does the market reaction, is it justified by the data from china alone?he fifth consecutive drop in exports? is it just china? it, a lot of the moves we have seen today are traders waiting for the fed. get it over and done with and close the books for 2015. people are looking to clear her positions and be done with 2015. i think this may be a little bit of a liquidity selloff over the course of today. exportse data showed fell, imports fell, the yuan fell. are they managing a depreciation by saying ahead of the fed? jeremy: i think so. you have to remember that a week or so ago, a lot of people were talking about how they couldn't maylue before hand so they devalue slowly, on a day by day basis. still negative around emerging markets. we will continue to see that over the course of the year. betty: i keep trying to wrap my head around -- we just had an investor here, a real estate investor, who said the fed hike of 25 basis points is really not that big of a deal. it is not a game changer here. so i'm trying to wrap my head around why the markets are pric

mark: it is down for the fifth day, blame china, the trade data. g down into the china data. is it in recession? you have u.k. and eurozone data over the ecb decision. what a story, dividends for the first time since 2000. willwn bloomberg reporter be with us. the battle of the charts is back. i'm going to win today. i will look at the value destruction in the mining sector. the european close is next. ♪ betty: welcome back to "bloomberg markets," i am betty liu. markets are wrapping up a crazy day in trade, i want to bring in mark barton as we wrap up the session in the next 30 minutes. mark: mining companies are dragging european stocks lower. the european close starts right now. ♪ we are going to take you from new york to london in the next half an hour, as you said, the china data kicked off all of the selling here. yesterday's gains -- were they an operation? data fell more than expected. the import data was an improvement. it still has eight-in front of it. grew .3%.a growth yes, it was closed down for the second quarter. it is

we will look at the latest export and input -- import data from china. later, ceos talk climate change. geb trioalk about the and how they are creating a global coffee empire. nine minutes into the session in london, the ftse 100, lower by 1/10 of one thing percent. this is "on the move." good morning. ♪ guy: welcome back. ."u are watching "on the move that is the city of london. we were expecting the footsie to open higher. we are down by 2/10 of one thing percent. let's get you up to speed. abenomics has received a shot in the arm after revised gdp data shows japan avoided recession last quarter. the threey grew 1% in months through september rather than shrinking 0.8%. pimco is going for some heavyweight names in an effort to reassure its clients. the company announced that former fed chief ben bernanke, former british prime minister gordon brown, and former ecb head jean-claude trichet a will be part of a new global advisory board. china's biggest bank icbc said it punished 137 staff for breaches of communist party discipline, such as accepting gifts

the pond, trying to hold onto these gains. ism manufacturing data , betty.things off a bit it started off so well. , the china data, looking on the bright side of life. expandedvices sector as well. we had factory growth in november. unemployment unexpectedly fell to 10.7% in october. manufacturing growth cool in november, but interestingly, the survey said manufacturing did maintain its positive start for the quarter. so, betty, i'm blaming you. it is it your manufacturing data that caused the flaw in the narrative. betty: [laughter] the traitors did react well to the stress tests of the banks in england. mark: yes, they were. passed theanks stress tests. a couple did not do so well. they fell on a couple of issues, but the likes of standard chartered, rbs, they have announced capital raising plans. there was some concern that they might need to renounce new measures, betty -- to announce new measures, betty. let's be fair, betty. they were more wide-ranging tests than last year and took into account emerging markets exposure. so, those banks like standard chartered and hsb were really under the magnifying glass. a good day.

the dollar yen is strengthening. that doesn't help. over in china we have the latest data from china that does show more signs of destabilization in the economy. we have retail sales and fixed asset investment coming in better than expected over the weekend. we have stephen engle taking a look at the figures. : it is about stabilizing. that's good for the chinese economy. let's look at industrial production. of growthe old driver in china. october was 6.5%. bloomberg was 4.57. it is the best since june. there is the stabilization. now we need to look into the next year. numbers will get improved going into the first quarter of the year. 2015 was not a great year for numbers. let's look at fixed asset of. this is infrastructure spending. is 10.1. a survey is 10.2. a little bit below estimates but not by much. retail sales that retail sales also study. that is not much deviation, things are looking good. we had targeted fiscal spending. the change in the basket, which could help the economy to a all of this is helping stabilize the chinese economy. angie: especially with pro

the fed from wednesday evening? macro data, something out of china, something drastically? it stands, will not delay the fed. it certainly raises those questions. longer-term, the unwind you get in the high yields you are going to start -- your belly opportunities into next year. what people are expecting for dutchst couple of the last couple of weeks of the year into we get to the fmc -- it could be what yellen says, assuming she raises rates, it will be how she us washes that with her comments. if she remains dovish, with a measured pace, the markets take that positively because the macro fundamental us are allowing her to raise rates. francine: are there any buying opportunities among these risky assets? simon: all of the cash they get the community, people will look at those idiosyncratically on him by name basis. i think you find few investors looking to jump in at this juncture. capital preservation will be key for many going into the end of the year. francine: thank you so much or all of that. it is a huge story for them that we will watch closely. ceo is what we had

the latest data out of china shows evidence of stabilization. hurdle for higher borrowing costs. the tracker for to a growth pace november. that is the best reading since june. figures all exceeded forecasts. the people's bank of china says the currency should might be measured by a move against the dollar alone. that statement is being interpreted as a sign that the bank will allow for the decline. the rand is a surging after the south african president named his second finance minister in four days. whoeappointed travis healthy posts between 2009 and 2014. the turmoil that sent the rand to record lows. rbs's ceo says the restructuring is very well advanced. it returned to profit for the first time in four years. he spoke to manus and an exclusive interview. >> it will be finished by the end of this year. from the structuring of the front and -- we will be done by the end of this year. that is a very good outcome. nejra: francis national front failed to win any assemblies. along -- francois francoise along -- for more on the stories had to bloo

let's see how markets are reacting to the china data, the drop in both imports and exports.n't immune. we saw a drop there. markets, ituropean looks like the ftse 100, pretty much flat. we are seeing a little bit of a slowdown. what stick it to some of the stocks we are watching this let's look at some of the stocks we are watching this morning. keep your eye on these two stocks. people have been saying that orange is an early discussions about buying bouygues'skeep telm and media assets. what could happen in this potential deal is that bouygues might actually carve out its construction unit and maintain a minority stake in the combined company.

equities market elsewhere we are seeing weakness and nervousness ahead of the fed and also ahead of the china data dump that comes tomorrow so yet another event risk that the markets have to contend with. i think there's a lot of jitters in the market now. as we head closer to the fomc and the big question is asia. especially at the emerging market end of the spectrum. ready for it. it has been priced in for a large degree which way does it go. as we stand, back to you. >> a pleasure as always. thank you for that. right trading was halted in a number of companies as the chairman of the chinese investment group has gone missing. the financial magazine reported that he was seen being taken away by police at shanghai airport yesterday. it's unclear if he is under investigation or possibly assisting an investigation. he is one of china's richest men and is described as the country's warren puff gbuffet. for the latest, visit cnbc.com. now divergence, one of the biggest issues for the swiss national bank head said the difference was creating huge challenges for small economies like switzerland. this af

the pond, trying to hold onto these gains. ism manufacturing data , betty.things off a bit it started off so well. , the china data, looking on life.

on the back of the china manufacturing data, i thought we would look at the price of copper, which isg today, calling back some of its losses since november. this is a chart from the last month in november -- copper sank by 10%, the worst month since january. it wasn't alone. the london metal exchange index salk for 7 -- index sunk for seven consecutive month. the worst by the for copper, which is at a six-year low, investors betting there is more pain in store. but we have some slightly hawkish news -- citigroup isn't so bearish. had forecasted many commodity markets, including copper, to strengthen in the second half of next year. we want to show you an index that we show you every day -- the ftse bank index. this is an index that i have shown you over the last month -- all seven lenders are taking part in the bank of england stress test passed. there is a little star sign next to rbs and standard chartered. they need to raise further capital. negative euro area growth and plunging commodity prices -- and because of all these measures, it is down by 11%. but the index is rising toda

the time to do it. china's trade its club keeps getting worse. it fell in november for the fifth month in a row. the trade dataer a report shows that china's factory conditions fell to the weakest level. worsens, johnmp brown spoke to bloomberg in london about where he thinks oil is going in the long run. nothing is impossible. i think long run -- $20 in today's context is probably wrong. but that is as far as i would go. alix: anglo american is scrapping the dividends for the first time since 2009. they will suspend evidence for the second half of this year and all of 2016. they're pledging deeper spending cuts to help them withstand a collapse in commodities. time now for the bloomberg quick takes where we provide background on issues of interest. today, breaking down abenomics. -- expanding rather than contracting. but still, record high profits and rising stock prices. japan's economy has been stuck in neutral for 20 years. china overtook japan as the largest economy. took office, he had a plan. abenomics is a departure. uncompromisedd of monitoring easing and deregulation. the next phase will help boost t

the china data is overdone? think it is overdone, it is looking pretty at all. marios: when you look at the way the markets are behaving. they are consistent with a hot landing in china. and when you focus on manufacturing in china, they do say it is soft. but it shouldn't be a surprise. china is rebalancing and services are becoming more important. tom: let's talk about your expertise. the emerging markets, are they going to have a knocked down affect to mario draghi and janet yellen? do we need to worry about emerging markets? no, not at all. i think the problems facing mario draghi is domestic. i even think the problems in the united states are u.s. problems. so i don't think emerging markets are cause for concern. they are growing their wealth and they are faster than global growth. they are growing faster than all of the countries you have u.k.,ned -- the u.s., europe and japan. according to mario draghi, the economy is ok. would you just said was completely the opposite. is he wrong or is the message there for a reason? marios: the message is probably there

we need to see the china data improve, as we suspected well, to encourage investors to move back in. opening up one of our news stories on the terminal. hasa's economic growth rate been falling to at least 2018. we surveyed a 12 economists, and it will them said take until 2019 for growth to re-accelerate, and it underscores the challenges for xi. put it in context for us. what is achievable? the more important question is what happens to the yuan going into 2016 >> question mark hard landing, soft landing, we don't know. this is a huge economy that is growing at a very rapid rate. china does it need to grow the rate of the past. the fact that it is slowing is to be expected. it needs to reposition its economy toward a more consumer driven, investment let economy. anna: so you don't see an acceleration. see the't also precipitous fall. i think it will be a headline number, but the underlying dynamics of the economy will beginning better. we are already seeing a pickup in industrial production. let's not forget that the service economy is doing really well. this is exactly what the adm

the latest rate data from china confirms the slowdown is continuing.orts fell for a fifth month in november. a slump in imports means a trade balance. we have that surplus coming out of china. economics is an asian correspondent. think this picture for us. paint this picture for us. it is hard to see circuit breaker. they suffering from deflation on one hand. demand from japan and the eurozone whose economies are not in the best light at the moment. on the import side, there is a pricing impact. some sense of a pickup in demand as well that is helping to drive imports. taking together, the trade data story out of china is reflecting a down global economy. >> yahoos has scrapped it's been off of alibaba shares after pressure from investors with risk associated with the deal. shares are currently up. they are exploring a reverse spinoff where acid and assets and -- liabilities. >> this is a mirror image of what we have proposed before. alibaba trades -- shares will trade under a new tickertape. >> it is another beautiful euphemism and a mirror image that

i think that maybe there are some green shoots on the global economy, but even china's own data, theiracturing data last night was worse than expectations. nothing really vigorous to hold onto. there is week i ascend data this morning, there was some data yesterday from the regional surveys. maybe some bright spots. just when you think everything is going great, you get a nice number like that and it makes you go -- let's not get ahead of ourselves here. thank you, joe, i know you've got your show coming up next. be sure to catch the black rockn with the portfolio manager, on emerging markets. much more ahead in the next hour. we will talk more. ♪ betty: welcome back to "bloomberg markets." let's head back to the markets desk for a final check on the company movers ahead of the closing bell, julie. looks like we will be closing at the highs of the session. taking a look at the overall averages, closing at the high or near the high, since we have 10 minutes left, the s&p is up by nearly 1% here. manufacturing data out earlier they, that has not stopped momentum in stocks, december tends

globally, it looks like investors are seeing the positive side of the data out of china. let's see if the european stocks are opening on the positive. the 5100 is up for tenths of 1%. the dax is not open yet, but you know the equities have ended with gains on all but five occasions. back to you. jonathan: thank you very much. mark carney is just beginning a news conference. let's listen in. mark carney: we are publishing results of the 2015 stress test. view onublishing the risks and vulnerabilities to u.k. financial stability. starting with the stress test and the overall level of resilience in the system, u.k. banks are significantly more resilient now then they were before the financial crisis. capital requirements for the largest banks have increased tenfold. they are holding liquid assets that have increased. 2015results of the banks' stress test underscores these improvements. this year's stress test complements last year's efforts. it prompts a reassessment of asset prospects and prices. it considers the implications of deflation, not inflation, which was considere

the new york stock exchange. m chinese trade data comes in weak. mining stocks hit hard, anglo americans spends the dividend. europe taking the queue from china and japan, the big story today, oil below 37 for the first time since '09. oil down 15% since the opec meeting. our road map begins with oil hitting seven year lows. >> we have news on the m&a front. the latest on deals that may or may not happen. >> and chipotle down another 5% pre-market, dragging that stock down nearly 20% so far this year. the latest on the company's e. coli outbreak. futures moving lower following monday's stock market decline. november data showing chinese exports fell for a fifth consecutive month. we've seen wti fall below 37 for the first time since early '09. shares of mining companies taking a hit after anglo american announced plans to cut jobs as part of restructuring. rio tinto said it will cut cap x in '16. it's all over today. >> rio is off 39, valet, 69%. when you slash 85,000 jobs out of 135,000, what does that say about the amount of equipment you'll spend? what does it say about the ancillary companies related to mining? this is all related to chin

the latest trade data from china confirms the slowdown is continuing.orts fell for a fifth month in november. a slump in imports means a trade balance at $54 billion smaller than forecasted. still we have that surplus , coming out of china. joining us is an asian economics correspondent. paint this picture for us. in a way that these numbers can't. >> i think it's a pretty soft story. on the export side it is hard to , see circuit breaker. well get them out of there -- they are suffering from deflation on one hand. and weak demand from key trading partners like japan and the eurozone whose economies are not in the best light at the moment. on the import side, there is a pricing impact. but there is some sense of a pickup in demand as well that is helping to drive imports. there is pickup in demand. taking together, the trade data story out of china is reflecting a down global economy. >> yahoo! has scrapped it's been off of alibaba shares after pressure from investors with risk associated with the deal. yahoo! shares are currently up. the company is sai

the top spot in china. what is happening is the smartphone market is saturated for the first time. how worried are you about that? hugo: what the datahat china has moved into the replacement market. people already have a phone. every year they just want to buy a new phone. an interesting point is that the replacement is actually coming down. people are more anxious to buy a new phone more often. there is a tremendous amount of room for us to grow even if the pie itself isn't growing. emily: would you ever make a car? hugo: would we ever make a car? we are not making a car right now just to be clear. i think that is an extraordinarily difficult task. it is not something that we can build today. we just are not resourced to do something like that, but why not? emily: you guys recently raised $1.1 billion. you are valued at $45 billion. why is xiaomi still a private company? hugo: i do think that moving fast and being able to change direction quickly is important for us. when you are a public company, you are more restrained in your ability to do that, to massively allocate investment into something that may not pan out for some time.

the u.s. i don't think anyone really saw what china's exports data to the steel market.ark: are we closer to an inflection point for the likes of our slow middle -- arcelormittal? when will the market be balanced? number is asxcess much as 700 million tons. across the world, 500 million tons of excess capacity in china alone. the inflection point, when is china going to cut capacity, stop exporting? mark: thanks for joining us. focusing on the u.s. market. treading water, is that a fair description? that is there, though we are trading lower, particularly on the dow. most investors are watching janet yellen, speaking in about one hour's time. what could she say about monetary policy? that's what people are on watch for right now. abigail doolittle is at the nasdaq, watching stocks. some big movers? abigail: stocks seem to be on hold ahead of yellen, with the composite index just up slightly. but we are watching the truckers trading down, after bank of america was out with a downgrade of the trucking industry. demand is soft on a weak consumer, causing rates to decelerate

the bloomberg terminal. mark: let's start with china because export-import data continuing. at the msci for a fifth consecutive day. it is down by 3%. emerging markets having to contend with weak china data, falling commodity prices and the prospect upon u.s. interest rates. this index is on track for its lowest close since october. crude oil rebounding after sinking yesterday. crude oil falling by five point 8% yesterday. lowest level in 16 the, in six years, excuse me, after opec abandoned its strategy of limiting output to control prices. 37.e ended yesterday at 75. the next signal is 33.98. that was the closing fries on february 12, 2009. and we cannot talk about commodities without talking about this company sinking to a record low today. anglo american scrapping its dividend for the first time in six years to counter a collapse and commodities. shares falling to a record. the payouts for the second half of this year and for next year have been suspended. buts battling metals prices has sunk to the lowest levels in six years. other measures it has -- measures include sh

the region. anna: it seems there is a bit of data for everybody coming out of china. ory, whenever you are looking for, you can find it in the data. do you want to see evidence of this reorientation of the chinese economy? for a long time they talked about how this old bottle is to be discouraged, and the new model is more consumer driven. that would be fine if we were seeing the slack picked up, the slack in the old being picked up by the new. investors are looking for more evidence that it's happening. >> very much so. it has clearly been waiting over the last few months, that particular new index is a very interesting one. but of course, we are in the season for it -- the chinese new year coming up in february, so you might be seeing seasonal payments. it will become entrenched for all sorts of reasons. we have seen the slowdown already having an impact in terms of gifts on the drink sector for example. withave got the investment prudential, the general consumer spending, wishes had an effect on the likes of burberry and roc luxury retailers. you will want to see at

one of the things that people are often concerned about in china is the reliability of the data.nd you have very few of these types of independent reports that attempt to analyze the chinese economy. in that respect, the beige book is something that we should definitely take seriously, because it may be one of the few independent reports that we have available to us. how do you put that compared to the housing markets, saying that it is stabilizing? we have had quite a year for china volatility concerns. to 2016 moreng worried than six months ago or less worried? not: well, we're definitely out of the woods in terms of the property market. although the beige book did flag this was one of the sectors that was holding up and we got positive data today. the data really is on two sides of the market. you have the tier one large, major city market, beijing, shanghai. then you have all of the other cities in china. and, well, demand is very strong in the tier one cities, it is hard to turn over a property in the other areas. that is why the government has taken measures, focused on the

the key challenges. let's hear more from j.p. morgan chief china economist. >great to see you. we got some pretty uplifting datafrom china over the weekend. retail sales and industrial production all seek forecasts. what does this mean? >> looking forward to for a long time. it is not surprising. if you look at what happened in the last 2-3 months, there is a lot of policy adjustments happening. we had the rate cut. on the physical side, we have more dramatic adjustments, particularly over the policy bank lending and also the government expanding the local program. the physical capacity has been increased so that has been useful to support if you look at data. new project has also been taking a very big growth. we saw strength in the old drivers of china. you say the two speed economy will keep building for next year. >> i think one positive is that ,f you look at the sector investment growth continues to slow down, that is in real estate. manufacturing, not as strong as infrastructure. that is consistent with the government talking about not repeating this old model. the strongest growth comes in the governmen

the fifth month in a row. a lot of economic data out of china. ession qualcomm, stock is down 1% is needed imposes will antitrust charges, if the charges are confirmed, qualcomm faces a fine of 10%, 10% of its annual revenue. stock opened down this morning, crude-oil futures at a low level in seven years, phil flynn is that the cme with a latest than your take on oil's wild move, a real negative sentiment in the market. >> there really is. up peck became unhinged, they are not even making a pretense that they are going to restrain production, every producer for themselves and that went into negative settlement. in reality it doesn't mean much more oil but it is below sentiment. the impact, china's economic data is very weak, but the oil demand is up dramatically, 450,000 barrels, up 470,000 barrels from a year ago so they are still betting on that and the good thing about this is gasoline prices, aaa says gasoline prices could fall below $2 a gallon national average for the first time since 2009. that will make a somewhat better in the stock marke

if the like yesterday was the catalyst with china's trade data. joe: another thing, the dollar got slammed against everyone. the british pound went to back atabove $1.51, the euro $1.10. that was part of the action. a big rally in commodities and non-dollar currencies. a real reversal of trends. scarlet: i want to look at the bloomberg terminal to see what struck my eyes today. natural gas, we talk a lot about oil and copper and base metals. alex: natural gas is not doing well. take a look at the level. .wo dollars right here you can trace that back to levels we have not seen since 2001, although it back to 1999. that's how bad it is. and he see that reflected in stocks over the last week or so. joe: one day natural gas will get back there. alex: no, northeastern natural gas is under one dollar. scarlet: i am taking a look at the divergence he between credit and equity, particularly high-yield credit. so here is a relative of high-yield credit as shown by this chart. it is grinding lower. the s&p 500 has done much better. this is about until mid ap

the stoxx 600 up by about that much. we had some negative data out of china earlier on. front foot reaction in european equities. on the first day of december. maybe santa claus is writing to the rescue. and as little rally. decenthings look pretty in the asian session. nejra: china's manufacturing pmi has dropped to the lowest level in three years. in november. 49.36 six central bank interest rate cuts in the year haven't been enough to spur recovery in manufacturing. to imf will at the u.n. reserve currencies alongside the dollar, euro pound and the yen. it will have a waiting. dollar housed a second day of gains after the reserve bank of australia cap rates unchanged at a record low of 2%. policymakers have left rates untouched. morgan stanley is planning to cut as many as a quarter of its fixed income staff according to people with knowledge. they recorded a 42% plunge last be across cuts will all regions and set to take place before the end of the year. that is bloomberg's first word. guy? and a? guy: the bank of england just published a whole bunch of stuff. it sai

on the same day, china will release november data for consumer a producer prices. e bank of korea will hold a policy meeting on thursday. at the previous meeting, the central bank kept its key interest rate at a record low. >>> on friday, the unirsity of michigan and the u.s. will release the consumer senment index. >>> every monday we invite a specialist to discuss events for the week. in this edition of expert view, we speak with martin schulz. he shares insights on japan's revised gdp figure due out on tuesday. >> we will see probably major revision of gdp data. we have been fearing that japan is actually been in a recession over the last two quarters. the revision will likely show that investment actually have been much stronger, and we have been growing during the third quarter. that will be a very positive outcome. japan might actually have been growing by 0.1%, 0.2% during the third quarter. the economy actually seems to be fight a bit more stronger than people have been thinking over the last half year. households are careful, but they are spending very stab

yvonne: the latest trade data from china does come from the slowdown is continuing. exports fell for a fifth month in november while i slump in imports means a trade balance at $34 billion smaller than forecast but we have that surplus coming out of china. is enda. the studio and a picture for us. -- paint a picture of us. >> on the export side cometh hard to see a circuit breaker. what you get these factories out of the routers. they are suffering from weak demand from key trading partners like japan and the eurozone. the export side, hard to see where the circuit breakers will come. on the import side, there's a pricing impact. of ahere is some sense of pickup in demand as well helping imports. there is some pickup in demand. taken together, the trade data a downturnflecting in global economy. >> cap who scrapped its long-term spinoff of alibaba shares. the shares are currently up. -- yahoo! shares are currently out. it will be transferred to a newly formed company. mirrorceo says this is a image of what we have done before. trade underes will a new ticker trade an

alix: i am looking into wednesday and i am dying to find out about the china cpi number. well, with data prices and the consumer price index. upant to see how it holds without food and oil. i am excited and i will talk about it on monday. joe: there are two economic data points i'm looking at. there is an optimism survey that comes up. they asked small businesses a bunch of different questions. can you find what others -- to find workers? you get -- can you find workers? you get a lot of data. jolt report and we will see people quitting their job rate.e quit scarlet: that wraps it up. joe: have a great evening. ♪ john: i am john. mark: with all due respect to donald trump, do not expect too many endorsements for your policy proposal. on the show tonight, hillary clinton drain. first, the first night of hanukkah. obama put forward his ideas on how to beat terrorism at home and abroad, with emphasis

the board as well. down about half a percent a piece. in asia overnight, following that china economic datas, exports were down for the fifth month and shanghai

we big ramp up of the lenders yesterday and some speculation that there are more national and china is the biggest decline or their in the early session. -- is how the markets are data isuring deteriorating. >> we are seeing a two speed pace of growth in china and there is the service sector and they are outperforming in the past year, the still having lifted a sluggish sector. low andhan three year it slumps back with a consensus dip below the forecast and manufacturing has not been this low since 2012. andreadings are below 50 the steel sector has a capacity issue at home and abroad. and, of course, the slumping property environment. within the last 15 minutes, the survey of smaller factories came trougher and there is a form. below 50is has been is below 50. shows aices sector little more resilience after a slump. rebounded in november. it is 53.6. still, it is manufacturing. back to you. and itant your opinion asking tog business andrve the currency ahead this is the official recognition of what china has done in the global economy. >> it is more political than economic. what a journey it has then. wereade ago, they controlling the currency and there is a major

who are the primary actors in cyber space and what they want with u.s. data? what would china want with opm data fork sample? >> guest: china and obviously russia and iran and north korea the sony case were identified as the actor in that case. they want different things for different purposes. clearly from an intelligence point of view it makes sense to want to gather data and figure out who the individuals are trying to pull in that information and make decisions based on the information that you have for that point of view. that's the main reason that we have seen other instances where they just want to take down a particular company or service of some kind that they feel is in their national interests. there is a wide range of companies that have been targeted that you would not think would be on the list of companies that the nation-state would be ingested in so it is something that almost every company in the u.s. and organization the estates of think about. >> host: a casino was one that comes to mind sheldon adelson and you wouldn't think of them as a natural target. i

the beginning of 2015. this gauge sank almost 4% on tuesday after weak china trade data. the data today wasn't as bad.d is strengthening in the world second largest economy, but as you can see, minors falling today. the bloomberg commodity index is down to a fresh low. on the subject of china, the yuan has sunk to a new four- year low. intelligence says the pboc is doing is basically front running the federal reserve, preempting a perceived depreciation in the yuan when the fed is widely anticipated to raise rates next week. since china cut the reference rate by 1.8% on august 11, the yuan has fallen by 3.3%. part of that decline has been to do with its elevation as one of the reserve currencies. looking at the chemical industry, this is the last month. bsf was rising. it is now dipping. dow chemical and dupont are in talks to merge. it would be the world's biggest chemical company behind bsf germany's big chemical company. this part of the chemicals industry is on fire with m&a talk. monsanto has been interested in syngenta. chem china also. syngenta has told both those panies it is not interested. t

in the united states from we are seeing shares generally trading to the downside to weaker trading data from chinaputting pressure on shares stateside. if we look away from the oil and the mining sectors for just a moment. withasdaq has been trying biotech shares in particular trading a little bit higher, dragging the nasdaq ever so slightly above the flatline. earlier, indices close to sharply negative territory. we also saw the energy-related shares coming under pressure with the ftse 100 in london down 1.4%. even worse, the performance in frankfurt, with the dax down almost 2%. now, we are to bring you to the climate talks, which are underway in paris. haveultinational companies promised fresh efforts to cut greenhouse gas emissions. names like sony, walmart, and procter & gamble have signed up to science-based emissions targets. this from an initiative from the american alchemist world resources institute. furniture maker ikea is also on the list of the companies. my colleague asked its chief sustainability officer what the initiative means in practice could let's take a listen. >> you think a

the world's currencies in foreign exchange trading volume. china is already the world's second-largest economy. beijing will be under pressure to rein in the yuan's volatility and improve its economic data to meet i.m.f. standards. the yuan has been volatile in the past year. china massively devalued its currency last august. it was a surprise attempt to jumpstart its lagging economy. sudden moves like that will not be welcome once it joins the elite currency club. after it becomes an official reserve currency, expected next year, the yuan will be part of a basket that the i.m.f. uses for emergency lending, so it needs to be stable. the chinese central bank has pledged to increase transparency and financial reforms. insiders expect it to preside over a gradual depreciation of the chinese currency over the next year. >> he is preparing your next business update as we speak. see you tomorrow. >> thousands turned out to bid a final farewell to the rugby legend jonah lomu at a traditional ceremony in new zealand. the 40-year-old superstar died suddenly earlier this month after struggling with a rare kidney condition for most of his career. >> carried by paul failures -- -- and former teamma

those nation-state actors who are kind of the primary adversaries in cyberspace, and what do they want with u.s. data? theoretically china with opm data? >> guest: obviously, china, russia, iran has become an increasing player, north korea in the sony case, right? they were identified as the actor in that case. they want different things for different purposes. clearly from an intelligence point of view, it makes sense to want to gather data, try to figure out who individuals are, try to pull many that information -- pull in that information and make decisions about it based on the information that you have from that point of view. that's the main reason, but we've seen other instances where they just want to take down a particular company or service of some kind that they feel is in their national interests. and all -- there's a wide range of companies that have been targeted that you would not think should be, would be on the list of companies that a nation-state would be interested in. so it is something that almost every company in the u.s. and organization in the u.s. needs to think about. >> a casino was supposedly

the domestic and export. jonathan: we know how important trait is to china. how important is a weaker yuan to china. the numbers coming out of the trade dataave not been pretty. that is still a big trade balance surplus. they are not clearly struggling -- they're clearly not struggling. wayne: wednesday, one policy. we cannot -- one state, one policy. we cannot ignore that. the currency side as well. to recognize the changes they have made in terms of more of a consumer, export led economy. we have not seen that. policy and terms of allowing the currency to appreciate and depreciate based on economic fundamentals is what we are used to around the world. it is important for them to recognize that and to change some of their views. it means losing control. guy: not sure if they are ready for that yet. wayne, very briefly, when you look at the biggest risks for 2016, is it we've got the fed wrong? or china wrong? fede: we're hoping the taking appropriate measures in terms of policy. is it one and done? or is it to and done? perspective, we are in a slow landing camp. they put 5% of china growth in a besides the gnp of china is massive. signif

the u.s. jobs data coming out on friday. and mayu yoshida, reporting from the tokyo stock exchange. >>> many other markets in the asia-pacific region also ended higher. in china, the shanghai composite saw another volatile day after the government released weaker than expected manufacturing pmi data. the index added 0.3%, extending gains to a third day. some invesrs bout stocks in hopes of fresh stimulus measures. hong kong's hang seng index advanced 1.75% snapping its six-day losing streak. analysts say many market players reacted positively to the imf's decision. indonesia rebounded sharply from yesterday's fall. sent many was somewhat improved by news that annual inflation in november had risen at a slower pace than the previous month. sydney climbed 1.9% after the central bank decided to keep its key interest rate at a record low. the kpi rose 1.6%, the biggest one huff day rise in more than two months. >>> here's a look at some of the other business stories we're following. >>> new car sales in japan in november were down. it marks the 11th consecutive month of decline. compact vehicles in april continues to have an impact. officials with the japan autom

the recovering europe is halting at best. so, consequently, i think we are going to have a mixture of good and bad news out of europe. and likewise the data out of china is going to be mixed. the trend is for better growth in 2016. mark: what is the spillover because we have a great article that reminded me that the s&p 500 since 2009, march that year, 202%, leading to the question how much of that is to do with stimulus? [laughs] three cycles of fed q.e. think it is all to do with confidence and you can argue this jim was brought confidence in financial markets, true. i think that markets hanker after growth. they want to see profits continuing to grow across the global economy. thenf that comes through, markets will be sustained. if we have disappointment on growth and earnings growth, bottom-line growth, then yes, markets will be a lot more volatile. mark: as caroline was telling us, since 1987 european stocks initially when a fed tightening cycle happens, tend to fall, but within three months they either reverse those to clients or level out. is europe set for a rise post a fed rate hike? julian: it is a just and because it is not just europe. his

the global markets? >> finally, we'll get many china data tonight, which will set the tone, i'm sure, for the weekend andonest morning. >> monday morning could be very interesting. >> art, thanks. art cashin. as we said wrerl, dow dupont, the other big story today. the companies joining in that merger of equals. worth about $130 billion. david faber talked to the ceos of both of those companies. >> the markets not cooperating perhaps, but the unveiling of this deal, carl, you know, we first reported on it on tuesday night, wednesday morning. wednesday a very good day for both stocks, adding as much as $14 billion in combined market value. not the case today as you see there. perhaps a bit of disappointnt amongst some of the shareholders in terms of rather than wroe. 1.282. also, obviously, a broader down day overall. dow shareholders i have spoken to have also asked the question that $9 billion of the $15 billion in ebida that this company will generate as dow dupont is coming from dow, so why didn't they, that being dow, get a bigger slice of the overall pie? i asked dow ceo andrew liveris. >> i think t

lawmakers are calling on the white house to fire the office of personnel management's chief information officer. china has been blamed for the data breech. today, the family of a black chicago teen fatally shot by a white police officer last year will speak publicly for the first time. laquan mcdonald's family is expected to thank the public for demanding justice in the case. they're also expected to call for the resignation of the cook county state attorney.. mcdonald was fatally shot 16 times by officer jason van dyke in october 2014, but video of the incident wasn't released until 13 months later. while the officer faces murder charges -- protests continue in chicago as people call for mayor rahm emmanuel to resign. possible evidence relating to last week's terror attack in california. the f-b-i received a tip the attackers had been in the area. they aren't looking for anything specific -- just any piece of "we think this search will last search for any evidentiary items that may come back. at the end of the day we may come up with nothing, we just don't know yet." the f-b-i also increasing the number of people injured in the

the yuan -- what is more significant? >> so i think on inflation you have to break down monthly data from the bigger trend, the monthly data is better than expected. the bigger trend, chinatill has a problem with low inflation, deflation in the factory sector. i think the bigger focus of the markets is going to be what happened on the yuan. there was some cynicism before the imf decision , of you on the market that with reserve currency status in the back, china would immediately swing to yuan depreciation to support export competitiveness. i think it is too early to make a definitive judgment on that, but based on the last few days, we have seen progressive weakness of the you want, the central -- of the youan. it is a cynical view but it has a certain amount of validity. francine: so basically they are guiding it lower, before the fed acts. we still have six days to go. are we going to get more in the next six days? i think there are two views on this, francine. the first vehicle that which i think you alluded to, is the central bank anticipates significant yuan depreciation pressure if the fed, as expected, lifts off on interest rates. they are trying to get a little

to issue debt and now we're starting to see the returns of that as, you know, the economic data starts coming back into china. i think given the size of the stimulus packages put forward we should see china come back a little bit stronger in line and that to me means less of a devaluation in the yuan. >> peter, thank you very much. happy holidays to you and your family. peter from swiss corp bank. we're getting pictures that the fifa president seth blatter starting to give the press conference after 9 rulithe ruli ban him from fifa for eight years. >> what's created by the great humanist nelson mandela. i just received -- >> it seems the quality is just a tad bit poor on -- from that press conference, but we'll keep our eye on what's being said as blatter speaks on this fifa ban. >>> and still to come on the show before we go for a quick break, after "star wars" raked in over half a billion in worldwide sales in its first five days, which u.s. politician has the force on their mind? join us after this. >>> these are the headlines. crude continues its slide with brent hitting lows not seen since 2004. ericsso

the fed has previously played up. china posted some positive economic data over the weekend, including retail sales in industrial productionmorgan affiliate says that beijing's policies are finally filtering through to the broader economy. lookingeople have been forward to for a long time. , if yout surprising look at what happened in the last two or three months, there has been a lot of policy adjustment happening. we have the rate cuts. more important, on the fiscal side, we have more dramatic adjustment, particularly spending and policy bank lending and the government expanding programs. the fiscal capacity has been increased, so there has been -- economist saysan that japan should see growth pick up next year. , -- that depends of certain conditions. fourth-quarter gdp, i think you'll get some downward pressure because inventory adjustment pressures are still fairly strong. it'll probably be something around 1%, not a great number, but we are feeling as though the worst of the downturn has passed. japanese economies are slowly going to accelerate on the back of stronger domestic demand your, but that is all predicated

the markets are really just getting a little bit of relief with the inflation data and the cpi be in chinaalso seeing the mining index up for the first time and billings worth off a tenure low. bloomberg's first word news with caroline hyde. >> they are stabilizing. thenumber rose 1.4% beating forecast. meanwhile there extending declines to a record 45 months. meanwhile the people's bank of it to the weakest since 2011. it fuels speculation they have an expected increase in u.s. interest rates. bloomberg forces the dow forical is in late talks what could be a largest merger in the chemical industry. the copy could break into two or three businesses because of regulatory and other industries. the white house says donald trump is disqualifying himself from the industry. trump is refusing to back away from his comments despite almost universal condemnation. the north face founder and noted conservation -- conservationist has died following a kayaking incident. anna and manus? manus: let's get a little bit more on the trade data at the top of the hour. hans nichols is standing by. you had 2.5