Basically, what weve got today is a reversal of what weve had over the last few sessions. He bond proxies are back health care is doing well today. We are seeing a selloff in the banks and a selloff in the auto sector, down by 1. 4 . Maybe the president didnt quite go as far as everybody was into spitting yesterday in pushing back the idea that european auto tariffs are a risk. We also see some weakness in the spanish market once again. The market not liking what is happening with spanish politics at the moment, and the coalition that is being put together. Again, it is the banks under pressure. The ibex down by 1. 5 . Vonnie fed chair Jerome Powell will deliver remarks on capitol hill in about an hour before the congressional joint Economic Committee. Powell saying in compared testimony that Central Bank Policy is appropriate as long as the economy stays on track. Joining us now for a bit of a dissection of where the fed stands, even as public impeachment inquiries get underway in washington as well, lets welcome henrietta treyz, Veda Partners director of economic policy, joining us from new orleans. Those people will be watching the impeachment inquiry, but fed chair powell has a big role to play today. Particularly given what the president said yesterday on trade. He basically put the spotlight on the Federal Reserve as a savior from this trade battle. What should fed chair powell try to get across today . Henrietta certainly, we know that Senate Republicans will be watching him. Theyve all clarified they will not be watching the impeachment proceedings, so powell will have their attention. It will be interesting to see the dichotomy between what President Trump said at the Economic Club yesterday, stressing that the trade war is not hurting everybody. Aressing that trade wars essentially mandatory, and that the worst scenario would be not challenging china right now. Federal reserve chairman powell will have to explain the state of the economy. I would hope to have a robust discussion about inflation and what they are seeing, given the tariffs on 360 billion worth of goods coming in from china, continuing to rack up at the ports in l. A. , houston, baltimore, and hear what he has to say about the expectations for the trade war, how it will affect the economy. What we know from the Senate Republican caucus and the House Democratic caucus is that there will not be stimulus coming from congress anytime soon, so i imagine the Federal Reserve is the only arrow we have in our quiver in terms of where we go showed an economic downturn come about these days. Vonnie how would markets react if the fed chair were to sound dovish . Given that there would be a reaction, will he try to avoid that . Henrietta i think what markets are focused on right now, first whatoremost, talking about is the number one concern for the economy right now and he number one concern for markets. It had been the Federal Reserve for much of this year, but now primarily, what i hear from clients, they are focused on any news from overnight from hong kong, and then the 2020 elections. I imagine he will get a lot of questions about the impact of external events outside of the fed, given that we are not expecting any cuts in the near term, much to President Trumps chagrin. Guy what youre saying is that the fed is a nonevent right now. Is that correct . Henrietta i think thats fair right now. Obviously, everyone will be hearing what he says and dissecting it very closely, but my expectation is we will not see further Interest Rate cuts from here. I was kind of surprised we got one last time, although it was markets consensus. I dont think there is any expectation we will see further moving from the Federal Reserve. Haranguing ofps the chairman yesterday was, i think, pretty routine expectation. Talking about how if the Federal Reserve would cut Interest Rates further, growth would be explosive. I think that was shocking maybe a year ago, but much less so now. What republicans in the senate in particular, i think the most important caucus to Pay Attention to right now because of their potential to hamstring President Trumps authority to impose either the auto tariffs or further tariffs on china, is to understand what they expect for the future of the economy, the state of play. My conversations with senate ripple can counsel with Senate Republican counsel frequently reference how the 1. 5 gdp number, if you factor would haveand been 2 . The state of play for the economy broadly is obviously very important, but i dont think anybody is looking for rate cuts at this point. Guy is the risk of a rate hike zero . Henrietta probably close to zero, i would imagine. When you hear powell say things like, we need congress to concentrate on its ability to have any kind of fiscal stimulus, or the ability to impact the economy and prepare for a recession, or have some sort of stimulus ready to go, thats an indication that they are probably not looking to hike rates at this point. Thats just my interpretation. Vonnie what are you looking for out of the impeachment inquiry today, and the rest of the week . Henrietta my main focus right now is probably on timing. How many of these witnesses are going to go over their allotted time . Are we going to bleed beyond the two weeks here, the thanksgiving . Expectations are growing that we will not see a conclusion to the house hearings until close to the christmas recess. The expectation previously had been that we will get out of here before thinks giving, and that seems highly unlikely now. So we will go into early december, mid december, around the 16th. We will have a vote on the Government Shutdown potential around then, and i expect that the most important thing to watch for market per dispense right now is not necessarily for Market Participants now is not necessarily how things are in a minute to minute basis are going, but how it works out. By the time they vote to impeach the president , which is roughly a 100 odds scenario, its got to go over to the senate. The senate is interesting because instead of telegraphing three to four weeks of impeachment hearings, the latest we are hearing is they are expecting five to six weeks. That gets you well into january, february, and possibly even march. The reason that is import for investors, as you know, that is when the early primary caucus races are. You will have no fewer than five sitting senators, from warren and sanders, klobuchar, harris, and booker all required to be in d. C. For six straight days, all day long, every single week, hearing this impeachment fight. It leaves space for joe biden and mayor Pete Buttigieg to be out doing the handshaking in iowa and New Hampshire that is so critical for those early primary races. So the impeachment proceedings are interesting, but i think the dynamic of the 2020 race is more important. Vonnie thank you so much for your time today. That is henrietta treyz, Veda Partners director of economic policy. Stay with Bloomberg Television today for our coverage of fed chair jay powells testimony on capitol hill at 11 00 a. M. Eastern time. Lets check in now on the bloomberg first word news. Heres kailey leinz. Kailey impeachment hearings are getting underway on capitol hill. Americans get their first look at witness testimony against President Trump. First up is the top u. S. Tipple met in ukraine, William Taylor u. S. Diplomat in ukraine, William Taylor. While the impeachment hearings are going on, President Trumps meeting with turkeys president erdogan, the first time the two have met since the diplomatic clash over turkeys military offensive in northern syria. President trump is expected to pressure erdogan over his plans to buy a russian muscle defense system. A warning today from hong kong officials and Chinese State media. They both say there will be consequent is if violence continues. Protests disrupted traffic across the city for the Third Straight day, and for the first time, the government closed Public Schools. Global news 24 hours a day, on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. Im kailey leinz. This is bloomberg. Guy thank you very much. But weve got coming up for you, we are going to speak to qanta ceo alan joyce. Hong kong unrest and boeings troubles definitely part of that conversation. And the House Intelligence Committee is holding its first public hearing as part of the impeachment inquiry into President Trump. William taylor and george kent testifying. We will bring you updates throughout the hour. You can watch on your terminals using the function live. This is bloomberg. The facts in the present and cory are not seriously present inquiry are not seriously con seriously contested. Ntested. Vonnie live from new york, im vonnie quinn. Guy from london, im guy johnson. This is bloomberg markets. Lets check those markets now in detail with abigail doolittle. Abigail we have a very interesting picture emerging when we take a look at global equities. The s p 500 down ever so slightly, not really impressed by President Trumps comments yesterday at the Economic Club of new york, nor by the preprepared statements from chair powell. The hang seng very weak in reaction to those protests. It will be interesting to see whether that weakness in asia at some point comes into play more here in the u. S. An area of underperformance in the u. S. , the banks. The bank index is down 1. 2 . The big culprit there, rates. Lets take a look at what is happening for yields around the world. Making that stock picture more risk off, the fact that we have bonds rallying in a very big way. The 10 year yield in the u. S. Down six basis points. You can see german yields and u. K. Yields falling, so that is weighing on the banks, but we do have some outsize movers. Winners to take a look at in the u. S. , tesla up 1. 4 on the news that they have received a permit for production in their new china plant. Shares of nike up as the agreement with amazon is now off. Up 3. 75 percent as they have agreed to a takeover. Guy lets take a look at what is happening in hong kong. Hong kong officials and Chinese State media are warning of consequent is if violence continues in the city. Protesters disrupted subway lines and blocked roads as the government announced it would closed Public Schools thursday for the First Time Since the unrest began all the way back in june. Protests have hit businesses, from hotels to retail, and of course, airlines. Joining us to give an assessment of how his airline is being affected, qantas group ceo alan joyce. Good afternoon. Nice to see you here in london. Those pictures are obviously pretty alarming. People around the world are trying to understand what is happening in hong kong. How is it affecting your business . Alan we ended the quarterly update a few weeks ago, and we said its going to impact our business by around 20 million to 25 million. We saw a 15 drop in volumes. We are using smaller aircraft with the same frequency, so we are just taking it month by month now and deciding what we do with capacity as we see how the situation in hong kong guy do you think permanent damage is being done . Alan it is a little difficult to say. Who knows how long this will take to resolve . Init does, the beneficiaries the longterm will be singapore, and certainly with got a base there. We have a bigger operation from a bigger operation from australia to singapore. If that is the beneficiary of that, it just means traffic moves from one city to another. Vonnie i want to ask you about another thorny subject, and that is the potential for the max aircraft become part of your fleet domestically in australia. Is the brand a little too toxic right now before you make a decision . A greateing are engineering company, and they will fix this. Weve seen problems with other aircraft in the past, and next year we will be doing a competition between airbus and boeing to replace our domestic fleet. The 737, 717, and f 100s that over the next few decades, have to be replaced. If boeing commits to the 797 and the max, that will be a viable alternative to the a320 that airbus has. We think boeing will fix this, and we think there will be a good competition next year between the two groups. Innie theres another thing your future, and that is london to sydney direct. A 20 hour flight. There have been trials of it underway. Talk to us about the impact of jet lag on the body, and whether this is a viable flight for the general public. Alan yes, so weve got the second of our three test flights taking place tomorrow morning, where we fly from london to sydney nonstop. The flight last month when we flew from new york to sydney nonstop, roughly 19 hours each. We are doing a study with the pilots to make sure that we can do this safely, and our pilots and manage the fatigue risk management, as we call it, in order to operate those flights. The are also going to study what , how they on board can minimize the impact. It is pretty exciting. It is some of the leading studies that have been done in aviation. Some of our long flights we have a long flight to dallas, from perth to london, from santiago to sydney so we have some of the longest flights in the world, but we are building this up so at the end of the do regularar, we flights from london to the east coast of australia and the east coast of the United States to the east coast of australia. We think it is the last frontier in aviation. It is something qantas has been trying to do for 100 years. We are very excited about the opportunity to do it by 2020. Guy where are you with the regulators and the pilots union . Alan the purpose of the study is to get the regulators there, and we are hopeful that that process will continue this year and into next year. We will get some comfort out of these studies of what can be done. Again, we are hopeful to have some conclusions of where that stands by the end of the conclusions of where that stands by the end of the calendar year. Guy do you know which aircraft he would be flying . Is it the 777x, the airbus a360 . Aircraft . Ent are the how clear a decision is it going to be . Alan its a great competition between both manufacturers. The previous head of airbus told me it was like the space race. Both of them see this as a flagship product. It is something that the whole world is watching. Youre getting coverage all over the globe about these flights. They know that this is something they want to desperately win. We are seeing that in the competition between both manufacturers. Vonnie so what is the next project . What will be the focus for qantas after this . Alan weve got a lot of great things happening within the group. Weve got the domestic fleet decision next year. Weve got core of our business, where we met most of our profits. But we also have a lot of exciting businesses we are launching within our loyalty program. Basically, we have half of the australian population is part of our loyalty program. 25 of all credit card asked editor in australia is done on a qantas credit card expenditure in australia is done on a qantas earning credit card. We want to grow that program into the future. Guy can i just go back to the max question . Do using the flying public are going to have an issue with the max . Alan i think one of the things boeing are good at, as they are a great engineering company, if they can get to a stage where they fix this issue and we know it is not going to occur again, and we know that this aircraft is safe to operate, i think the traveling public will be convinced with that. If airlines Like British Airways , who are going to make an order for 200, and airlines like qantas say that this aircraft is safe, i think that gives credit ability back to the aircraft. Guy in terms of how it affects how the competition works, hugeh, presumably it is a negotiating position you find yourself in, that a large order for the boeing max will confirm its safety. How does the relationship work, therefore . You are any competition. You got the a320 here, the max here. How does it change the nature of the competition, that the max, they are so in need of big, sizable orders . If you place a big order, that is a big confirmation for the max. Alan i think qantas is regarded as one of, if not the Safest Airline in the world. We know whatever we order in aircraft, that is going to be a big thing. But it is also in our interest and in aviations interest that we have competition between the manufacturers. We will only put an order in for the max if we believe that aircraft is safe and it doesnt have a problem. They have to go handinhand for that to work. Vonnie quick question on how youre dealing with the bushfires raging around sydney. It is definitely caused some disruption to your flights. Alan it has, and our condolences and some of these go out to everyone whos been impacted by it. We have a role to play as the national carrier, so we put on a large number of extra flights to help the firefighters get around the country, in order to make sure they can manage those fires. We have been trying to manage in some airports, obviously there has been disruption impacting them, and we are managing that quite well. We are also trying to make sure we help the local communities by putting the cap on airfares, giving people ability to waive and change fees because if they need to change their travel in this environment, airlines dont want to make that hard for the traveling public. We are very focused on doing that for those local communities. Guy good luck with them. Thank you for stopping by to see us. Alan really good talking to you. Qantas group ceo alan joyce. Vonnie we are leading up to fed chair jay powells testimony before congress of the top of the hour. We are keeping an eye on impeachment inquiry hearings as well. We will hear exclusively from San Francisco fed president mary daly at 2 00 p. M. Eastern, seven 30 london time. This is bloomberg. Ourie it is time now for latest Bloomberg Business flash, a look at some of the biggest business stories in the news right now. Google will be the next Big Tech Company to get into finance. The project will be rolled out next year. Italys biggest bank posted a betterthanexpected 26 increase in thirdquarter profit. Rising trading income and higher fees at unicredit more than offset lower fees from earning. Unicredits ceo talked about the impact of negative rates. If we can help the european banksy stay to so the have been having a decent performance. You may have a negative impact on banks. Vonnie consolidation among european banks will take place only after share prices slide. That is your latest bloomberg is missed Bloomberg Business flash. Guy still ahead, an update from capitol hill. The impeachment probe hearing now underway. This is bloomberg. Vonnie live from new york, im vonnie quinn. Guy from london, im guy johnson. This is bloomberg markets. Time now for the muni moment. As we up arch as we approach the latter part of the credit cycle, theres a similar moment to the muni market back into thousand eight. Here with Maurice Taylor riggs thats here with more is in 2008. Here with more is taylor riggs. Lor thats exactly right, taylor. There are a lot of similarities to 2008. Theres been quite a bit of issuance, and the issuance, with particularly lower rated credit, have very few protections with regards to covenants. The big difference between now and 2008 is theres been little supply, and we seen an increase in taxable issuance. The big difference between now and 2008 is the supply is down versus 2008. If you could compare it to liftrate, we seen a huge in corporate issuance. But the tech supply has been lower, and that is a difference in comparison to 2008. Taylor are you worried at all about liquidity . Supply is down and muni investors are more concentrated. Sally i dont think so. I think we see High Net Worth individuals coming into the muni market. Theyve really been on the sidelines the last year or two. With the tag perform act with the Tax Reform Act in 2017 change, where individuals no longer have as many itemized bonds,ons, muni taxexempt muni bonds are still one of the few exclusions from an individual, High Net Worth individuals in particular. So i think we see an increase in the next year of High Net Worth individuals and direct retail. Again, theyve really been on the sidelines the last couple years, and weve really seen more professional retail and bond funds buying over the last couple of years, but we do project that individuals will come into the market at the end of 2019 and 2020. Taylor your area of expertise is particularly higher education. Using more of those instead of accessing the market in a more traditional way. Why . Sally many colleges and universities find that p3s, rmricprivate partnerships, cost way to institute partnerships, are a more costeffective way to institute projects. When the election came around, i noticed many state and local governments ran on a ticket of increasing p3 as opposed to borrowing and levering. I think both colleges and universities, as well as state and local governments, will continue to use p threes as a costeffective way of financing and executing needed Capital Projects and essential services. Taylor sally bednar, wells fargo head of muni capital markets, thank you so much for joining us. Back to you. Vonnie taylor riggs there with our muni moment. Dont forget to check taylor out on Bloomberg Technology later in the day as well. Guy lets catch up with the bloomberg first word news. Heres Taylor Crumpton that heres mark crumpton. Mark heres mark crumpton. Mark the house impeachment on cory the house impeachment inquiry underway. Picture ofee a life the House Intelligence Committee chairman, adam schiff. A key measure of u. S. Inflation unexpectedly cooled off in october, a sign that price gains h fede slow to reac targets despite Interest Rate cuts. The reading was driven by a in italy,in venice has been hit by the worst flooding since 1966. The secondhighest title record is threatening the citys fragile lagoon and its renaissance buildings. Global Greenhouse Gas pollution rose for a second year in a row. That ended a low in omissions missions in emissions. Global news 24 hours a day, on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. Mark crumpton. This is bloomberg. Vonnie lets get to washington, d. C. Now, where the impeachment inquiry is taking place. This is the first day of public hearings. Bloomberg chief washington correspondent Kevin Cirilli is in washington, d. C. We have 45 minutes with adam schiff, followed by another 45 minutes, and then at least 20 members with at least one round of five minutes each. This could go on for hours and hours, and even days. Kevin precisely. This is just the first round of hearings that speaker pelosi, working with the chairs of the various impeachment committees, are going to have. The second round is scheduled for friday. The bottom line is this. These are two career diplomats who are going to be testifying publicly for the first time as democrats try to make the case that President Trump engaged in some type of prequel four type of quid pro quo with president zelensky, withholding military aid until the ukrainians investigated President Trumps political opponent, former Vice President joe biden. Who is testifying . Bill taylor, as well as george kemp. I was told by Intelligence Services you are increasingly seeing the white house try to go on offense, try to utilize this and push back the criticisms. It actually brought in a former Treasury Department official to help with that messaging. Meanwhile, the democrats, look for them to continue to try to lay out their case that impeachment is necessary. In terms of whether or not this poses a constitutional risk to the president s removal from attention toeful what republicans are going to be saying and whether or not they break with the white house. So far that has not been the case. I spoke with several senior capitol hill aides in the past when he for hours that work with republican members. They have continuously brought up Senate Majority leader mitch comments fromblic just last week, in which he suggested that even if the president were to be impeached in the house of representatives, it would be a quick trial in the senate, with a vote, as republicans control the senate come of the votes simply arent there for removal. Guy we were talking about this a little earlier on. There seems to be some sense that there could be an impact in terms of what happens with the politics here. But lets talk a little bit about what shift has said that haswhat what schiff said thus far. He says the facts are not seriously contested. Is that true . What does that tell us about how this process is going to unfold . Kevin its a great point. In terms of what has been presented to the American People and where republicans and democrats agree, the president had brought up joe biden, hunter biden in that now infamous phone call over the summer you came with ukraine president zelensky. What you are seeing from is that they have said the president should not be impeached for bringing up issues of corruption as it relates to a foreign country, and that that is something previous have been assertions have done. Democrats obviously disagree with that characterization. They have forcefully pushed back and said the idea of a president utilizing an International Phone call with an International Counterpart to look into Domestic Political Affairs is an impeachable offense. But theres also a subplot that has developed, and that relates to former new york city mayor Rudy Giuliani, the president s personal attorney. That has really been a divide within the trump administration, particularly sources at the state department, as secretary of state mike pompeo. Washer or not the president directing Rudy Giuliani to interfere as a relates to Foreign Policy, and whether or not that was ok with the state department. Clearly, cover your state Department Officials have emerged, including two testifying publicly for the first time this morning here in washington, and they say that was problematic. Vonnie the white house has said that it plans a rapid response, so it is clearly not unconcerned , even if no gop senators have turned so far. Kevin precisely. This, without question, is the most significant risk to President Trumps administration , even beyond the mueller report. I will tell you anecdotally, i have spoken with several sources on the left and the right who have told me that this feels very different than the mueller report. There is a sense that this is not being treated as a moment in which the president faces a significant risk of being removed from office. Democrats have even privately conceded that point simply because of the arithmetic that exists with the republicans controlling the senate. Impeachment is a constitutional issue. Impeachment is something that is incredibly rare in american politics that would stain this president s legacy. If you look at the forecast for today as it relates to the president s schedule, and many parts, it is business as usual. The president does plan on watching part of the impeachment hearings, but he is set to meet with turkish president erdogan. We will be at the white house later this afternoon covering that. That will be an opportunity for the president to respond virtually in real time to the hearings that likely will still be going on, but in terms of what the president s public , he hasve been thus far urged his followers to read the transcript. Again, business as usual in the sense that that meeting with turkish president erdogan is going to be dominated by Foreign Policy discussions. Vonnie Kevin Cirilli in washington, d. C. , thank you. We will obviously be following every thing very closely. As you can see, george cant is kent isg george speaking now. This will continue all day. You can continue to watch under terminal using the function live. Up . What have we got coming jay powell taking to the stand. We will bring you the fed chairs testimony on capitol hill, live at the top of the hour. This is bloomberg. Vonnie live from new york, im vonnie quinn. Guy from london, im guy johnson. This is bloomberg markets. Is Cannabis Company tilray our stock of the hour after reporting mixed quarter results, featuring losses greater than beacted, with revenue ting estimates. Isombergs kristi noem standing by with cowen and Company Senior Research Analyst vivien azer. Thank you for joining us. I wanted to talk about a recent forecast at the beginning of this week. You actually raised your outlook for how big the u. S. Market is going to be. 2030, upon in sales by from 80 billion dollars previously. Interesting to see that, given the stock declines we have seen. Its been a tough two months for the market. Whats driving your bullishness on the space . Vivien the revenue profile in the u. S. Has been very healthy. We are seeing more and more andumers into the category, there is Government Survey data where the age of 26 and older consumers reporting to the u. S. Government that they are using a schedule one controlled substance continues to exceed our expectations. We think that is a function of what we call the consumer water ball. Cannabis is far more popular with 18 twoputting fiveyearolds. Typically with 18 to 25 euros. Typically you would see with 18 to 25yearolds. Typically you would see customers exit the market after that, but they are not. Weve seen the stocks are highly correlated, and that hasnt changed. When you look at the sector right now, is there any sort of catalyst coming that you think will break that correlation, and that we will start to trade more on fundamentals than a view on the sector as a whole . Vivien certainly one of the topics of debate here at our Conference Today has been funding. Obviouslyl markets have been incredibly challenging. But this is a capitalintensive industry. To need to raise capital have cultivation so you can sell the cannabis. Talks that youre going to see a shakeout in the coming months. That will end up driving who can actually survive and who cant. Kristine theres a lot o theret in the Public Markets so much anymore, but the private markets. I was talking to a venture capitalist who said he sings it is becoming easier for private companies to raise money than public ones. Do you think we could see some take private, some companies that have gone public retreat to the private markets . Vivien absolutely. Weve had private company ceos here at our conference who are very pleased not to be a Public Company right now. Kristine one of the things weighing on stock prices has been this vaping related health crisis. Im curious to get your take, what does that mean for Legal Cannabis companies . Fdaen if the cdc and the are both evaluating this issue, if they can determine what the chemical compound is creating the problem, and that it really is only coming from the illicit marketplace, that should drive consumers into the legal market, where they know that they are purchasing a product that is safe and product tested, and avoids some of those dangerous compounds. Vivien very quickly, kristine very quickly, using the u. S. Will legalize federally . If so, when . Vivien yes, eventually, but not in the next year. Vonnie fantastic. Thank you too can one thank you to cowen Senior Research analyst vivien azer. Still ahead, our exclusive interview with the ceo of waste and water facility suez. This is bloomberg. Guy from london, im guy johnson. Vonnie from new york, im vonnie quinn. This is bloomberg markets. Where moments away from fed chair jay powells testimony to the joint Economic Committee. We will bring that to you live on Bloomberg Television. We are also keeping our eyes on in impeachment hearings washington, d. C. The ceo of french waste and Water Utility suez defended the companys longterm plans and confirmed possible asset disposals, all while giving some ideas on the emergency that is reaching globalization. Birch and camus spoke expose of bertrand spoke exclusively to bloomberg tv. Position weide, we activities, geographies where we can create value for all of our stakeholders, including our shareholders. ,t is a kind of transformation and this will be done at a very sustained pace as we have been making very strong commitments 2021king down reserves by and 500 million euro of free cash flow. Is an industrial plan. What we want to do is create longterm value for all our stakeholders, and of course for our shareholders. Reporter you are planning the majority of asset sales in 2020 and 2021. Can you give us any idea on what region you are looking at . , withs. , for example united water come would that be underwater in terms on your radar in terms of asset sales . [indiscernible] what we have been very clear rhythmthe pace and the we want to work because it is about repositioning the group to our activities where we think and we are convinced that growth will be in the future, and also disposal sets where we believe we are not competitive anymore. We cannot create value. We cannot create value. And therefore, we think others would be much better positioned to do so. We want to protect the interest we willeholders also have to protect our employees and their relationship with our unions. Ask ain, we will not [indiscernible] vonnie our exclusive conversation there with the suez ceo bertrand camus. That was in paris. The theme for the conference is managing a new Global Economy between national and global challenges. I will tell you who else is thinking about that, members of the federal open market committee. They are from verily responsible for what they can do in the understates, and thinking about the rest of the world they are primarily responsible for what they can do in the United States, but inking about the rest of the world. Things like the Global Growth slowed down, other economic policies, and how they factor back into the u. S. Economy. Guy absolutely, but powell making it pretty clear earlier on that we are firmly on hold. Time for a Bloomberg Business flash, a look at some of the biggest business stories in the news right now. Alibaba hopes to raise more than 11 billion in its hong kong listing. Asias Largest Company confirming it has filed a listing application with the hong kong exchange. Alibaba is already listed in new york. Still, the share sale is a big win for hong kong considering what is going on in its exchange. Is predicting that Global Oil Demand will hit a plateau around 2030. The reason, the use of more efficient cars and electric vehicles. The iea says that will end expansion in oil demand that has dominated the last century. And it is all over between nike and amazon. The athletic brand will quit selling sneakers and clothing directly on amazons website. The announcement comes after hiring a former ebay chief executive as the next ceo. That signals the company is going even more aggressively after ecommerce sales. That is your Bloomberg Business flash. Vonnie of course, we are keeping our eye on washington, d. C. Fed chair jay powell testifying for two days before the joint Economic Committee. We have the prepared remarks. He already has said the economy is in a good spot, and that the fed will most likely be watching that, and most likely be on hold until it notices Something Else going on in the economy. But of course, that all depends on the trade conversation. Guy absolutely. That does seem to be the victim this right now seem to be the biggest risk. The fed is indicating the bar to raising rates at this point is incredibly high. The bar for lowering them come a much lower. I think that is a really interesting outlook when it comes to the u. S. Economy going into 2020. Predictions are that we wont get a recession next year. How will the fed respond if it starts to point in that direction . How will coming up soon. This is bloomberg. Here, it all starts with a simple. Hello hi how can i help . A data plan for everyone. Everyone . Everyone. Lets send to everyone [ camera clicking ] wifi up there . Ahhh. 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 xfinity store today. Guy live pictures from capitol hill in washington as we await fed chair jay powell to appear before the joint Economic Committee on the economic outlook. From london, im guy johnson, with vonnie quinn in new york. This is the european close on bloomberg markets. Its a busy day in washington. Vonnie . It certainly is. All of those rooms are occupied. We also have public impeachment hearings underway on the health. Markets are pretty flat, at least equity markets. The dow is up 10 points, the s p up less than a point, and the nasdaq down a point. Its been treasuries were more of the action is. Points,e now 23 basis the spread down about eight basis points from yesterday. A Little Movement in oil and gold as well. A few individual stories causing some individual stocks to move. Guy here in europe, stoxx 600 firming a little bit. Still down by 0. 3 . Where we are seeing some