that's one of the effects that mario draghi was pointing at during the last press conference, without giving us a huge understanding of what they are actually going to do with the reinvestments. i think the point of free investments will be one where he will be quizzed during the press conference once again. bottom line what to expect from today. today we most likely will get an upgrade on the economic growth projections. so a somewhat more rosier picture from mario draghi's team the projection will give us an idea of where they see growth and inflation going for 2020 so a long time horizon and anything, which could give us a hint that they are more optimistic on inflation could give us hawkish surprise from the market reaction. so also if we get some tweaks to the forward guidance towards more of a hawkish tilt, meaning that he could actually envision qe to stop earlier than anticipated could be potentially hawkish surprise having said that, the market is not anticipating major changes when it comes to the qe program. i early on caught up with the chief investment strategist for germ

mario draghi will be here. pray she, foreign-policy challenges, sanctions against russia, all of that will be talked about. manus: they love the late hour discussion inute that part of the world. decision day back at home, bank of england there. the economist do not expect any policy change. focus will be on any comment on , of two moreicing increases over the next three years. let's bring you this as a conversation. you look at the data from yesterday, i am sure the british papers at home have the full claim on this. the first of the shift in the unemployment rate. there are a few cracked in the brexit wall of employment. think the market has gotten too far ahead of itself given it economic data in the growth numbers. i don't see the ability to do these hikes next year, do you? >> i agree the bank of england is in a holding period at the moment. sterling has been the prevailing factor over the last year and constituted the ball of inflation margin over the 2% industry.the however, it's a big question whether t

mario draghi is set to unveil the ecb's 2020 outlook. investors, hungry for clues on how the central bank mobilizes policy. to announce at buying a $60 billion -- the $60 million -- is bob geiger clever like a fox? they will buy 21st century fox. .he whole deal fox will spin off some of its asset but disney will buy a good chunk of that. iger will -- bob remain ceo until 2021. he will -- we want to see that transition and that merger through. lisa: we will get more details coming up. we will look at who potentially from the fox organization might move over to disney to help control these assets. we will dig into the implications for netflix because they potentially stand to lose possibly the most if fox and disney pull together and emphasize hulu, their direct competitor to netflix. alix: lisa abramowicz is joining me, by the way. fox.y will be buying the deal looks to be about $52.4 billion. disney will assume 13.7 a fox's debt. this also means that disney will by fox's 39% ownership of sky and bob iger will remain ceo through 2021. a l

draghi would be announcing high interest rates today also we are also getting word that there also is not going to be any kind of change of the bond purchasing program we remember that during the last e.c.b. a meeting taking place a few months ago this bond purchasing program was reduced from sixty billion euros amounts to just thirty billion euros a month i was just actually just looking outside at the blue chip index the x. after this news that has been going down a little bit but pretty much it's everything it's the news that everybody was expecting here ben and we're hearing for the e.c.b. that the right to go to stay there for an extended period of time well beyond the horizon of its net asset purchases it all sounds very. very distant yeah very distant indeed i mean we know that the bomb purchasing program is extended until fall next year this would be the earliest time we could see higher interest rates but many here also at the trading floor are thinking that the first time we really might see high interest rate could be in two thousand and nineteen and two thousand and ninete

draghi of the last year there's no doubt that this monetary policy will have to change at one point so maybe just before he is going to retire some people think that then he might introduce and you know have higher interest rates for the you're alone enforced the latest financial news there from daniel corp. the u.s. federal reserve raised rates yesterday it was the third time this year the world's biggest economy continues to strengthen that's not the only reason for the divergence in monetary policy the central bank structures of both economic giants on both sides of the atlantic a very different the e.c. b. is a european union institution in which you are member countries have voting rights the fed is regulated by u.s. law but is owned by private banks its governors and chairperson chosen by the president the e.c.b. objective is to maintain price stability keeping inflation keeping inflation a close to or below two percent the fed doesn't have those. ations its job is to prevent financial crises but it does like to see inflation around two percent as well the e.c.b. doesn't take

you know they're not getting hard and mario draghi and stefan inverse who represented the basel committee at this press conference here in frankfurt today clearly said that they think that especially the shadow banking system should be supervised and regulated more and you know phenomena like bitcoin well it's true the supervisors and regulators are lagging behind with supervision they're there just like you and me get hard it takes a while until you understand that innovation and the risk that comes along with it you know the rules are set but will the americans go along with this with the new head of the federal reserve now in charge. that's a very big question jay powell of the new fed chief the designated chair chief of the federal reserve in the past has said at several occasions that he things that governments can't over do it with banking regulation it remains to be seen what he really does and implements in terms of policies when he's taken his oath as fed chief in february contribution in fine for the thank you very much just a day of breathing in the air in delhi is equivalent t

five years out, why would mario draghi get hawkish? mark: that is how i think. they spent a long time delaying how the tapering was going to work and they have given clear forward guidance. it is a strange time to give you the forward guidance and we've -- we will shift more hawkish. upopean growth is picking that it is not like it is expected to be amazing next year. the consensus it for -- is for 2%. it will be a strange time to go hawkish. it is one of the situations like the fed where there is so little price, everyone is sure what they will get. it seems a good cheap it and if they are wrong they will get a little bit of downside but nothing major. that is where the market is going that way. if there is any surprise it will be a hawkish surprise but i think it is a poor bet. is the scarcity issue going to be addressed? i have a great screen that bloomberg users can pull up. i chose the ecb's balance sheet and breaks down the assets but the issue is in a lot of countries that are close to the top level that they can as far as buying bonds and if they will co

what will you listen for from mario draghi? paul: i think it is the extent to which the underlying dovishness of mario draghi is again. to peek through we know what happens the next few months, they have pre-committed. the question is how quickly do they stop buying bonds. the need to stop buying bonds. this is not a necessary policy anymore. to the get through the nine-month scheduled bond buying program and go to zero in october or are they going to taper after that? and the tone and the language of mario draghi. the extent to which the german faction bullied him into agreeing to a longer-term scaling back, that is what we are going to be looking for. nejra: also, we get the 2020 forecast for the first time. how important will those be for you? paul: not something i'm going to be anxiously waiting for to be honest. it gives you a very vague idea about where the economists of the ecb are thinking the economy might be going and allowing all the imposition of forecasts. what they don't really tell you is where the policymakers t

mario draghi of the ecb trying to thread that line today. paul: grappling the same old problems the world developed, in terms of inflation. 7% in 2020 point does not sound terribly optimistic, does it? betty: no. no, it doesn't. perhaps that is why markets took all of that in stride. let's quickly pull up where the u.s. markets ended up today. we were lower, taxes a main focus for investors. the s&p down 0.4%. anddow lower by 77 points, tech shares, as well. most of the major s&p groups were in the red, except consumer discretionary stocks. a slower day in asia for you? paul: yes. let's take a look at new zealand, trading now for a couple hours. the end the next turning negative, down 0.1%. zx turning negative, down 0.1%. it, weead too much into are off by about one point at the moment. the aussie still pretty stable, cents.76 u.s. we are also counting down to the opens in japan and korea. the u.s. dollar a little weaeke -- a little weaker against the japanese yen. cap to rates unchanged and pledged to move slowly in winding down stimulus. m

says: kiev mario draghi anything -- we will see if mario draghi sees anything. let's check in on the first word news with emma chandra. >> new york city mayor says investigations believe a child playing with a stealth sparked a fire that killed 12 people including four children in the bronx. firefighters responded to the call in just three minutes. by that time the fire had spread. they rescued a dozen people with several more critically injured and fighting for their lives. police are all missing bigger security in times square for the upcoming new year's eve celebration. a year that saw a number of deadly attacks, including a vehicle assault in the same spot where people will ring in the new year. snipers and officers with metal detectors will be deployed with teams of dogs trained to sniff out trace amounts of explosive particles. for the second time since the september 11 attacks, the u.s. defense secretary secretary has not visited troops in a war zone in december. the pentagon boss broke a long-standing tradition of u.s. defense chiefs personally and publi

whether it was janet yellen, mario draghi, or more holly -- mark carney. we're looking at the citigroup economics of price index. it is higher. this line doesn't indicate growth, the -- it's the extent to which data is coming in better than expectations. we are at above 56 well above, the average of the last nine years. this index is a high list -- highest since 2010. plenty of worries about it. mark carney said worries -- economic growth has been softer than expected. the gdp forecast was rate, but not inflation. mario draghi says europe's economy is not strong enough to take it off of qe. yellen says considerable time addressing the flat yield curve and talking about what an inverted curve might mean. joe: it's such a beautiful chart. all the talk about why don't people care about a little reds and white markets never selloff? but look how good things are. the fastest rate in years. the simple answers, isn't it? let's talk about stocks and whether they are in a bubble. everyone can find their data points, you can find and say it's a bubble, find another

what about mario draghi? with this forecast, he will be well gone by the time inflation ever get to the 2% target. who might take over, and what will they do? >> we ask this all the time, and they swear they are not talking about it or it is too early. the gossip goes on behind the scenes. it is too early to make a decision. given this is the gift of politicians is the prostrating that goes on. there are a lot of senior political positions that have to be negotiated. that is one factor. another will be what kind of euro area economy we have in october 2019 when mario draghi steps down. if you are tightening by then, the bundesbank, germany is the biggest economy in the area, may even right kind of person, but nothing is guaranteed. mark: we had that wonderful story about the banks that , maybe the or them ecb will raise rates next year because of inflation, financial stability concerns. i am throwing a difficult one at you, but you wonder if they might change their view given today's events. >> yeah. we will

is no reason for mario draghi to be extremely dovish and i think this is what the market isn't really factoring in. we areortant things get today is your inflation enter growth forecast. get today is your inflation enter growth forecast. i i think on the basis of this e mario draghi could certainly send a red flash in the market rattle the forest market. perhaps in 2018 we may not need to be that dovish. we may have to go slightly beyond what the market is expecting and then start doing the tapering process. perhaps slightly aggressively before the timeline kicks in. a different picture from the u.s. federal reserve on wednesday. the fed raised rates by a quarter of a point. the u.s. central bank also planning three more here as the economy continues to perform well. to beill be the last one announced by janet yellen who is stepping down early next year. we just had an announcement from the bank of england that they are holding rates steady. european shares trading down. shares in sky have risen in the wake of the announcement of the disney deal. disney will be taking over just under

after we heard from mario draghi, is that likely to change it all? paul: it's may difficult to stay at the moment because like the bank of england as lucy pointed out, the big decisions started in january. it did leave some details undecided and all eyes will be on mario draghi to see if he will reveal more details this time around. in particular, how the reduction in bond purchases will be implement it. we'll sovereign debt bear the brunt of the reduction or will private that purchases fall in tandem? most people are betting that private that purchases will stay largely unchanged. even if that decision is taken, doesn't necessarily mean that mario draghi is going to reveal that. he is not obliged to. we don't get much out of the this. david: let's assume we get something out of it. mario draghi said that after this plan but they were going to taper down gradually. there were some productions that they would go off a cliff. is it possible there could be a more abrupt exit with qb? paul: i'm sure he will be asked about it and it's interesting to see w

draghi last year there's no doubt that this monetary policy will have to change at one point so maybe just before he is going to retire some people think that then he might introduce and you know have higher interest rates for the euro zone enforced the latest financial news there from daniel cope. well the u.s. federal reserve has now raised rates three times this year the world's biggest economy continues to strengthen but that's not the only reason for the divergence in monetary policy the central bank structures of both economic giants over that side of the atlantic and on the outside a very different e.c.b. is a european union institution in which eurozone member countries have voting rights the fed is regulated by u.s. law but his own by private banks it's governors and chip person chosen by the president the e.c.b. is objective is to maintain price stability keeping inflation inflation a close to below two percent the fed doesn't have those obligations its job is to prevent financial crises but it does like to see inflation around two percent as well the e.c.b. doesn't take the

and all eyes are on the european central bank and its president mario draghi today as they decide whether to raise interest rates or not the u.s. federal reserve is so will the e.c.b. have similar confidence in the euro zone's economy. and watching the news coming to you from berlin we have more at the top of next hour course or stories online at complex want to. enter the conflict zone confronting the powerful two months ago most famous investigative journalist. was assassinated in a compliment for you she taught. my first by stating i was a sewing machine. for all women are balanced by this motion towards something as simple as money home to write a bicycle is and. since i was a little guy i wanted. my home and it took me as the months might have. finally been. like this and three times. sewing machine sewing i suppose was more apropos age for girls than writing advice as no i want to meet those women back home who are down to my head thinking and social who owns and inform them of oded basic rights my name is the amount of people and they were eating. just two months ago motos most fam

draghi where he is expected to announce an agreement on basel three you know this international set of rules for the banking sector and that's saying something and agreement on this high international level and agreement that the europeans have signed the americans and the chinese of course not all of those countries might always play by the rules but the mere fact that those parties sak together at the table negotiating common rules that's a piece of positive news a positive indicator i would say calmer of those in the in frankly for us thank you . and here is our daily bitcoin watch the party is still on more and more investors are casting their doubts aside and joining the fray in listen to this the cryptocurrency gained more than three thousand dollars in just thirty hours on thursday it briefly shot even through the fifteen thousand dollars mark here's a little mind game head you board bitcoin at the beginning of the of the year if you only have you would have made a profit of your life bitcoin gained one thousand eight hundred percent but the warnings are not going away most a

draghi increase rates to match an ongoing recovery and their own economy europe's biggest economy germany is set to grow around two and a half percent next year according to leading economists the euro area as a whole. but that's just not enough for now you know druggy he is once again defying critics once again he's holding rates low and continuing the asset purchasing program that's because well druggy credits the e.c.b. with keeping the eurozone on the right economic course there's still plenty of work to be done. our monetary policy decisions have preserved the very free with. the shoes that are still needed for steam to return. to wars levels that are below but close to two percent. the incoming information including our staff projections or new stuff projections indicates a strong piece of economic expansion and a significant improvement in the growth outlook. as inflation continues to tick higher the pressure is mounting on the e.c.b. president to raise rates next time around cash strapped greece says it will have enough wiggle room to cut taxes come twenty nineteen that's when the

draghi increase rates to match an ongoing recovery in the euro zone economy. europe's biggest economy germany is set to grow around two and a half percent next year according to leading economists the euro area as a whole is also up but that's just not enough for now you know druggy he is once again defying critics once again he's holding rates low and continuing the asset purchasing program that's because while druggy credits the e.c.b. with keeping the eurozone on the right economic course there's still plenty of work to be done. our monetary policy decisions have preserved the very favorable for announcing conditions that are still needed for seeing the return of inflation rates towards levels that are below but close to two percent the incoming information including our stuff projections or new stuff projections indicates a strong piece of economic expansion and a significant improvement in the growth outlook. as inflation continues to tick higher up the pressure is mounting on the e.c.b. president to raise rates next time around cash strapped greece says

draghi and. it's dicto minutes press conferences i would say interest rates will be lower till two thousand one thousand because simply we are out a different business cycle stance than the us and also there will be no exit from the bond purchases there will be lowered from january to so. temba next year to only thirty billions then they will repurchase all the income from for the major bombs and will invest them again so the balance sheets will be larger and larger in the next years if you look at your crystal ball across the rest of the world where do you see other interest rates at the moment monetary policy in the us for example in japan going in general it's striking that all the interest rates are long term interest rates went down in parallel the last twenty five years and so in the next years i also expect from dictating the fed interest say it decreases again so this will be only a short upturn in terms of the exit but i don't see longer term interest rate hikes in the u.s. so everything

gonna stick to its guns if i trust mario draghi and the. it's dicto minutes press conferences i would say interest rates would be low till two thousand nine hundred because simply we are out a different business cycles times than the us and also there will be no exit from the bond purchases there will be lowered from january to september next year to only a thirty billions then they will repurchase all the income from for the major bombs and will invest them again so the balance sheets will be larger and larger in the next yes if you look at your crystal ball across the rest of the world ladies see other interest rates at the moment monetary policy in the us for example in japan going in general it's striking that all the interest rates the long term interest rates went down in parallel the last twenty five years and so in the next years i also expect trump dictating the fed into say it decreases again so this will be only a short upturn in terms of the exit but i don't see longer term interest rate hikes in the u.s. so everything's going t

draghi and. it's dicto minutes press conferences i would say interest rates would be lower till two thousand one thousand because simply we are at a different business cycle stance than the us and also there will be no exit from the bond purchases there will be lowered from january to. temba next year to only thirty billions then they will repurchase all the income from for the major bombs and will invest them again so the balance sheets will be larger in the next years if you look at your crystal ball across the rest of the world where do you see other interest rates at the moment monetary policy in the us for example in japan going in general it's striking that all the interest rate the long term interest rates went down in parallel the last twenty five years and so in the next years i also expect from dictating the fed interest rate decreases again so this will be only a short upturn in terms of the exit but i don't see longer term interest rate hikes in the u.s. so everything's going to rough

gonna stick to its guns if i trust mario draghi and. it's dicto minutes press conferences i would say interest rates will be lower till two thousand one thousand because simply we are out a different business cycle stance than the us and also there will be no exit from the bond purchases there will be lowered from january to. temba next year to only thirty billions then they will repurchase all the income from for the major bombs and will invest them again so the balance sheets will be larger and larger in the next years if you look at your crystal ball across the rest of the world where do you see other interest rates at the moment monetary policy in the us for example in japan going in general it's striking that all the interest rates the long term interest rates went down in parallel the last twenty five years and so in the next years i also expect from dictating the fed interest say it decreases again so this will be only a short upturn in terms of the exit but i don't see longer term interest rate hikes in the u.s. so everything's

draghi increase rates to match an ongoing recovery there are zone economy europe's biggest economy germany is set to grow around two and a half percent next year according to leading economists the euro area as a whole is also up but that's just not enough for now you know druggy he is once again defying critics once again he's holding rates low and continuing the asset purchasing program that's because well druggy credits the e.c.b. with keeping the eurozone on the right economic course there's still plenty of work to be done. our monetary policy decisions have preserved the very favorable for announcing conditions there are still needed for seeing the return of inflation rates towards levels that are below but close to two percent the incoming information including our stuff projections or new stuff projections indicates a strong piece of economic expansion and a significant improvement in the growth outlook. as inflation continues to tick higher up the pressure is mounting on the e.c.b. president to raise rates next time around cash strapped greece says it will have enough wiggle room t

mario draghi's term is up in november 2019, so the ecb focus within about a year or so will start to focus on his successor and rates under his successor. mark: on inflation as it seems to be our topic of the day, the bank of england has a different problem. inflation yesterday showing a year on year again a 3.1%. giving real wages as we saw today are still negative, what sort of position does that put the bank of england in the coming months and years? richard: on bloomberg several months ago, i used the term that the bank of england felt their policy was being hijacked by brexit and it put them in a tough spot. get the adverse effect of the depreciation of the pound on inflation, what economists call stagflation. .t creates tough choices they decided to hike in november and take away some of the easing . we do not think that carney and company are in any rush to hike rates a lot, but we could get a rate hike out of the bank of england next year. vonnie: what about the bank of japan? does it target a steeper curve, and when? richard: they had problems when they did their version of

mario draghi is and is speaking. coming up kenneth moelis joins us for exquisite interview about tax reform, m&a, in the future of the global economy. this is bloomberg. ♪ ♪ mark: i'm mark barton. vonnie: the european close is just a few minutes away. i am vonnie point in new york. the republican party promised tax reform would be a two jobs, companies in the economy. how a corporate america respond when the tax bill is passed? erik schatzker is here with a guest. erik: on here with ken moelis, oneof his upon his firm -- of the best-known independent investment banks in the world today. great to see you. ken: good to see you. erik: you have been thinking a lot about the tax-cut negotiated by the republicans in the senate and house. the people understand how much it's going to change the financial landscape for the american people and for american companies? ken: i think it's very important for american companies to get a tax rate down that is competitive with the world. i think if you were running the united stat

eastern, followed by mario draghi's news conference at 8:30 at 8:30, look for weekly job liz claims on the earnings front, abonedy systems, oracle and costco all report after the close today. >>> lonmin has agreed to be bought by south african minor, sibanye-stillwater the uk listed company is the world's third largest platinum producer but struggled with low prices and difficulties operating in south africa. >>> shares of nordson are near a 52-week high after better than expected fourth quarter results. they were helped by surprise increase in organic sales. it's up 10%. >>> pier one imports third quarter earnings missed forecasts on lower sales and closures during hurricane harvey and irma they say while they had a solid start to the holiday season, trends have dropped considerably in december. down 24% >>> just getting started here on "worldwide exchange. up next, we're on the disney deal watch the media giant expected to announce it's buying parts of 21st century fox. >>> and later a big decision expected on the fate of net neutrality we'll tell you what to watch on "wlddetoo, when

and mario draghi the new and departing directors of the european central bank sent a secret letter. exposed by the. newspaper. they remind him of the basic measures expected of italy. structural reform favoring competition and italian bonds including the full liberalization of local public services through large scale privatization. that secret lesser cost quite a backlash because the e.c.b. has no institutional jurisdiction to enforce policy making in an e.u. member state. it was judgment the judgment of the e.c.b. . it was necessary in this absolutely dramatic circumstances where forty percent of the g.d.p. of the euro was under attack one of. the berlusconi government implemented many of the measures proposed in that letter while at the same time secretly trying to introduce provisions to private eyes water thank the proposal that italians had rejected in the referendum. cool. intervened and said no you cannot remain should use. legal provisions to be repealed as a result of. this calls the european commissioner olli rehn to write to mr berlusconi again asking for clarification.

mario draghi speaking now. steve liesman has been monitoring his comments and we'll check in with him, next. ♪ some moments can change everything. you can't always predict them, but you can game plan for them. for 150 years, generations of families have chosen pacific life for retirement and life insurance solutions to help them reach their goals. being ready for wherever life leads. that's the power of pacific. ask a financial advisor about pacific life. well, it'sonce again.eason >>yeah. lot of tech companies are reporting today. and, how's it looking? >>i don't know. there's so many opinions out there, it's hard to make sense of it all. well, victor, do you have something for him? >>check this out. td ameritrade aggregates thousands of earnings estimates into a single data point. that way you can keep your eyes on the big picture. >>huh. feel better? >>much better. yeah, me too. wow, you really did a number on this thing. >>sorry about that. that's alright. i got a box of 'em. thousands of opinions. one es

and mario draghi the new and departing directors of the european central bank sent a secret letter to bonus going to be exposed by the korean adela's newspaper. they remind him of the basic measures expected of italy. structural reform favoring competition and italian balance including the full liberalization of local public services through large scale privatization. that secret letter. caused quite a backlash because the e.c.b. has no institutional jurisdiction to enforce policy making in an e.u. member state. it was judgment the judgment of the e.c.b. what was necessary in this absolutely dramatic circumstances where forty percent of the g.d.p. of the. attack one of. the berlusconi government implemented many of the measures proposed in that letter while at the same time secretly trying to introduce provisions to private eyes water. a proposal that italians had rejected in the referendum. the constitutional court intervenes and said no you cannot reign should years. legal provisions to be repealed as a result of. this caused european commissioner olli rehn to write to mr berlusconi

and mario draghi the new and departing directors of the european central bank sent a secret letter to bonus going to be exposed by the korean adela's newspaper. they remind him of the basic measures expected of italy. structural reform favoring competition and italian bonds including the full liberalization of local public services through large scale privatization. that secret letter. caused quite a backlash because the e.c.b. has no institutional jurisdiction to enforce policy making in an e.u. member state. it was judgment the judgment of the e.c.b. what was necessary in this absolutely dramatic circumstances where forty percent of the g.d.p. of the. attack one of. the berlusconi government implemented many of the measures proposed in that letter while at the same time secretly trying to introduce provisions to private eyes water. a proposal that italians had rejected in the referendum. courts intervened and said no you cannot reign should years. legal provisions. of. this cause the european commissioner olli rehn to write to mr berlusconi again cation. as a judge of. at allianz wh

and mario draghi the new and departing directors of the european central bank sent a secret letter to bonus going to be exposed by the korean adela's newspaper. they remind him of the basic measures expected of italy. structural reform favoring competition and italian bonds including the full liberalization of local public services through large scale privatization. that secret letter. caused quite a backlash because the e.c.b. has no institutional jurisdiction to enforce policy making in an e.u. member state. it was judgment the judgment of the e.c.b. . was necessary in this absolutely dramatic circumstances where forty percent of the g.d.p. of the. attack one of. the berlusconi government implemented many of the measures proposed in that letter while at the same time secretly trying to introduce provisions to private eyes water. a proposal that italians had rejected in the referendum. the courts intervened and said no you cannot remain should use. legal provisions to repeal as a result of. this calls to european commissioner olli rehn to write to mr berlusconi again asking for clari

and mario draghi the new and departing directors of the european central bank sent a secret letter to bonus going to be exposed by the korean adela's newspaper. they remind him of the basic measures expected of italy. structural reform favoring competition and italian bonds including the fold. local public service is through large scale privatization. that secret lesser cost quite a backlash because the e.c.b. has no institutional jurisdiction to enforce policy making in an e.u. member state. it was judgment the judgment of the e.c.b. . was necessary in this absolutely dramatic circumstances where forty percent of the g.d.p. of the. attack one of. the bellas going to government implemented many of the measures proposed in that letter while at the same time secretly trying to introduce provisions to private eyes water. a proposal that italians had rejected in the referendum. the constitutional court intervened and said no you can't reign should years. legal provisions to repeal as a result of. this caused european commissioner olli rehn to write to mr berlusconi again asking for clarif

and mario draghi the new and departing directors of the european central bank sent a secret letter to bonus going to be exposed by the korean adela newspaper. they remind him of the basic measures expected of italy. structural reform favoring competition and italian balance including the full liberalization of local public services through large scale privatization. that secret lesson. caused quite a backlash because the e.c.b. has no institutional jurisdiction to enforce policy making in an e.u. member state. it was judgment the judgment of the e.c.b. . was necessary in this absolutely dramatic circumstances where forty percent of the g.d.p. of the. attack one of. the berlusconi government implemented many of the measures proposed in that letter while at the same time secretly trying to introduce provisions to private eyes water. a proposal that italians had rejected in the referendum. the courts intervened and said no you cannot reign should years. legal provisions to repeal as a result of. this caused european commissioner olli rehn to write to mr berlusconi again asking for clarif

and mario draghi the new and departing directors of the european central bank sent a secret letter to bonus going to be exposed by the korean adela newspaper. they remind him of the basic measures expected of italy. structural reform favoring competition and italian bonds including the full liberalization of local public services through large scale privatization. that secret letter. caused quite a backlash because the e.c.b. has no institutional jurisdiction to enforce policy making in an e.u. member state. it was judgment the judgment of the e.c.b. . was necessary in this absolutely dramatic circumstances where forty percent of the g.d.p. of the. attack went to. the berlusconi government implemented many of the measures proposed in that letter while at the same time secretly trying to introduce provisions to private eyes water. a proposal that italians had rejected in the referendum. the constitutional court intervened and said no you cannot remain should years. legal provisions repealed as a result of. this calls to european commissioner olli rehn to write to mr berlusconi again as

and mario draghi the new and departing directors of the european central bank sent a secret letter to bonus going to be exposed by the korean newspaper. they remind him of the basic measures expected of italy. structural reform favoring competition and italian bonds including the full. of local public services through large scale privatization. that secret letter caused quite a backlash because the e.c.b. has no institutional jurisdiction to enforce policy making in an e.u. member state. it was judgment the judgment of the e.c.b. . was necessary in this absolutely dramatic circumstances where forty percent of the g.d.p. of the. attack one of. the bell is going to government implemented many of the measures proposed in that letter while at the same time secretly trying to introduce provisions to private eyes water. a proposal that italians had rejected in the referendum. courts intervened and said no you cannot rein should years. legal provisions repealed as a result of. this call the european commissioner olli rehn to write to mr berlusconi again asking for clarification. as a judge o

the euro area as a whole is also up, but that is not enough for mario draghi. he is once again defying critics . once again he is holding rates low and continuing the asset purchasing program. while he credits the ecb with keeping the eurozone on the right course, there is plenty of work to be done. >> are monetary policy decisions have preserved the very favorable financing conditions that are still needed for sustained return on inflation rates to those levels that are below but close to 2%. the information including our projections, our new self projections indicates a strong pace of economic expansion and a significant improvement in the growth outlook. reporter: as inflation continues to tick higher, the pressure is mounting on the east he be president to raise rates next time around. vladimir putin held his manner -- marathon press conference. brent: i was watching like a lot of the world today. the president used the event to reinforce his reputation as the guarantor of stability. he accused the opposition in russia wanting to drive the country into chao

draghi would be announcing higher interest rates today also we are also getting word that there also is not going to be any kind of change of the bond purchasing program remember that during the last meeting taking place a few months ago this bond purchasing program was reduced from sixty billion euros amounts to just thirty billion euros a month i was just actually just looking outside at the blue chip index that after this news that has been going down a little bit but pretty much it's everything it's the news that everybody was expecting here ben and we're hearing for the e.c.b. that the right to go to stay there for an extended period of time well beyond the horizon of its net asset purchases it all sounds very. very distant yeah very distant indeed i mean we know that the bomb purchasing program is extended until fall next year this would be the earliest time we could see higher interest rates but many here also at the trading floor are thinking that the first time we really might see high interest it could be in two thousand and nineteen and two thousand and nineteen mario drag

mario draghi: the strong bills momentum in this significant reduction of economics, gives grounds for greater confidence that inflation will converge towards our inflation aim. yellen: i want to see it move up to 2%. most of my colleagues and i believe it is being held down by transitory factors, but there is work undone there. draghi: the degree of monetary stimulus therefore remains necessary for underlying inflation pressures to continue to build up and support headline inflation developments over the medium-term. jonathan: joining me today from the morgan -- jpmorgan asset management is bob michele, the global head of fixed income. lisa coleman, the firm's global head of investment great corporate credit. great to have you with us on the program. it is your turn to grill me. bob: don't you worry about that. jonathan: let's talk about goldilocks growth. we have experienced this for so long. high-growth, low inflation and central banks staying in the game that is positive for risk. next year?hange bob: what is not to like about it? i love the central banks this week. they acknowledg

thanks president mario draghi did send an upbeat message about the outlook for your kim birthday listen. greece surrounding the u. where growth outlook remain broly balanced. on the one hand the strong cyclical momentum underpinned by continued positive developments in sentiment indicators. could lead to further positive growth surprises seen in year of terror. moving on some the days of the business headlines now teva pharmaceuticals will cut a quarter of its workforce fourteen thousand jobs around the world. part of a restructuring plan to say some three billion dollars over the next two years. israeli firms the world's largest producer of generic medicine. delta airlines this place in order for hundred eighty three twenty one neo jets airbus the option for a hundred more. deal with the work. thirteen billion dollars at list prices of of major carriers you. the discounts. mark the globe airbus all boeing. server from twenty twenty onwardrd help puffery dulces agent. and some twenty thousand people took to the streets of athens this thursday demonstrating against fresh budget cuts and

mario draghi: the strong bills momentum in this significant reduction of economics, gives grounds for greater confidence that inflation will converge towards our inflation aim. yellen: i want to see it move up to 2%. most of my colleagues and i do believe it is being held down by transitory factors, but there is work undone there. draghi: the degree of monetary stimulus therefore remains necessary for underlying inflation pressures to continue to build up and support headline inflation developments over the medium-term. jonathan: joining me today from j.p. morgan asset management is bob michael, the global head of fixed income. lisa coleman, the firm's global head of investment great corporate credit. great to have you with us on the program. it is your turn to grill me. bob: don't you worry about that. jonathan: let's talk about goldilocks growth. we have experienced this for so long. high-growth, low inflation, and central banks staying in the game that is positive for risk. does that change the here? bob: what is not to like about it? i love the central banks this week. they acknow

ecb chief mario draghi called a -- called it a major milestone. until banks and year were allowed to assist and sell how much they needed to survive a crisis. the central banks only performed stress tests. now it will be up to central banks to determine the necessary bumpers. most of the rules come into effect for 2022. but it was not an easy task to get an agreement. we spoke to our financial correspondent in frankfurt and asked how difficult it was for regulators to find common ground on the new banking rules. reporter: well of course it is a long lastingnd compromise where it took a long time before it was forged out. of course you always find pundits who will tell you this is not enough, who will tell you that for example the capital buffers of banks should be higher. but also i think we should not forget that this compromise was forged out by supervisors and central banks of 28 different jurisdictions. you know the eurozone, america, , china, countries like singapore, turkey, switzerland. i think it is remarkable that they ended up finding a

mario draghi: the strong cyclical momentum in the significant reduction of economics gives grounds for greater confidence that inflation will converge towards our inflation aim. yellen: i want to see it move up to 2%. most of my colleagues and i do believe it is being held down by transitory factors, but there is work undone there. draghi: an ample degree of monetary stimulus therefore remains necessary for underlying inflation pressures to continue to build up and support headline inflation developments over the medium-term. jonathan: joining me today from j.p. morgan asset management is bob michael, the global head of fixed income. lisa coleman, the firm's global head of investment grade corporate credit. great to have you with us on the program. it is your turn to grill me. bob: don't you worry about that. jonathan: let's talk about goldilocks growth next year. we have experienced this for so long. high-growth, low inflation, and central banks staying in the game, and it is positive for risk. does that change next year? bob: what is not to like about it? i love the central banks thi

mario draghi: the strong cyclical momentum in the significant reduction of economics gives grounds for greater confidence that inflation will converge towards our inflation aim. yellen: i want to see it move up to 2%. most of my colleagues and i do believe it is being held down by transitory factors, but there is work undone there. draghi: an ample degree of monetary stimulus therefore remains necessary for underlying inflation pressures to continue to build up and support headline inflation developments over the medium-term. jonathan: joining me today from j.p. morgan asset management is bob michael, the global head of fixed income. lisa coleman, the firm's global head of investment grade corporate credit. great to have you with us on the program. it is your turn to grill me. bob: don't you worry about that. jonathan: let's talk about goldilocks growth next year. we have experienced this for so long. high-growth, low inflation, and central banks staying in the game, and it is positive for risk. does that change the year? -- next year? bob: what is not to like about it? i love the cent

mario draghi: the strong cyclical momentum in the significant reduction of economics gives grounds for greater confidence that inflation will converge towards our inflation aim. yellen: i want to see it move up to 2%. most of my colleagues and i do believe it is being held down by transitory factors, but there is work undone there. draghi: an ample degree of monetary stimulus therefore remains necessary for underlying inflation pressures to continue to build up and support headline inflation developments over the medium-term. jonathan: joining me today from j.p. morgan asset management is bob michael, the global head of fixed income. and lisa coleman, the firm's global head of investment grade corporate credit. great to have you with us on the program. it is your turn to grill me. bob: don't you worry about that. jonathan: let's talk about goldilocks growth next year. we have experienced this for so long. high-growth, low inflation, and central banks staying in the game, and it is positive for risk. does that change next year? bob: what is not to like about it? i love the central banks

draghi has signaled that he will have to wrap up his loose monetary policy at some point in minutes of men said that he seems every tool available to him to drive growth has it worked well yes it has worked i mean all this this project about sticking with his interest rates at the zero percent level and also this borne purchasing program this was all started during the financial crisis that we have seen about seven or eight years ago and guess that has worked also when you look at the blue chip index stocks this year shares in the blue chip index stocks went up in total by about thirteen percent but in total investors are saying that the economy is healthy enough so those programs are not anymore need it. at the frankfurt stock exchange for us thank you. the austrian ally nicky is insolvent and flights will cease today as the subsidiary of the bankrupt german carrying linen it was set to be sold off to live tonnes a bit the german airline has withdrawn its speed off the e.u. competition authorities cited cartel concerns around one thousand employees are expected to news that jobs an

draghi increase rates to mash an ongoing recovery in the euro zone . europe's biggest economy germany is set to grow around two and a half percent next year according to leading economists the euro area as a whole is also up but that's just not enough you know druggy he is once again defying critics once again he's holding rates low and continuing the asset purchasing program that's because well druggy credits the e.c.b. with keeping the eurozone on the right economic course there's still plenty of work to be done. our monetary policy decisions have preserved the very favorable for the shoes that are still needed for steam to return of inflation rates towards levels that are below but close to two percent. the incoming information including our stuff projections or new stuff projections indicates a strong greece of economic expansion and a significant improvement in the growth outlook. as inflation continues to tick high up the pressure is mounting on the e.c.b. president to raise rates next time around russian president vladimir putin as how does addi

chief mario draghi calls it a major milestone until now banks in the e.u. were allowed to assess themselves on how much capital reserves they needed to survive a crisis the central banks only performed stress tests now it will be up to central banks to determine the necessary buffer most of the rules come into effect from twenty twenty two. but it was not an easy task to get an agreement we spoke to our financial correspondent in frankfurt and asked how difficult it was for regulators to find common ground and the new banking rules. well of course this is a compromise and long lasting comp a compromise where took a long time until it was really forged out of course you always find pundits who will tell you this is not enough who will tell you that for example the capital of buffers of banks should be higher but also i think we shouldn't forget that this compromise was forged out by supervisors and central banks of twenty eight different jurisdictions you know the eurozone america china countries like singapore turkey switzerland i think it's remarkable that

news conference mario draghi in frankfurt. and the news conference kicking off at 7:45 a.m. eastern time. this is bloomberg. ♪ emily: in today's "out of this world." astronauts usually have to wait to see movies in theaters on earth. disney has arranged a screening of star wars: the last jedi aboard the space station as it premieres in theaters. jan pool is now the fifth chinese financial tech company to go public in new york this year, having debuted this month. james was an early investor in he online financial platform and was one of google's first employees in china. rowena spoke with me in shanghai and started asking about this trend of chinese in tech companies listing abroad. >> the marketing in china will be bigger than even in the marketing in the u.s. you see the first batch of the companies going ipo in the new york stock exchange. there are other companies that are being listed in hong kong, substantial market cap companies. and you will see potentially even more next year. emily: how concerned should investors be about the risk? a micro-lender just listed a fe

--o not see where they can we may get more of an upbeat view from mario draghi on the state of the eurozone economy. i do not think he will feel the need to say much about the euro, particularly if it is not trading above 120. you are right, we will look towards getting into 2018 and see where inflation is and whether they can begin the next excruciatingly long runway towards the next iteration of policy which is to drop the qe altogether. vonnie: i have to give this a plug. >> like a book launch. vonnie: the u.s. dollar is soaring, are we ignoring? let's look at this chart. 3293, which shows the yield spreads. look out flat everything is. can the dollar continued to strengthen? how is the correlation going to play out? >> the title -- are we ignoring? we have a view that the dollar will not do anything next year. the fed is baked in any tax reform is baked in. in september, we had a decent rally and it got is nervous and sometimes we challenge our own view. we decided was -- at the core of the view was the for a benign dollar, you need benign way growth, the was employment report, that ben