Up at a pro forma session and talk about this . What are we expecting . Will he give her ground . Anna probably not. The Senate Opening for a pro forma session. The majority leader will be here. We expect him to speak on the floor. He will probably criticize democrats, especially noting House Democrats have said they had to push this impeachment process through last year because President Trump is such a threat to the 2020 election that he was continuously interfering in what is going to be the next president ial election. They had to do this quickly. Now that they are delaying these articles, it goes against the point they were trying to make. David over the break we had a second senator showing they did not like how this was handled. We had Susan Collins joining lisa murkowski. Is that showing a shift . Anna those of the republican senators we would expect to at least show some independence. Their complaint was they were concerned about the impartiality of their colleagues. Mitch mcconnell had said he did not consider himself to be an impartial juror, which is a bit concerning, especially since he had described how he was working with the white house to shape the contours of the trial, essentially working with the defendant. They wanted to make the point they want an impartial process, a fair process, and one that has the confidence of the american people. David it sounds good to me. Now to bill allison. We have fundraising numbers that are catching your attention. Bernie sanders was the one i saw today. Bill he put out a number this morning that he had raised report . 5 million. 34. 5 million. It shows he has tremendous staying power as a candidate. He has had more than 5 million donations, not individual donations. A lot of his donors continue to give and continue to give and that has been what is fueling his campaign and why it looks like hes going to be in it for the long haul. David Pete Buttigieg put up some numbers earlier that were not too shabby. Bill he raised 24. 7 million or more. His campaign jumped the gun on new years day and put out there numbers. He has raised 76 million overall. He is spending a lot of money in iowa and a lot of times the way it works with these campaigns is you can catch fire in terms of bringing in money but also National Attention and pulling numbers if you can win one of those early contest. He has put a lot of his weight into iowa and is spending a lot there. Being able to raise that kind of money allows you to do that. Perspective, it in we also have numbers out from President Trump that blew everyone away. Bill he raised 46 million which i believe is the biggest quarterly number a president ial candidate has ever put out. Thatwas just his campaign, does not include what the Republican National committee is raising are the joint Fundraising Committee that are helping his reelection effort. The 46 million is a significant number. The comparable number four barack obama in 2012 was 40 million. He is well ahead of that. Bill many thanks to allison reporting from washington. Now we go to london where brian swint is reporting on eurozone manufacturing numbers that were disappointing. 11 month straight, brian . Brian the Economic News was disappointing. The surprising thing was we were expecting things to get a little bit better or not get any worse. In december, a promise of a trade deal between china and the u. S. , more stimulus from the European Central bank, more certainty around brexit. Despite all of that, the numbers dipped down more and it was a gauge of confidence among manufacturers continues to slump. David germany seems to be leading the way down. To what extent is this brexit hangover because we are not sure what happens with the trade deal , or is it china . What is it . Then it is probably more global trade tension that is hurting germany. They export all over the world. Brexit is important but more of a sideshow in the general sentiment in the Global Economy. It was distracting because there was reason to be more optimistic last month. David thank you so much for reporting from london. That is brian swint. Now it is time when we get a check on how the markets are reacting to the top stories with Abigail Doolittle. I thought i knew what you are talk about a what you would talk about because it is green all over. Abigial last years themes continuing into this year. Happy new year. Not surprising to see this rally. The nuances interesting. We have haven assets rallying. We have bonds in the u. S. Rallying, also german bunds rallying and the japanese yen rallying again. Some folks are taking caution even with stops up. David gold is up again. What is going on . People are hedging at the same time they are investing . Abigial we are not completely out of the woods. Last year was so volatile relative to headlines. We had less than constructive pmis out of europe. Mabel the Global Economy is not as strong as folks are expecting. Everyone thinks the global trade deal we signed january 15, but that puts us into phase two. Pat, some is staying folks might be worried about stops and hedging their bets with some of these haven assets. David the fed may be standing pat what the pboc is not, they come out with more stimulus. Abigial that certainly help the shanghai composite in terms of the asian session. Interesting, we have this yen rallying. The nikkei was down. Mixed messages. ,ven though the tone is bullish but there are some signals suggesting traders and investors are not 100 certain what is next with some of these macro uncertainties, and a big one, the Fourth Quarter earnings reporting season starts soon in this first month of january. If we did not come out of an earnings recession, that to be Something Interesting to keep an eye on. David a nuanced report. Not just risk on and risk off. Thanks to Abigail Doolittle for that report. Now it is time to turn to Viviana Hurtado who is here with first word news. Viviana we begin with the standoff for the impeachment trial between nancy pelosi and Mitch Mcconnell. Bloomberg has learned over the two week holiday break negotiation happened on housesenate trial would be no negotiation happened on how the senate try would be handled. Close he says she wants to see a fair process. The pentagon is prepared to deploy more troops in iraq. Defense secretary mark esper saying iraq is now in turmoil after a u. S. Response to a rocket attack led by a u. S. Attack by an attack on the u. S. Embassy in baghdad. Must er saying iran iraq must do more to confront iran backed kim jongun according to north koreas news agency, he wants the u. S. To paper the pain suffered by the country because of economic sanctions. President trump responded by saying kim is a man of his word. In france ongoing strikes have reached a new milestone. They mark the 29th day, making them the longest walk out in the countrys history. The protests against the government Pension Plans have triple have crippled services in the country. Emmanuel macron is maintaining his commitment to pension overhaul what is urging the government to find a compromise with unions. 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. I am Viviana Hurtado. This is bloomberg. David . David coming up, Isaac Boltansky of Compass Point research on why the primary season may last a long time and what that could mean for the markets. A programming note, coming up tomorrow at 1 00 in the afternoon, an interview with the cleveland fed president. Ons is balance of power Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. I am david westin. Former hud secretary Julian Castro withdrew today as a candidate of president , narrowing a democratic field which still has 14 people left, even if seven if several of those people will not qualify for the debate stage in a few weeks. We welcome Isaac Boltansky from washington. When we were talking you said you thought this process on the democratic side could go well past when we otherwise might think, intimate or even the summer. Why is that . Isaac we have this tendency to react quickly and aggressively to the most recent headline. That is partly because the new cycle is now measured in dog years. My cautionary point with client is we cannot get over our skis after the iowa caucus at the New Hampshire primary. There is still a lot of ballgame left after those. I truly think the main takeaway from todays fundraising numbers, which are huge hauls, these are wild fundraising figures, the main takeaway should be we are going to have a small group of wellfunded and committed candidates who are going to continue and persist through these primaries. I think the market will have to wait until the earliest, midmarch, where they will get clarity. There are distinct scenarios where we could wait all the way until the convention. David that would be something. When you talk about these candidates, certainly Bernie Sanders with his numbers, Pete Buttigieg, even andrew yang. Elizabeth warren tweeted out numbers that were not as encouraging. Does she have pressure on her . I do not think ive seen any for former Vice President joe biden. Isaac we are still waiting on the biden and warren campaigns but there were negative signals from the worn campaign. We can assume her fundraising trajectory has gone down. These are big numbers. What we are seeing from the Bernie Sanders campaign in particular last time he announced his campaign haul was after the Third Quarter, and it was only a few hours later he started to suffer chest pains and we know it was weeks the new cycle was dominated by stories about his heart attack. Now what we have seen is those donors from the Third Quarter continue to given the Fourth Quarter. It is the small dollar donations , which shows a level of persistence and fervor that is going to continue throughout the primary. David we are talking with Isaac Boltansky of Compass Point. Go to the second question. What does that mean for investors and the markets . That would indicate that if it goes as far as the convention, that is a lot of uncertainty. On the markets reacting to that anyway . Isaac isaac cap at them up isaac at the moment the market is more focused on fundamentals, rightfully so given the strength of the consumer. With each one of these primary contests continuing, the focus will slowly gravitate toward the primary. Here is my message around the primary. It is going to be volatile, it is going to be uncertain for at least the First Quarter, and possibly longer. I do not want to miss the big picture with this. It is not just the democrats who are hauling in a ton of money. 46 billionnt took in dollars, more than any democrats. He has more than 100 million, cash on hand. It is not just the democratic primary that will start drawing in amount of focus. We also have to think about a long general election as well. David lets talk about impeachment, which is still dangling. I have lost track. Nancy pelosi has not yet gone across the aisle. Now we are told Mitch Mcconnell will Say Something in the senate tomorrow. Where does it stand . Did she really hold up on the articles . Isaac yes. There is already some conversation about whether Mitch Mcconnell can simply move on his own without the transmission of those articles. I do not want to miss the forest for the trees. I think there will be a fair amount of political theater as there often is within the beltway. We know the end game. The president will be acquitted, he will not be removed from office. I doubt we get a single republican crossing ranks. Even the republican chatter you heard and mentioned in earlier segments from centrist republicans has been more about process than substance. We know the end game on impeachment. To me it is the bigger question on when can that moved to the sidelines so we can do things like ratify the usmca and try for broader legislative accomplishments. David we are talking with Isaac Boltansky. Lets talk about one big tree in your forest for the trees. That is usmca. If this drags out, what does that mean for usmca ratification . Isaac i cannot tell you the day it will be ratified, i can tell you with absolute certainty it will be ratified. The biggest and most meaningful hurdle was the house at the democrats secured a number of meaningful concessions that ultimately were necessary to get this through the house. You might see a little bit of consternation from some republicans who are concerned with some of the labor and environmental provisions, but this is going to get through the senate. It is just a matter of when. I would bet my Bottom Dollar it is a First Quarter event and it will not slip beyond that. David the democrats did quite well in the midterms, but a lot of those people were in trump leading district trump leaning districts and promised they would go back to their constituents having done something. Is there any chance for those freshmen to do something to take back in november or is that baked in . Saac i think it is baked in i think washington, d. C. , will do what it often does which is talk a big game about trying for a few last minute bipartisan achievements, but it is incredibly difficult to see these parties at the chambers coming together on anything complicated like drug pricing or infrastructure spending. The real bipartisan achievement of this congress will be the usmca and some of the provisions in the spending bill, which at least removes some of the fiscal uncertainty from the equation. David it appears President Trump will come together with the chinese january 15 to sign the phase one deal. How important is that for the u. S. Economy for investors . Isaac one of the themes for 2020 is going to be where is the certainty. It is incredibly positive we have at least some framework for thinking about the u. S. China trade for the next year. I think this is not a massive shift, this is not a structural shift in our relationship with china. Spiral the retaliatory that was an overhang on the markets for the last 18 months. We might have a shot at having another high profile phase two negotiation at some point between january 15 and the election. I think the message should be we are not going to have more retaliatory tariffs in action, and we will have to wait until after the general election. Before we get to phase two, went we find out what is in phase one . We have not seen this legendary 86 page document. Isaac it will be a lot like the spending bills we have to read. Get the spending bills a day and on,lf before they are voted and we have to scroll through and look for the details. I think it will be like that. It will be shortly before hand. Folks like us will have to look, especially at the enforcement mechanism, to see if this is the substantive deal or a symbolic deal. David it will not be two feet high. Many thanks to Isaac Boltansky, director of policy research at Compass Point research and trading. Advanced micro devices starts the new year off with a bang as shares soar. We tell you why the stock is up, next. This is balance of power on Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. I am david westin. The gains keep coming for advanced micro devices, 2019s best performing stock is the s p 500 today after nomura lifted its price target on the chipmaker. Kailey leinz is here with more. Amd on fire. Kailey it keeps on going. Last year was the best year since 2016 and nomura says that will continue. The analyst raised his price target to 58, up from 40. It is a bit of a game of catch up because the stock has far exceeded the average analyst target. Now tradingd is near 48 a share. It is a bit of catch up but he is saying i see gains in the future from the fact that the average selling prices are going to be higher. They have gained market share in the cpu space. Intel has had a shortage of the is making up amd for, and he sees more devices from microsoft and sony in the back half of the year. Amd inks the picture for 2020 is looking better than it did in 2018. David the question has to be why. You mentioned gaming. Also 5g is coming. What about china trade . Typically tech gets helped by that. Kailey especially the chipmaker space is so sensitive to the china narrative. When you look at a stoplight am when you look at a stock like amd, 40 of its revenue is from china. When you think about the supply demand dynamic of chips and the uncertainty from the ongoing trade war weighing on demand, the fact that the picture is looking brighter does amd some favors. David a lot of those factors could apply to others. How are other people doing in this space . Kailey analysts are bullish. I was looking at the analyst break down those tracked by bloomberg at our system on the bloomberg terminal. 91 of analysts on amd recommend holding or buying the stock. That is on the lower end on some of the chip stocks. Usually between 9