u.s. is going to narrow. low single digit in europe, and this strong u.s. earnings should go into next year, and kind of positioning, so you're obviously missing a good catalyst to grow and perform. >> would you do that as a relative value play, rather than an outright play on europe then? >> absolutely. we close two weeks ago we think it is a -- we are not adding risk. but we think positioning is already very varied. >> very consensual to be underweight europe, but you in your own forecast are above consensus, 5% higher, excuse me, you are below consensus, so consensus has to come down for 2019 we saw some of the earnings revision turn negative in q3 with more to come on the negative side, why should investors be investing in a time when we see a further derating. >> i think the earnings story will be very challenging for the market indeed. i believe that a lot of negativity on earnings and a lot of investors we speak to expect earnings to be revised on. we significant ratings, you see to some extent, the earnings are expected by the market we think they w

transferring his quote unquote energy deputation reaches far beyond brazil with followers in the u.s. europe and australia. france is reeling off for another saturday of biden protests by the so-called yellow vests want police detained almost two thousand demonstrators and one hundred thirty five people were injured in clashes france's prime minister has called for dialogue and the government is signaling if you make further concessions to protest as in the coming days bear in mind it has already scrapped a planned increase in fuel taxes that triggered the demonstrations in the first place. another night of unrest on the streets of paris. shops. banks nothing was a mean as across the city thousands of extra police were out paris practically on lockdown it wasn't quite the chaos of last weekend still officials are dismayed at what played out this saturday. the as a relation of pilots has been stopped. it has been certainly contained but it is totally unacceptable. except the water cannon deployed in the capital to bring the situation under control says the government those on the street say t

theft of commercial intellectual property and alleges it allegedly targeted entities across the u.s. europe and asia china's goal simply put is to replace the u.s. as the world's leading superpower and they're using illegal methods to get there they're using an expanding set of nontraditional and illegal methods china's state sponsored actors are the most active perpetrators of economic espionage against us in short to strengthen themselves and to weaken the united states and while we welcome fair competition we cannot and will not tolerate illegal hacking stealing or cheating in other news the presidential election in democratic republic of congo has been delayed till december thirtieth the announcement was made earlier by the electoral commission president the vote had been scheduled for sunday but the ebola outbreak and a fire that destroyed polling machines in the capital are being blamed for this delay us president donald trump's defended his decision to withdraw american troops from syria he made the announcement on wednesday while declaring the defeat of isis meanwhile the leaders of

eleven uprising which ousted then president hosni mubarak the group which includes citizens from the u.s. europe egypt and other arab nations was jailed in two thousand and thirteen charged with operating without approval and receiving overseas funding the case has been seen as an example of egypt's crackdown on human rights. back to our top story now iran is one of the countries represented last weeks in talk last week rather in talks at the u.n. about syria along with turkey and russia and that decision by trying to pull troops out of syria is likely to figure in the talks between iranian in turkish leaders and encouraged today ryan present haasan rouhani arrived on wednesday night for talks with french a typewriter gone they'll be discussing economic ties between the two countries and a voter is in turkey's capital we are expecting a news conference from them so kind to lay out for us this complicated relationship between turkey and iran is particularly now that donald trump this made this decision. well turkey and iran don't stand on the same side in the syrian conflict but they do work toge

theft of commercial intellectual property and alleges it allegedly targeted entities across the u.s. europeand asia china's goal simply put is to replace the u.s. as the world's leading superpower and they're using illegal methods to get there they're using an expanding set of nontraditional and illegal methods china's state sponsored actors are the most active perpetrators of economic espionage against us in short. to strengthen their selves.

u.s.. weakness in europe. heading into next year the fiscal stimulus will fade. the u.s.experience the risks we have experienced this year. we will be no closer to the recession. nejra: think you so much. will beickering continuing the conversation with us on bloomberg radio at 7:30 a.m. u.k. time. coming up, we look at the markets after the whipsaw session in the u.s.. ♪ place, the xfinity xfi gateway. and it's strengthened by xfi pods, which plug in to extend the wifi even farther, past anything that stands in its way. ...well almost anything. leave no room behind with xfi pods. simple. easy. awesome. click or visit a retail store today. click or visit a retail store today. comcast business built the nation's largest gig-speed network. then went beyond. beyond chasing down network problems. to knowing when and where there's an issue. beyond network complexity. to a zero-touch, one-box world. optimizing performance and budget. beyond having questions. to getting answers. "activecore, how's my network?" "all sites are green." all of which helps you do more than your custo

that focused on large scale theft of commercial intellectual property targets were entities in the u.s. europe and asia. the presidential election and democratic republic of congo has been delayed until december thirty first have been scheduled for sunday but the ball outbreak in a fire that destroyed polling machines in the capital being blamed for the delay. and u.s. president on the drums defended his decision to withdraw american troops from syria he made the announcement wednesday while declaring the defeat of unsold meanwhile the views of turkey and iran so they'll be working close together on syria in the future. protests are spreading against rising food and fuel prices in sudan the state of emergency has been enforced in the cities of darth and in the capital ha turned police fired tear gas at hundreds of demonstrators near the presidential palace the full story now from charleville us. outraged over rising food prices sudanese march to the beat of the slogan freedom protests have erupted emotional cities the largest store in the city of akbar god sudan is a flashpoint over rising inf

europe. we have good numbers out of oracle and the u.s., they made an beat expectations. tends to be a good bellwether. get more, will we see any kind of bounce today? >> that is right, we will be watching the sector in europe after it fell 3% yesterday making it the worst sector among the european shares. stocks from [indiscernible] dropped yesterday. we will besomething watching again today. shall possibly doing a deal and you might be more. endeavorlion for energies. people saying negotiations are going, they have not fully reached an advanced stage that this would change shells footprint in the permian. endeavor controls drilling rights on undeveloped land to it will be a big deal for shell. be back with the start of the european equity trading day in a couple of minutes. this is bloomberg. ♪ this is bloomberg. ♪ anna: less than a minute from the open of cash equities trading this tuesday morning. let's look at how we are positioned for the start of the day in europe. euro-dollar, fairly stable. on the oil price, down by more than 2% on brent. we are weaker. u.s. stoc

bush today the u.s. europe and the world convened inside the national cathedral in washington d.c. to bid farewell to a war veteran a politician a diplomat and a statesman as the eulogies were delivered and the faces of other former presidents and world leaders were faded in and out on television screens it became clear that the world bush had been at home in had already passed away the late president was eulogized by his son george w. bush the forty third u.s. president. in his inaugural address the forty first president of the united states said this. we cannot hope only to leave our children a bigger car a bigger bank account. we must hope to give them a sense of what it means to be a loyal friend a loving parent a citizen who leaves his home his neighborhood and town better than he founded. what do we want the men and women who work with us to say when we are no longer there. that we are more driven to succeed than anyone around us or that we stop to ask a set child had gotten better and stayed a moment there to trade a word of friendship. what and we're going to remember you.

u.s.. if you look at credit in europe, could we see europe do a little better, underperformed the u.s. we think it should. the growth outlook for europe is fairly robust. we have seen a slowdown and no europe is exposed to the emerging market slowdown, but overall, growth in the world is going to be ok. china is restimulated. global growth will pick up a little bit, europe should profit in on the back of that -- starting positions are attractive. credit and equity should do well next year. nejra: what about fixed-income? how would you position around sovereign bonds in europe, with regard to your view on what the ecb might do in 2019? on sovereign bonds, our view is similar. we don't think the ecb will do anything in 2019. there won't be any rate hikes, though mario draghi talks as if there will be one at the end of the year. we don't think that will happen. there is not enough growth momentum for the ecb to do that, so we expect rates to stay close to where they are. maybe a little upside potential on the back of global rates going up a little, but nothing in particular for europe so

the final round of group matches the end u.s. europe the league it took place on thursday and there was a big shock as milano eliminated it they lost three one to olympiacos you know all arsenal all went through to the knockout as the winners of group e. after a one nil win all the kind of bag sylvia one group j.r. after beating could i know that three nil and chelsea were held to a two two draw at d.d. but still top group l. let me and say have one they called us to the american and the second biggest prize in south american club football at present is it be colombian surgeon you are in the final semi locascio action. a dramatic final would decide this year's copa suit americana. both athletico pattern and c and junior will looking to win their first ever continental trophy. there was little to separate them after the first leg ended one all and while there was plenty of excitement in brazil for the climax there were also plenty of nerves. lets go didn't take too long to relieve the tension though they struck just twenty six minutes in

large scale theft of commercial intellectual property a campaign allegedly targeted entities in the u.s. europe and asia all in breach of chinese bilateral international commitments they are also accused of stealing data from one hundred thousand u.s. navy personnel and spying on nasa and u.s. department of energy. it is unacceptable that we continue to uncover cyber crime committed by china against america and other nations in two thousand and fifteen china promised to stop stealing trade secrets and other confidential business information through computer hacking with the intent of providing competitive advantage to companies in the commercial sector but the activity alleged in this indictment violates the commitment that china made that was a commitment they made to members of the international community to the united states to the g. twenty and to apec now we want china to cease its illegal cyber activities and honor its commitment to the international community but the evidence suggests that china may not intend to abide by its promises or of how to tell who's watching this one from washin

u.s. did create a strong impression in europe the u.s. could not perform. there was a great run-up to that case. it was highly publicized. it was suggested this would be a signature piece. a dream team was assembled and then the file was closed. two observers, that was a sensitive and ideal circumstance. we had the votes on the commission, you had a supportive administration and a dream team of advisors and all you would do is close the file. that was seen as a bad sign. i think the u.s. program is more robust than is perceived. i turned back to the program that the ftc is running now. the qualcomm case is enormously important for the future of u.s. doctrine. the shire case which is in the circuit is important. third the ftc is running cases now that could move these boundaries it is going to bump into the barrier that you talked about before. i do see the willingness of the agencies to do it. >> you mean the supreme court. >> the jurisprudence. >> i appreciate that. thank you. professor fox, you have written that the u.s. has gone the direction of antitrus

twenty eleven are prizing that ousted president hosni mubarak the group's include citizens from the u.s. europe egypt and other arab nations they were jailed in two thousand and thirteen and charged with operating without approval and receiving overseas funding case is seen as an example of egypt's crackdown on human rights one person has been reported dead as protests are spreading in sudan over soaring prices for food and fuel state of emergency is being in force in the city of following riots in the northern river nile state. protests have spread to get out and port sudan in a bar of demonstrators set fire to the headquarters of the ruling party protesters are angry at the world's highest inflation rates as seventy percent many sudanese complain of bread and petrol shortages and they say living conditions are worsening . in yemen the vitally important port of her data is relatively calm on the second day of the un brokered cease fire with the rebels in the capital sanaa demonstrated their backing for the truce it's been sporadically broken since starting on wednesday. nationally we want peac

u.s. asia and europe are feeling pessimistic about the move to they moved into negative territory after the rise was announced. one last photograph many coal miners remain true to traditions even as the decade saw dramatic changes in the industry at a miners' association event in november they said a final farewell to the community where the industry has always played a central role it was a moving moment to trim hats and i'm a good man really hits you hard to realize that it's all coming to an end. a lot of the guys have tears in their eyes right now you know and. in the heyday of coal mining there were one hundred sixty three pits in germany manager your conclusion closed two of them possible hand is his third and last. fall is right you know the other day when i was down the shaft i thought this is probably the last time you'll be down here with the crew the last time you'll come down to the coal face the world has really moved on that's a little bit below either the miners will continue to descend the twelve hundred meters into the earth.

dashed hopes among the rainy and citizens no one believes anymore that europe will support iran in spite of u.s. sanctions wolf. we all know that europe has to subordinate itself to america in the end was. i don't believe in a solution anymore only those who have money will survive. pharmacist navaids trying to keep his store up and running somehow he hopes that business with europe will pick up again. now that's only a business more news the top off the hour if you a culture of also to stay tuned you're a mox ist optimist just off to the spoke i will markets of this thanks very much for watching you know your business called life. after. today on your home everything is different. and here you dangerfield david schippers euro news calling the shots. to star architect years turning sixty five and he's put this edition of. your room next. natural riches. precious resources. and a rewarding investment. of farmland has been called easy meal because green gold. the country has enough funding supply and leases it to international preferred giants government to hide export revenues from the corporati

dashed hopes among iranians citizens no one believes anymore that europe will support iran in spite of u.s. sanctions wolf. we all know that europe has to subordinate itself to america in the end was. i don't believe in a solution anymore only those who have money will survive. pharmacist navaids trying to keep his store up and running somehow he hopes that business with europe will pick up again. and that's your business update here want to double your thanks for keeping me company just after this now and look at well markets at this hour susan. cohen. thank you. thank you street for joining me braman sure in the majors over christmas cohen. cohen research more numerous i'm sure don't have to permit me to drop sunk to a. totally. hello. to a friendship. too long. we don't only drink when we're thirsty. but how much is pleasure. and what are the risks of. the research is surprising to a drinking our topic and tomorrow's edition in sixty minutes. d.w. . how do you want to live in a radical way discover the bounds go oh hell swirl starts january thirteenth on v.w. . bus and don't entice curr

we have phenomenally good data from the u.s., ok data from europe, no data on china or india.est of the world is patchy. we are all playing a guessing game. countality is we can barrels going out and being consumed but a gap between the two which is coming down to where is the oil, what does it look like relative to demand and what would it look like in six months? that is what the mice -- market is pricing in. guy: oil and the s&p. peaked at the same time. market taking its cues from oil? >> the person from markets start a meeting with markets being driven low by oil. they say no, the other way around. a bearish sentiment seems to be prevailing the all asset classes. vonnie: how long will that dependent onies oil? , activity inia countries? >> russia is in a decent position. the ruble has not been a great performer this year. in terms of breakeven, way lower than others. saudi arabia is a good example, assuming a price for brent of $80 per barrel next year, courageous. far more bullish than anyone we talked to in the markets. it may happen but based on today, it seems punchy.

u.s. would slow down a bit, europe would slow down a bit. we still expect 2.6% in 2019. the signals that precede a recession, we just don't see it. employment is still dropping in the u.s., wage growth is there. key to that, there is no inflation running away. it is just below their target. there is no huge pressure. we don't see that agency in the fed to aggressively increase interest rates. we are still seeing that we are not going into recession. nejra: and you are overweight global equities and you don't see much differentiation between regions. chumley what areas of the fixed income markets where you see opportunities? themis: with the opportunities in emerging markets sovereign debt, dollar-denominated. the spreads are very attractive. close to 4%. even high yields in asia. that looks quite attractive. 9% yields in this environment also looks attractive given the background. if you look at china, it could grow by 6% next year. still a pretty decent growth. ok, thank you for sharing your thoughts with us this morning. the head of european investment over at ubs. we

seek out faster growing environments and faster growing region regions. >> will that be in the u.s., europet depends it will be sector by sector. so some sectors in different regions will grow faster than others you're seeing, you know, consumer-led investing in places that you didn't traditionally see it across asia and other parts of the world >> good stuff, mark. >> one thing that is interesting, brian, is that a number of market participants are telling us from the private equity side that even in the event of a consumer-led recession they're planning to put more capital to work investing in the hope of trying to take advantage of better valuations >> mark, safe travels, we'll see you stateside soon >> good to see you. >>> no time for the rbi. we'll do it, we'll record it and post it on something called the internet and social media. check it out there dow futures are up i'll see you tonight on the 5:00 p.m. show. weep for us. "squawk box" is next on a big market day this isn't just any moving day. this is moving day with the best in-home wifi experience and millions of wifi hotspots to

u.s. and europe. storyabsolute standout for u.s. markets. the s&p up by 7/10 of 1%. ge is trading up. nasdaq is rising as well. this is bloomberg. ♪ guy: live from london, i am guy johnson. vonnie: and i am vonnie quinn. we are back with dominic konstam , deutsche bank's head of global strategy. the leadership confidence vote was survived by theresa may, but what happens next? is there a deal and an orderly exit on march 29? guy is laughing. clearly there is some skepticism. dominic: i think right now, the issue is seeing any kind of compromise coming from the european union. of possibleyriad paths this could go down. it would appear that the clock is running down and that will determine whether or not there is a hard brexit or this deal itself is accepted. i think there is a time decay situation now. interpretation, the margin is swinging more towards a softer brexit. vonnie: what does that mean for sterling because they have seen a round-trip the last couple of days and we are back at 1.2634. sterling looks pretty undervalued in our views and obviously to the extent there is a soft

with europe, the u.s.ession was negative yesterday, that is bleeding through into the asian session, the negativity from beijing thing and of the speech -- xi and the speech he made. so maybe a reset for the u.s. session, but europe not responded very much. a look back at what is going on. this is the biggest underperforming sector in europe today, and it is feeling the pressure, as you can see, lower first thing this morning. and down by 3.6% over the last few days, as oil prices drop. energy sector responding. involved in this process. and we will see whether or not there is the opportunity to go drilling on the stock market for better assets out there. vonnie: in the u.s., question of bouncing back. s&p 500 up 4/10 of 1%, up more than 1% earlier. stocks taking a beating, ge. and others having a great day. dollar index is slightly lower, but above .97, holding onto that as we see weakness and other g10 currencies. and the 10 year yield on the way down to 2.82%, plenty of treasury buying. the interest-rat

we're humming along with a strong economy in the u.s. europeg like it might be going into a reception. they value that stock market and they make a little extra. the kiss -- discounted values and you could see equity friess go down. interest rates have stabilized. you can see since 2015 you have seen interest rate hikes. they didn't say they're done yet, what should by fewer think, on the stock market and on the economy generally. >> i don't want to give the fed interest rate advice. but i will say the interest rates that matter, and allen greenspan that i used to works for is not necessarily the federal funds rate for most economic decisions. if you buy a or a house it is longer term rates, so if you look at the longer term rates they have not gone up by nearly as much. for the outlook the interest rate change is a negative but maybe not as much as they may be. >> i have a chart up with the sprend between tennier and two year rates, that's what people worry about, the inversion of the yield curve, and you're saying we should not worry about th

the majority of iranian farm imports come from europe the u.s. sanctions have caused one massive problem for e.u. around trade the payment system. we visit the bank melli iran in hamburg it forwards are bringing in company payments to respective banks of german companies but now european banks are part of the boycott according to managing director gottlieb many companies fear the u.s. sanctions. the bank. the banks don't have any valid reason for not processing is a strain of thought it's a clear breach of contract it's a breach of the rules underlying payments in europe. bunk melly could sue but there are simply too many banks that no longer accept payments from iran gottlieb therefore hopes for new e.u. regulations back in tehran the block payments are also a big problem for many german medium size companies doing business in iran says dagmar from bone stein of the iranian german chamber of commerce. treat is on the brink of collapse and an e.u. solution is urgently needed. to name an iranian companies in the whole country are increasingly impa

u.s. and russia. europe today thanks so much washington doubling life and done it. everyone has the right to freedom of opinion and expression. the right includes freedom to hold opinions without interference. and to seek receive and impart information and ideas through any media regarding the substantives. of the seventieth anniversary of the un declaration of human rights article nineteen for law on t.w. . sometimes books come more exciting than real lives. raring to. go. once there's no escape. ritualised. sherman was streets. how are you looking back to sarah's music the power of music is a wonderful thing i'm in downtown l.a. and skid row today where there's a music project going on in the british ching and improving the lives of many of the homeless community this project is called the l.a. street simply and i'm happy to be taking part today. skid row is a fifty four block area of downtown. most angeles which has become synonymous with homelessness and poverty but there is beauty in hope to be found there to street symphony reaches out with music to enrich the

those would reach europe and not the u.s. so it's in european interest to to uphold it ok so it's especially europe at risk will president trump has come out on twitter and he's made a pitch for new arms control talks not only with russia but with china as well is this the best the approach at this point to guarantee not only american and european security but the alliance security as well so for it for the ass and for russia it could be a strategic benefit to include china because they also having i in africa relevant missiles but that makes it even more complicated especially for europeans because it's crucial to their security but partners of those treaties are russia yes and maybe china are so it makes it will be. difficult for for your pains to uphold that treaty ok so that would be a bad idea in your opinion no it would actually it could be a good idea or another idea could also be to limit i n f only to europe so that russia and u.s. would be allowed to develop those weapons but only for you that outside of europe that

u.s. or europe or china it is not europe or china. u.s.s okay >> how about micron. >> it is an interesting deal the first one that i have been able to dig in for a while they are combining glaxosmithkline and pfizer, they are combining. they thought that glaxo would be a buyer but glaxo found on the receiving end from navorist. we are not in a position of pfizer to put out more money to buy your consumerdivision. p & g is a player there. pfizer has been sort of searching for solutions. in the meantime there needs for cash went away when tax reform occurred and they're able to have access to all the overseas cash and their ceo focused on taxes for the longest period of time that got resolved in their favor. cash is no longer a concern for them in terms of bringing in more this deal makes a lot of sense >> their multiples go up you are going to get a new company that's going to be extraordinary strong you are going to want to own it. >> here are the valuations, i just put them up there so then you can basically do some quick math, 68%, 32 ab

manus: we've had a number of indicators from the u.s., from europe, a number of factors affecting the. possibly, the fed softer dollar possibly, and lower oil. versus this kind of data rolling over. could those trifecta of factors put a flow under this? miserablefriday was and the chinese data was fairly appalling on friday, as well. guest: are we going into recession? our view on this is no. we have real interest rates, close to zero. global growth is expected to be above trend, above 3.5%. and what is really important? as you pointed out, what we are getting is lower oil prices, lower bond yields, oil growth is 3%. the u.s. consumer is expected to do reasonably well. at some point, we should see this soft data again going north. manus: thank you. billionaire richard branson says that brexit is probably the worst thing that's happened to great britain in his lifetime. we bring you our interview with him. this is bloomberg. ♪ manus: billionaire richard branson says brexit is probably the worst thing to happen to the u.k. in his lifetime. he's also concerned about the effect of trade t

u.s. and europe. critics of european capitation while have often said that the u.s. protects competition while the eu props up inefficient competitors. this is a critique that one could make, but as assistant attorney general recently noted, both u.s. and eu enforcement is economic space and directed at protecting competition and consumers applying a consumer welfare standard. so we do have things in common even though our approaches may be different. in the area of single firm conduct, there are real differences. the european commission and member states authorities have been issuing significant fight and initiating investigations against some of the world's largest companies, including google and amazon. the u.s. agencies have been far less active in this area. a number of reasons have been raised to explain the difference in enforcement activity. some have pointed to differences in the substantive law, institutional differences making enforcement easier in europe or differing attitudes towards monopoly power. others blame supposed european bias against successive

u.s. fixed income the picture for europe, a fixed income rally on the back of what happened in the u.s., 25 basis points for the ten-year bunds. some analystssay if we break through 25, the next is 22 and then 20, then we'll be back to the lows of next year. ten-year gilt as well, i was talking about the price action in the ftse 100. gilts today, the only fixed income instrument coming off yields are moving higher in the gilt market today, perhaps pricing in more optimism about what these latest amendments coming out of parliament mean for the future of brexit interesting that gilts are the one market coming off. 10-year btp is rallying. that's the picture for european fixed income let's talk about stocks in asia. they also closed lower after the plunge on wall street. nancy joins us from singapore. >> hi, joumanna bercetche. you were basically blending in with the european stocks there, i have the opposite issue today. i'm standing in stark contrast to the asian market wall not a spot of green on this board behind me. after the moves we saw on wall street, that was very much in lined with

u.s. asia and europe are feeling pessimistic about the move to they moved into negative territory after the rise was announced. one last photograph many coal miners remain true to traditions even as the decade saw dramatic changes in the industry at a miners' association event in november they said a final farewell to the community where the industry has always played a central role it was a moving moment peter i'm hats and i'm a good man really hits you hard to realise that it's all coming to an end. a lot of the guys have tears in their eyes right now you know. in the heyday of coal mining there were one hundred sixty three pits in germany manager you can click closed two of them possible it's his third and last. asked. you know the other day when i was down the shaft i thought this is probably the last time you'll be down here with the crew the last time you'll come down to the coal face the world has really moved on. the miners will continue to descend the twelve hundred meters into the earth fowls here until the end of next year but instead of coal they'll be bringing up machines cable

no one believes anymore that europe will support iran in spite of u.s. nctions. >> we all know that europe has to subordinate itself to american in the end. >> i do not believe in a solution anymore. only those who have money will survive. reporter: pharmacist navid is trying to keep his store up and running somehow. he hopes that business with europe will pick up again. christoph: you are watching "dw news" from berlin. after a short break, brent will be back to take you through "the day." don't go anywhere. ♪ [captioning performed by the national captioning institute, which is responsible for its caption content and accuracy. visit ncicap.org]

u.s. or europe? u.s. are seeing the greatest tightening to work corporate seven more reliant on this debt funded buyback activity. around the world, 2019 will be the year of the balance sheet. we have to be much more aware of the risk. maybe some investors have gotten complacent or it's not there will house. but i think is very real possibility that we could see more dividend cuts and into this year, more profit warnings and less support from that refinancing rate. this as we keep having concerns about global liquidity. so much more to discuss with you in 2019. thank you for joining us. the four manager of global international equities at schroders. open" is up next. to bloomberg radio on your mobile device and dab digital in the london area. it's a busy day in the news flow on christmas eve. this is bloomberg. matt: this is the european open. i'm matt miller in london. euro points lower after a mixed trading asia following friday's deep losses in the u.s.. germany, the nordics, and switzerland are all cl

u.s. and europe.ink there's any likelihood that we get that, considering this 90 day moratorium and the group that's going over from washington to beijing at the beginning of next month? geoffrey: i would still be quite cautious of any prospect of renewed talks. they are part of the talks, but it has to go to to the premier level. still want to err on the side of caution. on trade, more than happy to be on the upside. anna: trade important to this sector. you alluded to it, the ipo of uber. how is this going to reshape the industry? how does this have wider significance than the ipo of one company? michael: traditional companies moved- bmw and daimler into a single joint venture. what do they do with this? do they ipo with this in the future will do they monetize and get external investment? how they can monetize the immobility businesses they have. electricn you look at cars, how far do you see it going in 2019? i would still love to have an internal combustion engine, but i'm old. even if some mille

u.s. banks here in europe, we are also seeing european banks down quite significantly. the worst performer, deutsch bank, the second worst performer, commerce bank the u.s. federal reserve has raised interest rates for the 4th time this year, an expected change but flew in the face of criticism from the wall street and the white house. the central bank's key fed funds target range standing between 2.25 to 2.5% the number of expectations had lowered but hinted this outlook could be revised. >> many expected the economic conditions would likely call for three more rate increasing in 2019 we have brought that down a bit and think it is more likely it will call for two rate increases in the course of next year we always emphasize there are policy decisions not on a preset course and will change if the incoming data materially changes the output. >> powell insisted the fed will stick to the 2019 economic projections despite a recently slow down in global growth. >> growth in other economies around the world has moderated over the course of 2018, albeit, still solid levels at

u.s. and china are working out their differences over the next three months. >>> minors, autos, tech enjoy the biggest gains in europenjoying a surge in u.s. futures and chinese equities. >>> unilever, nestle has a decisive idea and other cem assets in a 4.6 billion euro deal. >>> and qatar announces plans to pull out of opec at the start of the new year just days before a key meeting by the cartel as it prepares to address the recent selloff in crude prices. good morning, everybody. happy monday it is an absolute bonkers session for stocks we're seeing this in europe. barely anything in the red you can see very big, very strong start to the stday. overnight asian equities big move in chinese equities, up 2.5% all of the focus was on xi jinping and president trump. they are allaying fears. markets are responding in kind the theme has been one of risk on this morning. big rappy. europe stoxf 600 is up let's get up to individual markets. all of the markets here are trading in the green every single one of them, even the high ftse mib italia is a relative under perform yeah. it tells you that the outperforming sectors,

u.s. or europe. reporter: you would be happy to see china putting money into greenland in a big way, would you? >> yes. reporter: denmark doesn't agree. just recently the dani prime minister came here on an attention abbing visit. both denmark and the united states are seriouslyed wor the chinese market strategic protect her. therasmussen visited american missile detection based to show his support. the foreign affairs spokesman explained their nervousness. >> we should be very worried about how they should evolve around the world. i would be worried. reporter: the trouble is the havecans and the danes granted, and neither of them have spent too much money on it. now that china is showing interest, things are about to change. just over four years time, there will be three big new international airports operating here, bringing in investors, .orkers, andourists the tiny population of this vast, empty country will not know what has said it. -- has hit it. s interest in the arctic. i am laura trevelyan.

those would reach europe and not the u.s. so it's in european interest to uphold it ok so it's especially europe at risk will present trump has come out on twitter and he's made a pitch for new or mz control talks not only with russia but with china as well is this the best the approach at this point to guarantee not only american and european security but the alliance security as well so for for the ass and for russia it could be a strategic benefit to include china because they also having i n f relevant missiles but that makes it even more complicated especially for europeans because it's crucial to their security but partners of those treaties are russia yes and maybe china or so it makes it would be. difficult for for your pains .

u.s.? james: europe has been doing very well, better than expected. an destinations are always growing very well. and -- but i think the u.s. is more closely, you know, similar to other long-haul destinations such as europe or africa. those other destinations have been growing very well, better than the u.s. this year. reporter: and shares have fallen dramatically over the past year, there have been falling margins as well as the broader slowdown. how much of that is due to political risks as well as the slowdown in china? james: the perception is that china's economy has a slow down and travel obviously will have in impact, but i think that overall travel is more resilient as the chinese economy is moving to its next stage of development, where service and consumption will grow faster than the overall economy. i think travel will be least affected, among the least affected industry in this kind of environment. emily chang: that was the ctrip co-founder with selina wang. he does noto says respect the fcc. the agency that he reached an agreement with in

what we are seeing today -- and what you call liberal order was more or less western europe and the u.s., that's a miracle. usually western europe was good at creating wars, usually world wars, and really we avoided them. victoria: and democratic asia. ambassador araud: exactly. you had a lot of wars in asia, the killing fields of indonesia in 1965, millions of people. so what we have is what has changed the balance of power, we are doing the cold war, we have two camps that dominated, the u.s. and ussr. after the collapse of the communist bloc you had what the french called a -- power. the u.s., and it was the triumph of the west. and the last decade you have emerging powers like china, russia, but also india, who are simply telling us that enough is enough. so the new balance of power, this new balance of power is at the expense of the west. and we dominate also the institutions. so frankly, the u.n. is dominated by the west, not only the security council, but if you look at all the people in the democracy, you see there is an overwhelming majority of western officials. so we have a n

u.s. and europe is splitting at the seams with the e.u. leaders and president trading jabs. solidarity and question and trade negotiations . is western. split. and what needs to happen to heal the transatlantic rift with a worse thanks a lot for being with us today it's great to meet you in person because i know we've done this over the satellite. things have changed from the last time we spoke will start with united kingdom and the future of the brics it deal is still uncertain and us secretary of state my compare has said that you know the states will keep its very special relationship with the united kingdom it when. the case scenario i remember one was in the united kingdom he was actually supporting the rebellion. conservatives who are who are calling you know for hard breck's it so is no deal right now something that is convenient for washington is that what washington really wants and why no i don't they go they would want to no deal simply because it causes huge amount of confusion it could tip it certainly well to britain into recession but it could tip also europe