global news 24 hours a day on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. between the trade truce the u.s. and china announced during this weekend's g20 giving huawei a little bit of a reprieve, but it is seen as only temporary. joining us is ian king, technology and network reporter. we saw a rally of stocks not only in the u.s. but some of the asian suppliers as well. what do we know about the deal or what we call a deal right now with regards to how businesses will be able to do business with huawei? ian: that is a good question. we have a tweet, explanation, and a little bit more of an explanation. any we don't have is concrete policy or guidelines. at the moment, u.s. companies that want to do business with huawei have to go to the commerce department and say, can we send them this? is this ok. really, nothing has on the ground changed right now. huawei is still cut off and we still have this situation whereby there are still some exports coming onto huawei through this so-called loo

tictoc is reporting that the cannabis industry is less diverse than finance. only two female ceos among the tradedmost publicly companies. less female representation than the top 20 banks. you can follow all the stories on your terminal, on bloomberg.com, and at tictoc on twitter. bustedttle brewing ovary goldman sachs bond deal. proceeds were channeled to a cluster of airlines connected to and head airways. now, a group of creditors have reverted to hiring private detectives. ourmore, we welcome bloomberg finance reporter. give us a sense of what the issue at stake is here. >> the main issue is that people but something that is now trading at $.40 on the dollar. they need to figure out how they can maximize a recovery, maximize something that has cratered in value. ,hat they have resorted to conventional, perhaps aggressive, hiring a private intelligence firm not only to look at the borrowers but also have them raise that money. that is why the story seems so interesting to us. was ane: this award-winning deal because it was so creative. >> let's look at what

global news 24 hours a day on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. ♪ caroline: oil had its worst reaction to an opec meeting in more than four years. prices sliding just after the intel --let's bring bloomberg economist. is it almost as if saudi arabia's restraint is signaling things will get worse than anyone expected. >> they were a couple of factors behind the reaction. one was short-term, how badly mean -- how badly managed the meeting was. caroline: opec, never. >> particularly this time given that the main decision had been made at the weekend g20 meeting anyway. the very fact that you have opec plus where you have all these countries involved, if you think about the way opec is set up, it is really set up for a world in which demand only ever goes up. when prices drop, investment drops, and it takes a long time for rival supply to come back on. none of those things really hold true anymore. shale comes back quickly in regard to prices. demand is less certain than it used t

global news 24 hours a day, on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. it appears that u.s. investors are taking a cautious approach. su keenan joins me with the latest. exacerbated by the fact that we are coming off of a holiday weekend. su: we have the second day of the s&p falling. waiting to hear from fed chair powell. let's take a look at the market snapshot. the dollar is slightly higher. financial, one of the areas where we saw financial selloff. it has a lot to do with rate cut story. look at futures, barely flat going into the tuesday session. we mentioned the big german chemical company. that affected the chemical company and it is in the bull's-eye of the u.s. trade conflict with china and the levees there. the fifth analyst has put a reading up. we have not seen that the 1990's. it is surprising. concern about the chip industry. gainers and it has a lot to do with the ability to work around the hallway restrictions -- huawei restrictions. sustain boost could not the negative sentiment an

you can watch on bloomberg tv, on bloomberg.com, on tictoc on twitter. there are a number of ways to watch this. those watching from home really get the best view of the fireworks. it is an incredible, spectacular event, as it says in the name. guy: just give me a sense of who we are going to be hearing from. obviously, a huge concert taking place here. in terms of -- just walk me through the running order. matt: well, i'm not sure of the exact order of appearance, but i can tell you the biggest name we have is queen latifah. i think she did her first album in 1992. she was a rapper back then. then she got really famous when she did the musical film "chicago." ands won a number of awards been nominated even for an oscar , so queen latifah is a huge deal. she's going to be playing here. then you have the texas tenors. they've sold a ton of albums. it's a really interesting trio because you've got a pop musician a classical musician with an opera singer. plus, we've got some buddy from "america's got talent." you've got these kind of variety shows in the u

global news 24 hours a day, on-air, and @tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. on-air, and @tictoc on twitter, live from bloomberg world headquarters in new york, i'm vonnie quinn. >> live in toronto, i'm amber kanwar. welcome to bloomberg markets. here are the top stories that we are following from around the the u.s. department of justice has approved t-mobile's acquisition of sprint. it is a deal that will reshape the wireless industry. an earnings report worth tweeting about. twitter reports sales that beat estimates as it attracts millions of new users. and cannabis controversy. the board for the canadian canada -- cannabis company forces out its chairman over is scandal over a regulatory breach. we will get to the stores and more but let's check in on the market action. we look set to end the trading week in positive territory, specifically with the nasdaq powering the gains. if the s&p closes of the day at these levels, it will be record highs. as you can see from the performance on the

global news 24 hours a day, on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i kailey leinz. this is bloomberg. taylor? taylor: thanks, kailey. coming up, a semiconductor company plans to continue to expand into china. we will hear from the ceo this hour. this is bloomberg. ♪ taylor: live from new york, i'm taylor riggs. guy: from london, i am guy johnson. this is "bloomberg markets." here with the details is emma chandra. equities, trade tensions really weighing on the u.s. indices after the president tweeted a number of times this morning citing what he called the problems with china. that said things off to a bit of a bad start in the u.s., also weighing a little bit over here in europe. we are in the middle of corporate earnings season in the u.s. second busiest day for corporate earnings. mixed bag on both sides of the atlantic. here in london we are watching the pound falling for a fourth straight day, .8%, following a 1.3% drop yesterday. it is breached the key level of support. chart showing sterling versus a bask

global news, 24 hours a day, on air and at @tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i'm viviana hurtado. this is bloomberg. >> thank you very much. in london, boris johnson subject that cabinet holds its first saysng, the prime minister the u.k. will gather every day to make sure that the country -- that the brexit cabinet will gather every day to make sure the u.k. leaves the eu october 31, but as investors debate the potential fallout once the deadline arrives in less than a hundred days, something of the divide is forming. dani burger has been taking a look. >> it is definitely the part where we are seeing the pain, with stocks acting like they are living on a different planet, and usually when we see the pound decline we see the larger stocks do better, because exporters like that weaker currency -- that's not what we are seeing. instead we are seeing the ftse 100 decline while more domestically oriented are isperforming, so that falling well the domestically oriented index outperforms that. i know chris really told you th

global news 24 hours a day, on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. matt: let's get to the exclusive interview, technology consulting company capgemini reported first the first profit, earning cents the paris-based firm says it will acquire all trans technologies in a $3.6 billion -- euro deal. joining us is their ceo, paul hermelin. what would you say in terms of growth was the biggest driver for the reporting period? donie: -- >> we exceptionally well in the u.k. and in france. we had steady growth in the , 6%ter, 5% organically including acquisition. noticed is the progression of all operating our margin by 50 basis points which allowed us to increase by 22%. matt: what are the expectations you have as far as brexit? we are going into talks or refusal to talk, the uncertainty is high as jose luis jimenez has told us. how has the outlook for you in terms of brexit or u.k. business? doas a company we do not u.k. versus eu and trade, so the production of software in the so we willed locally not b

global news 24 hours a day, on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. opec will extend production cuts into 2020 and attempt to boil oil prices is global demand falters, after theings ministers confirmed agreement for a nine-month extension with the saudi energy minister says support came from all members. >> the commitment to a nine-month extension is unequivocal, very solid, very strong. but ily are we committed have heard individual commitments to conformity from all countries. , our opecanne-marie reporter spoke to the iranian oil ministry. discussion weg in ad on putting resolution that clearly shows and declares this framework, this charter has no impact on based on its statute and mechanism which has a decision, it was very important for us. another thing was some countries , we believe needs to receive a commission from their government and we mentioned it as a resolution. and we agreed that the presidency and presidency of this new charter should rotate annually between the member countrie

global news, 24 hours a day on air, on tictoc, and on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. francine? francine: thank you so much. let's kick off with the fed and investor expectations. jay powell begins at of testimony to congress later today. he will face a barrage of questions, but only one matters to the markets. is ready to push the fomc towards its first interest rate cut since 2008. joining us is the unicredit group chief economist. thank you for joining us. does the fed have any choice but to cut? >> no. [laughter] francine: so they will cut because the market says? >> yes, but it is because they have indicated it. you could say that the market has a driven it, but they have been leaning in that direction and have not taken it back. now, it is too late. --ncine: if you litter listen to richard clarida, he was saying it was much more tempered and that the market cap -- priced in. fed going to worry they are facing a lack of independence not just from president trump but the markets? erik: it is always the pro

global news 24 hours a day on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. francine: markets gearing up for jay powell's testimony to the house and senate banking committee this week. many are wondering how he will react to the jobs reports. in bond market pricing nearly 50 basis points of comps over the next two meetings suggesting policymakers are relying on the wisdom. larry hathaway, great to have you on the program. what are you watching out for? larry: he has a tough job made more difficult by the friday employment report. he could have reinforced expectations that the fed would ease, maybe 50 basis points at the end of the month. the strength of the report, along with strength and air is a final demand and consumer spending in the u.s., puts him in a tricky position. he is only the chairman. he doesn't decide. he cannot presage what the committee will do. he will lay the case for why risk management is. -- is prudent. he will leave things open. he want to keep his options open. francine: if you look at the 6, 7 weeks we had

tictoc on twitter. francine: it has been an eventful 2019 so far. brexit getting delayed. draghi getting set to announce more easing. what should investors be looking out for in the rest of the year? our guest is with us for an exclusive conversation. we were talking about pe. a lot of chief executives are going ahead to their plans and maybe rationalizing more. what do you think will be the catalyst for the spending you are talking about? something needs to happen on the markets. i don't know whether it is a correction or the confidence to get back in. >> i think they are spending already. the biggest buyers of the assets have been -- if you look at skincare, it was a pe purchase. same with unilever. they are deploying there currency to work in partaking in all of these spinoffs, etc. we talking about what companies are right for managing things better and they're casting their eye over the entire landscape of potential. francine: where do you want to grow jpmorgan? viswas: for us, organically some whe

global news, 24 hours a day on air, on tictoc, and on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. francine: u.s. and chinese officials are set to resume trade talks. now, kudlow says that, for those discussions will happen over the phone. >> i don't know precisely whether, it will be on the phone this coming week, they will be scheduling face-to-face meetings. lots of communications. francine: and while there may be optimism over a trade deal, that has not stopped president trump from leveling more accusations of currency manipulation. he tweeted that beijing and brussels are manipulating currencies and pumping money into the systems. bloomberg economics chief asia economist joins us from hong kong. great to have you on the program. is china minted living the yuan -- the ulating the one yuan? >> if anything, the central bank is doing the opposite based on our model. the pboc has been setting the currency stronger than implied by market forces. according to the pboc statement, they said that should be fixing the rate based

global news, 24 hours a day on air, on tictoc, and on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. nejra? nejra: thank you so much. let's kick it off with trade and the latest on the world's largest economy. president trump has reiterated he could impose more tariffs, despite promising to hold off in a truce he reached last month. >> we have a long way to go, as far as tariffs are concerned. billion wether $325 can put tariffs on. we are talking to china about a deal, but i wish they did not break the deal that we had. nejra: joining us is an economist at ubs global wealth management entity the chief economist for bloomberg economics. welcome both, great to have you. let me ask you first about these latest comments aired suppose he is stating the obvious. how much of a threat is it? tom: what we have think about on trade, and in particular the u.s., is the looming presidential election. away, but020 is a way the campaign drums are already beating. tough on china is a vote-winning message. so when we hear president trump sp

global news 24 hours a day, on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. shery: netflix tumbled after hours, some has losses in u.s. users and a slower subscriber growth abroad. so what caused of the bigness? miss? big a recent price increase? karen spencer newman. -- here is spencer newman. . >> we saw where we increase prices, we saw some elevated turn rates and lower retention. so it was a combination of those things. the primary story was around seasonality and timing and the nature of our content slate, but pricing played a factor. shery: now are entertainment reporter lucas shaw joins us. it seems like those price increases did not sit well with customers. lucas: netflix has for many years now been a growth stock, something investors believe in because it will keep adding customers at a record rate. they have set records for the company in terms of new subscribers added many years in a row. and what they will have to decide in this case, is is this a one quarter slow down, order signs of a trend

global news 24 hours a day, on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. hows.ivia this is bloomberg. anna: thank you for that. coming up, europe's japanification. we will discuss that next. this is bloomberg. ♪ olivia: welcome to "bloomberg markets." deutsche bank ceo christian sewing is putting the final touches on a turnaround plan. among the moves being considered, another management shakeup and a new unit to house unwanted assets. bloomberg has learned the u.s. justice department is on the verge of approving t-mobile's merger with sprint. the key, asset sales to dish network. the justice department once enough concessions so that issue can become a fourth competitor in the wireless market. william hill has been hurt by a law that limits bets on roulette's and poker machines aimed at cutting gambling addiction. that is your bloomberg business flash. anna: thank you. over the past few days, countries from belgium to austria have seen their 10 year yields drop below zero for the first time. by one measure, japanific

global news 24 hours a day, on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i'm su keenan. this is bloomberg. asiand: our chief correspondent is here for the summit. what is on the way? we were going to continue to talk about the trade truce between donald trump and xi jinping, perhaps this de-escalation of tensions will solidify the situation in both of those countries. we will talk about that further coming up in our coverage. this is bloomberg. ♪ the hour.op of it is our time to get over to seoul. next guest.th our take it away. yvonne: we are talking about what happened yesterday at the dmz, that historic handshake. president trump also stepping over to the north korean side, the first sitting president to do so. it was quite a scene. is dr. troy. -- >> this is beginning another round of negotiations. the situation getting havingnd worse -- after the third meeting, i think that we are going back to the post singapore summit last year. they are going to talk about nuclear talks, but they are still unpredictable. we ne

global news 24 hours a day, on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. rishaad: the politicians trying to control central bank is looking more like a global phenomenon. slumped.sh lira global economics and policy editor kathleen hays is watching the development. let's start here. there are economic policies that have been promulgated. was the other reason because he did not follow them? kathleen: this has been going on for some time, trying to commence everyone that higher ands because inflation rates were raised in turkey last year. how yould say that is bring inflation back down. he fired the chief for not cutting interest rate. he replaced him with a deputy thatnor, a deputy banker has been there since 2016. what is strange is that number one, his term was going to end next year anyway and they are expected to cut the key rate on july 25. this might make it harder to do so. let's remind everybody. you can see the white line with inflation. up to about 25%. the key rate was rapidly moved withyear to 24%, but now inf

tictoc on twitter is reporting that a survey found 30% of u.s. hitnts -- u.s. student debt 1.6 trillion in the first quarter of 2019. parents say they will not limit their child's school choices payment. romaine: the earnings for beyond meat are out and the company is raising its forecast for full-year revenue. it had previously seen a range of about 210. 2q numbers also coming in slightly above average. we are bringing in bloomberg analyst jennifer from princeton. the numbers seem pretty decent but the expectations that have been built into the share price, they were so high we could expect some kind of negative reaction, right? jennifer: when you look at what the results came out with, obviously they did well with revenue. the question of whether they will have positive -- the fact that they will have positive, that is good news. whether it can be sustained going forward. caroline: talk to us about where you want to hear growth being talked up. in particular, plenty of partnerships being announced, most lately with blue apron and the like. what do you want to

global news 24 hours a day on air and on tictoc on twitter. journalists and analysts in 120 countries, this is bloomberg. >> china's top hong kong policy office will give its first response to two months of unrest in the city. we saw clashes between riot police and protesters in multiple locations. rishaad: our senior reporter is on the ground. containy struggling to the unpredictable tactics. we saw the scenes turn east in part of hong kong island, that is a new one, isn't it? david: they are unpredictable and we don't know where the next break will occur. that startedally in central hong kong, some of it ended up in the causeway about two kilometers at the liaison office of the chinese government. once again, for the second week in a row tear gas was used to disperse the crowd. there was a lot of tear gas. we could still feel it on our skin and in our eyes as we are down here filming. this is the main police office in the western part of hong kong. you could say these huge -- see these huge barricades that you cannot get beyond. the police e

you can follow all of these stories on your terminal, at bloomberg.com, and that tictoc on twitter. joe: wild things happening in the global bond market. investors rushing in to buy italian debt. into corporate europe. subzero on euros. century bonds coming from various emerging markets. japonicaiscuss, brian is the lesson that zero is another number? seems to bertainly that way. the real crazy stuff is starting to happen in europe and that is because the ecb hasn't really been able to normalize. that has to weigh on the mind of the federal reserve going forward. it is sort of a question of, are we willing to go back to the zero bound so quickly? zero is just sort of a number you go above and below. taylor: were talking about some of the structural issue with the long end of the curve. , i come to my terminal wonder how much is driving negative debt are structural issues, or is it really a flight to quality and people are nervous about something that we are not seeing? the flight to quality argument loses its appeal when you see junk rated corporate funds in europe -- corporate bond

global news 24 hours a day, on air and on tictoc on twitter. powered by more than 2700 journalists and analysts. this is bloomberg. ♪ nejra: thank you. it has been an eventful evening for u.k. politics. mp's voted in favor of a plan prevent it -- designed to prevent the next prime minister from voting for a note due brexit. the amendment passed by one vote. the issue led to a class on live tv between the two men vying for the party leadership on whether they would be willing to shut down parliament to deliver brexit. >> i'm not going to take anything off the table anymore than i would take no deal. >> it would be a rather curious thing to do if this is about taking back control for parliament to shut it down. >> we prepare for no deal. we come out on october 31. >> i'm as keen as boris and as you to leave by october 31. >> i think that a badly handled no deal brexit could be costly. >> what you are telling businesses is that they don't need to prepare for no deal. that is very dangerous. >> i don't think we are going to end up by any means wi

global news, 24 hours a day, on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i am debra mao. this is bloomberg. nejra. nejra: debra mao in hong kong, thank you so much. phillips maintained its overall margin views.nd the groups comparable sales rose 6.1%, comfortably beating estimates. the group considers acquisitions to help bolster a push into medical monitoring devices. ceo said the ongoing tensions between the u.s. and china are expected to cost the country 45 million euros in profit this year. ,oining us from amsterdam the ceo. welcome to the show. thank you for joining us. would we get an up date first on and you are setting aside what you are expecting from the trade tariffs for 2019? whatou able to offset you're expecting to take in terms of a hit to profits so far? >> yes. we think we can. let me give you the bigger picture. we have strong traction in the market with 6% revenue growth and an even stronger order growth at 8%. that means customers really like our innovations. this momentum in growth helps the bottom

global news, 24 hours a day, on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i am ritika gupta. this is bloomberg. shery: thank you. big bank earnings season is kicking off with citigroup eating estimates, reporting profit and revenue gains despite a 5% loss in trading revenue. citi finished slightly lower on the day. let's look at the numbers. there was a bit of a mixed picture for citi. if you take away the one-time gains, not so great. a mixed bag is what the markets were trying to grapple with today. they went up and then ended back a little bit down flat-ish. and the downbeat tone from trading has set the tone for this week. able to capitalize on the changing interest rate expectations across the broader market from what they flag. investor sentiment was poor. stickors were trying to on the sidelines because everyone is cautious about the trade war and the rate environment. people were not active in markets this quarter. shery: lots of challenges for banks. let's talk about the positives. the consumer division was a st

global news, 24 hours a day, on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. shery: thank you. the trump administration is wrapping up the pressure on the e.u., proposing to slap tariffs on billions of dollars of additional products. greg sullivan joins us now from d.c. i thought the u.s. has been negotiating an fta with the e.u. what is prompting this latest announcement? greg: the trump administration is ratcheting up pressure on the e.u. over subsidies to their manufacture. the u.s. trade representative's office today released a statement saying they are seeking comments for proposed new tariffs on nearly 4 billion in e.u. goods. we remember the trump administration did something similar back in april, calling the a proposal of $11 billion in tariffs. the e.u. and the u.s. have a history of fighting over their aircraft manufacturers may have been locked in this 14 year disagreement -- manufacturers. they have been locked in this 14 year disagreement. this seems to be the latest twist and turn in this.

global news 24 hours a day, on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i'm olivia hows. this is bloomberg. guy: thank you very much indeed. let's talk markets. let's get ahead of some of the data we are watching from the united states tomorrow. the chief investment officer of cross bridge capital and the director of european economics at citigroup global markets are joining us now. gentlemen, good afternoon. it's been a busy week. we have seen huge moves in the bond markets. btp's generating some huge returns to the upside. some incredible development's. christian, what do you make of the price action? what does it tell me about the developments we see in economics, particularly for the euro zone? christian: it tells us a lot about what the base case of investors was going into this week. that we wouldar deficitexcessive procedure against the italian government, more arguments between various leaders about how the new eu commission president is going to be. what we got at the end is a relatively quick solution to thos

. >> global news 24 hours a day, on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. paul: the u.s. and china are set to resume trade talks later on tuesday in shanghai but neither side is showing any real desire to compromise. last friday, president trump seem to indicate that a deal would be some way off. >> i think that china will , let'sy say let's wait thatf one of these people give the united states away, let's see if one of them can possibly get. i will tell you what, when i win , like almost immediately, they will all sign deals. angelest's head to los where sarah mcgregor is watching all of this. what can we expect from these talks? we will don't think expect a lot of substance from these talks. we certainly don't expect a deal to come out of it. this point, just to go back a little bit, the talks collapsed in may, and there has been no face-to-face talks. this will be the first time the real top negotiators have sat down and had a chance to try to solid way forward. the u.s. wants to start were thin

tictoc on twitter is reporting that fruit juice might be response before a cancer risk. researchers analyzed 97 beverages and showed that the role, affect may play a as well as additives found in sodas and pesticides. tea andnsweetened coffee showed no heightened risk. you can follow stories under terminal on bloomberg.com and on twitter. taylor:taylor: let's turn to the banks. picking up the week, citibank will be kicking off the earnings on monday followed by j.p. morgan and wells fargo and bank of america on wednesday. morgan stanley's head of banks and diversified finance research says increased economic activity driven by fed rate cuts a not be enough to help u.s. banks. >> if we were earlier in the cycle, may be i would be able to bring down my expectations for provisions a little bit more. we are 10 years in. there is less room for me to cut provisions this late into the cycle. because companies have increased their leverage. consumers have increased their leverage. at some point, we will get a psycho. joining us -- a cycle. i think what stuck out in the first qua

global news 24 hours a day, on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. indian bonds extended their rally as the government announced it will issue that overseas but no more details -- debt overseas but no more details announced. stay with us is yacov arnopolin from pimco. this is an intent but if this were to be carried through and they have dollar bonds, how much would that be a game changer for india? yacov: so far they do not have dollars, the equity benchmark are heavily india oriented. india has capital control. this would be a new development and investors would welcome another country to invest in. arehe same time, people watching the budget with the anticipation of 3.4% deficit and concern about slipping. that has been offset by the polarization of the central bank of india which has been cutting significantly 75 basis points this year. you could almost say the monetary is taking over from fiscal and doing the heavy lifting to stimulate the economy . we are postelection and maybe less of a p

global news 24 hours a day on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. bloomberg. nejra: thank you. hong kong's chief executive carrie lam has condemned violent demonstrations after protesters broke into the legislative council yesterday. this comes after hundreds of riot police fired tear gas to disperse the crowd. joining us for more is bloomberg's david tweed. some extraordinary pictures there that were played alongside you. update us on the latest today after what we saw yesterday. been a day of clean up after last night. last night around 9:00, the whole thing got out of hand. a strange thing happened because the hong kong police sort of withdrew and allowed the lons offrs to rip the py the side of the street and turn them into weapons, and use them as ramrod's to breakthrough these windows so they could get access to the legislative council where they went inside and trashed the place. the question, why weren't there police behind these windows? they just watched the protesters slamming these things into the windows.

global news, 24 hours a day on air, on tictoc, and on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. back to you in zurich. francine: thank you so much. we will get back to hurt shortly. stepped up his attacks on the federal reserve. jay powell is prepared to announce his decision later, where he is expected to lower borrowing costs by a quarter point. moves too early and too severely and puts me at a disadvantage. fortunately, i made the economy so strong that nothing is going to stop us, that the fed could have made it a lot easier. i would like to see large cuts and the quantitative tightening stop. francine: will there be any surprises from the decision at the press conference later today? joining us is the head of g10 fx strategy at merrill lynch. great to have you on said day. our weeks -- on fed day. this is already priced into the markets, what does jay powell need to do to surprise the markets? >> it is difficult to surprise the markets given the strong expectation that these basis point cuts are already priced in.

global news 24 hours a day on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. leinz, this is bloomberg. you very much. the ongoing saga around the troubled south african utility continues. will be thed -- company ceo. a huge task. what canman who has only be described as a massive number of hats. hat is's got under the under the question. he has to figure out how this utility is putback on a sustainable path and how that is done without putting the situation in south africa into a much more precarious position. this story becomes more difficult, that will put the whole system in a really difficult situation. mabuza, what does he have under his hat? president trump is participating in a signing ceremony foreign act to only authorize the september 11 victims compensation fund. the president making some remarks signing the 9/11 victims compensation fund bill which will authorize it permanently in place. bloomberg subscribers can continue watching on live go. this is bloomberg. ♪ ♪ guy: from london, i'm guy johnson. vonnie:

global news 24 hours a day, on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i'm viviana hurtado. this is bloomberg. david: thanks so much. coming up here, searching for the next big deal. the biggest names in media and tech are gathered at a conference in sun valley. more on that next. this is bloomberg. ♪ ♪ viviana: this is "bloomberg daybreak." coming up later on "bloomberg anderson, bail r,fford portfolio manage live from sun valley. debt trading -- an era that began in nazi germany ends today in mexico. the final volkswagen beetle rolling off the assembly line. in the 1930's, an engineer was hired to fulfill it off hitler's -- to fulfill adolf prospect for a people's car. it's been made only in mexico since 1968. hip-hop mogul jay-z getting into the marijuana business. he signed on to be chief brand strategist for california pot ampany, saying he will play crucial role driving creative direction, outreach, and strategy. that is your bloomberg business flash. so i'm not sure if i took it seriously, but jay-z is a re

global news, 24 hours a day and on tictoc and on twitter. powered by 2700 journalists and analysts in over 120 countries. francine? francine: thank you. let's kick off with the latest from westminster. this afternoon, boris johnson will formally take office. thirds ofth two conservative members, the former foreign secretary faces the job of bringing his party together. he has restated his pledge to 31 european union on october and said there won't be an early general election. we will go live to downing street, but first, let's see boris johnson in action bringing -- beginning with his forest -- foreign secretary resignation speech. >> it is not that we have failed to make the case for a free trade agreement. we have not even tried. with the junk forth backstop. do not rule out no deal. after three years and two missed deadlines, we must leave the eu on october the 31st. i am of the right man to unleash on that project. it is vital as a country that we get ready to come out without an agreement, if we must. >> any further is simply going to

global news, 24 hours a day, on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i am lytic a group that. i i am rich the group to -- am ritika gupta. this is bloomberg. shery: tech was a big theme during the regular session as well as after hours. su keenan joins us with the latest. chipmakers were the big winners. in the arm from the upgrade and recommendation from goldman. we are seeing a lot of the big earnings and that will give us a ism idea of how this impacting these companies and gives direction to the markets. let's take a look at the snapshot. you will see the stocks index up almost 2%, an indication of core strength in the market. let's go into the bloomberg. this gtv chart, where you can find our library of charts, says chips are fairly valued. evaluation is nearing a five-year high. goldman believes the inventory levels, improvements in those, have come much more quickly than expected. let's go to some of the big movers. it upgraded a number of companies on early signs of stabilization. research pacing the gains w

global news, 24 hours a day, on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. i'm su keenan. this is bloomberg. paul: thanks very much. the united states and china do head back to the tray tail will this week -- traded table for the first time in three months. there is little expectation on either side about a breakthrough. looming over the talks and shanghai, a new geopolitical issues and no sign that beijing or washington will budge on key demands. let's cross to beijing and our china correspondent, tom mackenzie. sounds like tuesday's talks could be a little fraud. tom: absolutely. both sides have been jockeying ahead of these two days of talks. we are expecting officials to be en route from some point on monday, arriving and starting the stock -- the talks in shanghai on tuesday. running through until wednesday. jockeying and positioning from the chinese and u.s. is ahead of the stocks. on the chinese side, they have made moves to encourage their companies to start and look at buying agricultural products, soybeans from the u

global news 24 hours a day on air and on @tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i am su keenan. is bloomberg's bloomberg. shery: reuters reporting that u.s. firms could be restarting sales to huawei into-four weeks --- we did see tensions at the g20 sank with -- with president trump saying he could see relief for a while way. -- huawei. they were added to a blacklist in may and there hadn't been any efforts to loosen the strings on huawei. now we're hearing from reuters could bee sales restarted and as fast as two weeks. that's according to a senior u.s. official. in the meantime, we will get a feel for china's trade war wounds. we will have gdp, industrial production and retail sales data released. our china correspondent selina wang is watching this. what are we expecting? >> we are watching this very closely. it will give investors a better idea of how to parse out the slowdown domestically in the eternal -- external shock from the trade war. froma? moderator 2.62% 2.64%. at this bloomberg terminal chart, you will see the s

global news, 24 hours a day, on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i am ritika gupta. this is bloomberg. shery: jay powell is likely to face questions on everything from stubbornly low inflation to trump'constant attacks. s he testified to congress on wednesday and thursday. will he indicate a rate cut at the end of the month? kathleen hays is here with a preview. so the markets ready for a cut. is mr. powell? kathleen: that is the question. we hope that will be answered when he prepares his testimony. the monetary policy report put out twice a year by the federal reserve to present to the house financial services committee on wednesday. the senate banking committee on thursday. after the june meeting, we saw the market committee was evenly split between those who were ready to cut rates in the second half of 2019 one. twice, and just as many said we want a halt -- to hold rates steady. jump into the bloomberg with me. payrolls have contributed to this sense of uncertainty. if we look at the far right-hand side, s

global news, 24 hours a day, on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i am jessica summers. this is bloomberg. shery: thank you. the earnings parade was a big driver in the rate of u.s. trading as well as after hours. corporate reports continued to be mixed and volatility range. su keenan -- reign. seeking them. su: we saw all of the sectors lowered. the dow lowest in two weeks. let's take a look at the big movers. it was an earnings dominated day. tesla down after its big mix after hours yesterday. boeing falling the most since may. southwest said it would remove the 737 max from its lineup. american saying that would let the age around on contacts and earnings. you have facebook continuing to be weighed down by means of an antitrust review. let's take a look at the bloomberg. volatility was the underlying factor here. call volume has surged. in the last two days, we have seen this happen. one trader in the wednesday session could not have time bit better according to bloomberg research. he had a 1.7 million one-day

global news, 24 hours a day, on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. nejra. nejra: annabelle droulers in hong kong, thank you so much. turkey stuns again. the rally in the lira comes to a halt as the president remains a central bank governor weeks before policy decision. this is bloomberg. ♪ nejra: this is "bloomberg daybreak: europe." i am nejra cehic in london. manus: i am manus cranny dubai. let's give you a quick snapshot of how your markets are moving. the msci asian index just trending a little bit lower. some of it data from china is looking softer. morgan stanley going under on global stocks. the lira getting battered as the central bank governor was dispensed with. what does that mean for rate cuts? dollar korean won is a little bit on the move. a three-weekp into low. trade tensions rising. japan and korea. there was a survey in japan about pushing a little bit of pushback against korean exports into japan. nejra. the indian rupee slapping a 10 day winning streak so we are seeing a lit

global news 24 hours a day, on-air and tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. nejra: annabelle droulers in hong kong, thank you. sticking with hong kong, carrie lam said her bill that would allow extradition to china is dead. her announcement follows weeks of mass protests including the ransacking of the city's legislative council building. >> there are still lingering doubts about the government's whethery, or worries the government will restart the process in a legislative council. that there isre no such plan. the bill is dead. joining us now is bloomberg's hong kong bureau chief. freight have you with us. what -- great to have you with us. what does this mean? is she withdrawing the bill? >> not really. she is not withdrawing the bill. there is a technical difference. i'll not go into details but what she meant is a strong signal the government has sent on extradition. we have just heard, she won't wants to putrns -- concerns at ease and understands the bill has caused gloomy sentiment in hong kong and she is w

global news 24 hours a day, on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. paul: thanks very much. -- to ourto top story top story. president trump renewing complaints on china. he is complaining china has not -- a promise he said he secured in his g20 meeting with president xi. our senior trade editor and china correspondent are both watching this story. sara, let's start with you. wasn't this supposed to be a win for president trump? >> absolutely, the big take away trump took from his meeting with president xi jinping a couple weeks ago. china agreed once again to -- to increase agricultural good purchases. this is a politically sensitive area for trump area he is heading into reelection. he wants to make the farmers happy, is giving them aid. plummetedurchases after the trade dispute and that ruptured a key support base for trump. coming out of this meeting it was a big deal for trump to tout that. we heard from him today and his view china has not increased those purchases. we had data backing that

global news 24 hours a day, on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i'm courtney donohoe. this is bloomberg. guy j: thank you very much indeed. over to abigail doolittle. abigail: we are looking at gains for stocks in the u.s.. the s&p 500 hitting new all-time highs. the nasdaq up for the sixth day in a row. the stoxx 600 fairly broad, up about 8/10 of 1%. a little bit of weakness for emerging markets having to do with the asian session. 500 all-timep high, let's put it into the perspective of last year. we are basically flat come about at an all-time high back here in september of 2018, more recently in may, last week, and now a new series of all-time highs. buyers are very much in control. helping out the s&p 500, here are the top stocks on the day. on talks ofaring broadcom buying the firm. jeffries financial up 4.5%. they put up a solid quarter, and their trading business stronger than some of their peers. if we take a look at what is happening for bonds and risksities, interestingly and commodities up 1% as th

follow our global breaking news network, tictoc, on twitter. this is bloomberg. ♪ i don't know why i didn't get screened a long time ago. i kept putting it off... what was i thinking? ok, mr. jones... we're all done. i told you it was easy. with life line screening, getting screened for unknown health conditions is so quick, painless and affordable, you'll wonder why you hadn't done it before. so if you're over age 50, call now and schedule an appointment near you. for just $149- a savings of over 50%- you'll receive a package of five screenings that go beyond your doctor's annual check-up. ultrasound technology looks inside your arteries for plaque that builds up as you age and increases your risk of stroke and heart disease. after all, 4 out of 5 people who have a stroke, their first symptom is a stroke. so call today and start with a free health assessment to understand your best plan of action. so why didn't we do this earlier? life line screening. the power of prevention. call now to learn more. paul: welcome to daybreak australia. i'm p

global news 24 hours a day on air and at tictoc on twitter powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. paul: thanks very much. still to come, don't call facebook's libra a cryptocurrency. next we discussed the difference and the dangers. and a negative view on the dollar. we find out why. this is bloomberg. ♪ paul: we are counting down to the sydney open. we have futures pointing lower at the moment by about .2%. u.s. equitiessaw close reasonably far into the red on this major indexes. for more on the markets, let's bring in the cio of attraditional strategies investment firm with $350 billion in assets under management. i want to start with the bank earnings we have seen so far this week. fed easingree is the weighing on the profits for the banks? >> banks are having me and good morning. interestingly, the fed tightening is somewhat more -- the fed the banks tightening has been weighing on the banks and what investors have really been looking through is net interest margins which have been falling, but that is really a legacy o

global news 24 hours a day, on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i'm kailey leinz. this is bloomberg. vonnie: still ahead, apple looking to life after the iphone. for the first time in eight years, the company generated less than half of its quarterly earnings from its flagship product. we look at apple's results later this hour. this is bloomberg. ♪ ♪ , i'me: live from new york vonnie quinn. guy: from london, i'm guy johnson. here's the markets with emma chandra. in the green 500 for the first time in some three days. slightly larger for the nasdaq, still shrugging off the end of those u.s./china trade talks ended without any evidence of progress. corporate earnings driving the market a little bit more over on the u.s. ge and apple leading the gains. ended without any evidence of progress. corporate earnings also having an impact in europe. looking at the stoxx 600, also looking for a little bit of direction. we saw bank earnings at the like of bnp and credit suisse that did very well, and of khoi's lloyd a

global news 24 hours a day, on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. vonnie: thanks. still ahead, the iconic 1950's corvette sports car gets a 21st-century makeover. we are joined by general motors president mark reuss a little later. this is bloomberg. ♪ vonnie: live from new york, i am vonnie quinn. this is "bloomberg markets." abigail doolittle is with us. abigail: we are ending the trading week with an up day. the s&p 500 and the nasdaq modestly higher. in germany, the dax also higher. the shanghai composite was also higher. if we take a look at what is going on on a weekly basis, a little different story. investors cheering earnings reports. when we go into the bloomberg and see what is happening on a weekly basis, this is a year-to-date chart. we see on a weekly basis, the dax,l indexes in white the in yellow the s&p 500, in blue the shanghai composite, higher on the year, but now a down week for each of these averages. the second for both the dax and the shanghai composite. let's take a look at microsoft tr

global news 24 hours a day on air and on tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. wang, and this is bloomberg. rishaad: after two days of testimony to congress, fed chair jay powell's message is clear, the old laws governing inflation appear to have been broken with policymaker implications if they consider a rate cut as soon as this month. >> the neutral interest rate is lower than we thought. the natural rate of unemployment is lower than we thought. monetary policy has not been as accommodative as we had thought. rishaad: tha that is why unexpected ju in consumer prices -- that is why unexpected jump in consumer prices as investors wondering what is going on. kathleen hays has the inflation report and what it means for the fed. we are talking about this phillips curve. as an economic student many years ago, i thought the phillips curve had been thrown into the dustbin in the late 1970's. on top of that, it was replaced by than on accelerating rate of inflation, what gives? kathleen: because it never really went away. there wa

global news 24 hours a day on air and at tictoc on twitter powered by more than 2700 journalists and analysts in more than 120 countries. paul: thanks. let's get to our top story. as expected, the federal reserve made its first rate cut since didfinancial crisis, so why markets and the president reacts so badly? kathleen hays is here with what many see as a bit of a mixed message. kathleen: the fed delivered, basis pointat 25 cut, which is basically what markets had priced in. what markets are waiting for with more dovish signals from the fed chair and the fed policy statement, that this was the beginning of something bigger. jay powell at the press --ference characterize the it as insurance against downside risk materializing. on the other hand, he did not say it is one and done. let's listen. is not theaid was it beginning of a long series of rate cuts. i did not say it is just one or anything like that. what you think about rate cutting cycles, they go on for a long time, and the committee is not seeing that. kathleen: another thing people was the emphasis has clearly turned to gl