capitol hill all morning talking to sources,

. ♪ announcer: brought to you by standard chartered. bank. ♪ i am a family man. i am a techie dad. i believe the best technology should feel effortless. like magic. at comcast, it's my job to develop, apps and tools that simplify your experience. my name is mike, i'm in product development at comcast. we're working to make things simple, easy and awesome. jonathan: from new york city, i am jonathan ferro. this is "bloomberg real yield." ♪ jonathan: investors reassessing what 2019 brings. abandoning hope for a year and rally, the worst year since 2008. looking ahead to the g20, the much-anticipated meeting between president trump and president xi. we begin with the big issue, investors drowning in downside risk. >> the biggest risk is trade. it continues to be trade.

joining us from standard chartered and aberdeen standard investments.is will be continuing conversation with us on bloomberg radio at 7:30 u.k. time. now let's tell you about what's been going on in the global equity space. there is this big news developments overnight. the risk on momentum in asian equities. we are asking a new question of the day. it was about oil but we are now talking about global trade because of our reporting from the trump administration. is the rally a false dawn or a new hope for stocks? . strength coming through in the hang seng in particular by 3.5%. you can join the debate by typing iv plus tv on your bloomberg. apple's underwhelming forecast for the key holiday period and's decision to stop reporting how many iphones it sells have sparked investor concerns. shares fell 7% on thursday putting the tech giant and its $1 trillion valuation at risk. trailing has been through the results announcement. tracking the market reaction. let's start with what they have said about key holiday sales. that seems to be something. >> we

china's economy, trade, so you see standard chartered saying a divided congress could benefit the yuann asia are not sure a divided congress would hold back president trump's policies. romaine: looking at this election, trade, how much of an impact will it have on the relationship and trade discussions? >> it determines how much can be done through executive power and what has to go through congress. we have seen tariffs. if the democrats take control of the house or if republicans control the house by a couple of agendathe president's will grind to a halt. right now the house is very divided. democrats or a tiny republican majority, you can almost forget about any legislation. i would say i think the president will try to use his executive powers even more and policy as a way to accomplish something. caroline: he might shift his focus to foreign policy. caroline:and become even more hawkish? >> that depends on his relationships with the leaders. on china he is not backing down at all. , we are starting to see where he is going to come down on that relationship as an ally or if he is g

let's have a look at standard chartered. weighing costs.is looking on how to free up liquidity with different entities. standard chartered will outline plans to deliver higher returns when it reports full-year earnings early next week. ghosn for the first time --yvonne: for the first time in eight years, apple give up its brand as the top traded company. president trump's threat of a 10% tariff on iphones hit the stock after hours. after the end of the regular session, apple's market cap was a most $829 billion with microsoft about none billion dollars behind. >> it is how you finish, right? at&t was forced to make last week's tiger woods and phil mickelson match free to watch after a glitch in the processing ' online purchases. other big names have had problems. amazon came under fire for the quality of its livestream at the u.s. open tennis. in july, youtube's soccer, football, world cup coverage to get hit. yvonne: free to watch pay-per-view. that is good for us. >> good. [laughter] news.: coming up, the compete for our votes. when we co

standard charter -- uncontrolled costs across the global operation. the bank works in 16 markets. expenses at their different entities. plans inutline february. fiat chrysler surged the most in july on news it may sell its robotics. deal could be worth up to $2.3 billion. a review of the operations is at an early stage and no final decision has been made. told it could attract interest from china. ramy: bitcoin extended its tumble, haiti, after -- haidi, putting this year's crash within striking distance of the cryptocurrencies worst their markets. cryptocurrency's worst bear market. $3000 seems to be within striking range. i mean, i remember we hit that record in december. this is in the gtv library. ,511 was hitthe 19 here and we have gone down, down, down. 80% is the loss we have seen from bitcoin. look at the relative strength. it is way in the green. if you wanted to follow technicals, you might want to follow this, but a lot of investors and analysts say we do not think there is an end in sight. haidi: it is always hard to talk about technicals and fundamentals when it comes

chief economist for americas and europe at standard chartered and the head of u.k.es at aberdeen still with us in the studio. your thoughts on what had a reaction we might see from the bank of england under a number of different scenarios. the media dwelling on comments about a no deal. a natural the market is convinced if we saw a crash out of the eu we would therefore see rate hikes despite the inflationary impact. >> the market is taking a cue from the brexit referendum, when the bank of england cut rates and restarted qe. what mark carney said yesterday was times have changed. the economy is at capacity and this supply shock would be real rather than something that would be threatened over the next couple of years. i think he wants to make sure assuming the bank of england would cut rates. suggests theart markets are not at their height until 2019. so much depends on the brexit outcome. -- get a dealid and the deal get through deal andt, or we get a the deal does not get through parliament, in which case we are looking at extreme uncertainty. we don't know what

here the only bank that is trading positively is the bank with an international exposure, hsbc standard charteredperforming. all the domestic-focused banks, huge moves barclays down almost 7%. rbs down 7% as well. >>> i'm happy to say i have a special guest with me. kevin rudd, former prime minister of australia and president of the asia society policy institute thank you for joining us on "street signs. i guess you were not expecting to talk about brexit today let's talk about brexit. the developments over the last 24 hours have been crucial to where this country is headed both politically and economically what is your take? i just spoke to a guest who was saying that the uk is actually heading towards a constitutional crisi crisis >> sounds like another normal day in british politics. that's what happens when you consult the people and have referendums on questions where you're not quite sure what the answers will be. what is the world view of this and how do we see it in asia and australia? the world would like a strong and united europe. i think the general opinion across the world is that is

standard chartered shares in hong kong rose the most in three weeks after reports the bank is preparinguyback. the plan may be announced with february results in and any fine paid over u.s. sanction violations. -- has mistakenly -- amazon has mistakenly shared with third partikes. number oftten to a customers to say there is nails and names have been interviewed -- inadvertently shared due to a technical glitch that has been fixed. there is no need to change passwords. that is your bloomberg business flash. nejra: desley humphrey in dubai. here is what you should be watching today. in the u.s., cash treasuries and closed fore thanksgiving. anay, the ecb publishes account of its october council meeting. watch out for a rate decision from the south african reserve bank, divided as to whether the bank will hike this time. now to brexit and handful of tricky issues remaining in negotiations between the u.k. and eu. in a surprise move, may announced she would return to brussels saturday ahead of sunday's crunch summit. is it till he disputes that worries the eu? who will give ground first? -

standard chartered has a presence in asia. word from my colleagues is that it is not so much the trade war, it is that internally confidence has waned. the deleveraging program has gotten the economy a headwind. it is the domestic economy and domestic growth that is the focus. alix: that is what we saw. the dampening of domestic demand. is there a read through to what we are seeing in china irrespective of trade and the global growth story? i will pull up global pmi. you can see, europe not doing great. that rolling over. china rolling over. the u.s. is holding up. does this scenario stick? steven: we think china has stimulus options on fiscal policy. europe where political process prevents you from doing fiscal in any real way. they have the option of stimulating the economy. not just physical. my colleagues came up with a list of seven possible measures they could take from fiscal and monetary. we do not think there is high-risk the economy will go freefall. we think they will take measures to stabilize. europe is different.

school and athletics, 80% of the schools in sonoma county, they don't meet the epa standard for air particles per 100. 11 charter programs and multiple schools will be closed, this includes these listed on your screen. all, but 1 of 19 scheduled football games are postponed until saturday. school athletic leaders say it comes down to make sure the dirty air doesn't create a health threat to the young athletes. >> safety is our number 1 concern and will be, we want to get the games in but not at the expense of our student athletes. >> the santa rosa junior college closed campuses today, all classes are cancelled including the board of trustees tonight. it will continue to monitor the air condition and will provide more information as it becomes available. >>> and in pittsburgh, school is in session today, but all students will be kept inside. the pittsburg unified school district will be operating on a rainy day schedule, recess, lunch and pe classes will be held indoors. it plans to use this plan forethe rest of the week -- for the rest of the week. >>> they'll have all windows and doors shut and also have all o

and athletics, 80% of the schools are closed because they don't meet the epa standard for air particles per 100. >> 11 charter school programs are closed and schools are closed in five counties. and for a second time, all, but 19 football claims are postponed until saturday. it all comes down to making sure the smoky air does not create a health threat to the young athletes. >> safety wise is our number 1 concern, it always will be, we want to get the games in, of course, but not at the expense of the student athletes. >>> the santa rosa junior college closed all campuses again today. all classes and activities are cancelled, including the board of trustees, meeting scheduled for tonight. and in pittsburgh, school is in session today, all students will be kept inside, recess, lunch and pe classes have been indoors, they plan to use this plan for the rest of the week. pittsburg schools said they'll use a rainy day type of day for the students. they'll have the air- conditioning on a recycle mode to keep the air a little more safe for the students. now, if you want a complete list of which schools will be close

80% of the schools in sonoma county are closed because they do not meet the epa standards for air quality per 100. 11 charter school programs are closed in multiple cities including geyserville petaluma santa rosa and sonoma. schools are closed in several cities including lake port, and middle town and for a second time all but one of 19 north coast scheduled football games are postponed until saturday. it all comes down to making sure smoky air does not create a health risk to the athletes. >>> we want to get the games in of course. but not at the extense of our student athletes. >>> the santa rosa jr. college also closed all campuses again today. the board of trustee school meeting is also off. in pittsburgh and upper lake, school is in session today but all students will be kept inside. recess lunch and pe classes will all be held indoors. we know that they're going to be shutting the windows and they have the air-conditioning on to set it on recirculate, recycle. that's the best way to have your children in school or even if your own home close all windows and doors. if you want a complete look at all th

the require commission is to -- fire commission is to under the charter submit at least three qualified applicants. this is the standard that exists for most of the department head selection processes in the city. there are a few that are different, but should the mayor decide that none of the candidates that the commission has sent are acceptable, the mayor may send it back, and of course, the commission would meet again and determine whether they wanted to expand the process or send three different candidates who had already gone through the process. so if any of those things happens, it will, in fact, delay. additionally -- i don't expect this to happen, but if it should come about that the commission did not feel there were a sufficient number of qualified candidate, we might repost, we could consider hiring a recruiter, etc. i know there is a strong belief, i know the mayor shares this, that there is good local talent, and the familiarity of the region and the challenges we face is going to be a positive for who ultimately becomes the fire chief. with that in mind, we have prepared a draft brochure, and i hope tha

charter programs are called including geyser ville, sebastopol and petaluma and sonoma county. and lake port and kelseyville, konoc it. i felt and people have to move forward into the future. >> it's an unhealthy standard today. we're reassessing the criteria, that was the standard we used during the fires. this air doesn't have soot or debris which we did have last thursday, we're looking at that. we're meeting with the county health department today. if this becomes a new standard we may have to add days to the calendar. >> the santa rosa junior college closed today and in pittsburg and upper lake school is in session today, but all students will be kept inside. recess and lunch and pe classes will be held indoors. the education official says most likely they'll get a waiver from the state so that the students do not have to make up these missed days. ese missed days. >>> lets bring you more on the breaking news that we had on the top of the newscast, 21 vehicles were involved in a crash on highway 1, this is before the northbound lanes, and we're live on the scene for us, jesse gary is live on the scene for us. what can you tell us. >> reporter: 11 people are injured. three critical condition and th

standards and where purchasers know where they stand. we could also use better custodians in general. comptroller auditing, at the office of the comptroller of the currency, has revitalized the process of offering fin-tech charters to new companies, offering new services, that don't look like traditional banks. a nationally chartered bank that custodies cryptocurrency is something that i think would bring more rash nality to these markets. >> thank you. and dr. roubini, would you comment on the same issue? >> yes, cryptocurrencies are not scalable and centralized and they're not secure. bit coin has five transactions per second. and there is a massive concentration of the mining among, about half of those, in the chinese, russian and others miners. so you say you don't allow young fans on the institution, you're relying on an oligopoly of shids who are sadie and you have no control. >> there are solutions that they say in the future are scalable but the only way for scale ability is even more capitalization of mining and once you have capitalization of mining there is no security. and if i have my private card and someone steals my bank account, i call and it is blocked. i have insurance. and i have ways of last