Francine lacqua here in london. U. S. Treasuries are closed for the day. A lot of markets will be thin. Stoxx 600 gaining 0. 1 . The other big Market Movement this was happening is what is happening to the pound. We will speak to the pollster that put this yougov hole putting the majorities ahead. It always a good idea to look at yen. Gives us a good litmus test for risk out there. Coming up on bloomberg, we speak to the football legend Rio Ferdinand 30 minutes from now. Well ask him about what business can learn from sports and why he is working with the u. K. Property market. The Hong Kong Hong kong has found themselves at the center of tensions after President Trump signed a bill supporting city protesters. Requires special review of the trade status as well as sanctions against officials deemed responsible for human rights abuses. It threatens to copper gate trade talks at the two sides get close to a deal. Lets get the latest from jodi schneider. First of all, trumps action is expected to result in immediate retaliation. What kind we talking about . Are we talking about . We dont really know what it would be. It is unidentified countermeasures china has said they would engage in if the bill was passed. China wasmbassador to summoned the Foreign Ministry and was told that this would certainly not help the relationship. But there were not specifics on what would happen. President trump tried to ,ownplay any kind of tension saying he did not want it to change the relationship. He was doing it, he said, out of could comeping they to some kind of conclusion. Clearly, themp domestic concerns outweighed the international concerns. A veto would have been overwritten in congress because there was overwhelming support for this legislation. Thank you for the update. We will continue to keep an eye on hong kong. Lets get straight to first word news in london. In the u. K. , the conservative party could be set for its biggest majority in decades according to a poll that closely predicted the election results. It forecasted tories getting a 68 seat majority or number of gains are by small margins. There are still two weeks ago before election day. Earlier this year, Rudy Giuliani pursued business from ukraines top prosecutor. The Washington Post says he negotiated to represent the official for 200,000 at the same time he was seeking information about joe biden. There is no sign the agreement came into force. No comments from either side. Up thes speeding issuance of its trillion yuan bond sales, ordering local governments to accelerate the sale of debt. That is so that proceeds can be invested early to help shore up the slowing economy. No details on when the bond sales will actually begin. Japan, where retail ,ales are plunging after sales tax hikes, and a typhoon kept shoppers at home. Its the worst on record that economist had only forecast a decline of over 10 . There will now do need to consider this as they look at the size of a possible spending package. Apple maps is facing backlash from ukraine after some versions of its mavs app depicted crimea as parts of russia. The foreign minister tweeted that the area is under occupation but its sovereignty has not changed. Google maps uses a dotted line to show that boundary. B global news, 24 hours a day on air, on tictoc, and on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. This is bloomberg. This is bloomberg. Francine . Francine thank you so much. Lets talk about risk sentiment being soured again by u. S. China tensions. You are tracking bought broad declines in asia. Im delighted to be joined the global head of research at blackrock. Great to speak deal, he makes sense of the market that times seems directionless. Is all about trade what banks can do . Im afraid it boils down to those two things. , what we call the protectionism push has been the most important driver, shaving 20 off u. S. Equities. A lot of the rally we have seen has been on positive news on the trade front. It very much is the key driver. Is part of it. Francine are we at the limit of what Central Banks can do . It was suggested helicopter money was the only way. Jean we were taking the perspective over the next couple of years, not quite now. There is room in the near term, in principle. That said, when you look over the next few quarters, we think it will be harder for the fed to ease forward. We might affect a bit more easing on the ecb front. But point is, we think we are reaching limits that are getting real. There is not clearly a plan on how to deal with those limits. Francine how do you deal with treasuries . What do treasuries do in this environment where equities and treasuries are telling us something quite different. Biggers related to the question about reaching limits on the central bank front. But we have advocated and continue to believe that sovereign bonds play very Important Role in the portfolio in terms of providing protections or edging against tensions. View, thens, in our case for treasuries. We may be reaching our limit, until we get there this a lot of room for treasuries. It is less clear for bonds for japanese bonds in that context. Francine there is a good chart. , and there iting is. Were looking at what happens for gold. ,f you look at block trade looking at some of the gold that could have increased since the last couple of quarters. Are we going to see a risk off move as we try to understand the limits of growth . Constructivefairly. We think that despite the noise on the trade front, the chance of a minideal is more likely than not. Favoresult, we tend to the prorisk in this environment. We dont think this is kind of the market narrative just yet. Thats more of a nearterm view, and as we go beyond, the big question will be whether or not we see a more pronounced slowdown than what we have already baked in that will depend on the u. S. Consumer. We are not seeing that happen as the baseline so as a result, the flight to safety is not the direction we would go. But that will heavily depend on the u. S. Consumer. Francine do you see any bubbles . Jean it would be a bold call to say we dont see any anywhere. There are pockets of exuberance in different parts of the markets, but if you make a broad statement about reaching levels we think are systemic, we are not there yet. Systemic kind of imbalance that would necessarily require a spark be triggered. Francine thank you very much. Stay with us, plenty is coming up. He play for his country 81 times. We discussed business in the worlds most popular start with english legend Rio Ferdinand. Decade,e enter a new what should investors be watching out for . We talk 2020. This is bloomberg. Francine this is bloomberg surveillance. Get straight to the Bloomberg Business flash in london. Some investors are being given the option of getting their money back after the lender was accused of the biggest a breach of moneylaundering laws in australian history. Retail investors who applied for shares before the allegations came to light have the chance to change their mind. Amazon is doubling Holiday Hiring, a signal the worlds Biggest Online retailer expects a strong fourthquarter. They are achieving the hiring growth to the increased range of its logistics operations. They are expected to spend a record amount online in the final two months of this year. Ipa i arabia, aramcos ipl offerings are now fully over 32 went into billion riyals ands obstructions. They hope to raise more than 25 billion by selling 1. 5 of stock toaluing the energy giant up 1. 7 trillion. That is your Bloomberg Business flash. Francine lets talk about the biggest risks to growth and what investors should be looking out for. Still with us is our guest. What happens to the consumer and inflation . What is one thing you are concerned will blindside markets . I do know if its because they are focusing on the wrong thing or because it is easy to measure. We think there is the good likelihood of having a constructive environment, but what could derail that . Risks ise bigger around inflation. Inspecting are expecting inflation to get out of hand, but it is so understated as a risk and there is no pricing of inflation in the longterm. Positioned on not that front and rear seeing inflation is slowly inching up. We are seeing inflation slowly up. There are factors behind the scene that you would think are part of something driving inflation. Part of the central bank easing we see. It is a very unusual pit towards a large amount of Central Banks. Is something that is very unusual. There are forces behind that. Francine what would you look at for a better indication . Jean we want to track the actual out turn of inflation, breakevens would be a key indicator. Again, given the dynamics you can see building up i think you would see the risk to be the upside in this combination is interesting. Francine if inflation is higher than expected, it changes everything. , positioning in portfolios and the weight you want to think of allocation between equity and bonds. This is a story where correlation and bonds and equity could be different or break down. Thats where we think it is an important risk Going Forward. Its not like we think inflation has a risk of getting out of hand, that in a world surprising to the upside, it is not what we have seen recently. Francine how do you see the trade war escalating . Do you worry about the strength of the economy . Jean yes. We think the economy is slowing, but in a contained manner. Time isdifferent this the fact that we dont expect china to play the role it has played throughout the expansion, which is basically to be the one to pop up stimulus pump up stimulus. We think they are more geared on ensuring the imbalances in china. They are not a source of weakness but they will not be the source of most that comes in 2020. The trade tensions we think will go sideways, which is not good news, but better than the escalation we have seen. That context, we dont see additional headwinds. If we were to see an escalation, it calls into question the Growth Outlook we see for the u. S. And you question whether it spills over to the consumer. Francine thank you very much. Coming up a hotly anticipated pole sees Boris Johnsons forervative party on track the biggest majority in 30 years. We have the latest on the pole and what it means for sterling. This is bloomberg. Francine this is bloomberg surveillance. U. S. Markets are closed as americans head home feast on turkey. Here is an reordered, looking at the turkey numbers annmarie hordern, looking at the turkey numbers. Annmarie according to official statistics, this dinner will moreyou just a penny expensive than it was last year. Not really breaking the bank. The centerpiece is the turkey, and luckily, historically we have seen prices come down for turkeys because stores just want to get people in to buy the extras. Its all about the sides. The numbers coming out, you will see a massive drop. Thanksgiving dinner may not break the bank, but American Consumers may be paying more at the pumps. Gasoline prices are the highest in years this weekend, but if ,ou look at other weekends thanksgiving is coming in a little bit cheaper. Thats one thing to be thankful for. Francine you are also thankful if you are one of the two pardoned turkeys. Butter and bread . There you. There you go. Until thely two weeks elections, paul separated a big win for Boris Johnson. The yougov pole forecast the majority of 68 for conservatives with losses for labor and programs areas. Well talk more about the survey later in the hour, but first lets discuss what it means for investors. Were going to speak to the pollsters in 20 minutes and he will explain the margin of error , but as an investor, can you take these at face value . The pound rallied on the back, theres a danger that we get a repeat of 2017. Of the market, it has moved in the direction of taking on board the status quo. Outcome, we think it is a reasonable place to be. In an environment where that is confirmed, we expect a continued rally of the sterling in line with the movement we have seen. That kind of directionality make sense and is in line with our thinking. That said, one of our lessons from last few years with the rise of populism and divided politics is polling is a lot trickier. We have seen that repeatedly in many countries, even like two weeks before the election. Its difficult to put all your money on the result of a pole. Francine we have a terminal looking at the pole that moved. If the conservatives have a larger majority, what is it actually mean for brexit . What does it actually mean for brexit . Jean it means we are moving in the direction of a deal quickly. It would provide more certainty on the direction or nearterm outlook. This going to be a lot to be sorted out, the broader story becomes cleaver. Francine so if there is a larger majority does that mean we avoid a no deal brexit . Jean that is our starting point we get a glimpse of what could look like in the lead up to think with aand i get into a world where we are likely to get this done. Francine the sortable run, so we will get you back and talk about u. K. Best sums. Investments. We will be speaking to the Political Research manager at 9 40 a. M. U. K. Time. Coming up, he played for his country 81 times and one Six Premier League titles as a cup player. We will discuss football with Rio Ferdinand. And we cant forget the data check. But these are your markets. The yen is measuring higher, gold is higher as well. There are concerns about the trade deal. This is bloomberg. Francine hong kong finds itself at the center of u. S. China tensions. Beijing promises to retaliate after President Trump signs legislation supporting the citys protesters. With exactly two weeks until the u. K. Election, a big poll predicts a big win for Boris Johnson. U. S. Stocks hit fresh highs. Equity and bond markets are closed for the thanksgiving holiday. Good morning, good afternoon, good evening depending on what part of the world you are in. This is bloomberg surveillance. Lets discuss the business of the worlds most popular sport. My next guest is a football legend, one of the most decorated england players of all time. He joined Manchester United for a record 30 million pounds. He played 81 times for his country and won six premier titles and the Champions League. Now, as well as a successful career as a tv bond, he is a Brand Ambassador for reliable surveyors, which provides Property Information to firsttime homebuyers. When you look at reliable surveyors, how do you choose what you associate your name with . Why reliable surveyors . Rio from a business perspective, does it make sense . A close second is, is it good for everybody else . Is it something that simplifies things for other people . This fit both criteria perfectly. Getting on the property ladder, especially for firsttime buyers, is a difficult process. That is the job of reliable surveyors, to make that process as streamlined, simple, effective, and efficient as possible. The Customer Experience is at the forefront of that. Francine a lot of people say it is up to the government to make sure there is Affordable Housing and to help firsttime buyers. What is the role of the private sector in this . Rio simplifying it, making the consumer understand all of the details. When you go to buy a house, there is so much stuff that is almost there for you not to understand. This is the job of reliable, to make sure you are fully aware of everything available to you so you can execute in the most simple fashion possible. Francine what will you associate yourself with next time . Rio along those lines, that criteria, i think housing is something i am very interested in and that is why reliable is perfect. You spoke about Affordable Housing. I think if the government could just kinda be consistent and plan,long the longterm and really talk to people may be like myself who are there for the Community Aspect and to build community rather than just blocks. Francine how did you approach business and investment when you are a professional Football Player . Rio i was very i did stuff i was very interested in and had a passion for. To get into a business you have no passion for, that does not excite me at all. Something that will be there for people to simplify their lives and make it easier for them excites me. This is definitely a project that does that. Francine do you miss playing . Is there a player you look at now that you look at like, hes got it. Rio virgil reminds me a bit of myself. I would love to be playing now. The game is bigger than what it was when i was playing. The growth is crazy. With social media as well, i would have loved to be a part of that and play football with my personality. I had a great career, longtime, and i really enjoyed it. Francine do you think it is ever getting too big . That there is too much money for the big clubs and not enough for the smaller clubs . Rio the finances being spread throughout the league would be great but i think all businesses suffer from that. The rich get richer type scenario. I think that is up to the governing bodies to control that and help find a solution. The game could never be too big. It is a great sport, and i continue to be a part of it. Francine does that change the game . Rio it adds a bit of drama. Good or bad, he is good tv. He became a tad miserable towards the end of Manchester United, understandable when you are not winning. I wish him well. Francine when you look at the football female team, it is amazing. How will that grip . Growth . Shoot grow . Rio she usually, especially in the last couple of years. The u. S. Has been at the forefront of the growth of the u. S. Came womens game. My old teammate was the