It is down a quarter of a percent today. 25 today. If you look at the stoxx, you get a better picture of what is going on macro lies. Trying is threatening to retaliate on u. S. Measures on the hong kong in the house, which might proceed to the senate. That is some semiconductors lower, down. 4 in the lira has a volatile day. Turkey is trying to put in place some comfort blankets, if you like, to the u. S. Sanctions in place, not allowing people to short seven banks and so on. It is a continuing situation as the secretary of state and Vice President traveled to turkey today. Guy turkish stock market down by 1. 72 and the banks remain in focus. European markets equity, volume is extensional. 1. 28. Through 128 vonnie lets get straight to brussels. We have maria who has been keeping an eye on events and it is a case of c he said she said. We have reports that the dot agreed to something and then they came out and denied the reports. Give us the picture as it stands right now at this moment, because it is likely to change in the next couple of hours. Maria it is likely to change in the next couple of hours. We heard from the head of the , i guesscouncil big negotiation is still ongoing. The europeans do not want to commit to a legal taxed if the Prime Minister doesnt have the to get past the house of commons. Every time a deal has been put to a vote, it has been rejected. This is something the europeans want to avoid. They did not want to get trapped on a similar situation and rerun happenedevents that when theresa may was Prime Minister. The other big Sticking Point is that the Prime Minister is not in a position to guarantee he has the votes he needs. We heard speculations the dep was softening the stance on this negotiation in terms of custom checks and the irish sea, but there was the treat from eileen negotiations are still ongoing. We have already got into a landing bill. You are looking at the europeans not willing to play ball at this point until it becomes clear the deal will fly in london. Know what concessions Boris Johnson has given . At this point, we do not. Course,the key, and of for the u. K. Delegation, the fact it is being presented as concessions is problematic. That would almost mean the Prime Minister is moving even beyond what theresa may agreed to, and the whole point is that he would come up with a better new and improved deal. When you look at the european side, they tell you there are issues where they feel there are gaps and the u. K. Needs to fill the gaps and they have to do with how the u. K. Is going to tax corporations after brexit. Europeans are concerned not just about irish customs in northern ireland, but about what the world may look like post exit brexit. They dont want to be undercut. It is unclear. Something on is andmeeting was delayed perhaps also highlights how difficult and volatile this negotiation has been throughout the day. Vonnie Arlene Foster pointing out that any consent agreement would have to be something youre great to by both the unionists and nationalists, and the consent mechanism is a Sticking Point because Northern Irish politicians have to give their agreements and ongoing agreements. There is confusion on how that would happen over the course of the next few years. I want to ask you a little bit about these reports that there might be a confirmatory referendum, that even if Boris Johnson gets some kind of a deal, some parliamentarians might hold him hostage on saturday and call for a confirmatory referendum which would basically hollow out anything that has gotten agreed to this week. Maria exactly. Its either rational from the european officials and european side to the story. They feel it is a domestic political story that needs to play out. They do not want to agree to anything if it is not clear it will go through the u. K. House of commons and the u. K. Parliament would approve it. You can see the rationale from the eu. The other side to the story is the fact that the Prime Minister for an will ask extension, and if hes not able to bring up de bring a deal the conversation no doubt flips to the extension. What are the conditions to the extension and what terms will come with it . Guy maria, thank you much indeed. Maria tadeo doing great work in brussels. We continue to get more coverage out of what is going on there and negotiations across the irish sea. Lets catch up with other headlines. Here is bloomberg first word news. A surprise drop in u. S. Retail sales fell for the first time in seven months down 3 10. 3 in september, suggesting the main are shaky as pillar of Economic Growth. President says he will meet with Vice President mike pence and secretary of state mike pompeo. They are coming to turkey to talk about the ceasefire in northern syria. Erdogan said he would earlier only me President Trump. End ofensive could kurdish fighters leave the territory along the border. Ishong kong, carrie lam acknowledging the impact the protests have on the economy. She expects hong kong to enter a technical recession in the Third Quarter and unveils a number of measures aimed at reducing the cost of living for the poor residents. Surprisedove move from the China Central bank. Kepteoples bank of china Interest Rates steady and the move happened two days before there was expected slow in chinese economy. Global news, 24 hours a day, on air and on tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. Guy adding fuel to the fire, China Threatens to retaliate after lawmakers pass a bill aimed at supporting hong kong protesters. What will this mean for the trade talks and the Global Economy . We will find out. This is bloomberg. Vonnie live from new york, im vonnie quinn. Guy and im guy. This is bloomberg markets. Stocks are down a little bit, not much, but we are trading on decent volume. Here is emma chandra. Emma we are seeing equities had pause both in europe and in the u. S. No major move down. We are looking at the s p 500 down. 2 . Europe is down by about. 2 as well. In europe, we have the brexit drama weighing on stocks as the pound has been moving on every headline. In the u. S. , we have trade rearing its head again. This on behalf of representatives passing a bill in support of the protested in hong kong. China promising retaliation if that would become law and that is starting to concern some about the stickiness of a trade theyll, which is why we sitak as a laggard down now see tech as a laggard now. Pay. Earnings continue to a bank of america is rising about 2 . It had risen 3. 3 at the open. America really powered to beat estimates, and Pnc Financial also beat estimates. We have a nice chart here for you which shows exactly how the bank stocks performed this week, which may be pointing to a breakout. That is a blue line starting to move up with the s p 500 banker index putting in a gain of 2. 5 over the past two days. Drugted to talk about the disputers over in the u. S. They are all rising today. Gains of 7 and 6 across the best across. The best day for several. This as they are negotiating a settlement that could come in at 18 million. Vonnie thank you. Breaking news on we work. Reportingr is softbank plans to finance them with 5 billion, so this would be the softbank bailout, if you like. We reported that according to people familiar with the matter, wework was going to prefer the j. P. Morgan chase financing package, which is also roughly 5 billion, because selling a controlling stake in itself would dilute shares for some of the early investors, but it looks, at least according to the nikkei, that that is going to happen. As we hear more, as soon as we hear what wework thinks about this, we will bring it to you. Guy which one of they going to go for . Some talks of even a hybrid deal. Trade, China Threatens unfenced applied unspecified countermeasures if the u. S. Passes legislation supporting hong kong. We speak to head of Global Market strategy at isk ande reduce r year end. What do you see that may or may not encourage you to carry on that or turnaround . What do you see into year end . Is there a chance we see a repeat of last year, and if so, what would create it . There is a chance. There is always a chance of repetition. But, we dont think that is likely. We would prefer not to put our investors in a position of having to make binomial choices. We have elected, since the beginning of the year, to take a conservative approach to Asset Allocation more generally, so we went underweight small caps and have been underweight highyield. We are comfortable being neutral and we think growth will continue. We like information technology, consumer discretionary, and financial sectors in the s p 500, and we think investors should stay there for the time being. Guy we saw a little bit of a blip in the retail sales data today. The whole world seems to be living on the shoulders of the u. S. Consumer. Did the retail sales number worry you . Paul not really. We saw earlier this month the hadices Sector Sentiment weekend considerably, more than expected. We are concerned eventually you will see more spreading of weakness from manufacturing into services which would affect employment, wages, consumer sentiment, and spending. That seems like a slew moving slowmoving process. We expect growth to continue over the next 12 months. We want to be positioned to take advantage of the growth but we want investors to stay close to their longterm target allocations to do so. Vonnie have you taken down the rate of return you are telling investors you are expecting . What are you targeting . Paul something mid Single Digits for the next 12 months. We think that is reasonable and realistic. The concern is that the street consensus is far above where we are, but we feel confident mid single returns, price returns at a little on for dividends, that that is possible in the next year. We think thats consistent with the longterm target allocation position stocks in stocks. There will be volatility. You might have to make rebalancing adjustments as you go, what that is part of being a proactive investor. Vonnie are you saying pull money out of stocks and into bonds or are you saying keep money on the sidelines . Paul thank you for clarifying. If we were to see stockmarket prices get to our targets or higher, on the s p 500 for instance, we would try to trim and put money into cash, to the side, dry powder, and invite investors do wait for the pullback that we think is coming on various political disappointments we may see, and then put that money back toward the cyclical sectors we like the most. Guy what are those political concerns you have right now . Where do you see trade . Do you think if a deal comes through brexit deal comes through, what happens in hong kong . Paul the main risk is probably not brexit. If they were to come up with a deal, it would be a pleasant surprise. Our base case is postponement. We are not looking to sell or necessarily buy in europe, but hong kong does illustrate that the truce that was struck friday, i wont call it a deal, is just another in what is likely to be a long series of truces alternating with escalations in this u. S. China dispute. The fact the chinese are willing to retaliate over a measure in the congress to support hong kong is evidence this relationship and dispute are far deeper than buying a few soybeans and not applying a new tariff. Guy you like financials vonnie you like financials so im curious, this quarter, what youre thinking. A lot have had a good run up this year. Paul yes they have. Probably they have not been expected to, and there is probably concern that with yields low and potentially lower going lower, that could affect net interest margins. We think fundamentals are solid. We like the profitability and growth in the overall economy. We think we are comfortable with that overweight right now. Vonnie paul christopher, thank you for joining this morning. Head of Global Market strategy at wells fargo institute. President trump is holding a News Conference with the italian president and we will bring you that live on Bloomberg Television at 12 p. M. Eastern, 5 00 p. M. London time. This is bloomberg. Vonnie live from new york, i am vonnie quinn. Guy from london, im guy johnson. This is bloomberg markets. Taylor riggs joins us from san francisco. Taylor joining me today to talk about all things municipal is head of municipal Trading Advisors asset management. Chris, why dont you think the yield curve would invert if the treasury yield curve reinverts . Chris theres no historical precedent for it happening. If you look back to the 20062007 inversion, the municipal states stay. The primary reason is there is a credible component to bond markets. T aspect could steep taylor you mentioned credit and we know highyield has outperform Investment Grade year to date. Is this your opportunity to take some of that credit off of the table . Chris definitely. If you look at the opportunities in the market, parents back risk is always a good thing, especially when credit or markets run. With credit spreads as narrow as they are, investors will benefit in the long run. Taylor walk me through your concerns about liquidity crisis in the muni market. Chris this is an interesting dynamic we see right now. The dealer side of the market, typically providing liquidity, has pared back and is down 60 from of precredit crisis period in time. The Balance Sheet and the dealer spaces lighter. Contrary, the buy side clients are increasing their exposure and participation in providing liquidity. Since there has been a lot of slowing into the funds, we expect there to be a little chance that if they back off and become net sellers, they will not provide liquidity. The market could gap wider on a credit concern. Taylor given the recent supply of increase on the taxable side, why is that market perhaps giving us a little more of an advantage to the taxexempt market . Chris when you look at supply and demand, which is what drives municipal market, there is an increase in supply. Approximately 40 year to date. That still base, but presents an opportunity, so the market allows investors to add a little slice to their portfolio, first with taxexempts. Taylor and you still prefer revenue over geos and why . Chris i do. It is much easier to see the flows of funds, cash flows, opportunity, and avoid pension obligation problems that have become a concern for investors in the geo space. Taylor chris ghosn , thankschris brigati for joining us. Vonnie its time to look at the Bloomberg Business flash. Softbank is trying to make its rescue plan for wework too attractive to turn down. According to the nick a newspaper, the giants will provide about nick a nikkei newspaper, the giants will provide about the deal would increase softbanks stake but it would not have a majority in voting rights. Bayer is morning there is a significant increase in people filing suits over round up. The company inherited the problem when it bought monsanto. A Union Representing at t employees says Elliott Management could lead to more than 30,000 job costs cuts. Elliott wants at t do divest its landline business and directv among other things. They represent more than 100,000 at t employees. Thats the latest Bloomberg Business flash. Guy . Vonnie still ahead, guy still ahead, bank of america is the latest to report earnings and the biggest jump in on wallnt banking street. We take a look at the numbers, and then we are live in ohio where the democratic president ial hopefuls took to the stage last night to pitch their policies. The one thing they could not agree on, well, we will talk about that next. European markets are trading softer today. The pound is the main focus and everyone is trying to figure out whether or not we will get a brexit deal today. This is bloomberg. Vonnie live from new york, im vonnie quinn. Guy and from london, im guy johnson. This is bloomberg markets. Vonnie lets check in on bloomberg first word news. Thanks, vonnie. The u. K. And eu are struggling to reach a brexit deal. One of the Prime Ministers key political allies just dropped its opposition. Jump and needs Northern Irelands Democratic Unionist Party to get any agreement through parliament and has to get the deal approved before saturday or he may be forced to seek an extension. China is threatening to extension f a bill is passed to port protesters and h if a bill is passed to support protesters in hong kong. Kashmir, several our kills and a dozen others are killed between a clash between pakistani and indian police. Foromen were arrested holding an antiindian protests. They have now summoned an indian diplomat to launch the protests over the ceasefire violations. Central banks expect the u. S. Dollar to remain king for the next quartercentury. Thats according to a ubs survey of foreignexchange reserve managers at the bank. Officials say the greenback will remain the reserve currency of choice over the next 25 years and expect the chinese juan to chip away at the dollar share. Global news, 24 hours a day, on air and on tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. Vonnie thank you. The biggestica had banking season on wall street this quarter. For the latest on where we stand now, lets welcome bloomberg intelligences Senior Intelligence analyst allison williams. Brian moynahan headed it out of the park. Why did bank of america all of a sudden get so popular with Investment Banking . Allison two things, they had an easy comparison, which is why peers,ok better to but one positive area was m a. That is an area they sort of trailed and investors wanted to see them do better, so i think they are showing they are making progress. There is also an area from lower rates, and bank of america along with jp morgan and citi is one of the largest underwriters, so they are benefiting there, though that may be pulling forward a little vibe that we might see for next year. The next thing we would say they are executing on i would say they are executing on is, first of all, cost. That has been a differentiator in terms of who can do better on costs of bank of america. Ap morgan, marcotte jp morgan, more confidence there. Part of that might be market share. Bank of america is doing better on the fee side and they did better on equities trading, so that is a positive. That was something we saw jp morgan, at least on the fixed income side. Guy they look strong on the consumer side. Some of the macro data we see today in retail sales number, data we saw last week, is starting to show a few cracks. Is there a fear some of this consumer strength is not sustainable . Alison as far as the consumer goes, it is something to be careful about, because we have seen acceleration in growth, at least in the industry level. We are seeing it in terms of bank of america and j. P. Morgans numbers. One of the areas that continues to be superstrong for the vax is credit. That is something we talk little about because it is really going strongly. That is on the consumer side but also on the morgan side. Coming, with recession eventually we need to keep an eye on living standards. The commercial side of things is really where we have worries in terms of the downturn next next downturn. Vonnie in terms of how banking talentd it just pull in bank of america did in the banking sector, did it pull in talent . Did it avoid the deals that fell flat and picked the deals that were better . Alison i think there are a few things there to your comments. One is that they have been building up the business, and part of that has been the middlemarket business, sort of an expertise for them, and building it out on the Investment Banking side. I think that is better. They are strong in the debt underwriting business, which had tailwinds in the quarter, versus Equity Capital markets business, which had risks, and people are wary about. If you look at the numbers, Goldman Sachs was the weaker one on debt because they specialize more in leverage finance business, which is not as strong underwriting, although they talked about a pipeline increase heading into the fourth quarter. Guy yesterday, jp morgan came out of the gate strongly, Share Trading here. Everyone else started off weak. By late morning, early afternoon, things turned around. What was it that got the market back on board yesterday with everybody else, wells, citi etc. . Alison i think that goes to the comments i made on cost. Jp morgan, out of the gate, gave us a lot saying they expected their cost guidance to be better , the Net Interest Income if youe was in mind, and looked at the cost at citigroup and wells, coming in the little expected, that was an obvious negative. On the call, wells fargo basically saying 2020 net interest guidance, the drop might not be as bad as this year, and they expected costs to come down in the fourth quarter. I think that was a positive. Citigroup says they will pull every lever they can to make their 12 return on tangible equity targets, the key metric for them. There is a solid chance they will do that this year. I would be more concerned about next year. , where, Goldman Sachs the stock was trailing and trailed for the day, the weakness in fees investors didnt like, and the other thing that goldman has this lending revenue line and, they tend to not get credit when they have a big blowout. Investors tend to worry when they have marks, but it does build value over time. It can just give into quarter intraquarter hits. People are worrying about their costs as well. They talk about a lot of the costs had to do with investments, which might have made people feel better but not the tailwind you might get that made people feel better about citibank and wells. Vonnie thank you. Democratic president ial candidates sparred in their fourth debate last night in ohio. Intompeachment inquiry President Trump was one of the few things all the candidates agreed on. Also, clashes over policy. Costs will go up for the wealthy and big corporations, and for hardworking, middleclass families, costs will go down. We heard it tonight, a yes or no question that did not get a yes or no answer. I want to give a reality check to elizabeth. No one wants to protect billionaires. Not even the billionaires want to protect the billionaires. Im going to Say Something that is going to offend people, but im the only one on the stage that has gotten anything big done. Following the financial crash of 2008, i had an idea for a Consumer Agency that would keep giant banks from treating people. I went on the floor and got uboats. I got votes for that you votes. I got votes for that bill. Vonnie Kevin Cirilli joins us now from westerville, ohio. There were definitely fighting moments last night. Everyone came ready to present their plan. How many of them presented concrete plans . Kevin three takeaways. First, this is the first time Elizabeth Warren taking heat from her political rivals now that she is leading in many of the polls and is a top contender for the democratic nomination. The second point is, take a look at pete buttigieg. He is trying to position himself as a centrist, alternative to joe biden. He did not clash directly with joe biden, and instead vowed to draw the contrast with Elizabeth Warren to show he would be able to take her on should biden begin to dip in the polls. Same case for senator cory booker to some extent. And to some extent, the Harris Kamala harris. Buttigieg suggested he could be the alternative should he go down in the polls. And Bernie Sanders, following his heart attack, his first reintroduction following that heart attack, and he picked up a key endorsement that he will unveil in queens, new york on saturday at a Campaign Event with alexandria because he has aoc. It is something his Campaign Says will help him see momentum with younger votes as well as the progressive. Take a listen to what his cochair woman told me in the debate about that endorsement. The congresswoman is endorsing senator bernard sanders, and what does that say . It is more of what happened and 2016 when five more millennials chose Bernie Sanders in 2016 then they did. Kevin so much of the reporting and talk heading into debate that sanders was in decline. Race still a three way top between sanders, warren, and biden. Guy you came out with a bunch of names that may challenge for the Central Channel that biden currently occupies. Amy klobuchar also looked strong last night. Do you think she is a serious contender for that channel as well . ,evin i spoke with her briefly and i asked her specifically where she would hope to stand pertaining to Foreign Policy and ohio. She is from minnesota and this portion of the united states, and she feels she would take that pinch for the same type of voters President Trump was able to win back from obama. Guy ok. Its going to be interesting. It all looks pretty open. Kevin cirilli, joining us from ohio. Coming up, we take you to get a sense of what is happening in hong kong. It remains on the break. Carrie lam, chief executive, talking about the city likely to flip into recession. She tried to give her annual address in person, but because of demonstrations, she was forced to do it on video. It tells you a lot about what is happening there. We will have an update next. This is bloomberg. Guy from london, im guy johnson. Vonnie and im vonnie quinn this is bloomberg markets. Guy carrie lam is outlining longerterm fixes for problems in her annual policy address. She had to do it by video because she was interrupted by prodemocracy lawmakers while trying to give it in person. Reported the have worst business ever because hong kong economy has gone into stec signal into technical recession since the Third Quarter. The government lower the Economic Growth for 2019 from zero to 1 . Guy a big focus on housing during her commentary as to what she will try to do next. Lets go to hong kong now. Yvonne joining us now. The biggest story survived surrounding this has been the legislation passed in the house or hell in washington, which could then go to the senate and become law, which will provide an annual review of the 1992 Hong Kong Policy act. Is there fear in hong kong that the act could be a threat . It certainly is going to be something we are worried about here, but if this bill is passed, it will help support the protest movement. We saw china swiftly responding, threatening to retaliate and saying u. S. Lawmakers need to stop meddling in domestic issues. The key question is, is the hong kong issue going to complicate the trade talks between the u. S. And china now, and perhaps even hurt the chances of a deal being signed by President Trump and xi and she lay next month in chile next month . Vonnie is the protest movement growing . It does feel like there was a little calm for a few days, but are there more people on the streets . You had it right. You could say the crowds have definitely been a lot smaller. You are nowhere near the 2 million that used to come forward and peacefully protest a couple of months ago here, but we are inching closer to four months or even more than four months. Months that the posttests protests have been going on. The crowds are getting smaller, but more angry. In the last couple hours, we learned the hong kong activist, jimmy cham, was attacked by several men wielding hammers. He was found on the ground with blood, suffering injuries to his head. Its not the first time he has been targeted as well. He is conscious, though. It goes to show how both sides currently are very strained and both sides are getting more aggressive in their tactics as well. We were talking earlier this week about homemade bombs detonated during some of these protests as well, and the police that was slashed by a protester in the neck. Guy and to see the u. S. Flags ofthe protests, focus attention may be for washington right now. Carrie lam is talking about the need to improve housing in her speech a little bit earlier on. Did that resonate . Do you think that had any effects or are people much more focused on the relationship with china . Mentioned this is about the structural issues here. Some say have led that has led to the discontent in the city. How far they go in breaking this political stalemate is up for debate at the moment, but carrie lam calling these measures bold. They want to free more land to boost supply which will hopefully cooldown property prices. Some said this was a surprise, allowing firsttime homebuyers easier ways to get a mortgage. If you are a firsttime homebuyer, you can buy a more expensive house by basically paying a 10 down payment. Does that actually help . Some say it is not the mortgage rules that are hurting buyers at the moment, it is the property prices that are. Perhaps this will not benefit too many people out there, but carrie lam saying this is something they are trying to tackle at the moment. It is a longterm process, building an artificial island, so to speak, which has been her plan. One way she is tackling it is economy. She did not mention Electoral Reform or universal suffrage. Kong, yvonne man in hong thanks for that update. I want to point out we have s pening in the offshore today. It is time for our stock of the hour. We are looking at a fast fashion company. Shares rising the most since 15 years and emma chandra has more. Emma they are putting in more than 20 at the highs of this session. The stock is trading at its highest since june, and this is after the company came out with fullyear earnings that were better than expected. They also so broadbased geographic show broadbased geographic sales growth and set operational issues and some of its where were largely resolved in some of its warehouses were largely resolved. Let me show you a chart which shows you how the stock has performed over the past 12 months. As of yesterday, the stock dropped close to 60 since october 2018. The company is plagued by negative sentiments since it failed that look back in december and followed with a y. Ofit warning in jul if you put it in context with european peers, we have a chart showing how performances of asos have been different. The blue and pink lines are h m, all doing much better over the past 12 months. As investors pile back into asos s stock, analysts have been more cautious. They praise the fact that asos is on more iv solid footing, but many expressed disappointment at a lack of 2020 guidance. Chandra with our stock of the hour. This is bloomberg. Vonnie live from new york, im vonnie quinn. Guy and from london, im guy johnson. This is bloomberg markets. Lets turn our attention to the rights market. Lets go to chicago, the managing director of bite is joining us now. Holly, we saw a little crack in the consumer data. Retail Sales Numbers were a little weaker. Is there too much we can read into this, that we start to move may be portfolios around on this . Holly given we are not talking about trade wars or tweets or whatnot, i think we are focusing on the retail sales data. I myself wouldnt make too much out of it, because we have seen negative numbers before that get revised. The august numbers were revised higher, pretty healthy. It shows the consumer having a little pullback, but i do not think it is a game changer or changes the entire dynamic. Also, i am not sure how much of online sales are in these retail Sales Numbers put out by the census bureau. They have been testing Online RetailSales Numbers and that was strong in two q. I think the consumer is holding and well considering everything going along preelection, trade deficits, all of that stuff. I dont think it changes the game. The fed is probably in easing mode, but still in a midterm correction type of thing and insurance policy against contraction. Guy hawkish or dove this dovish facebook . Holly you have the potential to be dovish, especially coming off of two rate cuts by the fed. It might be biased to the dovish side, sort of to explain away and provide more information about what has been going on, but if it is a dovish number, i think that could be an opportunity to sell them. I see higher rates, and i think the consumer is holding in. I think the economy is doing well considering what is going on. If you were to get somewhere down to 166 or 163, that could be the bottom and i think you could move higher from there. Maybe to 187 shortterm. Today. ve seen 177 holly, thank you. Really appreciate it. Holly liss joining us from btig. Vonnie President Trump has been holding a bilateral meeting with president the president of italy, covering a range of issues. Headlines are coming from those remarks. Some of them are about china. Ciampa sang a china deal may not chilene until the xi meeting. It seems to have given markets a better tone. 500 has erased its losses in the last few minutes. Usmca working group will meet lighthizer thursday or friday. On turkey, which is seeing the turkish lira strengthening, we are watching, negotiating, trying to get turkey to do the right thing on the humanitarian basis. The u. S. Does not want to have wars, but also says the kurds are no angels. Some of the comments from president donald trump. This is bloomberg. This is bloomberg. Guy the pound is on a wild ride as brexit talks go down to the wire. We are live in brussels. Is the u. S. Consumer cracking retail sales unexpectedly dropping in september . Are turkey talks tough, but we heading for severe sanctions both in the u. S. And eu . We will be joined by bluebay cm strategist tim ash. Vonnie quinn and we are counting you down to the european close on bloomberg markets. Vonnie checking u. S. Markets, we have headlines from President Trump a few moments ago on china saying china does not want to do a deal, and indeed that it may not happen until chile, but there will be assigning and chile. That seems to have moved markets. We were negative, and now we are positive. The s p 500 is not breaking the 3000 barrier