willem buiter in the next hour.n with stephan engels, commerzbank chief financial officer, a most important conversation in the 7:00 hour. worldwide, this is bloomberg. ♪ francine: this is "bloomberg surveillance." london.ncine lacqua in tom is in new york. here is taylor riggs with the flash."rg is t business suisse is being probed. the justice department is indicated it wants to combine settlements into a single announcement and do it before the presidential election. shares of qualcomm jumped 6% on a report it made buy mxp semi conductors. the deal is valued at about $30 billion. mxp is the biggest maker of chips used in the auto industry. the transaction could happen in the next three months. h&m posted third-quarter earnings that this estimates. h&m stores have been marking down clothing prices, and the strong dollar led to high manufacturing costs. that is the "bloomberg business flash." francine: it has been three months since the united kingdom voted to leave the european union, and there is still not much i

writeswith willem buiter, as well.e willem buiter view about the global recession and how that folds into an ambiguity about the u.s. dollar. it is sort of a with her -- even: the only part of the world that is outperforming is the united states to some degree. and this is the first time this year that investors are confident that there is little risk that the fed move is going to be in the east, which is a market change from where they were the first seven months of the year. the rest of the world is kind of mixed. there is no deterioration. europe may be slightly better than expected, but no excitement that the mediocre is outperformance relative to where market was a couple of months ago. tom: do we want to hide in a range-bound dollars? your research is fabulous on this, what we spoke of two years ago. jump condition to a new level of dollar strength. do we stay in range or break either way on dollar weakness? steven: the market is undecided because the central banks are undecided. ecb this week will probably take

tom: you need to work day in and day out with the cautious views of willem buiter on nominal gdp.e transactions like this, are they nothing more than the capture of nominal gdp? steven: this is the kind of sector and the kind of instrument that grows on a secular basis. this is innovation. tom: financial engineering. yes, that this is an area that is not cyclical. growing farm output around the world is not about the ups and downs of the business cycle, not about the auto industry going to 18 millionn and back to 17 million again. tom: you have been great on this. is this innovation or nothing more than the financial engineering of the modern age? >> the results will not be apparent for a while, but it seemed more like shuffling than accumulation. the combination of large companies does not seem to result in any new release of energy surrounding is this fixed invention -- business -- of businessrrounding fixed infection. i am looking at -- come on, steven wieting, getting money for free. monsanto has something in the vicinity of 17. i have a 0% cost on bayer's 20% debt. buy or bil