vonnie: it's 10:00 a.m. in new york. i'm vonnie quinn. welcome to "bloomberg markets." we are seeing another bounce for some of the equities today. not so the s&p 500. it just turned down about three points. a little buying in the 10 year treasury. one of the stocks that had moved higher in earlier trading, just off the highs now in the regular session, is apple. gene munster putting a note out saying that it will lead again next year. we talked about tailwinds. tesla is down almost 1% now, even though we are hearing that the china delivery will begin on monday, the first delivery of a tesla in china, the china built model three. let's get to europe. we are open again after two days of holidays. stoxx 600 is up 0.2%. the dax is leading. resources are the top performers today, along with utilities. the dollar index weaker. let's get to the markets now. joining us in studio is dennis debusschere, evercore isi head of portfolio strategy. we have a great piece on the bloomberg today talking about the decade beginning with everything crumbling and a lot of panic, and now we

vonnie? vonnie: coming up, we will have more last night's debate, live in los angeles with the latest. this is bloomberg. ♪ ♪ live from new york, i'm vonnie quinn. this is "bloomberg markets." let's check market with kailey leinz. >> another day, another set of records, touching new highs with gains of 2/10 of one person and you have the stoxx 600 in europe touching a record up .2%, and , the nasdaq has increased. it is on 3.7%. we also have to talk about the economy with all of the data we got, including the third-quarter gdp coming at 2.1%, but if we hop into the terminal, while inventories did drag on growth, at 2.2 consumer spending percent, driving the economy. let's look at the s&p 500 because consumer staples is the best performing sector with a gain out .8%. kellogg got a double upgrade. laudero have estee hitting a new record with its 1% gain and carnival cruises is seeing its biggest jump since 2009 at 8% and getting a lift with some of its cruises. vonnie: kailey leinz, thank you.

vonnie: why is that, jeff? jeff: the reason for that is because this year, we had a lot of very supportive factors pushing the market higher. first and foremost, we've got a very strong and resilient consumer, and that is evidenced online retail sales. next, we've got central banks. central banks have been supportive and accommodative here in the u.s. and overseas. next, we've got earnings. earnings are looking like they are going to improve not only in the end of this year, but into next year. finally, and probably most importantly, short-term, we've had improvement on the trade front. it looks like we have that phase one trade deal ready in the not-too-distant future. vonnie: you say what a difference a year makes. obviously, a lot could happen in the coming year as well. what are the greatest risks for 2020? jeff: the greatest risks we see are policy risks. central bank policy errors, and then trade issues. on the central bank side of that, we believe those risks are very minor, and that's because central ba

this is bloomberg. ♪ vonnie: live from new york, i'm vonnie quinn.s is the european close on "bloomberg markets." let's check on first word news with viviana hurtado. viviana: tomorrow, the u.s. house set for a historic vote on impeaching president donald trump. moderate democrats are starting to announce how they will vote, most announcing they will impeach. one first-term congresswoman from michigan says she was told the end vote would be of her short political career. boris johnson will change the law to ensure a brexit transition period will not be extended, setting up the possibility of a new deal exit at the end of next year. the eu warning is unlikely they would be able to complete the kind of deal johnson wants. pope francis has abolished the so-called pontifical secret used in past sexual abuse cases. the high degree of --fidentiality has protected opposition leaders calling for a nationwide protest on thursday. the law bars undocumented muslims from pakistan, afghanistan, and bangladesh from seeking citizenship. protests threaten to undermi

vonnie: right. and the health care stocks, would you be looking to get into that short-term and maybe get out again if the election goes a certain way? chad: funny, our viewpoint is that we are looking 24 to 36 months out at holding these companies overall. our viewpoint is that yes, you could have a mild amount of underperformance over the course of the next six to nine months, but overall, we think you're going to get handsomely rewarded if your viewpoint is a little bit farther out. this seems to happen often within health care, when you go into an election. they underperform, and then they outperform in a drastic manner. look no further than the bill clinton years for evidence of that. vonnie: you do still have u.s. recession odds at 30%. it seems like in recent weeks, prettyon odds went from substantial to almost nothing. what is the 30% accounting for? what are you looking at? chad: the average is always around 15% going into any given year. the reason for a modest elevated recession odds is d

this is bloomberg. ♪ vonnie: this is bloomberg markets. i'm vonnie quinn in new york. white house is reportedly telling the u.k. government that its fiveawei access to g network will provide a risk to british secret intelligence services. the reporting citing an interview with -- a security advisor robert o'brien. u.s. government officials say huawei could use their shea of the growing telecom market to spy for beijing. the house called huawei and zte potential threats to national security. concerns have gotten worse as companies prepared to spend on 5g technology. governments are wary of using for technology, a concern for many fractures could hand over information to their home countries. vodafone is said to have found and fixed backdoors on huawei equipment, used in the carriers italian business. the u.s. has called on allies not to use huawei to build their five g networks. at that. balked the u.s. has also made it tougher for huawei to sell here and to buy parts from suppliers. at that. banks around the world are unveiling the biggest round of job cuts in four yea

vonnie: the u.s. is made up of lots of smaller economies come from districts to various industries that live in certain areas. you would look at the beige book, i'm sure, very closely. how is the rest of america doing? jim: the manufacturing sector is clearly taking quite a hit. we see in ism number below 50. is it low enough for an economy wide recession? no, you typically need that to be in the low 40's. but it is pretty weak. certainly, the manufacturing sector has we can significantly, and as part of that, we see exports being quite weak. business investment has slowed pretty sharply as well. those parts of the economy have been pretty weak, but you couple that with a household sector that has stayed pretty strong so far, and the overall labor market is still pretty solid, and you are left with an economy that so far has been 2% type growth, which is not bad. vonnie: are we less at risk of recession next year? jim: certainly come of the trade deal pushes off the risk of a major escalation in trade

vonnie: thank you. international fragrances has reached a $1.2 billion deal to buy dupont's nutrition division. this is bloomberg. ♪ ♪ vonnie: live from new york, i'm vonnie quinn. this is "bloomberg markets." let's check markets now with advocat doolittle. abigail: trade upton -- with abigail doolittle. abigail: trade optimism that a phase i deal will soon be signed, but an agreement is enough to bring stocks sharply higher. the s&p 500 and the nasdaq up 0.8% or more. the stoxx 600 in europe also carving out a new record high, confirming investors leaping towards growthier, riskier stocks. the 10 year yield up four basis points. this is all influencing dissector composition for the imap. 10 of 11 sectors higher. real estate down as yields go higher. down, consumer savers among the worst performers. up top, energy, health care, and tech. all-time highs for a few of these sectors, including tech and the sox. the financials and the kbw bank index once again up 1%, all-time highs, following through on the

vonnie: thank you. lawmakers are debating on the house floor today before voting on two articles on the beach went later this evening. one article being abuse of power -- articles of impeachment later this evening. one article being abuse of power, the other being obstruction of congress. subscribers can watch the debate on live . this is bloomberg. ♪ ♪ vonnie: live from new york, i'm vonnie quinn. this is "bloomberg markets." let's check those markets with kailey leinz. kailey: there's not a lot of action today. looking at just marginal gains. the s&p higher by just a point right now. there's not a lot of risk factors for investors to be worried about at this point, but maybe there's not a lot of good news either, so we are now just in a holding pattern. it could be that we are just losing momentum as we head into year end. this is taking a look at the weekly moves in each of the three major averages. all three indices has moved higher in seven of the nine weeks. we may be losing just a little bit

vonnie: dr.right, you mentioned policies like longer parental leave, being more friendly to a more diverse group of people, more environmentally aware. these are all things you anticipate from every company nowadays, but it is actually slow adoption. how will the other banks follow suit? will they take goldman's lead? dr. albright: i think mike and yourself are making a good point here. banking is a conservative industry. they are not going to be at the vanguard of the exchanges like silicon valley might be. but they need to adapt or die at this point in time. they are kind of a laggard in terms of these changes to attract this younger workforce, but they are making the changes. in that sense, they are leading the way in this industry. what is it you want to hear from goldman management in their first ever investor day? it is such a change from what used to be such an opaque company. mike: it will be the first bank to have a segment in their investor day on green and sustainability initiatives. t

vonnie? vonnie: thank you. let's bring the conversation back to china.biggest economy is starting to benefit from progress on the trade deal with new export orders expanding for the first time since may of 2018. here with more is bloomberg business editor peter coy. we also had president xi's speech overnight. what should we take away from how he is talking to his people? peter: one of his big messages was to hong kong, saying we want you to prosper and be stable. he held up macau as an example of a place that demonstrates the ability to have one country, two systems. that is still what xi jinping says hong kong should have. a lot of people in hong kong are not buying into that. that was one of the times we have been most open about the turmoil going on in hong kong. vonnie: he tends to try to keep people happy, saying positive and optimistic things going into the new year. what did he say? peter: another one of his messages is he believes 2020 will become the year china becomes a "moderately prosperous society," and this could be the year it cracks 100

have to ask you vonnie: vonnie: about the u.k. election.ritish pound vonnie: -- have to ask you -- vonnie: have to ask you about the u.k. election. british pound up against the u.s. dollar. what happens in the election? patrick: we think it is a reasonable possibility you end up with a hung parliament or some kind of coalition. the polls right now are indicating a conservative more dirty -- a conservative majority. it is very difficult to say. base case, we trust the polls come but take it with a grain of salt. conservative majority slight positive for the pound, but we think it is pre-much priced and now. vonnie: thank you for all of that. that is patrick armstrong, cio at plurimi wealth, joining us from our london studio's. let's get a check on global markets. here's kailey leinz. kailey: it's been quite an interesting session. investors really getting whipped with every headline as they weigh the usmca trade deal and a fed decision tomorrow. the s&p 500 is holding onto a marginal gain, up less than 0.1 percent, while the dow has plunged

vonnie. vonnie: just a little while ago, we got word that paul volcker had died. the former federal reserve chairman broke away from runaway inflation -- brought the bank to and later,lation, during the obama administered and -- the obama administration, was brought in to create the volcker rule. for more on his luck as we are joined by stephanie flanders. clearly, volcker had an enormous career. he served under six presidents, both republican and democrat. started to really change the way the u.s. handles monetary policy. what would be his most outstanding legacy? stephanie: i think you're spoiled for choice because he was involved in some of the key landmark events in global economics of the last 50 years, really. andou even go back to 1971 the u.s. decision to leave the gold standard, which led to the collapse of the bretton woods system which had defined the local financial system after world war ii. he was a close advisor to president nixon in making that decision when he was at the u.s.

vonnie: peter, thank you.ng to banks now, goldman sachs is providing a push for banking on middle-market companies. the wall street firm is -- has hired more than a dozen managing directors from competitors in the recent months. not admit they would to that. haveey can say that we hired from jp morgan and barclays. andorgan in particular, wells fargo, are two places where they also have big regional expertise. they are trying to do something they have done with very large deals, that is hire people that know the code -- no the companies well that they want to service and have deep relationships. romaine: this is still goldman sachs. they have a pretty well-known brand name a reputable one. why wasn't that enough to do this? goldman's revenue over the past few quarters has been somewhat volatile. that shows that this kind of strategy can help keep a lot of -- not to mention, a lot of the capital that we will see being deployed is private equity firms, not to mention smaller private equity firms that are big tar

vonnie: exactly. where that doesn't get better, where maybe that deepens, whatever happens with the trade deal is not going, and that affects the united states. what do you mean by that, and how much does that affect the outlook? robert: my base case for next year's global growth next year won't be spectacular, but my hope is it will stabilize. if it doesn't, it will affect the united states, and by the way, the best example is the energy business, where the price of oil is lower. capex for the energy business we think this year has been down 5% to 10%. with think it will be down 15% next year because of the lower price of oil and profitability challenges and capital discipline. so lower global growth, more sluggish growth, we are not immune to it. almost half of our companies, s&p 500 revenues and profits come from outside the u.s. i am hopeful we will stabilize and even see some improvement in global growth, but the point is it matters, and trade is central to whether or not we get better global gro

vonnie: thank you. i want to bring in vince cignarella now, who joins us from our mliv team. impeachment hasn't had much of an impact on markets this morning, but we did get some data i wanted to ask you about. a little disappointing. anything to be concerned about? vincent: not really. indexes isnomic primarily manufacturing based, and we have seen a slump in manufacturing this year that does continue. that to be lacking when it should be leading best adjust manufacturing will continue to goingeight on the economy forward. home sales a little bit disappointing, but at the same time, the builders index last week was at a 20 year high, so with balance, markets are looking good. at the same time, the supply of homes on the market has shrunk. i think it was 3.9 to 3.7. so the underlying numbers were pretty decent for home sales. vonnie: the twos-tens spread is up 30 basis points. how significant is this? it doesn't feel massively wide, but it is well wider than we have seen. vincent: i don't think it is so

bonnie question -- vonnie? vonnie: more from our best of 2019.ceo sheryl sandberg spoke with caroline hyde in november. she discussed the 21 election and her biggest -- the 2020 election and her biggest concerns for facebook. : the 2020 election is a massive issue for us. if you look back to 2016, of course we prepared for state actors but what they did was hack in and take information. this more insidious stuff we never thought of, we missed it, everyone missed it. now we work hard to find what we think of as coordinated in authentic behavior, state actors, groups of people trying to do fake stuff. in 2016 we never heard of this. in 2017 we could -- we took down one, and the last two years we took down 50. we are in a very different place. we are going after fake accounts. everything that happens for the ira on facebook and 2016, we are now able to take down millions every day, most before anyone sees them. haveinformation, we do not a fact checking program in 2016. now if something is marked false by our third party fact checkers, we can reduce

this is bloomberg. ♪ vonnie: live from new york i am vonnie quinn.s is european close on bloomberg markets. it is time for the business flash. another downgrade for boeing. the s&p cut the long-term rating a-.he plane maker to they still have the grounded 737 max. tiffany's expects double-digit growth in china. chinese consumers are curving their overseas luxury purchases. they are spending more at home. agreed to be acquired for $16 billion. asset management is considering bundling real estate assets in india into a real estate investment. this for next year. vonnie: stocks finishing up the day in european trading. a pretty benign session. we had the boe, we had boris johnson speaking to parliament, the aftermath of the impeachment vote in the u.s. i am sure there is a lot of conversation on trading desks. as for actual movements, a flat session. the individual indices are moving around. positive and is looking to finish the session up .1%. the ftse 100 is the upper former more than .4%. the market liking what the queen had to say followed by boris

vonnie: the u.s.aling openly with china and the public sphere as well as behind closed doors. is there anything germany can learn from how the u.s. dealt with china? patrick: the united states has been leading a hard on germany to take a strong stand against chinese equipment in the upgraded network. it is trickier here in berlin. yep an industry that warns if -- you huawei equipment have an industry that warns if you ban huawei equipment, if they have to strip those out, if they were have to impose a full ban on huawei, you would have a delay for a couple of years, you would have huge cuts, but security types here and the intelligence agencies and others are saying they have to do that. lawmakers are on board now. vonnie: what is the alternative for germany? whipped from china on auto use. aside from that, what will germany do for 4g or 5g if it does not turn to huawei? patrick: what if the arguments is if you block while weight you would give a boost to european -- if you block while weight you woul

from new york, i'm vonnie quinn.he european close on "bloomberg markets." ♪ vonnie: checking markets now in europe, the euro stoxx 50 is unchanged. just about is up four points. several movers within the s&p that are moving quite briskly, let's say. autozone the best performer, up 7.7% after a blow away earnings quarter. that is a 52-week high. it already had a 52-week high yesterday. the dollar index weaker, but not seeing much movement in currencies. volatility is pretty low considering the a lot of news that is currency related. similarly, the 10 year yield at 1.83%. not much movement there. the stoxx 50 is unchanged. the euro stoxx 600 is down about , off as is the ftse 100 its lows. a couple of the movers today is

vonnie: i'm vonnie quinn in new york.ne's president volodymyr zelensky campaigned on bringing peace to crimea. today in paris, he is getting his first shot at delivering on that promise. he is meeting with vladimir putin for the first time in the so-called normandy format alongside french president emmanuel macron and angela merkel. for more insight, joining us is michael bossel q. former spokesman for the organization for security and cooperation in europe. it is phenomenal just the position of pictures. you have closing arguments in the impeachment inquiry. on the other, you have these leaders gathered in paris. what would be the hope for this meeting? do you have any hope? you.el: good to be with of course, the hope is to bring peace finally to eastern ukraine after five years of violence which has caused -- cost 14,000 lives, billions of dollars of infrastructure damage and millions displaced. zelensky, key campaigned on bringing peace to eastern ukraine. as well as eradicating corruption. but he came here with very l

this is bloomberg. ♪ vonnie: live from new york, i'm vonnie quinn.: live from london, i'm guy johnson. this is "the european close" on "bloomberg markets." let's check in on "first word news." deal on one of the trade will be signed. peter navarro said the agreement is still being translated. the hong kong newspaper said the chinese vice premier will lead a delegation to washington to sign the deal. in north korea, can john on -- kim jong-un is expected to use his new year's. alreadyngace. andwarns that the nicety bound tests might be coming to an end. vladimir putin called drop to thank him for intelligence that helps prevent terror attacks in russia. that is according to the kremlin. the two leaders discussed fervor -- further cooperation to stop terrorism. been diagnosed with stage iv pancreatic cancer. he is 79. he has never faced a fight like he has now. he suffered a skull fracture during a civil rights march. global news 24 hours a day, online and at quicktake on twitter, powered by more than 2700 journalists and analysts in over 120 countries

vonnie.e now for the latest bloomberg business flash, a look at some of the biggest business stories in the news right now. apple getting a bruising in china. according to credit suisse, iphone shipments there plunged more than 34% in october. early indications show a better-than-expected performance for the iphone 11 model. mcdonald's set for a high-stakes labor showdown. the national labor relations board is expected to rule soon in a case of hoping -- a case illegal firinged of prounion mcdonald's workers. activist investor elliot management criticizing the restructuring plan of pg&e, the bankrupt utility, saying it jeopardizes pg&e's long-term health. elliott is one of pg&e's biggest creditors. it is up to california governor gavin newsom whether to ok pg&e's settlement of $13 billion to wildfire victims. killt has asked newsom to the plan. coming come along view economics ceo and chief market strategist chris watling joins us as we count down to the european close. right now, stocks in t

vonnie: our thanks to dr.rew pekosz, codirector of the jon hopkins excellence and surveillance and director of the center for emerging viruses and infectious diseases in the johns hopkins bloomberg school of public health. the bloomberg school of public health is supported by the founder of bloomberg lp and bloomberg philanthropies. ♪ omberg philanthropies. ♪ here, it all starts with a simple... hello! hi! how can i help? a data plan for everyone. everyone? everyone. let's send to everyone! wifi up there? uhh. sure, why not? how'd he get out?! a camera might figure it out. that was easy! glad i could help. at xfinity, we're here to make life simple. easy. awesome. so come ask, shop, discover at your local xfinity store today. mark: i am mark crumpton with first word news. the fbi acted properly when it began a broad investigation into whether then-kennedy donald trump or people around him conspired with russia to interfere in the 2016 election, according to a new report from the justice department's inspector

vonnie: exactly. we will dive into the finer details of the report with tom porcelli of rbc in a few moments. it will be interesting to see what the other indicators suggest, for example, and the china data. we saw that employment improved, so that is one good side for the chinese economy, even as other indicators in that manufacturing data declined. also, germany will dive into some of the german data and what that is saying about the wider european economy and whether that has any ramifications for the u.s. in terms of the consumer. guy: that is the interesting story. in germany in particular, what we've seen thus far is the manufacturing sector going down, starting to stabilize a little bit, and then starting to show signs of bottoming out and improving come about the danger is that we have seen the spill over into the services sector. judging by the data we've been getting out a united states at the moment, the consumer's maybe topping out, but there's no real evidence that we are seeing this blee

vonnie: thank you. coming up, house speaker nancy pelosi says the house will draft articles of impeachment against president donald trump. we will head to washington, d.c. next. this is bloomberg. ♪ ♪ [chanting] guy: live pictures from paris. mass demonstrations across the country. the french are protesting today across the country as unions, from transport workers to teachers. this strike will continue until monday. it is a test of president micron's reform -- president reform plans. this is by far the most graphic representation of the frustration the french are currently feeling as a result of some of those reforms being in place. we will continue to monitor these pictures coming from the french capital. in the meantime, let's check the markets with abigail doolittle. abigail: we are looking at small to modest declines in the u.s. and europe. the s&p 500 and the dow down about 0.2% or more. the s&p 500 earlier had been slightly higher, so investors searching for direction. the stoxx 600 down about 0.

this is bloomberg. ♪ ♪ vonnie: live from new york, i'm vonnie quinn.: from london, i'm guy johnson. welcome to the european close on "bloomberg markets." let's check in on the bloomberg first word news with courtney donohoe. saudiey: a big debut for aramco. shares trading in riyadh after the world's largest ipo. the stock jumped to the daily 10% limit, and that gave remco a almost $1.9 of trillion. in jersey city, the mayor says the gunmen in a shootout targeted a jewish market. the attack left two people dead, including a police officer and the two suspects. officials have not yet called it a terrorist attack. wanted to make a correction to our report from early today. we incorrectly said citadel securities trading revenue was above morgan stanley's. actually, morgan stanley's trading net revenue was $13.8 billion, well above citadels $3.5 billion. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i'm courtney donohoe. this is bloomberg. vonnie: thank you ve

vonnie: from new york, i'm vonnie quinn. this is "the european close" on bloomberg markets. first word news with ritika gupta. ritika: nancy pelosi says the house oil pass articles of impeachment against president trump. she says that vendor achieve abused power for his own personal benefits. >> i am asking our chairman to proceed with articles of impeachment. i commend our committee chairs and our members for their somber approach to actions which the president -- which i wish the president had not made necessary. ritika: on twitter, president trump was defined. he said the democrats had no case and challenge them to move quickly so the nation could move on. the treasury department is sanctioning russian hackers for stealing more than one hundred million dollars from financial institutions around the world. saudi arabia has offered fellow members of opec plus a deal. cheating on quit their production quotas, the sallies will curb their own oil outlook. -- the saudi's will curb their own oil outlook. it is not clear if the sallies are willing to take more oil off the -- if t

this is bloomberg. ♪ vonnie: live from new york i amp up vonnie quinn. this is european close. us check in with the bloomberg press. johnson minister boris cleared its first hurdle in parliament. he has voted to proceed to the next stage. johnson open the debate by declaring his legislation offer for further delay. the bill will take the u.k. out of the european union january 31. boeing has a problem. the spacecraft lifted off from cape canaveral today but an engine burn did not go properly. nasa says the capsule will not be able to meet up at the international space station. this is an unmanned test flight. mannedgin to help flights on the starliner. in india, they defy a government ban on protest. demonstrating for citizenship well. otherld stop muslims from countries from becoming citizens. more than 1200 were detained. seven democratic democratic candidates squared off last night. joe biden had his strong is debate. he did not ramble or trip over his words. he made the case for what president trump should be defeated. response suggested that half of the american people want

. ♪ vonnie: live from bloomberg's world headquarters in new york, i am vonnie quinn.manda: here are the top stories we are following around the world. out with the old, in with the same. bailey will be the 121st governor of the central bank. he succeeds mark carney stepping in in march shepherding the u.k. through brexit. said it will idle major operations at factories near detroit laying off more than 1500 workers and slashing dividends. apple explores the final frontier. bloomberg has learned the tech giant has a secret team working satellites that could beam data directly to devices. vonnie: it is friday. we got a raft of data a little disappointing. thanve the s&p 500 up more .5%. we made it to the 3200 level and continued on without problems. the 10-year yield is 1.92. the dollar index higher as well. wtiave around round-trip on almost as far as 62 and are now down 1.5%. chart to point to this which shows the index rebounding spurring volatility. amanda: it is a good one because we have holiday trading. interesting things going on. i want to drill into a chart th

this is bloomberg. ♪ ♪ vonnie: live from new york, i'm vonnie quinn.from london, i'm guy johnson. this is the european close on "bloomberg markets." here for first word news is courtney donohoe. abigail: at least four killed at in pensacola, florida -- at a naval base. it is the second shooting this week to take place at a naval base. and injuredt two another before killing himself at pearl harbor base in a wahoo -- in oahu. the government is processing up occasions from chinese companies buying u.s. products such as soybeans or pork. u.s. and chinese negotiators have signaled that they may be close to agreeing on the first phase of a trade deal. a new bloomberg survey of economists say the european central bank is done with cutting interest rates. that is despite persistent downside risks to growth. as to those with bonding to the survey say monetary policy will be on autopilot for the next two years. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i'm cou

this is bloomberg. ♪ ♪ vonnie: live from new york, on vonnie quinn.: from london, i'm guy johnson. this is "bloomberg markets." let's check where the markets are as we approach the fed decision a little later on. abigail: very small moves around the world for stocks as we approach that fed decision. largely expect it the fed is going to hold pat. then there is the general election in the u.k., and on sunday, that trade deadline investors are waiting for. very small moves here in the u.s. europe up just about 0.2%. during the asian session, so too for the shanghai composite. head of the fed, let's take a look at the 10 year yield. these bonds have been selling off fairly steadily over the last 11 sessions, giving up eight basis points. the fed not expected to do much. maybe reason to think the 10 year yield could go back above 2%, so it is going to be interesting to see what their commentary holds. but make the surface and the u.s., there are some bigger movers as well beneath the relatively benign surface. shares of the home depot down 1.6% after they

vonnie: i am vonnie quinn, in for scarlet fu. joe weisenthal is off.omaine: the dow, s&p, and nasdaq all finishing in the green. last market close of the year and decade. beststocks with one of the years of the decade, the s&p 500 to a 29% advantage. says the phase one trade deal will be signed january 15. roaring into the 20's. bitcoin has risen 9,000,000% since 2010. can the digital token keep it up this decade? we enter into a new decade, it is time to look at the highs and lows of this year's market. here is bloomberg's abigail doolittle. abigail: when a year in 2019 for stocks. the s&p 500 rallying to the best year since 2013. it was an even bigger year in some cases for bonds. this chart is the negative yielding debt around the world. muchin 2015, not so negative yielding debt. go, yields above $10 trillion. at one point this year, there was $17 trillion in negative yielding debt. bondwas just how big the rally was. bonds are still in rally mode. this of course has had an influence this year. the fact that the yield curve inversion happened simil

vonnie: thank you. european central bank sees rate policy unchanged at christine lagarde's first meeting as president of the bank. words forfamiliar first, while seeing the policy review since 2003. risingarde: protectionism and vulnerabilities in emerging markets remain tittle to the downside come up -- remained tilted to the downside, but have become somewhat less pronounced. vonnie: we saw european yields react as well to those statements. back with us now is chris ceoing, longview economics and chief market strategist. i'm curious as to where you see european yields go following this obvious sort of announcement that the european central bank continues to be very supportive. chris: it's good they are supportive, but it is also good she talked about the risks somewhat dissipating, i think is somewhat the tone of the clip you just showed us. i would agree with that. globally, the economy is picking up. we see that in u.s. yields, and bund yields will follow that sort of trend. don't seem to trade up w

this is bloomberg. ♪ vonnie: live from new york, i am vonnie quinn. am guy london, johnson. this is the european close. that's get first word news with ritika gupta. >> the wto says the european union has not compiled with in order to end illegal subsidies for airbus. nots warned that the eu had taken sufficient steps to end the harm to airbus and boeing, prompting the trump administration to impose tariffs on nearly $7.5 billion worth of eu goods in october. the block is expected to appeal. president trump's were imposing tariffs on steel and aluminum on brazil and argentina. he tweeted that those countries have been presiding over a massive devaluation of their currencies, and he said that is not good for american farmers. the president again called on the federal reserve to lower interest rates. china is striking back at the u.s.. beijing is freezing a visit by u.s. warships. some are sanctions on american rights organizations, and they threatened to retaliate the decision to sign a bill backing hong kong protesters. and the white house will not ta

vonnie: thank you. to talkbe back later on about the fomc. now by scottoined ceoer, horizon investments from palm beach. are you optimistic for 2020? scott: we really are. , we really just assumed there was a recession around the door, and it never happened. that was for a lot of reasons. 20/20 is going to be a year where everybody will understand that the recession never came and the portfolio is now in a great's -- great position for the coming boom. we are in a like melt up right now. how long does this last? what happens when it stops? good point.is a there's a little over enthusiasm right now. probably over the next month we are looking for some continuing buying as investors come back into the fold they have hated this market the entire time. back, as them professional investors get square, we think we could get another four to six weeks of pretty consistent buying of equity markets. and we will be due for a bit of a pause before we get the next leg up. about: i want to ask you the trade deal. the

vonnie: thank you. remember the function gtv on the bloomberg allows you to centse all of the re charts featured on bloomberg tv. this is bloomberg. ♪ ♪ vonnie: live from new york, i'm vonnie quinn. guy: from london, i'm guy johnson. this is the european close on "bloomberg markets." let's check in on the first word news with courtney donohoe. president trump has another round in the legal fight with congress over his financial records. an appeals court ordered budge bank and capital one to turn over records to lawmakers. if that doesn't work, it could go right to the spring court. court -- to the supreme court. macron says he stands -- a veiled threat to the u.s. from north korea. kim jong-un's regime says it is preparing a choice of what it calls "christmas gifts" to president trump, the latest effort to pressure more concessions in nuclear talks. from testingined nuclear bombs and missiles, but has warned he might take "a nupathe -- "a new path." hong kong executive carrie lam ruled out making a

vonnie: from new york, i am vonnie quinn. let's check in with courtney donohoe.rtney: the house judiciary committee has approved the articles of impeachment for pedicle -- president trump, setting the stage for the vote. on capitol hill, negotiators have come up with a deal to avert a government shutdown. the one point $3 trillion deal will fund the government for the rest of the fiscal year. it will get the president's signature next friday. european union leaders have vowed to eliminate net carbon emissions by the middle of the century, requiring an overhaul of the economy. objectiveorsed the but did not vowed -- promised to meet at. says his plan is historic reforms for france that better equips it for the 21st century challenges. [no audio] ending special privileges for some workers. global news 24 hours a day, on air and @quicktake on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i'm courtney donohoe. this is bloomberg. guy: a crushing victory delivered by boris johnson. afternoon.n, good resultss last night's mean f

this is bloomberg. ♪ ♪ vonnie: live from new york, i'm vonnie quinn.from london, i'm guy johnson. this is therapy and close on "bloomberg markets -- this is the european close on "bloomberg markets." let's check the first word news with ritika gupta. ritika: former fed chairman paul volcker has died. he broke the back of inflation in the 1980's. there, he worked with president obama to rein in the investment risk of commercial banks. that led to the volcker rule. paul volcker was 92. the fbi is calling the shooting at a florida naval base an act of terrorism. a saudi air force officer in the u.s.shot and killed three naval personnel. he was then killed a sheriff's deputy. saudi arabia is promising to cooperate in the investigation. some republicans are calling for the u.s. to temporarily halt training programs involving foreign servicemembers. a volcano eruption on new zealand's white island. . killed at least five people. others are missing, and dozens more injured. about 50 were on the island. many were believed to have been from a cruise ship. white

this is bloomberg. ♪ vonnie: live from new york i am vonnie quinn.m guy from london johnson, this is the european close. let's check in with the first word news team. added then companies fewest jobs in payroll and six months according to an adp report for november. business hiring rose by 67,000, the second lowest figure since 2010 signaling pullbacks in corporate investment and pointing to a first-quarter slowdown. president trump firing back at justin trudeau at the nato summit outside of london. trudeau was captured on video joking about the president's extended remarked the poor reporters -- remarked to reporters. >> he is two-faced. i find him to be a nice guy. i called them out on the fact that he is not paying 2% and i guess he is not happy. >> the president was referring to the amount of canada's gdp devoted to defense. revived hisrump rocket man nickname for kim jong-un and brought back the threat of military action. newsding to the state-run agency kim jong-un is displeased with president trump's remarks. it willpean union said likely miss

this is bloomberg. ♪ vonnie: this is bloomberg markets. i'm vonnie quinn in new york.manda: i'm amanda lang in toronto. minister energy abdulaziz bin salman took production down to levels we have not seen on a sustained basis since 2014. he explained in an interview with an recorder and -- annmarie hordern, why the necessary -- by the cuts are necessary. >> the markets require it. there will be additional stock in the third-quarter. we think the best thing to do is to preemptively double our production to make sure that we this as we go on to the end of 2020. annmarie joins us now from vienna. an important interview there. it was a surprise. theeep saying these are deepest sustained cuts, which suggests we worry about the sustainability of them. did he say anything about that, that we can rely on them lasting? annmarie: he said they had to take action because of what is coming on next year, so they are preempting that oversupply that many analysts were talking about. certainly was a massive surprise to the market. all the traders, analysts have been saying today, opec

this is bloomberg. ♪ vonnie: this is bloomberg markets. i'm vonnie quinn.ericans got out their wallets over the holiday weekend, spending nearly $70 billion over the or-day period. kailey leinz has a closer look. kailey: it was quite the weekend, and that was true online and in stores. take a look at brick-and-mortar retail, which fared well. sales were higher with spending blackres up 4.2% on friday. average ticket price is up 30%. we saw a lot in electronics. average ticket prices were up 483%average ticket price is up . from your average friday. of course, we know online is the big story this year. black friday online sales hitting a record at $7.4 billion. that was nearly 20% from 2018. interestingly, nearly 3 billion of those dollars were spent on smartphones. today is cyber monday and we expect another record. americans expected to spend nine this cyberion on monday. that would be a gain of 19%. as far this cyber monday. as retail stores are faring in all of this, in the holiday period, they usually tend to outperform the broader market. that was true

vonnie: from bloomberg world headquarters in new york, i am vonnie quinn. i'll come to "balance of power" where the world of politics meets the world of business. major news over the weekend. abigail doolittle is here. we had the phase one completed. ,bigial: phase one completed though it has not been signed. that is possible nuance. we are off to the races, climbing the wall of worry. another set of record highs in the u.s.. a lot of the sectors, including the financials have not been an -- have highs in's 2007 sincet in all-time highs 2007. behind all of this, looking back in early january, jerome powell went dovish and that seems of created this lift. on s&p 500 up more than 25% the year, headed to its best year since 2013. of high frequency data we were waiting on. example, the sox index, why is that rallying? abigail: it has mainly to do with trade optimism. a good portion of the chip companies from china, a good portion of the supply chain. investors hoping the important shift is coming out of the bottom and phase and if 5g goes ahead, that create a m

vonnie: i'm vonnie quinn in new york.tsche bank is considering deep cuts to bonuses for this year. they could be cut by as much as 20%. the ceo is trying to eliminate billions in radical restructuring. for now we bring in sonali basak. for now we bring inwhat if the n it percent, doesn't all a talent leave? >> deutsche bank has been trying to turn around the banking unit. how do they retain talent will also cutting the bonus pool? remember, they are still considering the plan. choose to pay their top performance as much as they can so that they stay on board. they have also had a lot of hires this year as well. it is not that there is a big exit is so far. there are definitely top bankers leaving but people are coming in. what deutsche bank looks like a year from now will be an interesting story. amanda: put this into context with other banks, what are we expecting to see as far as bonus pools are concerned, making deutsche bank employees feel good or bad? bonuses across wall street are supposed to be down. somebody was t

this is bloomberg. ♪ ♪ vonnie: live from new york, i'm vonnie quinn.om london, i'm guy johnson. this is "bloomberg markets." french labor unions are expanding their strikes into next week and calling for a countrywide march, seeking to force president macron to either sweeten his pension reform plan or abandon it. joining us from paris with the latest, bloomberg's correspondent. the pictures look fairly dramatic. does that translate into a lot of disruption? bigrter: there was a turnout yesterday for the demonstrations. about 800,000 people, but we've seen bigger marches in the past in france. but it is still pretty big. in paris particularly and other big cities, there's been a lot of transport disruption. a majority of the metro lines in paris were closed and remain closed today. that is important in paris because they are heavily used for commuters. trains around the country, very few trains have been running. there's been a fair amount of disruption. that said, and places like paris, things have changed. there's many more people cycling to work or

this is bloomberg. ♪ vonnie: live from new york, i'm vonnie quinn.uy: from london, and guy johnson. this is "bloomberg markets." let's check those markets. abigail doolittle, over to you. abigail: focusing on the u.s. first, take a look at the major averages, down sharply, more than 1%. we had been in this long streak of the s&p 500 not making a 1% move up or down. the third down, day in a row on trade fears, the fears that the trade war between the u.s. and china will continue to escalate it. .hat is hitting the stocks if that breaks, look for the sox to go down to the 200 day moving average. of course, the report not so long ago on the idea that the december 15 tariffs against china will be increased on consumer goods right before the holiday around the world. taking a look at the s&p 500 over the last three days, the worst trench since october. -- the restaurant -- the worst tranche since october. as we use the bloomberg terminal, we see lots of red on the screen for the sector composition. most sectors lower, as you can see. the defensive sectors

vonnie: from new york, i'm vonnie quinn. this is bloomberg markets.'s get a check on the markets with abigail doolittle. >> we have some risk on tone this wednesday even with some trade hopes, possible deal between the u.s. and china. those hopes have been stoked by a bloomberg report. the s&p 500 and nasdaq up about .7% the stoxx 600 up 1.1%. its best day since the middle of october. the nikkei and asian session done 1%, in sympathy with the selloff we saw yesterday. let's take a look at a four-day chart of the s&p futures. worstle of down days, the since october on trade. we are still down. where we are seeing more of a recovery, chipset her. the stocks are up 1.6%. some notable movers. if we take a look at this chart, the possibility of a little more consolidation to the downside. there is a beautiful uptrend. generally the buyers in control. late september come early october, when we had negative trade headlines, dips lower, consolidating. perhaps today a bit of a reprieve. there could be more selling for chips. guy: thank you very much. the pound

live from downing street, i am guy johnson with vonnie queen -- vonnie quinn in new york and we are countingown to the close to the european market. 3.5%.: the ftse 250 up .tilities and real estate the british pound is

vonnie: the british economy, yes. matteo: i think there is a huge sigh of relief at least in the short term with this election, that most of the uncertainty in the short-term is gone. that being said, i think markets will be very happy in the next few weeks, maybe the next two months, then it will start to sink in that the hard work has yet to be done with brexit. there is tremendous work still to be done and a tremendous amount of uncertainty that will come with that. what kind of brexit will boris johnson choose? we don't really quite know right now what kind of leader he will be. alignment for closer with the european union? that could come with the cost of giving up the promise of taking back control. or will he go a further distance, where he will be able to diverge from e.u. standards and strike deals all over the world, which may come at a very high economic cost? vonnie: what kind of brexit do you think he will pursue? i think the logical exit for him to pursue is a hard brexit, because he has promised for har

vonnie: may be the chinese economy is coming back. maybe the government wants to get their arms around that and make it more transparent and a little easier. peter: the fact that there are more defaults is not by itself bad news. they were suppressed before. you had a lot of zombie companies that were being kept alive artificially. now companies are being allowed to default. the late carnegie mellon economist used to say capitalism without failure is like religion without sin. david: exactly. if you will have a healthy capital market, you have to have a way of people to falling. it is true in new york and london. maybe it will become true in china and beijing. peter: today the chinese leadership came out with a concept for how to regularize defaults in china so that things are done by the book instead of in an ad hoc kind of under the table sort of way. vonnie: inc. -- david: encouraging news out of china. thanks so much to peter coy. now we want to turn to sonali vasek. talking about banks, we have some numbers bloomberg put together