See whether tariffs will be impose or not, the focus is on jobs. At 63. 30. E well have a roundup of opec and saudi aramco and the pound. We are six days away, the u. K. Election is holding at the moment. Today, have an important Leaders Debate. Coming up a little later, dont miss our interview with the u. S. National economic director at 2 30 p. M. U. K. To. Time. First, look at straight to first word news. Lets get straight to first word news. President donald trump might be impeached before christmas, but theres no chance youll be convicted in the senate. Nancy pelosi says the house will draft articles of impeachment against the president for abusing his office High Pressure ukraine. Donald trump remains defiant. North korea may be preparing to conduct engine tests. Base kim jongun sexy dismantled as a concession to President Trump. Says he dismantled as a concession to President Trump. Political uncertainty is quote playing havoc with the uks labor market. This is according to a survey. It says demand for workers is rising at the slowest pace for a decade. Companies are delaying or canceling hiring plans. People hesitate taking on new jobs amidst a confusing over brexit. Famed investor is closing down his daily newsletter. Sell. Ting advice is he is a critic of the administrations protectionist heart of theing it economy and sends a terrible signal. But that is not the view of citis 2020 outlook. Its message is that next year will be quote brighter than ever. It is dissipating corporate earnings will rise another 7 . Areas of opportunity, cybersecurity and clean energy. Global news, 24 hours a day on air, on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. This is bloomberg. Francine . Francine thanks so much. Lets get you the latest on the oil story. Opec is on the verge of a deal to cut official targets. Ministerss of talks left headquarters before a final agreement was nailed down. Saudi arabias Energy Minister left us a promise that beautiful news would be revealed today for more, manus cranny is in vienna. Is this an ominous sign . I would say the house of opec is under pressure. There is a new leader. Words, francine. Meaningless, pathetic, a lack of cohesion. They are not happy group. The essence of the message is that they all have to do more. They want Something Real and meaningful and the question being discussed is whether there is a new baseline to come off production. But will it be from the original paperless cut . Or is there a new baseline to be considered. That is something much more meaningful. By the way, mr. Novak left much more happily. He got the condensate removed from his quota. So the russians have gotten what they wanted, but its all about the others doing more. The point, its all about the baseline. And will the market see some real substantive cuts . Therein lies the point. We will have that shortly. Theres a great title on this paper, but i wont try for a third time because theres no point in tempting fate. The ministers of opec have done that the past 24 hours. Francine i am intrigued, manus. Our anchor in vienna. Out withmco is finally the numbers behind its ipo. The price tag values the oil giant by the Largest Company in market cap. Here with the details is dani burger. Dani with more than 25 billion, saudi aramco has cemented the worlds biggest ipo. 100is different from the billion ipo first envisioned. Upper endriced at the of its range. Saudi arabia pulled out all the stops to ensure the ipos success. The Share Offering was more than 4. 6 times oversubscribed. Total bids, 119 billion. Struggles, did have first derailed by problems at home, then a Global Investor base that hesitated at the valuation. Fundslying on neighboring , the final value comes in at 1. 7 trillion. That means profitability overtakes microsoft by 600 million. More fromlets get our executive editor for energy. This was a painful come along process. Did the saudis get what they wanted . No and yes. They had insisted this was worth 2 trillion or more and its not. But yes in terms of they got an ipo the done. But as our columnist pointed out , it is kind of cosmetic in the sense that it does not achieve what they had wanted, which was to bring in outside money for investment. In effect, they have tapped the saudi coffers for 70 projects saudi projects. Francine you were telling me that this merger was run pretty smoothly. Stuart its a fantastic company. Theres no question its absolutely worldclass. Not just the reserves there projects their projects. No one can draw fault with aramco themselves, it is marked the process. And more than anything else, the valuation no one in the world agreed with. Francine is that because of oil or the renewable space . Stuart its the valuation. They have taken the reserve and multiplied by eight dollars per barrel and no one else does that. Everyone else is looking at cash flow, dividends, yields, and someone someone. Son on. On. O francine once the ipo starts, does the ipo depend on london . What price to they need to be a success . Stuart it is an odd situation where they dont need a four listed foreign listing. In terms of the oil price. It needs to stay at the levels its at now so they have enough cash flow to pay the dividends promised. If not, they will have to go out and raise debt or play around with the accounts. This oil prices where they needed, if not higher. Francine thank you. Stuart wallace come who runs all of our energy and commodities sectors. Coming up, we preview key data on u. S. Jobs. Plus, dont miss our interview with larry kudlow. This is bloomberg. Francine this is bloomberg surveillance. I am Francine Lacqua in london. Lets get straight to the bloomberg is the business flash. Investors are planning to sue glencore. The move is due to share price declines from recent bribery to kitchens. Investigations. Disclosed alencore probe. Glencore declined to comment. soenix agreed to buy swiss re unit. It values division at 3. 5 billion pounds. As part of it, they will receive shares in phoenix. A planned ipo of reassure was called off. The ball is in the u. S. s court, according to frances digital minister. They say their response to the Digital Services tax will benefit anyone. We need to create the level playing field. The best level is internationally, if the americans dont want to follow that solution, will follow the european one. Stuart thank you so much francine thank you so much. We will get an update today on the november payroll numbers. Economists forecast the worlds biggest economy rebounding partly due to the resolution of the strike at gm. Bloomberg subscribers take a more pessimistic view. See an average estimate of 140,000 jobs. Of corporatee Head Research at societe generale. A lot rides on the u. S. Consumer. Falters, weconsumer could see a recession. We are actually quite concerned about the u. S. Economy. We forecast just 1. 1 growth. Also related to the tensions, which have thrown sand into the gearbox of the economy. Francine do you agree with that . We are a little below that number, so quite pessimistic as well. Areorate Profit Margins likely to worsen next year, perhaps resulting in higher unemployment and aggressive cuts. Francine why is the market not seeing it . We have record highs in the u. S. And you are talking to me about a faltering economy. Tradeoff . E we think that some of the microeconomic channels are still making their way to the economy. Time effects tend to take but eventually they will bite. Francine does the fed have the tools to deal with the downturn . I think they have. They have done that successfully. This certainly have ammunition to respond with lower Interest Rates, potentially expanding the balance sheet. ,hey could go out on the curve but it has been interesting for the dollar specifically. It has had a week start to december, and todays question is whether the Data Confirms the technical pullback or if it is another false break. We have the fed next week and dont expect any change. But could be the start of something for next year. Francine how much the numbers today reflect uncertainty or weakness between the u. S. And china and trade . Reinhard i think it does a lot. This is the driving force of our forecast next year. We also dont expect anything in januaryd, but through march, and june, we have further rate cuts. Francine wouldnt the president realize this is what is dragging on the economy and therefore the stock market . Therefore, would he not do a deal with china . Reinhard eventually this would stand in the way of a major escalation, but some limited conflict would also be part of the campaign. Francine how do you look at u. S. China trade . For the administration, the trade war is to get the fed to cut rates. We know he wants rates at zero. For him, i think the trade war today is still a stick to beat the fed. I dont think todays payrolls will tell us much. It is more about the recouping of lost jobs so today could be a bit of a wash. But u. S. China trade lets see. I do not surprised if they do raise tariffs. It helps the fed to cut rates next year and thats what trump wants. Rates, it is certainly clear it would be difficult to signal another rate hike. What does that do to the World Economy . When will we ever normalize . Kenneth the peak may already be behind us. 2. 5 . Izing for the fed is ofhave taken 75 basis points and i dont think we will go back for a number of years now. Francine agree . Francine the european perspective reinhard the european perspective is that we will not normalize for a long time. We are on track for easing for multiple years. Francine does Dollar Strength make you uneasy . If you look at some of the concerns, theres the u. S. Consumer and the forecast on inflation. The low inflation environment in europe will stay with us, meaning no reason normalize soon. Francine do you agree . Kenneth yes. The strong dollar is a point. The world would potentially be served with a weaker dollar. The problem is there are not many alternatives. What else do you but . Buy . Y francine what else do you buy . Kenneth it is a good question. Sterling could be a good trade in anticipation of the election. I think it could be an outperform here. Ncine will have more time we will have more time with our guests. Both there with us. Dont miss our interview with larry kudlow after we get u. S. Jobs data. Coming up, safety first . More than 3000 Sexual Assault claims. Their chief legal officer calls it a reflection of society. This is bloomberg. Francine this is bloomberg surveillance. Lets turn to uber. The Company Found over 3000 allegations of Sexual Assaults involving drivers or passengers. The report was in a response to Public Safety concerns. Joining us is bloombergs tech editor in london. Wasnt surprising overall, but are there specific subsets that are even more surprising . Nate one thing that took me surprise by surprise was the frequency of the driver being the one to report. , we have generally perceived victims as being the rider had maybe the accused being a driver. But the report really showed her was not always the case. Showed it was not always the case. And just under 50 of assaults reported were reported by the driver themselves. Subset that is not always the person who booked an uber is not always the one assaulted. Sometimes, they use a term guest rider. The we haveike that seen that has been, to me, surprising. Francine how can they make us more safe and do they have data to compared with . Nate we dont have any data to compared with. This concerns the u. S. During 2017 and 2018. There is no comparable data set. In london, we know uber gives similar data to our local regulator. That data makes its way into safety reports, but on the u. S. Side, the taxi industry does not collect or publish the sort of data. It really was a first. Its worth noting this is voluntary. Uberuber something something that uber did not have to do. Over the next years, we will see more reports of this nature being published and then we will have a much better picture. Right now, its a first. Francine thank you very much. Nate, who will have plenty more on uber throughout the day. Coming up, the viennese waltz. It has been a volatile week, but can opec ministers finally reach an agreement . Will be live in the austrian capital. Plus, your european stock movers. A lot of focus is on jobs and the week that was. U. S. Trade it really took center stage when President Trump was here at nato. Saying it all depends on whether he wanted a deal and if a deal could come after elections. Well see what happens december 15, extra terms or not tariffs or not. This is bloomberg. Francine pricing. Saudi aramco raises 25. 6 billion. The magic number, november jobs report shows resilience in the u. S. Labor market. Will this give powell or reason for patients . Uber reports more than 3000 Sexual Assaults. The chief officer calls this a reflection of society. Good morning. This is bloomberg surveillance. I am Francine Lacqua. Just over 1. 5 hours into the trading day. Lets check in with dating burke with dani burger. Movers andhe biggest the stoxx 600 market is its an. Spent treating a rare generic disorder. Because of that we are seeing shares dropped the most since the ipo. One of the analysts called the latest development a serious consequence because this is for treatment for pediatric patients. A rally today, shares up. There profit next year looks like it is going to make some also going to make getting an update from j. P. Morgan. We are just below that amount. Finally swiss re finally has a buyer for its u. K. Insurance division. Phoenix will be buying it for 1. 2 billion pounds getting cash and stocks for that. They trieddivision in ipo but couldnt find enough interest. If it had ipod it wouldve been at the top end of its range. Francine dani burger with all of your stock movers. With get to bloomberg first word news. Viviana we begin with saudi aramco filing posting its shares last night. Finally posting its shares last night. It makes this the largest ipo in history. Cry from the much touted to trillion dollar valuation. 2 trillion valuation. Donald trump may be impeached before christmas. Nancy pelosi says the house by pressuring ukraine to help him when the 2020 election. Trump remains defiant. The u. S. Jobs report is out. Bloomberg survey showing in november employees employers added 183 thousand jobs, but that figure reflects a temporary boost from gm workers returning from a strike. It is likely to give the Federal Reserve a chance to be patient. North korea may be preparing to conduct an engine test. Activity at a site. Kim jongun says he dismantled this as a concession to donald trump. It wants the u. S. To ease up on sanctions that are choking its economy. Global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. An viviana hurtado. This is bloomberg. I am viviana hurtado. This is bloomberg. Francine opec on the verge of a deal because the official production target. Ministers leaving vienna yesterday. Lets get back to vienna for an update. Manus cranny is joined by an oil specialist. Manus francine, a very good thank you. I am joined by mohammad darwazah. Latest your take on the procrastination . We are waiting to hear what the is what do you think it going to be . Mohammad all indications we have heard so far in terms of the leaks yesterday, really that it seems from 2018 levels. Theres a big difference. If we are going from the 2. 1 Million Barrels a day to 1. 7 Million Barrels, we know that as of october, opec is already around those levels. It doesnt seem like this will have a real impact in terms of removing physical barrels from the market. Manus how disappointing is that going to be . You have an interesting title. Mohammad in many ways it does seem like a fudge. When the market is assessing where the first what the first half of next year is looking like, it does seem we have this tsunami of nonopec production coming online, not just from the United States, but from others like norway and brazil. Manus i am reading analyst notes. If there is no real cut gan stanley talking 45 with a tsunami of supplies, where does that put prices to . Mohammad for a market over the past few months, really the beginning of summer, it has been driven by developments regarding to standard trades. Should we see a breakthrough there, we could see a little selloff but it might be a range between the 65 brent range. Manus if there are new quotas delivered, what does it mean for saudi arabia in terms of their new level . Mohammad what we are hearing from last nights saudi might be assigned a quarter assigned a quota above 10 Million Barrels a day. They have been producing below. In many ways, that is not a cut. It could open the door for saudi to increase production if they are feeling that other members of the opec cartel are not pulling their weight. Manus do you think this is iraq pushing back against the new leader of saudi arabia . Challenging the new tenure at the top . Mohammad it very well may be the case. The dynamics that have played out are a bit unclear. This is a unique meeting given that it is the first meeting for the prince. It is happening during the ipo pricing he does seeing to be more open pricing. He does seeing to be more open to talking. Today we really need to see more clarity from the king of saudi arabia. Manus is there risk he could cancel . Communicate to the world that it is going to be a beautiful day. Dont you run the risk that you lose control . Mohammad absolutely. In the absence of Clear Committee case and, others have stepped in to fill the gap. Also having the extra day with Alexander Novick stepping and confirming that russia not only has been able to exclude potentially russia is not going to see a new quota. We need to get more clarity on these issues. Manus something to be learned for all of us. Francine, there is a bit of a benefit in having this scrum. To having