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Eu for a vote. It may not happen. Mps have put down an amendment that would delay the vote until next week and forced johnson to seek an extension. On one level, we could get a vote in favor of a deal, though johnson is short on the numbers. Quite possibly it could be delayed until next week. Could he get an extension . There was news out of brussels they were tired of the extension. Edward johnson said he did not want an extension. Emmanuel mack ron said britain should not get an extension. Bear in mind Emmanuel Macron has time has been a long opponent of britain get an extension. Europe did grant an extension in the end. That might actually be helpful for johnson to frame this debate for mps. It is my deal or no deal. What is the most critical set of votes the Prime Minister needs to get . Edward his own brexiteers need to fall inside. He has not gotten the support from the dup. Johnson needs the dup vote to get legislation through parliament, or he needs to get all of his mps on his side, including those who have not supported him so far, and on top of that he needs to win over labor waivers. The labor mps in leave of voting seats who are looking at their majorities saying what happens if i vote this deal down. They will come under intense pressure from the labour party not to back johnson. That is the key group to watch tomorrow. David thank you so very much. That is Bloomberg Brexit editor Edward Edwards edward evans from london. We had the dramatic announcement from Vice President pence in turkey. Visit holding in northeast syria . Kevin reports are the administration has been able to secure a five day ceasefire with turkey and the kurds. It comes as republicans are pressing the administration to get a more aggressive stance against turkey. It also comes following an elongated meeting between mike pence, mike pompeo, and turkish president erdogan. Speaking with sources in the past 24 hours in congress and washington, d. C. , the pressure is mounting on President Trump. What comes on day six . Will this be a prolonged negated deal, or will this just be temporary . The president at the white house making celebratory marks, saying it is a deal no other administration was able to get. It also received praise from lindsey graham, who was quite critical. Everyone is waiting to see what comes next. David talking about a ceasefire, is there a ceasefire within the white house when it comes to chief of staff Mick Mulvaney who gave a dramatic News Conference in which he essentially said yes we withheld funds because we wanted an investigation. Now he walked it back. Kevin definitely he walked it back. One of the president s Legal Counsel releasing a statement saying they did not consult with the president s chief of staff during that marathon press conference. Meanwhile, the department of justice also releasing a statement following that press conference yesterday at the white house, in which they said they do not operate in the sense of there being a quid pro quo with regards to negotiations internationally. Either way, based on my reporting, Mick Mulvaney continues to have Good Standing with the one individual who it matters for, and that is President Trump. David they serve at the pleasure of the president , as i recall. [laughter] thanks to Kevin Cirilli at the white house. Now to tom orlik. Pretty important numbers out of china last night. I guess they were somewhat disappointing. Tom that is right. 6 gdp growth for china in the third quarter. 6 is not a disaster. At the same time, it was disappointing for a couple of reasons. The first was that it missed expectations, Consensus Forecast was for a. 1 reading. This was below it. Reason it was disappointing is because in china, if youre going to miss, you better missed by a lot to spark Market Expectations of stimulus. This was a mess, but not a significant miss. Growth continues to grind lower. Expectations of government stimulus support remain limited. Much foranks so reporting from washington. That is tom orlik. Now we want to return to the breaking said news. A report from reuters that mark hurd has passed away. He had been coceo of oracle and had been on medical leave since september for unspecified reasons. Joining us from San Francisco is Bloomberg Technology Senior Executive editor brad stone. What do we know . Brad mark hurd was an icon in Silicon Valley. A common presence since ive started covering technology. Turnaround hp in his five years as ceo. Hp, one of the decadesold linchpins of Silicon Valley. He was known as a cost cutter. I remember stories where he was unplugging the cocacola machine to save money, and downsizing a company that had grown fast and inflexible. He went over to oracle and became coceo in 2013 and was one of the most prominent Senior Executives at oracle. Helped to reorient oracle toward the cloud. He was the guy who is out there all of the time. I was fortunate enough to interview him and oracle world of public years ago. It is a big loss for Silicon Valley and oracle. David a towering figure. Reuters has reported he has passed away. With respect to oracle, how much does it impact him. We do have a coceo, and Larry Ellison is still there as chair. Brad it is interesting revisiting the circumstances of that announcement. Bloomberg had the news he had stepped back from his daytoday activities, that he was ill. Oracle had not made an announcement. They were hoping to perhaps not have to make that announcement. It goes to how important mark hurd is for the company. Up until we were prepared to write our article and then oracle announced he was taking a leave of absence, mark hurd was still the keynote speaker at oracle in september. It speaks to his importance. You do not have anyone who can grab the limelight and communicate customers. Oracle is in the midst of a difficult transition. Moving at Software Business into the cloud. Last week, amazon declared they were moving all of their oracle implementations to their own oracle having an existential moment. Mark hurd one of the guys who can make that transition and i think they will miss him. David would you say his legacy is more of a visionary or someone who could get it done, rally the troops, and point them in a given direction . Brad i would not call him a visionary. I never saw his strength with r d in particular. He was an operator. He was a sales guy. He could articulate the vision. It was a vision that went beyond the companies he worked for. He was a proponent of professional tennis and started the indian wells pro tennis program. He was an applicator for tennis players attending college. He had a largerthanlife persona beyond his day job. His legacy will be comprehensive in that regard. David appreciate you joining us on short notice. That is bloombergs brad stone on the passing of mark hurd of oracle. Now it is time to check on the markets and find out what is going on today. Abigail, a little bit of market movement. What is causing it . Abigial flat on the open, now looking at modest declines. A little bit of a restaurant tone. Maybe the china growth weighing a little bit. You break those down for the industrial component, 5. 3 percent, missing the mark. Some folks nervous. It comes back to earnings. We are looking at earnings reports on the day and looking ahead to next week. The big drag on the day is the technology sector, down more than 1 . Microsoft down 2 . News,is positive analyst but nevertheless the stock is down. They report next week. The stock has been on fire over last couple of years. Questionis raises the is this because of some unpleasant development, or has it gone too far too fast . Abigial probably too far too fast. If you have a big winner, maybe take chips off the table ahead of their First Quarter to see what they signal on the year ahead. David earlier today, Consumer Staples were doing well. Does that signal a risk off . Abigial youre right about that. Most sectors are low, and the sectors that are higher, those are the defensive sectors. The fact that you have investors going that way says they are positioning defensively as the week ends. We are looking at the second up week in a row for the s p and the third up we can row for the nasdaq. David thanks to abigail doolittle. Now we turn to Mark Crumpton for first word news. Mark british Prime Minister Boris Johnson may not even get the chance to put his brexit deal to a vote on saturday. Support is growing for a move by an alliance of former conservatives and opposition members of parliament to delay the decision by a weaker more. The amendment would withhold approval of the brexit deal until the bill that implements it is law. If it passed, johnson would be unable to put his deal to vote, or sing him to seek a brexit delay. A five day ceasefire, what some are causing a pause, has taken place in syria. There are still reports of fighting between turkish and Kurdish Forces. Vice president pence and turkish president agreed on the truce yesterday after meeting in ankara. Turkish fighters kurdish fighters will be forced to retreat from the battlefield and Turkish Forces will not withdraw. Spain says it will punish riders in catalonia. Masked protesters are being held over the imprisonment of catalan separatists. Spains interim Prime Minister, pedro sanchez, says his country guarantees freedom to protest, but he vowed to prosecute radicals who righted this week. Nationwide is protest paralyzed lebanon as demonstrators blocked major roads in the second day of rallies. Protesters are angry about the government handling of the severe economic crisis, and the entire countrys political class. Lebanon is already on the verge of collapse and has one of the highest debt loads in the world. Some of the protesters say they will stay in the street until the government resigns. 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 am Mark Crumpton. This is bloomberg. David . David coming up, did he or didnt he . Some said it looked like Mick Mulvaney admitted a quid pro quo with ukraine on national television. The acting white house chief of staff said he did not. Did his defense of the president make matters worse . Our panel we will talk with his panel. This is balance of power on Bloomberg Television and radio. If we look back to what happened in 2016, that was one of the things he was worried about, corruption with that nation. What you just broke described as a quid pro quo. Funding will not flow unless the investigation into the democratic server happened as well. We do that all of the time with Foreign Policy. David that was the acting white house chief of staff mulvaney speaking yesterday and White House Press briefing. We welcome our political panel, jan kearns, republican strategist, and jason green, former associate white House Counsel under president obama. ,e heard Mick Mulvaney say that he then came out and said you are misconstruing it. T sounded like he said yes if you did not go forward of the investigation, i will not have you the money. Should i just say i got it wrong . Jen any time youre clarifying, you are losing. He also violated another golden rule, which is do not ever contradict the boss, especially when you serve at the present at the pleasure of the president of the United States. That was bad. It was a bad day for Mick Mulvaney. The good news is most americans do not know the difference between Mick Mulvaney and dermot mulroney. I think this is much ado about nothing. When it comes to a, there is no question in the history of the United States we have given eight and expect certain behaviors in return. If we give you eight, we expect no human rights violations. If we give you eight, we expect a reduction in corruption. This eight business is as old as time. Im not sure why the democrat this aid business is as old as time. David lets turn to the democrats. Does it have something to do with the investigation he wanted was of the democrats. Jason even a partisan point. When you talk about the golden rule, the organization that was heard by this is United States. Yesterday was a dark day for the United States, to realize we are engaging in our Foreign Policy through quid pro quos. Exactly the point that you just made. What we are talking about here is encouraging withholding for aid on the foreign condition of whether youll be able to investigate our political rivals. That is a concern. David not to argue the case, but it is important the thing he confessed to was not a quid pro quo for investigating joe biden, it was what happened in the 2016 election, whether there were shenanigans going on. Jen that is right. When you look at the transcript, trump says in that ukraine transcript, i would like you to do as a favor. I would like you to find out and happened with ukraine the crowd strike server. American sentiment 60 of Americans Still care about who meddled in the 2016 election. Very well done, but theres another part of the transcript that says to investigate Vice President biden and his son. Jason in both instances it is where the president went wrong. It is interesting we will find this false line of investigating the 2016 election is ok but this is not ok. We can all agree this is business the white house should not be dealing in good david lets talk about the 20 election. Social media will play a large role. With amark zuckerberg remarkable statement of what role facebook has or does not have. I certainly worry about an erosion of truth. I do not think most people want to live in a world where you can only post things that Tech Companies judged to be 100 troop. We do not fact checked political ads. We do not do this to help politicians. We think people should be able to see for themselves what politicians are saying. David we may have bipartisan agreement. It is one thing to say we will not hold you responsible. The New York Times is responsible for what it publishes, whether it is false or true. Why should facebook be different . Jen im glad to see facebook and at least one company in Silicon Valley going back to the free market principles they claim they were founded on. I remember when i was Silicon Valley that they were fairminded, openminded, and im glad to see facebook returning to letting the people decide. David you are in favor of facebook saying you can put anything up there they want . Jen they are not putting anything up. They still have a tribunal of 40 people that will adjudicate the service through a court of appeals controversial items posted such as president ial ads. I think you have to let the content be there and let the American People decide. The American Voters are always smarter than the pundits and the democrats give them credit for. David we do not do that with the New York Times, we do not do that with abc news. This is a different model. Let the people figure it out. Jason the last point is something we can agree on. That last part of jens point. The American People are smarter than the punditry give them credit for. Of the lines of the Congress Passed away. Elijah cummings, representative of my home district in maryland. He said, when we look back, and are dancing with the angels, we have to wonder what we do to keep our democracy from faltering . I do not think the answer we saw from zuckerberg is a good answer for what they are trying to do to keep democracy from faltering. Representative cummingss point was you have to do something. The facebook responses taking their hands off the wheel. Jan, your basic position, is he is fine as long as he is doing it both ways. The problem is he had his thumb on the scales. Did that open an invitation to russians, north koreans, whatever to manipulate our political process . Jen i think facebook has already put those safeguards in place. As someone who does social media buying for clients, it is hard to take an ad facebook. You have to have an american drivers license, there are number of safeguards facebook has put into place. I think leaving the judgment to the American People is always the best thing. The recent ads that President Trump ran, the American People can figure out for themselves. Do not forget, we still have a free press, even though the president calls it fake news in the news media thinks he is hard on them. The bottom line is we still have the First Amendment in this country, otherwise we would not be having these discussions. I think you have to report on this and let the American People decide. I am glad to see facebook going back to those free market principles. Jason the reality is this is not the way we engage in communications. When the American Public engages with a platform like facebook, it is not one medium, they are not going to engage seven different Media Outlets to get their news, it a heightened responsibility. David sorry, will have to leave it and do it again. Thanks to our political panel. Jen kearns and jason greene. Coming up, bank of England Governor Mark carney joins us from the imf meeting in london. Ons is balance of power Bloomberg Television and on the radio. David boeing shares are tumbling. The faa is accusing the company withholding shares. The company says it will be releasing further details today. Time for the stock of the hour besides boeing. L brands is the worst perform on the s p 500, dropping 8 after getting a downgrade of credit suisse. Kailey leinz and explain. Kailey l brands has been underperforming for quite some time. Idiosyncratic factors at play, but this is part of a wider downgrade from credit suisse. It cost it cuts macys and cap. The and gap. The Holiday Season will not look great. We saw weaker retail sales this month, particulate and department stores, which have been weaker for the duration of this year. The weather, a classic blame for the retailers. The warmer weather could mean more retail inventory of things like sweaters. As we know, tariffs also a big issue. Yet 40 of clothing, 70 of footwear from china. Those tariffs already hid on september 1. That is an issue. Also noting the Holiday Shopping season is shorter because thanksgiving is at the end of november. The days between thanksgiving and christmas are fewer. Not a very pretty picture he is pending for these retailers. David that is before december 15 and maybe more tariffs. Many thanks to kailey leinz. Up next, mark carney will be on balance of power on bloomberg tv and radio. He will come to us from washington where the imf and world bank are meeting. This is bloomberg. Here, it all starts with a simple. Hello hi how can i help . A data plan for everyone. Everyone . Everyone. Lets send to everyone [ camera clicking ] wifi up there . Ahhh. Sure, why not . Howd he get out . a camera might figure it out. That was easy glad i could help. At xfinity, were here to make life simple. Easy. Awesome. So come ask, shop, discover at your xfinity store today. David from new york, this is balance of power on Bloomberg Television and radio. Im david westin. Bloomberg first word news, we go to Mark Crumpton. Isk the United States trying to reassure israel the relationship between the two nations remains as strong as ever. Secretary of state mike pompeo met with Benjamin Netanyahu in jerusalem today, monday after turkey agreed to halt its offensive against curtis forces Kurdish Forces in syria. Israel faces threats from iran. In afghanistan, more than 60 people have been killed in a mosque explosion. Dozens of others were wounded. The attack took is as dozens gathered inside the mosque to offer weekly friday prayers. There was no immediate claim of responsibility. Mexicos president says he backed a decision by security chiefs to free the son of jailed kingpin Juan El Chapo Guzman in order to protect lives. Security forces captured him thursday during a patrol. In response, hundreds of heavily armed Cartel Members carried out a series of attacks across the city. His sons are thought to have played key roles in the Sinaloa Cartel as their father was extradited in 2017 to the United States, where he is now serving a life sentence. Leaders of the pittsburgh synagogue where worshipers were shot last year want to rebuild and renovate the building. Tree of life leaders outlined their vision for a building today, saying they hope it will be a center for jewish life in the United States and a symbol against hatred. Lastman opened fire october, killing 11 and wounding seven. The building has remained closed and the attack. Since the attack. Global news 24 hours a day, onair, and tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. Im Mark Crumpton. This is bloomberg. David thank you. I spoke with former Federal Reserve chair dan to rule a earlier today, and one thing we talked about was the effect the Federal Reserve has on Inflation Expectations. What you see at the fed i think our disagreements or uncertainties about three big issues. First, to what degrees is a secular problem . Inflation is just stuck below target on a long run basis. Second, to what degree of a cyclical factor is a little bit behind us now are still to come . The next issue is kind of related but more important than maybe people understand. The traditional idea has been that if you are close to the zero lower bound you want to act proactively because you were not have that much room to stimulate if you go into recession. So for several years, i and others on the fed subscribe to this notion that you are very careful about then raising rates because you dont want to do anything that might take you into recession. I think there is some question now among some of the fomc members as to whether that approach is actually efficacious, given the risks are things like trade and geopolitical uncertainty. Trade that the has got itself in a position where the markets are expecting more stimulus, and they may be a bit worried that if they dont deliver it, they may induce a little a shock from the markets, as opposed to as swaging the markets. Chooseif the fed has to between the markets expecting something and Inflation Expectations, which do they pick . Isnt that part of the problem because the fed keeps on cutting . This chart indicates if they keep on cutting and they say they will keep on cutting, of course the Inflation Expectations are a surprise. That is part of the communications problem. In terry, what would happen, as they cut rates, they say we are trying to assure that we meet Inflation Expectations and the target by stimulating more growth. But there is this question as to what is actually affecting Inflation Expectations. The latest new York Fed Survey suggested expectations are becoming a bit on anchored. To thein fairness marketplace, they have tried again and again and it has not worked. At some point, the marketplace says we dont believe cutting rates will increase inflation. A different between Consumer Expectations and Market Expectations. Market expectations are easy to quantify. Though, expectations, which should play a big part in the operation of expectations, those have been better anchored up until recently. Welcome to our viewers and listeners worldwide. I am Francine Lacqua at the imf egg meeting with a conversation with mark carney. Thank you for giving us some of your time. When you look at the latest brexit development, there could not be a vote, there is a vote, are we looking at a possible deal . What are the implications for Monetary Policy . There are many different paths that your question indicates. We will see which one is chosen and then react accordingly. That there isis an agreement between the u. K. And the european union, and that is a consequence of that agreement, it is adopted, would be that there would be a transition, orderly transition to a new economic relationship, and weve been saying, the bank of england, has been saying since the decision of the people of the United Kingdom to move to a new relationship with the eu, that it was invest important to have a transition to that relationship and that is what this deal would deliver if adopted. What does that mean for rates . It is hard to distill it down to one thing. Nature of adoption, the timeframe in which it happens. There are lots of potential pads. Betterions are clearly than the alternative, which is a no deal brexit at the end of this month. In general, what we have seen in the u. K. , and i would like to generalize the point, is that this entrenched uncertainty about trade relationships, and this is the tightest trade relationship in the world between the u. K. And the rest of the eu, this uncertainty about it is having a consequence for business investment. We think the level is about 25 below where it otherwise would have been postreferendum. Adopted, it would remove much of that uncertainty, we would expect a rebound in that investment. It will not all come back as we dont know the exact nature of the future relationship. The future relationship is still to be negotiated but we got a prospect of an only transition is in place, and we know the broad contours. In that environment, you would expect all things being equal, the economy to pick up from what has been a subdued pace, make Monetary Policy. That would be including Interest Rate hikes . I will not print commit. There are a lot of contingencies there. This is why i wanted to generalize the point. We are here at the imf meetings. As you know, the characterization of the fund, the Global Economy is precarious. The momentum is precarious. That has built up over the course of the last 18 months. Why hasnt built up . The principal reason is global trade tensions, particularly tensions between the u. S. And china, u. S. And europe. As a consequence of that, you are seeing globally what weve seen in the u. K. How momentum is there in the Global Economy, are we now . Lizing you take all these factors into account and make the Rate Decision at the appropriate time. We are having a conversation with mark carney, the governor of the bank of england. Is there a Stark Division on how you would do with a no deal brexit . No. So you would deal with it there is not a division in terms of the overall approach. Target,the 2 inflation using the flexibility we have under our mandate to come to, i just the timeframe over which we would return inflation to target , likely from above, in the event of a no deal brexit. Judgment about what no deal does to the supply capacity of the economy, particularly, different individuals will form their own judgments on that. These are very difficult judgments. There may be a region views on that. Overall monetary strategy, there is not a division. We would address it if we had to. I would remind, it is not just about Monetary Policy. We have many other tools, macro prudential tools, and the Financial Policy Committee has signaled. If there is a no deal brexit, how quickly could you react . In the normal timeframe, being deliberative about it. We have reacted to the prospect of a no deal brexit over the course of the last three years. We have put the Financial Systems in a position to be ready for any potential outcome. That is our job. We are very confident about that. Today, we are sitting in a different framework where there is a deal. Its a question of whether or not it is going to be a dog did. It is a deal, which it is adopted, gives the prospect of a transition to a new relationship. Would you be in favor of a threemonth extension, ninemonth extension . It is not our responsibility. Parliamentarians are taking their responsibility extremely seriously and debating it. As you would expect. We will find out in relatively short order. We see quite a lot of volatility. This drives the currency. It drives economic prospects in the mediumterm. Pads are quite different to move to debbie to trading terms overnight, or to have a ,ery smooth adjustment to compared to wto, would be a deeper trade relationship. [indiscernible] that point we were criticized because we would expect a fair amount of volatility. You also called it an emerging market. The level of volatility, which you can get on your bloomberg screen and verify that im right the level of vol for sterling, cable, and others is the same as other major emerging markets. That has been a fact for a while. That is because big Economic Issues are being decided as we speak. We are in conversation with mark carney, talking about brexit, pound volatility. If you talk about emerging markets, is there an emerging market currency that you will see how to stabilize the pound . No. This is a unique situation. The deepest, most integrated economic relationship in the world between countries. There is going to be a substantial change at the level of integration. ,herefore, the Financial Market and most immediately expressed through sterling, but we see it in the guild curve, u. K. Focused equities, commercial real estate we see it across the board. It is a wide range of potential economic outcomes. There is more positive developments in recent days and weeks. Let me underscore one important point. It is not just the Financial Sector is ready for brexit. This is one of the most flexible economies in the world. Household Balance Sheets, corporate Balance Sheets are in good shape. With transition, this economy will adjust. How difficult is it to forecast . One is doing scenarios as opposed to forecasting because there are different scenarios if we have a smooth transition to a deeper relationship, versus whether we have no deal. Cannot just take those two scenarios and do the average and say that is what will happen. These are bimodal outcomes. An extension, how much will the Global Economy weigh on this . The Global Economy will weigh on this matter what. Again, one of the most open economies in the world. One of the jurisdictions that have been most affected by global weakness is europe, the heartland of europe, germany in particular. Your guest talked about that. We are not as pessimistic as some are about those prospects, but it is having an effect on the margin of the u. K. , as you would expect. The big question at these meetings is are we stabilizing, is the Global Economy as a whole stabilizing, and is that prospect of picking up next year there . Is there enough monetary stimulus . Is above it all, though, around trade. Cannot substitute for it. That is when you have seen in the u. K. The u. K. May have led the world into this, we may be leading the world out of this, if this goes forward. Would you stay on at the bank of england if you were asked to do so . I have committed to stay on in order to ensure a smooth transition to my successor. Candidly, ive been clear about this, to put my software my mouth has been, in other words, to be in this seat at this critical time. Whatever happens, the preparation that we have put in place it is all fine and good for me to say it will all be fine and good and then im off to canada. I am here at the moment to do that. Then the next phase, a decision will be made but if you are asked. Chooses aernment successor, they will make a decision at the appropriate time. Not surprisingly [indiscernible] it will happen in due course. Bankuropean central president was selected a week before he took office. These institutions are ready. You talked about crypto. Where will the biggest shift come from . Big tech or Central Banks . The biggest disruption for cryptocurrencies. We dont talk a lot about crypto. Fringe sector unstable coins, really, the future is about stable systems. In the end, we are going to preserve monetary sovereignty. The question is where you put the boundary between the Public Sector money, that is us, the core Public Sector, infrastructure, access to it, but you want to do it in a way that allows for private , revolutions in payment that can benefit all of our citizens, to make the world a much more stable place, create huge opportunities for smaller businesses, great financial inclusion. It can save people hundreds of millions of pounds per year in the u. K. We are interested in advancing that, but on our terms. Core point, this will not be social media. This will not be something happens, and then the authorities run around after the fact and figure out how to regulate this. We will draw the right line between where the Public Sector starts and stops. Nd it starts at that money were beyond that that stops in the Payment System remains to be determined. Thank you for joining us, mark carney. Ok, thank you so much to Francine Lacqua. Terrific interview with mark carney. Most of what he said was about said theaid that he news between the eu and u. K. Was good news. At the same time, would not prejudge whether there would be increased rates in england. There was no division among the Monetary Policy committee over their approach if there is no deal. He says of course it drives currency and is volatile to emerging market currencies. Pound isame but the just as volatile as emerging market currency. Tosort this out, we turn stephanie flanders. Great to have you here. Tell us what you took away from what mark had to say. What did we learn . Stephanie he was having the pleasant job that he has not had in a while about being reassuring about the prospects for the u. K. Certainly, hes been associated his critics have said he was always talking up project fear, talking about the risks of no deal brexit, the cost of brexit. He was actually here talking about how wellprepared they were for any eventuality, how flexible the u. K. Economy was to respond to any change in the result of brexit. I thought it was an interesting take. He said Something Interesting that weve been saying, that the how extremewn us political uncertainty, particularly uncertainty around trade, can hurt your economy. That was a kind of demonstration of what could and has been happening to the Global Economy. He made that exquisite comparison and had that interesting thought, that is the u. K. Was the first into that particular rabbit hole, maybe it is coming out as well. David that is the bright and shiny. One of the things that francine asked about is, might this extend his term . He said i will be there for the transition. Would not commit. Maybe the transition taking longer . Stephanie there has been a question about whether his successor could be appointed, if you had an election or major disruption, certainly an election looming in the shortterm. Very difficult for his successor to have credibility if he or she is appointed by someone who then is immediately voted out of office a month later. You would have a constant asterisk to run the governor. That is why theres been a continuous delay. There has been a question recently, if we were going to get an election, whether you should be appointing someone in that environment. We dont know, and we have until the end of january. Its possible a successor could be named before then. David thank you for being with us, stephanie. We want to go back to the imf meetings where Francine Lacqua is standing by with another key player. We are focusing on europe, we are joined by olaf scholz, the german finance minister. Germany is holding a ballot budget. Partners what germany to use more leeway to stimulate its economy. What needs to happen that germany gives up its balanced budget . Very extensive financial policy in the last few years. Highesttime we have the investment in the federal budget, 40 billion euros a year. Way byll be boosted in a our latest decision from fighting climate change, and extra 150 billion euros over the next 10 years. Iss has been the economy stable. We have the highest number of people employed. If many people enter to germany and knocked on the right doors, they would be employed. Can you do more, and after more enact more . I think we have done a lot, as i said. [inaudible] we had families. [inaudible] tax whicholishing the we took in the german unification. Anything that is boosting the economy. In the end, what will happen to the Global Economy because this is the real question we have to face. In conversation with olaf scholz, the german finance minister. What makes you so optimistic germany can return to growth by the end of the year . We have a competitive economy. Companies that are successful in the world market. We have a lowering of Global Growth. We know why this is so. Of trade tensions between the United States and china and other questions. Hopefully, if these questions are solved, like brexit seems to be, this would have a good impact on the world economy. What we are now facing his there are problems from new tariffs, but also the problem that the people are uncertain about their future, so they do not take decisions. This is necessary to be changed. What happens if a brexit give us again voted through parliament . Difficult be especially for the United Kingdom because a hard brexit would be a problem. It is a problem for the u. K. , the rest of the world, european union. There would be some affects. It is always the same. The best thing to do is to make a very proud attic political pragmatic lyrical strategy. This means they should avoid all of these tensions. Christine lagarde has been inaugurated as ecb president. Are you expecting more stimulus from the central bank . The central bank has followed a Clear Strategy over the last year. They were successful in the crisis 10 years ago. Christine lagarde is a very that is veryerson experienced, she did a good job at imf. I am sure she will do very good at the ecb as well. Banks take more negative rates, can they cope with ever more negative rates . It is something that we have thought about. The European Central bank is independent. More negative rates, can they cope with ever more negative rates . Primes not a good idea that ministers are finance ministers. Very diplomatic answer. The german finance minister, olaf scholz. Thank you very much in washington. Scholz, he is the german finance minister. Germanonfident the economy can return to growth even though there have been some disappointing economic numbers. He says they have a competitive economy, the problem is the Global Growth overall has been trending down. He is hopeful maybe some of those things could be resolved. If they dont, particularly on brexit, it will hurt the u. K. , the eu, and the rest of the world. That was olaf scholz speaking to us from the imf meetings. In the meantime, lets check on the majors. Equities continue to trend is down. But is started out flat coming up, particularly the nasdaq. Tech companies are coming up. Microsoft in particular. In the meantime, boeing is down 3. 6 , on a report that boeing has turned over some instant messages that they found some time ago to the faa that suggests some employees misled safetyncy about key aspects of the 737 max. Balance of power continues on radio. We will hear from jamie dimon and others. This is bloomberg. Is is bloomberg. Devices are like doorways that could allow hackers into your home. And like all doors, theyre safer when locked. Thats why you need xfinity xfi. With the xfi gateway, devices connected to your homes wifi are protected. Which helps keep people outside from accessing your passwords, credit cards and cameras. And people inside from accidentally visiting sites that arent secure. And if someone trys well let you know. Xfi advanced security. If its connected, its protected. Call, click, or visit a store today. From new york city for our viewers worldwide, im caroline hyde. Yield startsl right now. Yields struggled in the latest data after surprising retail sales call the health of the u. S. Consumer into question. European corporate bronze present there are as pretensions show easing. A wild work for we work. Traders rattled as the future of the Company Continues to hang in the balance. We start with the big issue

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