Holding this up is primarily the defensives in the utility sector, some consumer staples. Mcdonalds providing a little bit of a drag. Take a look at what is happening in the treasury market. Bond bulls undeterred. A lot of folks said this is going to be a dip buying opportunity, and that is what you are seeing. A lot of uncertainty that had driven the bond rally prior to that selloff, brexit, u. S china trade, those have not been resolved, but you will see the bond bulls remain active in this market. We saw the dollar knocked down a peg. You are going to start to see the price action like this. Take a look at gold. Gold actually had a little bit of a bid earlier today. Now it is flatlining, but holding at that 1500 an ounce level. A lot of analysts say that when you talk about the fair value of gold, they are looking at 1600 allers to 1800 an ounce. Guy lets talk about the brexit thing. Basically, the pound hovering around 1. 29 versus the dollar. We are a little way away from the 1. 30 level we hit earlier in the week. European Equities Trading on decent volumes today. It is more of a stock story then a stock market story today. Eat up by more than 20 . Lets return now to the brexit story. British Prime Minister Boris Johnson will find out in a few hours whether or not he has a chance of getting his brexit deal through parliament. Lets go to westminster. We are joined by emma chandra. Lets get a sense of the crucial vote we are watching this afternoon. Weve got basically two votes. One is the second reading, and talk us through this timeline bill as well. Why is that so important . Emma you are absolutely right. We have two important votes coming up here in westminster. 7 00 p. M. , the second reading of the Withdrawal Agreement bill. This is when mps will give an indication if they approve of the brexit deal and getting the brexit deal to become part of u. K. Law. That is due to happen at 7 00 u. K. Time, about 2 00 p. M. In the u. S. If the government wins that vote, immediately after that, there will be a vote on the Program Motion. This is where the Prime Minister is asking mps to agree to an accelerated timeline for the Withdrawal Agreement bill so that it can pass all of its stages in the house of commons this week,end of ideally before the end of thursday. We are hearing that the votes on this are very tight. It is by no means certain that the government will win that vote. We know that the labour party is whipping its members to vote against both the Withdrawal Agreement bill in the Program Motion vote. We are hearing there are some labour rebels. It will come down to rebels from both parties and how they vote for that Program Motion as to whether the government wins. If the government does not win that vote and the eu then says it will offer an extension, because not winning that vote means that the u. K. Would not leave by the deadline of october 31, the Prime Minister saying then brexit is extended until january. I will scrap the bill entirely and call a general election, or at least he intends to call a general election. Hes tried to do that two times already. Guy we will see what the labour party allows him to do this time around. Thank you very much indeed. Emma chandra will continue the coverage from westminster as we move towards those critical votes. We are joined for analysis by ceo,qsslet, cq and also the former ceo of the r. O. E. Is this a good deal . Xavier that would depend on the elected officials of the people. But having a framework, a political framework that would lay the base for future agreements, is immensely preferable to uncertainty or no deal at all. I think i could probably represent a vast majority of Business Leaders who would very much hope that this is the last visible opportunity to secure a deal before the end of the month , that that is probably what business would prefer, at least having a framework upon which more can be built, whether it is looking at potential regulation, trade agreements, migration, looking at education, export import. There are thousands of areas which will require attention, and which will take time. We are not looking at, if a deal goes through, there will be substantive discussions and negotiations going on for a number of years. These are all very complex technical issues. Guy that standstill agreement will last until December Next year, not this year. After that, we could potentially start to see some regulatory divergence. Lets talk about the financial sector. How much regulatory divergence are you expecting, and in terms of the Regulatory Framework that you would like to see the u. K. Adopt, what is top of mind . Xavier these are two different things. First and foremost, the notion last few decades, and certainly they last few years, Financial Regulation has come out of the eu to be imposed on an unwilling body of u. K. Regulators is simply not the case. The u. K. Regulatory bodies have been deeply involved in the drafting of legislation, and by far the largest regulators running the largest Financial Markets in europe. Their influence on the drafting of regulation has been profound. That is point number one to answer the first part of your question. What i expect substantive divergence right away or overtime . Probably not, particularly if there is a deal and we are looking at maintaining some form of reciprocal arrangements recognition. The second part of your question is, is it advisable to look at some regulatory divergence to boost the economy . Here i can point at many regulations that have come out thate eu in recent years do not foster economic growth. It is actually questionable whether they foster added, increased, improved, prudential and regulatory stability. I want to point in one direction where the u. K. Has a significant advantage over the rest of the eu, and that is the army of five point 4 million small and Midsized Enterprises that populate the u. K. Theres a total of 23 million in the eq, and they need in the eu, and they need urgent relief when it comes to nonbank lending capital. To do what . To foster technological innovation, to help scale up those businesses. The current fiscal and Regulatory Environment which the u. K. Shares with the rest of the eu is simply not conducive to doing that. I personally see that has the Major Economic opportunity in a postbrexit world. Where there is a deal or no deal brexit world, it is fundamentally and substantively recalibrating that Regulatory Framework. That, i believe, would boost the prospects of this army of 5. 4 million and help scale up the Remarkable Technology that still comes out of the u. K. University system, for example. The u. K. Is probably at the moment a Halfway House between the eu economy and the innovative u. S. Economy. More needs to be done to help scale up that army of entrepreneurs and innovators. We do not, in my opinion, currently have the fiscal and Regulatory Framework that would achieve that. So that is an opportunity. Romaine when you talk about that, what is the process to get that done . Part of the criticism of brexit hasnt always just been where britain ends up or what it looks like, but about how long this process is taking. When do you scale up . When do you get that regulatory transition . When does that happen . Xavier if you look at the average timeline required for, lets say, a major piece of eu Financial Regulation, on average these take six to seven years to go through the process not just of drafting, but approval, the regulatory negotiation process in the eu. It is simply too long. So i would personally argue that inareas where the u. K. Would any case, deal or no deal, continue to maintain its sovereignty, radical change is fromd to wean ourselves excessive dependency on debt in general and bank lending, particularly considering that banks no longer have the balance , and to lend today recalibrating our fiscal economy towards equities. Theres a very significant fiscal burden that has been set on equities versus the deductibility of bank lending. That is one thing that can be done right away, which in my opinion, would make a significant difference to the prospects of scaling up technology companies, creating good jobs up and down the u. K. The Regulatory Framework will be more complex. Depending on what we get, either a deal or no deal, then the reaction would have to be different. If we end up in a no deal brexit , then obviously the Regulatory Framework will be recalibrated right away. If we end up in a deal type of situation, clearly negotiations will have to be carried out with the european authorities, the regulators like the european Securities Markets authority, central banks, and other regulatory entities, and that will take longer. Romaine weve got a lot more questions for you. Youre going to stay with us. Xavier rolet is the ceo of cqs. Lets get a quick check on the Global Markets with abigail doolittle. Abigail starting out in the u. S. , we are looking at very small moves for the major indexes. Moves for the major indexes. The s p 500 and the nasdaq slightly higher. The s p 500 up 0. 2 . The dow has been slipping to small losses, and that is true, too, of the russell 2000, confirming the idea that there is perhaps a neutral Risk Appetite as investors weigh a ton of earnings reports. We have a small rally for bonds. On the recent brexit headlines, we see an interesting divergence. , in divergence with the slightly broader ftse 250, down about 0. 6 . Investors may wonder whether or not a brexit deal does get done before the october 31 deadline. On the most recent headlines, we have the Great British pound down about 0. 3 percent, but supporting the idea that traders overall think a deal will get done, lets take a look at a monthlong chart of the pound, up more than 5 right now, on pace for its best month since may 2009. Certainly some optimism backing that currency move. This is a huge monthly move for a currency, to say the least. As for some of those earnings in the u. S. , two of the winners on the day, Harley Davidson up 6. 2 . They put of a betterthanexpected thirdquarter and cut the fullyear capex. Romaine,wnside, 5. 2erlyclark down about percent. Investors thinking growth. Could be slowing. Finally, travelers down 6. 7 . They missed the lowest profit estimate. Investors clearly not liking that. Romaine thanks, abigail. You can watch all of these functions on gtv on the bloomberg. It allows you to browse all of the recent charts we featured on bloomberg tv. You can catch up on key analysis and save your for future reference. From new york and london, this is bloomberg. Romaine some breaking news regarding facebook. Shares moving lower after comments by treasury secretary treasuryra secretary Steven Mnuchin addressing libra. He says that the plans for the libra launch is premature. Steven mnuchin is speaking to lawmakers. He has said hes had meetings with counterparts at the g7 and level. Hes also talked about it with other international counterparts, and has told facebook the libra launch plans are premature. The share is down about 1. 5 . Lets get a check on the bloomberg first word news. Courtney donohoe has more. Courtney softbanks taking control of wework. Founder adam neumann will leave the board of the struggling startup. Sell 1is expected to billion of stock to softbank. He can also assign two board seats and will get a 185 million consulting fee. Sales of previously owned homes in the u. S. Fell to the slowest pace in threemonths. Contract closings were down to an annual rate of just under 5. 4 million homes. Meanwhile, median price jumped almost 6 to 272 thousand dollars, the biggest annual sales gain since january 2018. In canada, voters gave Prime Minister Justin Trudeau a second term. Trudeau overcame a number of scandals, and claims what he calls a clear mandate. Still, his liberal party lost a majority in parliament. The most like a partner for a Coalition Government is the prolabor new democratic party. For the first time in 30 years, japan has a new emperor. The monthlong correlation of Emperor Naruhito was completed in tokyo. The first japanese emperor to be educated in the west. He spent two years at the university of oxford. The emperor has no say in government policy. Global news 24 hours a day, on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. Im courtney donohoe. This is bloomberg. Guy thanks very much indeed. We are back with big savior rolet, ceoth xavier of cqs and former ceo of the London Stock Exchange. The relationship between private and Public Markets, this company a few weeks ago was headed for a headline grabbing ipo. Is valued circa 8 billion, significantly down from where it was. The founder, with huge influence over the business, is out of the company. What does this tell us about ise nature of private markets in that transition to Public Markets . Xavier i think one thing is, looking at the going back and forth, those two markets are actually symbiotic. Whatever you think of their respective strength and weaknesses, the high cost of disclosure and compliance, for example, the high fiscal cost of equity issuance versus the essentially indirect fiscal subsidies in the private equity world, where you can actually buy a company and then put a lot of debt in it and boost your shortterm returns until the happens,etization whatever you think of their respective benefits or strength and weaknesses, the two cant really function without each other. Whether we see a Successful Company coming out of private Equity Ownership or a company that, wexperiencing can see a sort of escalator functioning. I think what is essential to understand is what is the longterm value of the offering. For a longterm private equity atpany to take a value multiples a few months ago, something went wrong at some point. Somebody is taking a shortterm view on the prospects of this company. Somebody is taking a longterm view at the advantage of private equity, given the way they operate, the way they raise their capital, which is essentially locked funds, longer duration. They had an opportunity to do what sometimes managers of listed companies are afraid to do, to take the longterm view in terms of their investment. This is where the power of equity comes into play. I think it would be very interesting to see what happens. Somebody is making a shortterm assessment here. Somebody is making a longterm assessment. I wouldnt be surprised to see this company back into the ipo market in two or three years. Romaine lets talk about some of the consolidation that we are seeing, or at least attempting to be seen, and the markets out there. Exchange the hong kong bid was shot down pretty quickly, but it has exposed what we knew for a long time, which is that some of these are itching to join forces, whether it is something to get bigger or expand their reach across borders. What is your outlook there . That ive view publicly expressed has not changed over the years. We are seeing the reasonably slow but certain mergers of the Global Financial framework. I know this is very far away from the current set, but behind come of these things are being put in place. That is going to reflect two tiers, a very small global banks,ich will offer intermediaries, and corporate issuers global efficiencies. If you are a global company, do you really enjoy having to entertain the pitches of 10 or theexchanges, each selling local poll of investors they can tap or who they have access to . Why would you want to have a single why wouldnt you want to have a single global listing that taps into all indices . It is more efficient. Sheet efficiencies, regulatory and capital efficiencies, can only be successful globally. This is what the london clearinghouse has done since its ownership by the London Stock Exchange group. So we are seeing, i think, a continued process. Sometimes these deals go through. Sometimes they dont. But we are seeing a slow process by which two or three such Infrastructure Companies are going to achieve global leadership. Guy we will leave it there. We will be back with you shortly, xavier rolet, the ceo of cqs. The market closes coming shortly. This is bloomberg. Y. This is bloomberg. Romaine lets get a quick check of what is happening in the u. S. Markets. A slew of earnings today, not enough to rally the market, but not enough to market down a peg to knock it down a peg either. The dow and the nasdaq pretty much flat. Energy, health care, utilities are your leaders. Communications, Consumer Discretionary laggards. Guy here in europe, the ftse up, but they but the taxes down but the dax is down. That is how european markets are trading. Flat today. Asonably we will take another look. This is bloomberg. Guy stocks wrapping up the day in europe. 30 seconds to go until the end of regular trading. There are many markets in europe that have gone nowhere in a hurry. The london ftse 100 up a little bit more than most. There are individual names that account for that. At headline level, not a lot happening. Below the surface, a lot of interesting stories. With the pound, i want to bring you some headlines reported by the financial times. Boris johnson may be prepared to accept up to attend day delay him beyondtake october 31 to get the Withdrawal Agreement bill over the line. There would be an extension process that would last around 10 days. That may take the pressure off this afternoon. The second of the two votes that will take place this evening, which is the timeline vote, designed to accelerate the withdrawal bill process going through the house of commons to make that october 31 date. His hands a little less tied. The pound reacting reasonably positive. We are still down on the day but only just. Individual markets, ftse 100 up. 7 . Yous break it down and show what is happening at the sector level to get an idea of what is going on. During the earlier season, a little harder to deduce some of the trends weve been watching so carefully. Recently, some of the bond proxies and how they have been trading. Stocks like bp certainly adding weight to the ftse 100. The car sector looking reasonably solid. I will show you what is happening with total and just a moment. Utilities having a better day. That is some of the risk off mentality coming into the market. The bottom end of the market, we are seeing stocks being rotated out of travel and leisure. Chemicals, we are seeing weakness in technology. Technology not a have her wait sector in europe, which is technology not a heavyweight in europe which is disappointing but a reality. Food and beverage is barely budging today. That is a risk off, risk on indicator with the big proxy names like nestle. This is one of the Spinoff Companies which is now listed in the netherlands. Justine trading up 24 . Very strong competition at the moment. A landgrab underway. Ubs, we will hear from later on, a big on flow in terms of the Wealth Management business. Continental posting solid numbers. Interesting to see what is happening within the tier one suppliers within the Auto Industry at the moment. We are also going to see it spinning out its trade business. That will happen via an ipo. That is being taken as a solid signal. Trading up on the back of that. And a headline level, not much going on. ,vidently a market of stocks rather than a stock market. Romaine not much going on here either, putting people to sleep as you can see. The s p 500 Holding People above the 3000 level. This is the first season where we have gotten that broadbased slew of reporting from the s p 500 companies. Investors finally getting a chance to cut through the trade noise and all of the politics. What theyre seeing is not bad but not great either. A little bit of a bid into the treasury market. The option week starting at 1 00 today. Two year notes today, fiveyear tomorrow, seven year on thursday. That will be a big determinant of what we see on yields. A little bit of a bid on the dollar. A bid on crude. Do not get too confused, this is still a tight range. Lets look at some of the sectors. We have seen a lot of reversal in the transports. The dow transports are down 1. 1 today. They have flipped into the green. A lot of that drag down was because of earnings out ups. A bit of a disappointment on the earnings. This seems to be the narrative you will hear a lot about during this earnings season. The biotechs on fire. Biogen leading the charge. A lot of the other stocks in that sector also rising in sympathy. A lot of speculation about what the next big drug could be and whether other companies be along for the ride. The aerospace sector, these are a lot of the suppliers, bowing up a couple of percentage points. That is dragging some of the suppliers up. On the bottom, some of the Software Companies. We had cadence out with earnings last night. That is the big Software Design companies. There guidance disappointed earnings. That is dragging down some of the Software Companies. Keep in mind the Software Companies have been a big source of keeping this rally going over the last few weeks, since the end of the summer. If we get a little but of softness, that could spell trouble for the market. Something to keep an eye on. Tomorrow with out numbers. The Earnings Call starts at 10 30 eastern. That will be a must listen call. Lets get back to the Bank Earnings season story. We have kicked it off in europe. Ubs out with numbers earlier. Its Wealth Management unit added 50. 7 billion new dollars. The ceo blames Challenging Market conditions. He spoke to bloomberg in zurich. Still very Challenging Market conditions. I am glad we were able to bring a solid performance into this difficult context. In terms of the investment bank, profits down 59 . You announced a restructuring. What does that mean . What does that look like . Market conditions have been very challenging and they are forthe Market Conditions business and strategic choices. We are much more skewed toward europe and asia that we are to the u. S. This is still a business where the u. S. Is dominating in terms of calendar, and terms of business activity, and Client Sentiment is better than outside the u. S. You will take 100 million of a charge. What cost savings we get and will mean job losses . Region ofct in the 90 million a year cost savings. Most importantly, it will give us an opportunity to refocus our , for example in the markets business we will focus on our execution, on our structuring and our financing businesses, leveraging all of the Technology Investments we made in the last few years. Onbanking, we will focus on a globalries basis than on a regional basis. They are leveraging the expertise we have within the organization. Amontes ceo sergio speaking to bloomberg earlier. Tough to make money in european monti in european money right now. One of the reasons why do so tough, negative rates. What you think of negative rates . Negative rates is about 16 trillion outstanding in the world. That is a little over a quarter of all of the debt outstanding on the sovereign side and the private side. If you put that in the context of the world, which according to the world bank will show in the next 30 years a global pension of 400 trillion against what is a Global Economy of about 80 trillion. We have a major problem. One of the problems the Banking Industry faces is that large banks spend tens of billions of dollars every year and employed thousands, if not tens of thousands of people doing the same thing as their competitor in a fashion that is not differentiated. It is processing, it is activities that are not visible to their customers. There is an enormous duplication across the spectrum of the Banking Industry for commoditized functions that are not commercially differentiate. You see some concentration needs to happen. Some mutual lysing of these process functions through m a, which is remarkable difficult to do. The flipside is we are now in an economy where the sources of funding away from the Banking Industry are abundant. In those economies are technologically successful. To me the big question, the multi trillion dollar question, is will china emulate europe and follow a path where most of Corporate Funding stems from bank lending. We know how important banks are to the european economy, or will china decide to reform itself to look a little more like the United States and include a much wider variety of sources of funding, including equity and a range of private and public equities to fund the startups, the s ps, and the technologies of tomorrow. If china goes down that path, the Technology Race with United States will be substantial and real. If it doesnt, if it privileges a european style funding model guy if it gets to that point and china goes down the u. S. Route and becomes a powerhouse in terms of the startup story, they are on a collision course with United States. Are we headed on a new cold war between these blocks . China makesming that conscious decision, if they do not, if they stay in a bank lending driven economy, i do not think they will be successfully scaling up today to compete in the long run in the United States. Assuming they make that decision, i think the path towards Intense Technology competition, perhaps an innovation more, will continue. That does not prevent china and the United States from striking trade agreements. In many respects, the economy is continue to be hugely complementary. I think we are moving into what i like to call a quantum world, where your friends can also be your competitors, your enemies, they can find you and at the same time try to take the wind out of your innovation. We are moving into a more complex world where the dichotomy between extreme competition, cooperation, and dependency will be on the increase. It is not going to be the fragmented world that some policymakers are wishing today, if one believes the press headlines. David had a week romaine how do we get there . It looks like we are moving more toward fragmentation. What in your opinion reverses it and moves us back toward the center, for lack of a better word . Xavier we are definitely trying that fragmentation route, where at least some seek to recalibrate their economic environment, their financial market, their trading environment, along national framework. , we arehe scenes looking at things, whether Financial Regulation, clearing is one such global issue where the eu for years has been saying since the brexit referendum that they wanted to take clearing back to the eu and get away from london. In practice, this has not happened because global efficiencies, tens of millions of dollars of capital savings accruing to the bank and Asset Managers that clear their euros together with the dollars at the sterling and there again in a single global clearinghouse, those benefits would not approve under a fragmented world. Behind the scenes, it is not that visible, but we are saying, we are seeing a range of areas, including trade and recently some Movement Towards an accommodation between United States and china, i think a slow but reasonably certain emergence of a global regulatory and eventually political governance framework. I know this is not consensus today, but i do think the businesses that run the businesses globally ultimately will be rewarded. Romaine another quick question. With regards to Monetary Policy and the potential for resynchronization of the policy, do you see that happening are you think it is happening already . Xavier rates are coming down everywhere in the world. You can argue that some form of synchronization, which shows the interdependency of global economies, even those deemed to be outside the mainstream framework, is already happening. I do not think these negative rates, the full consequences, intended or unintended, have been fully evaluated. At the end of the day, Capital Needs to be rewarded. How will we bridge that 400 trillion Pension Fund Deficit if we do not find sources of growth . I think the solution to that conundrum, because there are well performing economies, the u. S. Obviously performs a lot better than europe, is to be more inclusive, is to ensure that remarkable investment projects going on in saudi arabia, that the russian economy , that the integration of the chinese economy, if you start seeing emerging of Global Political debt limit mechanism that allows these countries to rejoin the Global Economy or leverage further growth projects , their access to global Financial Markets, the Global Economy can resume the path toward higher growth and we can get out of that period of negative rates and that is what we are betting on with my old friend michael ainslie. Guy on that note we will leave it. Thank you for stopping by. Xavier rolet, joining us from seek u. S. Joining us from cqs. Lets check where european stocks have settled. Where we finished up the day, Little Movement during the option. Those are the final during the auction. Those are the final numbers in europe. If you want to carry on the market coverage, you can do so on Bloomberg Radio on the top of the hour. The cable show will be taking to the air. Jonathan ferro is a new york, i will be joining him in london. On dab Digital Radio in london and around the world on all of your bloomberg devices. This is bloomberg. Guy this is bloomberg. Romaine live from new york, im romaine bostick. Guy from london, im guy johnson. Lets check in with bloomberg first word news to see the details with courtney donohoe. Courtney a warning from Boris Johnson. Of parliament defeats his brexit proposal and votes for another delay, he will scrap the deal and call an election. Later today, johnson will find out if he has any chance of getting his deal approved. He will also learn of it will happen before october 31. It is reported the p. M. Is ready to expect a 10 day brexit delay. Iraq pushing back against u. S. Troops leaving syria. The country says american troops cannot stay there. The defense secretary u. S. Defense secretary says forces pulling out of Northern Syria will go to iraq. President trump ordered the bulk of u. S. Troops in syria to withdraw after turkey began its military offensive. Hundreds of thousands of californians again face the prospect of another deliberate blackout. The bankrupt utility pg andy is considering a shot pg e is considering a shut off to homes in the northern part of the state. The company is trying to keep its power lines from starting wildfires. 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 already done i hope. I am courtney donohoe. This is bloomberg. Netflix shares are falling after verizon says it will offer its wireless subscribers a year reaccess to the disney plus service. This putting more pressure on netflix. Here to break it down for us is taylor riggs. Taylor like you said, the competition keeps coming for netflix. Today the news is that verizon will team up and give the mobile subscribers 12 months free to the disney plus streaming service. This is putting pressure on netflix. We knew competition would heat up in the fourth quarter, you have apple tv, you have other devices, and netflix, interestingly enough, looks like it is becoming more expensive relative to all of the other services that have been launching. The most Popular Service on a monthly basis is 13 a month. We know dizzy is around seven. Apple tv Wayne Odesnik is around seven dollars. Apple Wayne Odesnik is around seven dollars. Aroundnow disney is seven dollars. Apple is around five dollars. This verizon announcement with disney, those are different strategies as you know from cable providers like at t, which are trying to own the content. We are seeing differing strategies starting to play out, not only on the mobile side but also on the streaming side as well. I want to quickly take a look at the cash flow. As you know, netflix was rewarded a little bit after that earnings because free cash flow, they said it is starting to improve and hopefully turn positive. We know they have to keep continuing to spend on that original content. Guy you can go from cash burn the credit markets. Netflix pricing into billion dollars in debt today. What does the appetite look like . Give us a sense of what is going on. Taylor these are junk rated bonds. We are hearing their actually doing better than expected. We have 1 billion in u. S. Denominated bonds, that is coming in at yield 4. 875, down from the yield earlier. If you take a look at a chart, doing muched debt better than similarly rated uber, tesla, and wework, which is on an entirely different level. There are demands for the netflix junk bonds. Romaine taylor riggs, thank you go. Guy that was a nice chart. We will get some more. Coming up, our global battle the charts. 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. Guy time for our global battle of the charts. You already know you can find these on your bloomberg at gtv. Mike regan, what have you got . Mike i notice a few investors in strategist talking about the outperformance of stocks outside the u. S. Compared to the u. S. Stock market. Out thegroup put outperformance of european stocks, writing perhaps the suggest the weakness in the euro zone economy may be coming to an end. At morgan stanley, lisa shalit cyclicalng is right export dependent and value style equities prevail nonus market. If anyone is going to bet on International Outperformance versus the u. S. , it helps to look this longterm trend. This is the ratio of stocks outside of the u. S. , to stocks in the u. S. As it goes down, that means International Equities are outperforming the u. S. This is using the all world excluding u. S. Index versus the s p 500. Not only is it the trend over the last 10 or 12 years, it goes back to the late 1980s. There are few years about performance over International Equities around the turnofthecentury. Mostly, this has been a trade to date rather than marry for the longterm. Guy nice. What do have to follow . Romaine value overgrowth. Number that was all the rage in midseptember . Ue outperformed mid to outperformed growth for one of the longest stretches we have seen. We have seen a little bit of rebound in that value trade. This is coming up to be the second straight month where value has outperformed growth. This is the chart you are looking at. It has been a tough road if you are a value investor. Value investors will point to hear. What you do not see in this chart is the longterm average which shows you that over time value does tend to win out. Doesne does not guy not feel like it right now. I will give it to romaine today. Certainly whath a lot of people are talking about. From romaine and me, that does is but balance of power coming up with david westin on bloomberg tv and radio. He will speak to the ups ceo. This is bloomberg. David from bloomberg World Headquarters in new york to our tv and radio audiences worldwide, i am david westin. Welcome to balance of power, where the world of politics meets the world of business. On the brief today, emma chandra in london on the brexit vote. From ottawa, Josh Wingrove on the canadian election, and Kevin Cirilli in washington on the continuing saga of the impeachment inquiry. Lets go to emma chandra. A big vote coming up. What we expect in parliament . Emma all of the action taking place in parliament behind me. Mps currently in the house of commons debating the second reading of the Withdrawal Agreement bill. They are due to vote on that around 7 00 u. K. Time tonight, that is about 2 00 in new york. A vote for this is essentially about to say you agree with the principle of the Withdrawal Agreement bill. The principle of the brexit deal that was negotiated by Boris Johnson and the
comparemela.com © 2020. All Rights Reserved.