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tv   Bloomberg Surveillance  Bloomberg  November 26, 2015 5:00am-6:01am EST

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francine: francois hollande meets with vladimir putin. the european central bank due to prevent a eu ro bounce? good morning. this is bloomberg "surveillance" . i'm francine lacqua in london with guy johnson. i sound like tom keene.
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guy: it turns out that i am sitting in for francine lacqua whose got laryngitis. tom keene is off for thanksgiving. happy thanksgiving, by the way. he's projecting onto you. francine: here is the bloomberg first word. fry mints french minister says it is possible the terror attacks could affect the country's economic growth. will meet hollande vladimir putin and moscow later for talks on tackling the threat posed by a mcstay. after the french leader yesterday pressed angela merkel for grearter commitment. david cameron will large prominent to back his plan to extend british parliament attacks on islamic state into syria.
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it is a move that is likely to split his conservative party and the opposition labor party. yesterday, he told mp's i.s. presents a clear and present danger. industrial metals have surged after chinese regulators were said to be considering a program to shortselling. nickel, copper and zinc have rally. the euro has had a seven-month low as investors speculate the european central bank will expand stimulus next week. the single currency is heading for its biggest monthly decline since march amid a diversions and monetary policy as the fed considers raising rates. the shanghai stock exchange is marking 25 years since its launch. the benchmark composite has 3,500% sincethan then. this year the index was at the center of china's $5 trillion equity market rout. you can get more on these 24
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hours a day at bloomberg.com. guy: quick look at the data. nejra bringing some of the stories to you there. as you can see on the screen, we have big moves today. nickel up on this chinese story. you're looking at a fairly decent move. 1. are down .42 that is the story on the ecb. i urge you to take a look at what is happening with the turkish story. there was a rumor that maybe -- central bank independence was out of the window. the government has poured cold water on that. i urge you to read mark champion's piece on bloomberg news. inside turkey with a new government formed earlier this week. francine: speculation is mounting that the ecb will expand stimulus. central banks are looking for -- that takes place on december 16
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when the fed rate announcement and the majority of analysts expect a rate hike. ahead we sat down with the buddhist bank manager for an banksive -- the bundesbank manager. guy: how worried is the buddhist bank -- bundesbank? hans: when you look at the bundesbank they are looking across the street, across town to the ecb, what they might do. in terms of what the fed might do, he speaks to emerging markets central bankers. he is hearing, go ahead and make a decision but do not delay. >> from what i hear, and i'm talking to the governors of these emerging markets, there are several who are saying that they are also negatives with this cloud of uncertainty in
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monetary policy. so it is not that easy to clear the picture. one thing is very clear about the interest rates. since the middle of 2013 when the tapering began under ben bernanke, the market is realizing that something is changing and normalizing in u.s. monetary policy. so, whatever would happen, it would not be a big surprise because markets had enough time to think about how to position themselves. hans: across town at the ecb they have raised their risk level to medium when they look at financial stability. then in part is because the low interest rate environment is leading potential asset valuations that could be a little bit higher and are subject to a correction if there is some sort of exogenous event. sorti asked him about what of event he is concerned about, it was not necessarily a geopolitical risk we have spent
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time talking about today, what is happening on the syria- turkey border but more about terrorism attacks. and everyone is concerned about china. when you look at just what the fed might do, at the ecb, they seem to be accepting the fact that if there is a one-off hike that could have some affect on emerging markets but it will deck -- they won't directly field up. their concern is if there are multiple hikes, what that will do to emerging markets and for european growth. francine: thank you so much. hans nichols from berlin. joining us is our guest host. allocation asset strategies at ubs investment bank. when you look at 2016, we have these two central banks in the next two weeks. are you almost hoping that the something ah do little bit bold so we get off this risk on risk off mood? >> obviously, the ecb matters,
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too. we think there is going to be a 10 basis point cut. we think they will extend the q.e. program. the effects will be limited. the risk is it will disappoint markets. on the downside. in terms of rate hikes, if you use an optical control framework, it is better if they delay the hike. the risk is they cannot finish the hiking cycle before the next recession. so that is a concern. but it looks like it is going to be december. our economist says it is going to be december. i trust him. guy: you think it is going to be 10 basis point's. what would be exceeding market expectations? 20umber of banks are making basis points on the downside. some are saying it should be staggered. we end up with a danish story where they stagger the deposit rate cuts. how does it work and what does outperformance look like from draghi? >> they are concerned with
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cutting the deposit rate is that is a tax on banks. the last thing you want to do is punish your banks. we see credit picking up. we see a credit impulse building up. the last thing you want to do is punish the banks. and speaking to my clients, they say we have a deposit rate cut, but this means we should lend more. but our credit officers are saying we cannot do that. so that is the risk. it is a tax on banks. which is counterproductive. what would be much better is extending asset purchase programs or extending the assets that they buy. that is contentious because it if it -- if it is corporate bonds, which ones do you buy, italian, spanish, which sectors? almost a political problem. francine: no matter what they do, they are only working on the euro. the only play the have to transfer growth is the weakening euro. how much of this is priced in?
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>> in terms of the asset purchase, the abs program would be great because it which shift risk off balance sheet so they could do more lending without increasing risk. if that market takes off, that would be fantastic. it is not just the euro -- francine: that we have so much regulation on banks. the banks have not been able to use that channel to lend more because they have had to look at provisions. >> but they are lending more. if you look at the lending to corporate over the last 58 months, it has been negative, but finally it has become positive. not only the lending survey but the actual lending has improved. i think they are lending more. i think in the periphery, this will fuel a cyclical recovery. guy: thanks. francine: coming up, we will you today's morning must read. we are talking about the changing face of terrorism and how that is affecting the balance of power in european parliament. this is bloomberg "surveillance" on bloomberg tv, streaming on
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your tablet, your phone, and bloomberg.com. ♪
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francine: welcome back. this is bloomberg "surveillance" . i'm francine lacqua with guy johnson in london. a special "surveillance" as the u.s. celebrates thanksgiving. lloydsbloomberg -- says banking group will disclose plans to illuminate 1000 jobs including staff at its branch network. to losert of a plan
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9000 positions, close branches and save one billion pounds by 2017. 12 of the biggest players and interest rates have been sued for conspiring to block fund managers. the antitrust complaint filed by a public pension fund named most of the biggest u.s. and european investment banks. a united nations probe into the mines spillnd bali has found that waste was toxic. the steps taken by the companies to prevent harm weren't sufficient. creditors of the spanish renewable energy company are facing tough choices this morning. they are having to decide whether to dump their holdings in the firm or take their chances on an eventual settlement. teeters on the end of becoming spain's biggest corporate bankruptcy. the morninget to must read. pull this one out. from the global addition on the opinion pages by rupert schultz,
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former defense minister of germany. what he's saying in this piece is that germany needs to reconsider how it uses its armed forces. it has a domestic limit on his ability to use the armed forces for the nature of warfare is changing. you do not have this kind of we are going to declare war on your. as a result, we are able under the constitution to use our armed forces. we have a significant problem in germany. "in germany, terrorist attacks still are considered to be the responsibility of the police, but such a perspective no longer corresponds to the current circumstances and dangers." if there was a 9/11 attack using an aircraft, there were be a domestic constraint on the air force to be able to shoot that aircraft down. changes things, makes things a little bit different for angela merkel. let's bring in john fry, the executive editor of international government at bloomberg. is he wrong? there is a changing balance of power story in your. as a result of this kind of story.
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john: you could argue that being able to deploy the army and the air force -- stopping terrorism requires a lot more sophistication than that. the army and military forces are isery blunt tool, but there a lot that angela merkel can do. we saw france invoked for the first time ever an e.u. defense clause and we will probably end up seeing germany sending 350 troops to mali which will allow francois hollande to withdraw those forces from africa. for historical reasons, germany is concerned. as a member of nato, you can find a way around a lot of these issues. francine: one of the other stories we have been watching iece werning is a great p have making the point that germany has dominated european politics for a long time. now france seems to be taking that role because of the attacks. is this more going towards more diplomacy? can france reshape european foreign policy?
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john: i think we are going to see a little bit of that. my colleague in brussels wrote a great piece on this this morning. the point basically is that for a long time germany has been the dominant power in europe for a long time most of europe's main preoccupations have been economic. the greek crisis. but what we seeing now with this new external threat from islamic state in syria that france is now sort of assuming the leading role on the other pillar of what makes a state which is military power. so last night, for example, we saw hollande m meeting with merkel calling on germans to do more and perhaps push the envelope. yes, we are seeing a rebalance of power within your towards france and also towards the u.k., which is much more willing to use military force in germany is. guy: what is implications of
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this more broadly economically? germany has been the austerity decade. it has been germany saying, we are going to make sure everybody plays by our rules. the french are not playing by the rules anymore. error attacks. i did a history of valls. if you look at 9/11, it is a blip on the vix scale. if it does not affect corporate earnings, the market does not care long-term. it is very difficult for people to affect earnings. i think the interesting thing is rantou look at the mig crisis, that is going to have a big fiscal intact. it's going to increase spending. it's going to have a direct fiscal impact in europe. that will greatly degrade growth, because we have a kind of a problem with demographics here. an influx of young people who are willing to work, long-term will be good. but now we have the security
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concerns as well. so, i think it is for difficult to balance that. but i think ultimately the it will be a force for good. it will stimulate economies. we will have more fiscal expenditure, and that will be good longer-term. but short-term, it is going to be a hit. francine: thank you so much. our guest host for the hour. guy: coming up, the euro languages near a seven-month low against the dollar appeared what are traders expecting ahead of the ecb meeting next week? we will discuss this on bloomberg "surveillance". on bloomberg television, streaming on your tablet and phone and on bloomberg.com. ♪
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francine: welcome back. i'm francine lacqua. this is "surveillance". i still sound like tom keene. isn't that cool? guy: what is happening in the currency markets. focus.llar very much in yes, the u.s. is enjoying thanksgiving. but we have to focus on what is happening next with the dollar and its relationship to the euro . the ecb is coming up to let's get our guest host take on all of this. at global asset -- manager ubs. >> we think the euro is going to strengthen. our one-month forecast is 1.12. we think the risk is to the
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upside. it will be capped. if we reached 1.17, that is a point which draghi will step in. the risk is to the upside because of you look at models we think it should be at 1.20. the risk as to the upside. fxancine: how do you play next year? you could argue that this year equities were in trend. you had to be good in fx. the hardest job as we looked at currency devaluation's. is 2016 going to be any different? >> we are not going to see the massive dolly rally that -- dollar rally that affected everything. what we do expect is a gradual threat for the dollar and the euro against other currency. not a huge shift but a gradual shift. to thellar the risk as upside. disinflation is another key theme. a small open economy, places
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like sweden, switzerland, taiwan, where they have very low policy rates, if there is a shock from them coming from china, the only way they can counter it is by weakening their currency. we would be long euro versus swiss and the taiwanese dollar. guy: one of your colleagues, his aew is that em fx is on downward trajectory. he does not see 2016 turning into a good year. how do you play that side of the trade? the dollar may be incrementally get stronger but how do you balance that out and where do you see the story being best played in emerging markets? >> there are some pockets of hope in emerging markets. for example, with the rate story renmimbi. -- we think rates will go down there. you can also have a regional view which is a good differential. we like india. it is a good story relative to the rest of em. the ruppee has been very
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strong. that could be a good safe haven versus the other currencies. i completely agree with the analyst or the balance sheet problem is going to come home to roost. you see a lot of weakness because of this weak trade we have seen since the global financial crisis. i completely agree. bearish on em fx. francine: thank is a much for now. he stays with us and we will talk about japan next. coming up, the president of france francois hollande flies to moscow today to try analyst vladimir putin in his coalition against islamic state. moscow go tlive to for the latest. we will talk about commodities. the industrial metals. after we understand that china wants to intervene in the market so that metals don't bottom out. guy: they are going to have an investigation into shortselling. for when it comes to the doll
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ar-ruble exchange rate, oil is the critical factor. yes, russia may be coming up from the cold diplomatically. but it is oil that remains a critical factor as to whether or not that economy will have a good 2016. had a pretty ok 2015 when it comes the stock market, but 2016 looks tough. francine: this is bloomberg "surveillance" on bloomberg tv, streaming on your tablet, your phone, and bloomberg.com. for the conversation focuses on economics, finance, and geopolitics. ♪
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guy: this is bloomberg "surveillance". i'm guy johnson with francine lacqua in london. let's get to the first word news. nejra: the french finance
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minister says it is possible the paris terror attacks could affect the country's economic growth. budget rules not affect the security priorities. meanwhile, francois hollande putin andvladimir moscow later for talks on tackling the threat posed by from estate. that is after the french leader yesterday pressed angela merkel for a greater anti-terror commitment from germany. u.k. prime minister david cameron will today urge parliament to back his plan to extend british bombing attacks on islamic state into syria. it is a move that is likely to split both his conservative party and the opposition labor party. yesterday, karen told mp -- i.s.on told mp's presented a clear and present danger. metals have surged after chinese regulators are said to be considering a probe into shortselling. zinc havepper and rally. the euro has it a seven-month low as investors speculate the
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european central expand stimulus when it meets next week. the single currency is heading for its biggest monthly decline against the greenback since march. amid a diversions and military policy as the fed considers raising interest rates for the first time in almost a decade. -- a benchmark composite index has gained more than 3.5 since launching. these andt more on other breaking stories 24 hours a day at the new bloomberg.com. thanks. let's take you to the house of commons in london where david cameron, the british prime mr., is talking to mp's, asking them to back his desire to move the raf to launch airstrikes to syria not just in iran.
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francine: on november 3, there was a report and what they were saying is that britain should only take part in attacks in syria if there was an international strategy. that is highlighted in the last couple of days with turkey also downing the russian plane. the push back the david cameron will get is we don't know at this point with the international strategy is. guy: the other factor he has got to consider is the last time he put up vote before the house, he lost. and that was deeply politically embarrassing and setback's plans in terms of the military in the region a long way. but we are looking at the situation now the opposition split. the labour back benches may support him. francine: david cameron saying that islamic state poses a direct threat to the u.k. this is also what he said yesterday at prime minister's
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questions. because of the imminent threat, they need to take action. theing trying to answer concerns point by point of the people in that room. then he will put it to the vote next week. guy: we will leave the house now and take you towards another aspect of the story today francois hollande meets with russia's president vladimir putin to advocate his proposal for an alliance with russia and the united states against islamic state. ryan chilcote is standing by with a guest. if i can, i would like to continue the conversation about geopolitics. one of the best, brightest minds on russia. been watching the country for two decades. present company excepted, the man to listen to when it comes to russia. a week ago i was at the g-20, the body like was between president obama and president putin, they were not cuddling
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but it was a lot better. then we had this jet downed in syria by turkey. is the thaw now over? >> it is difficult to say that because we just had the brief period of optimism around the g-20 which came after two years of negative flow. it is more of case of that was a brief period. clearly what it shows is that we can look at the economics and the bottoming out of the economy, but the geopolitical factor is that they -- is the dominant one that will affect where markets go and whether one approache they should take -- it is usually unpredictable. ryan: the ruble has been falling. part of that is the incident in syria. oil, at the same time, was going up, because of the incident in syria. normally they move together. the oil price comes off a bit
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today and the ruble has. this is a return to normality? is geopolitical risk associated with russia calming down? are people saying the cooler heads will prevail? >> that is what people are hoping for. everybody is very focused on what happens with relations between turkey and russia, between russia and the west in general. ukraine, if you like, that which is relatively quiet in news flow is also now becoming more in the news. people are looking to see what happens next on geopolitics. but in relation to the ruble, that situation has been clarified more by the central bank. the central bank has been specific this year and saying that from now on the ruble will free float with the oil price. ar.y are not using doll how for the guys, the
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defense ministers at the table with a russian president when he meets with president hollande, for the hardliners, how does the downey of their jet in syria change the conversation with hollande? >> it is going to be tougher. it is going to be a tougher conversation as a result of the downey of the jet, for sure. we could go we are the conversation to be more about cooperation, working together with western forces, almost russian working with nato, without stressing that too far. but that is what we are looking up. and now we have this confrontation back on the table. and i think the hawkish people that we have heard a great deal from since the start of the ukraine crisis, their position will now be strengthened as a result of it. and they will be pushing for less cooperation and more of an individual approach. at also, in 2014, we had number of episodes where there were demands from the hawkish
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side or nationalists to close do wn mcdonald's, kick ou visa and mastercard, there were a series of event that got headlines. sn the end, the cooler head were able to prevail and point out the long-term damage to these actions. so, we are hoping that this is another one of those situations where the hawks will start to have their say. be demand and perhaps a tougher response but we are hoping those same cooler heads will prevail. ryan: want to ask you today russia announced it's going to restrict the import of a lot of turkish goods, from kids clothing to furniture to food. how does that affect russia itself? note've assumed this will go too far because we saw last year when russia put a ban on
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food imports from europe it spiked inflation last winter. range of percent. i think the kremlin would be aware of that. europef food banned from as being substituted from turkey to turkey has filled that gap. banning turkish food at this stage will definitely lead to higher levels of inflation over the winter. interest rates will stay high. any prospect of recovery will be delayed. there is one other risk as well. in the past, turkey has used technical reasons, safety reasons to block and delay russian oil tankers coming to the bosporus. is this were extent, russia using a ban imports, turkey could retaliate by cueing up the russian tankers in the black sea. ryan: which would have consequences for the oil price. >> it would not help russia because his takers would be c ued up.
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you very much. giving of you on what happens this evening when the french president sits down with a russian president. guy: thank you very much. ryan chilcote in moscow. francine: let's go to live pictures of david cameron speaking in the house of commons to try and gain some backing for airstrikes on islamic state targets in syria. he is having this debate today. answering questions. guy:derstand the vote will happen next week. it is a seven-point plan trying to answer some of the questions laid before him as maybe ideas to prevent the u.k. from not bombing in syria. he's laying out point by point how, why the u.k. should go against i.s. francine: another good point we should mention is that this also plays to the heart of u.k. politics. it really is a problem for jeremy corbyn, the, leader of the opposition labour. we know that he is not very involved or interested in
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military, but if he says no, then he may have a backlash. if he says yes, people would say he has done -- may allow free vote which would also be -- which would be saying we do not have a policy on this, which is pretty weak. francine: troubles for corbyn either way. guy: we are going to take a look at some of this morning's thanksgiving movers. this is bloomberg "surveillance" on bloomberg tv, streaming on your tablet, your phone, and bloomberg.com. ♪
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francine: this is bloomberg "surveillance".
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i'm francine lacqua with guy johnson in for tom keene. guy: copper will be lower for longer. that is the message from rio tinto's ceo. there are couple of years of pain to come. >> we expect volatility in copper prices to continue for the next two or three years. and we have been saying that we expect the market to move back into a deficit situation as early as a couple of years down the road. so, volatility will continue in the coming two or three years. beyond that, we expect marcus moved back into it a deficit situation -- we expect markets to move back into a deficit situation. guy: some fairly decent moves coming earlier in the day. surging.d nickel china may be looking at measures to support the market, looking at what is happening on the shortselling side. it is looking at a list of actions, including a probe into shortselling.
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possible output cuts by smelters. a bunch of factors which may push metal prices higher. jonathan ferro's onset. he found the story. he was looking to the list of metals this morning. our guest still with us from ubs. this is a bunch of factors the chinese are looking at. puttinglem is that any of these into practice is hard. and making them stick even harder. shortselling story is one of the big stories -- happening globally in exchanges in china. what difference that makes, i don't know. i was speaking to one of the executives a bloomberg news -- very early days. industry groups asking the chinese regular to look into the chinese regulators considering the possibility about doing a probe against some of the shortselling. early days, but how sensitive some of the shorts are. you get that squeeze in a headline like that. francine: copper is up 4.2%. sinceum rising the most
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october. this points to the fact that the market is nervous and waiting for something to happen. they want to believe in the metals bombing out. >> metals is one of the stories. moveve also seen a massive in the oil market where we have seen a spike in short position. short coveringhe rally's we are going to expect if we see this increase in short in positions. the ones that have gone sure. they have gone short gold, too. tthe structural story is a negative one. if you look at the five year plan and china, it is much more skewed towards infrastructure, cleaning up shantytowns rather domestic investments or building houses. if you look at the reaction of commodities, the one which boosts commodities is the house building. and that is not the one they are focusing on. so muchy've built
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capacity particularly in steel, iron ore in the market they will be tough for a while. jonathan: you mentioned rio. because the chinese smelters can get together and have a discussion about capacity. some of the produces can do the same thing. but the likes of rio and bhp are taking it opec-like approach. e still got to wait for that story to really play out. there will be huge capacity cuts. we have not seen that in 2015. 2016 could be the year it could happen more aggressively. guy: we will see. we were talking earlier on about this. yearsnse was two or three maybe to unwind some of this. so, when he talks about pain being there for longer, that is the timeframe we are talking about. a stronger dollar. you still have this capacity in the market. you have got weak global growth. all of that comes together to
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keep commodities on the floor. francine: let's see what happens in china. they are shifting. it depends on whether or not it will be volatile in the meantime. sachsan: the goldman approach to the story is the commodities and the capex commodities and the industrialization of any economy. opecs commodities, the gasoline any oil has strong demand in china. francine: thank you. we have breaking news from vladimir putin. this is the big story of the week. mr. putin speaking in russia. in moscow saying that first of all, turkish leadership has been pushing the ties between turkey and russia into a dead-end. he's again talking up i guess the fact that turkey has not apologized or offered to cover any of the damages. this relates back to the downing of the russian play by turkey. guy: he is talking at the
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national ambassador ceremony. clear there is a meeting of minds in terms of making this happening. what francois hollande wants to do is bring everybody together. francine: a crucial 48 hours because at the same time david cameron is trying to rally the be able tohe u.k. to do some strikes in syria if needed. guy: coming up, we will focus more on how the show. -- the slowdown in china will affect markets. this is bloomberg "surveillance" on bloomberg tv, streaming on your tablet, your phone, and bloomberg.com. ♪
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francine: this is "surveillance" . francine.nks, sources say that lloyds banking group will disclose plans to eliminate 1000 jobs including staff at its branch network. the cuts are part of a plan to lose 9000 positions, close branches and save one billion pounds by 2017. 12 of the biggest players and interest rates trading have been sued for conspiring to block fund managers from entering the
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exchange market. the antitrust complaint filed in new york right of the pension funds named most of the biggest u.s. and european investment banks among the defendant. a united nations probe into the indly bhp and balmine spill brazil says that waste has been toxics. creditors of the troubled spanish renewable energy company are facing tough choices this morning. they are having to decide whether to dump their holdings in the firm or take their chances on an eventual settlement. teeters onabengoa the edge of becoming spain's biggest corporate bankruptcy. guy: thank you very much, indeed. ubs still with us. let's talk about the relationship between different asset classes. starting to try and understand how the story of how yields is going to emerge into the equity markets face. equity markets are holding up in some ways very well at the moment. take a look at the probability,
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what is happening in high yields. there are concerns beginning to creep in. >> it is very clear to us that we are in a low cycle for u.s. high-yield credit. it is obviously something the fed is concerned about. i know that because they are interested in our liquidity monitor which we publish every week. ofre we list the bid off spreads. ccc offers a blown up. it is the energy sector where it is still focus. we're looking to contagion. clear liquidity crunch where the trading stops completely. francine: given all of that, what is your top call for 2016? >> well, we are deathly telling clients to cut back risk going into the december cut. in terms of regional preference, we very much like europe still. we still like italy in particular, spain, too. we go for domestically driven, cyclical recovering europe again. we think that european earnings will be better, 13% if
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you strip out the u.k. in switzerland. only 5% for the u.s.. more concerned about high yields into equities in the u.s. much more positive on european high-yield credit. guy: you think the euro is going to go up. when i bolt my euro appreciation on to that. going to make even more than that. >> we think the euro will strengthen as well. it is more limited because of that, but euro-dollar is going to be a plus for u.s. investors. francine: and volatility here to stay. >> yes, and more spikes. the vix is very low. but yields are very high. that is very weird. the lead to from high yields into equity is via mutual funds. the people who holds the paper have $18 trillion in assets. it is the hybrid funds that will be the contagion conduit.
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there is an is -- if liquidity crunch they will be forced to sell the equity. they do not just hold junk. they hold like a soft, -- they hold microsoft. if there is a crunching credit this will affect the high quality u.s. names. guy: you expects that to happen? >> at some point we think that could happen. some sort of exogenous shock, like a rally in the dollar or perhaps some kind of oil fall again. if we see oil fall below where we are now. 40. if there is some kind of shock, an exogenous shock, that would be enough to trigger this. guy: one final caution. the long euro equity trade has to be the most crowded trade or is. if it turns out not to be the right trade, everybody is going for the door at the same time. does that were you? >> -- worry you? >> the exit door is the narrowest. the liquidity and the fx market
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is so deep it is unbelievable. if you look at high-yield bonds, sometimes you get a price every other way. it is much harder to get out of that market than the fx market. that is where i am most worried about liquidity is in credit. that is where the impact will be biggest. francine: what a great treat to have you on the show, especially on thanksgiving. happ thanks giving. u.s. markets are closed today. bloomberg business week looks every year ahead of what is going to happen. that is what we will be watching next. taking a look at what next year looks like in the land of technology. ♪
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martha: i was told when i started that i couldn't be a director because i was a woman. and i have been directing now for many years, but certainly not as frequently as i would have had i been a man. maria: i was going into meetings on projects with people as a feature director who had worked with academy award nominated actors. so i should have been taken seriously in these meetings. but i wasn't. it was always a sense of, can you really do this? that a man could do it better. lexi: people would say things to me like your movie would have

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