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trump has expressed support for stephen mnuchin bank questions about liquidity. he said he is talented and also appear to roll back criticism on jerome powell. he says his -- he is confident. china has released new regulations promising to treat all companies equally. a further 147 categories where government permits are required. the boj has released minutes from the october meeting with some board members saying policy changes they make in july have had the intended effect on the markets. bankse policymakers said should examine the side effects other policies while others say more coordination with the government is needed. global news 24 hours a day on air and on tic toc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. checking the markets in japan it is up by 1.5%. after a 5% drop yesterday. keep a watch on the yen which has been strengthening. korea is down 1.4%. u.s. markets saw the worst pre-christmas day on record. not quite a merry christmas. this is bloomberg. ♪ emily: this is what happened the last time we inte

stuart: special guest in place, and treasury secretary stephen mnuchin.ay. thank you for being here. >> graybeard it's great to be with you. stuart: volatility, talk about that from the get-go. i've got a fair part of this volatility is part of this computer trading algorithms. are you with me on this? >> khayyam completely. i think that with the advent of computerized trading, which has such a big part of the market now combined with the vocal role where you can't have market make her capital. you just have much bigger moves and directions. the market has overreacted to the fed's comments nec program trading taking over. stuart: is there anything you can do about it, mr. secretary? >> it is something we are going to look out. i don't want to prejudge any decision, but this is one of the things will look at. stuart: did the fed do the right thing yesterday, one interest rate hike now, maybe to next year. >> well, let me say as treasury secretary i think it wouldn't be appropriate for me to comment if they did the right thing or if they didn't. let me just

he is followed by treasury secretary stephen mnuchin. from "the wall street journal" council meeting this is 15 minutes.

trump has expressed support for stephen mnuchin bank questions about liquidity.is talented and also appear to roll back criticism on jerome powell. he says his -- he is confident. china has released new regulations promising to treat all companies equally. a

expressingrump confidence in stephen mnuchin and the federal reserve, moving to calm markets.ed mnuchin talented and smart and that the fed will "get it pretty soon" after raising rates to fast. the fed chairman's job is safe. his job is not in jeopardy. the pboc advisor says replenishing capital of chinese banks is key to boosting lending growth and supporting the economy and told a newspaper that allowing banks to issue perpetual bonds will encourage lending and lower risks. it plans to sell bonds worth as much as $5.8 billion in the first such issuance from a chinese lender. president trump's bid to get countries to contribute to the united nations is coming up short. washington's refusal to pay more than a quarter of the budget is creating a $220 million shortfall. the u.s. is still the top contributor, paying more than $10 billion a year. says he hasin witnessed the final test of a hypersonic warhead to can overcome existing and future defenses. russian officials said the vehicle called avant-garde can carry conventional and nuclear weapons and move past defenses. is one

he is followed by treasury secretary stephen mnuchin. from "the wall street journal" council meeting this is 15 minutes. setting up the pace for global growth how long can that continue. [applause] why don't we start talking about financial market. it was down around 700 points as we walked out here. >> i think the day-to-day stuff is hard to call both one of the forces as revisions to the outlook and if you look at how it has revised since last spring the economies are slowing. i don't know about today but basically the news of last spring the global economy seemed to be in a less coordinated the bill mandates the u.s. leading the way. >> how long can the united states remain insulated from slowdowns we are seeing in japan and germany in the third quarter how long can we keep this up? >> it would be a much bigger concern of weaver and exporter to those places but right now the u.s. is in a virtuous cycle that recovering from the highest corporate tax place on earth. and manufacturing job jobs werep 450,000 cents the previous president b

the president said stephen mnuchin is talented and appeared to roll back his criticism of jerome powell. but he is raising rates, is confident policymakers will quote, get it. china has released new regulations promising to treat all companies equally, whether they are state-owned, private, or foreigners. the rules go into effect immediately and complain four bad kinds of business and a further 147 categories where permits are required. it is one of the main issues for the u.s. in the current trade dispute. the boj has released the minutes from its october meeting with some board members saying policy changers they made in july have had the intended effect on markets. but one policymakers of the federal bank should be examining side effects of the policies while others said more policy coordination with the government is needed. the former executive has left jail after posting bail of more than $6,000. court rejected prosecutor's calls to keep him in detention. the decision has now gone to appeal. she was indicted last month for allegedly misstating a statement. he remains in jail in to

then later one on one secretary stephen mnuchin is just ahead. by with the big headlines from everything from wall street to main street, deirdre.

then later one on one secretary stephen mnuchin is just ahead.h the big headlines from everything from wall street to main street, deirdre.

then later one on one secretary stephen mnuchin is just ahead.thing from wall street to main street, deirdre.

. >> i saw santa yesterday, he has a lot going on right now, let's move on to back to what stephen mnuchinerday your reaction about u.s. growth the economy because really trying to drive home that point yesterday. with stuart listen to this. >> i would emphasize, u.s. growth a lot stronger than the rest of the world, u.s. business activity, continue to see pickup as a result of the tax act, we think we are going to continue to see a lot of capital investments so you know even fed said yesterday they see strong economic signs. cheryl: a lot of the market moving for the first time -- of the year on strong u.s. economy earnings maybe that is not enough anymore? >> it is not so much that, as i think, that when the fed does something like about take down its estimate for gdp growth, next year, and year that follows, it is pretty difficult to apply into credibility of what their forecast is kind of feel like giving it talk, and that they don't really believe it if you listen to some of the more cyclical industries that tend to lead the economy, in and out of recession housing, everybody has been

then later one on one secretary stephen mnuchin is just ahead.from wall street to main street, deirdre.

anchor: stephen mnuchin said the u.s.y to negotiate broader trade following phone conversation in recent weeks. speaking with bloomberg, he said -- two sides are determined to resolve their differences. anchor: china getting ready to release its plans. some of theetting priorities for the economic slowdown. what it back to rbc capital -- let's get back to rbc capital. still have a few days left. forit the line in the sand a psychological level? wouldchological, but i give that the real focus and the real point should whether we [indiscernible] or not. isforecast for next year 7.5. we have seen shifting throughout the course of this year. i don't think the market -- anchor: would this mitigate 25% tariffs? >> the problem for china is that a slowdown before the trade tensions let-up. we have china facing a trade war at the worst possible time and as a result, it will cost strategy and those costs are going to be very high. --lowering the ratios for banks, basically forcing banks to increase their share of lending. privateto

stephen mnuchin has been talking about that. the market has become overly cynical. i think we will look back at this g20 summit as something of a turning point when we reached a maximum point of pessimism on u.s.-china trade tensions ahead of that, and that we are going to an overall better place right now. yvonne: i was going to ask you about the fundamental picture. wen it comes to earnings, did the math and showed what we are expecting when it comes to profit expectations for em. you see these profit expectations are getting slashed. chinais missing by 15%, by 17%, south korea short why more than 20%. are you arguing these cheap valuations outweigh the earnings picture the continues to deteriorate? >> if you look at where we went bearish a year ago, then .uphoria analysts were moving their estimates high. at the moment, extreme pessimism is far more characteristic of a trough. we will be looking at what they will be doing next year when the year on year will be trending back up again. team upgraded china. we think the automobile environment for sales, growth, and

criticsazevedo said it are fair and will be addressed when he meets members of congress and stephen mnuchinbe a all around if the u.s. were to quit the wto. >> the u.s. leaving would be a loss for everyone. at the same time, i would rather actuallywhat is happening. what is happening is the united states is engaging in the wto, even in a dispute settlement. the u.s.cent months, was the country that brought more cases to the wto than anybody else. paul: congress is said to be landing a stopgap spending beal to keep the u.s. government in funds through december 21. lawmakers want to postpone their fight over a expenditure while they pay their respects the former president george bush. without a new bill, a partial shutdown will happen anytime after friday. president trump said he would sign a two-week extension. newspaper says tokyo prosecutors sound to reassess ander nissan chairman ghosn greg kelly. it will happen december 10 on a new charge of understating his income. 'sosecutors now think ghosn pay was underreported by $70 million. than 2700 more journalists and analysts in 120 countries,

stephen mnuchin has come out with some fairly, you know, categorical statements about people's nervesat seems to be working at the moment if you look at the prices we are seeing on our screens where you had a bit of thestrengthening against dollar, but nothing to bed, and indeed, you had a weakness open on the s&p 500, but they have come back and they are looking only slightly down at the moment, so clearly, the overall context here is we still have the existing worries, which are that financial conditions are tightening in the u.s., people are very uncertain going into 2019 about how their asset allocation is going to play out, do they need to be moving even more cautious? have a got to the worst of the selloff in global equities. and then, the notion of how it will continue to play out next year. you have the backdrop that looks very, very uncertain, and i think the key message from what we have heard over the weekend in terms of whether trump is considering removing jay powell is that, you know, it adds to an structurery layered that is quite unsettling for investors. over how thin

. ♪ liz: earlier today maria bartiromo spoke to treasury secretary stephen mnuchin.see the market be an indicator as the future of the economy. i see the market being an educator at what they think is going to occur on interest rates. there's also technical issues as to supply and demand in parts of the curve. stuart: the incoming governor of california as gavin newsom. he wants to pull national guard troops on the border. he doesn't want them there. he wants to provide humanitarian aid to the migrants. talk show host larry elder with us now. at the end of the day, a california taxpayer will end up paying for these migrants all of them legal and otherwise? >> the short answer is yes. you have to look at this in context. california is a sanctuary state with local authorities not required to cooperate with the federal immigration authorities. this is a state where illegal aliens can drive cars and the incoming governor comes from san francisco, a city that allows illegal aliens with school-age kids to vote in elections. it is in a serious effort to secure the borders.

this is one of the things of the weekend treasury secretary stephen mnuchin cause of these big banks sort of calm. they didn't do that. here is what kevin hassett had to say about all that. roll tape aired >> secretary mnuchin is in constant contact with the community and its friends of most of those folks. they operated in that space and it's very normal for the treasury secretary to call people up and say house christmas looking? they've got credit card data. charles: john, listen. hassett wasn't going to go there. he wasn't going to touch anything with respect to the federal reserve. he eventually acknowledged higher rates at some point could really hurt the economy or hurt the slowdown. i'm concerned about these things. coming into the week, goldman sachs was down 37% this year. goldman sachs is getting hammered today. i'm not sure what's going on. regional banks are getting hammered. they were supposed to be the winners this year. what's going on? >> we saw improved capitalization the banks are not going to be a problem moving forward. according to the equity market they are bec

and china trade truce, moments on anning i spoke with treasury secretary stephen mnuchin here is whatng commitments for things pie-in-the-sky next two or three years our expectation is that there will be specific deliverables specific time lines, that we have an agreement that there will be penalties if china does not meet those time lines, in those commitments. >> and the penalties being what? tariffs to go back in place. >> tariffs but without -- without reciprocal tariffs you know attacking us. >> joining me right now ceo of siemens joe dakaeser thank you for being here you have a huge business in china is your second largest market for siemens what is your reaction to what is taking place between u.s. and china and now with 90 day truce? >> well i think it goes into right direction. so to talk to each other know about each other if you look for solutions, so i believe the right way, we need to see, what is going to come out in terms what exactly, and beneficial but good. >> the president has already put tariffs on chinese imports coming into the country. china retaliated what impa

stephen, i've got to ask you about the treasury secretary. steve mnuchina statement, a rare sunday statement, the fact that he did it on sunday is one thing. what he said in it was really odd. he said that he talked to the ceos of six major banks and the following, "the ceos confirmed that they have ample liquidity available for lending to consumer, business markets, and other market operations. he also confirmed that they have not experienced any clearance of margin issues, that the markets continue to function properly. stephen, putting out there, out of nowhere, that the banks have ample liquidity seems to have backfired, because it put in people's minds, wait a minute, was there an issue with liquidity? having that statement come from the treasury secretary, mistake? >> well, you know, i just learned about this morning and i was a little bit surprised. this is not 2008. i remember 2008 very vividly. >> did that come across as 2008? >> well, look, steve mnuchin was just making sure there isn't any kind of domino effect of banks failing. but the banks ba

mnuchin called to ease investor concern. joining me now is alison kosik, and steve moore, former economic adviser to president trump and senior economic analyst. stephen this? the president talking about firing the federal reserve chairman and clearly the marks didn't like that and then the strange call from the treasury secretary from his vacation in cabo trying to get the banks to assure him and the country they have enough money to lend which, of course, got people thinking maybe they have negative information that you and i don't have. what's happening here? >> hi, jim. well, first of all, i would say that i do believe that the problem has been what the fed did, not the president calling them out on this and in fact, since the fed made its rate change last week the dow has been down several thousand points and the president was quite correct saying don't raise rates. lower them. the fed's job is not to keep the stock market up and the fed's job is to control inflation and it's -- >> exactly. they've been doing that for the last year. >> yeah. no, actually, we have deflation rate now. if you look at what's happened with commodity prices and whether

stephen: i think they are being a lot more cautious. keep in mind there has been a lot more fits and starts in this relationship. may they thought they had a deal with steve mnuchin only to have it kiboshed by the president. now they are taking a cautiously optimistic approach since that truce in argentina. now just do not upset the apple cart is the approach china wants. according to a chinese news agency recapping the phone call xi jinping had with donald trump, they want stable progress in this relationship and this dispute. the bilateral ties they are saying are at a vital stage. xi jinping is quoted as saying besides hope to meet halfway on a number of the issues. keep in mind the chinese are readying to host a u.s. trade delegation. we are hearing perhaps the week of january 7, just one week away. that would be the first time they would meet face-to-face after trump and xi met in argentina. they say they will lower import taxes on another 700 goods from tomorrow. they have already resumed soybean purchases. we hear they are talking about starting rice imports. they are also kind of suspending that increase in auto tariffs as a sign of goodwill. , again i th