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tv   Bloomberg Best  Bloomberg  November 16, 2019 7:00am-8:00am EST

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juliette: coming up on "bloomberg best," the stories that shaped the week in business around the world. president trump gives a speech on the economy in new york. >> if we don't make a deal we , are going to raise those tariffs. >> jay powell sent a message to markets as he testifies on capitol hill. >> there's not much more they can do so they will sit and wait. >> unrest in hong kong grows more intense. >> we have seen this for five months. >> saudi aramco fleshes out its public listings. >> their hands are tied in terms
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of production policy by the saudi government. they get 20 times the credit limit. >> alibaba shatters sales records in singles day. >> $38.3 billion. juliette: plus the top interviews featuring bankers and central bankers from around the globe. >> i am seeing that it has bottomed out. >> i see the level as appropriate for the economy we have. >> negative rates are something which hurt the economy. >> the important message for the market is these interest rates are low for a prolonged period. juliette: it is straight ahead on "bloomberg best."
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♪ juliette: hello and welcome. i am juliette saly. this is "bloomberg best." your review of the most important business news, analysis, and interviews from bloomberg television around the world. let's start with a day by day look at the top headlines. the last 22 weekends have seen protests in the streets of hong kong with monday usually being a day to recover. this monday, unrest spilled over into the work week. >> stocks in hong kong fell the most since late august as protest escalated after police shot and wounded a protester. >> you mainly see this kind of chaos with the tear gas in the riot police on the weekends. all over hong kong. not usually this weekday in the middle of the day. a lunch hour kind of situation. there was tear gas, chaos in the streets.
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it was spurred by, as you noted, the shooting, live shots of someone early this morning. today the protesters had already called for a general strike. we have seen this on weekends for five months. we have not seen it many weekdays. business have been able to operate and the central part of city, the financial hub without relatively too much disruption. that changed today. >> the s&p 500 eking out a small gain. it did retreat from record highs earlier. president trump not really adding much insight into the china trade negotiations. not as much as had been hoping for. the president said a deal between china and the u.s. could happen soon. he also warned about the potential consequences of not reaching an agreement. >> if we do not make a deal, we
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are going to substantially raise those tariffs. they will be raised substantially. >> if you look very hard through what was really a tour through the greatest hits of his economic policy, you may be got a little bit of a hint at some progress in the trade talks. but we did not get the new somewhere hoping for. some folks are hoping for an announcement of a signing date and xi jinping to meet. seem overlydon't excited about that. they did really budge very much and that tells you have more of the same. juliette: steady as she goes. that was basically the message from jay powell. in testimony before the congressional joint economic committee. he said the central bank is ready to deal with any challenges. >> we think monetary policy is
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in a good place we are watching carefully incoming data. if developments emerge that cause a material reassessment of the outlook we will act , appropriately. >> he did not make any news. that was his goal. the fed has done its bit. the economy is being stimulated somewhat by the fed being a little accommodative. that is about where they are going to stay as long as the economy continues to perform about as it has. there are still threats out there, particularly trade and the slowdowns in other countries. they are going to keep an eye on those things. for now there is not much more they can do so they will sit and wait. juliette: trade talks between the u.s. and china have reportedly hit a snag over purchases of agricultural products. further rattling investors already on it from president trump's latest terror threat. i thought the agro purchase of where the most done part of the deal. they were meant to be the lowest hanging fruit. >> if there is one aspect of the talks that confused everyone it is what is happening with these
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agricultural purchases. it is important for trump that china knows that it for trump to have a deal, something he can say to farmers, look at what i did for you. i have been able to secure these purchases. i do think probably china is using that to its advantage. >> trade uncertainty appears to be taking its toll on china. the economy losing more in october. retail sales slowed more than expected. reflecting how cautious private companies have become. >> two big takeaways from economist. they suggest the numbers suggest sub 6% growth. it fastens the idea that the growth target for next year will be below 6%. economists say it underscores why china needs to secure a trade agreement with the u.s. and a comment from the commerce ministry saying whatever agreement is reached will have
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two include a provision around the rolling back of tariffs. >> hong kong faces a fifth consecutive weekday of disruption. the long-running unrest is hitting the economy and undermining a string of public and corporate events. >> the frustration in the streets are gaining. that 70-year-old man hit in the head by a brick, he has passed away. there was news that spread like wildfire that the government was repairing a curfew for this weekend, beginning presumably today. most of the comments coming from china are from xi jinping. he is speaking in brazil. nothing necessarily new but the fact he is speaking about the hong kong situation on third-party soil is significant. he says the continuing violent crimes have trampled on the rule of law. supporticing steadfast not only for the chief executive
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carrie lam, but the police. and for punishing what he calls the violent criminals even , though there has not been do -- due process. >> hong kong expecting its first annual recession since 2009. the city has revised estimates for economic growth has political unrest shows no signs of abating. gdp is expected to contract from -- 1.3% from the previous year, according to the government. gdp shrank 3.2% from the previous quarter. how difficult is it to model future economic growth or a future recession if the protests stay as they are? >> pretty difficult. it is not good for the economy. what we are seeing right now it is the shops have closed early. businesses closed. if that continues, it is obvious with the effect is. the only question is how much. >> larry kudlow signaled the u.s. and china are making
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progress in trade negotiations , saying we are coming down to the short strokes. we are in communication with them every single day right now. are we anywhere closer to a trade deal or are we in the most treacherous phase right now? >> i think we are in a messy endgame. we were in here in may for a bigger deal and that fell apart on this phase one deal they are still hashing out some of the final issues including details of chinese agricultural purchases. exactly what sort of intellectual property commitments they will make. and the timing of any tariff rollback, or if the u.s. will do any tariff rollbacks. there is a lot that can still go wrong. right now, all the signals are we are in that endgame. >> record highs, s&p 500, going through the 3100 mark. we are currently seeing record highs across the board.
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juliette: still ahead as we review this week, the ceo of unicredit insists negative interest rates can have positive effects. plus an exclusive conversation with san francisco fed president mary daly. >> i am a little bit open to the idea that the risks are on the downside. juliette: up next, more of the week's top business stories. disney launches its streaming service. the first day does not is epic of magic leap. >> there are just too many people trying to get into the door to quickly. juliette: this is bloomberg. ♪
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juliette: this is "bloomberg best." i am juliette saly. let's continue our global tour
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of the week's top business stories with china. alibaba staged an e-commerce blowout with its singles day event. >> alibaba surpassing a sales record, bringing in more than $38 billion u.s. for singles' day bonanza. what were the popular items west? >> we have a huge number of electronics. shall me -- they are pushing a lot of products through us. new iphones. those are the top of the list. it is really the headline number, $38.3 billion worth of sales this time around. an increase of 26% from the year previous. interestingly, this is what people are looking at, it is a slight slowdown in the pace of the growth. analysts, investors inferring some knowledge about what is happening to chinese consumer
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confidence. whether the slowdown is reflected in alibaba's singles' day numbers. >> we are missing the magic. the launch of the disney 's streaming service hitting technical difficulties because of overwhelming demand. is this good or bad? that there are technical glitches and crashes for user. it creates a buzz. it feeds this narrative disney plus was such a big deal it broke the internet. >> member the big launch of 2019? this is not good, it is a lack i. not what they wanted. we were speaking to them last week. they were very confident they would avoid these problems. we spoke to a lot of technology people about this and people who work with disney. they say this is not the end of the world. it seems complaint levels are coming down. there are just too many people trying to get in the door too
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quickly. >> disney shares soared to a record high after 10 million fans signed up for the new video streaming service in just two days. there were also a lot fewer complaints. it has been huge for disney. we did not expect they would get to 10 million this fast. >> no one seemed to expect that there the headlines now are disney dazzles. yesterday, disney plus becomes disney minus. the stock was pushed to an all-time record. at one point it was up 7%. what disney gains is not only a lot of cred for the ceo who staked his legacy on the video sharing. it allows them to bundle together product for espn and hulu as well as the higher price. >> bloomberg west first report a wall street regulator is opening a probe into goldman sachs 's credit card practices. a well-known tech entrepreneur tweeted about his frustrations.
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and the disparate credit limits between him and his wife. you are the first to break this news. it immediately triggered a regulatory response. what is the potential issue here? >> this has blown up. it started with david henson, the guy who created ruby on rails, a popular programming tool complaining about how he got 20 times the credit limit his wife has got. immediately got online traction, everyone sharing experiences. before you know it, the regulators saying we want to regulators saying we want to look into this. the issue is whether these credit assessments banks use, that credit card agencies use financial services companies to determining how americans borrow money, making sure there are no biases. that is where we are right now. >> wal-mart reported third-quarter earnings. when it did so it showed earnings beating estimates. the retail giant boosted its
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outlook on growth for the year. the key has been groceries. this is a category where they saw admitted single digit increase in comparable sales growth. it has been a real strength for them for several quarters now. in particular, it is boosting online sales. they rolled out this buy online, pick up in store program. it proved really popular with shoppers. especially in the suburbs and especially at a time when the grocery strategy looks incoherent, it is a win. >> tencent out with earnings. they missed the weakening lowest analyst estimate that the weakening economy hurt advertising revenue. walk us through the latest numbers. >> the top line and the bottom line, there was weakness. revenue is up around 20%, a little over 20%, which is not bad. but in china, that is pretty weak for chinese standards. the real weakness was in advertising. the upside smartphone games , posted 25% growth.
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last year there was a crackdown on games in china. they have been able to get more games out into market. and monetize those games. going through to the bottom line, they have been higher cost for r&d and more content. that is really what is happening at tencent. juliette: we are watching for nissan to begin trading. the automaker has withdrawn its dividend outlook and is now undecided on a payout, not effective below to the top shareholder. how is this likely to play out with this relationship? >> renault has three seats on the board, including its top leadership. you can imagine it will play out as a concrete battle on the board over the dividend. they are relying on this. it comes to of millions of hundreds dollars. they rely on it as a key component of their own earnings. that is going to be a boardroom battle that will help define how
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these two carmakers work together going ahead, what kind of dividend that shakes out to be. >> they are selling what could be $30 billion worth of bonds to help finance the acquisition of alergen. be the largest bond sale in it could 2019. bloomberg reporting this is a deal that has attracted more than $70 billion in orders. >> that's right. we just found out the deal has launched at a size of $30 billion. a little bigger than the $28 billion we were expected showing , what a great environment this is for funding. really leading the calendar with the biggest deal this year. the fourth-largest of all time. it is not just in investment-grade, it is high-yield. we are seeing 10 new deals sitting. most of those look like opportunistic financing because borrowing costs have been so cheap. >> kkr is said to have formally approached walgreens
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with a deal to bring the country private. it could be the biggest ever leveraged buyout hit how did this come together? what do we know at this point? >> we know the walgreens ceo has been talking to private equity groups about a potential take private of the company. was one of the groups in initial discussions. we have learned they have put in a formal approach. what happens next is they will probably look to do some diligence. we are looking to find out how the deal unfolds. >> cg capital is among the groups elevating the unit. sources say it is one of the businesses that submitted by last week's deadline. the business could fetch more than 15 billion euros. 3g capital. they are better known for burgers and ketchup.
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>> that is a very good question. what is the link between burgers and french fries and elevators. really, there is none other than they are looking for a good investment. they have put the asset on the block. this is a company that is struggling. a couple of suitors have been sniffing around. this particular asset. for them, it is a new industry. one that is still growing fairly well. for them, it would offer an interesting new avenue. >> boeing shares surged after it provided a new timeline for the 737 max to return to service. the company says the faa is on track to certify the redesigned flight control software next month. do we have some sort of positive expectations that this plane will be back in the sky? >> that is the way the market took it. boeing had some good news and bad news. the bad news was it boils down to about a one-month delay in expectations of when the max
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will have full regulatory approval. the timetable has shifted to instead of december. thatrythe good news was the extra detail that going provided and the assurance that they gave around the january timeline was taken as a big positive by investors, at least. ♪
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juliette: you are watching "bloomberg best." i am juliette saly. jay powell told congress he feels the fed's current policy stance is appropriate. san francisco fed president mary daly holds a similar view. she explained why in an exclusive interview with bloomberg's kathleen hays. >> we calibrate policy to make
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the baseline growth be sustainable and promoting goals of employment. the policy accommodation we have taken, which has been three great cuts this year, has put policy stances in a good place to make the baseline come out. slightly above trend growth. and continue to move up in inflation to target and further progress on full employment. i do think of that as the economy is in a good place. of course, we continue to be data-dependent and look at the risks and see if the baseline changes even with this accommodation. >> is this a pause in the fed rate cut path? do we go this way, that way? what needs to happen next? >> can i give you a third option? my third option is where i am today. i see the level of the policy
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rate right now as appropriate for the economy we have. which is good consumer spending, good domestic momentum, but facing headwinds that hurt since investment and manufacturing. we are in a moderately accommodative stance. that's appropriate. i feel like we can stay in that stance for the time it takes to get inflation back up to 2% on a sustainable basis. >> i am hearing you have paused. what you are trying to figure out now is -- you are saying you probably don't have to do anything. you are saying we should shift policy in that direction. the headwinds have stirred up again and we will have to look in the other direction. >> one thing we have to do is look forward. even though i have characterized the economy as in a good place, and policy is currently appropriate, you have to look at the risks that emerge. on one side you have the potential for the accommodation we have given to spur the
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economy and the stimulus other countries have put in place works and we have some upside potential. on the other side there is some downside risk that continues to emerge. we could come up with slower growth penciled in. we could get a furthering of trade uncertainty. we still have the brexit issue to settle. i am open to the idea the risks are on the downside. right now i see the policy stance we have got as the right one for the risks we have ahead of us so far. >> there is much more to come including highlights from a busy week in european politics. angela merkel seeking support in eu banking union, while spain it did not go as planned for the prime minister. >> we look at the state of spanish politics. today it is a mess. >> coming up, more compelling conversations. the unicredit ceo says despite negative rates, european banks
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have a good relationship with the ecb. >> the ecb has made a lot of progress in the supervision side. juliette: this is bloomberg. ♪
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juliette: this is "bloomberg best." i am juliette saly. the central bank held at 1%, saying it is standing by to add stimulus to the economy if needed. spoke exclusively with bloomberg about the decision. the first thing is an interest rate at 1% and a very low threat yield curve is highly stimulatory for the new zealand economy. below measures, broad measures of fair value, also adding
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toward a more stimulatory nature, and that has been for quite some time, you know, the last year or so, so despite the global growth slowing, our export has been quite positive. exchange ratehe is bleeding through, the interest rate side, we have seen it, a blunt broad talk. we see it at least maintain spending. >> when you expect to see rates on hold, i expect you want more of a reaction. k," orat a good of an, "o was it a surprise? no, it was not a surprise. when we landed on the decision, heavy communicators that does not confuse and correct unwanted efforts.
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the desire is that you can deliver a message, which leaves conditions probably on the same space of where they were. you know, they are all different. shades of loose stimulatory levels for the exchange rate and the interest rate. i think the important message to give to the market is that these interest rates allow for a prolonged period. juliette: india's banking sector has been under pressure. the country's economy is slowing down at the same time as it is dealing with nearly $200 million in bad loans. the chairman believes the situation is improving. he spoke exclusively with haslinda amin and singapore. from hereafter, things should be much better. inda: how about the
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rest of the banking industry? mr. kumar: the banking industry bank, theok at the sector, all of them have done much better than one year performance or one year ago, so -- but to say everything is now hunky-dory and everything is all right, that would be overoptimistic. but at the same time, things are looking much better. haslinda: the rbi, regional bank of india, says it wants to link with performance. the you think that will help the issue at all? mr. kumar: 75% is still. i don't think there is a need, a
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correlation or link between the regional bank of industry. it may have some impact about making progress, but at the same that they areying going to come through. juliette: european banks have been complaining loud and long about negative interest rates, but this week, francine lacqua set down with unit chief executive jean-pierre lucio, who says the break could be a good thing. here he is in another bloomberg exclusive. it is one that it could admit, so many people criticize the ecb saying we get the rates on broad, but at the same time, as we pointed out,
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maintainedtes have that rate of growth, so the percent of the bank going down. it has been different from us. maybe now they are low, only get for longer. we shall see. help?ne: does chshearing ecbieer: it does, and the can increase the call to the ecb. pressing: how would you -- describe how would you the relationship right now between of banks and the european central bank right now? mr. mustier: the regulators, there is only so much you can do with them, but on the side, which is where he impact the most, it is a matter of trust. we are changing the mayors, we
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speak together, so you actually can benefit from one each other. and the ecb has made a lot of progress on the supervision side. when they created the ecb, if you look back in five years, whoa. it has been quite a week for alibaba. it raked in record sales on its annual singles' day extravaganza, and it began taking orders for hong kong sales that could be more than $11 billion. founder and chairman jack ma spoke with bloomberg. ick: a trade war might become would say, the usa and china might be in some turbulence in 20 years, the next 20 years. we have to be very, very careful. i think it is so important for
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the china and the u.s., two great countries working together, to support the economy , prosperity, share a lot of technology together, and for so many years, china and the u.s. have been working together. thathere is a problem. that is very natural. if there are no problems, that is not natural. we should stop the problems. we should not create more problems. >> does that apply to financial? jack: some they will, but we are not in a hurry. we do not have a plan for that in the short term, because financing, first, we are very popular -- pocketable -- profitable. we grow very healthy, and there are a lot of things we can do in these years to make sure that we have enough investments for the future.
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yinka: do you know what exchange you will be looking at? are: just like i say, we not thinking about when to marry, so we are not thinking about where to marry yet. ♪
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juliette: you are watching "bloomberg best." i am juliette saly. let's review my roundup of the week's top stories in business, finance, and politics. ts fourth general election in four years, with the prime minister hoping to strengthen with a new government. the vote did not go according to his plan. anna: there is a political deadlock, it would appear, and spain once again. it backfired with yesterday's returning fewer
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seats for his socialist party. >> this was supposed to end the dec deadlock, the fourth election in four years. the socialists won the election, but they lost seats, and more crucially, they have no path to a majority. it could be headed to a grand coalition, whether that is the traditional rival, the pp. if you listen to the words of the party leader, they say they want to stay in the opposition. today, it is a mess, and you are seeing a lot more political fragmentation. entering behind me, you can see a very frustrated country. guy: in spain, they are forming a coalition to break the deadlock. they will team up, which puts an end, we think. if i look at spain and i look at italy, politics look very similar. >> i agree.
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it is a semi-populist coalition, where you have the mainstream parties and some populist parties combined. is we have the populist government, generally the electorate begins to give up toward a more pragmatic program here we are not really worried about stability here, and there is reforms that need to be done or not done between now and the next slowdown. this is more a problem at the european level, though, than at the national level. guy: the head of the brexit party, nigel farage, has beaten the chance, albeit marginally. nigel farage says he will not contest the 317 sets that boris johnson's conservative party won at the last election. >> putting candidates in 600 seats against conservative
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voters if boris johnson did not repudiate his own brexit deal. that was a nonnegotiable request for johnson, who then unleashed a great deal of criticism against nigel farage, basically saying the brexit party was going to spoil brexit if they continued to oppose. so it has given the conservatives a break there, however, not in many seats, which are held by the labour party and some liberal democrats. guy: the labour party and drummer mick corbyn flipping today -- and jeremy corbyn flipping today, free broadband for everybody, called overreach, partly paying for it on taxes primarily on tech companies, like facebook and google. a striking move as the election campaign tries to win votesrs. is this realistic?
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>> we are going to get lemonade from taps next. it sounds good. "we are going to give you for a blacree broadband." frankly, it is more likely to slow down the rollout rather than increase it. francine: chancellor angela merkel has announced her support. for the official endorsement, they need her approval to explore. is angela merkel now signaling a breakthrough? >> yes, she basically says europe needs to move ahead, and she is aware that germany has been standing on the brakes, largely because of her own party, because the party is basically opposed to committing to a scheme, but she knows that this internal blockade needs to be broken up, and for that reason, support for scholes to move ahead.
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sloweda's credit growth to the weakest cases at least 2017 as weak corporate demand .or credit combines what is this telling us about the effectiveness of the targets? >> one point, shery ahn, to the limit of these measures by the pboc, targeted to ensure that banks lends more to the private sector, it simply is not coming to fruition in the way that many officials given the people's bank of china would have liked. the financing number for october. it came in at 88 billion u.s. dollars. it is the weakest number since 2017. it is a fourth consecutive month of adequatexpansion social financing. look at the new loans number as well that jumped to the lowest number in 2019. this credit-based now puts the pressure on the pboc to act more
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aggressively than it has been in the past. >> the world's third-largest economy also adding to global growth concerns. japan posting anon effectively an unexpectedly weak third quarter, sharply missing estimates. >> .2% growth is never a good couple of there are a reasons why japanese policymakers may not necessarily be overly concerned about this slowdown, so, first of all, we have got a significant rundown in inventory. there was a hit from trea turner that is not a surprise, but we have seen some positive prospects for a deal on that score. net-net, what does it mean? well, we have got prime minister abe and his administration compiling a fiscal stimulus package now. the numbers are not so bad that they would argue for an even
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bigger package that is already envisioned, perhaps ¥3 billion, and that net-net means less pressure on the bond market. francine: germany has dodged a recession. europe's biggest economy has posted growth, but weakness is expected to persist. what can they do to keep up growth? >> they narrowly avoided that recession. it came in part because of consumer strength in construction industry to it as you know, the building boom is continuing in germany here, for example, the boom has been such that they have actually frozen rent here to try to control the increasing prices, so it is side where they have managed to avoid recession, just barely, here in germany. the biggest ipo ever
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-- saudi aramco will allow investors to start bidding. one question that people want to know. >> certainly people want to know the sizing and the price. the big thing that has been left out. but i think there are a number of worries around this ipo from potential investors, not least the fact of the company's hands are tied in terms of production policy by the saudi government and by their commitment to opec. saudi arabia has traditionally taken the biggest share of opec output cuts, and that means this burden is resting on the shoulders of saudi aramco. that is not a comfortable position to be in if you are a minority shareholder. >> the world energy outlook was released today. global oil demand is around
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2030, saying opec considers further production cuts. il and,u look at peak out 2030, couldn't come sooner than 2030, or could it be postponed of the world changes in terms of growth? >> it could go either way. if the government takes much stronger clean, efficient technologies, push them much stronger, we may well see that the peak can happen earlier, but at the same time, if the government were to go in the other direction, we may' see peak comes later. nejra: money managers out with holdings in the third quarter, revealing the latest trends among hedge funds after a dramatic prima market. >> we have facebook and netflix that some of the most popular trade. harvard management making
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facebook their single biggest equity trade, but we have microsoft here, the second quarter in a row, unloved, despite a more than 40% gain in the period. with that said, that does not mean all tech companies are doing well. in the second quarter, remember, uber was the most second love trade. in the third quarter, there was a decline. druckenmiler'sstan firm sold almost their entire stake. been pretty lackluster, but i think a lot of people are hoping that the market, and as you can see, equity hedge funds have been doing better than anybody else in the class. so people are hoping that the volatility can really form a resurgence for some of these guys and post some really significant gains through the end of the year. guy: the house intelligence second day of public hearings underway with the former u.s. ambassador to the ukraine testifying. any bomb --
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bombshells? ken: marie yovanovitch testifying, saying she felt " threatened," when she found she was featured in the july phone call between president trump and president zelensky. she also felt that her ousting was a hit at morale at the state department as well as for diplomats all around the world. president trump, for his heart, having a busy morning as it relates to the impeachment inquiry. he tweets, "everywhere maria ivanovic wen -- marie yovanovitch went went bad." "democrats and republicans largely sticking to their partisan sides, with no signs of republicans breaking from supporting president trump. ♪
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>> it will take a lot for it to not be real this rally that we are seeing in america, unless don't drop in the near-term says ok, everything is off, and i am fs across therif board in china. there is no reason to think the global economy is going into recession. juliette: you can follow this all morning long on the .loomberg find out how it is affecting your investments at any point in time. there are about 30,000 functions on the bloomberg, and we always enjoy showing you our favorites on bloomberg television. maybe they will become your favorites. here is another function you .ind useful, to ui quic here is a quick take from this week. >> 5g, or fifth-generation
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mobile service, promises a lot, nothing short of a revolution in the way we connect to the real and all my worlds. -- online worlds. it is the first big upgrade in a decade, but it is not smooth sailing. security has put the u.s. and allies at odds with china and could delay the rollout o 5g. this is your bloomberg quick take on 5g. 5g, in principle, should be light years ahead o 4g, first out in 2009. it is said to be 500 times faster than its predecessor, reaching 10 gigabytes a second and very low lake i latency, allowing you to download a full movie in a matter of seconds. south korea turned on 5g in 2019 and is expected to achieve . he by years end. japan is already using it u.k.
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providers were limiting 5g in 2020, but elsewhere, some are questioning the business case for an all-out rush for the service. when will 5g be the new normal? don't hold your breath. even if you live in areas where companies are already rolling out 5g, it will be a while before they will let you use your 5g phone, were even previous generation 3g networks are much of the time. furthermore, you need a 5g phone. and others, are releasing 5g phones soon. apple will not release one until 2020 at the earliest, as it waits for marcus to develop. hackable than 4g, but if it is hacked, we have more to lose. the u.s. and other nations
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worry that chinese 5g equipment could be used to spy on us, a kind of trojan horse in the mobile network. that has not been proven, but the concerns are serious. providersfavored by because of the technical edge and lower cost. but the u.s. wants to protect what it considers its critical national infrastructure. president trump wants to buy parts from u.s. suppliers. by 2024, the amount of data carried by mobile networks will be five times greater than today. five g networks are expected to cover 40% of the population by then, according to erikson. the question is not if you will get five g but when. just get ready for a lot of controversy along the way. juliette: that was just one of the many quick takes you can find on the bloomberg. you can also find them on bloomberg.com, along with all the latest business news and analysis 24 hours a day.
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that will be all for "bloomberg best" this week. thanks for watching. i am juliette saly. this is bloomberg. ♪
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stephen: i'm stephen engle. welcome to this bloomberg special, "coffee with ren." the speaker is the founder of huawei, ren zhengfei. along with invited guests, kishore mahbubani, detlef zuehlke, liu fei.

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