the thinking is people will be staying at home more and streaming on netflix more. the s&p 500 up .10%. guy: in europe, much more risk on. the stoxx 600 up 1.2%. seeing a much more positive session developing in europe. the pound is little softer. better pmi data today. i expect there is profit-taking there, maybe of some people were positioned for better numbers. a bank of england rate cut next week. continuing contradictory messages out of the bond market. the bond market -32 on the german ten-year. stocks higher, bonds higher. vonnie: we begin in china, where officials have locked out 40 million people in an effort to stop the spread of the virus that has claimed the lives of 26 people. it comes during the lunar new year holiday, the busiest travel time of the year in that country. we are joined by bloomberg opinions max nielsen. the who decided not to declare the coronavirus a pandemic of international concern. are it tells you how early in trying to evaluate the seriousness of how serious this might be. there is a split in the committee over whether this qualified. then you have this contrast over what is happening with china where you have this historic restriction of movement. i think we still have a lot to learn about how deadly this disease is. the wto was not quite ready to make that determination. you see a moderation of the impact on markets today. until you see more infections abroad or that this is getting more serious in china, i think that will continue. we will see how it falls over the weekend. guy: can we come back to this issue of how deadly this virus is? i've been reading reports that seem to suggest there are a lot of people that probably have it, that are not suffering that much , it probably feels like a bad cold, maybe flulike symptoms, but certainly not deadly. in terms of ranking this against previous viruses we have seen, do we have any idea where it fits in? max: it is early to say definitively, but this is a family of viruses for the range of outcomes ranges from something that feels like a bad cold is something that causes pneumonia and death. the death rate looks relatively low, but it is hard to say how reliable those statistics are early on. you have this estimate of cases in china, somewhere in the 800s. it could be in the thousands. to figureke some time out how severe and how deadly it is. early indications are this might not be as bad on that access as sars. we will see as data continues to flow in. vonnie: and the w to job -- and the who encouraging china to continue with its transparency. staying on the topic, let's bring in david let's just, ubs senior equity strategist. how much of your thinking has been related to the coronavirus and what might transpire? david: part of it has been. we are definitely watching and looking at the elements in china and around the world in terms of how quickly this virus spreads or does not. at the end of the day, if you look at the other presidents and other types of outbreaks like this, it tends to be an acute period, and then it fades quickly because health officials respond. any market disruption would be temporary and we do not think the market disruption would be dramatic, given that investors know that in prior occasions, the impact has been sharp, but also temporary. the markets are largely looking through most of this but still watching it closely. -- vonnie: you see the likes of netflix higher on the back of this, but generally the market reaction has been in asia. also going into the lunar new year. is there a line in the sand at which point you would try to put on trade in order to profit from lose, iin order to not am thinking number of deaths, is there a way of quantifying the importance of this? is it when david: if we see substantial market dislocation, that could be an opportunity to take advantage of any selloff, but this will likely be a temporary episode. if the market provides us some opportunities to pick up assets and particular companies traded at discounted values, that is probably the best way to approach it. i also think it is so hard to predict those types of things, so trying to anticipate them and bet on the dislocations from here is not the strategy i would prefer. they would prefer, once we see the reaction, to take advantage from that perspective. guy: my sense is that you are not seeing this is the catalyst for the market correction that some people are looking for, correct? david: i don't think so. i think this will probably be an acute thing, and then it will resolve itself. story is theof the stocks have kind of climbed this wall of worry since the beginning of the third quarter. it is almost hard to find a pair of catalysts at this point. guy: let's talk about that. what could it be? i've got apple numbers next week. i am wondering whether that could be a catalyst. apple is probably a big chunk of most people's portfolios. i am wondering if we are going to see a catalyst in the near term, possibly from this earnings season. think we aret going to see a negative catalyst on earnings season. about 20% of the market cap of the s&p has reported. a lot of it is financials. financials have indicated that credit quality is very good. that means credit is still flowing. there's not a lot of problems in terms of companies and consumers' ability to repay their debts. we are seeing in the industrial patch some signs of improvement. rails in particular are talking about improving volumes into 2020. that is important because the industrial sector has been weak, and it looks like things may be bottoming. semis have clearly turned the corner. we've got much more evidence that things are improving in semiconductors. i think the things that the market has been concerned about, semiconductors, industrials, some other parts of the global manufacturing sector, those all look like they are moving in the right direction. vonnie: david, stay with us. seniorefkowitz is ubs's equity strategist. let's get the first word news with ritika gupta. ritika: house democrats will conclude making their arguments for the impeachment of president trump today. here's house judiciary committee chairman jerrold nadler. rep. nadler: prior presidents would be shocked to the core by such conduct. ritika: president trump says he's very pleased with the way the trial is going. his legal team begins arguments tomorrow. president trump will become the first president to speak in person to antiabortion protesters at the march for life rally. the event in washington is held every year. it marks the supreme court's roe v. wade decision that protected the right to an abortion. two times before, president trump spoke to the rally by satellite. six were killed and seven others wounded at a shooting in germany today. a suspect has been arrested, and early information indicates the accused gunman knew at least one of the victims, and some belong to the same family. it happened at a train station about 100 miles northwest of munich. 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. i'm ritika gupta. this is bloomberg. guy: thank you very much indeed. theas been a big week at world economic forum in davos, and the market risk for 2020 have been one of the key talking points for those in attendance. here's just a taste of some of the opinions. the biggest risk for markets are two types of things. one is u.s. domestic politics. the second is the black swan effects that can happen. >> it wouldn't be a surprise if we saw markets that backed up at certain moments during 2020. >> you always look at credit risk, just rate risk, but transition risk. where is a company on transition? what is their plan? >> what could derail the market is a radical change in monetary policy on the back of inflation or an external event that could trigger disruption. >> if credit is that available that you can borrow for 100 years at 2%, people may get overextended. and if there is a shock to interest rates, that could be quite a correction. >> there will be booms and busts again at some point, although i don't see one again anytime soon. >> it doesn't feel like the pieces are in place for a substantial market correction unless there is something meaningfully different in the shape of the economic and geopolitical picture. nd geopolitical picture. guy: the cdc in the united states has confirmed that a second case of the wuhan virus has been confirmed in a traveler in america. that news not having much of a market effect. as far as i can tell at the moment, the s&p touching lows of moment to go, but then moving off of it. a second case of the will on americaw confirmed in -- of the wuhan virus now confirmed in america. let's get more on the market with kailey leinz. 500ey: in the u.s., the s&p barely clinging onto again, also weighed down by the diff pointing manufacturing -- by the disappointing manufacturing pmi data we got earlier today. tech outperformance really continuing. we are seeing that play out in individual movers, with the top performer of the day being intel , gaining nearly 8%. revenue up in the fourth quarter. it topped $20 billion for the first time in company history. american express also higher after earnings. earnings beat analyst expectations. broadcom higher by the better part of 3% after making $15 billion of chip deals with apple. a quick check on fixed income, the bond rally continuing. we see over the course of the past five days, yields have moved lower by 12 basis points, the best week for bonds since mid-november. right now at 1.70% on the 10 year, the lowest the yield has been since the start of december. guy: thank you very much indeed. let's take you back to a big story we were covering yesterday. ecb president christine lagarde saying this morning in davos that investors should not assume current monetary policy is on autopilot. francine lacqua spoke to her earlier at the world economic forum, just a day after christina looked -- after christine lagarde announced the review of monetary policy tools. ms. lagarde: that is what we do. we need to be fact driven. we need to be clear in our communication. don't assume it will be on autopilot. ay: christine lagarde taking more dynamic approach than some people's adjusted she would -- then some people suggested she would. we are back with david lefkowitz. a lot of people saying you should rotate out of the united states into europe or the emerging markets. do you agree with that? david: we do. right now, our preferred non-us region is emerging markets. i think there's a number of catalysts here. one is that they bore the brunt --some of the disk location some of the dislocation of the trade war. that should lead to some pickup in activity. valuations are lower, and you've also got, in our view, you're going to see the dollar continued to weaken a bit. all of those factors are good for emerging markets. on top of that, earnings are somewhat depressed, and there's a lot more scope for earnings improvement. we think we will actually see it this year, around 10% earnings growth in emerging markets. that compares to about 6% in the u.s. right now, e.m. is our preferred market on the global basis. vonnie: is that a bet on china, though? in that index in particular, it is china that makes up the bulk of the index. and also, why the weaker dollar? david: it's a good point. asia makes up almost 75% of the index. obviously, china a big component of that. but also, part of the thesis is that china was disproportionately hurt by some trade concerns, and now that there is a truce, we will see some improvement coming through. the dollar has been expensive for some time, and now that the fed has delivered some rate cuts last year, the rate differentials between the u.s. and the rest of the world are not as large. with growth picking up overseas, that tends to be something that drives the dollar a bit weaker. we are not expecting a big move in the dollar, but instead a sort of strengthening trend -- instead of a sort of strengthening trend in the dollar, we think it will be a weakening one. guy: the equity market seems to signal that every thing is going to be ok. we will get a global reflation trade and bounce back on a global basis. i've got 1.70% on the u.s. 10 year. that tells a very different story. why do i get these conflicting messages? david: it's a good question. i've looked at this a little bit. it is not unusual to see equity markets perform the way they have, or at least perform well, and still see interest rates remain relatively flat. that is not terribly inconsistent in terms of what we have seen historically. that the equity investors would feel a little more comfortable if we saw some confirmation of the better outlook coming from the bond market. i think it is a little bit of threading the needle because i do think that part of the equity narrative is that evaluations are justified because interest rates are so low. we don't want to see a spike in interest rates, but i think if we saw interest rates creeping up higher, that would be the most bullish scenario for stocks. vonnie: avett, thank you -- david, thank you. lefkowitz, ubs senior equity strategist. this is bloomberg. ♪ ♪ guy: live from london, i'm guy johnson. vonnie: from new york, i'm vonnie quinn. this is "bloomberg markets." it is time for etf friday. the best-performing value stock this year is actually beyond meat. here with more about how it ended up there is etf analyst for bloomberg intelligence i to nausea sarah fay guess -- intelligence athanasios psarofagis. how did it end up being the best performing value stock? athanasios: this has growth all over it. it has a cork with how it works in the indexing. beyond meat is a pretty new company. it doesn't have a lot of data. it made it into the russell 1000. when it looks into the value index, if we don't have enough data for this company, we look at competitors. beyond meat happens to be in food packaging. campbell soup, tyson. by looking at competitors and using those metrics for beyond meat, it ended up making its way into the value index. a similar occurrence happened with uber. uber actually falls under trucking. that is why over makes it into value as well -- wyatt cooper makes it into the -- why uber makes it into the value index as well. guy: value has been struggling. growth continues to be something people are focused on, despite the fact we are seeing this message from the equity markets that the world is going to reflate this year. have allocations to some of the highflying names aided values when it comes to this space? athanasios: you would think that allocations in something like beyond meat would help, but it looks optically like it is a value index. the reality is it is still a really small company, so the weight in the index is small, so it hasn't driven a lot of performance. value has been awful. any gains in the last quarter of last year, you have really given it up. you actually have people starting to buy into value at the end of last year. now they are completely exiting. it is led by a lot of financials. that is what has been dragging it down. vonnie: it brings up an interesting issue about the power of the provider. what do you imagine should be the power of the provider here? athanasios: the providers have so much influence over what goes into these etf's. etf's are just tracking the index. so all equity etf's, 40% of the market is run by s&p. when you see some thing like beyond meat with a little stock in the -- a little quirk in the index, it can really affect flows and the decisions they are making. vonnie: thank you. athanasios psarofagis of bloomberg intelligence with us there. it is time for your latest bloomberg business flash. plane takes to the sky today for the very first time. is the first in the 777x range and the first model since they grounded the 737 max. apparentn as the heir to the 747 jumbo at a time when boeing is trying to repair its reputation. have a 50 likely to year of closing u.s. locations. according to researcher mcdonald's still has almost 13,800. american express has high hopes for 2020, predicting earnings will surpass many analyst expectations, and expecting more competition from its biggest rival. annex spends less than it -- amex spends less than some of its rivals to sweeten the bonus on charge cards. guy: still ahead come apart of our conversation with the ecb ahead, part still of our conversation with ecb president christine lagarde. she spoke with francine lacqua in davos. on that topic, this week marks the launch of bloomberg green, where we leverage the power of our data and in-depth reporting to cover the climate challenge facing the globe. check it out on the terminal, online, and on bloomberg television and radio. european markets are certainly in the green today, as you can see, up by 1.1% in london, 1.45% in germany. that is a record high for the german dax. this is bloomberg. ♪ when you move homes, you move more than just yourself. that's why xfinity has made taking your internet and tv with you a breeze. really? yup. you can transfer your service online in about a minute. you can do that? yeah. and with two-hour service appointment windows, it's all on your schedule. awesome. so while moving may still come with its share of headaches... no kidding. we're doing all we can to make moving simple, easy, awesome. go to xfinity.com/moving to get started. ♪ vonnie: live from new york, i'm vonnie quinn. guy: from london, i'm guy johnson. this is "bloomberg markets." let's take a look at the bloomberg first word news. here's ritika gupta. ritika: second case of the deadly virus from china has been confirmed in the u.s. that comes from the centers for disease control. a woman in her 60's who had visited wuhan, the epicenter of the disease. democratic impeachment managers have one more day to convince senate republicans to subpoena witnesses and documents for their case against president trump. to do that, they will need at least four republicans to vote with the democrats. administration will reportedly crackdown on counterfeit products sold online. homeland security will release a report today that would warn internet platforms and warehouse operators of tough penalties if they don't help find the fakes. in france, workers danced in protest and striking eiffel tower employees shuttered the famous monument today. the government is moving ahead with plans to reform the national retirement system. triggered 50 have days of strikes and protests. 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. i'm ritika gupta. this is bloomberg. vonnie: thank you. intel shares have had a record after the company posted strong numbers last night, a bit of a relief for investors. it is topping the dow and the s&p 500 today. culpanbloomberg's tim says the company learned the hard lesson that making cutting edge semiconductors is truly difficult. he joins us now with more. investors breathing a huge sigh of relief today, but you adjusting it might not be all over for intel. tim: i agree. this year they are predicting 2% gross revenue. i think they are probably sandbagging a little and will come out a little higher, but they are being conservative because they want to manage expectations. but really, the issue is in their leading edge chips. they are really behind the likes of samsung and others in asia. the point is they are not the leader that they used to be. if they keep falling behind, and a you are to, clients will go to places with designs and say, you are ahead of intel. and remember, companies like aws, amazon, google, they are also making their own chips and bypassing intel altogether. they have a lot of competition from all sides. they really can't afford to have another year like 2019 because that could really be a big problem going forward in the next few years as clients start saying we don't need intel anymore. guy: why isn't the stock price reflecting this? i get it is a value play within the semi space, but nevertheless, it has had a really strong run, up strongly again today. how do i put that story alongside what you're telling me? tim: that's the key thing. a lot of people are bullish today. the shares are up quite strongly today. i think a lot of it is a bit of relief. bulletnd of dodged a with some of their supply problems that they had during the year. we are seeing relatively good strength in the pc sector. the growth area for them is cloud computing. at the end of the day, most of the revenue does still come from pc products, and it is a relatively strong competitor the past few years in an industry that has been in a funk for a decade or more. tings were ok, so i think this sigh of relief really comes from the worst is over, maybe. vonnie: since the beginning of the year, intel is up more than socks, but trails the socks butage -- more than sox, trails the sox average. can he prove to investors that this isn't just a quick flash in the pan? tim: one of the key things they've said is they want to speed up the migration cycle from one process node to another. that sounds really good, but in the first few quarters of doing that, you have really bad margins were suddenly weaker margins because it is really stuff to get that going. they are ask how it is going to get those benefits of economies at scale. they want to be ahead of the curve, but they are spending a lot of money, and that becomes depreciation. how do you reconcile the cadence with the fact that you have a margin to start with? that is the key thing i want to hear from him about. guy: is there a danger from a nexgen or a before intel gets to seven nanometers? about three years i had intel based on intel's current plan -- three years ahead of intel based on intel's current plan. they will always be ahead. tsmc are specialists in exactly that. it's not the only thing. risk's definitely a big that intel could fall further behind, and therefore, people will start looking elsewhere. vonnie: i want to ask you about huawei. we heard bits and pieces out of davos, but nothing concrete. what is your sense for how much huawei will be restricted? tim: wilbur ross was talking about this, and others have been talking about the idea that restrictions would go from to any 5% to 10%, so basically that means it would be much stricter rules. thehat does come in, all of restrictions to huawei don't have as much wiggle room. we know that suppliers have been finding workarounds to all of the stuff that isn't technically made in the united states. it is designed by american companies, but might be made in taiwan or somewhere else. think it is going to be harder for people to get around that, and i do expect you would see huawei in the chinese government react to that. guy: here in london and in other europe, politicians are trying to figure out whether to allow huawei into 5g networks. you got to balance what is happening with the united states and the risk that both of those impose. is the kit going to be as good? how will that impact the stuff that europe is buying? i am curious whether the u.s. can influence the decision by putting restrictions on what huawei can do next. point of the telcos' view, they don't want restrictions. when they are playing off nokia against erickson and huawei, they can say this is offering it at this price. what can you offer? when you take that out, it almost becomes a duopoly. samsung is behind, but they could be a viable alternative in the coming year. but the telcos don't have as many players to play off each other, and that really reduces their bargaining power. that is one of the reasons why europeans telcos still want to be able to make that decision for themselves. companies in general don't like having the government tell them what to do. yes, we care about security and network security and all of these things you say you care about, but we should be allowed to make that decision. i think that is where a lot of the pushback comes against whether or not you are going to restrict huawei or not. of course, the u.s. are lobbying really hard to try and get the european governments to keep huawei out because they see that is in their national interest as well. vonnie: always a pleasure to speak with you and read your columns. tim culpan from bloomberg opinion covering huawei. tune in for that conversation with bob swan, intel's ceo. guy: looking for to that conversation even more now. let's turn to another highlight, this time from the world a comic forum -- world economic forum. ecb president christine lagarde spoke about what the central bank can do to combat climate change. ms. lagarde: the risks caused by climate change on corporate's, on the economy, on general stability, have been largely underestimated, and for good reasons. many risks are difficult to assess. we are talking about what happens in 30 years. is not in the nature of a stress test to anticipate what happens in 30 years. you look at the immediate future. you look at the market risks, the macro risk come up with the climate risk in 30 years needs action now if we want to remedy those risks. that is difficult, but we need to do it, absolutely. and by the way, central bankers can do quite a bit. francine: like what? if you force financial institutions or ask for them to stress test climate change, how much complexity does that actually -- how much cost does it involve, and how much more complex issues come to the surface? ms. lagarde: i say never mind the cost come up be aware the accident. the risk that it protects us against is so much bigger that it is really worth a bit of investment, and it is also a source of economic opportunity. let's not forget that. but that is where everybody has to rally at the table because it requires good and probably different accounting principles, and i am delighted that the bigger accounting firms are taking this serious, and i hope they deliver. it requires the regulators to be on board as well. the policymakers, governments have to take it seriously and not pay lip service to the risk. they have to also take the right measures. central bankers will not eliminate climate risk. they can participate in the process, and i will do the best i can to dissipate. vonnie: -- i can to participate. vonnie: ecb president christine lagarde speaking with francine lagarde earlier. bloomberg has launched bloomberg green, which uses data and in-depth reporting to illustrate the scale of the challenge facing the planet. find bloomberg green on the terminal, and here on bloomberg television and bloomberg radio. >> climate change is threatening the survival of our civilization. >> the conversations i've been having and davos are from many ceos saying we have been doing all of the work around esg already because it is important to our employees. >> all of the companies i interact within in the u.s. are very committed. they believe climate change is a real issue. they are committed to taking action. >> our industry has been very successful in reducing the carbon intensity of the product. >> we have a longer-term transition as we change the energy source and move towards a greener grade and a greater economy, but it is a transition. >> this whole conversation around climate, we will see an ambition to invest in low carbon climate resilient economy. ♪ ♪ guy: from london, i'm guy johnson. vonnie: from new york, i'm vonnie quinn this is "bloomberg markets." for our stock of the hour. here is taylor riggs. taylor: remy cointreau down across the board after a sales miss. they've had a pretty rough second half of 2019. the biggest issue analysts are citing is that the company is putting annual guidance on hold. they are waiting for an update in tune with new management to get new guidance. political unrest, issues with the coronavirus, and slowing u.s. sales really all to blame. again, we are waiting for general management to give us an update in just a few months. the one you're stuck there, i want to flip up the board and take a look at the fundamentals of this business. 11.3%, sales are up to double the drop analysts were expecting. course, you go to hong kong and see some of the big unrest over there, trying to mix up about pony percent of the profits over there. analysts say the coronavirus and the hong kong political conflict are very worrisome. they are waiting to get a little more detail on this virus come but they are very worried about the impact on sales. that is a look at your stock of the hour. vonnie: thank you for that. elizabeth holmes is back in the headlines. yesterday she had to literally dial in in an arizona fraud lawsuit. here to explain is heather smith. explain what the arizona fraud suit is and how it is different from what is happening in san jose, where she is most of the time. isther: the case in phoenix consumers who went to walmart and used the theranos machine to diagnose an illness. they are seeking class certification. they are suing walmart, theranos , and so this hearing yesterday was about arguments over whether to certify them as a class. it is obviously very important for the defense that they not be certified. that would make it much easier for them to fight it. it is very unusual that she would ask if she could just participate by phone. it is unusual she would not have flown there and been there personally. but also, her lawyers submitted a letter to the court saying they had not been paid, and that, after looking at her financial situation, had no expectation of being paid. guy: is she basically just trying to keep her powder dry? this is a civil case. there probably will be a criminal case. is that what is going on here? heather: that is what we suspect because she is also facing a criminal case being prosecuted in san jose. she is there regularly. she is there in court, and she has a very high-power legal team fighting for her with williams and connelly. given that that is a criminal case where she could potentially face jail time, i would prioritize focusing my money on my defense there. vonnie: it is interesting because before theranos cratered, her net worth was estimated at $4.5 billion, which would have given her 20 of leeway to hire the best teams -- given her plenty of leeway to hire the best teams. what happens now? heather: we don't know. much of that net worth was tied up in theranos. given how that collapsed, the shares clearly are not worth it. so there is a question of how much she really is worth. it raised some eyebrows when she justed with the sec for $500,000. at least some of her legal costs should be covered through the insurance, but it is not clear if that has run out. we just don't know. guy: what do we know about the prosecuting counsel in the civil case? what are their expectations in terms of being able to generate returns here? heather: it is really unknown as well. , as well asendant there are no scum about walgreens would be the deeper pocket. theranos, but walgreens would be the deeper pocket. vonnie: how difficult is it to prove that somebody didn't get help when they should have because the theranos system was used, or that they got intervention when they didn't need it? heather: that is a question that will also be argued in the criminal case because that is also about consumer fraud. she was presenting this as a reliable diagnostic test, and she knew that it was not going to work. that is the real heart of the issue for both the civil suit in phoenix, as well as the criminal one. will be following this fairly closely. our things to bloomberg news editor heather smith. let's get a check of u.s. markets. we are down now, potentially after that second case of coronavirus was discovered and confirmed by the cdc in the united states. the s&p 500 is down 0.25%, the dow is down 0.1%, the nasdaq down fractionally right now. this is bloomberg. ♪ ♪ guy: from london, i'm guy johnson. vonnie: from new york, i'm vonnie quinn. this is "bloomberg markets." time for futures in focus. chris gersch of bell curve capital points us from the cme. it seems like there are no signs. chris: no, we had some huge fall through in the last few hours where it broke the low, that $55 handle and all the way down to $54.50. we saw some key resistance at this level, but if it goes through $54 50 cents, we don't .ee any real bids right now obviously another 2% down day is big news for oil. vonnie: where do you see this stopping? we got more inventory data this week, which suggested inventories were actually down, which you think would be a bullish factor. where does this price drop and? ends: the price drop could with the baker hughes report coming out. if you see rig count around the 650 range or below, you could see it bump up. right now, all of the momentum is lower, and a strong dollar is obviously carrying that commodity as a whole lower. right now, we are seeing really no potential buying all the way down to about the four dollars $54.20.out vonnie: how much have you been talking about coronavirus at the cme, and how is it weighing on commodities? chris: reports have come out that it was going to be about three dollars for wti. we have already seen that come off. what we are seeing is in natural gas, besides wti and the crude complex pulling that down, we are at lows we haven't seen since march 2016. natural gas being at these historical lows during a very cold time here in the u.s. is really surprising, so that is what is getting most of the chatter. vonnie: chris, thank you for joining us this friday. chris gersch of bell curve capital from the cme. guy: time for a bloomberg business flash, a look at some of the biggest is the stories in the news right now. let's kick off with talk about erickson. missing profit forecasts is one reason u.s. phone carriers held back on spending on mobile equipment. they are waiting on the final decision on the proposed merger between t-mobile and sprint. erickson says the fundamentals of business are still strong. bloomberg has learned bayer is discussing a $10 billion payment to settle the round weed killer cases. tens of thousands of people have sued the german company. they claim roundup causes cancer. lawyerstalks, bayer's have said the complete would set aside $8 billion to set aside -- to settle current cases and $2 billion for future claims. goldman sachs is making a stand against all white, all male boards. ceo david solomon has issued an ultimatum in davos. he says goldman sachs will refuse ipos unless the company's board has at least one person who is not white, male, or straight. goldman is the biggest underwriter of ipo's in the united states. that is your business flash. coming up, what are we going to bring to you? we are counting you down to the european close. also in the next hour, we are going to be joined by this man, intel ceo bob swan. lots of conversations to be had with him about the latest earnings, where the stock price is, and what the rest of 2020 looks like. that is all coming up. this is bloomberg. . ♪ guy: the cdc confirms a second case of the wuhan virus in the united states. the bond market sees yields fall again. why the conflicting message? and itsats the streets, stocks hit a record high. swan, will join us live. and the pound falls. is the bank of england going to cut rates next week? live from london, i'm guy johnson come up with vonnie quinn in new york -- guy johnson, with vonnie quinn in new york. we are counting you down to the european close on "bloomberg markets." ♪ we have seen stocks turned just a little bit lower following the cdc confirming a thend traveler affected by coronavirus. in treasury yields, we are seeing some lows we haven't seen in six or eight weeks. pmi

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