Lets go to the markets. Another day of calm. On the surface, things are calm. Who knows what we might be in store for the next week or so. If you look at the major averages, a little bit of green. Ultimately, not much. Futures were doing better before we opened the markets, but those gains have aired back paired jobless claimsad in line and in retail sales a little weaker than expected. The question is whether the markets are moving because of the economic numbers today will not be fed going next week or because investors dont lightly make the weakerta like Economic Data. Looking at some of the bigger movers today, apple continued to do pretty well. You are looking at it big jump in the stock of the past four days, up another 260 basis points today. Adding 60 billion in market cap. Goodyear doing pretty well. That is basically a story that a lot of the stock market has been about recently, which is higher payouts for investors. They were looking at wells fargo on the downside. That company has been doing very poorly. We are looking at five days in the red for wells fargo. What has been happening since investors are reacting to some of the news that the bank had a bit of a scandal on his hands. We look at the dollar and some of the reaction for the u. S. Dollar after some of the Economic Data came out. Retail sales, jobless claims, a little bit of a jump since then. , this is10 year interesting because a little bit of a jump here. Treasuries 10 year, we are up a little bit. What might be happening today is a little bit more of a reaction to what is happening overseas. Numbers are pretty lukewarm. If you look at the u. K. Numbers, it shot up there. There is a move clear across the pond in the u. K. That is having an effect on markets today. In terms of what is happening with that, your rate hike expectations for december at 53 . Largely flat. This number has not moved a lot. We continue to think about what this means for the fed next week. Julie thank you so much. Appreciate it. Int is going on in the u. K. The wake of the bank of englands comments and not doing anything on rates . Mark sitting on his hands its hands. If the data pans out as the bank of england forecasted, that was the big take away today, no change in rates. The boe did accept the data in the shortterm has improved and the second half will not be as bad. What is significant today is the stoxx 600 is down for a six consecutive day. That is the worst losing stretch since february earlier this year. That is the biggest drop since july over six days. This is one of the big decliners today. The clothing retailer with its biggest drop since after the referendum. The number two clothing retailer in the u. K. The Current Quarter will be established in the year. Sales next year will be hurt by brexit induced pricing increases. The flip side of the coin is one of the big growths is wm morrison supermarkets. Increase today. It reported estimates beating results today. Cash flow targets will be exceeded. The retailer is still in the foothills of its Recovery Plan about 18 months after the former tesco executive was hired. Aldi, butcustomers to what a turnaround in its share price today. What to talk about the big piece of data we had in the u. K. Today beside the bank of england. This was the macro event of the day. Retail sales declined, but it was less than forecasters announced i in august. The data continuing to show resilience in the u. K. Even as the retailers in the u. S. Were weaker. Lets check on the first word news. Thank you. The ceasefire appears to be holding in syria. The problem now is getting food, medicine, and other supplies to rebel held areas in the city of aleppo. Troops ares and prepared to withdraw from one of the main roads leading to the city. Russian troops would take over, keeping an open for eight convoys aid convoys. Been accused them as a running the biggest scandal in that countrys history. He received more than 1 million from the carwash scheme that cost the country millions of dollars. He denies the allegations and says prosecutors have no proof. In the philippines, more details are coming out about the president s war on drugs. Since july 1, they have killed 1100 people. Another 2300 were killed in cases that are still being investigated. More than 700,000 people have surrendered. A wing flap that washed ashore an island near tanzania has identified as the part of malaysias flight 370. It was found in june. Analysis confirmed it is from the missing aircraft. The aircraft vanished with over 200 people on board in march 2014. China has issued the highest storm warning now as a tightly makes landfall. Every rainfall batted the city of the typhoon left to dad and 38 more injured in taiwan two dead and 38 more injured in taiwan. Global news 24 hours a day powered by more than 2600 journalists in more than 120 countries. Back to you. Mark thank you very much indeed. Lets turn out to an exclusive interview. Jeremy corbyn delivering a speech on the economy just moments ago at our very headquarters right here. Afterwards, and edwards spoke to him and asked him what he things is reasonable when it comes to a timetable for article 50. I would have thought the government would probably set out a clear position now than this autumn and have talks with the European Union and the governments. We are doing the same with governments and opposition a cross europe. You have talked today about no backroom deals. Can you see a situation where you would vote against the triggering of article 50 . Jeremy we would reserve our position. We would reserve our right to oppose. Respect thedont result of the referendum. Obviously we do, but it want to set up thaose lines. The first part was membership of the European Investment bank is important. These things are possible. We are looking very closely at the norwegian model as well as talks with other countries because there are many who want to have a relationship with the European Union who maybe be are not members but want to develop it. Says it will be something but you are talking about using somebody elses model like norway. Jeremy not using their model, but learning from norway and maybe we can learn a great deal from normally because it has a successful expanding economy, albeit largely based on oil. They have a very Strong Social democratic tradition. They have a huge and very effective welfare state and health service. Of their sociallybased economy is not that different from what we talk about. What do you want to do with regards to freedom of movement . Will you be in to give any ground on freedom of movement . Jeremy at the moment, there is freedom of movement. Not for people outside the European Union. My concern was never so much of the right of people to move as the exploitation that went with it. There is an example where you have loaded Eastern European people in some cases denied living wage or minimum wage their. Featuree, i made a big which would stop the undercutting. Undercutting is the real issue. On the subject of freedom of movement, do you think that still has a place within britains relationship . Jeremy i think that british people will also want to have the right to travel to europe. To payll not want to get to a visa to go to the European Union like paris or brussels for example. There are 2 million british people who made their homes in other parts of your, mainly spain and france of europe, mainly spain and france. If the British Government says we will stop freedom of movement of polish workers or others and spain says ok, bruce british people can go, we dont want that. The question of having a degree of that between countries is important. You talk about the need of infrastructure investment. How do you see that being paid for . Talked about peoples qe. Because of the measures the bank of england has taken, do you see inank of england role funding infrastructure . Jeremy they put in 60 billion recently. The japanese government has used qe several times in order to stimulate its own economy. We would want to hundred and 50 billion Government Investment 250 billion Government Investment. The point is to set up a wellfunded Investment Bank that can give us the essential we need. Railways. E particularly the Rail Infrastructure in the north. Northeast and northwest is crucial and needs upgrading. That might hear more about in the auto statement from the chancellor and more about taxation. Which areas would you like to see higher taxation in the u. K. . Jeremy i want to see Corporate Taxation levels that are equivalent to the rest of the country. We seem to be going on a downward spiral on that. I dont think that is a good way to go forward. I dont want us to be an economy that is offshore of europe by trying to attract investment in on the basis of low taxation. I want it to be investment that comes in on the action of a high skilled highly motivated. Orkforce someu talked today about of the changes you want to see in business and investment you want to see including in broadband. The notion of renationalizing any part of the infrastructure around broadband . What parts of the economy should be renationalized, and which should . Jeremy the Train Operating Companies should certainly be publicly owned. It is enough for monopoly, and we pay for it ourselves. On the case of the broadband structure, telephone infrastructure, it is required as a form of a publicly earned company to maintain the infrastructure. I want to make sure they maintain the model they have. Public thirstis a for tsonga has to be a primary provider of a universal service. Mark Jeremy Corbyn earlier today on bloomberg television. Julie coming up, the bond market is showing single figures have not seen since 2012. We will dig deeper into that. This is bloomberg. Live from new york, i am julie hyman. Mark this is Bloomberg Markets on bloomberg television. Traders gain confidence that i will keep rates on hold at least through next weeks policy meeting. Lets bring in the global managing editor paul thompson. What a fascinating period we are watching. To what extent is Japanese Monetary policy changing the shape right now of our markets around the world . I think it is all about japan right now. Is a lot of speculation in the market that next weeks meeting, with comes out the same day as the feds policy meeting that the bank of japan will do ofething along the lines lower shortterm Interest Rates but look to find a way to push higher longer dated Interest Rates. That has caused a big selloff in the past 30 days. So many japanese investors have pushed into European Market and u. S. Markets because of the low yields they starting toat is get back home in japan so that is putting up the yield curve. Effect . At is the ripple how does that influence the mindset of investors and policymakers around the world . Paul i think it is twofold. First of all, you have a physical effect of the money being pulled out from also, there is some kind of intellectual contagion. Is starting to do things differently, how will that affect the way the ecb does things . Should investors restarting to think differently about him be starting to think differently. Julie also in terms of not just the psychological effect, but the actual money flow effect, we have seen the shorter end of the not just in japan but elsewhere as well get more and more popular. Is that what you are hearing from investors . Are they talking about that trade getting even crowded already . Paul i am not sure about crowded, but there has been a big move into the shorter dated end of the curve. People are hunkering down at the moment. They are wondering, we dont know what we will get from the Central Banks next week. There is a lot of risk out there. That is the situation people tend to go to safety. Julie were seeing a signal we and not seen since 2012, that is the original in yield between the 30 year and a fiveyear in the u. S. In 2012, was that a signal is something . Is there a feeling this is a Tipping Point because of that . Paul to the point is on everybodys mind right now. Is not just bonds that are affected, but currencies are starting to feel the effects. Utilize talking about the correlations whether we can have ofond rout, which also kind cop the move of stocks in its wake. Mark how much more upside should there be . Draghis fiveyear which gauges inflation fiveyear from five years. As we can see, inflation stuck at 12 . Stuck. Ge is o far . Elds back to paul it is a great chart, isnt it . Same in japan. We have not got inflation, but there is so much angst about the yield curve that people are talking about. Is that a way to keep the stimulus flowing into the economy but give a little more yield out of the backend for the people that need that yield like be able tods carry on buying those funds . Is there a way to keep banks profitable but having the the such . Y for loans and mark we live in fascinating times. Thank you for talking us through it. Julie still ahead, we will check on early Market Movers one hour into the u. S. Trading day. We are seeing stocks rise to session highs. Tech is the strong performer helped in part by apple rising for a Third Straight session. This is bloomberg. York miami from new julie hyman. Mark you are watching Bloomberg Markets on bloomberg television. Julie lets go back to the markets desk now. All of her is looking at some retail movers today. Oliver i am because that is the so letst came out start out with retailers and some of the clothing companies. Nordstrom, macys, t. J. Maxx doing well today, especially nordstrom up 2 . Suggestings numbers somewhat of a slowdown from what we have seen from the american consumer. 3 . If you look at Home Improvement stocks, think about home depot and lowes not doing so well. Interestingicularly given that over the longer term, the housing data had been good, but in terms of going in and improving homes, a little bit of a weakness today. When you have a retail sales myths, that will not be great for a line of these companies. Looking at the third type of retailer here, looking at autos. S of cardsy sale but those improving cars and buying parts. The only stock that is an issue because they are read pretty much across the board, and as we are seeing in reaction to the retail numbers this morning. Mark thanks very much. Still ahead on bloomberg television, big interview with robert barrow. Dont miss it. This is bloomberg. From bloombergs World Headquarters in new york and london, i am julie hyman. Mark i am mark barton. You are watching Bloomberg Markets on bloomberg television. Lets check in with alicia renzi. Passed ball alliances the future of europe is at stake because of brexit and other crises. Inmet with Angela Merkel paris today as says european leaders must underscore the eus benefits and values. Because for greater joint defense capabilities. Angela merkel is trying to prevent more local election losses for her Christian Democratic Union party. She told voters in berlin to reject populism and defended her opendoor refugee policy. Polls show that her party may be bumped out of the City Government in berlin. Donald trump outlined his plans to cut taxes for individuals and businesses today. He looked cut the top Corporate Tax rate from 35 to 15 . A trump advisors is the plan would leavd to 4 annual growth. Theoup says it would cost treasury 3 trillion over 10 years. He speaks today to the economic york. F new you can watch him here on bloomberg tv starting at 11 30 a. M. Eastern time. The New Hampshire union leader is endorsing gary johnson for president , breaking a 100 year tradition of supporting republicans. The paper blasted both major party nominees, saying having to pick between the two is a lousy choice. Conservative republicans have backed off their demands for an immediate vote on impeaching the head of the Internal Revenue service. Criticized has been for the way he handled an investigation into the irs treatment of conservative groups. A House Committee will hold a hearing, but the vote is likely after the election. Global news 24 hours a day powered by more than 2600 journalists in more than 120 countries. This is bloomberg. Julie thanks. Bank of england policymakers indicated there is still a chance of another rate cut this year. s a collision is rising the bank of japan will go deeper into negative Interest Rates. What influence will this have on the Federal Reserve when it meets next week . Barro ining in robert de nir washington. A lot to consider, but want to start on the bank of england and its decision today and is commentary. The massage this is of a the bank of england at this point, and do you think the uks economy will be able to withstand the departure from the eu . Robert in terms of Central Banks, the bank of england, the Federal Reserve, i think there is far too much attention paid to the daily actions of these banks. Quite a minor issue with respect to what is going on in the economy. Mostly been reactive going back to the Great Recession and a weak recovery that has been in place since 2010 in the u. S. And elsewhere. Monetary policy is quite a secondary matter even though that might not be what they want to hear. Julie it may not be what they want to hear either. Mario draghi did no