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tv   Bloomberg Markets Americas  Bloomberg  November 24, 2017 10:00am-11:00am EST

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new government. we will talk about that. welcome to "bloomberg markets." ♪ vonnie: as you said, a lot to cover. here is what we are covering. that amerco 10 calls himself -- theimir putin calls himself king of -- german chancellor angela merkel's competitor opens the door to a coalition, the party members still get final say on any deals. friday blues. we speak to the ceo of the international council of shopping centers as malls struggle with a new retail landscape. we are about 30 minutes into a holiday shortened trading friday, and we have abigail doolittle to tell us what is going on. abigail: the bulls are out and
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we have gains for the major averages. for the s&p 500 and nasdaq, we are looking at another set of all-time highs. it may be a holiday shortened trading session, but the buyers are stepping out, not just today, but on the week. looking at weekly gain for the three major averages. the first weekly gain in three, so many of them are looking for a pullback. it will be interesting to see if that happens next week or whether or not the possibilities have been he, if you will, as this year's rally continues on. at blacks looking friday. retail stocks popping higher. macy's, kohl's, and the gap. macy's of 4%. for 2017, the stats are very strong, suggesting it could be the highest shopping season in three years as a 5:00 p.m. yesterday, spending was up 17% year-over-year.
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we will be updating this, but it does look as though we are off to a very strong start. shopperss, who lore offering discounts and rebates. another top market today, oil. let's look at the pocket of strength. oil, look at that, nearing $60 per barrel, up 1%. this is on a bloomberg scoop that russia and opec percent to agree on a framework to extend oil cuts, nearly on the one-year anniversary of the opec cuts from last year, matt, up 20% over that time period, and very quickly, some of the names getting a bid from oil trading higher. weatherford, whiting, and sandridge. weatherford are going to sell units from sanford. looking to do something. sandridge getting a bid as billionaire investor carl icahn is said to have taken a stake in the shares. all right, abigail, thanks
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every much. about 90 minutes to the close of trading on the continent in great britain. let's look at where markets are trading right now. the equity indexes are concerned, first off, we have seen all day, continental indexes gaining in the ftse down. very little changed on the ftse. 74. 11. when you have lived volume -- when you have light volume there , we have light falling here in british stocks. the stoxx 600, the broader index of stocks went on change, but we do have the sinking, dax at .5%. take a look at currencies. today has been about the currencies because anytime there is superytime there confusion in berlin, and you will have to have a minority toernor, the euro goes down 1.17. when you look like there is a path, a grand coalition, or a majority government come easy
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the bottom of your screen, euro-dollar 1.11 -- 1.19. the euro is on fire against the pound, and there you see the pound itself right now 1.33. the pound is doing quite well as may and merkel meet at the meeting in brussels. we have seen pressure on peripherals, but it eases but everything gets cool on the continent. there you see yields up across the board. investors are selling that, but they are selling it harder in spain and italy. the bond deal hanging around 36 and has been in that range as the gilt at 1.26. you see spain and italy not that far from british debt. vonnie? vonnie: matt, thank you. in the u.s. and around the world, it is black friday. thisers defend on stores thanksgiving weekend and retailers are expressing something that has been in short supply -- optimism. mcgee. us is tom
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we have been talking about the retail apocalypse quite a lot and many chains that may or may not been think about going out of business or struggling. what are you seeing this season? tom: i think this is going to be a very strong shopping season. for optimism is growth 8% growth year-over-year. you have a strong economy with rising consumer optimism and a good job market. this is the ultimate consumer-facing industry. so we are spending to see a strong holiday shopping season. even if you look at the images of the start of today, you see pretty crowded shopping centers around the country. vonnie: it is true that consumers are in good shape if you look at this chart. conditions ofind doable goods, appliances, television, furniture -- they are doing the best.
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at the same time, if i get a cheaper fridge on amazon, i will buy from amazon. tom: consumers are always going to do price comparison and they will evaluate what they want to buy things. despite a lot of the conversation around the growth of online, and it has cruelly disrupted the industry, the vast majority of sales in the u.s. happen in a physical store, and as it relates to the holiday season, it is a part of the american holiday tradition to go shopping. and i expect that to continue this year. there are clearly other big things happening in the industry as it relates to technology, demographic and changing consumer expectations, but the industry is doing a good job to meet those needs. matt: there is a lot of talk over the past year about , or peoplel shopping needing to give you something else besides good products at a decent price to get you through the doors.
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is that still the trend of the u.s.? tom: i think the spirits of shopping is critical. i think experience can be across a wide spread like if you take apple. that is an experience. you go in touch the technology, etc. we have retail like home goods or tj maxx. that is more like a treasure hunt kind of experience, not necessarily digital, but still an experience. across the spectrum come you see a lot of different things happen, and was shopping centers, you are seeing a lot more food, entertainment, etc.,ge, dining halls, and that speak to demographic trends happening. you have an aging baby boomer population better empty-nesters and then you have the millennial population. they are looking to go out to eat, be entertained. so shopping centers and retailers need to meet the needs of the new demographic. matt: how much is the online experience coming together with
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the physical experience? i still enjoy going to stores. cohort with mele oftentimes, and she is looking at her phone the whole time comparing prices and getting reviews. is that the way it will be from now on? tom: i think so. first of all, i am happy like going to stores. this comparison the physical and digital is here to stay and will only accelerate. the move towards mobile technology is really just going to be an integral part of shopping. to your point, people look at their smartphones, the price compare, take pictures of themselves trying on an outfit and sending it to their friends asking them how they look, etc.? this concept of digital and physical coming together is here to stay, and i really believe in a few years we are not going to be talking about this breaks versus clicks concept. we're going to be talking about retailer and it will be assumed you have an operating presence in both spaces. makee: we are not going to
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you tell us the winners of the losers because all of your babies are equal, right? what is the big debate among the members of your association? when you have meetings, what is the saying that is most concerning? tom: i think our members would like to ensure that this story that is being told is one that is really accurately displaying what is happening in the marketplace, which is this is an industry that is evolving. it has always evolved. this is an incredibly competitive industry. and retailers have always needed to evolve to meet the needs of consumers. and i think our members are hopeful that people will tell that story in a balanced way. for 44%amazon accounted of retail commerce. still only 12% of totally holiday -- of total holiday sales. our thanks to tom mcgee. let's check in on the bloomberg first word news with taylor riggs. taylor: muggy, it is the deadliest single attack in egypt in years. killedt 235 people were
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when militants armed with guns and explosives storm to a mosque. that is according to egyptian tv. it has happened in the northern sinai peninsula. it has been the side of a number of attacks by islamic state affiliates. zimbabwe has its first new president in the most for decades. he was sworn in to replace robert mugabe. mugabe was forced out of office after 37 years. the new president promises the democratic elections will be held next year. zimbabwe is in dire straits in the country's jobless rate is 90%. president trump spoke by phone today to turkey's president erdogan. erdogan described the call is productive and the president tweeted they would be discussing bringing peace in the middle east. and there is a signal that former trump and national security advisor michael flynn may be in discussions with some kind of special counselor robert mueller.
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that is according to people may with the investigation. michael flynn's lawyer issued information with trump's legal team. the trump fired michael flynn by allegedly -- global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. i'm taylor riggs. this is bloomberg. vonnie: taylor, thank you. coming up, oil rising to a two-year high as opec and russia are said to have agreed on a framework to extend supplies -- too thin supply cut. futures in focus is next. this is bloomberg. ♪
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♪ matt: live from the german
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capital of berlin, i'm matt miller. vonnie: and from new york, i'm vonnie quinn. in this is "bloomberg markets." focus,ime for futures in deputy i could hitting a two-year fresh high following the idea that russia and opec are working on details for supply cut deal. joining us is scott bauer of trading advantage. scott, it seemed we were set on a deal making were getting in nine-month extension. and russia might be throwing a little bit of uncertainty into the mix. scott: sorry, cannot hear you. vonnie: i will try you one more time. we have oil above $58 a barrel with russia potentially throwing some uncertainty into the debate here. if you can hear me, how much further it will go before we get a final deal or no deal next week? scott, we will come back to you later in the show. thanks for joining us this post thanksgiving day at least.
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matt? matt: no worries. i am here with the bloomberg business flash. let's look at the biggest business stories in the news. france, they said they will quit funding and funding -- quit funding tobacco industry over health concerns. this story is according to people familiar with the matter declined to be identified. they have worked with such clients as british american tobacco and philip morris international. germany's -- germany is in talks to combine oil and gas business is with an energy company controlled by a russian billionaire. according to people familiar with the matter, the combination of the units could be valued at more than $12 billion and bsf may hold more than two thirds of the business.
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and dish have agreed to end a blackout that would have left millions of satellite tv subscribers without the most-watched network in the u.s. in terms that the terms of the deal were not discussed -- disclosed. cbs and their local stations from eight cities were pulled from dish's services late monday. bloombergs your business flash. vonnie? vonnie: futures in focus, joining us is scott bauer of trading advantage. and scott, we were just mentioning the idea that we thought we had a deal with non-opec countries and now russia might be injecting some certainty switching the price higher. scott: yeah, absolutely. that is first and foremost on the docket and everyone is expected this meeting next week. the opec need meeting just opec meeting next week and everyone is expecting the deal to extend beyond march. now, russia's involvement in this, that said, that is pushing
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the price higher here, but if anything, the risk to this deal not happening exactly to the downside. the market is pricing in this extension happening probably until the end of 2018, but if something spunky comes about that we have seen in the past, there is some downside risk to oil. vonnie: we have record long positions at the moment in wti. and what price point do they start closing out? scott: you know, that is really interesting because right now, there has been a big draw down especially because of what is going on in south dakota with the keystone pipeline, but there has been a big drawdown. the producers are pumping more now because of these prices that we are seeing. you know, i think everybody is talking about a $60 number being the number that the producers want to be at, opec wants to be at, but again, i think the risk is actually to the downside here. we have seen such momentum in oil over the last month or so. i would be very, very cautious
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coming out of the news next week with opec meeting. vonnie: if russia says it wants to include language that would allow every body revisit the agreement, with that the enough uncertainty to send markets into a little bit of turmoil? scott: i really do. i think that is the case. i don't see a big downside move here, but i would not be surprised to see the 10% cut of wti here getting back down to the low 50's. i think 60 is going to be the massive, massive resistance. it is only a couple of dollars here. i would not be surprised to see $52, 52 -- $52, $53. vonnie: we have seen a third week of dollar declines. where do you in the dollar goes in the next few weeks? scott: the dollar continues a
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slide here. there is pressure on it, but you know what? we are bidding the end of the year and getting towards, you know, all of this economic news coming out of first quarter next year, the big opec meeting next week. i think we will see things, down, but i think that i think we will see things calm down. vonnie: all right. scott bauer of trading advantage. thank you this post-thanksgiving friday. that was futures in focus. still ahead, south africa bracing for a potential credit downgrade. what it could mean for the nation's economy. that is next. this is bloomberg. ♪
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♪ matt: this is "bloomberg markets." i'm matt miller in the german capital of berlin. vonnie: and in new york city,
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i'm vonnie quinn. time for etf friday. this is abigail doolittle. abigail: dominated by goal, commodity exchange for guess increasing demand. etf analyst. mike, thank you for taking the time. gold is flat on the year as we head into the year's end. you are talking it as a possible player against the wall of worry? can you explain? mike: that is very clear. gold is up on the year and stuck in a very narrow range, waiting right inout, but it is the wall for you can see the flows being positive. i think the reflective of money coming out of equity market, people looking for diversification, maybe not money coming out of it, but people looking for diversification, so they are in that wall of worry. higher, it is go
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showing up in etf's. abigail: what about the flows overall for broader commodity-based etf's? what did the flows look like this year? mike: the first thing you have to say is gold. precious metals and 30%, and the rest -- energy, the flows of them positive, but energy is widely traded in etf's. ofot of leverage, a lot shorts, so people trade them a lot and energy flows have been out as the market is at the upper end of the range. there have been decent flows in broad commodities and international gas. it is interesting you bring of energy because you have had a tremendous called on oil a few months ago when oil, wti was close to $45. now it is close to up you $60. if we hop into the bloomberg intake a look at the chart and make the case of its moving range. now closer to the higher end of that range. what do you think is next?
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and there is the bloomberg scoop saying russia and opec are said to have agreed to extend cuts. will that help will go higher from here? mike: the key thing they got right is a marketing. of minute you saw the king saudi arabia visiting putin and russia, that was a sign that the oil is going up. they are getting the marketing right. oil is a range-traded market dominated by supply in his at the upper end of the range. i have to be careful about compliance because it is in the upper end of the range. one thing we are seeing is a substantial amount of speculative longs to brent which a substantialand amount of commercial shorts. expect more production. that is people who have production and people who don't have enough for selling against it. we are seeing a pickup and estimates for u.s. crude production next year. hhat i see is a potential flus
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-- a potential rush and flush. abigail: interesting. you have had this great energy call. hading ahead to 2018, you an interesting call on the green complex -- on the greens complex. abigail: -- mike: the far unique thing about grains, is that peak u.s. grain production is going on. it is this which to soybeans because that is where the profits are, and the typical acre in the u.s. come you get much less soybean per metric tons than corn. until we get higher prices, yield grade should go down and that is a key. you need higher prices to increase that production. if you get a little bit of a weather scare, that can happen. abigail: great stuff. have to love profound thoughts on people reduction in grains.
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matt, back to you. matt: all right, abigail, thank you very much. still ahead, kessler merkel may be edging closer -- chancellor angela merkel could be breaking the deadlock in germany. this is bloomberg. ♪ is this a phone?
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call, visit, or go to xfinitymobile.com. ♪ live from bloomberg world headquarters in new york and berlin today, i'm vonnie quinn in new york. matt: and i am matt miller in
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the german capital. are watching "bloomberg markets." vonnie: i want to bring up to date with the situation in egypt a president donald trump has just tweeted about the attack, and i quote that horrible and cowardly terrorist attack. worshipers in egypt. the world cannot tolerate terrorism and we must defeat them militarily and discredit the extremists' ideology that forms the basis of their existence. this is of course on the heels of an attack that killed at we know now. militants armed with guns and explosives storming a mosque in egypt's northern sinai area. the president, of course, is in the middle of a round of golf with tiger woods and dustin johnson. let's check in with taylor riggs. vonnie, president trump as promised to bring weapons to syrian foreign military.
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u.s. has been arming the syrian kurds to fight islamic state. ankey is opposed because extension of the separatist kurds in turkey. the holiday shopping season is officially underway. as usual, some stores in the u.s. got a jump on black friday by opening on thanksgiving day. brick chains are coming off a positive earnings season and optimistic about their prospects. in china, the government is taking steps to boost consumption. it is cutting terrorists on a wide range of imported consumer goods from baby formula to ski equipment. china has been criticized by not doing enough to bolster imports. ireland, a political controversy has raised the possibility of an election within months. the prime minister is refusing opposition party demands that he hired his deputy over a whistleblower scandal. that places him on a collision course with the party that helps keep him in power.
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without their support, his government could fall. global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. i'm taylor riggs. this is bloomberg. vonnie? you.e: taylor, thank let's turn to south africa where a potential downgrade of the nation's credit rating today ,ould hurt banks and retailers among other reasons, for being worried about that downgrade. theave joining us from harrisburg, the team leader for africa economics. we know that at least two rating agencies may take action today and we have called this in the past. why is a more likely, renee? the ratings are scheduled or arease something, scheduled to really something. we are preparing for that. they had a downgrade in april after the finance minister was fired and movies had an action
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later on in july. the next round is coming up today. vonnie: as we look at what the currency markets are telling us, it is a lot more like you that it happens today. the chart on the bloomberg library 1145 shows us one week of applied volatility comparing that with the turkish lira because both countries are in a geopolitical turmoil. signaling we have some kind of downgrade. rene: yes. the charts are telling us that a lot of the downgrade is applied in the currency and bond grade. see whatuld have to the agency say tonight. even if they don't downgrade, it seems like it will be a giant move back when the market opens up on monday. matt: where do we see these other rating agencies, like fitch right now on south africa? rene: fit issued ratings
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afternoonin the late local time. they keep the ratings for the local and foreign currency at one little below investment grade. they went with the same grading they went through in april. and they just flagged some of the risks again like the one thing did in april. like any holding statement. matt: what are those risks? one of the biggest risk respective here later today from the main ratings agencies that we heard from fitch yesterday? rene: the risk they are fighting at the moment are the fiscal data. they say they want to see a sign of the fiscal data will narrow in the next two to three years. at the moment, that has in --that is not in the numbers. secondly, the government debt. they want to see that coming down at some point. and then also, the debt of state-owed agencies in the state
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economic growth, which is not in a good place. the banks say they see growth of 0.0 percent for the year, which is substantially lower pre-2012. matt: all right, thank you so much. up-to-date on that south african story. watch that ticker for action. now, after weeks of political deadlock here, germany's biggest opposition party may be coming to chancellor merkel's rescue. bloomberg's political editor joins us here with the latest in studio. ast do we know now as far their willingness to going to talks about a grand coalition? martin schulz says -- has said for weeks that there is no way that would ever happen. >> matt, you know, it is parsing words at this point. they cannot and a news conference, or i should say he
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did not take any questions in berlin, and dropped all reference to this no grand coalition with merkel over my dead body, you know. so, what it looks like is there will be some soul-searching process with an spd. the outcome of which, it is not necessarily a done deal, you know? but it will take some time. schulz, week, martin the social democrat leader and merkel, who is at this point the acting chancellor, will meet sort of under the auspices of the german president. matt: i wonder what people think about the longevity of martin schulz in his position as leader of fpd? dead body tover my something they will now start talking about is a possibility, the spdid preside over 's worst result since the second
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world war. can he stay in power there? tony: there is a lot of speculation about his future, although they try to put the kebab on that yesterday and today for obvious reasons because the party is already -- theyurmoil having to try to pull back from the political process, but now it is being thrust back in by the pressure of events. space to watch. there are some people who are in the wings, some contenders. schulz. in their is a convention in two weeks. these things tend to be quite orderly. germany only -- germany ultimately. the gravitating towards a solution that does not hurt to many people. schulz tony, does the
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weighing have the option to agree to minority-led government? how would that change the balance of power? that looks like it would be a much better option for molten shorts and a grand correlation noes option for marti schulz at a grand coalition? week witheported this this position, minority government supporting it, but not a grand coalition since he had boxed himself in on that. but how would it look? the problem is that merkel has made a very clear she does not want that. heryou have to imagine from point of view, which is, i am sort of reliant on parties that could say that they can stab me in the back at any point. so she does not want it. and he has boxed himself and by
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saying, that is all i'm prepared to offer, so now we will see who has the bigger leverage here. vonnie: what kind of leverage, if any, to the remaining parties still have -- the greens, cfu's liberal free democrats? do they have any sway here at all? tony: well, free democrats where they have left the table and are not coming back because they're taking a principled stand, which is an anti-merkel stand, too. they seem to not really get along with her. or at least their leader. are the subject of some speculation in the sense that there is now talk of forming a minority government with merkel as chancellor and the greens and the spd's propping her up. in term some alliance -- that is some alignment there,
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but it seems a bit off-the-wall frankly. tony, this is a story that we will continue to cover. for sure. by the way, we are going to be with these politicians tonight at the hotel. maybe we can get some inside information. our german governor reporter. coming up, the continuing fallout for the massive uber data breach. 57 million accounts hacked. in a politicians are taking the ride hailing service to task. we will discuss some bloomberg. ♪
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♪ matt: live from berlin, i'm matt
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miller. vonnie: and from new york, i'm vonnie quinn. this is "bloomberg markets." now, as story we have been following for you is the follow from uber's massive data hack. british lawmakers said there is a very high chance that the way uber disclosed the hack that compromise the data of 57 million customers and drivers was illegal under u.k. law. of statee's secretary for digital is pushing the ride hailing giant is pushing if french nationals were affected as well? eric.g me on the phone is eric, let me first ask you about the cover up. it seems like not a lot of information was lost in the hack, but the cover might -- but the cover up is worse than the crime. eric: for sure. they have covered this for a least a year. it hast is troubling is
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been under the watchful eye of the ceo who was known about this, but only revealed it today. is another one of a long string of scandals at that company. matt: what are you hearing, i mean, i have to assume it is not a public company, so shareholders don't hold it to task, but venture capital firms that owns stakes in this company are unhappy about how it has one scandal after another. it just cannot help to have an exit strategy. eric: it is obviously terrible for the investors. and look, you just mentioned the british authorities, perhaps the french as well, are looking into this data breach. that comes at a bad time for uber because london itself is reviewing its license. and that cannot possibly help them. vonnie: eric, can you imagine that anyone who has a stake in uber will market down? we have seen markdowns by the
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major funds and mutual funds and pensions and bonds that hold stakes, and some of these internet companies? eric: i would think so. i would think so. there are signs and research out there that shows the company is falling in favor with its consumers. in fact, one of its rivals, lyft in the u.s. has a much better image than uber. this could affect the price of the company, the valuation of the company. vonnie: do you have any stakes of any of these right healing companies? eric: no we don't. vonnie: let me ask you, what do of themagine the future ceo? well, he came in saying he was going to be transparent, change the culture, and this is a setback. he is going to have to do whatever he can, and make the
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changes that he needs to make to the company much faster to regain that only the confidence of the investors, but the confidence of the consumers and the drivers. by the way, the drivers were the most effected by this data breach. and there are also customers of uber. vonnie: we want to move on to facebook, but i want to ask you, you have a lot of interest in and broadcasting space. what do you make of the at&t, doj, challenge? eric: it is very public. it is not a merger of companies that can be with one another. it is a vertical merger. and you know, the suspicion of course, is there is this thing called motivation to this. most of it surrounding cnn. that would be very troubling. on futuret a damping
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mergers and cable spaces. matt: what do you know, eric about how powerful companies i facebook and google are as far as the media? talking whoi was controls the axel springer group and he was very happy that they finally agreed to get rid of this will get paid media has to give free articles in order to get in the top of the search space. are those companies going to loosen their grip a little bit? a bige there is such share come almost a monopoly of the news searches on the web. eric: well, that is correct. as you know, and i am talking about the united states, the majority of americans now say they get their news from facebook. which is kind of troubling because it is very hard to continue -- it is very hard to control the news you read.
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please give me bloomberg, cnn, or the new york times. facebook decides by his algorithms what news you are going to read, so therefore, they have a tremendous amount of power, and any to be more transparent about their algorithms and be better partners with the media companies. vonnie: the matter what we say, there is a lot of venture capital money chasing ideas. there rightting now? 20 talking about? -- what are you talking about? eric: we have a big portfolio and enterprise software and direct to consumer brands such as casper and others. and we also continue to invest in new media companies. in addition to that, we are paying attention to robotics. of course, artificial intelligence. we are very bullish about innovation and technology, particularly around the new york area. vonnie: eric, thank you for
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joining us. want to move on to our stock of the hour. british bookmaker william hill negotiationsnitial get with crown resorts. taylor: look at the shares unchanged. there were covered a lot of the losses and that speaks to very early talks like you said and a several different ways we can take it. there was one analyst who said on one hand, william hill's for ray into australia has been fairly disastrous. the unit's profit is less than half what it is going back to 2014, but on the other hand, a combination makes sense, giving them scale anymore competitive advantage. i think investors here are kind of taking a sigh of relief, saying, what does this mean? vonnie: and jurisdictions are
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different everywhere. william hill and british bookies, where does the wave of consolidation, where do we stand it oh? specific don't have a number for this murder, but if we look at some of the other deals that have been happening in the space, you can see the gbc holdings bought sporting bet. you also have lab brooke, one of the larger ones combined with paddy power. we are still waiting for a specific number on how big this could be relative, but there has been a little bit of a wave of consolidation to spur it up again. vonnie: taylor riggs, thank you. that is the stock of the hour -- william hill. prime minister theresa may meeting with the european president. she isn't brussels today. -- she is in brussels today. pinching brexit talks forward? that is next.
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this is bloomberg. ♪
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♪ live from berlin and new york, i'm matt miller. vonnie: i'm vonnie quinn, and this is "bloomberg markets." all right, theresa may is in brussels trying to unlock the stalled brexit negotiations. she is meeting with e.u. president donald tusk on the sidelines of an you summit. this is happening weeks ahead of a crucial au summit in mid-december to decide if the negotiations can move on the talking about trade. for details, let us go to an editor for bloomberg news in brussels. willit look like ms. may push the ball forward today? friendly, have to say it is not clear at this point. the e.u. has said that they need something concrete from the u.k.'s side in order to be able
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to deem that sufficient progress has been made, and then move the talks on to talking about trade. theresa may has been pushing back against this, calling for flexibility and imagination on the you's side in terms of -- and imagination on the e.u.'s side. this will be determined in mid-december. we are not sure what theresa may will put on the table today with donald tusk. it may be a general discussion about where the two sides stand. four theresa may here, the optics are the main thing. she wants to be able to have people back in london, back in the u.k., see her pushing on this, and trying to make progress, with a good tone to the talk. if she can get that across, i mean, i think she will be happy, and then we will see what can happen going forward. just to slip in one selfish question because a where i am right now, jones, angela
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merkel is there. first -- it is her first european outing since the collapse. is there any expectation, are people looking to germany for help, or are people concerned by the fact that she has no solid majority government in place? people reallynk realize angela merkel is a little distracted at this point. theresa may was angela merkel to be on board, to be part of this, and she did make it to brussels today to be a part of the summit here. are looking toy her, but they know she has things to work out back, this point. put a lot ofot pressure in that way, if you will, but i think next week and the week after, you are going to see where they are going to want all the e.u. 27 together to sort this out among themselves. vonnie: will they agree on a divorce bill, jones? weeks intoe to four
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what should've been a few days to be fixed? >> it doesn't look like it. at this point, but e.u. don't want a number or need a number, but they do need a calculus, if you will, a formula that will determine what that number is going to be. and they are still waiting for details on that from theresa may, from the u.k. side. when she had her speech back in florence, you know, she said that she was going to make progress on this and move on this. but it did not work. vonnie: ok, jones hayden in brussels. thank you for that. next, we will be talking taxes. we are live in d.c. this is bloomberg. ♪
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matt: is a -- it is 11 a.m. in andyork, 5 p.m. in berlin 11 a p.m. in hong kong. i matt miller. york, i'm vonnie
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quinn, this is the european close on bloomberg markets. here are the top stories we're covering. it's the $1.4 trillion item on president trump to do list. d.c. is gearing up for a crucial week to help push through tax cuts. merkelchancellor angela failed to form a coalition but main members of the opposition party may get final say on a deal. vladimir putin wears the crown at opec. he emerges as the most important player ahead of talks on extending production cuts. have a look at where european equities are trading. it's 30 minutes until the close of trading in great britain.

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