first, straight to the bloomberg first word news with taylor riggs. taylor: italy's deputy prime minister says britain's real enemy is jean-claude juncker and the brussels bureaucracy that pushes open borders. bonds and stocks tumbled as salvini attacked the eu. he said next year's election will be between austerity and those who want to create jobs. in the u.s., the trump administration has called on saudi arabia to -- for answers in the disappearance at a reporter, -- of a saudi journalist and a critic of the royal family, last seen entering the kingdom's consulate in a stumble. said he had been murdered inside of the consulate. that is a claim the saudi government has denied. donald is apologize -- has apologized to brett kavanaugh for the bitter battle over his confirmation to the spring court. -- supreme court. brett kavanaugh acknowledged the emotional fight and said he has no bitterness. >> he is a man of decency, character, tightness, encourage, who has devoted his life to serving his fellow citizens. now, from the bench of our nation's highest

let's send it over to taylor riggs. taylor: let's turnover to a senior director at u.s.c finance group. marcy, great to have you. new jersey has been hit pretty hard by tax reform. he has been working on -- from your credit analysis, how much of an impact is that to residents and doesn't even allow it at this point? you for goingnk down the path of allowing services, that is one that residents potentially -- took place in 2017. the higher tax states, putting that cap at $10,000, whereas there, it was unlimited, state in turn what that does is they could possibly constrain the amount of taxation. to hire services, one is, new not paying on the pensions. they have a lot of infrastructure needs just for transit, which always seems to be in the news. allowing this charitable areas.on, look at other >> we are wrapping up budget season. some of the local cities. >> sure. ahead to fiscal year 2020. very concerned about what happened with tax reform. years, taxes to fund the increases. somewhatar to be unwilling to do that. they were very contentious. in the review is at the sam

tom: or is taylor riggs. ed earnings for the third corning's ahead of the high analysts at $7.52. one of the most prominent investors in digital currencies doesn't expect big moves a bitcoin and till next year. he spoke to erik schatzker. >> you have to take out 6801st. first. i don't see us breaking 10,000 by the end of the year, but in q1 or q2, could put in new highs. taylor: that is your "bloomberg business flash.". us. gideon rose is with do nuclear weapons matter? i will touch on that in a bit. you touch on this many times in a new issue. the bavarian elections -- i was thunderstruck by that distribution. we ended up with a barbell outcome over to the far right here to people called by that and they go to some form of aggressive is that the new america as well? gideon: it is hard to figure out foreign politics let alone american. there is a lot of passion and emotion going around. the established mainstream and all these countries have lost a lot of legitimacy and respect. it is not creating dynamic lead

here's taylor riggs.eamr: donald trump's pushed back that they laid out ground rules for the probe into brett kavanaugh. they ordered the investigation on the sexual assault allegations on the supreme court nominee following a request by senate republicans. the party had hoped to power through the chamber and onto the natures -- nation's top court. >> the white house is not getting involved in the fbi investigation and that way. the president very much respects the independence of the fbi and feels they should be looking at anything they think is credible within this limited scope. taylor: theresa may is facing the battle of her political life. they try to undermine her leadership, including foreign secretary boris johnson. he has described her brexit strategy as the ranged, but she and her team have renewed calls to support the so-called checkers plan. >> at the heart of the check is plan is a free trade deal and frictionless trade. tradek it's frictionless that ensures we maintain our guarantees with th

let's get straight to the bloomberg first word news with taylor riggs. ylor: as you were mentioning the former army captain stormed a huge lead in the first round of the country's presidential election. -- years ofters corruption and crime rallied around his message. he's on track for victory in a decisive second round vote in october 28, when he will face his closest challenger. that's the workers party candidate, fernando head-on. north korean officials, a tight term for their discussions in pyongyang with the u.s. secretary of state. his team could join him in meetings with kim jong-un, but u.s. this surges -- u.s. officials said this visit went better. italy's luigi demaio shrugged off attacks on his government's fiscal plan and said his anti-austerity view go stronger across the country. the deputy prime minister said next year's eu parliament elections will usher in new lawmakers ready to robotics -- rules.x ukip prime minister theresa may has a pile of work on her desk, having put the conservative party behind her as a threat to the leadership. did

let's get straight to the bloomberg first word news with taylor riggs. taylor: u.s. supreme court nominee brett kavanaugh is facing new questions about drunken behavior after claims from a former fellow yale student. he told bloomberg about a 1985 bar fight involving kavanaugh, who he says was frequently belligerent and aggressive after drinking. he also said kavanaugh like to lawmakers about his alcohol use. the white house had no immediate comment when asked about the account. u.s. president donald trump be preparing for a potentially protracted economic fight with china as his administration cleared the decks for disputes -- of disputes with america's other trading competitors. in the last few weeks, he sent a trade great with south korea and convinced japan to begin bilateral economic negotiations, and signed agreements with canada and mexico. steve mnuchin said the white house is in no rush to settle the trade fight. speaking in an exclusive interview with bloomberg, the international monetary fund warned that trade wars are darkening the outlook. >> six months

i'm taylor riggs.erg." francine: thank you. to global commodities. bond yields have emerged as a possible threat to the metals market, copper has waged a rebound. success demand could -- suggest demand could rise. is evy hambro, chief investment officer blackrock. alberto gallo is still with us. welcome to the program. what do i read into commodity prices? the trade story, the dollar story, the fed story, do you worry? evy: all the topics we think about the whole time. this year, we started strong. this consensual view around economic growth. the anxiety around trade heightened as the year has gone on. we saw material falling, commodities, commodity equity prices as well. ance then, we have seen powerful rally. most commodity prices list, responding to individual supply and demand is theeristics, which dip german and a price through time, rather than news headlines around trade -- which is the time,inant price through rather than news headlines around trade. people are speculating, what is next? next w

i'm taylor riggs. jason: i'm jason kelly. are joining you from bloomberg headquarters in new york. taylor: how technology is changing the most basic component of business and finance. that is money itself. jason: cannabis used to be illegal. now it is investable. taylor: first, we have a bloomberg exclusive. steve bannon slams nikki haley's decision to announce her resignation earlier this week. jason: and specifically, her timing ahead of the midterm elections. steve bannon sat down in london. i was in the room what john micklethwait. here is what he had to say. steve: i think the timing of it is very suspect. i have been out with these congressional house races. if president trump -- i've called this for many months for this to be his first reelect. if he loses the house of representatives, he will be impeached. they will bring impeachment hearings immediately. it is imperative that we keep the house. john: virtually every pollster would tell you that looks highly unlikely. steve: we went from 60 seats down to 30. now i thi

i am taylor riggs. this is bloomberg. you can see that divergence when you look at the spread.read -- bundled 400 seems to be the line in the sand. christopher zook, do you like italy? christopher: i like things that are distressed. i don't like things that are chaotic. you have a situation that you could not make up of italian government deciding they don't have to follow the rules. people not wanting to meet because they don't have time in order to reconcile these issues. speaking of the two leaders and italy. there's a good chance that the italian government is going to have to be revamped. that is going to cost italy have to give into the eu. that is going to create more chaos, but it is going to create significant opportunity for investors who are willing to step in. inid: we have seen this europe from the netherlands, to france, to germany. is the market properly discounting that kind of turmoil? christopher: i don't think it is discounting it enough yet, but there will be a time. one of the advantages of being able

tom: here is taylor riggs. t trump is saying the leeversd saudi arabia are being called guilty instead of innocent. the president said he wants to find out what happened first. still he said it would be bad if the saudi king and crown crins knew what happened to jamal khashoggi. british prime minister theresa may's problems at home and abroad when it comes to brexit. she has been told her latest proposals would be rejected by apartment. european leaders made plans to keep open after brexit doesn't have enough support. the federal reserve may give a hint today about how hay interest rates may be raised before taking a breather. in the last few weeks fed officials made it clear they are rate table with garagal in-- grad wall rate increases. resident trump said guatemala, el salvador would lose american aid if they allowed pem to enter their countries illegally. global news 24 hours a day on tictoc, in more than 120 countries. i'm taylor riggs. this is bloomberg. tom, francine? francine: thank you so much, taylor.

right now in new york city, taylor riggs. esident trump plans to send 5200 troops to the southern border of mexico by the end of this week, escalating his response to a caravan of migrants heading towards the u.s. the move comes as the administration considers additional executive action to block refugees from entering the country. the u.s. president has made illegal immigration a front burner issue in recent weeks. data from the crash indonesian airliner shows the airliner hit the ocean at hundreds of miles per hour. this is all according to data compiled by flight radar 24. it was carrying 189 people. all are feared dead. shortly after leaving jakarta, one of the pilots requested permission to return to the airport. considering abe tax cut for its flagging automotive industry. carmakers shares surged following the bloomberg scoop. rose 4% to 6%. buddha bank posting -- deutsche bank and b.n.p. paribas posting steep declines. with estimates and similar to what happened at its german rival. we hope there would be parity soon. w

i'm taylor riggs. jason: and i'm jason kelly. join us on the radio from 2:00 to 5:00 p.m. n time. taylor: and online at businessweek.com. jason: this week's business section is a pot takeover, and investment guide to the cannabis craze. taylor: along with canada legalizing cannabis sales next week, companies are seeking exposure to the budding marijuana industry. here is editor silvia killingsworth on turning pot into gold. lot that has is a to happen. it is complicated to trade between the u.s. and canada because there are a lot of regulations and roles about, is there going to list on certain stock exchanges. if you want to list on the toronto stock exchange, you cannot have cannabis holdings. another roadblock is getting banks to invest and finance. carol: that is a huge one. if this has got banks scared to get involved. silvia: there is reputational risks, the risk in investing in no one knows how it will perform. it is hard even in canada, where it is legal and becoming more so to get the biggest banks in canada to invest. carol: there is still a fair amount of money,

taylor riggs has first word news . starting in china, the yuan has fallen to its lowest of 2017nce january after the u.s. treasury averted an escalation in the trade fight and stopped short of declaring them a currency manipulator. steve mnuchin made it clear the west will be watching closely. trump is wanting against putting the u.s.-saudi relationship at risk over the disappearance of jamal khashoggi . the president says he hopes to have results of the saudi investigation by the end of the week. turkish officials said if a saudi team killed -- said a saudi team killed khashoggi inside the saudi consulate. an antiviral pill has led to an -- presented unprecedented reduction in hiv in australia. oftudy measure the impact the pill on reducing the aids highs -- a-causing virus in the larger population. global news 20 hours a day on-air and a tictoc on twitter powered by more than 2700 analysts and analysts in more than 120 countries. i am taylor riggs. this is bloomberg. raised theesa may possibility of extending the brex

here is taylor riggs. h slowed more than expected in the third quarter. gdp rose 6.5% from year ago. the government of knowledge what it calls a severe international situation. chinese stocks rose after the country's top financial officials moved to shore up confidence. the government is tried to prevent the biggest selloff since 2015 from affecting the economy. one of the most popular politicians in taiwan says the island must except its status as upon a great power game. the mayor of taipei is a possible presidential candidate. this china-u.s. conflict is going to be a trend for the next 15 years. there is no such thing as cross strait relations. the taiwan issue is just a part of the tensions between the u.s. and china. government facing off with european union over its government. the prime minister failed to convince fellow eu leaders that italy should be allowed to block fiscal rulebook. the eu commission sent a letter to rome calling it spending plan success of an asking for nation. back here in the

we turn to taylor riggs.president trump says it is false that the president and family created an empire. he was reacting to the new york times report. the times said trump evaded taxes on millions of dollars. that prompted authorities to open an investigation. president trump is turning up the pressure on one of his closest valets to curb rising oil prices. in mississippi, the president said saudi arabia might not last two weeks without u.s. support. the u.s.he rally protects a rich nation and is not get reimbursed. the mystery of what happened to china's actresses has been solved. she and the company she worked for have been ordered to pay $129 billion in back taxes and fines and a tax a vision investigation. she had vanished from public and fans saide she was ashamed and apologized. global news 24 hours a day, on-air at tictoc on twitter, powered by more than 2700 journalists and analysts, in over 120 countries. i am taylor riggs. this is bloomberg. david: thanks. we are to turn to mike mckee live in balti

i am taylor riggs. this is bloomberg. coming up, bank earnings kickoff friday. o michael mayo right here. this is bloomberg. ♪ taylor: coming up on bloomberg markets, tony fernandez there is a group ceo. -- air asia group ceo. get anchortart to earnings this friday with j.p. morgan reporting. welcome michael mayo. it is the man we like to turn to on bank earnings. what should we look for? bankdo not think big earnings will be that exciting. i think you will see structural progress when it comes to credit quality and capital return is the highest in history. revenues should be soft. if you are looking for that extra excitement because revenues are accelerating, you might be disappointed. if you were a long-term investor, you want to see sustainable progress. david: what happened to net interest margin? if you get interest rates up some a we are going to make a lot of money. michael: there is short-termism when it comes to the banks. the margin is the difference between what banks collect on their loans, what they pay on deposits. , theinterest margin biggest decli

here's taylor riggs. taylor: businesses are getting increasingly nervous about u.k.ing off a brexit deal. britain's economy slumped in october to the lowest level this year according to a survey by lloyds bank. it was felt in almost all parts of the country and across small and large companies, also showing consumer confidence falling. jamie dimon shunning saudi arabia -- says shunning saudi arabia's business conference accomplished nothing after the alleged murder of journalist jamal khashoggi. >> nothing. the issue is that this terrible event took place. we don't know the facts. i've also spoken to the government. i've gotten conflicting facts. we couldn't be seen in any way condoning that behavior. taylor: in indonesia, the lion air jet that crashed may have been found, identifying be possible seabed location of the plane, but not the fuselage and data recorder. the plane had only been delivered in august. cockpit recordings suggest the pilots faced a problem almost immediately. local media say at least seven people are reported dead as a typhoon swept across the

david: let's turn to taylor riggs. she has first word news. taylor: mike pompeo is in saudi arabia with a meeting with the king over a dissident journalist. the trump administration is deciding whether to take part in the upcoming saudi investment conference that has been thrown into turmoil. there are reports that they will admit he died under interrogation. the saudi's had planned to kidnap him from turkey. the u.s. budget deficit hit a six year high in donald trump's first full year as president. tax cut in spending increases boosted it to $779 billion. it is 17% wider than a year ago. revenue was up just .4%. bill gates said personal computing would not exist without paul allen. the billionaire cold founder -- cofounder of microsoft died. he was 65. he stepped down for health reasons. he turned his stake into a $26une valued at more than billion. global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries, this is bloomberg. i am taylor riggs. david: thank you very much. we got the news last nigh

i am taylor riggs.. francine: thank you so much. theresa may says she is considering a plan to extend the brexit transition time but does not expect to use the option. it could end a stalemate on talks which have stalled over the issue of the irish borders and eu leaders have extended the deadline for a summit in brussels. >> a withdrawal agreement and future relationships come on withdrawal agreements, there are issues around -- the backstop is what would come in place to ensure that there would be no hard border between northern ireland and ireland, if the future relationship is not in place by the end of the implementation time. 29 of march where the last date the united kingdom is a member of the european union and we have to have a deal before. all united behind michelle. >> i want to be optimistic. is march. favor -- we need to work a lot in the next weeks. leaders: some of the eu as they were meeting in brussels. let's get back to david folkerts-landau of deutsche bank. they were very polite with

let's get to taylor riggs. arabia is warming it will retaliate for any punitive measures over the disappearance of the journalists. be availed a political tool. president trump has said the u.s. could take action. >> when the president warns, people should take him at his word. obviously, he is very serious. i'm not going to get ahead of the curve. he will decide with the appropriate actions are, is indy we find out that saudi's were involved. taylor: meanwhile, president trump took a much on on two fronts. the president threatened to impose another round of tariffsts on beijing -- on beijing. >> they are down 32% in four months, which is 1929. that.t want i want them to negotiate a fair deal with us. i want them to open their markets. taylor: the president also said that chinese meddling in politics is more important than russian interfering in the 2016 elections. bloomberg has learned that talks ended in a stalemate yesterday. there is a risk of a no deal summit next month. negotiators have not been able to br

jeremy stretch with right now, first word news the taylor riggs. resident trump says it is 100% false that the president and his family created the real estate empire through incidents of outright fraud in some cases. he was reacting to a new york times report. evadedes set the trumps taxes on hundreds of millions of dollars that prompted new york state tax authorities to open an investigation. accusing -- the three women accusing supreme court nominee brett kavanaugh. the president attack the credibility of christine blasey-ford who testified last week. earlier, trump said her testimony was very credible. nato defense ministers meet today to discuss concerns that russia is building a medium-range missile. the u.s. has warned moscow it could take out those muscles. the kremlin call the u.s. statement irresponsible. and shares of aston martin are falling and their debut in london. to sports carmaker made famous by james bond films went public in an offering that offer the company $5.6 billion. the ceo andy palmer was not worried about the early tradi

taylor riggs is you would first word news. : secretary of state mike pompeo needs to act quickly to investigate the disappearance of journalists jamal khashoggi. he is in turkey after meeting with saudi authorities. turkish officials said khashoggi was killed inside the saudi consulate in istanbul. muellercounsel robert is on the verge of delivering key findings in his russia investigation. bloomberg has learned he will issue those findings soon after next month's election. he is said to be close to rendering judgment on two of the most explosive aspects, collusion, and if the president obstructed justice. theresa may heads to a crucial european union battle over brexit. they need to show flexibility over issues that have kept them deadlocked, the irish border. global news 20 hours a day on-air and a tictoc on twitter powered by more than 2700 analysts and analysts in more than 120 countries. i am taylor riggs. this is bloomberg. alix: how many times have you heard crucial deadlines for brexit coming? but the market is not gett

i'm taylor riggs, this is bloomberg. on the so-called davos in the desert, will be interesting. bloomberg had an interview with the crown prince of saudi arabia last week. he is seen as something of a reformer. he is a big figure on the global stage. this was meant to be a celebration and a next step in the diversification, economic diversification of saudi arabia. investors were slated to go. rbc had a note yesterday that this conflict could open up rifts in the oil market. this has a broader implication. that ishe aramco ipo, still on the table. we will see where that goes. -- bali.now to alix: i would love to. jason: our colleague is there with a special guest, european commissioner vice president. hey, jason. hello from bali, it is 7:30 p.m. on the island. meetingurrounding this because of prolonged trade tensions between the u.s. and risingbecause of the interest rate environment. on top of that we also have concerns about brexit. a lot of implications on the global economy today. we had the president of indonesia s

shery: taylor riggs, thank you so much.t, after an early retirement, democrats are hoping a blue wave could crash through paul ryan's district. we will talk with a candidate trying to keep the district red. comcast business built the nation's largest gig-speed network. then went beyond. beyond chasing down network problems. to knowing when and where there's an issue. beyond network complexity. to a zero-touch, one-box world. optimizing performance and budget. beyond having questions. to getting answers. "activecore, how's my network?" "all sites are green." all of which helps you do more than your customers thought possible. comcast business. beyond fast. ♪ kevin: this is balance of power, i am kevin cirilli. shery: let's go to the headlines with mark crumpton. the federal emergency management agency is asking residents to hurricane michael to be patient before they return because it may not be safe. the devastation caused by the storm was enormous, but one coastal town mexico city beach nearly wiped off the map by michael.

taylor riggs, thank you. a bloomberge for business flash.st stories in the news right now. in the offshore drilling bigstry, we see the second moves over a month -- aound $2.4 $2.4 billion. oil prices are driving a recovery in demand for drillers. in billion. paris, ubs is accused of using james bond-style tactics. the trial begins today. used encrypted without the banks approval. back to you. pres. trump: i actually have a good relationship other than there has been no collusion. no collusion. but i have a very good relationship. we will see. i did not. . relationship. we will see. i did not. . no i don't. the way they behaved was absolutely atrocious. i have never seen anything like i have never seen anything like it. from the release of important documents to statements they made, blumenthal was a fraudster when it came to vietnam. what he did was horrible. the way they conducted themselves, the way they dealt with a high level, brilliant, going to be a great judge, they really tortured him and his family. i thought it was a disgrace. i t

taylor riggs, what have you got? -- as stocks and chinese consumers' ability to buy them. : on the major averages, everything is lower, including the nasdaq. the story you were talking about , chinese launching an attack. that is pushing the nasdaq and some of the tech stocks lower, although everything is in the red. some of the movers like constellation brands and eli lilly, because we are kicking off earnings season. asstellation brands up 4% they report earnings per share and topline revenue growth beating estimates, and forecasting earnings per share higher than estimates. eli lilly had a drug result foreign and spare mental -- for .n experimental diabetes drug they are seeing potential to hit obesity, so shares are up about 3.5%. come into my terminal. this is a very interesting story. everything is in the red except for the financials. they are up 1%. financials are expected to start reporting earnings next week. it comes to the bond selloff we are seeing. the 10 year yield just keeps rising. not long ago we we

vonnie: our thanks to taylor riggs for that moment.rw for the latest is this flash, some of the biggest business stories in the news right now. to win u.s. approval to buy at no which will reshape the insurance and drug benefits industries. the justice department's antitrust division as soon as today. sellmonth, aetna agreed to in order to alleviate some of the government passes concerns. filing for bankruptcy as soon as this weekend. restructuring could avoid filing. the hedge fund managers focus on a deal that would preserve stakeholder value. softbank is in talks to take a a company thatin designs and ranks office space. of $4.4 billion softbank and its vision fund put in last year. 35king for more funds at a green dollar valuation. that is your latest business flash. guy: still ahead, we will look at the outlook for commodity and bring you a conversation with this man, the ceo of bp. ♪ thene hour to go until close of europe's markets. the numbers. under pressure, one of the worst performing markets in europe today down by around 1.

for the meeting moments, and we are focused on the latest volatility in the financial .arkets taylor riggse. taylor: joining me today is mike moran, a pension strategist at goldman sachs asset management. is veryng of this suspect. you put out a report about how it talked about the time is right for corporate pensions to start de-risking. why now? fundedt is all about levels. over the past 12-24 months, this has risen quite dramatically. that has provided an incentive for the plans to think about taking action in their portfolios to lock in those gains and funded status and reduce asset liability mismatch. there have been a confluence of factors that have led to levels going higher. interest rates are up about 60 basis points, they have risen about 40 basis points and about -- in about two months alone. so higher interest rate increased funded levels. despite the fact interest rates have been rising and taking into account the recent market volatility, the s&p 500 is up about 6% or 7% this year. so u.s. equities continue to do well. third, we saw a significant amount of a voluntary contrib

let's get to the bloomberg first word news with taylor riggs. ylor: bill gross sees demand from overseas investors. he tweeted lack of foreign buying at these levels likely leading to lower treasury prices. his comments come at a particularly tough time for bond bulls. u.s., the white house has received the fbi report on allegations of sexual assault against supreme court nominee brett kavanaugh. that comes as senate republicans have started the clock for a make or break test vote tomorrow on his nomination. if that succeeds he could be confirmed during the weekend. italy has said the tears deficit targeted at 2.4% of gdp with a commitment to reduce in 2020 and 2021. this comes after pressure from italy's finance minister to contain the ruling coalitions spending request. the government still has not published the economic growth forecast. the government says those details will come today. the u.k. prime minister's officials are john uplands to rush -- trolley up plans to rush in brexit -- are drawing up plans to rush a brexit deal through congre

taylor riggs has more. yellen is concerned about the white house undermining the central bank. she wants president trump to steer clear of commenting on monetary policy. expects to more interest rate hikes in the coming months but believes the fed is trying to take its foot off the accelerator. the president has repeatedly said he is not happy with rising rates. to end thents talks war in yemen to begin in november. event secretary mattis says the conflict should move toward a political resolution. he says the mounting number of civilian deaths in yemen as a result of the more must stop immediately. improved accuracy of bonds is still a warmer, so we have to move toward a peace effort. you cannot say we are going to do it sometime in the future. we need to be doing this in the next 30 days. we have admire this problem for long enough. taylor: secretary mattis believes the focus should be on the militarizing the yemeni border and allow the international monitoring of weapons provided to iran. china saw its b

i'm taylor riggs. jason: i'm jason kelly. you from bloomberg headquarters in new york. taylor: how technology is changing the most basic component of business and finance. that is money itself. jason: cannabis used to be illegal. now it is investable. taylor: first, we have a bloomberg exclusive. steve bannon slams nikki haley's decision to announce her

let's get straight to the first word news with taylor riggs. michael is likely to slam into the florida panhandle today with 130 mile stormur wind and a killer surge. overnight, the national hurricane center upgraded michael turner category 4 storm. it has gone even stronger. roughly 375,000 people living along the gulf of mexico coast have been told to evacuate. the hurricane has cut oil production in the gulf by 40%. there is to evidence that technology hardware bound for the u.s. has been tampered with in china. a major u.s. telecommunications company discovered manipulated hardware from super micro computer in its network and removed it. last week bloomberg businessweek reported chinese spies had ordered subcontractors to plant malicious chips and supermicro server motherboards. president trump does not expect to meet with north korea kim jong-un until next month's elections. the president told reporters his campaign schedule prevents the second summit for now. still, he says the administration has made incredible progress in negotiations ov

joining us now with more is taylor riggs. taylor: hodgepodge and everything.s interesting that the shares are higher in the midst of a broader market selloff, showing how investors are showing some relief. focusing on the doj, the big news today was selling off that medicare part the plan, coming out to talk about how these divestitures will allow for the creation of the merger with integrated pharmacy and health benefits companies and of course, you can't ignore the scale and lower cost sumer. as we step back and take a little did of a look at scale, of course there are some strategic synergies and there are things that make sense. i think that when analysts look at the steel, they take a look at the retail presence, that's what distinguishes this company. cvs expected only to grow 2%, presence onlytail makes 30% of the revenue and that's what's expected to grow up to 5.5% next year. that helped to stand up art of it. -- stand apart a bit. david: up next we are heading to pennsylvania to talk about one of the rare races where two incumbents are running agains

that was our stock of the hour with taylor riggs.loomberg. ♪ ♪ vonnie: there are 30 minutes left in the european trading session. i am vonnie quinn and this is the european close on "bloomberg markets." ♪ vonnie: here are the top stories we are covering from bloomberg and around the world. the italian 10-year yield has dropped. the commissioner says he does not see the risk of contagion and the e.u. will not lecture italy. moment., a turnaround china policymakers verbally intervene. showdown at the wto. china teams up with the european union and other countries to ask for investigation into the u.s.-imposed national security tariffs. the u.s. looks to review china intellectual property violations. all that in the next 60 minutes. first, we want to check e

i'm taylor riggs. this is "bloomberg." thank you. for more on china, michael mckee joins us now.eresting note saying if we go through with 267 billion dollars on tariffs, you could see a meaningful impact on inflation. what are you starting to hear? michael: that is the case and you should start to see more inflation, .2%. do not forget, the rest of the tariffs go to 25% in january. the inflationary pressure. we have had this discussion about margins, how much can companies absorb of these tariffs and how much are they going to be able to pass on. david: can there be a deal? president trump said where getting a great deal and the markets reacted. they paid attention. he said he has leverage over them and if you look at the chinese government, every day there is at least one thing they are doing to shore up their economy. is that an indication of they are suffering and make a good deal? michael: it is an indication there is pain being inflicted on china. there is a slowdown underway and so that hurts. can the chinese power through it? theirave control over economy and the ability

ourie: taylor riggs with stock of the hour. this hour it is general electric.30 minutes until we close out the european markets for the session. doing a little bit better than some of the other markets. the dax had a tough day. the market i want to focus on his foot demand. .- is the ftse mid we will talk about that in the next hour. this is bloomberg. the closes next. -- the close is next. ♪ jonathan: 30 minutes left in the european trading day. from london, i'm guy johnson. vonnie: i'm vonnie quinn. this is the european close on bloomberg markets. guy: here at the top stories we are covering from the bloomberg and around the world. blinks. amazon bows to political pressure and delivers a prime pay rise to workers in the united states and the u.k.. italian markets have another turbulent day but stocks bounce off their intraday lows and push up towards the end of the session. have they found a short-term base? and boris backes may. the former u.k. foreign secretary says he supports the prime minister but not crucially her plan for brexit. let's talk about the e

if you are not playing it, listen to taylor riggs. not a gamer, but we can talk about the stock nonetheless. some analysts saying gaming has not been priced into the share price, so that is why we have a little bit of a rally today. we have a chart showing the history of these releases, because analysts are saying you could see 10 million sales in opening weekend. in the past with the first three games, those were traditionally some of their top sellers, up to 30 million for the first one, 29.6 million for the second, 26.5 million for the third. 10 million alone for the opening weekend could push it up there. it is interesting, the stock has been taking a beating. it think on october 2, but since a been down about 5%. the rally today is helping offset some of those losses. but analysts say that long-term they remain bullish on the stock. there is a blackout mode, which allows us some ingrained monetization strategies, they are party with tencent to expand in china. so things keeping analysts bullish. guy: is a zero-sum game, or do oth

jason: let's get another look at the numbers, so here we have taylor riggs. : while you are looking at the decline in the pages, i am looking at the market caps and share price. let's look at the market cap on the right-hand axis. these are the white bars. we have gone from $30 billion market cap, falling now to about $44 million. this does coincide with the drop in the share price we see on the left access -- axis on the blueline. you are now getting $.40 on the dollar. eddie lampert became ceo around 2013, could not do much to turn around the value of the company. carol: there was so much hope and optimism when he took over, but it was a decline pretty much from its peak over the last decade. great chart. it was hardly is a price, but that does not mean it was a simple story. there are a lot of moving parts over the last decade. i spoke to reporter kathy burton about why eddie lampert could not keep sears afloat. taylor: he started his fund -- kathy: he started his fund when he was 25 years old, but he already had these very big people as investors. he had g

i am taylor riggs. this is bloomberg.s now is another wall street player turning his attention to cryptocurrencies, gary gensler, former cftc chairman. gary: great to be with you. what does that tell you about the validity of this going forward? gary: i think the technology, watching technology which the public knows his underlying bitcoin has a real chance to be a catalyst for change in the world of finance. that is because it moves data and also applies code across a decent -- a decentralized network. we see the likes of sheila and gary cohn and i am teaching at m.i.t., and the class is crowded. a lot of people want to know about this technology. alix: how do you regulate it? gary: if it gets broad adoption and you really the crypto world is going to be part of the future, it needs to come inside of public policy. we need to guard against illicit activity and we need to protect investors. exchanges, exchanges like coinbase need to come .ithin sec or the cftc inside of something to protect investors. david: we are seeing

joining us now taylor riggs. >> coming" or earnings per share. which i tend to not like so much.e are going to give it a pass this time. doubling the important news. $200 million. this comes even as they trimmed their forecast for the global demand. they are only expecting demand on that side of the year to come in three and three quarters percent. the first since 2007. back then it was the commodities combined. >> you're probably going to help the share price. >> analysts said the stock will benefit from the share buyback. what about tariffs? we have heard a lot about aluminum tariffs. thinkeresting you would the domestics would to witt -- would benefit from the tariffs. there were some concerns that they would make aluminum like brazil, like spain, like australia. able to manage it and to whether it. wegot one comment saying continue to see the world is an uncertain place. interestingly, they have been able to whether that storm. g tv , we can look at prices of alumina. made alumina. they can capture the higher prices for this. that is a lot of what you are seeing. >> that

youie: taylor riggs, thank for that stock of the hour. lots more next.berg. ♪ guy: from london, i'm guy johnson. vonnie: i'm vonnie quinn. this is the european close on bloomberg markets. guy: here are the top stories we are covering from the bloomberg. .uropean stocks strong earnings from the likes of walmart and strong outlooks. giving confidence that the u.s. economy is still firing on all cylinders. the pound is also claiming ahead of a key eu brexit summit. had strong wage data giving sterling a boost. and commission president jean-claude juncker hinting that it might be reject it. btp yields have come down today. prices have risen.

vonnie: that is taylor riggs with the stock of the hour.: let's update on what we've been talking about the u.k. apart from the royal baby. prime minister updating a few minutes ago the house of commons on the progress or lack of it being on the progress or lack of it being made. live pictures coming to you from the house of commons in westminster. a cabinet meeting tomorrow and an eu summit on wednesday. n wednesday. ♪ >> 30 minutes left in the european trading day. is "the european close" on "bloomberg markets." ♪ guy: here are the top stories we are covering. stocks are fighting back. the s&p still down. we had that weak asian session. europe did not have a great morning, brookline our way back off lows now -- clawing our way back off lows now. 1973 was the last time the saudi -- that saudi arabia used oil as a weapon and is threatening to do so again over the weekend. president trump advise mike pompeo to get on the plane and fly to the kingdom. and brexit battle. lawmakers thisls will continue. moved and we have a key cabinet meeting a

here we have taylor riggs. : while you are looking at the decline in the pages, i am taking a look at the decline in the market caps and share price. first, let's look at the market cap on the right-hand axis. these are the white bars. aegon from anywhere from a $30 billion market cap, falling now to about $44 million. this does coincide with the drop in the share price we are seeing on the left axis in the blue line. share price at one point, $120. you are now getting $.40 on the dollar. as we know, eddie lampert became ceo around 2013, could not do much to turn around the value of the company. carol: there was so much hope and optimism when he took it over, but it was a decline pretty much from its peak over the last decade. great chart. thank you so much, taylor. it was hardly a surprise, but that does not mean it was a simple story. that is a richer when it comes -- that is very true true when it comes to sears. there are a lot of moving parts over the last decade. i talked to reporter kathy burton about why