in equity funds to be given directly to the equity applicants. i welcome the opportunity to work on any resolution regarding this effort. according to the city controller's report, there are 133 applicants who will not ever be able to open a cannabis business in san francisco. and it appears that we are to be regulated as only workers in the industry. a few equity businesses that have been opened had wealthy investors and they're not in abundance. equity needs location reduce lease or at least five years in order to operate and get a business established. thank you. >> supervisor fewer: thank you very much. next speaker, please. >> good morning, supervisors, my name is reese. i am equity applicant. i'm the first woman in san francisco, or the second to own a potential cannabis, where we're supposed to be open in october. and we're not able to open because of a process a judge put an injunction on us. but that being said, i am a native of san francisco. this the city took my whole family. when i come here, i have no one with me because of that. wh

in equity funds to be given directly to the equity applicants. i welcome the opportunity to work on any resolution regarding this effort. according to the city controller's report, there are 133 applicants who will not ever be able to open a cannabis business in san francisco. and it appears that we are to be regulated as only workers in the industry. a few equity businesses that have been opened had wealthy investors and they're not in abundance. equity needs location reduce lease or at least five years in order to operate and get a business established. thank you. >> supervisor fewer: thank you very much. next speaker, please. >> good morning, supervisors, my name is reese. i am equity applicant. i'm the first woman in san francisco, or the second to own a potential cannabis, where we're supposed to be open in october. and we're not able to open because of a process a judge put an injunction on us. but that being said, i am a native of san francisco. this the city took my whole family. when i come here, i have no one with me because of that. wh

equity index , futures. they don't look nearly as -- they look better and in the drop they were not as bad. we could see a real rebound at this stage. the nasdaq, s&p and dow trading at the open. anna: in some senses we see a bit of a calmer picture then this time yesterday. we have markets in asia playing catch-up does they were closed yesterday. we see that in south korea and because theytch-up were closed yesterday. south korea and singapore. the japanese market is down half a percent. it is more than the selloff previously. and the time market is -- thailand market has will ability to the china slowdown, that market making gains -- vulnerability to the china slowdown, that market making gains. the death toll rise from coronavirus but the market taking a different lens. hong kong, taiwan and vietnam closed. we won't get china back until monday. hong kong will come back tomorrow. ,e have you on stability treasury -- chinese yuan stability and treasury stability. picture,t be the big more stability but we s

equities. seehe other hand, you do safe haven assets really rallying today. watch for continued moves higher in gold, in the yen, in treasuries, as well as we see the cash trade kick off in europe and the u.k. anna: let's have a look at where the equity markets opened. we are expecting to see losses. the futures were suggesting we would see a risk off move, a move away from equities and toward sovereign debt. that was a bit of a future of the asian session. we ended the asian session almost flat. japan is closed. we did see markets come off earlier highs, but it was not a wholesale selling. interesting it does not show up in the foreign-exchange portion. not suggesting the yen move was outside, but because we do not have japan in action this week, perhaps that is having an impact. we do see selling of the pound and the euro. let's open the markets, and we see moves to the downside. euro stoxx down by 0.5%. that was a big gainer in the early part of yesterday. we saw the french market flying on

it's inclusive racial and social equity project. phase two will deal with our external operations, so whether that's historic preservation, planning and review. and then, there's the ongoing work, which is implementing, integrating the lens into the work, monitoring, tracking, updating the plan every three years. the phase one has the following goals, dealing with hiring organizational culture and staff capacity, budgeting and resources, procurement and contracting, and a fifth goal pointing to kind of the phase two work. there are effective actions under each of these goals, and the way that we have captured the next steps and who is responsible for doing all of the captions is through an informational matrix. when we initially presented to you earlier this year, it wasn't fully developed. but here's a snapshot of kind of what we -- one of the items we plan to report every year to the office of racial equity and the board and the mayor? it has some key indicators or outcomes dashboard for each of the goals. and again, it will be a

equities relative to u.s. equities. this has been the case for most global developed markets across the world. they tend to trade closely with their currencies relative to the dollar. we need to see other central banks follow in the footsteps of the fed and appreciate their currency in order to see greater participation from other developed markets in the global equity landscape. alix: we have to leave it there. gina martin adams and vincent cignarella, thank you very much. sarah hunt is sticking with me. you like chicken feet and frog's legs? sarah: i like frog's legs. i will not see anything -- i will not say anything about chicken feet. .lix: check out gtv browse the features and charts. this is bloomberg. ♪ alix: goldman sachs out with their earnings. earnings coming in for the fourth quarter at $4.69. if we look at what we were expecting, it was six $.04. the estimate was $4.49. it looks like a solid miss from goldman on the earnings front. fixed trading and sales up 63% year on year. that came in at $1.77 b

is it a -- is it equities? we have been very constructive on u.s. equities. despite all the problems we have had last year. think technology stocks remain very attractive. the other asset class we are looking at is the high-yield space, the u.s. high-yield space in particular. that remains extremely attractive. everyone is hunting for yield in the low growth, low interest rate environment, fixed income and high-yield will be favored by investors. high-yielddoes the world look to you? ultimately, my view on high-yield is predicated on i presume non-recession in the united states. deepak: absolutely. the u.s. economy is chugging along extremely well. emerging markets look attractive because their balance sheets are healthy. anywhere you get good yield, low risk of reform. either u.s. high-yield or emerging-market sovereign and corporate, these are attractive spaces to be in. would you put protection in the portfolio? does gold look attractive to you? deepak: gold does look attractive to us for different reasons. gold. scared buying no one does that. gold is doi

let's move forward with legacy and equity and compassion reparations. thank you. >> my name is larry ferie. i'm getting locked up here. just reading the paper today, in this paper they have an article on the marijuana problem in the sense that they're going to raise the tax on marijuana again, higher, which makes it hard for shops and stuff to sell marijuana because there are less shops around and more people are going to buy illegal marijuana. they're going to kill themselves with things that have been stepped on, drugs that have been put into these illegal drugs, you know, are killing these people. it's not the marijuana clubs, which are certified, their dope is been tested. it's like ok, so most of the cities don't want marijuana clubs. but then that means permit'. -- >> it would be better for the health of the veterans and stuff. i'm taking marijuana right now and stuff because i have a lot of problems. i'm 78-years-old. i need this drug. we need a place where we can buy these drugs legally. that's why i'm here. thank you. >> supervisor peskin: next

basically mid or high sigel digit returns from equities -- high single digit returns from equities. but it is really tied to profit gains. where we see more valuation opportunity is in the emerging markets. but let's be careful. the emerging market indices are now heavily dominated by china. so very often when individual investors say, i want em exposure, make a careful decision about whether you want that exposure to china or whether he wanted to em x china. tom: all of this is driven by revenue. when you go up the income statement with the low interest rushing we have now, stocks and 2019 doing well and revenue growers and a general state, apple is an exception to that rule, we seem to be desperate to by revenue. we seem to be desperate to bite nominal gdp. does that and next year? abby: we also seem desperate to buy earnings growth, per se, and one thing i'm glad you point out the difference between is a good deal of the earnings growth for some companies has come about because of the reduction in the corporate tax rate. that is not what we want to pay a lot for. we do want to pa

equities into equity markets elsewhere in the world? patrick: definitely. we are 30% underweight u.s. equities. we are net short u.s. equities. they traded at 13.5 times in her prize value. that is very high. higher than it has ever been. go back to the tech bubble. it didn't get to the levels whereat today. japanese equities trading at a 8.5 times. -- we think those emergencies are way too wide. we are long japan, short u.s.. nejra: you said you expect the dollar to weaken against g4. do you expect it to weaken against emerging markets in 2020? patrick: i don't think it will weaken. things are staying flat in emerging markets. you get such a carry pick up because of the interest rate differentials. i don't think they will appreciate. nejra: are you buying chinese equities? patrick: we own consumer stocks that are performing well. alibaba and tencent. chinese consumption will continue. we think the growth compensates for that. nejra: i know you disagree that now is not the time -- patrick: i would not be shorting. nejra: thank you so much for joining me. gr

equities to outperform the global equity benchmark. when we do our regional equity allocation, we don't hedge to currency exposure. generally, we are looking to be in regions that are going to have appreciating currencies. in the case of the u.k., i don't see the catalyst to really push the pound meaningfully higher this year. i think negotiations with the eu are going to be tough with regards to the future trade relationship. the eu obviously once a good trade relationship with the u.k., but what is more important to the eu is the integrity of its union. i don't like it wants to set a precedent that it is easy to leave, so i think it is going to impose tough trade-offs which the u.k. government might have a hard time accepting. there is the risk that the u.k. leaves at the end of the transition without an agreement and reverts to trading on wto terms, which would be bad news for the economy. there's also going to be costs that come with leaving the single market, not just trade, but also costs in terms of less net migration, which is

equity market rally in history. valuations are elevated and volatility is beginning to pick up and near-term equity return forecasts have come down. the over all remain positive on the long-term growth opportunities and public equity and the potential we can adhere in the portfolio. i'll turn it back to bill. >> board members, just two quick things. just for definitional purposes so everybody knows what this means. tracking error is the variability of returns versus a benchmark. i think it's my opinion and i think alan and curt would share that if you earn about half of your tracking era is access return it's a good target. it's called information ratio about .5. so, if you do really well, your information ratio would be closer to three quarters of this being about 2%. active share means the percentage of a portfolio that is different than the benchmark, to beat the benchmark you have to be different than the benchmark by definition. and you see that three years ago, our active share was less than 35%. that means th

equities. stocks, 600 over in europe is down as well. about three quarters of a percentage more or less. let's switch it out now and go to see what happens with bonds. up six basis points with sovereign bonds over in europe. japanese yen is a safe haven currency. other currencies are down against the japanese yen even ore. and the big mover is crude. both brent which is up under now at 4% and w.t.i. and very increased volumes on both brent and w.t.i. crude as people are buying oil for fear of what might be the fallout for what happened over in iraq. for more on the implications of the u.s. strike, we welcome now on the telephone, michael o'hanlon brookings institution senior director of the foreign olicy program. this could be a watershed moment. why are they saying that? michael: it could be risky and i can't predict whether it's going o be a net plus or net negative. this guy deserves it. he was a lot of the -- behind a lot of the resistance in iraq. he's the main architect of iran's covert and blocksy activities in the last 20 years.

finally, equities. we are fixed income fund, but in the equity world, you can see that emerging-market equities, generally non-us equities, remain cheap compared to u.s. assets. so if you really have a faster than expected growth year, think of above 2% in the u.s., above 1% in the eurozone, as a reference, then there should be some rotation in non-us equities. european banks are still at rock-bottom valuations, and generally, em equities are still very cheap. it is not necessarily our base case scenario, but certainly the ity the the convex upside versus downside ratio is very high,. so we like having exposure to these. ,onnie: the have any concerns or is this creating an opportunity for your fund? do.rto: we if the upside-downside is very good for things like em equities or european equities, for credit, if you take the market as a whole, the upside-downside is not great right now. starting from very low spread levels, you can make y,ngle-digit returns from carr but you also know the amount of downgra

me as an equity applicant back up and running. yes, this is a town about equity. this is a town about opportunity, and as a native of san francisco i ask you to please allow this to happen so my people can get back on their jobs. thank you. >> thank you. any other members of the public who would like to testify? seeing none. we close public comment. maybe we can hear from honey mahogany. there may be a misconception that this legislation which is pretty narrowly tailored would have any impact whatsoever on the -- what i don't fully understand the ins and outs of legislation -- i don't think that if it were amended per the attorney's request would apply. >> i am not clear that it would apply. we made arrangements to set up a meeting to talk about this. they have evidence they would like to show us. the intention was to allow a limited portability to make sure someone on the original application was able to move if they were displaced from the current location to another previously designated as a cannabis ready location. to the best of my knowledge, the amendment t

equity market rally in history. valuations are elevated and volatility is beginning to pick up and near-term equity return forecasts have come down. the over all remain positive on the long-term growth opportunities and public equity and the potential we can adhere in the portfolio. i'll turn it back to bill. >> board members, just two quick things. just for definitional purposes so everybody knows what this means. tracking error is the variability of returns versus a benchmark. i think it's my opinion and i think alan and curt would share that if you earn about half of your tracking era is access return it's a good target. it's called information ratio about .5. so, if you do really well, your information ratio would be closer to three quarters of this being about 2%. active share means the percentage of a portfolio that is different than the benchmark, to beat the benchmark you have to be different than the benchmark by definition. and you see that three years ago, our active share was less than 35%. that means th

equity markets become. buy upo money, you can to 10,000 shares and give price improvement with absolute immediacy. no other country offers a retail investor that kind of value. that enablehers that type of efficiency and that type of execution capability. >> there are fewer publicly traded securities. the directu doing -- model is the trend to look at these days. do you think there can be more companies that get off the ground with this model? i think the new york stock exchange has been at the forefront of this and the nasdaq will follow. is part of the theme that with the advent of technology and the demand for efficiency, people don't want to pay a 7% plus discount. we started the capital markets business in order to enable companies to do secondary offerings. enable them to use all the tools, technologies, and the liquidity to offer securities on a primary basis. and not have to do it in some inefficient manner. alix: think you for stopping by -- thank you for stopping by. coming up on this program, we

we take you inside the world of private debt, equity, and real estate. let's get to the burning issues in private markets. public markets keep shrinking, pushing funds to focus more on private lending. settling down in the luxury property market. global cities looking for a brighter 2020. getting richer, bill gates and other global billionaires adding re

so i'll describe about our equity program. currently we have reviewed 300 individuals who can stand in that category. they must meet three of the criteria. the first is below 80,000 income. the second is to have a criminal conviction or ward of the state. the third is for parents of a child or sibling who has been arrested for a cannabis-related crime. the fourth is to have experienced housing insecurity. the last category is to live below 17% poverty. it is good to note that individuals can go into a map and input their address. we don't expect them to dig through to see if their address is eligible. they're able to be verified. the third category is equity incubators, which i mentioned before. every 120 days, they submit a progress report in which they demonstrate how they're supporting the city's equity applicants. all of that information is available on our website. so if you were interested in learning what an existing dispensary was doing with regard to equity, you could see that on our website. the last category is for

the top line is equity risk. we remain extremely bullish equities. we would expect the s&p to target towards 4000. that is a 25% gain. we are not going to get that in one quarter. we are not going to get equal cultures. our main issue is the timing of when we can maximize those gains over the next three to five quarters. into: martin, we will dig some of those calls shortly. martin malone, our guest host for the next 52 minutes. first word news, annabelle droulers has that run down from hong kong. annabelle: thousands being evacuated in the philippines after a volcano erupted just 40 miles south of the capital. it triggered earthquakes and spewed ash across manila. financial markets -- experts warn of hazardous explosion irruption. there are emergency plans to move up to 200,000 people. at revivinglooking some semiannual talks with china. we discussed the economic relationship between the two countries. to fixpast, they wanted specific disputes. the vice premier is heading to the u.s. today and set to decide phase one of a trade deal on wednesday. ma

we take you inside the world of private debt, equity, and real estate. let's get to the burning issues in private markets. public markets keep shrinking, pushing funds to focus more on private lending. settling down in the luxury property market. global cities looking for a brighter 2020. getting richer, bill gates and other global billionaires adding more than a trillion dollars

in equity funds to be given directly to the equity applicants. i welcome the opportunity to work on any resolution regarding this effort. according to the city controller's report, there are 133 applicants who will not ever be able to open a cannabis business in san francisco. and it appears that we are to be regulated as only workers in the industry. a few equity businesses that have been opened had wealthy investors and they're not in abundance. equity needs location reduce lease or at least five years in order to operate and get a business established. thanu.

private equity. we haven't found a memo because they don't talk other than to each other. >> if you read the book, i was shocked by how little entered into their mind except for money. it really is - disproportionate - >> there may be a memo. >> we believe that to the future. >> or not. >> what can we do to stop these home records since a lot of things are run by technology, the government doesn't care, the demise of law, nothing you can do about it, they are not on your side. the courts are probably rigged by government and technology, what can we do to stop the massive monolith destroying our lives? >> i'm glad you gave me the opportunity to discuss the way ben carson is gutting the fair housing act. i realize we are looking for something more than domestic but it is an important point to pass on which is for 50 years we got the standard in antidiscrimination law that if you can provide a pattern we don't need to have the memo. it is like all the black people turned down that discrimination. we don

any lift that could give to equities? 2019, manyr like people still expect modest gains in equities in 2020, but what is your take on how much that game might be and how fiscal might continue to it? -- that gain might be and how fiscal might contribute to it? elias: you can look at the fed, the ecb especially. i would say the effectiveness of the twos is probably reduced. it certainly calls for a lot of fiscal policy in the euro zone, i doubt if we get a boost on fiscal policy. there is a lot of hype on germany's policy. i think that will not change. there is room for some fiscal policy. i would be surprised if there is a massive boost in the euro zone. that is one reason we expect a slower growth. 2019 have priced in a lot of positive news, so i doubt a physical boost in the euro zone. there will be some in asia and the u.s.. the corporate fiscal policy will stay for quite some time. that's why we also have this major theme, the end of monetary magic. nejra: elias haddad and christian nolting both stay with us. coming up

equity verification is important. in order to be verified as an equity applicant, you have to run through a process. my colleague will share a little more what that looks like. rule-making, and we have come before this commission before in talking about how to better streamline our process. you're going to hopefully see us more in the future as well, wherever it is relevant, because we really, really want to make this more streamlined and a simpler process, as well as we can, given, of course, that we want to maintain public safety and public health and all of those things. enforcement. this is huge and this is something you'll hear me talking about a lot this year. right now we don't have capacity for very robust enforcement. we are tasked with enforcement. there are two prongs to enforcement. there is keeping the regulated market compliant, which is important. and pushing back on the illicit market. i call it the unregulated market or illicit. i choose not to say black market. i think that is steeped in racist under

equities. do you want to join that momentum given that a lot of people do sitak as immune to the economic cycle -- see tax -- -- as immune totech as immune to the cycle? supriya: much of that valuation expansion has already taken place. when we are looking at the opportunity in global equities, we are looking outside of the u.s. primarily. we are very positive on where we sit today in the u.k., in europe, and in emerging markets. looking at valuations, we are 14 times that. we are at 18 times in the u.s.. one of the main drivers was the recent push-up in equities has been, you know, central banks keeping rates ultra low and that brings down the earnings yield, essentially, and when i look at the gap between the earnings in and bond yields, there's more advantage i see in europe, and the u.k., and in japan for that to compress further versus the bond yield. that is really driving our view. nejra: if we get to the economic data in the u.s., as well, we see more optimism. what we saw was from cons

for credittter year than equities. what about equities versus bonds? >> i think it will be a better year for equities versus government bonds. the story last year was a weak global manufacturing cycle that should have brought equities down but did not because central banks were easing. our view is that central banks are going to be increasingly reluctant to ease policy from here. government bond markets are flat to down probably in 2020. can i jump forward from that thought? we were looking at the political skew. if that is your base case scenario, equities over bonds, is it too dangerous for me to continue to sell volatility in 2020? >> you know, listen, i have an fundamentally bullish at times on volatility at times over the last couple of years and we are back at a point where macro volatility across financial markets is close to all-time lows. it is a very dangerous place to be. it is difficult to call what will be the trigger to get volatility higher, but, you know, small levels are not very attractive. manus: that is an understatement. thank you.

tom: as we close out this discussion of equity, i want to to this ideall in of equity out performance and the gloom that has pervaded it. it has been a single digit world, but it's not. it seems like we were too cautious over the last 10 years. should we maintain that caution, or can we lift our single digit expectations? i find myself to be more cautious -- to be more cautious then i was. during the great recession, what was priced in at the pe was basically the assumption that the prophet recession would last another three to five years. profit recession would last another three to five years. there is no margin of error. that is what i am most looking at -- could there be surprises? will those surprises be positive or negative? as i look at things now, i think we have a chance of more negative chances than positive. i will come back with abby joseph cohen of goldman sachs. we will have a very special section right here on her current research. please stay with us. ♪ tom: we welcome you to bloomberg surveillance. a year ahead and we are thrilled to bring you abby joseph cohen, sen

equities to place elsewhere? ralph: there's a range of places we can go, and a lot of things we are contending with. morely speaking, we are constructive on equity markets coming out of the back half of the year, and then it really becomes a case of, in the world, where do actually put capital. we are in a risk on asset environment, so that tends to favor places like emerging markets and other countries outside the u.s., but again, i think we are constructive on equities in general across the board. vonnie: what our clients asking so far about the 2020 election? ralph: everything. i speak to a lot of clients outside the u.s., and i think the views are may be a bit behind what we see here, in that they are really looking at the kind of tail risk that could happen from a more progressive candidate, what that means for the market at large. domestic investors are really talking about sectors, and that comes down to pharma, regulation around technology. that is where the differential is that we are seeing at the momen

equities. them?s going to happen to how are they going to adjust their models that charge 60, 70 basis points, verses three to 10 basis points? vonnie: outside the u.s., japan was the most targeted non-us jurisdiction. france and germany were also particularly rich targets. we have to leave it there, but our thanks to you as always, jim rossman of lazard, and our own sonali basak. coming up, tensions have run hot between the united states and the european union. i spoke exclusively with the new eu trade minister about where the relationship stands and where the sticking points are. that's next. this is bloomberg. ♪ vonnie: live from new york, i'm vonnie quinn. guy: from london, i'm guy johnson. this is "bloomberg markets." time now for our stock of the hour. here's abigail doolittle. abigail: we are looking at the gap. shares had been popping after the company announced it was abandoning its plan to spin out the old navy chain, but the ,tock has now reversed now down 0.6%. lots of moves on this ver

they will be deluding 6% equity. it is opened positive, but we wait for the outcome of the legal case. haslinda: thank you for your insight. still to come, after legalizing medical marijuana, thailand has seen a surge in business. can the government relax more laws? this is bloomberg. ♪ haslinda: thailand medical marijuana industry expected to expand by 2024. could legalizing recreational use be next? wondering where is this pot craze coming from? bigurrently we have two cheerleaders for the industry, one is a medical marijuana but thatmed dr. ganja, is not the biggest cheerleader for the industry. it is the deputy prime minister who is supporting the industry since legalizing last year. power, he is into the public health minister, but second in command to the prime minister. campaignedat, he had on a platform of legalizing marijuana so it could boost incomes of people in the country since agricultural product prices have fallen in the last year. haslinda: what is the real plan to encourage farmers to grow? >> tha

we see it in equities. explain the wall of cash in the bond market like we have seen the bidding for the spanish 10 year paper. geoff: we go back to the barbell approach with an bond markets. we have the long-term managers and pension funds and insurers who need to own the long end of the paper. then you have the front end which is ample with cash, and the overseas investors, a lot of talk about the asian bid for u.s. credit. they can pick up some yield as well. often if you do something abroad, if you look at japanese and south korean asset managers alone, they can fund a good deal of the u.s. debt market. it is a changing environment. will sovereigns still take this opportunity? that will be the case. behaviors asll be the cash comes in the different assets. do you detect a behavior of bubbles, a behavior of measured inking? -- thinking? is it an irrational exuberance? geoff: the behavior is fear of an irrational exuberance. it feels like investors on the private side or institutional side, there is an ac

the base case is for mild returns, not just in the united states but several other equity markets. let's call it mid-single digit along with expected profit growth in 2020. but there are number things on the horizon that could push us askance and with valuation where it is, there is no margin for error. tom: i want to talk about the idea of a correction. it seems it is impossible to go down 10% and maybe for a blink down but we have forgotten what it is to go down. a huge theory of the gloom crew is if we get to enough down there will be panic selling that would take us down further. do you buy that idea? abby: let's add to the panic selling the whole concept of the structure of the market which is become increasing the depended on etf's and other things that are index related and market cap index-weighted indices. if there are declines of the sort we saw in november and december of that in fact takes 2018, on a life of its own because the stocks that are most heavily sold are the most liquid stocks and the stocks that have performed the best. and i think in 2020, investors need to

equities, as you can see, are green across the board. people might find that a little on the complacent side. it does not mean there could not be more conflict between the u.s. and iran over coming months, but for now, people want to believe what they heard in president trump's address to the nation, everything is fine, and both sides are stepping back. that is certainly the mood we have seen in asia today. the announcement he will see, confirmation china is sending a delegate to washington to sign that phase one deal will certainly add to what is already a pretty good mood. you see a good bit of strength from the chinese one today, and that is partly reflected on people anticipating that this deal will be signed, among other things, so certainly, people are willing to look through some of the short-term risks and go back to some of the fundamentals, which compared to a year ago, we are certainly starting this year on a much more optimistic outlook for the global economy, growth the world thinks is not going to be fantastic. it is still

equities despite the fact that growth will be subdued. matt: i want to ask you about china temporarily suspending the shanghai-london stock plan. at least this is what we've learned according to reuters. is this a big deal? china is, it seems as westernhe hatches democracy objects to the way it deals with hong kong. >> it is big news in terms of the political signals. it should not be a directly big market story but it did seem to be impacting sterling. i think it will send the signal the u.k. could have another trade partner they could struggle to deal with. it is a slightly worrying sign. there is a message they are willing to take other measures to retaliate against countries that don't play along with their two on hong kong. tune on hong kong. ands a subtle story shouldn't be too direct, but there could be a secondary effect. anna: mark cudmore, thank you for all of your work. we look forward to plenty more commentary through 2020. remember, you can join the debate. which central bank matters most in 2020? anna: i'm sure most replied

and european equities. securities isdel one of the initial traders and they were making markets an option market, gotten big and equities, and a member how big citadel securities is. in terms of retail flows, that firm handles 40% of retail flows. vonnie: there is very few, maybe isy one shop where there unknowing of all models, and when they leave, they take their models with them, but that is not the case here. sonali: gsa's defense, vigorously defending themselves, but citadel is seeking damages and an injunction to get them to delete all of the information they may have taken. amanda: we know that these algorithms are important, and as you point out, there is value in them an investment in them. what could be done to prevent this kind of thing in terms of the intellectual property, and how much of it is the traders know? seeing something we are a lot of banks doing is monitoring close communications. citadel is alleging that when gsa tried to recruit their trader, they were trying to keep information of

equity futures up .33%. treasury yields with a lift of two basis points to 1.80 on the u.s. 10 year. let's get straight to the big issue. continued strength for the u.s. consumer. >> the consumer continues to roll along. >> confidence levels at all-time high. >> when one of the largest retailers disappoints, that looks like a problem. >> we are seeing several large physical retailers not doing as well. >> consumers are changing where they spend their money. >> that is not a comment on the u.s. consumer. >>

equity markets are under pressure. banks are correcting in the session today, leading the markets down. not too many people would have thought that ahead of this trade deal, there would be large positions being taken. the news on the street is that there are large positions taken on the banking get we are watching for the next to see if they are recovering. the currency is flat. equity markets are under pressure. manus: thank you. let's finish it off with you, dani. a rally in junk bonds. which hass single b been on fire. the yield of them, the spread has fallen to the lowest since 2007. the yield differential between the single bees and government bonds is something that -- like 295 basis points. that is not something we have seen in quite some time. he continues to shrink. we have a lot of big corporations borrowing in this space. it is rated one above the triple c's. companies like sprint taking out debt in this area. it has been very attractive to investors, according to j.p. morgan. this is where you want to be ov

i am equity and i please ask you to support myself and future equity applicants and all cannabis policies. i want to thank you the city for recognizing this issue and that operators in good standing need protections in place through no fault of their own finding thatr businesses. i appreciate your time and i respectfully ask that you vote yes on this proposed legislati legislation. >> supervisor peskin: thank you. next speaker, please. >> good afternoon. my name is vaughn and i represent a small cannabis retailer, who holds a medical cannabis permit and who was wrongfully evict bid a landlord in san francisco. with supervisor haney introduced this legislation, one the goals of the legislation was to protect small business who are vulnerable to eviction. because mcd holders are tied to their location small businesses are good actors can lose the goal is to provide protection to small businesses for equity business applicants that to prevent big well-funded cannabis groups from pushing out small businesses in sf. i believe this legislation in its current form does not safeguard against pote

markets. -- for equity markets. we will see what is going on with the oil market and mining companies, looking for a response in gold mining companies. the big picture from this imap see heavys that we selling across european equity markets, just like friday. matt: absolutely. function onhe mov the stoxx 600, you see the same thing. a lot more stocks down than up. you have about 400 losers and only about 60 winners right now. amongst asinners are you might saying great britain is bp and royal dutch shell. the oil companies will be doing quite well as the underlying continue to rise. for the most part, the gainers are the oil makers. on the downside, asml is the biggest loser, down 1.5% and you see some of the luxury companies like louis vuitton, lloyd hennessy losing out today as well as hsbc and bnp paribas. they're coming you see a snapshot of what is going on in individual movers. markets are opening lower after president trump warned of a disproportionate u.s. retaliation against iran if they undertake any milit

equities are owned by pension funds. when is the last time we talked about pension funds underfunded? they are less underfunded than they used to be. move into their twilight years, there balance sheets if you include their assets have never looked better. there's a lot of reasons for the u.s. equity market to continue. election year. president would like to see that happen. we are giving that central bank a bolster. romaine: let's talk about some of the specific issues. we had the signing of the phase one trade deal. we've seen over the last year and a half or so is sort of this decline in spending, tamping down the ceo sentiment. do you think that with the first phase of this resolution that we will see an uptick in that sentiment, and long term, are we going to expect fundamental change? >> great question. ceo sentiment has probably improved. by am large, it looks like people are laying down their arms for the time being in the trade war. we are not going to roll back tariffs. we have significant amount of goods and s

private equity's war chest. led by firms like blackstone and carlisle going into the new year with 1.5 trillion in cash looking to be invested somewhere. david einhorn had a rough december but the funds look to be up for the year overall and joining us now to take us through it, [indiscernible] happy. let's start with london connect. suspended supposedly for political reasons? >> it's really interesting, familiar to sources with the matter, part of this was because of the reaction to the protests. do a lot of people use this? u.k. companies have used this connection. >> it won't affect a lot of people right away. >> but it does come at a time when boris johnson is trying to improve the relationships between the countries. it's a political statement. what's interesting is when they try to take over the london stock exchange. remember that? london said that their preferred connection to china was the shanghai stock exchange. it was a part of the defense strategy and seeing it severed doesn't look great. david: som

equity index and keep in mind the u.s. markets were closed yesterday for the martin luther king holiday. downasdaq, s&p, and the down, futures indicating they will all open down. anna: we have breaking news coming through. the low-cost airline sector. easyjet giving numbers, revenue ahead of estimates. a lot of talk about climate change over in davos. greta thunberg is due to be speaking there. whether she is keeping an eye on the prophet, if you like, of some of these businesses, we will seem. before tax better than the first half of 2019. full-year capacity sent to grow by around 3%. this is a sector that has been hit by higher oil prices. today, down by 1%. certainly that was the talk once we saw elevated tensions in the middle east. we do talk again about this being hurt. let's leave the prophet story there for a moment and the earnings season. as you were saying, selling across this asian session. the downgrade by moody's to hong kong having an impact, but also the coronavirus being cited by one of the reasons we are

the debt is that the debt exceeds the equity. they are technically insolvent they stock is 0 today it's worth 0 if you went out there to try to sell boeing today you would get nothing for it's worth nothing but is kept alive by the central bank who is in the the service of currency. terrorists right in my view these are the terrorists as i've said many times i mean people would argue with me but give me your arguments and i will shoot them down because you're wrong and we've got take a break when we come back much more coming your way after this. that. the world is driven by shaped by the person of those great. dares thinks. we dare to ask. to the kids seem to think oh boy tonight. we can. move on which i didn't get showed up to move just because i'm listening to it on the field you can show. us. is not so much of a thing as i was it is a. welcome back to the kaiser report i'm max kaiser time not to go to market morgan creek capital he's one of the earliest if not the earliest money manager to get his clients into bed clients mar