that on the bloomberg commodity index -- falling to the lowest level since 1999 egos of the week china trade datanounced aan has series of measures, including the scrapping of the evidence -- the dividends. the last time they cut the dividends was 2009. we are joined by thomas thomas. -- we are joined by thomas biesheuvel. the last time it was cut, it came as a surprise, this time it was well flagged. most people were aware that the cut was coming and distill it has been an aggressive response. mark: we knew it was going to cut jobs but we didn't know that by the end of today, in the future, looking ahead, we would be looking at a mini me anglo-american after they cut 85,000 jobs. thomas: it is a dramatic downsizing for this company. a have a huge conch on what past -- have a huge, glover it passed comglomeratee past. mark: is it enough? thomas: if you look at the data, no. there was a lot of focus on if they are going to raise money. the company refrains from saying no. thomas, a letter people are saying that for the miners right now, the only way they will recover is if they cut back from produ

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 and

the latest trade data from china confirms the slowdown is continuing. rts 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 said

taking together, the trade data story out of china is reflecting a down global economy. >> yahoos hasapped 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 before they could do something with the rest of this business, and now they are saying they cannot do something with the rest of this business. what can be done with the assets? one, they can try to go through their turnaround plan. they had not been very successful. potentially try and sell the business. cable companies, like comcast, verizon, could be easy acquirer's of yahoo!. >> what could and acquirer of yahoo! do? -- the ad said business is the gym business over there. the ad business -- platform is the gem. yahoo! has been caught up in t-like.mlet this is the battle of yahoo!. every single ceo has

the numbers coming out of the trade data have not been pretty.hat 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. significantly lower than exp

we will give the german trade data. en we will get the minutes from the bank of england financial policy committee. get u.s.noon we will mortgage applications. we will also bring you big interviews with top news anchors. johnever we talked to longworth -- this afternoon we talk to john longworth. manus: and then we have an interview with michael spencer at 9:00 a.m. london time. anna: crude reality sets in from the least to norway, we look at the reaction across the globe in an exclusive conversation. ♪ anna: welcome back, this is a live shot of beijing. 2013.alert since some driving restrictions have been put in place. it will be likely in place until at least thursday lunchtime. three decades of strong economic growth and the authorities say they will take it -- action. in the meantime, let's get up to speed with a business flash. reporter: bloomberg sources say dow chemical is in late stage talks to merge with dupont inlet -- in what would be the largest deal in the chemicals industry. after the merger, the company wo

the td ameritrade trader offices. ahh... steve, other than making me move stuff, what are you working on? let me show you. okay. our thinkorswim trading platform aggregates all the options data you need in one place that lets you visualize that information for any options series. okay, cool. hang on a second. you can even see the anticipated range of a stock expecting earnings. impressive... what's up, tim? for all the confidence you need. td ameritrade. you got this. here at td ameritrade, they work wow, that was random. random? no it's all about understanding patterns like the mail guy at 3:12 every day or jerry, getting dumped every third tuesday. this happens every third tuesday. we have pattern recognition technology on any chart, plus over 300 customizable studies to help you anticipate potential price movement. there's no way to predict that. for all the confidence you need. td ameritrade. you got this. >>> that was supposed to be david rosenburg warning that the market volatility might continue through all of next year. the bix hitting 25 today for the first time in months. so if you are looking for a little monetary protection for your portfolio, what should you do?

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

in the united states from we are seeing shares generally trading to the downside to weaker trading datam china is putting 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. >>

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

trade slump just keeps getting worse. chinese exports fell in november for the fifth months in a row. and the drop in imports has now hit a record 13 months. the trade data comes a week after reports show china's factory conditions fell to their weakest level in more than three years. for the first time authorities in beijing have raised an air pollution alert to the highest level. by one measure this mauga seven times the level considered dangerous to help it beijing has suspended schools, restricted car travel and banned outdoor barbecuing. republican president of candidates are denouncing donald migrantsall to ban to the u.s. trump says the u.s. cannot be the victims of "horrendous attacks by people who believe only in jihad." venezuela, opponents won a majority in the congress for the first time in 16 years. venezuela is suffering through an unprecedented recession. but modero remains president. you can get more on these and other breaking stories 24 hours a day at the new bloomberg.com. tom: thank you so much. futures -- let's talk about three more. guy johnson has a smarter board than i do. equities, bonds, currencies, they are -- commodities but t

the plan in shipments. traders, data, this is how we benchmark how negative the traders are there, the most bear issue ever. et's get the bloomberg first trade. >> the latest data out of china hows fresh evidence of stabilization. bloomberg's monthly china g.d.p. tracker rose to a grows pace for november, the best reading since june. industrial production and retail sales and figures all exceeded forecasts. the u.n. has fallen to a four-year low after the people's bank of china said the currency shouldn't be measured alone. it's a sign that the central bank will allow further decline. there has been a rand rebound after jacob zuma named his second finance minister in four days. the u turn follows market turmoil that sent the rand to record lows. the restructuring of the investment bank is very well advanced with the business scene returning to profit within four years. ross spoke to man us in an exclusive interview. >> the work will primarily be finished by the end of this year. it will pretty much be done by the end of this year, which is a very, very good outcome. manus, that was the c.e.o. there. ok, that was images, of course, of l even

yet the people hosting the servers to trade the data tended to have the anonymous routing components gets all the data back to you. a lot of those are handled by third parties. cybermerchants that are selling malware. hosting command-and-control center hosting drop servers are outsourcing to hack themselves. pay us and we will gain access for you. i'll get the data for you. there are so many big players in this whole ecosystem the mastermind steps back and says it's a lot easier for me to maintain my anonymity if i can use these people to do it for me. they will put together the puzzle pieces and keep the strategy and they will get what they want. >> gives a snapshot of who that mastermind might be. a college student somewhere. as a mathematician? >> it very much varies by what the type of cyber threat is. if it's a hactivist different than the cyber criminal group versus the cyberespionage campaign. maybe a national interests this is what i want to operate their traditional apparatus to go to target information they energy sector of another country defense industrial base. want to h

the same day, figures to u.s. housing starts for november will be released. housing starts in october fell to a seven-month low. on thursday, japan's finance ministry will release trade data for november. the country's trade balance was back in the black for the first time in seven months. on friday, we'll find out the results of the boj policy meeting. finally, officials at china's national bureau of statistics will release new home prices. in october, more major chinese cities saw a decline, then a rise for the first time in four months. >>> every monday we invite a specialist to discuss events for the week. in this edition of "expert view" we speak with a senior market economist at the bank of tokyo mitsubishi ufj. >> i think this week the federal reserve will move to a rate hike. the u.s. economy is growing. so at least domestic is very good,articularly automotive is very strong. i think they'll increase rates by 25 basis points this time. increase is a small one. current state of u.s. economy is strong, i think. but unfortunately, we had seen some weak numbers. consequently, u.s. economy is relatively growing well butt is not so strong to not see a rate hike. i think

cramer called the market an emotional opening. down about 1%. chinese trade data and price of oil today disappointing bullish investors. >> let's get to the road map. stocks falling sharply today. all 30 dow stocks in the red. we will talk with adam parker about where we go from here. >>> oil hitting a seven-year low this morning. the big oil names trading lower. find out how you should be playing the sector. >>> and tim love weighing in on the e. coli outbreak at chipotle. how should the company be responding? we start with the markets. dow down 188. stocks in the red across the board being pulled down by heavy losses in the energy sector as the oil route continues. for more on where investors should be focusing, we have adam parker, chief market strategist at morgan stanley. good to see you. >> good to see you. this ro >> this rout in commodities is looking worrisome? is this just temporary or -- >> we are underweight energy and industrials. i think it come downs to supply/demand dynamics on the i'll price. maybe you don't reset inversion point to 2017. i think

the way. and if they could give us real data to have a substantive conversation about what are the privacy concerns of the trade-offs for whatever reason that all seem too interested to use the bureau of economics of these issues. so going forward can we get more substantive analysis? but what would you score using the resources that you have in the bureau of economics on the consumer protection in issue for privacy inundated security. and shows a consent decree as of bully pulpit. without what the trade-offs are. >> spirit that is and currently informed by economic analysis. and to be engaged in the process. certainly in all of the reporting. we have had economic points of view and the reports on data so one of the things the ftc does is the best economic analysis and we're increasing the to make sure that informs us as well. >> we have time for one more question all the way from australia. >> i have one question for the panel because it seems to be that they are creating these apps and devices there using a platform or the software as the service if you never heard of privacy by design with the liability and

the markets. it was an interesting day. data, chinese tradeock selloff as imports and exports disappoint. s&pave the

if it's not one thing, the opec meeting falling apart, then it's bad chinese trade data. >> what these sharp losses in commodities are telling us is that this isn't just oil or an energy issue. the numbers say we are seeing a big slowdown in the global economy. >> in a rare interview today, the ceo of chevron described the energy market as being turbulent. classic understatement there. john watson told brian sullivan that the sector is adjusting to lower prices by cutting supply. that capital investment will be cut and that he sees oil prices trading higher one year from now. >> there are adjustments taking place in the business. if you look in the united states, production has fallen 500,000 barrels a day in the last six months. the capital being withdrawn from the business, hundreds of billions are being taken out right now. some companies are finishing projects under construction. that's temporarily adding to supply. but once those projects come online and as people absorb the current prices, you're going to see production drop in many parts of the world. >> do you believe that? bec

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

that is the symmetry in terms of how much you can lose on that trade. the upside, dollar yen, if the data, particularly inflation, does not pick up meaningfully, there may be room for higher dollar yen. caroline: the consensus seems to be about 125. a little weakening but not much. jpmorgan saying, we could see 110. >> in many ways we are going to see consensus shift lower and lower. until wage negotiations have been finalized. from our perspective, we are looking at 113. of both consensus. if you are looking at the risk reward, you could see a weaker yen. >> where do we see further weakness? it seems to become a emerging markets are where we are going to see volatility. >> it is not going to be as big of a story as much as a regional story. dollar asia will move higher. policies ease. -- thislationary isinflationary- d forces move out. >> more pain. >> pain or relief. from a weaker currency. many countries are hit by the terms of trade. australia, south africa, brazil. we don'ther hand, think there is much downside in the euro. broad a dollar strength, the story is becoming more nuanced

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

the td ameritrade trader offices. ahh... steve, other than making me move stuff, what are you working on? let me show you. okay. our thinkorswim trading platform aggregates all the options data you need in one place that lets you visualize that information for any options series. okay, cool. hang on a second. you can even see the anticipated range of a stock expecting earnings. impressive... what's up, tim? for all the confidence you need. td ameritrade. you got this. ♪ [ girl ] my mom, she makes underwater fans that are powered by the moon. ♪ [ birds squawking ] my mom makes airplane engines that can talk. [ birds squawking ] ♪ my mom makes hospitals you can hold in your hand. ♪ my mom can print amazing things right from her computer. [ whirring ] [ train whistle blows ] my mom makes trains that are friends with trees. [ train whistle blows ] ♪ my mom works at ge. ♪ >>> coming up at the top of the hour on "power lunch" as oel hits new lows, they've got a number of analysts expecting a rebound in 2017. we'll bring you one person's opinion on why they may not be likely. what would that mean? also, for the big energy names, well, are they a buying opportunity, and also, wal-ma

the economic data. clearly the jobs report was most important this morning, we learned that the trade deficit widened andpped to a level we haven't seen in four years. if you put that next to the manufacturing number earlier this week, disappointing. still a lumpy read on consumer confidence and spending. how do you square such a strong employment report with all of these sluggish other data points? >> i think in the economic data, the trade manufacturing, housing sectors tend to be overemphasized. the service sector, we don't get as many readings on them. i think the service sector is doing much better. that's why the economy is doing better. to lindsay's point, we will get mixed signals over the year ahead. mixed signals might justify a neutral monetary policy, but we are so far from neutral, if you start from an emergency level of zero, i think that mixed signals justifies a gradual move back up towards normality. i expect the federal reserve will see that as the year progresses. >> still hanging in the air what it means for earnings and the stock market. we'll talk about that later in the hour. thank

. >>> japanese officials have also released the latest current account data that is the broadest measure of tradend investment with the rest of the world. the balance for october remained in the black for the 16th straight month. finance ministry officials say the surplus in october totaled nearly $12 billion. the trade account stayed in the black with a surplus of about $1.6 billion. the number was up from a year earlier as falling crude oil prices reduced energy imports in value terms. as for overseas investment, the primary income account shows how much japan earns from its foreign investments. that account showed a surplus of about $14 billion, down 14.4% in yen terms. the current account surplus came in slightly below what analysts expected. the row advised gdp growth was much stronger than estimates. let's see what the market reaction is. tokyo shares are down slightly this morning. 19,688 at the moment. some investors are taking a buying cue from the strong gdp data. oil-related shares falling on a slump in crude oil prices. in new york, the benchmark wti futures dipped to the lowest level

in the currency markets what we're seeing is japan being closed today and that means very little yen trade but in terms of the u.s. dollar trade a range bound on the back of data points. that's 109.22 and dollar yen off by 0.1% that's after three consecutive sessions of selling. third quarter gdp beat expectations to grow by 2%. retail sales plummeted by 10.5% in november being the biggest drop scene in five years. good morning, steven. >> good morning. >> merry almost christmas. >> thank you. same to you as well. >> yes, thank you. so the u.s.gdp stronger than anticipated consumer spending rising. the dollar up 11% this year against the basket of currencies. is it going to continue higher next year? >> we think absolutely, yes. it is. i would say the key theme here is what happen with the u.s. economy because the key driver for the dollar is what the market prices in we would argue the market is not pricing in enough tightening. so the key point we would say here is that as we go into 2016 we're likely to see higher u.s. yields. particularly at the short end. say two year which is is very important for the fx market and the dollar and as that happens as two y

it looks as if the end of the trading year will be rather lackluster with performance. we have three more trading days left. the economic can data that will be coming out will really not move the market all that much. it looks as if global growth is going to continue to decelerate over the course of the next several months. >> at least we have the fed rate hike out of the way. that's one factor that's a certainty for the market at this point, correct? >> without a doubt. and now we'll be looking toward the next rate hike and perhaps we get one in march. also the big news for next quarter will be the ecb, the european central bank and what they will do or won't do. that will also move the markets not only on the equity side but also the fixed income side. >> what does that mean as we go into the last few trading days and into the new year? what are your expectations? is it kind of steady as she goes? it doesn't sound like you're expecting a significant move in the market. >> i believe that perhaps you'll continue to see downward pressure within the oil markets. last week the oil markets were up about 7%, 8%, 9%. now you could per

the economy added in november. also on the data front, a read on international trade.n central bank president mario draghi will speak at the economic club of new york. and that is what to watch for on friday. >>> and after more than two years the securities and exchange commission case against the billionaire hedge fund founder steven cohen is set now to move forward once again. cohen will face the regulators' allegations that he failed to supervise two former fund managers over insider trading. a legal stay had stalled those proceedings. a judge has now lifted that stay and scheduled a prehearing conference for later this month. >>> standard & poor's cut the credit ratings of eight major global banks. the downgrade decision comes after the federal reserve adopted a new rule that would limit future emergency lending to failing companies. the downgrade affects the holding companies of bank of america, bank of new york mellon, citigroup, jpmorgan chase, morgan stanley, state street, goldman sachs, and wells fargo. >>> "fortune" magazine has just published its investor gu

the pair is now trading in a tight range. many trade remembers waiting for the key u.s. jobs data due out on friday. the euro is moving without clear direction ahead of the european central bank's policy meeting later today. many analysts expect policy makers will decide on more easing measures. looking at other markets. we are seeing a negative start to a lot of markets in sydney share prices are down by half a% percent n. seoul the kospi is down by 1.2%. we'll see where trading take us throughout the day. >>> executives at toshiba will go without their bonuses this fiscal year. officials at the japanese electronics giant have reportedly decided to forego the payments to show responsibility for the firm's accounting scandal. the measure affects easyt president and 32 executives. toshiba officials decide on bonus payments in july. they deferred the decision this year to give them time to gauge how the scandal is affecting their business. it has since come to light that former top executives were involved. the firm posted its first mid-term operating loss in six years for the april to september perio

trading day of 2015. rick, what are you focused on? >> we're focused on the last trading day's data. adline number, about he low 50 by quite a bit since july of '09. that made 7 out of 12 below 50. we have the expert. she talks to the respondents. headline number down 5.8. 7 out of 12, below 50. 42.9. any comment on that part. a real disappointment of the year. we average this year at 50.4 and 60.7 in 2014. that gives you the scope of where we are. the story of a strong doll are a. weaker commodity prices. >> not only is it below 50. below 40. >> new orders, production, employment. what's a company to do, right? you have bodies. you have bodies coming into the last month of the year. you know your new orders are low. demand is weak. this isn't the greatest picture to go into january. it is minus 17.2. how much are they working it through? >> these are numbers that we haven't seen since 2009. the strongest number was the first. the weakest is the last. let's talk delivery. >> this is peak season, the lowest in six years. we are preparing for things like chinese new year that comes on f

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the 52-week high. there's nothing like a nationwide marketwide sale to get you better prices on your buys. trading is the opposite. i put the maximum on at the beginning because i believe the data point or event is about to occur. i never buy anything for a trade without that defined catalyst, that's the word we use, catalyst, hoping it will go in the equation of buying a stock. i buy down, lower prices, when i'm investing. i cut my losses immediately when i'm trading if the reason i'm trading the stock doesn't pan out. that's why i like to say my first loss can be my best loss. it starts going against you in a meaningful way, perhaps to the decline of 50 cents is meaningful when you're trading, you may have a real problem on your hands. i'm not kidding. when it comes to trading i'm an extremely disciplined person to the penny. i like to cut losses quickly and get over them quickly. my first loss is my best loss. all other losses tend to be from lower levels and bigger cost if i don't operate on this principle. anyone can feel the trade going awry but because of ego, pig headedness. they don't want to heed the thunder and stay in only to panic out at lower levels when evaporate