Benchmark here in the United States in the bond market 8 straight days of flattening it continues to use versus 10 your 10 year yield down to call it 3 basis points to 175 your 2 year note coming in a single basis point to $159.00 and in foreign exchange really muted price action on the majors the euro was then took a little bit of a slap from the German p.m.i. To a little bit earlier this morning the euro dollar now almost totally unchanged so how will we close out another week Tom King taking his 18th day off of the year racking up the vacations in a big way and putting even more whites on the shoulders of Mr Post way to Good Morning Good Morning John it's great to be here Tom certainly needs some time off slowing down yet it's going down a little bit yes Ok it's Ok You know you need some time off anyway look at it just to futures here you know a little bit of green on the screen here I think people just looking for a little bit of direction here as we wait for the latest development on trade which I think continues to move this market in both directions I think we're a little bit on the sidelines right now and back to fundamentals to get some text from the United States a little bit like to this morning 945 Eastern that is when you get the u.s. P.m.i. So look out for that Europe a little bit earlier on in the session we'll get our teeth into those numbers a little bit later we'll also bring you the latest on Hong Kong shortly with Paul Paul Mounts of Kissinger Associates will be speaking with him and around about 15 minutes time so don't miss that conversation but we have a wood to begin with this cyber truck from a lawn mask and Tesla is that thing I don't know what it is I'm looking at the image on the Bloomberg right now we have a couple stories on this thing and I'm not really sure what I'm looking at I'm not sure if that's the truck that you know a pickup truck you know if you take a look at the u.s. Auto business it's all about S.U.V.s and pickup trucks whether it's Ford g.m. Chrysler I mean the pickup trucks are driving the industry I'm not sure where this one fits in I don't think the guys down in the Ford f 152 were at this morning announcing the year is 1905 and. A pickup truck in the. It's $1.20 this is kind of the boxy shape yes make up they might come up with it stops at $39900.00 you can order one with a deposit of just 100 dollars and the production will start near in good light 2021 we should order I think we should be doing surveillance surveillance truck to pay the balance yeah I'm going to read. When he comes back into work come Monday places that you want us here in New York City Wilmington Trust chief economist Good morning thank you for having me we will not talk about Tom's time off we will not talk about the Tesla pickup truck we will talk about the year ahead 2022 really interesting to me at the moment of the last month this year Renfield just a lot of people talking as if the year is over there's nothing left would that be a little bit complacent just to fast forward to January the stuff thinking about 2020 before we get through the remaining data points we have so far the United States and really went through the tri story as well yeah I think that that you've got it there because not only do we have more data points to come out we also have these looming trade deadlines where we don't know what's going to happen on December 15th with the scheduled tariffs that will go on on u.s. Imports from China and you've got to think that if those tariffs go into effect you would also see the ones from October 15th that have been delayed so we are not out of the woods for 29 teams the question how we frame in this for clients at the moment we've gotten pretty optimistic actually just about a month ago we decided to move from neutral way to equities back to overweight we put that in our national developed and basically it's because of some data that appears to be bottoming out I know this morning's data out of the euro zone is at of the u.k. Out of Germany on the weak side but we see it as bottoming out a little bit and we're also optimistic that we will get some sort of trade deal between the u.s. And China and that's going to be good things for equities all around so we went back to an overweight and we think that's the best place to be for clients so in terms of the overweight look is our other sectors that you guys like. Are you overweight and saying but I'm still going to be a little bit defensive utilities reefs consumer staples that type of thing you know it's mostly been a move that back to the prosecco also a little bit more tech and a little bit more industrials for some of our portfolio managers and then with our with our factor based investing a little bit more into value so basically the fitting with the story of getting a little bit more optimistic about equities a little bit more optimistic in the person suckers as well so as it relates to the economy it seems you know the more data we see the more pressure is on the consumer here because we continue to have weakness in manufacturing business investment and it seems to put a little bit more pressure on the consumer I'm guessing you feel pretty good about the consumer heading into 2020 we do feel pretty good about the consumer mostly because we know debt levels are still low and also the most recent jobs report was very positive it actually took a hit obviously because of the g.m. Strike but the upward revisions to the previous 2 months makes it clear that companies are still hiring not as fast as we had earlier in the cycle but consumers are still in a good spot and then back to the terrorists if we do not get that big wave of tariffs coming on December 15th consumers are pretty set to keep contributing to the economy however that is you know balanced by the by the Cap Ex picture that you talk about firms are very much on their heels here are sitting on their hands because they're not sure how this is going to play out so they're not really adding much to the recovery or is it a warning through much of that perhaps the manufacturing slowdown worldwide would bleed into cities in Germany and really mixed picture at the moment it looks like the price at the slowdown in manufacturing has sort of bottomed out just a little bit of really subtle sign of that but at the same time on the services side we starting to see some damage and I think a lot of people are looking at the time to this morning and concluding we're not out of the woods yet what are you back to that you know we're not out of the woods yet I think that the services measure for Germany was something like a 38 month low obviously being pulled down by the main. Factoring sector which is in such bad shape but you have to be thinking ahead you have to be thinking about what's the outlook from here if the manufacturing sector looks to be bottoming if you are optimistic about the way the trade wars are going to go then you think that the eurozone we do believe that the Eurozone is highly levered to that global trade situation everything that happens in China if you see a bounce in Asia if you see it in China that's going to help the euro zone the markets talk of war it's the front page of u 2020 outlook the interplay of productivity populism and portfolios there's been a real tug of war in the us economy as well and you pointed out business spending versus a stronger consumer a you saying that we're going to see business spending pick up before we see cracks in a consumer actually the productivity story is the biggest thing for us in terms of the tug of war we think that all of the investment that's been done in new technologies is going to keep driving productivity further yes we do expect business Cap Ex to pick up in 2020 so long as it's not up ended by some of those populist policies right now that's trade but there are clearly a lot of other populist policies being talked about on both sides of the of the election so that's the way that we view 2020 it's productivity versus populism and basically which one wins out so look at looks like the u.s. Federal Reserve has done a relatively very good job in terms of in generating a soft landing are you expecting one more rate cut from the federal you think they need to be a little bit more aggressive to support your backdrop they've been pretty clear about this that the most recent rate cut is where they want to be right now and they're going to sit and wait to see how the data plays out we do know they say and we do know that it takes a while for rate cuts to play through and supporting the economy we are seeing those lower interest rates helping the housing sector and some other interest rates are sensitive sectors so we do think that they are on hold here and less you get a material change in the outlook either for growth or for inflation we think that they'll hold here for quite some time. To catch up with you trust chief economist joining us on the year ahead and. A few weeks to 2019 Paul because let's face it the year is not I've written up we still have this self deadline this line in the sand December 15th and we still have the set of negotiations 6 weeks ago today the president United States in the Oval Office with vice premier saying effectively we have a face on deal it just needs to get in writing guess what it's still not in writing and we've had 6 weeks it's still not in writing and you know I know it we're going to probably send our negotiators back to Beijing in the next week or 2 hopefully that can push the ball a little bit forward here but again until we get something on paper you know the market's kind of left a little bit in limbo here got to talk about Hong Kong a little bit later in the program as well the High Court said today the government would be allowed to reinstate a controversial law banning protesters from wearing face masks for 7 days after earlier ruling it unconstitutional this according to Radio Television Hong Kong it's their report citing the decision a little bit more on that a little bit like to let me get you up to speed on the price action across asset and worldwide equity futures a firmer by around about 6 points on the s. And p. 500 positive by 2 tenths of one percent over in Europe a little bit of a lift as well the equity benchmark in Frankfurt Germany the Dax up by a quarter of one percent to give you a feel of the bull market treasuries rallying Gielda lower down 3 basis points on a 30 year down a similar amount on a 10 year note me down a single point on a 2 year note that means the curve is flat for an 8th straight session we'll be talking about the fixed income market a little bit like when the program along course where it looks on me this morning Jonathan Farrow Tom Kane is on vacation this is Bloomberg. Having mixed feelings about the minister Benjamin Netanyahu is now the 1st sitting head of government to face criminal charges including bribery for breach of trust. Is not legally required to step down but faces heavy pressure to do so. Today the government would be allowed to reinstate a controversy. Facemasks for 7 days after earlier ruling it unconstitutional that's according to Radio Television Hong Kong. President. To decide whether the government should add regulations nationwide reports of lung injuries and deaths. In the 27 other journalists and more than 120 countries this is Bloomberg thank you so much we are green on the screen a little better respond here today the s. And p. Up 651. Up 26 points this. a competitive marketplace learn more at Sci see dot com slash sees change this is a Bloomberg pursuit and luxury l b m h n Tiffany had better talks according to people familiar with the matter l v m h offered by Tiffany in October at $120.00 per share that's about 14 and a half $1000000000.00 companies began discussions after Elvia made up its offer to about $15700000000.00 How are you feeling about the state of the world the richest are rattled as recession fears mountains are seeking old fashioned security and safety deposit boxes and in some cases even apartment sized safe rooms they cost $3200000.00 a year to rent some firms say negative interest rates are helping fuel this old fashioned demand as the storage cost for physical cast is cheaper than holding it in a bank account somebody though is spending money in an anonymous buyer bought a $20.00 carat Blue Diamond last week from Petra diamonds for almost $15000000.00 call of the stones are among the most valuable in the world is a Bloomberg pursuits dot com for more. Bloomberg Radio the deal what is the plan and the Boris Johnson says he's going to have are they really constitutionally barred from doing it the leader when you serve in the National Security Council staff is this something people model it's all part of balance of power with David Best involves risk. Of Texas distribution LP Hey y'all Jeff Foxworthy here now if you've ever found yourself repeating the same thing over and over for 75 years you might be Smokey Bear only you can prevent wildfires that's why I'm filling in for. Smoky to switch things up because there's a lot more to say and I should know because my grandfather was a firefighter and one of the things he taught me is that the people that love the outdoors the most are often the ones accidently starting wildfires which means always be y. O. Be no Bring your own bucket to the campfire. And be extra careful with things like burning yard trimming don't just walk away or Chances are you might be starting a wildfire so for the love of the outdoors go to Smokey Bear dot com to learn more about wildfire prevention brought to you by the u.s. Forest Service your state forester and the Ad Council. Markers for breaking the. from the Bloomberg interactive here in New York City good morning. Every day they bring together ideas with technology with inspiration and investors with solutions Invesco greater possibilities together. Together Invesco distributors Inc pleased to say that joining told of myself here in New York City a man whose resume I don't think I've got enough time in this segment said I need it and best of ball home bats Kissinger Associates vice Chana Good morning to you Bob Good morning and great to be back here fantastic to have you with us let's talk about China and what is going on with Hong Kong and what is going on with you've been there recently and I think a lot of think a lot of people are trying to grapple with at the moment is China's ability and the u.s. Is ability for that matter to keep trying to track and the situation in Hong Kong on another what are you hearing I'm hearing both in conversations recently in Beijing and in my conversations with people in Washington that there is a strong intent on both sides to keep the 2 separate but they do not want to have them intermingled there on different tracks and I think they want them to stay on different track a you confident they can keep it on different tracks I think they can I think that is certainly not only possible but I think it's what they want to do and it will enable think a better process. Both to avoid the 2 overlapping I know you were in Beijing recently give us your sense of kind of the mood of the Chinese did they really want a deal to they want a real deal or do they want to stay deal just on the surface. 3 things one and I think they do want a deal not a deal on any terms at all. Terms particular terms that are dictated begun ited States that are seen by the Chinese as being in a mickle to their interest or their economic structure 2nd they do not subscribe to the notion that there be demand because their economy is weak they feel that their economy has a lot of Stewart even though the growth rate somewhat lower than the rest here and that. They have the tools the resilience to overcome this weakness and 3rd I think they do want to find some. Understanding for a deal not one and I think from the American point of view it's the same thing it's very hard to deal with a whole panoply of issues all at once in one deal but I do think they would like a deal where they're willing to buy more American cultural products which of course President Trump wants but they have a very strong commitment within their own system to getting the United States to lower the tariffs predicted the tariffs imposed on September 1st which they consider to be to have been a surprise that they didn't anticipate and that that set of tariffs is something that's very important to them and I think if you can get something on agriculture and some American willingness to cut tariffs there is a deal and the key point on both sides I think needs to be that whatever deal it is it should stop the escalation of terror is that neither side wants it would be harmful to our economy they're sort of mutually assured disruption haven't in terms of a face to type a deal that they're really stuck the stuff that really require some structural changes within Beijing is that something that you think is realistically on the table I think it's on the table if you picture a very long table Ok I think that the the near term things and stuff they've been talking about and I was just mentioning are doable the Phase 2 trial talks about Phase one then phase 2 and Phase 3 it'll be phase one and then 2 things 2345 and 6 this is a long term process there are 2 different economies 2 different structures China has the goal of becoming an advanced technology power. 5 g. New materials quantum computing. All those things and the key is to develop a common set of rules and norms to enable competition to take place without confrontation to have some generally accepted rules and norms for this competition United States has not faced a country as competitive as China in as many areas of China in the last 70 years so this is. A very different system so working for both sides is a big challenge it's going to take time the problem is that China yes has become increasingly competitive but it's cut off foreign competition in domestic markets do you see that changing increasingly in the coming year I think that's. Doing things that are preferential to Chinese companies and have been for a while but I also think that there are a couple of things that are changing one intellectual property now you have Chinese companies developing their own intellectual property they want it protected so I think the Chinese now understand that having some common rules that protect intellectual property are positive and 2nd they do not want decoupling they still want an active interactive trade relations invest relationship with the United States so they don't want to separate they want to strengthen their economy but they also want to play a greater role. Fantastic as a wise always great to see you Kissinger Associates vice chairman. And China this morning good morning to you. On advancing just one percent of the s. And p. matters visit I c.d.r. . Put their money on the line to help build us infrastructure and deserve to be protected we do that to our unconditional guaranteed means investors receive every payment of interest and principal. Stephen reading from Sep and heard from complete transparency on the difference that should help build America's essential problem. The feeling is mutual. Gerben report on Joan Doniger Apple was figuring on having an Oscar contender in the movie the bank or its star Samuel l. Jackson it is based on the real story of black businessmen in the sixty's who hired a working class white man to be the face of their company as they posed as a janitor in chauffeur However Apple has now canceled the movie's premiere because of sexual assault allegations against the son of one of the real life subjects of the film Sterling j. Brown's been tapped to Narita Disney plus feature documentary it'll highlight some of the people who work on some of Disney's iconic stories Variety reports Brown is no stranger to Disney He recently voiced a part in Frozen 2 also had a role in Marvel's Black Panther of course he's one of the stars of N.B.C.'s this is us and Google will stop allowing highly targeted political ads on its platform the new policy will allow political ads only based on users age gender and zip code locations political ads can still pop up based on the content of the page you're viewing and Bloomberg Urban Report I'm thinking I'll now and I'm Jason Kelly join us for the weekend edition of Bloomberg Business Week as recession risks fade one our audience world wide life. 2 hours away from the of an invalid the news you need to know at this hour is inching higher on the final data trying week as the u.s. And China remain in focus president. Actively trying to avoid a trite wall and repeat his call to work towards a deal on the basis of mutual respect and equality in Europe Meanwhile Christine Legarde as might have 1st a major policy speech as president of the European Central Bank she's planning a strategic review of monetary policy and calling for more spending her remarks came as a compass it for the eurozone Fouts a 50.3 this month on the corporate Francesa test down about 3 percent of the pre-market a company on finding its new pick up truck last night but the vehicles windows were smashed during a demonstration of test cold glass will be talking about that a little bit later on this program let's get some headlines from us where we listen good morning to Michael Clarke amount of Michael good morning good morning called the indictment of Prime Minister Benjamin Netanyahu bribery fraud and breach of trust charges is expected to show up on the battle lines of Israel's already deadlocked political system that appears to have dashed any remaining hopes for unity government following September's elections Professor Mordechai commits or is with the years really Democracy Institute it's difficult to know what sort of. Mental thing you know especially since you know. The prosecution claiming that this is a witch hunt. That's now who is facing heavy pressure to step down Attorney General William Barres said he initially had his own suspicions about financier Jeffrey Epstein's death while behind bars and one of the most secure jails in America came to the conclusion that is suicide was the result of quoting here a perfect storm of screw ups an interview with The Associated Press Bar said his concerns were prompted by the numerous regularities at the Manhattan jail where Epstein was being held Global News 24 hours a day on air an attack on Twitter powered by more than 2700 journalists and analysts to more than 120 countries Michael Barr this is Bloomberg Jonathan thank you so cutting back to prohibit just the shallow John the Islanders have never had Sports update I'm just gonna. Have had the news has the price action we were heading towards a 7th straight week of gangs we had $6.00 we are now heading towards a week of losses on equity futures we're off by a round about a 10th of one percent up around about 5 points on to the s. And p. 500 the 1st week the last install in a round about 7 wakes quite unbelievable how much optimism we've had recently from New York and. Probably as well why do you when listening to live acts of violence live on Friday hotel in Katie's outpost when he is and Jonathan Farrow the Bloomberg and j i t Stan report he's brought you by New Jersey Institute of Technology ranked 55th in the nation out of all the full fasten universities for Medicare and inks and it's graduates. With the n.j. I teach them report is nice and Jonathan Paul good morning here's what's making news in science technology engineering and math Boeing is cleared for takeoff to join the private space race the jet makers passenger spacecraft the c s t $100.00 Starliner is now connected to an Atlas 5 rocket that will blast off to the International Space Station next month Boeing says the 1st launch of a cargo only just a test but the 2nd one will have 3 astronauts aboard a different launch vehicle this 1st flight is set for December 17th from Cape Canaveral As for the current astronauts and I assess they are in the middle of a high risk spacewalk to try to save a delicate experiment the alpha magnetic spectrometer or A.M.'s is a $2000000000.00 cosmic ray detector the most expensive piece of scientific equipment aboard the station and it was not designed to be serviced in orbit but they're going to try to do it anyway with a series of 4 spacewalks the one today is the 2nd one a NASA engineer tells c.b.s. News doing this kind of work is like working with hockey gloves when you do it in a spacesuit and behavioral science is helping Poland reform its pension system after a previous Polish government raided the country's retirement fund current leaders want to change the constitution based on a Nobel prize winning it theory the plan would set aside 2 percent of employee salaries employers would add another one and a half percent a month the government would put in bonuses in the early stages the idea to nudge poles from leaving the funds or risk missing out on those bonuses they made may need more no jingo right. Now about 40 percent of companies are participating in this plan the government is aiming for 75 percent that is today's Bloomberg stem reports Nathan thank you an all star lineup on the end. Of this winner's had Nathan Hanka we've had John taka quite a lineup this week Tom Kane is now everybody that means posts when he is in and we get to do 5 things and actually get to 5 things portfolio analyst powering buy things by Interactive Brokers are sponsored 5 things this morning savvy investors use portfolio analysts to create a consolidated view of their finances and check the health of their complete financial portfolio sign up for free a portfolio analyst dot com paula start with the European data something for everyone in this month's pm eyes compare that to walk us where there was something only really for the bass maybe that's the story I think it might be you know maybe are we bottoming in some of the European manufacturing you could certainly read that in if you wanted to the question is you know can we get some stability there in the European manufacturing sector just a little bit of concern now that things are already starting to hit services and we'll talk about that a little bit like in the program the u.s. Is up next not 45 Eastern exactly I think the call here is very simply you know manufacturing weak business investment weak but it's all about the consumer the consumer continues to power through we had some mixed retail numbers this week but I think generally the consensus is the consumer still in good shape I'm going to mix up the 3rd thing with the full thing Ok The 3rd thing being the try story which China the 4th thing being Hong Kong we've been trying to work out whether these can stay on separate tracks some people think they can others think they can they guess actually in the last 24 hours that we've been speaking to poor suggesting it can be possible Yeah and you hope for the sake of the trade negotiations that the u.s. And China can keep the issues with Hong Kong and the trade negotiations on separate tracks because if you commingle them then it really gets even more difficult looking at the situation in Hong Kong at the moment a opinion piece news agency just published. Moments ago the United States bill the bill that passed this week through both houses of Congress a black cat and behind escalating Hong Kong finance I think there's a belief on the China side the support coming from Congress and u.s. Politicians down in Washington d.c. Is enabling the protesters in Hong Kong to continue with the violent protests Yeah that we've certainly heard that from coming out of China that certainly the folks in China I think some of the Chinese media obviously you know kind of pushing that narrative but again it's interesting the Congress is being quite clear here as how they view what's going on and they're not supportive obviously and the latest in Hong Kong on the process side of things Hong Kong high court saying today that the government would be allowed to reinstate a controversial law banning protesters from wearing face masks for 7 days after really this week unconstitutional this according to a Hong Kong radio television report citing the decision perhaps we'll talk about that a little bit more a little bit later on the program let's wrap up 5 things with the faithing Tesla's truck meant to have windows that you can break they present. They throw a brick at the window and guess what happens if. I mean this is a unique. A unique vision of what an s.u.v. In a pickup truck looks like in the world of Tesla The question is will it play on the roads of America but it's here you know kind of trying to expand their product line to what is the most. Important vehicle in the u.s. Which is a pickup truck I mentioned this a little bit earlier on the program but if you miss these comments if you want to know what this looks like and you can't reach the phone right now we'll get to a computer and have a look at just imagine a child in the mid eighty's during what a truck would look like in 2020 yes and it's basically what you might come up with just this really boxing futuristic. Thing it looks like he looks like almost like that the Laurian from back to the future you know movie and it's just that it's a exactly what it looks exactly and it's Tesla's vision of what they think a pickup truck or an s.u.v. Looks like and it's nothing like what we've seen come out of Detroit over the last you know 50 or 75 years which is the traditional American pickup truck not money to get production starting until like 2021 apparently but you can order the truck with a deposit of just $100.00 I think we'll get Tom's am excellent put a little deposit down and see what happens see what happens Tom would love that post when I'm Jonathan Farrow this is. The business of sports the money is flowing saw exports from. Scott such that. If you've been doing more good news these guys are going to talk about those fees will suffragette president of Ticketmaster's Bloomberg business of sports. On Bloomberg 63.7 of. The lifeblood of tech startups isn't just money its executive and technical skills the kind of skills that companies need to build real products and the skills that venture capitalist Chris Sugden of Edison partners sees in the graduates that are coming out of New Jersey Institute of Technology the amazing thing about NJT is their graduates they have multiple offers on average not just one they're coming out with a real skill sets that are immediately hireable and that fail to them I think we to learn more about the bird dog comes pleasure. Is a leading provider of cloud based platforms empowering data driven health care for insurance companies physicians pharmacies and pharmaceutical companies. Data has a story to tell we give it a voice. Excuse me I know you have a 9 o'clock so I'll keep this short I'm the business suit in the back of your closet you wore me nearly every day before your office went quote casual I used to be the c.e.o. Of your closet now I'm just that one in turn no one ever talks to you I always thought you'd circle back with me granular keep me in the pipeline but not nothing don't you remember the McKitrick presentation you spilled coffee on me and I still looked amazing during the break out talkback So I think it's time for me to move on I've got a great resume and I absolutely crush it in interviews Ok let's make this a clean break shift the paradigm the only thing I ask is that you think outside the box here and do this take me to Goodwill where I can really make a difference for your donations to Goodwill create new jobs training programs and education assistance for people in your community to find your nearest donation center go to Goodwill dot org donate stuff create jobs a message from Goodwill Council Bloomberg 960 business in their communities given every hour of the world don't over develop a get housing is out affordable even a lot of speech not much on policy it was called The Future of the eurozone economy here's a quote from it in my view since our challenges are common ones we must meet them with a common response that involves moving towards a new European policy mix which has a number of key elements let's talk about some of those key elements shall we let's bring in Jane Foley rather Bankhead head of strategy Jane great to have you with us I read through the speech early this morning a couple of times actually just to get a feel for this just a couple of hints of what could come down the road without really lank it all out what were your thoughts on it. That's what the speech came across quite well not obviously she was concerned she hasn't had a face meeting with the council members after she couldn't really talk to much on policy but there were hints in a she did want to echo clear risks that there is that but I think she did look at the big picture she did identify 2 major challenges one of course being the changing nature of go global trade and the other one being that domestic growth in advance economies has been to excel or a team which she looked at China as being a candidate and area which could offer the solution for an area like that such as a hero so free trade to set me what she would like and a functioning a growing China or emerging markets to certainly help the external balance for Europe but on the other hand I think she really wants to focus on domestic prices as well she talked a lot about investment and investment certainly does seem to be a theme that I would imagine that we will hear more about from a ged public let investment do you get the feeling and I'm really jumping a couple of steps ahead here but it is what I was thinking as I was reading this that perhaps we could have this big infrastructure spending plan that would be backed by bonds that the e.c.b. Could support and put as part of his Q a plan that was talk of this a number of years ago which I'm sure you remember but I never really took off in a massive Why is that where this is going. Where he disses really very interesting you've got to remember that God set back to his it's just the odd message we know what the full article she was at the French she was a French finance minister so she has to have a deep rooted political back up and of course within the finance ministry is is well she's very familiar with the politics of Europe now I think in that case and she's very well positioned if Europe does decide to go down the road even talking about a big public and for start to plan that she's probably the right person to put the pressure on on the governments from the city's perspective because she does have that sort of credibility she does have that sort of back. Given that there's already a lot of pressure particularly on the German government to spend more to lease a net that they pass strengthens do you expect that we are going to hear more about this over the next year or so Jane that's exactly where I want to go because I think one of the expectations with Madame Lagarde joining are heading up the e.c.b. Is that she in fact would have some ability to maybe influence some of the European governments namely Germany to step up and initiate fiscal stimulus do you think that's going to be top of her list to do. I would say probably top of my understand the very near term this is trying to create a rift between the various different members of the city to try and get them all again you know singing from there saying some she said I think that's probably the 1st thing that she wants today but I would say that the fiscal initiatives have got to be really quite high up and have a gender and they've got to put this in and into perspective this isn't just a European story you know we can be talking about. New Zealand we could be talking about Australia there's a lot of countries now that are really looking at the. Potential of fiscal policy more say cheek to support monetary policy I think it was the I'll be a governor at the i.m.f. And me teams and all table he said you talk about the diminishing returns to monetary policy and a national at that fiscal policy has got to be used more as a support and that many countries that their budget position is better than it was it during the chairing the global financial crisis that perhaps I'll give Breezewood for them to do a little bit more and I think this is going to be an over riding the same lady from many countries in $22010.00 just on monetary policy specifically the e.c.b. President referenced in his spacesuit the monetary policy will undergo a strategic review due to begin in the near future Jim what will that entire show. I suspect that this is really related to that risk. You know that at least 80 that is the idea that most people have been talking about in terms of the policy makers the fact that draggy accused of making these decisions without the support of some of his members their lives the likelihood the possibility that the c.p. Will become more of a. Close knit vote came in in a way that perhaps we already have and other central banks such as the Bank of England when we see the votes and who voted for what I said that's a little bit more transparent in that regard. And I'm not supposed to say she is a politician and she should be well versed in how she had to deal with the various different members and have to pull that team back together again let's get to the tad of the session shall we in the f.x. Market of the back of all of this giant euro rolled up stronger you're off the back of this page it rolled over once the p.m.i. Started coming out your thoughts on the data and how you establish any kind of Euro coal got into 2020. Well you know we saw the French pay my take is accessed all this morning and I'm not good and bad but then of course we saw the complicit numbers they're still really quite weak it costs us and I think the real surprise that says you can know this is the 1st ever flush estimate you see for the u.k. For market we just want a publication for the pay might and the u.k. Will most certainly really very soft at that not setting on the studies the West the former energy Ken today and and again a lot more about the impact of the banks uncertainties on their way to call me and more suggestion or say within this survey that the labor market in the u.k. Really is softening So Jan I notice that the Swedish kronor best performing to 10 Kurds in the past 5 days what's going on with are good friends and Sweden. Where you very interesting because the ricks banks have signaled quite candidly that they are very likely to hike interest rates in December and I go to bear in mind that they were to have a negative repo right so they're trying to pull out to negative character because they're worried about have full debt levels having having risen as as people think casing house price inflation higher at the right about that but it doesn't bring back to 2 $1010.00 and in the wake of the financial crisis once we started to hike interest rates when everyone else was was cutting and there was a huge amount of criticism about Tedeschi a very significant policy error take at look at quite interested in this but they have signaled already that this will be a very dovish hike but nevertheless it does come again this what we're seeing now where generally Greg a thought this morning thank you very much a given I see time rather bank f.x. Strategy had there joining us on the latest data at if you're at the pm eyes very mixed but just a little bit more signs that things are starting to spill from manufacturing over to services a word as well on the e.c.b. President Christina garden have 1st big policy speech in Poland they're not used to saying e.c.b. Yes And Christine like. I keep finding myself going to say. But I'm actually very comfortable with Madame La Garde in that role because I think you know one of the issues that we're seeing as we think about the negative interest rates across Europe particularly in Germany is you know what is the next step for the European economies to try to drive growth and you know a lot of the central bankers continue to talk about fiscal stimulus is something Germany has resisted pretty emphatic and if you think there's any central banker that could maybe prod some of these governments to enact some fiscal stimulus it would be Madame Lagarde that is the European story let's talk about the u.s. Story a little bit later in the program coming up at $945.00 Eastern look out for those data points to talk about Tesla we're going to catch up with. The show in the next hour he's out with a note says the following last night in a much anticipated event unveiled its cyber truck which will be added to the lineup likely in like 20212022 with a design that looks more like a stealth bomber than a pickup truck in our opinion to test the pickup has a steel framework that is impressive and looks more out of the. Movie which will be a hit but the company's fanatic. As Musk clearly thinking out of the box on this model designed exactly I think that's a great that Blade Runner reference for so for those of our listeners not familiar it makes perfect sense but again I think it goes to the test fanatics that are out there and certainly there's a market there but the question is broader pickup market I'm not sure they hit the mark there exactly a movie talking about a little bit later is it a niche market or a mass market and I imagine a lot of people think it's the former and not the latter for that particular vehicle and the equity market this morning. Advance by 2 tenths of one percent little more than 5 points on the s. And p. $500.00. Thanks a lot John Tucker of The Bloomberg 960 news rooms of the stories we're following We'll have the full news rundown of just a minute right now check Iraq and your Friday morning commute traffic and weather do it every 15 minutes and we do it with Laurie Olsen Good Friday morning where there's a lot of jobs working this morning I noticed that. You know. Let's just stop right there. All right well we could continue because there's really nothing to talk about of the roadways we're looking good out there Bay Bridge metering lots of Rob smooth sailing for this Friday getaway Friday some would say as you travel on into the city but looking good to get all trains on time limits freeway both directions between Oakland and Milpitas no problems you Bloomberg 3 day weather forecast a mix of sun and clouds high sixty's all around the Bay Area little warmer in the clear drop in the lower forty's overnight mostly sunny for your Saturday Sunday for your Sunday as well with the Bay Area's best traffic of Bluebird night 63.7 f.m. H.d. 2 Tucker you are right thank you Larry also 48 degrees we have partly cloudy skies right now in the city. And from 4 am till 4 am tomorrow there's a beach hazard because that's the high waters wins that sort of thing usually when right now at 3 miles an hour again 48 this is Bloomberg. Hours a Day of Bloomberg dot com the work business and to talk on Twitter these is Sweeney Jonathan Ferrell tellme k. .