s&p 500 is the blue line up 40%. line tracks macro hedge funds globally. some people say you can't s&p 500.acro to the 5% drop does not look like a great return any way you slice or die set. you can see all these charts and more on twitter. joe: we have -- alix: our guest is joining us, good to see you. david, let's start with the rally. is it one or did we learn anything more from the fed minutes? guest: i don't think we learned a lot new. they are holding their cards close to their chest but they have given us the green light in every speech we have seen from the most dovish members to the most hawkish. the employment report was a game changer and they have recognized it. they recognize their mistake to draw this gloomy picture for the globe. joe: do you think janet yellen is feeling good? there was volatility and she had her critics. the fact that she didn't go for it. economic data has come in. she could say this is a much more comfortable time to land. guest: she is far more comfortable than august or september, or prior to the payroll report. it bell

anna: wherever be fixing on the macro a little bit later. ng live to the european parliament. mario draghi is going to be speaking. he will be taking questions on the ecb monetary policy. speaking on lack of monetary policy in washington. janet yellen makes a welcoming remarks. the fed policy conference. charles evans speaks on the economy and policy that goes with it. he is doing that in chicago. anna: up next, $1.5 billion in 12 minutes. successk if single day is enough to slide in alibaba's shares. ♪ anna: welcome back. you're watching "countdown." these are the stories you need to know. engineeringrman giant has raised its dividends and announced a 3 billion euro buyback plan. it beats estimates. expects nosays he growth in 2016. -- germany's largest power producer has this warning. missing analyst estimates. guy: the australian dollar jumped up. inpanies adding 59,000 jobs october. that is almost four times the estimate. let's check in on the asian market story. shery ahn is standing by. morning.at chinese stocks in hong kong rose for th

it is factoring into the sentiment right now. let's take a macro picture first and then we will get into standard chartered and hsbc. the msci asia-pacific is up 1.3% today. that follows the move we saw from the s&p 500 overnight on wall street. the aussie dollar extending gains because the central bank is holding interest rates steady. this is what you have in hong kong. the hang seng of 1.25%. -- up 1.25%. generally gains in the session. we are watching banking and the currencies as well. japan closed today for a market holiday. let's dig into what is happening with those banking shares. if you look, there are big movers across the asia-pacific and here in hong kong on this news of 15,000 job cuts and the rights issues. the hang seng financial index actually advancing. the clear decline or -- the clear decliner is standard chartered. hsbc, one day after its results announcement, as it moves forward with its china joint venture plans, that is big news today as well. snapshot of you a some other stocks we are tracking across the asia-pacific --ay,

>> the macro qution about islam and the e general physical needsneral philosoph it to happen. some of the players in the region arere part of this probl. some can be part of the solution. but i, my fear is that this'll be conflated with what is happening the grounin any particular portion of the conflict in the c country wherea lot of locals are bulldozozed io this structure of isis. because of the constraints and nes of the war, and because of the terror and hopelessnesess. vago: they do not want to get shot. >> they want protection from criminals. i don't think that argument can be had in this war until this war is done. vago: what is the macro stregy that needs to be employed to actually defeat in a global way this organization that has money, is organized, and is really, in som cases, better than al qaeda in terms of executing? rick: a couple factors. no terrorist organizatioion in history has operated as well as isis has done. we have to be more aggressive. and we have not been. they are freely operating to social media which is allowing them to recruit. we have to be str

aten disney, they have so many parks, it is a little bit like a microcosm of what the world and the macroonsensus is. if you look at the parks, they did not do so well. 7% and hadncreased lower attendance in hong kong, higher cost at disneyland paris, and you are opening the shanghai disney resort, and that incurred much more cost than they thought. it really gives us a lowdown of the world economy. vonnie: this is one of the surprises. they did not perform are stored nearly well. the cable company did not mean that much saving. this is the point michael nathanson was making. er andere is before eig here is after. it is the moonshot. that is espn, right? vonnie: it has not quite happened yet. will it happen? michael nathanson say you can stay on this juggernaut you? he thinks we will all be buying individual football games, if you want. tom: there is the research on the street -- right, wrong, and always interesting, to say the least we know that willem buiter is right and wrong every once in a while. also jason furman -- dr. fuhrman, i should say. coming out of the think tanks of washing

here it is, the black rock macro theme is now being wound down, they are obviously not doing somethingre doing differently. last week the jimmy keenan on who knew it'd been a tough slog but they could get through it they had long to investments. templeton,ranklin they bought companies at a $70 price, and were faced with outflows and had to sell. in it: the things we like emerging markets are definitely consumer led. we like countries like india and mexico, especially india should benefit from the lower energy prices. barry: strong holdings and pepsico, for example. hcfcn: in india, we like we like the banks in india, india has been really the star performer for us. it is quite expensive at the moment. been fortunate getting some very big holdings taking over. the problem we have is finding the investments to replace them. it is really hard to find another sab miller or the tobacco company in brazil. david: we will have much more with martin gilbert coming up next on "bloomberg ." ♪ stephanie: welcome back to "bloomberg ." sales picked up in the third quarter, better than expect

on the macro level, there noded to be a concerted national french effort. it is such a potent inspirational symbol of romantic resistance against the west, that it's going to play a large role in inspiring those attacks instill the isis caliphate is ended. >> you know, tom, let me go back to you. the reason we are talking to as much about isis is because of what ear witnesses heard, "this is for syria." what do you worry about the most? somebody inspired by isis or a lone wolf? >> that's the great difficulty, you have to worry about all those. unfortunately in french society, partly because of its colonial past, and isolation socially of young muslim men, there is an opportunity for imams to recruit people. and then return back. and the contingent point is, with these movements across the -- land boarders accessible to eu movement and it's easier to get across. >> tom, andrew, matt, thank you very much. we'll be right back. phil! oh no... (under his breath) hey man! hey peter. (unenthusiastic) oh... ha ha ha! joanne? is that you? it's me... you don't look a

on the macro level, there noded to be a concerted national french effort. it is such a potent inspirational symbol of romantic resistance against the west, that it's going to play a large role in inspiring those attacks instill the isis caliphate is ended. >> you know, tom, let me go back to you. the reason we are talking to as much about isis is because of what ear witnesses heard, "this is for syria." what do you worry about the most? somebody inspired by isis or a lone wolf? >> that's the great difficulty, you have to worry about all those. unfortunately in french society, partly because of its colonial past, and isolation socially of young muslim men, there is an opportunity for imams to recruit people. and then return back. and the contingent point is, with these movements across the -- land boarders accessible to eu movement and it's easier to get across. >> tom, andrew, matt, thank you very much. we'll be right back. phil! oh no... (under his breath) hey man! hey peter. (unenthusiastic) oh... ha ha ha! joanne? is that you? it's me... you don't look a

it is very important on the macro level that the two countries have more coordination of their policiesbut let me point out that since the outbreak of the financial crisis seven years ago people have all worked very hard to revive the world economy. it is not as strong as people have expected, but that does not mean that we should not continue our good efforts, and china has done its part. we are no longer having double-digit growth rates. it's just like a high jumper, the higher you go, the more difficult to raise the level. on the other hand, we still have a handsome 7% growth rate here in china. of course, china is not free from its own set of challenges and problems on the economic front. of course, there have been some ups and downs in the stock exchange market, but given china's economic development, given the fact that china is a developing country, some movements on the stock exchange in china should not equal the whole picture of the chinese economy. betty: why devalue the renminbi now? especially close to this visit? mr. yang: we let supply and demand determine the value of th

been deficient and a change in the macro economics coming and it will be pretty difficult to manage ituation without it having an impact on inflation. >> reporter: sunday was a historical day in argentina, the first and second round in this country's history and the first time in 12 years that the people have demanded change. al jazeera, buenos aires. >>> okay still to come here for you on al jazeera it was a mass killing that shocked the philippines and six years on the victim's families are still looking for answers. and foreigners in south africa targeted by xeno phobic violence have a cautious return to normal life. ♪ the only way to get better is to challenge yourself, and that's what we're doing at xfinity. we are challenging ourselves to improve every aspect of your experience. and this includes our commitment to being on time. every time. that's why if we're ever late for an appointment, we'll credit your account $20. it's our promise to you. we're doing everything we can to give you the best experience possible. because we should fit into your life. not the other way around.

and of course the macro is the biggest challenge we all have.ance between developed and developing at santander, so the markets are in europe and the americas. it is a split between developing and developed and that will give us more stability than others. as things get quite bad, we should do better than others. we will be affected, but less than others. that is what i believe will happen. francine: coming up after the break, we talk regulation, and how development is helping santander customers. ana: apple pay is not a good business for santander but it is for our customers. ♪ francine: more from ana botin when we return. ♪ ♪ francine: she is one of the most high-profile businesswomen in the world, running a bank with more than 100 million customers. in her first ever television interview since taking over santander, ana botin voices her concerns about taxation in the u.k. and regulation in europe. ana: i think you need competitive taxation. it is very important that the u.k. authorities understand how they are taxing financial institutions in

we look at what headwinds are downng black rock to shut the giant macro hedge fund. hat this morning. j's fes minutes -- the fed minutes in a few minutes. hoping to get clues on when the central bank plans to increase rates next month. plus, kicking off in a big way and l.a., jaguar is looking to really millennials with hot new cost. coming at a cheaper those stories and much more coming up on bloomberg television. ♪ betty: welcome back. look at some of the biggest business stories in the news right now. catch-up with starbucks when it comes to technology and service. duncan is testing an on the go ordering and delivery service in some u.s. cities. customers will be able to order ahead of time. they are also trying out the delivery service. barclays preparing to settle an investigation into currencies rigging. barclays is expected to pay at to new yorkillion banking regulator, it has to do with the bank of like -- the currency program. barclays paid $34 billion for a variety of regulators in the case. you can always get more business news at bloomberg.com. alternative

dollar tree is up after they beat a sales meeting the macro trends. earningsdidn't miss estimates by nearly 9%. it was driven by a higher mix of low-margin family dollar products as they company continues to work through that merger. the stock was down as much as 25% at one point. even with today's gains, it is stuck sideways. newskes this significant to break the stock up or down. erik: thank you. live at the nasdaq and times square. let's check in with our first word headlines. mark: thank you. we are moments away from a news conference with president obama and the french resident runs well on. hollande.nt francois attacks onerror november 13 the president has been trying to put together an international anti-terror coalition. -- war falloutl from turkey downing a russian more playing they have counsel tomorrow's scheduled trip to turkey. vladimir putin calls the downing a staff in the back. turkey says it shot down that plane after pilots ignored repeated warnings that they were violating turkish airspace. it is the first time in decades and nato co

on the macro front, though, we were just talking about the ecb president mario draghi.t sounds like we are on for his stimulus in two weeks? july 2012, he said the ecb will do what is necessary to reach its inflation goal as quickly as possible. what is necessary, or whatever it takes -- that is what we said in 2012. .1% is a fast rise from just under 2%. he said that that it's doing its best to prepare markets, internationally, for u.s. rate increase. mario draghi is essentially telegraphing that the ecb is prepared to add more stimulus in two weeks. betty: let's check in, let's get that for a moment. we will be talking to mario about this. in on our bloomberg first word news. courtney has more. mali.ey: the latest from there are no more hostages in the hotel standoff. gunman's head stormed a radisson mali.in the capital of the hostages are free. there is a report 18 people were killed, including a belgian diplomat. the gunmen are believed to be linked to al qaeda. in france, police carried out night'snked to last terror attacks. they arrested 17 people. the french sen

there is some concern about china and the ceo was clear, they do not know what the macro environmentooks like. betty: is china one of their biggest headwinds to come? diversify have try to and so they have a lot of offshore wind turbines. that was one of their units that sold really well. a lot of their oil services and oil bets are subject not only to what is happening in china and their service contracts, but what is happening with the general price of oil. brought -- bought dresser rain last year. they are diversified enough, it looks like they have had a pretty good quarter. they might sell some trains in there. i know mark likes trains. mark: hans, i want to talk about rwe because the news is not as good. electricity prices in germany have fallen 10% in the first nine months of the year. that got me thinking, surely hans nichols' electricity bill has been reduced. yes or no? have with the two biggest german utilities is basically a split approach. they have hived off all their old, coal fire assets and will have a leaner clean energy company. this is all in response to angela me

. >> so let's talk about the micro stuff as opposed to the macro. there's a major pipeline from turkey out to the mediterranean. there are northern iraqi oil fields controlled by the kurds. there's a lot hanging in the balance in terms of energy, and iraq is actually turned out for a bigger oil producer than some gave it credit for being just a few years ago. in fact, there's a reality if this proxy war becomes serious in syria, in iraq, in that area, that actual oil supply may be cut off. i guess your point is that there's more than enough oil supply in the world right now, and it doesn't matter all that much? >> precisely. when you look at iraq, despite the turmoil in iraq, iraq managed to increase the production quite substantially in the past 18 months or so. if you look at the infrastructure in the region, the threats and terrorist threats from outfits like the pkk have been there. so there are to a large extent irrelevant or not directly connected to what transpired this morning. you were right to point out there's about a 550,000 barrels of oi

scarlet: they are winding down the global macro fund. joe: terrorism's threat to the market. to arisen and what it could mean for the ruble. alix: and the rise of the robots. how will we find work? we begin with the markets. you said it perfectly. what a rally. six stocks higher for everyone that has fallen. that makes of the broadest rally since october 5. after those minutes came out it was off to the races.

>> i think that could be a very real sign that maybe the macro environment is about to get a lot bettert will be the return of the macro trend. betty: maybe a contrarian indicator. >> absolutely, when you look at how bad macro has done over the last five or six years, post-crisis, it's a very difficult thing for those managers to grapple with central banks interfering in markets. throwing and the taliban at kvitova signal that things are about to turn at the same time sanction -- now they are throwing in the towel and that could be a sign that things are about to turn. betty: thank you so much. to the markets and the ipo markets. opened at $11.20 and is much higher right now. the ipo was priced at nine dollars per share. 13 dollarsrading at $.33 coming your the top end of the range. let's go to emily chang it was on the floor of the nyse with the square founder, jack dorsey. hey there, jack dorsey is with us. a $4 billionng at market cap is a public company. yesterday you priced below the range but now it's trading up. how do you think it will do today? >> it's a moment and i'm really e

many people are saying that if the germans remain so positive on immigration, that undoubtably is the macroffect. do you think that is right? janosch: i think she had an impact on that. she said that we will manage. >> she is still saying that. janosch: even though she is adding subclauses now. thatas a certain amount goes through her, yes. this one, exactly like the decision she made about the energy shift. there is no going back on this. you can't. and this is german chancellor angela merkel's huge crisis, because it is visible. the euro crisis was not entirely visible for the public. or russia's invasion of eastern ukraine. we are getting into a very complex idea here. the idea that for one section of the population, the idea of europe changing and being open, and these people, and another section feel that this is a threat. german chancellor angela merkel sees this as an opportunity. others see it as a threat. >> does she see it as an opportunity or necessity? she has told the leaders who met last sunday that effective measures not taken, the end of europe. those are strong words from a

the next macro master crushing it. k when you call yourself a master -- here --is is averaging aberdeen here. changesooking at the that martin has done over the last quarter. a reduction in energy holdings. a bit of a reduction in financials. a big increase in i.t. holdings. similar to what we see if i look at druckenmiller or duchesne. i wonder what you are doing differently than blackrock. you don't see any changes in their energy holdings. a massive reduction in their financials. here it is. here is the blackrock accra team fund -- macro team fund being wound down. they are not doing something right. >> the themes we like in emerging markets are consumer led. we like countries like india and mexico. india should benefit from the lower energy prices. met: strong holdings and pepsico and yum! brands. c, theindia, we like htf nonstate owned banks. star has been the performer for us but it is quite expensive at the moment. orhave been quite fortunate otherwise getting to very big holdings taken over. we have to find the

the problem is isis is that it doesn't work on the macro level. everybody has to come together. the egos have to be dropped. otherwise attend all of the 60 countries will be effected we collectively. it's challenging. sharing information is not something that intelligence operatives like to do. we're in the business of keeping secrets. so we have to play nice. and i think we're going to get better at it. the reason why is because we have to. we don't have a choice. belgium, france, europe, italy, switzerland, all of these countries who could be effected, need to be making good with assad and fbi and vice versa. and they need to be cross training because we might have to deploy an international response or national european response like we're seeing now where we have multiple agencies working to the and we need to make sure the tactics are coagulated so at the end of the day we're better at saving lives. >> please say you will be with us throughout the hour. we'll be right back to get more perspective later on. >> thank you. >> thank you. >>> now we turn our attention to nigeria

they don't know what the macro environment looks like. f the biggest headwinds to come? has tried to diversify and so they have a lot of offshore wind turbines. that was one of their units that sold well. selling them in the north sea. a lot of oil services and oil bets are subject not only to what's happening in china and the service contracts but what's happening with the general price siemens boughtr, another company to get into that shale explosion. that didn't pay out for them but they are diversified enough so it looks like to have a good quarter. i know mark always likes talking about trains. i like my train set. i want to talk about rwe. it got me thinking because of electricity prices in germany have fallen 10% in the first nine months of the year. that got me thinking, surely hans nichols'electricity bill has been reduced which means you .ave more space to buy we have the two biggest german utilities, a split approach. one reported yesterday they have moved off their cold fire assets and have a leaner clean energy company. this i

jayant: it reflects the macro economic stability we have been able to achieve in the last 18 months witht. inn we came to parliament 2014, you know, the macroeconomic indicators were flashing red. in policy moves we undertook the downturn in the commodity markets, we have been able to restore stability to the macro economy. all of the indicators are flashing green. it is the rupee that is showing that. unlike many other currencies ruled by the volatility in the upee isy markets, the r an island of stability. on the show,ahead a couple of japanese companies are on our radar following some earnings. first up, back in two minutes. ♪ yvonne: welcome to the stock exchange. let's check on what reporters are watching with trading underway in asia. monday?een a happy >> very happy. just a minute. yvonne: you only have two minutes. >> the first win of the month. >>. who is having its biggest decline since march of 2010. it has fallen 19 months. about thise worried forecast. we are seeing quite a bit of a fall coming from them. any other day. not today. david: i expected the bigger fall from telec

and of course, the biggest challenge we all have, the macro. developing is there. the markets are in europe and the americas. it is split between developing and developed, things could get that -- that, we will be affected, but that is what i believe will happen. >> so no further capital raising? >> we have huge potential to grow with existing customers, so we do not need to buy. we have and we will continue to look at opportunities in our markets, but it is not something that we need to do. ♪ ♪ >> british politics attracted major international interest in 2015. the polls predicted a knife edge result between conservatives and labour parties. david cameron no longer needs political partners to stay in power. the gains of scottish nationalists made political history while the labour and democrat parties were thrown into disarray. but the labor party leader launched his campaign here at bloomberg back in march. >> you talked about the bigger case to make a profit downstairs. >> absolutely. >> what is an acceptable profit to make? >> that's about t

so that's the macro case. ut let me turn now to the crucial role that personal save issing plays for individual households. so there are really several parts of this case. so, first of all, individual households can better cope with unforeseen disruptions to their income and unanticipated consumption needs if they have some assets accumulated. even before the financial crisis, household income volatility was trending up. increasing exposure tos declines in their incomes. and the high rates of job loss and underemployment experience as a result of the great recession served as a particularly painful reminder of the needs of these sorts of precautionary reserves. second, saving provides individual households with opportunities. so funds accumulated through saving can can be used to pay for college tuition and to purchase big ticket items such as cars. saving puts households who wish to establish businesses in a better position to do so. and given the tightening of credit standards in the wake of the on financial

the macro is the biggest challenge we all have.ce between developing and developed, those markets are in europe and the americas. it is a split between developing and developed. that will give us more stability than others. if things go bad, we will do better than others. we will be affected but less than others. that is what i believe will happen. >> so no asset sales and no further capital raising? >> we have huge potential to grow with existing customers, so we do not need to buy. we have and we will continue to look at opportunities in our markets, but it is not something that we need to do. ♪ i just had a horrible nightmare. my company's entire network went down, and i was home in bed, unaware. but that would never happen. comcast business monitors my company's network 24 hours a day and calls and e-mails me if something, like this scary storm, takes it offline. so i can rest easy. what. you don't have a desk bed? don't be left in the dark. get proactive alerts 24/7. comcast business. built for business. >> british politics at

the macro data that provides data for anchor for policy and markets, but instead we have deviated so and the fed is reacting to markets, that feedback rule could lead to a dynamically unstable situation. fundat do you think of fed futures? >> that shows you the power of words. chair yellen was able to raise the probabilities from 30% to 50% by pointing out that we will be doing what we are supposed to be doing at the next meeting. figure that one out, right? as the fed fund futures have jumped, we are seeing a solid stock market. the stock market not worried about a rate hike question mark -- hike? >> we will see what happens. if we have something that causes more volatility, i bet you they will skip december. you haveh regulation, hold onto different assets. fory keeping rates at zero so long you have distorted prices and markets, and now they are so out of balance and out of mandate that nobody knows where they should be going. >> your call is for march? >> i have no clue what they're doing. it's my hail mary. i'm waiting until december. alix: thank you so much. bill lee fired up.

-- when we came to power in 2014, the macro economic indicators were flashing red. s that we have took, we have been able to restore stability to our macroeconomy and the indicators are flashing green. i think it is the rupee that is really showing that. unlike many other currencies, the rupee has been an island of stability. it reflects the strong macroeconomic foundations that we now have. rishaad: india's junior finance minister speaking to our editor in chief. , "the martian" is still top dog at the box office despite opening in theaters five weeks ago. it remains number one in north america. the matt damon movie generating more than $11 million over the halloween weekend. "burnt" brought in $5 million. a look at the next hour of the president hungary's and japan starting their first ever bilateral meeting. ♪ we live in a pick and choose world. love or like? naughty or nice? calm or bright? but at bedtime ...why settle for this? enter sleep number. don't miss the semiannual sale going on now! sleepiq technology tells you how you slept and what adjustments you can

the widespread consultation for academics, for analysts, we need to think further about enhancing the macro element of the stress test. although we haven't decided how to do that, i think there is a that at thechance some of theay or capital surcharge as a post stress minimum, or through other mechanisms such as one you and there earlier will be some net increase in the post capital requirements. >> we have seen presidential candidates doubling down on dodd-frank and others like donald trump repealing it if he were president. >> dodd-frank has become a bit of a symbol for regulation. david was asking a moment ago from commodities what we did on capital in 2010 wasn't explicitly called for by dodd-frank. we need to specify where the regulation needs to go. it and where it was just about right. >> erik shot a man is setting his sights on a new target, manipulation in the foreign exchange trading markets. his investigation looks at brokers who may be placing fake orders in a technique known as spoofing. first explain to us what current seeing -- what current see spoofing is. >> putting out a w

guy: you have mentioned the macro story, oil staying low for longer, europe is recovering. e will grow at 3.5% and we have to get used to it. maybe we became used to unrealistic expectations, for percent, 5%, 6% -- we are positioning our business following are the clients. if you are running a business -- you have the zero-based budget, and the activist investors in the middle. some of them are getting punished. the valeant model has come under attack -- abi and sab miller, and there will be more stuff like that wilaat. -- that. that is putting tremendous pressure on the sector -- people expecting further bid activity and consolidation activity. but basically, clients are very short-term and that is what sites. america's average life is two years. great news. so it's a tough world, the post-layman world, where worldwide growth has come off the boil. i think it is the new normal. moderate growth, very little inflation, very little pricing power. anna: and the central bank policy? it isrrell: the fed -- interesting that people are getting nervous about december. my own view is

start with the macro from the company perspective and then dig in.igh level, blockchain is the only major bitcoin company to reach scale that hasn't participated in the price speculation at all. we don't sell bitcoin. you can't by bitcoin via us. make the software that makes the ecosystem possible. on a technology level, bitcoin is a computer protocol. then you have bitcoins, the little tokens of value, then something that facebook has started talking about, the idea of the block chain, which is what our company is named after. manus: you just touched on that. there was a mckinsey report block chain process, or the technology in terms of potentially increasing profits by 30%. are you talking to any of the banks? have you had conversations with any of the banks? am i going to see your technology replicated in an investment bank, in a retail bank? peter: i think it's an incredible moment of opportunity. we've probably engaged with every major bank in the western hemisphere. 2015 would have been a year that the industry built a lot of infrastructure. i