Againlls over the weekend pointing to a conservative victory. We have a mild bid on the german tenyear today, 31 basis points. Weve now got a three handle again. But its a big week for the euro, with the ecb coming up later on. Certainly watching Christine Lagardes first performance after that decision is made on thursday. Vonnie. Vonnie just a little while ago, we got word that paul volcker had died. The former Federal Reserve chairman broke away from runaway inflation brought the bank to and later,lation, during the obama administered and the obama administration, was brought in to create the volcker rule. For more on his luck as we are joined by stephanie flanders. Clearly, volcker had an enormous career. He served under six president s, both republican and democrat. Started to really change the way the u. S. Handles Monetary Policy. What would be his most outstanding legacy . Stephanie i think youre spoiled for choice because he was involved in some of the key Landmark Events in Global Economics of the last 50 years, really. Andou even go back to 1971 the u. S. Decision to leave the gold standard, which led to the collapse of the Bretton Woods system which had defined the local Financial System after world war ii. He was a close advisor to president nixon in making that decision when he was at the u. S. Treasury. He burst onto the scene again as the chairman of the Federal Reserve in the late 1970s and early 1980s, with a complete change in velocity in philosophy at the fed, a much tougher approach that led to nearly 20 official interest rates. Hard to believe now, hard to remember, at an inflation at a time when inflation was also in high double digits. Recession,use a which many will always room for him for, but he started that Central Bank Policy which and 1990s,1980s smalleriod of relatively recession. He then was part, as you suggested, part of the cleanup when he was working for president obama with that analysis of some of the things that had led to the crisis, the risktaking, and that volcker rule, which was supposed to rain in speculative activities of investment banks. A swath of influence which continued until his dying months, i would say. Guy it is a good job we didnt have twitter when inflation was as high as that. In some ways, his legacy is also high asset prices. Bysome ways, he has created that some of the crises we now face. Stephanie that is one of the things we talk about, the nice decade. We had this period where macroeconomists were putting themselves on the back, but that very stability of the system made it possible for people to take more and more risk, take on more and more debt, particularly in the financial sector. I think he recognized that more than any people, and had resisted some of president reagans efforts to deregulate in the 1980s. It was only after he left the fed that you had more financial deregulation that he was unhappy about, and i guess arguably, some of those fears came true. Vonnie he had something called the saturday night special, stephanie. That was how he began to combat inflation. Telus exec a with the saturday session was tell us exactly what the saturday night special was. Stephanie when with think about how the fed is listening to the markets, and how worried it might be leading up to a meeting, he had exactly the opposite approach. Opposition ofthe many on the fomc at that time, and announced in a press conference a few months after he came then that he was going to start targeting the monetary side and busily have a much tougher approach to inflation and basically have a much touch or basically have a much tougher approach to inflation. This is a time when you are cutting one or two points at a time without warning the market at all. Today we would criticize the fed if it hadnt told the markets in advance exec leawood it would do. He had a very different approach in advance exactly what it would do. He had a very different approach. Vonnie thank you for that. Statements are rolling in. The first one we have is from former president jimmy carter, and i would like to read that statement now. Roslyn and i are deeply saddened to learn of the passing of paul volcker, who was a giant in public service. He was as stubborn as he was tall, and though some of his policies as fed chairman were politically costly, they were the right thing to do. Is strong and intelligent guidance helped to curb petroleum driven inflation, easing the strain on all american budgets. We are grateful for his service to our country. We extend our condolences to his love ones. Once again there, a statement from former president jimmy carter. Someone else who has a story about paul volcker is someone in the markets. Lets bring in tony ross, Wilmington Trust chief Investment Officer. Im sure there is a story from almost every person on wall street on paul volcker. Hes been around so long and has been involved in 70 things. What do you are in so many things. What do you are member him for . Tony he is always were Members Around inflation. He was an intellectual, but also incredibly courageous. He had this oversized personality. If you go back and look at a Youtube Video of any of his congressional testimony, he would always be smoking a cigar or have it in his mouth even if it wasnt let. The story i was going to tell is that at one point, the farmers were all protesting volcker because of the impact is extremely high rate policies had on the economy in order to break the back of inflation. One of the other things that happened at the time is that one of the classes that was most negatively impacted were Car Dealerships. 20 , noes around 15 , one was going to be able to borrow money to buy a car. So the Car Dealerships sent takeoff into the Federal Reserve filled with all of the khakis of the cars they werent able to sell. That garnered a terminus amount of publicity. It was obviously a very visceral manifestation of what was going on in the economy and how it impacted people as a result of the policies that were being pursued at the fed. Nonetheless, he persevered and survived that period. Not only did the country survive, but he survived as an incredibly impactful voice and Monetary Policy for many years. Vonnie and most recently, the volcker rule, which he really codified, it wasnt excessive the most popular thing on wall street. But that didnt bother paul volcker. He really felt that financial innovation in some investors were going. Too far. Tony in todays environment were going too far. Tony in todays environment, i dont think younger people think of paul volcker in the most positive terms. When using about Investment Banking and commercial banking and the cycles of investing, a lot of the activities have been constrained, but that was clearly the right thing to do. When we look today at the next crisis, the Financial System as a whole is in far better shape as a result of the volcker rule. A lot of the credibility he was able to develop over the many years serve the economy very well and helped provide the strength and conviction to put in place some of the protections that were frankly that we are fronting a benefiting from us we confront the next crisis. Guy paul volcker killed inflation. We now have incredibly low inflation. In fact, we are struggling to generate inflation. How do you think we get inflation back into the system in the same way, maybe not to the same extent, that paul volcker got us out of it . Tony the inflation situation today is really a function, to a large degree, of the labor market we are fortunate that we have ever does patient rate still only around 63 or 64 . Historically, that can probably get up to 68 or 69 . If you look at just the prime laborers in the center of their careers, its higher. So when we look at the inflation scenario today, we probably have a couple of years ahead of us where we can continue to see the kind of job growth that we experienced last week and create a couple million jobs a year without causing inflation. Thats actually a good thing in todays environment. We want to get to a point where we have more inflation. We dont want to slide back into a japan or europe negative rate environment, but we dont see that as a risk right now because theres so much positive things happening between the labor market and the consumer that we are going to continue to get the job growth we are seeing excuse me, the wage growth we are seeing on a nominal basis. That means that real wages are going for the first time in a long time. Guy the problem with this low inflationary environment is that it is forcing investors into assets that they would not normally consider. They are seeking yield and going into places that are far more risky. Is this low inflationary environment now building up risks that the market at some point is going to have to deal with . When you think that happens . At the moment, the Economic Situation in the United States looks pretty good. At some point, that is not going to be the case. Tony thats a great point. There are definitely risks in the equity market, both private and public. I think the biggest risks today are structural risks in credit markets. Dont think of the same kind of risks we had in the financial crisis. Having said that, theres a terminus amount of speculation we are seeing in very low seeing inbt we are the publicly traded market and the private credit market. Overextension of buyers, and your seeing very poor quality debt with relatively low credit spreads. I think what that means is that when we do have a breakage in , you have a lot of amplification of risk because of the concentration in the credit markets of overextended investors. Areie nothing you particularly concerned about, though, right . Tony for the next six months, no, but we are monitoring the areas of the market that are less heavily regulated, and where we are seeing, for example , whathe Bank Loan Market we are seeing is a lack of ebit on the part of those companies. We are not seeing a massive blow in spreads. So there are some indications that, as a canary in the coal mine, there are some risks that are starting to creep into the credit markets, but because we have such a Virtuous Cycle going on in the labor market right now , between the labor market and the consumer, which is doing quite well, we just dont see any real risk transpiring at the moment. They will probably come next year, whats the market starts to position for the elections. Vonnie we have more to talk about. This is tony roth, Wilmington Trust cio. I do want to point out we are seeing a bit of a move in usdcad in the last few minutes. Reports suggest that the white house and democrats are very close to an agreement on usmca. Lets check in on the bloomberg first word news. Heres viviana hurtado. Viviana the fbi calling the shooting at a Florida Naval base an act of terrorism. A Saudi Air Force officer in the u. S. For training shot and killed three u. S. Naval personnel. He was then killed by a sheriffs deputy. Saudi arabia is promising to cooperate in the investigation. Some republicans are calling for the u. S. To temporarily halt Training Programs involving foreign servicemembers. A volcano eruption on new zealands white island killing at least five people. Others are also missing. Thousands more are hurt. About 50 people were on the island. Many are believed to have been from a cruise ship. White island is about 30 miles off the coast of new zealand. In the house, democrats making their case against donald trump. They will keep debating how far they want to go in articles of impeachment. Judiciary Committee Chairman jerry nadler saying the president is leslie to be accused of abuse of power and obstruction of justice. We end in hong kong, where it was the largest prodemocracy rally in months. That signaled more unrest to come in 2020. Hundreds of thousands of protesters flooding the citys downtown streets. The march was largely peaceful. Hong kong leader carrie lam is refusing to give into protester demands. Global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. Im viviana hurtado. This is bloomberg. Guy thank you very much indeed. What have we got coming up for you . U. K. Prime minister Boris Johnson is leading in the polls, with Jeremy Corbyns labour party may be closing the gap. This is bloomberg. Vonnie live from new york, im vonnie quinn. Guy from london, im guy johnson. This is bloomberg markets. Lets check in with those markets with abigail doolittle. Abigail small moves around the world this morning. Take a look at the s p 500 and the nasdaq here in the u. S. Very small gains. Investors waiting for news not just around brexit, but also a possible trade deal. Will tariffs go into place on sunday, december 15 . We see the stoxx 600 barely moving, and the Asian Session was relatively quiet, too. Investors around the world waiting for more information. Perhaps making this neutral tone here slightly risk off, lets take a look at an intraday chart of the 10 year yield. We are going to see a bit of a rally here. We are actually at the point now where bonds are backing backup, so it is truly a risk off day. Over the last several sessions, we do have bonds lower, telling us investors are not seeking that safety. Take a look at these biotech movers. Percentp one had before on the take out merck for their arqule upt takeout by merck for their cancer treatment. Hp q barely moving. Where we do have a big move on the quarter, the british pound soaring come on pace for its back for its best quarterback to 2009 i have a general election. Guy ive got a different chart for you. The market is definitely covering its rear on this one when it comes to the election. What this chart shows you, the white lined is the british pound. The blue line is the risk reversal, the skew between the puts and calls. The market is definitely covering itself, as you can see. That implies that the market is trying to protect itself against that rally that we seen coming through starting to unwind. You have to think a little bit about why that could be. Ismay be that the pound worried that we dont get the results that everyone is anticipating, i. E. Boris johnson winning. It could also be that once the election is done and the reality of the fact of trying to get a trade deal done with the eu is quite hard, the pound starts to come unstuck a little bit. Ilmington trust chief Investment Officer tony roth in new york. At the moment, the polls. 2 Boris Johnson winning a working majority. It is what comes after that that i wonder if investors have fully factored in here. Getting a deal done with the eu doesnt look that easy. Tony and it is not just the eu. Its the rest of the world. Theres the u. S. , japan, etc. Trade deals with the noneu countries are going to be every bit as critical as the deal with the eu. Now that that you was no longer going to be a single Customs Union, the need to be able to establish strong trading relations with the u. S. And other areas of the world is going to be critical. Youre going to see significant ongoing uncertainty around those trade relationships due to the negotiations that will ensue, and while there is an agreement in place with the eu at this stage around the Customs Union and how it will impact northern ireland, it is only at the highest levels. So there is significant additional detail that needs to be filled in, and it is going to take some time for that to happen. Nonetheless, if you are right in Boris Johnson has a working majority, we do expect to see a rally in risky assets as a result of the uncertainty that still surrounds the potential for a hard brexit. Vonnie you say a conservative victory and negotiated soft brexit are market positive. And we are overweight risk overwrite international equities, and have been for the last couple of months. The reason is that we do see some of the policy uncertainty which is at record levels today coming out of the equation a little bit. One is brexit, and the other is the situation with china and the u. S. As those correct, concerned hes come down a little bit, europe, which has the greatest leverage to global trade of the developed world, should benefit not only because of the fund metals, but because theyve been so beaten up over the last five to 10 years relative to the u. S. Guy but in terms of the relative weight of those, clearly your money is highly exposed to china, hyatt exposed to global trade. To china, highly exposed to global trade. It would be kind of a musthave for the German Economy to get Global Investment starting to chug along again. Capex has come down really sharply in china. You can see what is happening with isms in the United States. Thats a big deal for germany, isnt it . On one hand, the brexit scenario, and all the other hand, the u. S. China scenario, clearly the problems germany has confronted, theres much greater leverage and concern around the overall trade situation between the u. S. And china. We saw it just this morning. The chinese trade nubbers were quite weak. Their imports were actually a little better than expected, which is not great for the chinese economy, but when you put all that together, it suggests that if in fact we have a relief of the pressures that have built up on the chinese economy, germany as a mini facture is probably the country that will benefit more than anyone, including the u. S. , for example. Guy i think quite weak has been quite nice. Tony, thanks very much indeed. Wilmington trust chief Investment Officer tony roth. Make sure you turn in thursday night. We have our election coverage starting from 10 00 when the polls close. And edward, jon ferro anna edwards, jon ferro, and myself on deck to give you all of that. This is bloomberg. Vonnie the Canadian Dollar is 1. 3237 after and and will after amlo in mexico said that usmca is coming soon. Democratsid that the are close to the deal. This is bloomberg. [ electrical buzzing ] [ dramatic music ] ahhhh ahhhh elliott. You came back vonnie live from new york, im vonnie quinn. Guy from london, im guy johnson. This is bloomberg markets. Lets check in with the bloomberg first word news. Heres viviana hurtado. Viviana former Federal Reserve chairman paul volcker has died. He broke the back of u. S. Inflation during the 1980s. Later, volcker led president n thes efforts to rein i risktaking of commercial banks, called the volcker rule. In an act of terrorism an act of terrorism is how authorities are treating be shooting at a sickle to come a station at a pensacola, Florida Naval station. The gunman was in the u. S. To learn to fly. Some republicans want the program he was training in temporarily suspended. North korea is taking a personal swipe at president donald trump, saying his recent comments make heedless ande a erratic old man. The statement by the north korean official coming at of pyongyangs selfimposed yearend deadline for a breakthrough in nuclear talks. On sunday, mr. Trump tweeted north Korean Leader kim jongun was, too smart and had too much to lose. Russia has been banned from the lmx and other International Competitions for four from the olympics and other International Competitions for four years for doping after officials covered up the use of substances by the countrys athletes. Individual athletes who comply with conditions will be able to compete under a neutral flag. Global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. Im viviana hurtado. This is bloomberg. Vonnie thank you. The u. S. Wireless industry hinges on a court battle in new york. It could end with a merger between tmobile and sprint, that would create a new giant. Joining us now is robert brent dowell is robert mcdowell, a partner at cooley. With us as well is bloomberg reporter ed hammond. What would be your best argument . Is thisbest argument deal will result in morgan more capacity and lower prices. Does that provide a competitive alternative for those who may be concerned about the deal . Overall, the premise is that it will work. This will be better for consumers. Ed talk to us for a moment about dish. If dish is going to be the fourth competitor, but that look like . Isnt the whole argument for this is that sprint isnt a viable competitor as the fading fourth . Robert dish has access to what will be the best network spectrum, without going into two meaty details, in the history of the u. S. Wireless industry. Agreement with access to over 25,000 cell sites. They will have the boost and virgin prepaid customers right off the bat, plus its own dish satellite customers. It is in the upper teens of millions of customers right off the bat, so it will have a head start, and it will have the incentive to get it right. This is an area of growth, the thatpportunity for growth these folks have. Ed you are also part of the tmobile deals team. Theres a lot of speculation that they might try to renegotiate some aspects of the deal. Where are those conversations . Robert there have been rumors of that since the long stop date. They will continue under the existing terms unless you want to renegotiate later. Ed do they want to renegotiate . Robert ive not heard any renewed for that. Any renewed effort for that. Ed what are the states going to be asking here . Is there something meaningful they can extract . Robert weve seen four states settle, and they settled for things such as price control. Things like jobs being located to their states. I think what is really motivating new york and twofornia, these are nonunion Companies Competing against nonunion companies. Theoretically, any gain in market share would be a union job taken away. The union was all for at t buying tmobile when i was serving on the ftc, so i think that is what it is all about. We will see how that goes. Former commissioner, the latest piece of news on the trade story is that the chinese are going to rip out u. S. Computers and u. S. Software from government offices. Beingollows huawei labeled as a National Security threat by the ftc in the United States. Its your assessment that huawei represents such a threat, and can you see this kind of titfortat problem continuing if the genesis of all of this is political . Robert i served on the ftc when softbank was buying sprint and received declassified briefings on huawei. Much of what you read in the papers is accurate regarding some of the flaws with huawei equipment. To your point, youre right to say that a lot of this can also be put into this that of the trade negotiations between the u. S. And china, and theres a lot going on there. Real, andis is very should be taken seriously. Guy do you think we end up in a system where we basically have a u. S. System and a chinese system . Here in the u. K. , we are trying to figure out whether or not we are going to use huawei. Wo sears and influence operating around the world . Robert theres been a lot written about that certainly. This will never actually go away , as we see the internet of things start to connect to quadrillions of devices and people over the coming years. There will be new software and new ways of communicating we cant even envision right now. The security of those networks, 5g security, is going to be a big challenge Going Forward. I continue to be an optimist that theres far more upside to these evolutions that downside. You and i will be talking about this 10 years from now on longer. Vonnie youve been in the Communications Field now at cooley, but obviously for decades now. Youve seen changes over the decades. Im curious what you make of state attorneys general being able to hold up some thing like this after federal approval was already granted. Is this a new era . Robert i hope not. It is certainly their right under the clayton act to do what they are doing, but i hope it is not a new era. You point out a very good point, which is this case is unprecedented. Never have we sent a combination of a number three and number four in a marketplace thats been blessed by the deferment of Justice Antitrust Division and an expert entering a literary an expert regulatory agency, the ftc. The suit to block it by a state attorneys general, this is unprecedented in that regard. It also makes the state attorney general case week for a lot of reasons. Ed we are talking about 5g. But the deal has been going on for a long time in the negotiations. How does a change in a 5g environment . Robert excellent question. First, you will see the centerpiece with may be two times more capacity. That is a very conservative estimate in the short term. Somethingus five x, like more than 100 times capacity. Price would go down. Consumption may go up. This is going to happen with wireless broadband as well. It will continue to be a wonderful opportunity for american consumers. Lets leave it there. Mcdowell and ed hammond joining us. Among up, the House Judiciary Committee is hearing closing arguments on the impeachment inquiry into president donald trump. We will bring you the latest. You see chairman Jerrold Nadler right there. It is in the house ways and means committee. Its been going on for about an hour. You can follow online at life go. This is bloomberg. Guy from london, im guy johnson. Vonnie from new york, im vonnie quinn. This is bloomberg markets. Hows investigators are giving their closing summations today in the democrats case against president donald trump, as the continue debate as they gotinue to debate how far to in drafting articles of impeachment. Joining us is bloombergs Anna Edgerton from washington, d. C. Anna we are certainly looking at an article regarding obstruction of congress. Members of the Intelligence Committee and the Judiciary Committee have really transmitted that this is going to be one of the main charges against president trump. The other one should focus on abuse of power, arguing that the in adent used his power not correct way in order to pressure ukraine to investigate his political rival. There could, however, be more articles of impeachment. Guy this may sound like an incredibly dumb question, but what is the objective here for the democrats . Anna there are no dumb questions in this process. We have asked ourselves all kinds of questions. The primary objective, if you ask House Speaker nancy pelosi, is that she is doing her constitutional duty. The offenses of the president are so grave, and her description, that she really had no choice but to go forward with impeachment. A lot of democrats have gotten behind her on that. Even some moderates who could face political blowback in swing districts Going Forward with this prospect. The other objective is to minimize the political damage. This is not something democrats are doing for political gain. I dont think this going to help any democrats, certainly not those most vulnerable. But given that we are Going Forward with this process, they need to make the most convincing case possible to the American People so that it minimizes the political consequent is for them back in their district. Vonnie it really is a fascinating process. I would urge anyone who has the time to stay with live go because basically the entire day, you have defense and prosecution attorneys laying out their cases, and it is going to be fascinating to see the arguments that they make. Certainly yesterday, the president seemed a little rustled. He tweeted out almost 100 tweets in one day. He will certainly be watching. Anna thats exact right. There are a lot of consequent is for the president. He is up for reelection, and even if the house and peaches him, which it looks like they are going to do, and the Senate Acquits him, the airing of all of this in these hearings could have a political impact on the president as he runs for reelection next year. Guy just come back to the answers you gave me a moment ago , and to vonnies question, is this about trying to recenter american politics . It does seem as if the president has managed in many ways to change the narrative around what is acceptable for a president to actually do. Is it about recent ring that and bringing that back to what was traditionally normal, or is the genie out of the bottle . That is something democrats have argued, that there have to becomes with for the president. That no one is above the law, and if you have someone who put his base in this activity, who tells the ukrainian president to talk to his personal attorney when it comes to policy between the u. S. And ukraine, that is not ok, and there has to be a very strong signal from congress that that is not how the president should be allowed to conduct himself. The it comes to changing conversation in washington and in the United States, it is really not going to be until we get to the election and have voters weighing in on this president , and you have the will weighing in on president trump, when you really get a shift either away from the standards of the Trump Presidency back to may be something that was considered more normal before, or saying that if trump can win reelection with all of this hanging over him, that is our new normal. Vonnie thank you. We will be glued to this all day. That is bloomberg congressional reporter Anna Edgerton in washington, d. C. Oil explorer 10 low oil is our stock of the hour. Abigail doolittle is looking at the steep decline, 70 . Abigail this is just extraordinary, the worst decline for this stock in a single day going all the way back to when they went public in 1989. 40 talk about the bad news, lets talk about the good news. When i see an energy from go down 70 in one day, it is hard to not think about enron, but this does not seem anything to do with the accounting and financials, but production. They cut their 2020 Production Outlook quite steeply from this years estimate of 87,000 barrels a day. It has to do with production issues in ghana. On top of that, as you mentioned , there really having a tough time of it here. Tullow oil is down 90 from the peak. Guy i guess from the low the are at now, turning things around should be relatively straightforward, but in reality, is it going to be tough . Abigail it is probably going to be tough. It seems to me they are just trying to stop the bleeding here. One thing to take into account, a number of years ago they had a very risk taking a very big, risktaking management team. That old guard is out, but the question is what is next. It is not just stockholders that are worried. If we go into the bloomberg terminal, we see that the bondholders lending their money to the company are also very worried. Bonds have plunged on the day, 86. Down to the ceo says they are in a Strong Financial position, wiping hours adjusting there is no enron situation here, but they need to reduce their debt. If all of this is true, it seems like a matter of resetting their production. Their chairman says she hopes that investors and other folks dont lose sight of the fact that the value of their assets, it is a matter of really trying to get things turned around in africa, where about 70 of their reduction is coming out. Vonnie thank you for that update on tullow oil, have a guilty little. Guy step tullow oil, abigail doolittle. Guy still ahead, oil down just a touch. Just lie max down just 1 . This is bloomberg. Nymex down just 1 . This is bloomberg. Guy from london, im guy johnson. Vonnie from new york, im vonnie quinn. This is bloomberg markets. Oil paring gains a little today after surging last week. Lets get to dan deming of kkm financial, joining us from the cme. We were just talking about tullow. Oil is coming off of a 12 week high. What happens if we dont get a phase i one deal by the weekend . Does oil move on that . Dan i would expect theres going to be reaction. I think you will see it come off because expectations are that they will get something in place by the deadline. I thing the oil markets are anticipating that. We continue to be said to see supply reigned in, not only in opec, but also in the United States being reduced as well. Theres no question we are seeing supply in the market adjusting over the course of the last year. If the demand situation continues to build, and that is the asportation, if we see that trade situation resolved by the end of the weekend, i would expect thats going to put some shortterm Downside Pressure on crude. Vonnie vonnie in terms of fundamentals, have we peaked . So. I dont think i think there is further upside for crude because of some of the dynamics. Its been about a year and i half, but ultimately when you look at the market, youre still seeing supply coming offline. Those rig counts below 800 in the United States. You are continuing to see the supplies being checked, and if we see a pickup in demand, i think you see further upside for crude. Vonnie we are obviously heading into the cooler part of the year. Im curious what you are looking at in terms of other products. Natural gas and so on. Dan what a move there. Gasre seeing natural coming under the can selling pressure because we are seeing warmer weather patterns exist. We are continuing to see pretty hefty supply as well, so i think that is going to be a problem for the natural gas space. Crude, different story. I think it is dependent on the trade situation. Vonnie thank you wert joining us today as thank you for joining us today from the cme thank you for joining us today from the cme. Guy time for our Bloomberg Business flash. Hsbc is shaking things up. The Top Investment banker is being reassigned to another role. There will be a new chief risk officer. Made a bid ceo has for the top job on a permanent basis. It is almost certain that chinese auto sales will fall for the second year and arrow. In november, sales were down 4. 2 from a year ago. They have fallen 17 out of the last 18 months. The only increase came in june, when dealers offered a large discount to clear out inventory. Industry experts are now predicting some consolidation. That is your Bloomberg Business flash. Vonnie. This is bloomberg. Guy sterling pushes to a to a do have your high as polls point to a conservative majority. Hsbc replaces its top and best banker, chief upper saving chief operating officer, and chief risk officer in a big restructuring plan. And putin in the penalty box. Russia is banned from the olympics, world cup, and other come petitions for four years. Will it lose the lucrative rights to host the uefa 2020 soccer tournament . Im guy johnson, with vonnie quinn in new york. We are counting you down to the european close on bloomberg markets. Vonnie checking u. S. Markets now, plenty going on underneath. We are waiting for everything from an election to potential trade deals. The s p 500 is just below 3150. The 10 year yield
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