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The 1. 82 mark. A couple of stocks i wanted to point out, this is a Cancer Treatment company, and its been bought by merck at a huge premium. Nicestock is up 103 , so a return for arqule investors today. , down a downgrade at citi 0. 75 . News we got a moment ago, goldman coming into the wework cleanup. The way it works is, and this is goldman stock, which has been moving around, slightly lower, wework is going to be a borrower with softbank. This is supposed to bacon more palatable to other lenders to make it more palatable to other lenders. Apparently goleman has reached out to other banks to see if they want to get involved as well. It is keeping softbank in the game, part of a restructured doingt plan, 1. 1 billion away. The 5 billion plan will come into place, and apparently this loan structured from goldman should be in place by the end of the year. Guy bonds continued to tell a story that the market is not completely convinced by what is happening here. This is what is happening in europe right now. Stocks a little softer, but we had a big pot friday posey payrolls. Pop friday post payrolls. Youve got a slight bid in the bond market. We are going to get more german data out this week. Nevertheless, a small bed with 30 on a german tenyear. The u. K. Clearly focused this week with one of the guest risk events. Boris johnson returning to his key election message that only he can deliver brexit. The conservative party is on course to win a majority in thursdays election. The markets a little jittery on this. Kapteyn, ubs global head of akamai can strategy research, joins us now. The skew inpushing exactly the opposite direction. The market appears to want to conservative victory. Market isnt dissipating a conservative victory. Not entirely convinced that that is going to turn out to be the case. Arend i think thats because what happened in 2017. On the last set of poles into election night, you got this huge gap that was basically closed, and i think you are seeing a willingness on the part of Market Makers to take a directional bet and say this is a done deal. Largest gap you have ever had an election and got a Hung Parliament was in 2010. Youre now in the polls, you seem to be above that range, yet the market isnt quite there yet. Guy one of the other expo nation is that it could be a the other explanations is that it could be a buy the rumor, sell the facts story. If Boris Johnson is able to deliver the exit from the eu, the reality of having to get a trade deal with the eu is some big be market will have to contend with. Johnson says he can deliver it in a year, the market is beginning to wonder whether that reality is something we should bet on. Arend no one is excepting the economy to really take off. I think you get a nearterm bounce from very depressed levels, but effectively adjust for mains a very uncertain environment where the u. K. Goes sideways at 1 or so, and nothing really improves. If you are trading sterling, go a little higher, but it is difficult to see it popping far above that. Vonnie we are waiting on some trade deals this week, the potential for a u. S. China trade deal. What happens if these global trade deals underwhelm . Thed its a bit unfair but market is expecting. Baseline is you get a phase i deal. You dont get the december tariffs. The big question is what happens to the september tariffs and potentially the may tariffs. Our simpson is that those do not get rolled back, so we have quite a bearish baseline in terms of what happens next. But the market may be expecting some degree of tariff rollback. If you dont get that, you could get a bit of disappointed. I think we have a trade war monitor where we try to extract levels of optimism and pessimism trade sensitive assets. Those are basically saying that the fear of the trade war is almost entirely priced out. Andie if that is the case the market isnt satisfied, do we see some sort of major mispricing, or is it just at the margin . Arend i think it is probably at the margin. My sense from speaking to clients is theres a real desire here to try and pull the bond in cycle. A lot of people think they see green shoots. Insee some improvement inventory ratios. If you get some sort of confirmation that things do not him materially worse, that is probably enough for people to stay in their equity exposure. If it is a material disappointment, who knows. But my sense is the market once to go higher here. Guy do you think Christine Lagarde at the ecb is going to show in her first meeting this week these green shoots . Do using she sees europe starting to turn around . [laughter] arend not a shes looking at europe. At germany. We dont see those green shoots. Theyre going to have to revise up the 2019 numbers. They will release the new forecast on thursday. But if you look at where things are tracking in q4, it is clearly weaker than q3. We have think we think we are a step down from q3 growth levels. It was the case until recently that most of the weakness was in numbing factoring economy. If you were looking at that data, you wouldnt talk about green shoots. Guy when it comes to the markets, is there a case to invest in europe next year . Does the better Market Performance in 2020 come from within the unit states with an economy humming along quite nicely, and you can see that with the jobs data . Or does it come from europe, which is weak, but kind of already priced for weak . Arend we think the catch up this year. In an environment where trade is very weak and europe is a very cyclical economy, it should not have traded as well as it did. You need to remove all of the trade war risk. You need to see global trade rebound. You need to see all of the trade sensitive sectors come back. That, and our outlook, is very unlikely. We think the u. S. Is probably going to upper from europe. Vonnie Christine Lagarde is undergoing a whole review of Monetary Policy and europe. The last time that happened was something next 16 years ago. We see any major change over the next year or two in terms of Monetary Policy . Arend it is unclear what shes going to say this week because she havent even defined the yet. E of that review her testimonys adjusted it could be quite ride ranging, and literally everything is on the table. ,he target, the decisionmaking the effectiveness of their tools, etc. But the council has not yet decided on this. One of the Big Questions is do they start to narrow the scope or question what the scope is. My assumption is this is a multiyear process. The discussions ive had with some ecb councilman birds are along the lines of they want to see the results of the fed review and learn from that before they really move substantially with their own review. A lot of this requires an enormous amount of work. Clearly they are looking at the fund them into issues as to what drives inflation. We willnot something see, but that is something to look out for in this press conference. Guy we are going to talk about the fed. You are gong to stick around, arend kapteyn, ubs mobile of economic and strategy research, joining us in london. On a programming note, we are delivering special coverage when that election. Ina edwards, jon ferro, and at 5 p. M. New york, tonight talk 5 00 p. M. New york, 10 a talk p. M. In london. Vonnie lets check Global Markets now. Heres kailey leinz. Kailey if you look at equity markets across the globe, we are really mixed. We are lower by the better part of 0. 2 , while the nasdaq is still urgently higher, entity 500 higher, and the s p 500 awaits a lot of Central Bank Decisions on the tariff deadline coming at the end of the week. Investors arent looking for any kind of optimism. One place you might be able to find it in the terminal, take a look at the socalled misery index. We can see that the inflation index is at its longest going back 50 years, so that may be a positive sign in terms of the Economic Health here in the u. S. , which would be aiding a bit of risk appetite. Lets take a look at nordstroms, up by the better part of 4 . Macys of the better part of 2 even though it got cut at golden sex today. At Goldman Sachs today. It is getting a lift to some of the Shopping Center retailers. Some other stocks on the move in a big way today, a biotech bonanza. You have synthorx surging after it was bought by sanofi after the close on friday. You also saw a huge premium in the arqule deal come about by mark for double its market value. Double its for market value. Biotech finally, xbiotech higher. Vonnie thank you. Remember the function gtv on the bloomberg. Check up on key analysis, save your favorites for future reference. This is bloomberg. Vonnie live from new york, im vonnie quinn. Guy from london, im guy johnson. This is therapy and close on Bloomberg Markets this is the european close on Bloomberg Markets. Lets check the first word news with ritika gupta. Ritika former fed chairman paul volcker has died. He broke the back of inflation in the 1980s. There, he worked with president obama to rein in the investment risk of commercial banks. That led to the volcker rule. Paul volcker was 92. The fbi is calling the shooting at a Florida Naval base an act of terrorism. A Saudi Air Force officer in the u. S. Shot and killed three naval personnel. He was then killed 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. Killed at least five people. Others are missing, and dozens more injured. About 50 were on the island. Many were believed to have been from a cruise ship. White island is about 30 miles off the coast of new zealands north island. Hows investigators make their closing arguments in the democrats case against president trump, debating how far they want to go in drafting articles of impeachment. Judiciary Committee Chairman Jerrold Nadler says the president is likely to be accused of abuse of power and obstruction of justice. 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. Guy thank you very much indeed. Hsbcs interim ceo is shaking things up a little bit. The bank is were placing its Top Investment banker, its chief operating officer, and chief risk officer. This is a confident move for a man who is interim ceo. Does this slightly hint at the idea that he is pretty confident hes going to be able to drop the interim pretty soon . Reporter youre saying what a lot of people are speculating. It is a very forceful move for somebody who was brought in as the interim guy. February to imagine in that the interim ceo will be allowed to make wideranging further changes at the bank. Many people are speculating that hes putting his stamp on it. You cant rule out one external candidate that has been mentioned quite a bit, stephen byrd, formerly of citigroup. Most recenthe shakeup of that bank, and has specific experience. Of course, so does noel quinn. Vonnie so was that the most surprising move . What about the entrance of the former hp employee . Reporter reporter yes, this is the one that hadnt quite leaked out. Andy mcguire was retiring after five years as ceo. The hewlettpackard man, you cant help but wonder that bringing in the executive indicates of the highest levels of hsbc that they are concerned about some of their tech issues with the overhaul. As far as we have heard, hsbc indicated in its most recent earnings that it was going to write off a lot of Previous Technology spending. It is tempting to say that the two things are related. Also, with the digitization of all kinds of banks and banking, where hsbc is going to be concentrating their capital, it may be easier to build up through the apps and digital than to build a branch network. Guy are we going to get an idea of what nole quinns shakeup is going to look like . Are we beginning to get our arms around understanding it . Reporter i think we are. They have been telegraphing what is going to happen. Or china, less western europe, less u. S. In western europe, the next shoe to drop will be selling the french bank, formerly credit to marcy l formerly credit commerciale. The logical buyer would probably be a french domestic bank. Guy i remember reporting on that deal when it was done. Thank you, bloombergs keith campbell. Vonnie we are back with arend kapteyn, ubs global head of economic and strategy research. We have been speaking about paul volcker passing earlier this weekend. He passed away yesterday. We have been speaking about this this morning. It has been 10 years, and we havent had a recession in the United States. Have a look at this chart. It shows that really, it is the we have gone since the 1950s, and that is really far back as the data goes. The line is the Dow Jones Industrial average. It has barely factored into whether there is a was hessian or not. Is a recession or not. When are you forecasting the eventual next recession in the United States . There has to be one, right . Arend our forecast does not expand past two years, so we are not forecasting one. Every time there is a downturn of some sort, to the extent there is hawkish and us, the reverse and you get a big move in market yields, so at the margin, that does just enough to avoid a recession. That is have been three times now in past three years. This time is a bit more tricky because i think the nature of the slowdown is related to investment uncertainty, so if you do get a slowdown now, even if you price back end some of the cuts priced in the market, it is difficult to get a response in investment through that because people simply dont want to invest in an uncertain environment. That is quite different from what happens in these previous episodes. So we will see. Vesely, the lower you Start Playing to the ground, once you start to run out of labor and you are running sub 2 because there is no fiscal stimulus left, the danger level goes up. But in our forecast, we dont have a recession. What are you looking for in terms of, say, s p earnings upside . You must be looking in terms of fundamentals earnings wise, too. Arend we have a sort of bearish forecast on the first half of next year in the u. S. We have an s p index target for the end of next year below current levels, partly because we have this air pocket in our Economic Forecast we think is going to be a correction at some sort. That hasnt happened this year. It is entirely possible that the equity market keeps going up even if you had some kind of air pocket. So equity i think is very difficult. I think it is decoupled effectively from the fundament of. We think the u. S. Might hit 0. 5 growth before going back to trend second half of next year, and we will have to see how the equity market digests that. Guy youve got three fed rate cuts priced in for next year. How do you get there . What has to happen to get the fed there . Arend it is a mobile forecast because the market is probably going to forecast for five, and it is pricing one. Basically, it is repeating itself. You had a shock to the many factoring sector last year which collapsed q4 growth. You saw consumption slowdown. It was because it was such a concentrated stock in one sector that you get an outsized behavioral response. Yearwas manufacturing last , and where that stock is coming from his september tariffs. The december tariffs are hitting the vulnerable part of u. S. Etail when we have discussions with the owners of stores, they basically say we are going to shut these stores down anyway because of Online Retail penetration, but if they are not probable now, i am going to excel rate those closures. Not to in order for that happen, you have to roebuck september . You have to rollback september . Arend you have to rollback september. Nominally, they are equally important. Guy interesting. Certainly looking for to what happens. Arend kapteyn, ubs global head of economic and strategy research. This is bloomberg. Vonnie vonnie time for your latest Bloomberg Business flash. Goldman sachs has jumped into the wework cleanup. Bloomberg has learned goldman will arrange a line of credit for almost 1. 8 billion dollars, the first step in softbanks pledge to put together 5 billion in financing for work pop. For wework. Merck has agreed to buy arqule at a premium to focus on Cancer Treatments. Merck is paying about twice arqules market price. That is your Bloomberg Business flash. Guy we are counting you down to the european close. Weve got around three minutes to go. We are negative, but not that negative. Aredax and the cac 40 slightly negative today. Closes next. This is bloomberg. Beyond the routine checkups. Beyond the notsoroutine cases. Comcast business is helping doctors provide care in whole new ways. All working with a new generation of technologies powered by our gigspeed network. Because beyond technology. There is human ingenuity. Every day, comcast business is helping businesses go beyond the expected. To do the extraordinary. Take your business beyond. Guy 30 seconds to go until the end of regular trading this monday in europe. Definitely a december session in europe. Most of the main markets are down but not by much. Very tight session in terms of ranges we have been occupying. Italy down more than most. Spain up a little bit. Nothing satisfying. It comes friday when the payroll story was something that drove the markets higher, at we have a fairly busy week coming up. All of those things priced in. Rangeoxx 600, a nice high. Still above the 400 mark. Not much difference from where we came through the close on friday. In terms of the individual markets around europe, the communal markets are softer than the london market but not blind in normas amount. The ftse 100 down. 1 but not by an enormous amount. The ftse 100 down. 1 . Volumes not crazy. Sector volumes quite neutral in terms of the position. Retail is a better bid. Banks up. 1 . The bottom end of the market looks like this. We did see some risk into the oil and gas sector. T is down to one stock look our sector is softer. Travel and leisure down as well. Not a big dispersion in terms of the sectors, not a big rotation in terms of the sectors that have been quite dispersed in some of the key moments of the market. Lets talk about individual names. I mentioned what is happening in oil and gas. Tullow oil 71 to the downside. We will see where we go from here. Expectations have been reset for the new Management Team as to what comes next. Tesco looking like it may rotate assets out of asia. That stopped being cheered on by that news. Up 4. 52 . Banks, the more domestic news, the kind of story that would benefit if we would see a conservative party victory, lloyds bank is one of them, it is up over 1 . The pound has pushed up a little bit into the final week for the u. K. Election on december 12. Settled market session in europe. We just wonder with the big events coming up later on this week if there is not the potential for volatility. Vonnie the horizon is so full of events that in the u. S. We are just trading on scraps for the moment. As you can see, the s p 500 has been up and down today but has not moved very far. That is not to say that are not stops moving. We will get to those in a moment. 10year up 1. 82. Crude oil off a 12 week high, just barely. Sticking around 59 a barrel. The one move we did get that was interesting was the canada dollar. We are at 1. 3230. The u. S. Dollar weaker. The Canadian Dollar strengthening. Also a report in the Washington Post that the white house and democrats are extremely close to a usmca deal. We will see. Reports are out there. Lets move to some of the individual stocks on the move. Retailers are having a good day. Nordstrom is one of the best performers in the s p 500. Pg e has come to a settlement with its victims and is up 17 on release at that is now set in stone. Cancer treatment deals and those stocks are up 170 . Hp is up. 7 on activists moves and a letter that has been made public. Guy lets return to the sad news that paul volcker, the former Federal Reserve chair died over the weekend, yesterday at the age of 92. A statement from the current fed chair, jay powell, the line that stands out his contribution to the nation left a lasting legacy. This was the man who crushed inflation out of the u. S. Economy. Diane, if i would is to distill it down, Paul Volckers legacy is he was a giant that killed inflation. Diane he absolutely killed inflation and i remember going into poverty in the 1970s because of that corrosive inflation. The only food they could afford was the food they could dig up and grow in their backyard. It was an amazing feat to be able to snuff out inflation and open the door to these long expansions with lower expansion, lower interest rates, and predictability. We used have a lot more free grant recessions before this and after we had longer expansions with this idea you could have more predictability. We do not invest all of the dividends that adaptability in things like education and infrastructure, but we have a lot to oh two paul volcker for what he did and the we have a lot to owe to paul volcker. He did it under death threats. Politicians had failed miserably to break inflation because they had focused on political lines instead of economic winds and it underscored the independence and the need for the independence of the Federal Reserve. Guy you talk about the lower level of economic volatility he created. One of the derivatives of that was higher asset prices, lower inflation is lower inflation. In some ways the Great Recession we went through in 2007 to 2008 was the unfolding of that. To what extent do you look back and look at the period post paul volcker and think of the risk that many are still building up in our Economic System . Diane it is a great question and one that was not lost on paul volcker. He was pushed out as fed chairman because of his views on deregulation of the Financial Services industry, which whether they are true or not, many now blame for some of the problems we saw in 2008. Although there were a lot of controversy over what was later called the paul volcker role and how that was watered down and whether that was the right way to deal with the problems we are facing, he did see this as a problem down the road, and he warned about it. Ast is as important as well the warnings fell on deaf ears as long as we were making a lot of money off of it. It is something we have to be vigilant about and why you see the likes of leo brainard concerned about what we do with deregulation when equity prices are so bubbly. Vonnie he served under six administrations in various capacities all the way back to the Kennedy Administration and then Lyndon Johnson and there he witnessed Lyndon Johnsons attempts to influence the Federal Reserve. I am curious as to the parallels between then and today. Are there any . Aree the parallels president s do not like independent central bankers whether they are democrat or republican. We have never seen the overt public attacks on the Federal Reserve we see today, which i think are extremely unproductive , because they do undermine this concept and the credibility of the fed at a time when the Federal Reserve needs its credibility more than ever. That is what it trades on as it tries to deal with the economy. Much of the fed easing offset the bad policies in terms of protectionism and tariffs we have seen so far this year. The fed is exactly where they expected the economy to be by cutting rates by three times over the last year. That is important because it underscores the need for the fed to pivot and do their own policy and that is something that gets lost in translation. Up work did work to shore the independence of the fed, but he resigned in part because it took all of those years to stack the fed against him in terms of fed governors and deregulation. Vonnie he was a giant of a man in many different ways, although a very funny man, as funny as he was ruthless. You have any anecdotes from your time as an upandcoming economist dealing with paul volcker in various capacities . Diane i got to meet him after he was fed chairman. The first fed chairman i met was alan greenspan. Seeing him at meetings and talked during the middle of the financial crisis, just being there and being next to him you feel small because he is so huge and im not very big. On the other side, knowing he had change the world and what i had gone through personally in my own life and was the reason i became an economist, because i saw someone could make the world a better place. After watching what i witnessed growing up and seeing my best friend going to poverty, i was lucky it was not me, but at one point in time she had to skip lunch and by mother gave her extra money so i could pay for her lunch. That seems small now, but to me it was a pro flying effect in learning profiling affect and learning what he did in school helped me become who i am. Vonnie a phenomenal tribute to paul volcker. Thank you for joining us. Diane swonk, Grant Thorton chief economist. Im sure he will be thrilled to know there was another economist in the world. In the meantime, the World Antidoping Agency has banned russia from the olympics and other International Competitions for four years. The agency said russia was afforded every opportunity to get its house in order and rejoin the global anticoping community for the good of its athletes and the intended and the integrity of the sport, but it chose to continue in its stance of deception and denial. We are joined from our moscow bureau. Safe so it can continue at a european level. Russia can play in that sport. How will russians take it they are out of some of the major governing body tournaments for the rest of this year and the next three to four years . Sense ofis clearly a disappointment among athletes who have devoted their lives to taking part in these events and now face the prospect of being barred from them or being unable to compete as part of the russian team. While it was clear that russia has a National Team cannot compete over the next four years including next years summer olympics in tokyo, the Winter Olympics in beijing and the world cup in qatar and only those individuals who can demonstrate no association with any of the doping scandals will be able to compete and then under a neutral flag with no russian officials permitted to attend at all in the next four years. In terms of how it will work with some of the biggest football matches that will take place, how is russia going to deal with this . This is a hugely political story in some ways. The russians are incredibly the severus about their football. They love it. How does this feedback to Vladimir Putin . You have to remember this is coming after russia staged a very successful world cup last year, hosted the tournament, the National Team did well. It restored a sense of pride among russians with their football and Vladimir Putin associated himself, overseeing the spending of tens of millions of dollars on the world cup and the 2014 winter games in sochi and try to present himself as strengthening as championing russias return to a superpower. Now that is all in question. Russia faces the prospect of being banned from the maxwell cup, and if they are allowed to play they will only be allowed to play as an olympic team without the Russian National anthem being played and without any Russian National spirit. As you said, while at the moment the russians will play next summers european tournament in st. Petersburg, this issue of doping hangs over andia like a dark cloud taints everyone associated with the sport. Guy we will leave it there. Thanks for the time and reporting. Anthony halpern joining us from moscow. A quick look at where the european markets have settled. We are through the auction market. The ftse 100 fell off into the close, but during the auction, not much move. We finished down 1 . Dax down. 5 , the cac 40 down. 6 . Not Much Movement during the option process. Today feels like a warm up. A quiet start to a week that could provide a lot of volatility. The fed, the ecb, all of these things still to come. We will talk about that on the cable show. Jonathan ferro is in new york. I will be joining him in london where we are waiting the u. K. Election on thursday. You can find us on dab Digital Radio in the london area and around the world all of your bloomberg devices. This is bloomberg. Guy it is time for todays bloombergquint take. Boris u. K. , polls show johnsons conservatives are likely to win a majority in thursdays election. Still, no one is ruling out the leader of the opposition, jeremy arbyn, who if he were to win majority would be the oldest firsttime prime minister. He may not need to win a majority. What does Jeremy Corbyn want . He wants to bring in a number of initiatives, number of issue nips under control a number of initiatives under public control, rail, water, and the royal mail. Labor would raise the minimum wage and spend more on the National Health service. Jeremy corbyn wants to tax multinationals based on a portion of their sales, workforce, and operation in the u. K. Workers would get 10 ownership of their companies. Jeremy corbyn also proposes a windfall tax on Oil Companies to be used to fight climate change. Banks are a target of Jeremy Corbyn. Labor is calling for policies designed to curb their power and redistribute wealth. The transaction tax would be expanded and bonuses would be restricted. That is todays quick take. Vonnie time for the stock of the hour. Shares of corbel and sky works rising as both were upgraded by bank of america. Taylor riggs has more in san francisco. Taylor 5g becoming one of the big catalysts for this, at least for analysts and bank of america doing a double upgrade to an outperform from and underperform. I want to take a look at a chart i am showing on our terminal. For sky works, white is where it is trading, the highest since march of 2018, and blue for the average analyst price target. In this case, bank of america raising that price target to 122, poste street high of 125. Ofvo hitting a price target 130. This is all on the news coming from apple as a percent of revenue. Corvo gets 32 of its revenue from apple. Sky works gets 51 of its revenue. The analysts are saying component upgrades of 1. 4 billion smartphones could be the catalyst for this and 5g is a compelling thesis going forward. We are only about two months through. These are the big performers. Corvo is trading at a record level. Works is trading at its highest number since before the trade war started to pick up and corvo is now up 80 year to date. It seems like brushing up a lot of the concerns and looking forward to 5g. These stocks are pretty much opposed exposed what the trade story will deliver. Why is the markets of comfortable given that risk . That is that is a great point. If you take a look at another chart inside my terminal, apple is in purple, they have been outperforming since the trade war. Here, it all starts with a simple. Hello hi how can i help . A data plan for everyone. Everyone . Everyone. Lets send to everyone wifi up there . Uhh. 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 local xfinity store today. Vonnie time for our global battle of the charts. Kicking things off is just tina lee. Justina we know the pound has been surging but what does that mean for the u. K. Stock market . I have the ratio between u. K. Midcaps and largecap spirit it has been searching with the pound. U. K. Midcaps tend to be more domestic and benefit from currency strength. There is also political upside to this. The polls are projecting a conservative majority and investors are predicting more certainty around the brexit process, may be more fiscal stimulus and it leads to more business Friendly Administration compared to the labour party. We can see markets are looking you for your we will see what happens this week pretty eup horic. We will see what happens this week. Vonnie you can see that chart at gtv. Guy it feels like more of a competition having justinina standing next to me. The budget is about to on the wire. The saudi budget has been Getting Better of late. We have still been a deficit over last years, but the green bars indicate it has been improving. However, the expectations are that is about to change and the saudi budget, despite what is happening with the pickup in oil pricing is further into deficit this time around. That is about to turn red. What is interesting about this, and it goes back to the aramco story and the desire for the saudi to have a higher oil price. Even though Government Spending is being cut in the private sector is starting to pick up, the saudi government is still struggling to make the books balanced. Look out for that budget. It is about to drop onto your bloomberg. 1124 is the chart. Vonnie that was a wonderful chart. I will give you the pleasure of walking across the floor and congratulating the victor because today justinina wins the battle of the charts. Coming up, im sticking around for balance of power along with Kevin Cirilli. Stay with us. Vonnie from bloomberg World Headquarters in new york to our tv and radio audiences worldwide, i am vonnie quinn. Kevin im Kevin Cirilli in washington. Welcome to balance of power where the world of politics meets the world of business. The hauch Impeachment Committee holding its latest impeachment hearing. What is the latest on capitol hill . Last chance for republicans and democrats to present their case to the American People we have been hearing from the Intelligence Committee and they have been putting forth the evidence that has been gathered in the impeachment process thus far. Vonnie what have we heard from the attorneys for the democrats and the attorneys for the republicans . Anna kind of the same thing weve been hearing for the past few weeks. Democrats have been saying there is such overwhelming evidence the president committed these acts, that he pressured a foreign power to help him in politically motivated investigation and the president

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