-- wto contacts? have been in the room when i laid out the problems we have with the economic system, so they are aware of what our views are. >> what -- tell us a little bit about -- bring us up-to-date on the status of the nonmarket economy case against the eu, and u.s. where is that? what timetable do you see? what are the implications for the u.s., win or lose? >> the eu case is on a pastor case than the u.s. case, so there will probably be -- is on a faster track in the u.s. case, said there will probably be a decision. the eu and u.s. are cooperating, so probably by the end of the year or early next year. this is a very important decision for the dispute system at the wto. we feel that for nonmarket economies, we should be able to substitute market determined prices for cases, and just because china exceeded, we did not give up that right-wing china exceeded to the wto. rightwill see -- up that when china exceeded to the wto. so we will see. this will be an important decision. >> it is one where

the wto or outside the wto, that at the same time we see countries now resort to tariffs to try andbring about change and escalation of tariffs and counter tariffs. it can be -- which last point, is the united states, taking a very different role. if china might not be interested in reform there is a lot of attention now on what other countries do. i mean japan, the european union particular. with these mega trade agreements. big surprise was that japan rescues the compounds of an progressive tpp and japan and eu managed to deliver a trade deal it covers one third of the world. are they really going to carry the torch of this? to see that potential? or are there significant obstacles along the way? and after that i will bring the audience in for q&a. >> i think it will be extremely difficult without the us. japan sort of took the driver seat on the tpp and it was welcomed. it was sort of a surprise for us because we're not really used to sort of taking leadership. and we would continue the epa with eu is another. the multilateral forms, it's important for us and we think is importan

the wto itself has also been in president trump's crosshairs.s described it as "a catastrophe", and threatened to pull out all together because he thinks it treats the us unfairly. and it's notjust words. the us has hobbled the wto's dispute resolution body by blocking the reappointment ofjudges. only three out of the seven seats are currently filled — that is the bare minimum in order for it to function. today's meeting will look at making the wto more effective in solving disputes — something that it currently struggles with because any of the 164 members can veto proposals for change. at a speech in london last week, the head of the world trade organisation admitted that change was needed. it took many decades of painstaking work from governments around the world to build the trading system that we have today, the system may not be perfect, but it is essential and it has proved very effective, and it has proved very effective, and asa and it has proved very effective, and as a result, it has helped to fuel unprecedented growth and development

i think that is why they also ask for the reforms at the wto. there have been some occasions where the chinese have not been respecting some rules regarding lax enforcement of intellectual property rights, or some subsidization in industrial policy, mechanisms that the u.s. has not been happy about. they have been asking for reforms for the past decade already. so i think it is something that did not start with the trump regime but actually occurred already earlier under obama and so forth. and the eu and the japanese have given it a lukewarm welcome so far. i think the bargaining positions for them ve a ve the chinese are also something different. and the u.s. is in a position saying well, we will use the tariff instrument as a way to pressurize the reforms that we want at the level of the wto and leveling the playing field with respect to china. >> i just think we all need to be clear that this is an historic gamble by the trump administration. the u.s. government made the decision, and it came after many years of heading in that direction, th

and i think that's why we asked the w wto. and lack of property rights and subsidizing through the policy mechanism the u.s. and been talking about. they have been asking for reforms for a decade. and didn't start with the trump regime, but occurred under obama and so forth and the ue and the japanese will given a luke warm welcome. and i think for the chinese it's different and the u.s. says, well, we are going to use the tariff instrument as a way to pressurize the reforms that they want at the level of wto and levelling the playing field with respect to china. >> i think that this is a gamble by the trump administration. and it made-- a belief that u.s. interests were better served within a system where market power wouldn't determine outcome. where all countries regardless of size would behave by a common set of rules. that was amazing thing for a country like the united states, the largest economy in the world it support. we have now changed direction on that and gone back to an earlier notion because we're the biggest ki

a subset of countries within the wto or outside the wto that carry the day. the same time that we see countries now resort to tariffs to try to bring about change. with this escalation of tariffs and countertariffs, it can be a bumpy ride. which last point, if the united states is taking this very different role, if china might not be interested in reform, there's a lot of attention now on what other countries do. i mean, japan and the european union, in particular, with these mega trade agreements. big, big surprise was japan rescued the comprehensive and progressive tpp and japan and the eu managed to deliver a trade deal that covers a third of the world. do we see that leadership potential or are there significant obstacles along the way? after that, i'll bring the audience up for q&a. >> i think it's going to be extremely difficult without the u.s. japan sort of took the driver's seat on the tpp. it was welcome. it was sort of a surprise for us because we were not really used to sort of taking and praised for taking leadership. and we would continue. the

the wto itself has also been in president trump's crosshairs. as a catastrophe and threatened to pull out altogether because he thinks it treats the us unfairly. and it's notjust words. the us has hobbled the wto's dispute resolution body by blocking the reappointment ofjudges. only three of the seven seats are currently filled — the bare minimum for it to function. today's meeting will look at making the wto more effective in solving disputes — something it currently struggles with because any of the 164 members can veto proposals for change. at a speech in london last week the head of the world trade organisation admitted that change was needed. joining us is kuangyi wei, head of strategic research at parker fitzgerald. thanks forjoining us. this meeting will kick off in a few hours‘ time. the two big guests missing from the table, us and china. big economies to be missing from this meeting. how releva nt ca n to be missing from this meeting. how relevant can the meeting be?l really interesting question. the key thing about donald trump‘s issu

to withdraw from the wto altogether?lldepending on this plays out and how the wto votes on this, what are the implications for the metals market? there: that -- david: certainly are implications. if the wto was to rule against the u.s. -- remember the u.s. is imposing 25% on steel, we have seen influence on those decisions through the market. clearly a rollback would have a reaction. one interesting thing, even this week we have heard from pittsburgh, one of the big aluminum producers. they said if the intention was to protect some of those u.s. producers, it has not happened. the bigger issue is overcapacity in china. if the u.s.ary, decision is upheld unsupported by the wto, we not going to see that impact. what we might have is a problem for the car market. the u.s. commerce department already starting to see if there might be national security grants on imports of foreign car parts. we are expecting a ruling on this in a couple weeks. should be interesting. you,e: david, thank joining us out of melbourne. let's bring

a high level about performing the wto and everyone else is attending, including trade ministers froml, mexico, new zealand, switzerland, singapore as well as australia, japan, south korea norway and the european union. but the organisation is limited in its discussions without the worlds two biggest economies at the table. it is really key, the fact that what is really putting markets down are causing volatility is the ongoing escalation talks between the chinese and the americans. so what is more important is that the end of november, the june 20 important is that the end of november, thejune 20 meeting where they will be meeting directly, and likely that resolution between the two countries could occur is most of what we will see at the wto meeting without the us and china being present. the us has long been critical about china using the wto is somewhat of an excuse, to you agree with their criticism? again, this body, this institutional body, you can understand the purpose of having it. only look at the dispute between the us against china and what's happening in terms of the res

are they going to use the wto rules or nafta rules? the challenge with increasing the content, the rules of origin , that came from mexico or the region, the challenge of doing that was if you raised it to high, importers what using debbie to benefits instead. a lot of automakers are saying on paper this may look like it would increase the number of auto jobs and auto parts jobs in the u.s., instead what we will see is importers choosing to use the wto rules, pay a slight tariff, and import lower-cost products from china. twitter, they write, they need us, we don't need them. we can negotiate from there. do you agree? guest: it is tough. the administration was threatening to pull out of the underlying nafta, or that they would raise -- citing national security reasons -- raise auto tariffs to 25%. the problem is a lot of those rules are either not possible or perhaps unconstitutional. we have never had an administration testing the limits of our national security us as much as we have seen with this administration, but that is somethin

that means that wto members have failed to come up with a resolution themselves and the wto is stepping in as arbitrator. the rulings must be implemented immediately according to wto rules. let's go straight to new york where our financial correspondent is standing by. we've seen these tariffs. they have been in effect a few months now. have they had any effect on u.s. business at all? >> we do see that costs are going up for companies who produce canned soups for example, soda, all the way up to companies who make planes or cars. when we talk about steel, we have tariffs of 25%. when it comes to aluminum it is only 10%. we hear some companies actually pointing to some margin pressure. they've tried to switch those cost increases to the consumer, who will feel some of the pain. on the other side, some companies profit from those higher tariffs. aluminum prices in the u.s. have gone up. and aluminum maker is profiting from that. the stock traded all the way up to at some point 10% here in thursday's session. brent: the rest of the markets have actually taken another dive. what is happeni

the wto. also the wto and this administration was not appointed judges to the court . on the wto. so, why not reform the wto? we are ready to work with the us reforming the wto. so again, there are really again these very special unique relationships between the 2 powers. but on the other side, he already as i said on some issues work with the us. >> thank you, enlightening as always. i tried to call on as many people as i can. let me remind you though that you need questions. questions are short statements that would be punctuated by a? . so please know statements for long comments. identify yourself briefly and we havemicrophones, yes. so wait for the microphone. this young man here . >>. >>. [inaudible] >> on the iran deal, we have fundamental disagreements, this disagreement with the united states. it's fundamental. it's not a question of business, the question , a political question. we have to admit it. weconsider that a decision to of the us to get out of the iran deal was a major mistake . which means that we do believe that the iran deal was, of course it was not perfect

some within the wto have said there has been some kind of bullying by president trump on the wto andbe united against president trump. how do you view those comments? roberto: we have to begin to change the dynamics of the conversation between confrontation and switch it from confrontation to cooperation. we already had a number of countermeasures. a country poses some measure that somebody else poses another one and there is a response to that and a response to that. this is a never-ending domino effect and i don't like that. the way to move now is to get into a situation where we are talking to each other rather than at each other. we are beginning to see the contours of that conversation. haslinda: you have gone from seven judges to three and some are saying you cannot afford to lose one more or that is the end of the whole process. andhas it been so difficult is the u.s. putting pressure on the choices of judges? roberto: the u.s. has been complaining about the work of the appellate body for some time. this administration more forcefully. they are blocking the appointment of repl

>> it certainly puts the wto in something of a quandary.hback against u.s. decision to impose tariffs on steel and aluminum imports. that complaint from a number of countries will be heard the week after next by the wto, and they have a real conundrum to wrestle with. if they back the u.s., does that encourage other members, other countries to also look to impose protectionist trade measures, citing national security grounds? on the other hand, if they rule against the u.s., you get more scorn from the white house, and that could be a trigger from -- for the u.s. to withdraw from the wto altogether. ♪ rishaad: in the latest installment of small to big, food for thought from a successful startup. purple carrot began selling vegan meal kits in 2014, and the timing couldn't have been better. demand for meal kits is booming, and more americans are turning to a plant based diet. the company has high profile investors and partners as it positions for further growth. the founder and ceo weighs out purple carrot's recipe for success. ♪ andy purple

to withdraw from the wto altogether. food for thought from a successful startup. purple carrot began selling vegan meal kits in 2014, and the timing couldn't have been better. demand for meal kits is booming, and more americans are turning to a plant based diet. the company has high profile investors and partners as it positions for further growth. the founder and ceo weighs out purple carrot's recipe for success. >> purple carrot is a plant based meal kit, and we offer a range of plant-based dishes every week. the feature price is $72, or $12 per plate. the number of vegans out there is relatively small in this country, but i always said this will be vegan food for non-vegans, and 82% of our subscribers today are not vegan. in the spring of 2012, i was diagnosed with crohn's disease, somewhat out of the blue. i found that as i ate more plant-based eating i felt so much better in general and gained a deeper perspective on plant-based eating. back in 2014, i started the business with $100,000, and within the first month w

weakened.toxx members of the wto are calling for an investigation into u.s.race -- tariffs. russia, the eu, and always say the dues violate wto rules and they want an independent assessment of the situation. fallngton says the rules under exemption. trump'stwo of president senior aides are said to have argument outside the oval office. it's not really clear why they were upset. the class is an indication of the rising tension in the -- the clash is an indication of the rising tensions in the administration mere weeks before the midterm elections. global news 24 hours a day, on air and on tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. dagenhart. this is bloomberg. ♪ haidi: president trump says that it certainly looks like the missing saudi journalist is dead. he didn't say on what basis he formed the conclusion, but he did one that consequences for any saudi arabia and involvement will be severe. >> we are waiting for some investigations and waiting for the results. we will have them very soon. i think we will be m

not the wto. mike: i know farmers have received some help. should they tough things out to be better in the long run? mr. perry: that is exactly right. mr. scott: that is a great message if you are not a farmer. they need help now. jenelle: mr. scott, the university of women to advocate for women, let's talk about the wage gap. on average, women are paid 80 cents for every dollar a man gets for doing the same job. will you fight for equal pay for equal work, and how? mr. scott: yes, i will absolutely. women are the majority in our society and hopefully will assume equal numbers and perhaps the majority within our congress. a unique faq and perspective. as the father of a daughter, i want to make sure she has the opportunity to go into the workplace and receive equal pay for equal work. wages have to be addressed in a friday of ways -- in a variety of ways. i will join the men for women caucus, established by don buyer. male leaders will speak for women on their behalf. we need to look at ways to i

when china came into the wto, they were a much smaller economy.y truly were a developing nation. now they aren't. and you're right that various administrations were slow to realize that. but we've realized that. so, yes, now's the time for these -- >> adam -- >> -- prudent negotiations, not for bluster, not for unilateral acts that offend our partners and don't achieve our goals. >> adam, do you mean we've let them get too big to be able to deal with them any way but nuanced and on a global scale? >> well, no one is too big to be dealt with on a global scale, not the chinese, not europeans, not canadians and not us. >> the unfortunate thing the best leverage we have right now is their economy is slumping, their markets are being crushed, and i will tell you that the public is getting upset at the head honcho, top dog,ging big cheese. so that is a potential going farmed. and again, the longest this last, it is bad news because worldwide there's a lot of debt and deficits out there, and you combine that with tariffs and the elongation of this, there

showdown at the wto. china teams up with the european union and other countries to ask for investigation into the u.s.-imposed national security tariffs. the u.s. looks to review china intellectual property violations. all that in the next 60 minutes. first, we want to check european markets. he italy/german spread has gone down. the italian 10-year yield is down as well. it is in positive territory. italian banks have been leading things lower this week on fears of what was going to happen with the italian budget and their holdings of sovereign bonds. it looks like there has been a draghi moment for italy this friday. we will discuss more about that in a moment. first, let's check u.s. markets with abigail doolittle. abigail: a nice reprieve after yesterday's kobach -- pullback. all averages solidly higher. this is the third up they out of the last 12. today, we have investors cheering the fact there are not macro risk headlines. we have strong earnings reports. take a look at bonds. the 10-year yield hi

the dup, whose mps support the government are having to operate on a world trade organizations or wton the lamb industry and tariffs are introduced and northern ireland side of things they could decimate the industry overnight with 14 and 15% tariffs and we export 90% of our lamb. if former leader said direct payments to farmers should continue. an utterly predictable consequence is that the government will flood the market with cheap foreign imports and remove the lifeline of direct payments — hundreds of farmers would then go under. so this is not a nice and gentle seven—year phase—out for hill farmers, for many it's a seven—year notice to quit the landscape altogether. the green mp also sensed a missed opportunity. needs to be a clear framework and the date by which their up and running. over 70% of land used for agricultural purposes now is the time to place the legally binding responsibility on ministers to make sure its farmed a way that restores the natural world. without such a guaranteed the that will remain as with too much of this government has a green agenda, too much wor

no longer will we need your help to emerge as a full member of the wto and other parties, undamaged and we need your help to ensure we break free of too close a regulationry bind with the eu. it was excellent to hear your ambassador in london and i am super confident about the relationship between the u.s. and the uk. i'm very confident about our future together and i'm very confident about what happens after brexit. i share his confidence. brexit marks a crucial moment in the battle for the heart of the global regulatory system. the u.s. must act now with determination and the entrepreneurial spirit that has characterized your nation from its beginning. the u.s. must take full advantage of the unique opportunity to have the world's fifth largest economy and second biggest export of services push hard for competition-based regulatory and trade policy alongside you. together, we can turn back the tide of anti-competitive regulation around the world and we can create wealth where it has previously been destroyed. thank you very much. [ applause ] >> thank you very much. that was terrific

commons decided we will come out on the 29th of march and if there is no deal then we will trade on wto. here we go again, our old friend, project fear. the tory civil war cares nothing for the economy. according to official figures, 80,000 jobs are put at risk by a ha rd 80,000 jobs are put at risk by a hard brexit. this isn't scaremongering. every single industry body in the uk has come out and said, this is going to be bad, there are dire consequences of no—deal brexit. no deal is a disaster. an idea now being mooted by mr is of extending transition, —— mr barnier. buying more time to get around the problem. a good idea? they need to come to a solution. the best option is to stay in the single market and the customs union, that will protect people stopped and livelihoods and businesses. and made sure that we are able to get a solution to be irish border problem. anything less than that will be a bad deal. anything that gives them time to come to make inclusion has got to be a good move. your party backs and extended transition, you should be supportive of the idea of another year ins

of the world, you are a founder member of the wto and we will look out your trading interests. great and the good of the business community, that is not an option they want, they think the chances of that have gone not. 0n the extension of the transition period, they say whatever it takes to get a better solution, we are in favour of getting a no deal is not something anyone here wants to see. thanks once again from mansion house in the city of london. turkish investigators are examining the residence of the saudi arabian consul in istanbul, as more claims emerge about the suspected murder of the saudi journalist jamal khashoggi. he hasn't been seen since he entered the consulate more than two weeks ago. turkish officials have said they believe mr khashoggi — who was critical of the saudi leadership — was killed by a hit squad while he was inside. 0ur correspondent mark lowen reports. at the home where diplomats entertain, police hunting the darkest of crimes. the saudi consul general‘s residence in istanbul, scoured today by turkish and saudi teams, searching forjust what happ

kathleen: you mentioned the wto.on as the trump team launched its complaint at the wto over intellectual property, japan and the eu jumps right in. clearly, this is not just a u.s. complaint. how crucial is that to sort of solving this puzzle? josh: it's one with the g20 plays a constructive role. that's something were talking to at the meeting. at the end of the day, free trade means more jobs, more investment. and free trade means higher economic growth. that's the story of the world. trade volumes are up. we see new partnerships, new agreements like the transpacific partnership. kathleen: how big a threat to australia's economy is this if cooler heads don't prevail immediately and this continues and escalates? what is the risk? josh: we haven't seen a large macro economic impact of trade tensions. it's been confined to about 2% of world trade. clearly is in no one's interest for that to expand. the australian economy is growing strongly, has good fundamentals, and has good momentum. we grow at 3.4% through the yea

for many, it is a 7—year notice to quit the landscape altogether. organisation, or wto, rules.lamb industry overnight. with 14%, 15% tariffs, and we export 90% of our lamb. that its support in westminster could not be taken for granted. as peers debated the impact of brexit on the peace process. to be set up. in the relationship between ireland and the uk. that is now being threatened. but it's being threatened by brussels and dublin. but a dup peer said for peace were overstated. their destructive campaign. lord browne. of course, for some, the whole idea of brexit is unpalatable. to the possibility of a second vote. dogs and their owners marched on parliament recently. vets from the eu. scheduled for october 20th. making it happen is not simple. points that could spark a vote. the government put before them. of the negotiations. is not a deal. for the deal conditional on a referendum. point as well. of referendum getting through? well, this remains unclear. it's unclear whether the deal will get through parliament. it's unclear whether a referendum will get through parliament

and china weren't you did but the president's battle with beijing and the criticism of the wto that ledmeeting. global news 24 hours a day, on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i am courtney donohoe. this is bloomberg. vonnie: still ahead, live in toronto as jennifer foster will share her trading thesis on hasbro, the toymaker taking a hit with the toys "r" us bankruptcy. that is next. this is bloomberg. ♪ ♪ guy: live from johannesburg, i am guy johnson. vonnie: i am vonnie quinn in new york and this is the european close on bloomberg markets. an event bringing together leaders and children's mental health issue. ed hammond is there with a top investor who has been toying with a new trade idea. >> very nicely done. i am here with jennifer foster, co- cio of children investment management, you just pitched hasbro. why do you like this stock? >> toy companies have had a tough year since the toys "r" us bankruptcy, and a lot of investors think they are on the skids. we like hasbro as a company that is very innovative

the cases at the wto that will be successful ultimately. there was one years ago with the european union and us that was settled, but in this case if it's clear that there are not national security reasons for the application, i think it's possible that the wto exemption for this might be taken away altogether and i think it's an important tool to have in the toolbox, in the case of national security problems, if you were to have a war and you were to need, for instance, the ability to avoid other countries from depleting, say, our steel and aluminum industries in order to provide the resources you needed for that conflict, that would be a case of national security. without any indication of unfair trade. in other words, no indication of vinson as exports that are below the cost which is called dumping or subsidizing which happens by the way quite frequently with some countries and when it does happen if the united states has lost to do with that that again are laws that are appropriate under the international rules for the wto, antidumping

ambassador to the wto. on the global trading system and the deputy oh -- wto role and the campaign for donnelly, and we will bring you the new mexico senate debate between mark and -- martin heinrich and his challenger rick johnson. at 1030 a.m. the brookings institution looks at consumer data privacy and digital commerce and as c-span three at 8:30 pm members of congress joint tech leaders for the launch of the meridian center for somatic engagement and global leadership's in the senate. >>> friday morning we are light in providence rhode island for the 45th stop on the c-span bus a capital tour and the education commissioner will be on our guest on the bus during the journal starting at 8:30 am eastern. historian gary geer gave a history on world war one attacks by the u-boat and how it led to improvements in the submarine fleet in 2 -- in world war 2. this is the next. >> thank you for remaining i appreciate this. i was thinking of the beginning of my presentation, and i wanted to point out that it

wto. knew how they behave and i had been to china and they are required to go up there and you've got to get 51% to the chinese government. we knew that going into this and that is what the president is trying to fix and i get that. we picked up that market and i don't see where the upside of this outcome is for agriculture. maybe i'm wrong but i don't see the upside. i think there is only goin there the downside and i hope that this is over sooner rather than later and farmers are concerned because we are already getting prices into this spitting more on the price structure. >> he said he doesn't see the upside and i talked about it with regards to the agreement. we've had improvements recently with the eu and china i'm confident we will. .. you. >> i am one of the four people that's negotiating since we have been out of session with certain provisions so that is a hangup but the biggest problem is with snap but the bill is the first time in history to get back on track in the real proble

we should update wto, enterprise laws, etc., some of which are not dealt with in the wto. the president is right to say the wto is antiquated. let's fix it. we thought it would be better than tariffs. the fear of tariffs is always that it would be tit for tat , which is predictable, and it just creates the chance that something goes south. i hope it works, and the president said it worked in getting nafta done and god bless him. we wanted a nafta deal. we wanted the deal to get done. how you get it done and the method might be different. but it seems like he is now trying to get the ducks in a row with other partners before we go to china, which is what i would do. and be honest with china, tell them what you want, when, and how, listen to what they say, and come up with something that works for both parties. mr. brooks: you are optimistic about trade policy with china , the way it is going so far that you have seen? mr. dimon: i am optimistic. i think the odds of a policy error are higher when nations get angry at each other. the indirect effect of confidence, capital, st

made the point that this is an example of why the wto is broken.that it has taken so long to reach any resolution is the reason they are going to bilateral route. david: so they will settle it themselves, basically. long time. a long, any signs of a breakthrough soon? i don't think there's imminent prospect of a breakthrough, judging by the analyst i spoke to. i think it also speaks to how the china-u.s. story probably -- near-term new breakthrough anytime soon. that's about structural concerns. it's about state sponsorship for china's industrial complex. china, in their defense, they will save we do not force transfer of technologies, we are emulating a model seen elsewhere. germany has the strategy, as well as south korea and japan. there are both sides of the story, that certainly there's not much of a meeting in the middle ground. yvonne: and we just got some lines coming through from vice president mike pence talking about a better path for chinese people, and talking about taiwan. this is going to be a speech he will highlight tomorrow about

speaking at the wto, he said president trump's policy will destroy not only u.s. business, but a range of firms. he expected the fallout last 20 years. the president threatened to pull america out the wto unless it reforms in a way that is more beneficial to the u.s. mcgowanix year old edinburgha record at at auction. one of 12 bottles of scotch whiskey, estimates of $1.2 million, tops the current record of $1.1 million, set by a bottle of the same vintage. the label was designed by an italian artist. global news 24 hours a day and on tic toc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. haidi: we are counting down to some of the major markets opening across the asia-pacific. sophie kamaruddin is joining us with a look. it seems asian equities could be stuck in the doldrums, if the u.s. lead is anything to go by. setie: kiwi stocks already for a third day of losses with soft data today. asian's best hope to lea this reboundd. we could see some losses as the 114g retreats from the handle. aussie future

but with president trump's economic battle with beijing and cism of the wto.l news, 24 hours a day, on air and at tic-toc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. i'm kailey leinz, this is bloomberg. guide? thank you very much. let's take a look at where the markets sit right now. european stocks are stabilizing. in terms of the euro-dollar, dipping a bit during the draghi press conference. we are seeing some disappointing numbers being generated through the advertising sector today, coming from wpp but rippling through other ads stocks as well , wpp trading down really sharply. keep an eye on gold as well, worth paying attention to at the moment. 1200 $36 to 1250, it does not seem to make its way through there in the moment. innie: we have ethan and beating estimates, welcome news for the company as a competitive holiday season gets underway. chairmanthwari is the and ceo, also the president, and he joins us now. congratulations on a great quarter for you. you mentioned that services are more important. how do you

the president has threatened to pull america out of the wto unless it performs in a way that is moreicial to the u.s. september was a tough month for ford. sales of the f series pickup tumbled. that left the company outsold by fiat chrysler for the first time in a decade. analysts say ford is struggling with aging suvs, collapsing car sales, and the king of the road f series suddenly finding itself the oldest pickup on the market. ford hopes the updated escape and explorer will help turn things around. beatingumped, despite production and delivery estimates in the third quarter. it sent out almost 56,000 3's ins -- 56,000 model september. it may be on track for an elusive profit. it is accelerating the building of production plants in shanghai. global news, 24 hours a day, on twitter,tictoc powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. shery: thank you. we have asian markets opening now. we, of course, have china and south korea out on holidays. asian markets fell for the last two sessions. here is sophie kamaruddin in hong kong. so

trump'st was president criticism of the wto that led to the wto that led to the meeting.warns about leverage. it is looking at whether or not wall street banks are adequately protecting themselves. morgan stanley and goldman sachs are among firms that have taken part in deals. day onnews 24 hours a air and tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. francine: the european central bank meets today. the euro fell yesterday to a two-month low. we are joined now. is italy the main problem child right now? >> it is definitely a problem, but not the may 1. one. european pmi's have collapsed. the correlation to gdp is very strong. seven next has also fallen. jordan: we're trying to end qe. then the chinese say they will raise rates, but the data is turning against them. the market is thinking, well, isn't going to raise rates now or next year? it going to raise rates now or next year? >> it will be worse before it gets better. perhapsing to have prompted the italian government to change things. they do have

>> wto reform is one or the g20 can play a constructive role.e talking to counterparts here at the meeting. at the end of the day free trade means more jobs, investment and it means higher economic growth. that is australia's story. that is the story of the world. trade volumes are up, and we see new partnerships and agreements like the transpacific partnership. threat tohow big of a australia's economy is this if cooler heads don't prevail, and this continues and escalates? seen a large macroeconomic impact of the trade tensions. it has been confined to 2% of world trade. clearly it is in no one's interests for that to expand. the australian economy is growing strongly, has good fundamentals and good momentum. we are growing 3.4% through the year, and that is higher than any adjacent country or the average. aaa credit rating from all three rating agencies, and we pitch and s&p, , thehe lowest deficit lowest since six years. the australian economy will continue to be strong. the global economy is strong. 3.7% from the imf, a good number. we cann

some of which are not dealt with in the wto. the wto is antiquated, let's fix it. we thought it would be better than tariffs. the fear tariffs is that it's tit-for-tat. i hope it works. the president said it worked in getting nafta done and god bless him. we wanted a nafta deal. how you get it done the method might be different but it seems like he's trying to get ducks in the row with other partners before he goes to china. and then be honest, tell him what you want how you want it listen to what they have to say. and come up with something that works for both. >> your optimistic about trade policy with china? >> i'm optimistic. i think the odds of a policy air are higher when nations get angry at each other. the indirect effect of confidence, capital could mount the reverse the benefit we've seen from tax reform. i don't know. it's a different way to go about something. i hope he succeeds. >> your favor a more multilateral trade agreements. >> you could do either make them good. i'm not for one or the other. multilateral could do a great deal with you but you kno

pasquel lamaie said the wto should enforce trade practices more strictly when it comes to china. >> behind this the u.s. are trying to push back on china and donald trump's view is that the u.s. and chinese economy are too much together and they need to be more separated so it's a sort of deglobalization of the u.s. and china which he thinks is necessary in order to contain china's rights this will have trade consequences between u.s. and china. my own expectation is at least these will be disentangled slowly but surely, whereas u.s. and asia, e.u. and asia will remain globalized. so we will have sort of less homogeneous globalization and i think that's the real issue which we have to take care of short term short term we need to move and reform the wto in a number of areas which notably today do not properly discipline some china trade practices. >> so if we just touch on where china stands in the equation because china wants to be seen as an economy that's fairly equal, open, it's been pushing that agenda, it wants market access, do you think it deserves it at this stage >> i think there

to hearfor the wto disputes over the u.s.to impose tariffs on steel and aluminum imports have been postponed. and other eu, canada, countries asked the wto to investigate the american tariffs. the conflict puts the trade organization in a tough position. if it finds in favor of the u.s., it could encourage other members to an act protection as members. if it rules against the u.s., it could draw further anger from the biggest economy in the world. global news, 24 hours a day, on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. ♪ vonnie: -- shery: i'm shery ahn. amanda: i'm amanda lang. welcome to bloomberg markets. we are joined by our bloomberg and bloomberg audiences. shery: care of the top stories we're following. brazil lurches. latin america's largest economy. what will his victory mean for markets? plunges. the presidential election rattles investors as he trapped the project. a tax cutonsidering to revive its flagging automotive

the wto is antiquated and it is, let's fix it. without it will be better than tariffs. the fear of tariffs is always that it would be tit for tat which is very predictable and it just creates the chance that something goes south. i hope it works in the president said it worked in getting nafta done and god bless them. we wanted a nafta deal. and one of the deal to get done. how you get it done, the method might be different. like he is now try to get the ducks in a row with another partner before he goes to china which is what i would do. and be honest with china, tell you want -- tell them what you want, how you want, when he wanted and listen to what they have to say and come up with that works for both parties. optimistic you are about trade policy with china the way it's going so far. mr. dimon: i'm optimistic, i it cause thes of error are higher when nations started getting great each other. -- getting angry with each other. coulddirect response reverse some of the benefit we have seen from tax reform and regulatory reform. but i don't know. it's a different way to

ambassador to the wto on the global trading system and the wto's role. live coverage from indiana at 6 p.m. where former vice president joe biden is campaigning for senator joe donnelly. at 9:00 p.m. we will bring you the new mexico senate debate. at 10:30 a.m., the brookings institution looks a data privacy and digital commerce. on c-span3 at 8:40 a.m., numbers of congress join tech leaders for the launch of the center for diplomatic engagement and the global leadership summit. >>

we saw it at the wto -- anti-wto rallies before that, and sometimes at occupy wall street that things broke out. this has been ramping up over time and it seems police just do not have a good handle on it. >> oh, they have a good handle on it. it's the politicians and the leaders and the upper echelons of police department and city government that do not allow the line officers. i would like to apologize to all the line officers in all of these cities. we know it's not you. your fellow officers, your retired officers, people know it's not you. if you want to actually confront these groups, once they deviate from the policy in the permit guidelines, it's now an unlawful assembly and then you take action. but laura, the thing that this cities actually do is they make it impossible for the police to actually do that. they don't give up the absolute manpower and the reserve manpower. they don't give them city buses to transport people they have arrested, set up field jails and actually have a system where they plan on may be arresting 100, 200 or 300 people. they want it to go away. they

to a draw from the wto altogether? -- food for thought from a successful start up. the timing could not have been better. demand for meal kits is booming and more americans are turning to a plant-based diet. high profile investors and partners for further growth. the ceo these out purple carrot recipes. ♪ is arple carrot plant-based meal. plant-based dennis for our customers every week. for our customers every week. it's vegan food for non-vegans. in the spring of 2012, somewhat eatingthe blue i found plant-based made me feel some it's better in general. by 2014, i was in the business. we shipped all the boxes from my house. we got a great deal of word-of-mouth through facebook. by the summer of 2015, i was able to recruit a writer for the new york times. million. $2.8 overnight we grew our orders. in the spring of 2016, we were approached to introduce a meal kit. ♪ >> while the product was well received, grocers were not quite sure where to put the products. people were not expecting to lucky to the grocery store and find them. discussions. we had to make a decisio

very clear he was interested in tariffs and with regards to institutions he does not like nato or eur wto. on and on one of the first things he did as president was throw the tpp in the garbage. as candidates go he was the most radical form policy candidate in history he ran against the establishment did you ever ask why he won? the american people understand the form policy is bankrupt. >> barack obama ran against liberal hegemony as well. >> that by the end of his term after libya he felt burned and then the famous interview and that captures that. >>. >> so what you have now everybody is committed to liberal hegemony for those are up against the establishment so who will win? this is the same situation as obama and obama lost. and if there is anybody who can take that liberal hegemony but the argument i would make i think it is done for anyway and not because of donald trump but the rise of china. my argument is you can only have hegemony in the world he will get out of that unipolar world to have that resolution of power. so what does that mean in the multi- polar world? for the human

neither the us or china are at this current meeting, though they are expected to take part in the wtoanada's trade minister, said there's a lot of work to be done. it was time to reform last year, it's time to reform now. i think there are many nations within the wto who share canada's view that we ought to be taking steps now to see if we can't come up with a consensus, that is what the meeting is all about in ottawa today and tomorrow, and there has to be an agreement on how disputes are settled, and that's really at the heart of these reform initiatives. there are many other very important discussions we will have, too, but at the base of it all is an agreement that when you got an international body that has very small economies, developing economies, and very powerful ones, there has to be an alignment on how to protect all nations when rules are broken. it has to be done. there isa are broken. it has to be done. there is a sense of urgency, we feel that. but at the same time, you can only go ata but at the same time, you can only go at a pace that can sustain itself across 164 n

ambassador to the wto the wto's role. and coverage from indiana at 6:00 p.m.here joe biden is campaigning for senator joe donnelly. the p.m., we will bring you new mexico senate debate between incumbent martin heinrich and his challengers might rich and gary johnson. c-span2 at 10: 30 a.m., the brookings institution looks at consumer data privacy had digital commerce. at 8:40 a.m., members of congress join tech leaders for the launch of the center for diplomatic engagement and their global leadership summit. this weekend, book tv is live from the wisconsin book festival in madison. at 11:30 a.m. eastern, with former wisconsin governor tommy thompson and his book " tommy: my journey of a lifetime." "good and mad: the revolutionary power of women's anger." dan kaufman, the author of "the fall of wisconsin." carol anderson on her book "one person, no vote." theh our live coverage of wisconsin book festival saturday morning at 11:30 a.m. eastern on c-span2's book tv. next, massachusetts governor charlie baker debating his democratic challenger jay gonzalez. this 5