That is pleasing most investors. Isnt stocks soaring. Sent stocks soaring. We are certain to be speaking yields. The10 year in u. S. Surface we are rotating towards a more defensive bias. The food and beverage sector is the outperforming sector. These are attaching a bid once again. The car sector is down today. Those sectors have done really, really well over the last few sessions, as we have seen the risk on rally really get into gear. The german tenyear, a potential bid with two basis points, as you can see, on the move. We are down, that means bond prices are moving up. What we are seeing today is a move against some of the emergingmarket currencies. The ruble is on offer, the South African currency is on offer. You are seeing that around the world. These look a little flat, but actually i think it is probably a risk off five into the markets. Charles evans says that the u. S. Economy is in a good place. In an interview with tom keene he said that the fed has engineered and accommodative policy. Im not even sure what neutral is anymore. I think we need to make an adjustment. I would say moving from leaning towards a restrictive stance as a path to meaning toward leaning towards and accommodative stance. I think that is what we engineered with our third rate cut in our last meeting. Talking toe evans tom keene earlier on. Bonds have sold off of the last few sessions. Buying opportunity . Without question. The reasons we have seen for the vonda selloff are understandable in the sense of market dynamics, but i dont think they are getting at the underlying causes, problems, macroeconomic outlook, sentiment factors which have shifted the needle quite quickly from it is the end of the world to wow, there are no problems. A massive overreaction. We have not dealt with any of the problems. It concerns me when i hear some of the Federal Reserve communication with respect to the economic outlook. I dont think they have grasped what is going on under the hood. Guy where do i buy . James treasuries. Some of the things we do are complicated, mathematical, full of jargon, and some are straightforward. That is the market that is reserve currency. That combination tends to be the right place to be if you believe, like i do, we are headed for a recession. Vonnie on a day like today what is more important for a market looking for the cycle to return. It is the productivity data, or payrolls as strong as they are in growth as weak as it is. Productivity is going to give at some point. Or is it trade . James i think it is neither of those. I would agree with the analysis which is to say productivity described economically in theory and productivity is measured are two different concepts. Productivity measured is one number divided by another number and doesnt tell you anything about productivity as adam smith would have described in 17 76. It is a remainder. It is a mathematical formula. By the same token i dont believe the trade policy has been the biggest driver of the Global Manufacturing and slightly more broad economic weakness we have seen over the last 12 to 18 months or more. I dont think either of those are truly the story. What we are seeing is a Global Economy which is reacting to different policy choices in the chinese domestic economy having an impact on the global exporting manufacture and trade procyclical sectors, and then the culmination of that and the fact that u. S. Unemployment cannot fall much further. It cannot fall at the pace it has been falling. The confidence combined with that factor means there is not much left in the engine of Global Economic growth at this stage. Vonnie is this a onetime shift, a secular shift . If it is a secular shift, how should Bond Investors be treating this . James Bond Investors are going to have to stare down the barrel of something that looks v shaped. There a couple of things that have been going on. The secular stagnation low growth thesis, the other is the absence of inflation. I have described a situation where i think china is undergoing a secular shift in the pace of its growth and the makeup of its growth. It is going to be less impactful for the Global Economy. The combination of those things looks like low yields and flat curves forever. The problem is the other secular trend, which we have observed over the last 10 to 20 years, has been the globalization economying, lowwage trend. That has been disinflationary. That is what central bankers have been fighting for 20 years. We are getting to the stage, political or economic reasons, that is starting to run its course. That means that secular disinflation trend is running its course as well. I dont expect inflation to rear its ugly head yet, but i dont believe inflation is dead. Weve we will head into a political smear where less becomes more donna more dominant, there are Inflationary Forces that are likely to reappear and you dont want fixed income in that environment. It is still a falling yield flattening curve trend, but i dont discount or doubt that there are likely to be environments in the future which are not as bond friendly. Guy talk to me about the shape of the curve developing. The fed indicated they are hiking rates. The path to hiking rates is more than cutting rates. What you see it going . Have beenentially we quite miserable in terms of our outlook for the u. S. Economy, the Global Economy, and have expected at some stage central bankers will recognize that and we will have the traditional bull steepening that comes when the central banker has to cut for disinflationary recessionary forces. We havent seen that. The latest fed meeting to the extent that there was any expectation they might hike has been taken away. Now you have an even more friendly environment for Long Duration curve steepness. Things are getting worse, bond yields are falling because the macroeconomic outlook and political outlook is less asset friendly, or you are in a bearish environment for some reason, but one that will not cause the feds to raise Interest Rates and that drives the curve steeper in an bearish fashion. Either it is steepening or the fed becomes more aggressive and the bull steepening. I still like steepness. 30 in thesome position im running. I think that has maybe kicked up in recent times. You are still talking about a 5 deficit at the end of the longest economic expansion on record. Be a concern, i think, at some stage. As it stands for tomorrows auction it will be fine. Yesterday was good. We have seen participation higher and we are expecting something similar from the 10 year today and i dont see why the 30year should be different because the range of years is towards the upper end. Further into the future and if the treasury wants a longerdated bonds, which it seems to, potentially there is a time where the long end starts to really underperform relative to the rest of the yield curve. Guy it seems like politicians want to spend money as well. James that is also true. Guy he is going to stay with us. Vonnie we will be back with james in a moment. The european bond yields, in the u. S. , we are seeing a range trade. Lets get more detail on that. Stocks have been fluctuating between positive and negative territory all day. We are flat on the s p 500 and the dow. When you look at a sector composition it may be more defensive in tone. You have more decisive selling in the nasdaq down. 4 . Oil is now marginally lower by. 01 . A winning streak off the back of the Inventory Data we got 40 minutes ago and the headline opec may not be looking to deepen production cuts. We like that oil is heavily weighted in the Bloomberg Economy stock index which has been rallying thanks to oil and base metals and others that have been rallying on optimism surrounding u. S. China trade, a deal spurring demand. That is at its highest since mid april. We do have some earnings winners in the like of humana. It raised its employer earnings. Is best performer confirming its guidance. On the downside you have over. We have been talking about it all morning. It is trading on volume almost 200 times the daily average. The stock is down 4 . Walgreens, boots, down the better part of 4 . The streak is not expecting the record leveraged buyout is actually going to happen. I want to hone in on one section, that is tech. The best performing sector yeartodate. A really let us to the record highs we saw this week when you look at valuations. They are looking quite rich. 21 times on a pe basis for this year and blended earnings in the next 12 months. That is the highest that evaluation has been since 2007. Vonnie thank you. Uber shares improving a little bit. Down the 4 mark. Speaking right now at the New York Times books conference. He is saying he expects the companys margins will keep growing into 2020 two. Once again he is saying that the companys margins will keep going into 2022. This is bloomberg. Vonnie live from new york i am vonnie quinn. Guy from london im guy johnson. This is the european close. The Trump Administration is optimistic about reaching an interim trade deal with china according to wilbur ross. He spoke with reporters in indonesia. China is insisting that President Trump rollback tariffs before a deal is signed. President trump and the Republican Party suffered setbacks into states in off year election. In kentucky matt bevan faces what could be an upset loss in his reelection bid. Virginia, democrats seized both houses of the legislature from republicans. In the u. K. Prime minister johnsons bid for reelection has been rocked by cabinet resignations. Quitting after claims that he knew about a former aide collapse in a trial. The u. S. And china saw some of the biggest rises in Greenhouse Gas emissions last year caprding to a report from gemini because of Energy Consumption dominated by fossil fuels. Historic gems in asia due to growing use of coal. Global news, 24 hours a day onair and on tic toc on twitter, powered by more than 2,700 journalists and analysts in more than 120 countries. This is bloomberg. Vonnie thank you. In the u. K. A couple of hours ago Boris Johnson spoke outside number 10 downing street, formally announcing the general election and expressing frustration about what he calls a debilitating delay. Johnson i dont want an early election, no one wants to have an election in december, but we have got into the stage where we have no choice. He also said that voters might even see a potential votersdum from scottish and another brexit referendum. How likely do think that is that that might happen . Yeah, making predictions about u. K. Politics in the last three years have tended not to end well for anybody. You tended to end up with egg on your face almost regardless. It is incredibly difficult. We have gotten to the stage where we discount polls because they have had poor calls in recent political events, not just in the u. K. But elsewhere well. To some degree i understand that. The dividing line across u. K. Politics are vastly different. In this electoral event i believe that brexit is the number one issue and brexit crosses regional, demographic, and party lines. That makes it difficult if you are a statistician. To think, when i tried about this as logically as compartmentalized as i can, i still struggle to get to anywhere other than a tory majority as it stands at the moment. I think that brexit is going to be a huge part of this election, of of the lib demspolicy absolutely no brexit and labors inability to coalesce around anything rational, consistent, or particularly attractive in terms of a brexit policy, i dont think it will play well with a lot of voters. Even in traditional labor heart lands, you have generation after generation who vote labor as of habit, out of loyalty, without thinking about anything. Even in those areas there will be a shift to other parties. Tories will pick up votes there. I think it is a tory majority will stop there is a long way to go until the middle of december. Theie how do you model various scenarios . Is there a scenario under which guilt would react strongly, or are they tied to their european counterparts no matter what happens . Mes i think most scenarios gilt yields rise. The continuing purgatory, the extension of uncertainty. What we have learned after the brexit referendum is first and foremost it was a negative supply shop, not a negative demand shop. Second we have learned that the dragging out a will they wont date has been catastrophic for the ability of businesses to invest for the future. That has become the biggest drag on Economic Activity. Purgatory is the worst thing. I think most of the other scenarios you are likely to get either clearly quite quickly either clarity quite quickly, fiscal policy, or if you had a liberal democrat majority, for example, the market would see that as brexit is off the table. Most scenarios look like gilt yields underperforming and sterling rallying. Fiveyear. K. Breakevens. Absolutely collapsing over the last few years. Youre struggling to keep a smile off your face. Lets talk about where this goes next. The pound is obviously a contributing factor. The pound goes up, inflation goes down. The pound goes up further, how much lower does that go . James one of the reasons it has been such a journey is if you speak to most market participants, it got to the stage where everyone and their wives, some equity manager in cleveland has u. K. Breakevens. Not when sterling was necessarily falling. Your analysis is correct, it has most been a currency trade. Bad brexit that has finally happened. We have seen progress on brexit breakevens absolutely collapse. Realistically, 2. 4 of average breaks of 3. 4 , the end of the longest cycle in history, that looks to me like they are still way below. A quick question on the euro zone. Report from the imf a little earlier, in the report that i was reading, given elevated Downside Risk contingency plan should be at the ready for implementation in case these risks materialize, not the least for effective Monetary Policy has diminished. Does this need to be done . James in terms of effectiveness, it was done along time ago. They have been counterproductive for a long, long time. I see absolutely nothing can be fundamentally transition of Monetary Policy in terms of shifting behaviors. The Interest Rate is probably below half a percent. Damage to the Banking System and in terms of the inverse relationship according to the textbooks between low rates and savings behavior, 18 and Interest Rates are negative, the textbook is 100 percent wrong. The ecb has been counterproductive for many years. Are they done trying, probably not will stop it doesnt look like it will be a preemptive or proactive physical response, in particular germany. If Economic Activity takes a dive the ecb will be pressure to act. Guy maybe there will be some sort of court and aided fiscal policy would coordinated fiscal policy would be a good idea. This is bloomberg. Guy live from london i am guy johnson. Vonnie from new york i am vonnie quinn. This is the european close. Adam schiff says that the public impeachment hearings will begin next week. This is in a tweet saying the House Committee will hold the first open hearing next week as part of the impeachment inquiry. It will start on wednesday. As you can see, we will hear from george kent. On friday, more to come. That is one piece of breaking news. Teslas elon musk has been tweeting, impacting tesla. It was negative and turn to positive. Tesla will unveil a cyber truck november 21 according to elon musk, in los angeles near the spacex factory. Not quite sure if it has been vetted by his lawyers, as has been the commands to him after previous tweets. From tesla will be unveiled november 21 year the spacex factory. It did erase all of its declines. Guy cyber truck. Lets look at where the european markets are trading as we head into the close. Headline level, there isnt anything going on. Rotation is away from growth today in europe. The close is next. This is bloomberg. Guy 30 seconds until the end of regular trading in europe. If you glance at europe from space, it does not look exciting. Italy lower. U. K. Markets flat. The cac 40 outperforming just a touch. Below the surface, there are things going on. This is the stoxx 600. Up. 1 . An unexciting session at a headline level. We have not strayed far from the yellow line. Let us dig beneath the surface and show what is going on. We find we are road heading back towards the risk off trade. The bond proxies are back and we are trying to figure out exactly what is going on. We are seeing a mixed trade when it comes to the banking sector. But we have today is the food and beverage sector trading in the upper end of the market. Nestle attic the most points. It is adding weight to the market with the upside. You have some of the bank stops and also some of the car stocks. That is where we are seeing things coming through. In terms of the individual markets, let show you what is going on. The ftse 100, the dax, and the cac 40 ive done this out of order. The ftse 100 flat, the deck the dax is flat. The cac 40 is up 1 . Let show you what is happening with the the cac 40 is up. 25 . Let me show you what is happening. Food and beverage doing well. Retail doing well. Household goods doing well. Bottom end of the market, we are seeing the basic resources sector, the miners trading weaker, the car sector is down. 4 . Sectors that have done well are not doing quite so well today. Thanks flat and just one factor in that mix, socgen giving a lift to the upside. Lets talk about the stocks. Socgen doing ok. The critical thing is ike inely outperforming n the United States and that was not taken into account in the share price reaction. The market reacted negatively because of europe and asia. That is look at the european close. Vonnie a lot of movement individual stocks. We are adding a pointer does go to the index and taking away our point or two. Right now we are not even up a full point in the s p 500 but it is firmly above 3000. 1. 84 on the 10 year yield. We have been talking about the productivity data causing movement in yields today. People taking it in their stride in doing the math on productivity. It is the first negative quarter in many quarters. Fractionally, very close to 98. Crude, which was higher more than 1 earlier is down about two quarters of a percent following the inventories that showed a massive build, 7. 8 Million Barrels build. Lets look at some of the individual movers in the s p 500. There are several stories going on, many of them is earning related. One of the best performers. We learned there is interest in the professional beauty segment that may have some investors looking their lips. Also a good quarter. Hp, we know why that is up. Xerox may be making a bid for hp a purely to the wall street according to the wall street journal. Cvs had good earnings. They are looking to see how well that caremark does. That will be the story for the coming quarters. Negative performers to offset the gains. You see a lot are things like dina mack energy. A raft of oil and Gas Companies disappointing the drillers. 5 . Stry is down about that is a retail play. Guy lets get back and talk about the South African economy following the decision to lower its outlook on the following moodys decision to lower its outlook on the credit to negative. We talked to the president about the challenges ahead. The rand is a much traded currency. Possibly the most traded currency in the world. Volatile. N it has gone up and down and has been driven by a number of factors. One morning it is driven by the statement that the minister of finance has made. The next day it is driven by a statement the president has made. Are you prepared to defend the rand against speculators . I am not going to answer that because that is a sensationalist type of answer you seek. We say we want to continue managing the currency of our country in a prudent manner. That is the important thing we have to do. If you say defendant, it means we are throwing money at it. People trade on that basis. We say we want the currency to be managed prudently. Let may be slightly less dramatic and more factual. There is risk of capital flight on a downgrade between 1. 5 billion and 15. 5 billion in a wide number. Are you prepared for a moment of capital flight if the downgrade comes . With the downgrade we have slidehere was capital that left the country. We havealways the risk to prepare ourselves for. It is for this reason that we have to do as much as we possibly can to try and defend our position and make sure we do not get to a downgrade type of scenario. , southril ramaphosa africas president. Many people say that south africa needs to just get on with it. It has talked about reforms. Now it needs to deliver. Did the president talk about how quickly he can get this thing going . I reflected on your interview with Goldman Sachs yesterday, i use the word how aggressive you want to be. You said you do not want to be aggressive, you do not want to drag south africa kicking and screaming. I challenged him about the Political Capital he has and is he Strong Enough to drive through uncomfortable changes. He sounded like someone who is trying to build a grand belief, a grand Political Coalition of acknowledgment that radical change needs to,. Union,n become from the the very people who have put him in the state. He needs the political client to come behind him. I find him quite cautious today. He could be have more trouble in terms of the s p rating. He did not want to play the sport with me of giving me a headline on the rand. What can you do . Vonnie i was going to ask you what he did say about that. Also, it does seem like he enjoyed talking about u. S. And china trade wars, but he has his own problems that may not be solved, even if there is a solution to the u. S. China trade battle. Interesting. If you look at south africa, for the past nine years youve had a growths of 2 . Youre looking at a deficit next year of 6. 5 . There is a function on the bloomberg. If you look at the trade relations for this country, it is inextricably late to china. It is inextricably linked to china. You need that global trade deal to come to fruition, and he said that would unlock substantial growth potential. Maybe there is more radical reform that needs to be done and executed on the ground. The bottom line is he is in the some kind of wants step forward in actual trade relationships. Guy it would certainly help out commodity prices. Cracking indeed. Thank you for your time. Manus cranny joining us from johannesburg. Vonnie lets turn to one of our top corporate stories. A quarterlyted operating loss after investing in the moneylosing startups wework and uber. Joining us is sonali basak. Egg on softbank space or are they looking at it like a Lesson Learned . Sonali Lesson Learned for sure. Admitted some mistakes but he was defiant. He defended his strategy. Losssaid, a 6. 5 billion is what people expected. Maybe a little bit more. Not toward the high end of expectations. Shares are not going crazy because it is what people expected. Guy he was not very contrite. He did not back down. Will that play well with investors . Sonali that is what i was wondering. What is the bottom . Shares are not moving a lot, but that does not mean there is not trouble ahead for softbank. Earnings are little bit muddier, and then on top of that uber is still under pressure through today. That is not reflected in the Earnings Report you saw today. Wework is in the middle of a tough turnaround story and a number of fund bets that are not doing well. We do not know how much money they are bringing in for the second vision fund, or where those investors stand. With all of that said, what is the bottom . Vonnie it seems to me he does not have to be as conciliatory to investors as others have to be. Had some great bets under his wing. Has been down in Public Market traded and up since they invested very early on. How do you reconcile that . That said, they are still down quite a bit in the bottom has not been found. The second part of the strategy, how will that work out when the first one is still unclear . Unclear . The stock is not going crazy. He is giving something to bite on. Him being defiant is his way of giving investors something to hold onto, that fearless mentality people are so used to. Softbanklook at how generates money. Part of it when it comes to the vision fund, part of it is management, part of it is exits. If they do not get another fund, if there is not a vision two, what happens . How do you value softbank if you do not get another fund in place . Son said he summer wanted to take so Many Companies public. The ipo market has started to look a lot more difficult for companies that make up the portfolio. Investors are not loving these companies not loving these lossmaking companies. It was reported softbank had been looking to tighten the reins on dual class shares an investor control over the company and not letting founders bill luce anymore. Goof not letting founders loose anymore. How will funders react to taking softbank money . How will they get the companies to market . The hope was they would take these companies public, but the markets are not as receptive to that as they were a couple of months ago. Vonnie thank you for all of that. That is bloomberg sonali basak. Guy first word news time. Here is courtney donohoe. Courtney the house will begin public impeachment hearings on President Trump next week. That comes from the chairman of the house intelligence committee, adam schiff. The house panels have been interviewing witnesses and private for the last two weeks. The International Monetary fund is warning europe to prepare for the worst. The imf said europe should make emergency plans for a slump. The scope for effective Monetary Policy has diminished. If the u. K. Leaves the eu with an agreement, the imf warns the countrys economic output would fall 3. 5 in two years. In san francisco, voters agreed to move ahead with a ban on ecigarettes. Officials passed a law to prevent anyone from buying nicotine vaporizers until the products get fda approval. The biggest ecigarette maker led an effort to overturn the law. More than 80 of those who voted rejected that attempt. Voters in new york city have approved a measure to create a rainy day fund. The savings would help shield the city from tax hikes and program cuts during the next economic downturn. New york still needs state legislators to lift physical controls imposed during fiscal controls imposed during the 1970s. 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 courtney donohoe. This is bloomberg. Guy thank you very much indeed. Appropriate the pictures had blue skies in new york. Lets see where the european stocks have settled. A little bit of dip toward the end of training. The ftse 100 up. 1 . The dax up. 2 . The cac 40 outperforming, socgen the main reason for that. If you want to carry on the market coverage, you can do so even if youre leaving the office. Turn your radio to dab Digital Radio in the london area. You will find the cable show. Jonathan ferro is in new york. I will be joining him in london. This is bloomberg. Vonnie time for todays quick take. The Christine Lagarde air a at the European Central bank is underway. She takes ever the time policymakers are split over stimulus tools. One of those tools is the use of negative Interest Rates. Here is how they work. Negative Interest Rates were seen as an experiment because other options were not working after the 2008 financial crisis. The ecb cut benchmark rates below zero in 2014. Now a quarter of the worlds economies are living with rates in the red. Negative yielding bonds has top 17 trillion, or one fourth of all investmentgrade debt. Investors buying those securities will not get all of their money back. That is including the focus on how people are hurt when their Retirement Savings failed to grow. Some policymakers encourage that ultra rates encourage asset bubbles and risky lending. The disparity between the u. S. And the rest of the world has driven the dollar higher, which could damage u. S. Exports. That is the latest quick take. This is bloomberg. Vonnie live from new york, i am vonnie quinn along with guy johnson in london. Breaking news. Markets have taking a turn for the worst. Reuters has reported that the trump and xi meeting may be moved back to december. This is when they would sign the first phase of the deal. We had been anticipating it would take place in the next few weeks. Now reuters is reporting you might be delayed. That is causing markets to take a leg lower. The dow and the s p both down. 2 . Guy lets pick up on that news. We are joined from brussels by the Austrian Central Bank governor, robert holtzman. Governor, can i pick up on the news we have just heard from vonnie talking about the trade war china and the United States. If we do not get a deal done, how damaging will that be for the eurozone economy as it goes forward from here . Germany already looks like it is in recession. The heart of the euro zone could follow. Any trade war is bad news for everybody, and also for the european union. As europe is tightly linked to us as well as china, a trade war will reduce the outlook of our for the next years. About how the ecb would respond. , speaking lastde night, urged to germany and other countries within the euro zone to spend more money and deliver a fiscal impetus that may be needed to protect the euro zone from such an event as you described. You think Monetary Policy is done . Do you think europes future lies with fiscal stimulus . Monetary policy seems to have reached its and term. Fiscal policy needs to take over. Ancal policy should not be expansion of expenditures on social issues. If it is to be protected, it needs to be in such a way it offers higher future output, not only more demand. Vonnie what do you mean by that . What would that look like . Very simple. In order to deal with the future challenges, every country needs to upgrade, needs to make sure Dynamic Enterprises surprise and prosper. What you need are public the younges that help Dynamic Enterprises prosper. What you need in europe and expendituresld be on artificial intelligence, needs to have the right infrastructure, needs to have the right education. ,ll expenditures which are able the Creative Destruction that some Enterprises Need to be created a new and others need to lift the marketplace to make room and resources for young enterprises. Vonnie i want to ask your question about the european Banking Union. Today the german finance minister made a sign to the markets that potentially he would drop his opposition to deposit insurance, for example. How likely is it that what happened and what is your visit for the future Banking Union in europe . I think it was a useful initiative to reframe the german position from a negative one, we had, saying we will not be able to join a Banking Union or create one unless this happens. What mr. Schulz is saying is we want to have a Banking Union, but for this to happen, this and this will happen. On substance, not much has changed. Spin and theitive possibility for a restart of the discussion. Guy i think he made it very clear he still feels the buck stops with individual nations and that is where the problem ultimately lies. If we do not get a Banking Union, if we stop an unfinished project for the euro zone, why will it not be a case that the people will start questioning the ability of the euro zone to continue in its current form . We saw one of the Central Bank Governors from Eastern Europe talking about the necessity for a mechanism for countries to leave. Do you think such a thing should be created . I do not think there is a need at this moment. I am not aware of any of my cogovernors in the european that wantsk council to leave the euro area. I think it is a wakeup call that more focus needs to be made on some issues. It can be made. This is not an affair of the central bank, it is an affair of governments, of financial institutions, of ministries to create incentives that a Banking Union can take place. He instruments are there the political will seems to be missing. Guy final quick question. Can negative rates be reversed easily . Yet because weow never had this experience. If there is reasonable guidance, rates should be reversed to what is positive. I think Financial Markets will adjust to the expectations. How it should happen is something one would need to do a lot more thinking about when we are currently able to say. Guy we will leave it there. Robert holtzman, the governor of the Austrian Central Bank, thank you for joining us. Vonnie coming up here on bloomberg television, balance of power with david westin on television and radio. Republican senator mike braun joins the show to top trait and the latest on impeachment proceedings. Maybe he will be able to to talk trade in the latest impeachment proceedings. Maybe he will be able to discuss this latest reuters report that a meeting between trump and xi. The majorwn. 2 on indices. 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. Chief washington correspondent Kevin Cirilli is at the white house. We want to talk about the elections yesterday, but first we have to turn that reuters report just out that the u. S. China trade deal may have to wait until december. This is a reuters report. Certainly the market does not like it. Did not like it at all. Markets reacting on the news that President Trump did not get to finalize or sign that deal until december. A key part of that agreement is that potentially those tariffs set to go into effect on billions of dollars worth of chinese imports into the United States would be off the table in mid december, december 15. Reuters reporting that scheduling conflicts might have to prevent President Trump and president xi from getting together to sign the deal. Originally they had p