look safe canada --what could save canada? >> is donald trump gets elected, people say they will move to canada. that would probably be it. matt: we will talk about that later. thanks so much for joining us. macbeth and luke kawa. scarlet: we do have breaking news. donald trump speaking right now at a campaign event. he says he has only used u.s. tax laws. he is not respond to the story about the way he filed his taxes and recorded a huge loss in 1995. matt: $916 million. if anyone had that loss, it would be a good idea to take the loss and divert all the taxes you would pay for the next 18 years, which is what the "new york times" alleges. he says he understands the complex tax code, trying to spin this into he's a good businessman and that is why he did this. the clinton campaign is going to spin it the other way. they will say he did not pay any taxes. the cuban has said that is most important thing a wealthy person can do other than serving in the military as far as patriotic duty. we will continue to cover this and talk a

let's start with canada. what is going on? >> this is the elephant in the room. this is a small region of belgium, less than 1% of the e.u. population. it is smaller than new jersey. it is blocking the canadian trade deal with the e.u. a few minutes ago, we learn the canadian trade minister has decided to walk out of the talks, calling at the trade deal impossible saying it is clear e.u. big at the moment -- the e.u. is not capable at the moment of negotiating with the country that has european values such as canada. i talked earlier with various e.u. leaders who were clearly beingointed this deal was brushed by the small region, belgium. also spoke with a prime minister who told me the whole credibility e.u. of the e.u. was at stake with this canadian deal. credibility as a union is at stake. if we fail, it is difficult to imagine we can be very successful with ttip. this is serious. we need to have this agreement. not only the credibility of the e.u., but this is fundamentally important for our citizens to have more free trade with both canada and the united st

arepean union governments expected to delay decisions on opposed trade agreements with canada. a report from brussels. sayse trade commission ministers will not be agreed to the deal today because of opposition from the belgian french-speaking region. in 13reement could bring million dollars from the economy which has taken five years to negotiate. a deal should be struck soon. bloomberg news, brussels. >> president obama is meeting today. the guest for the president's and allstate dinner tonight. they have a lot of -- a lot in common. global news 24 hours a day powered by more than twice's hundred journalists and analysts in one 120 countries. this is bloomberg. of the big stories in the financial industry over several decades has been the rise of the index fund. it now manages more than $3.8 trillion in global assets. erik schatzker is joined with a special guest. eric: they'll be none other than the ceo, always great to have him here at bloomberg. >> good to be here. >> vanguard has historically been the leader. competitors are in a lash fees -- w tos >> we do not look at it

and canada. rnna,: deal of nissan and chang to step in as chairman of mitsubishi. ghosn taking a controlling stake in mitsubishi. mark: how a new generation of 3-d printers now in mass production could revolutionize many industries. nissan has completed its acquisition of tree $.3 billion stake in mitsubishi motors, clearing the way for carlos ghosn to take over as chairman. ghosn amateur minutes he your nissan and renault, tells bloomberg television he sees the alliance helping to turn around -plate it to be she "bloomberg -- mitsubishi. >> for the fiscal year 2017, if everything is done and we have a clear plan, you can expect the company is going to reestablish itself very quickly under the leadership -- vonnie: indonesia central-bank signaling it is not done cutting interest rates. the indication comes as economic remains below target and slowing. indonesia lowered the seven day repurchase rate to 4.75% from 5% yesterday, the 6th reduction this year. china is overheating markets last month in

david: what is at stake for canada and europe? danielle: you talk about how much this deal is potentially worth. there is the trade side right off the top that would have seen industrial tariffs removed, would have immediately opened europe to canadian companies, number of canadian companies and we would have seen a flood of european goods come immediately into canada. in broad strokes, the class is seen as bad for the auto industry in canada, bad for agriculture, where 90% of duties would have been phased out. but it goes beyond trade. issues like procurement, government contracts. there are issues of intellectual property. patents would have been extended for european companies, for example. presumably that has an impact on big pharma in europe. we will be watching closely as well. not everybody was a fan, of course. canadian dairy farmers will be cheering today. whether you love it or hate it, nobody doubts this was meant to be a transformational agreement. now it is in jeopardy. vonnie: you know, why was it so hard to push thr

many people increasingly watching with interest what happens betwn the eu and canada. look like itnot will get approved today. everyone had high hopes that it would be. trade ministers after five years being able to put the seal on it but there is this problem with this tiny regional government in the region of belgium. they do not like the pact. they say they are not going to sign up to it. acause the pact needs unanimous agreement, it cannot go any further forward if there is no green light from this region. they are in a real bind. it is not clear what the opposition is so they have got put pressure on the region to say -- we will give you safeguards or whatever you want but we need to get this pushed through. manus: it bodes well for the brexit negotiations in terms of trade deals with your. -- with europe. ian: everyone is looking a few years ahead at the brexit deal. any trade deal has got to get this type of unanimous support and people are saying -- if you cannot get this trade deal with canada, what can you do? if they are finding all of these problems with a

tom: this is european exports to canada. you say so what and i don't know much about european exports to canada, other than good hockey players. the green line is what it was in the red line is what is. , given about trade flows the subdued gdp we have had. you have been dead on, on austerity. danny: i think there is some evidence that trade has slowed, somewhat. we saw all of this news over the last year or so. the data will take a wild to come through. the analogy i think to what is going on in brexit is i am a golfer. i made a par on the first hole and everyone says it will be the next 17will par and i suspect, probably not. i think christina was right in saying the big issue is huge uncertainty, particularly about investment and the impact of that is going to be felt down the road. processa long, drawnout and we have just seen the early start of it. glance, it was fine but if you look deep down, agriculture in decline, a decline in construction, manufacturing gone negative and the suspicion is there will be more slowing

coming up, wallonia versus canada. the belgian province throws the canada-e.u. trade deal into disarray. the european earnings season picks up. over 100 stoxx 600 companies report this week. is corporate? and monte dei paschi, the world's oldest bank, cuts 2600 jobs as part of its turnaround plan. will the rescue overhaul of the world's oldest bank convince investors? ♪ mark: here is kumutha ramanathan. monte dei- kumutha: paschi plans to cut branches and world's oldesthe bank tends to attract investors to a turnaround key to its survival. the lender, which also announces , isird-quarter net loss targeting an annual profit in 2019. shareholders will meet to approve a plan to raise as much as 5 billion euros of new capital. and bloomberg will speak exclusively to the ceo of the tomorrow.s syngenta says the completion of its $43 billion takeover by chemchina is expected to be pushed back to the first quarter of next year. that indicates it is not confident the e.u. will decide before a friday deadline to approve the deal without any antitrust strings attached. t

this is with canada. there's good relationships and they want to do the deal. now we've got a country that wants to leave the european union. there's different countries that can come in. one thing is forgotten in the british debate. never all these countries. in the exit from the european union, the parliament will have a vote and it will be a simple majority vote. my understanding at the moment is this would not be a given that they would vote for the deal. mark: so you strike a deal and it gets voted down. is that the worry? nicolas: i think that is a big worry. it is important the government focus on transitional arrangements as part of a strategy. we want to make sure that when we get to the end of the two years, we probably will not have finished the negotiations, we may be out of the european union, and even if we reach a deal, the deal may not be implemented. we want to start out by trying to arrange transitional arrangements that will give business the type of certainty they need to plan in the long term until final arrangements are in place. mark: at

monetary easing in the bank of canada. i think that does imply the dollar cap does go up, irrespective of the oil price. anna: does a trade deal with europe make a difference? jeremy: not really. don't think it is a game changer. anna: jeremy, thanks. manus: we have brexit headwinds. and the vote to leave the eu, we will look ahead to the numbers for fourth quarter results. anna: also on the program, new concerns raised over deutsche bank did we are live in frankfurt as they face the criminal case. manus: central-bank watch with peter toogood, director of citifinancial. this is bloomberg. ♪ anna: welcome back. a live shot of new york, very early this morning. 1:46 in the morning, fairly flat on the start of the equity trading day, when we get there in the u.s. we have europe to get through first. let us in a bloomberg business flash from david ingles. david: thanks, anna. shares are surging in tokyo on the emerging business with a logo shares -- lenovo shares -nine months. a person with knowledge says they will take a ma

could also be right for canada. show,later in the earnings reports for a number of key tech companies in the spotlight. we also sat down this week with two of the world's most powerful ceo's. bank of america's brian moynihan tech titan michael dell. apple is putting the brakes on its project to develop a self driving car. this is bloomberg. ♪ best."his is "bloomberg i'm alix steel. have beenbanks calling for consolidation and on monday, a long-awaited merger finally went through. >> shareholders and italian have backed the merger. the deal marks the nation's andest in almost a decade lands a big win for the prime minister, matteo renzi. >> it was the first merger in almost a decade. if the deal had not gone through, it would not have been a vote of confidence in italy's banking industry, which is already suffering under the weight of more than 300 billion euros of bad loans. i think it was the bare minimum needed to restore some confidence in this industry right now. how frail are italy's banks? and if we do not h

canada is one of the topics like chick peas and dried beans. we're joined by the tv canada anchor. when did canada become jutch a big exporter of lentils? i had no idea. >> who knew? i know. we're going to talk a little soft commodities. canada has become the largest exporter of lentils. and so we often refer to it as the pulse market. canada is set to see lentil production jump by 36% this year, estimated by the government. and they're expecting to see pea outputs, different type of lentil, up by 44%. so all-time highs there. all of this seeing some of the prices come down. so one of the top quality lentils that we've seen prices of those tumble since april, by 34%, according to market analysts. and the wholesale prices in india also fell 5.4% last month. that's the most in six years. remember, demand for them globally is growing, so the fact that the prices are actually coming down just shows you how big the bumper crop has been over the course of the last -- this growing season. david: prices i gather were at really low levels about two years ago. catch us up to speed here. what

in canada. he started a restaurant in the trail that aon the lot of miners were taking had a key staffing point en route to her people were going to pay for gold. establishmentf was the arctic? -was actlwhat you would expect on the frontier gold rush. they serve oysters and had a lot of dues and they had women for the miners who had goal to pay for them. i do not think it was unique, but they went and pulled archival news paper clippings from that time and there were it was of the arctic and described as there were private boxes where you could pay for brand-newsing the coal dust you adjust for -- just acquired. there were some mornings of newspaper clippings that women of good repute should not go there by themselves. costly or not even going to touch that right now. he did well and made a fair amount of my doing this. >> sure. is your chances of striking gold were not that high if you went out that the chances of making a lot of money on these guys because they wanted to eat and drink and find

it will increase trade between canada and europe by about 1/4. the united nations has found a way to unite u.s., russia, israel, and north korea among others. they are all opposed to a resolution calling for a global conference on ending the development and possession of nuclear weapons. the anti-nuclear proposal would be nonbinding but it could be awkward for world leaders. in venezuela, the opposition is ratcheting up the pressure on the president after peaceful protests, opponents are calling for a nationwide strike friday and a march on the presidential palace next week. talks between the two sides have been scheduled. he has refused demand to hold a recall election before the end of the year. supreme court justice clarence thomas says americans are understandably losing confidence in their government. thomas is marketing his 25th anniversary on the high court. he spoke before a friendly audience at the heritage foundation. >> this city's broken in some ways. the -- i have been here now most of my adult -- most of my life now. and the -- i th

that is the trade agreement with canada. anna: the backlash against globalization and the tough time awaiting the u.k. when it wants to do a new deal with the eu. a new poll has shown that about half of the adults in the u.k. say restricting immigration is more important than maintaining access to the eu single market. manus: the majority of britons support the government's current approach to brexit. patrick joins us. welcome. that saysd that poll, to me hard brexit personified. unitedying around the kingdom is that a fair take? it is only one poll. >> it seems definitely a hard pull from that brexit. seems that is what the general population wants. anna: one part but not in scotland or northern ireland. do you see any way to square the circle which is that part of the u.k. once to stay in the eu and part wants to leave? and still control your borders. i think it is binary. i don't think you will get reasonable access to the single market if you do not allow free movement of labor. there is not much negotiating room there.

what's going on with canada? >> this is the elephant in the room. what percent of the eu population -- 1% of the eu population blocking the canadian trade deal with the eu. eu. the canadian trade minister has decided to walk out of these talks, calling the trade deal impossible, saying it's clear the eu at the moment is not capable of negotiating an agreement with a country that actually has european value, such as canada. >> what about brexit and theresa may? that's she seem optimistic that any deals could get done? >> this is a bit of a warning for theresa may. mark ons a question what kind of trade deal she will be able to negotiate with the eu. >> i'm optimistic we can achieve a deal. the deal that is right for the u.k. will also be right for the european union. alix: we will run through more of the key earnings reports. we also sat down with two of the worlds most powerful ceos. brian moynihan and michael dell. straight ahead, we have more top business headlines, including a bloomberg scoop. apple putting the brakes on its project to develop a

if you had any mind at all, it was about canada going home with no trade deal. everybody saying this is the set up for brexit. my question is straightforward, is sterling fully price for what we would assume to be a hard or dirty brexit? 85%, 90%rexit is like priced in. indeed, the immediate economic impact on the back of but a lot if not all negative and the price by now. all of our measures and models it is theng show cheapest g 10 currency out there. when you talk to clients in europe, asia, north america, they agree that a lot of the negatives are in the price by implication and any sustained downside need not be as accentuated as we have seen in recent days. any problem is the fact that there is no trigger for a sustained rebound. cheap, but likely to linger close to the lows. is cheap, butit relative to what? should not look back at the recent history to find the value for sterling anymore. where should sterling traded in a new world? >> longer-term-short-term measures, you compared the correction in the fx markets to other markets like equity markets, a c

there's been small attempts in canada, in korea, to some but in china, mexico, we're expecting something more in the u.k., certainly less austerity. but certainly, in the ax of a direct handover, it does feel that the bank of japan, the e.c.b. now have people within those committees that don't think that further into the rabbit hole is the right to go at this moment in time. markets have to just pull forward the end game. and if we think there's no more stimulus, that possibly means we need to start pricing the end of that policy completely. vonnie: with yield curvesening, it looks like they're managing their yield curve better as they have wanted to. would you agree with that statement necessarily? james: it's difficult to say whether they want to. the b.o.j. has certainly been explicit about policy shifting from quantitative easing, i.e., how much money can we get into the system, to yield curve control, i.e., we want to try to target a gin yield or a given level of curve. that suggests they definitely do want it. the e.c.b. has been a lot less clear, and that probably reflects the fac

dollar canada, 1.33 to 1.37. tony dwyer is with us. scott galloway is with us. let's bring up the chart right now. i want to bring up the chart, the single best chart. you can see, santa force 500, there is the time warner merger. there is comcast, cnbc, and up we go. is this a market, a medium market that is supported by the free money of the fed? tony: yes, but it is also supported by the fundamental money of the backdrop. they are not going to be posited this quarter. we think most -- we think one of the misperceived notions is that the fundamental backup is so onr, i think it is actually credit as well as potential growth as we move forward, especially given the expansion of the millennial crowd. tom: people talk about the free money that is out there, the discourse and in the system -- the distortions in the system. does that help or diminish the likelihood of this being successful? honest, thatto be is a question above my pay grade. everything seems to be at an all-time high. we are doing deals that looking back, if they end up being bad deals, and everyon

germany reconsiders a chinese takeover in a tech firm this is the eu and canada great deal appears to be on the verge of collapse. how much will rising protectionism hurt kuroda? the euro grinds lower. december pmi data dropped during this program. do come at the moment they visit appetite eight of the pmi data. zone as anthe euro aggregate that is coming to look at in less than half an hour. up about 3/10 of a percentage of the net the euro stoxx 50. they had the best weekend a month and who live the charge? it was the banks. corporate,ul lot of let's check out the gmn entry would is going on around the world. the dollar was strengthening the summit against the euro. these have met against the british pound. there are still some evidence of that. aswill see if that changes he gets handed over. we get a bit more liquidity into the market over the next 40 minutes. we're still seeing this dollar strength story one of the dominant themes out there. interesting to see how some of the stocks traded it. we'll watch carefully to see what the reporting season looks like. let's get everything

justin trudeau, the prime minister of canada, said they are still working towards the thursday deadline. both are pledging to continue to work, but at this time, both still say the other side has worked to do to make the agreement come through. the french speaking region, then to last half o thf the eu withhold it support is less than population, but they argue they need more time to negotiate what these deals will do to employment. this is tying the hands of the belgium federal government. they are, in theory, in favor of this deal, but are not able to approve it. we are continuing to watch this story between now and thursday. a lot more talk within the globalization front. yousef: nothing short of dramatic. we have also got the big juicy chunk of earnings to get through. anna: we have got a few corporate's reporting. we got some numbers from syngenta this morning. we are continuing to monitor these big chinese businesses, very much in the spotlight. syngenta is the subject of a $43 billion takeover by chem china. the eu has until friday to decide whether to approve the deal without an

let's start with canada. what is going on? >> this is a small vision of belgium. less than 1% of the eu population, 3.5 million people, smaller event new jersey, and that is blocking the canadian trade deal with the eu. a few minutes ago, we learned the canadian trade minister has decided to walk out, calling the trade deal impossible, saying that it is clear that the eu at the moment is not capable of negotiating agreement with a country that actually has european values such as canada. >> what about brexit and theresa may? did she sound optimistic that a deal could get done? >> obviously, the sale of the canadian trade deal at the moment is a bit of a warning for theresa may because that puts a question mark on what kind of trade deal she will be able to negotiate. >> i am optimistic that we can achieve a trade deal. i think a deal that is right for the u.k. could also be right for the european union. alix: later in the show, we will run through more of the weeks earnings reports for a number of key tech companies in the spotlight. we also sat down this week wit

canada, it has been more difficult. young people are changing today. they are not only into money. they are into family, family values, it's a purpose. erik: that gives you an advantage? bjarne: i have been a ceo and a bank that in europe when i worked there. even though i tried for three years to come up with a truly meaningful purpose for the bank, it was much more difficult, but in a pension plan, in that sense, we have a truly meaningful purpose we can use and long-term money. we do not need to flip our portfolio every five years for the long-term part. it gives us an advantage. there is a lot of smart people out there. erik: as we have alluded, ontario teachers was pioneered in the pension plan industry. it develops the direct drive model, bringing the investing activity in house and doing it yourself, including private equity investment. how does teachers innovate next? what does it need to do to deliver the best return for its beneficiaries? bjarne: we continue to do what ontario teachers has been doing so well for 25 years, continuing to focus on hiring the right people, bu

a bloomberg bunting tv canada. thanks for that. -- onersation with today's microsoft windows 10 event. that's coming up at 3:15 eastern time. david: how to capture the spending power of millennials next year. that is next. this is bloomberg. ♪ david: this is "bloomberg markets." as e-commerce replaces brick-and-mortar stores, retailers are counting on demographic to fuel their growth. how the strategy may play out in 2017 -- i asked why there is such a big focus on getting millennials to spend. >> we cannot stop talking about millennials because there's so many of them. they really command so much power. they are very health conscious, they make choices as we see and hear all the time about eating healthier, being more active. all these trends we see, people lives inheir yoga wear and sneakers. .here is a social awareness they want to buy things they feel good about. organic products, natural products, responsible products. say these don't carry over into other groups, but this is a big factor. the biggest of man

the canada deal seemed to fall apart last friday in brussels. the government will make time for parliament debates on brexit. the debates will take place before and after christmas. they will be about high-level principles. continue to watch this on live go on the bloomberg. this is bloomberg. ♪ caretaker spain the prime minister appears to be on the verge of forming a new government. the socialist party agreed to drop a veto ending a 10 month standoff and allowing ruled for a second term. 10 year yields fell to the lowest in more than a week on the news. joining us now is been sales. bloomberg european government editor. why suddenly the back down? what happened was the socialist party had been divided throughout this gridlock with one faction pushing for the party to stand aside in the interest of the economy and to show statesmanship while the said the party's role was to oppose and refuse to do it. oustedks ago sanchez was by an internal coup led by the rebel faction. that point the process of moving towards abstention became quite clear >

then, this recent, massive weakness in canada, and we turn again. when does the canadian dollar, like the mexican peso be a proxy for the election? >> i think it is about immigration. if there is any immigration, i think, the talk is that it may be from the u.s. up to canada for this election. tom: thrilled to have you with us today. from london, new york, this is bloomberg surveillance. he is executive chairman and, of mobius for years, mark on the emerging markets. mark mobius on the view of clinton-truck. good morning. ♪ francine: this is bloomberg surveillance. i'm francine lacqua in london. fresh back from the imf world bank meetings. that is where i sat down with governor.f japan we were talking about the boj, the fact that they will continue easing in coming months and years. here he is. exit at not intend to this stage. we will continue, or even strengthened the monetary easing in coming months. for the time being, as they said, they will continue. francine: that was governor kuroda speaking to me over the weekend. back with bob cinch. mar

with the move to canada? will you leave the country? hoffman: my obligation as a citizen is to stay for stuff but for the first time in my life i have the impulse that vancouver is not such a bad town. i decided to get that prolactin. i saw that decision and i thought i have to step up veryse -- if i, who feel deeply about the patriotic as possibility of being a citizen. if i am having that a motion i should step into the game. my interview there with entrepreneur and investor reid hoffman. story, u.s. regulators claiming technology discriminates against asians, raising questions about diversity in silicon valley. the labor department said they relied on employee referrals which along with the resumes and phone hiring process resulted in bias against asian applicants. regulators are asking the judge to award lost wages and benefits of employment to the applicants. palantir denies any allegations of bias. you can also check us out on the radio. ♪ emily: more news this week on a potential twitter sale. the walt disney company is said to

the eu says it will increase trade between canada and europe by about a quarter. --china the commonest party the communist party has elevated the president. xi has been designated as the core of the party and he can allow his own people into positions before next year's party meeting. is narrowing the field the successors when he steps down in 2022. michelle obama campaigned with hillary clinton for the first time today in an early vote rally in winston-salem. they campaign describes the first lady as "the secret weapon." donald trump below. three rallies in ohio. it's one of the must win state for him. also trump has a small edge there. russia's present -- president says the u.s. is notion of worry about. russia cannot influence the vote. the u.s. has been hysterical about allegedly russian influence. on the election he also said is aa's military threat myth and russia has been striving for global domination. global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. on courtney donohoe, this is bloomberg. mark: than

canada is trying to rein in costs. ,ew measures to mitigate risks tightening mortgage ella bell -- mortgage eligibility. surviving the canadian real estate crash. >> it is a major bubble, three prices from 15 years ago. my research never happens. it happened a couple of times. of course we experience the united states with the bubble. the bill -- the bubble is bigger before it bursts. there is this personal debt to level. we are at 2% gdp. there are only five countries that have elevated to a private sector debt. that is a big warning site. >> you have inflated prices in those two cities. >> you don't see the home price appreciation right -- appreciation rate. that is kind of catching people off guard. these are not targeted measures. last little 500,000 change. this one on the mortgage rules. this will affect the provision of credit across the board. >> can you even do that? >> i don't think so. these measures are fairly small steps. you only get your fixed rate for five years in canada. the qualification is going to

you have also got canada on the move, and nymex crude is down. currency isinese also in move, the yuan. since the lowest september 2010, and that was a weeklong holiday, when the dollar was stronger, manus, asking if they would allow it to weaken just a little bit. and the price of oil in there, as well. we are focusing in on istanbul, and we will have a report there from yousef and the latest on russia-turkey talks. here is angie lau. manus.thank you, anna, trump dismissed his vulgar comments captured in a 2005 video. he tried to distract attention to the issue by attacking her e-mailston over and past sexual misconduct allegations against her husband. meanwhile, the democratic nominee said his comments to demonstrate he is unfit to serve as president. i did not say that. this is locker room talk. i am not proud of it. i apologized to my family. i apologized to the american people. but this was locker room talk. mrs. clinton: what we all saw and heard on friday was donald talking about women, what he thinks about women, what he does has said tha

with the deal with canada, how much gross? the easiest way to do that calculation, caroline, is to be close and in the last two years we've seen trade values in terms of value drop and go negative. -2%, -3%. so trade value has still been in place. half percent higher in global growth terms. it may not sound like a lot but it is a lot to the world and if you estimate that we have a running out of investment that comes with monetary policy. world economy it is at least 100 basis points. trade between countries and adding to that that we have this trickle-down not working monetary policy. >> and 20 seconds, how long does it take for people to figure out this is not what they want? >> one election cycle. is staying with us. we're live from london, left from berlin. minutes away from the european open. pushing back. cutting thousands of jobs. profit drop. all of the stories coming up next. this is bloomberg. ♪ ♪ ♪ greg 752 in london. let's took a look at some of the stocks. apparently regulations a big part of quebec. let's t

tell us about mortgages and the link with the rates in canada. you get almost say they are miniscule. the $1.1 trillion mortgage market, the average amount of illiquidity is 2.8% which is five times lower than the united states. the canadian bankers association says this is meant to take aim at the underwriting process. it's so careful that this is something that could not get a whole lot better. people in canada by and large seem to pay their mortgages with regularity like snow in this country in the winter. what about the unintended consequences of government intervention? are people talking about it in the newspapers? absolutely, the government entering the market can only lead to unintended consequences. the lenders and banks and the canadian bankers association are talking about the lenders who are mortgage lenders and not diversified banks that could absorb some risk sharing in different ways. they say it could be cut out from a competitive market. the individual mortgage lenders themselves are seeing huge stock drops over the last week aft

from canada's point of view, we have everything to gain. most people here are assuming and hoping this will happen. david: that was amanda lang joining us from toronto. coming up, it intel reports and an update on cloud sales and the possibility of an iphone design. -- shortlysmith after the break, break down the numbers. the bernie madoff of landlord's. this is bloomberg. ♪ david: new york real estate developer steve froman has spent decades exploiting rent control laws to bring wealthier tenants into his buildings and now the attorney general wants to make an example of him. how he began his career. stacy: he basically made a calculation. the calculation was that he would invest in the buildings, cap knowing they would skyrocket in value. filled withngs were lower income or middle income people who didn't pay much for their apartments. and what stephen chrome and is alleged to have done is systematically worked to make living conditions miserable over 140 buildings in order to get them out. once you get them out, you replace them with h

canada, japan, u.k., germany, france. all the way back to last december. what does this reflect? u.s. monetary policy is the most hawkish relative to this basket of countries. italy and germany being a proxy for the average member state since december of 2015. it's when the fed began left off. investors were expecting a fairly aggressive fed. they indicated for rate increases for this year. .> that is a great chart one of the big things is the u.s. dollar on a pretty long winning streak. it speaks to one of the main drivers of currency. >> the differential is widening. just thinking about something like you're talking about gold. a price in the underlying commodity. investors continue to pour into etf. the always see miners moving and i am fascinated by the miners moving a different price level than the commodities. on tuesday, when gold was down big like $50, you saw $350 million of inflows into the gold miners etf. that was a third-biggest day this year. weeks, youuple of haven't seen hardly any outflows , almost all inflows. it's fascinating as the price falls, people still bu

holding up an -- trade agreement with canada. the european commission manager says he expects the french-speaking region to sign on to the agreement today. that would allow the belgian government to endorse the treaty and to go ahead. global news, 24 hours a day. powered by our more than 2600 journalists and analysts, in more than 120 countries. alix: thank you. we have breaking news in terms of earnings. comcast out being the top and bottom line. the company adding 330,000 internet customers. the best in seven years. editions coming in at 32,000. the best in 10 years. also, coca-cola breaking in the last 10 minutes. also beat on the top and bottom and it reaffirmed its forecast. the full year comp earnings will be down by about or percent-7% at reaffirming that forecast. we will be speaking with the president later in the hour. and to pulse they getting hit in free earnings after the closing bell yesterday. they missed on the top and bottom line but this number stood out -- comps sales stores down 21.9%. to pulse late was trying

canada's prime minister was in brussels for the ceremony. the agreement will cut terrorists by more than $500 million per year. the eu has of -- overcome objections. italy has been rocked by a third powerful earthquake in two months. no deaths reported, but it destroyed a cathedral and other buildings in the mountainous region. it was the strongest to hit italy and 36 years. mariano riverano rivera h rajoy was sworn in. prosecutors and south africa have jobs charges against finance minister gordon. he was under investigation. prosecutors now say that gordon did not intend to act unlawfully. he had called charges politically motivated. global news, 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. this is bloomberg. tom: we will blow up the show right now. it's good to do that with the ge news. we look at to all the news on the election and a bit. right now, joining us for decades of work and analysis, andr hooper of citibank steve wyden. you are at the forefront of m&a. his janet yellen driving me

the trade minister said yesterday we may have a trade war with canada under way soon over lumber. >> this is a long-standing issue the goes back a couple of hundred years between the united states and canada. we are engaged to try and find a solution. our leaders have agreed that whatever the new agreement is is that we should make sure the canadian exports to the united states are maintained at or below a particular market share level. we have made a number of proposals met regard. thank you for coming out in the rain at the white house. we will send it back to you. vonnie: michael mckee, that was a wonderful interview and thank you for that and thanks to the u.s. trade representative, michael frohman. some of theg up, big tech names report after the close today. we will drill down the revenue streams today. the numbers don't lie. this is bloomberg. ♪ david: you are watching bloomberg markets. latest it's time for our business flash. barclays wanted to billion into itsp investigation on its mortgage securities. barclays wants to whittle down the payments. they want to fight the do

in places like canada, the cost of oil production has dropped in those areas to the point where if you see an increase in price, these guys might be able to start drilling again and producing again and in the long run that weighs down on the oil prices. goldman says, if an oil cut happens, you will see a higher price. out did not change that 27 -- 2017 outlook at all. barrel.rading at $53 a thank you so much for that. joining us on the latest on oil. we speak to a former google employee whose language learning users.imed 30 million this is bloomberg. ♪ china and hong kong markets have been trading for about 10 minutes. let's check in on the market movers with david. david: let's have a look at the renminbi. 6.71. strongerttle bit compared to that. whatis a reflection of foreign investors can do when it comes to that renminbi. other things we are watching, when you look at what is happening in shanghai, a very interesting session. everything else was up with the exception of property shares. a little bit of a rebound, not really. let's see how things break down. continued reaction to

it will be something like canada. do you want something like norway or switzerland? they contribute to the budget so we have to work together, but i do not want a stalemate approach where the brits will have the better of both co--- of both worlds. it will be an incentive for all to leave or kill the european ids. the european ideas are based on common responsibility and solidarity, and for me, that is a critical point. it is impossible to leave the burden just to some of our members. we have to organize it in an appropriate approach. everybody has to take its own part of the burden. that is part of the eu. mark: former economy minister emmanuel macron speaking to francine earlier. vonnie: still ahead, shareholders will vote this weekend on a merger that would create italy's third-largest lender. this is bloomberg. ♪ vonnie: i am vonnie quinn. you are watching bloomberg markets. mark: live from london, i am mark barton. today,nks in focus several reporting earnings. we will keep a close eye on the banking industry in italy. monte paschi agreeing to pay a fine. up t

and canada are gearing up over another war over trees. aey are trying to resolve fight over stock would lumber that has been going on for decades. the u.s. could seek to impose tariffs on canadian lumber producers. becca for some of them to shut down. the u.s. and china are negotiating new sanctions on north korea. according to diplomats from the united nations security council countries, the u.s. and china are considering limits on north korea's energy trade. other nations are debating separate sanctions. global news, 24 hours a day. powered by our more than 2600 journalists and analysts, in more than 120 countries. i am taylor riggs. thank you. lenders slumping share price highlights the impact -- investmentt an conference, he said "if you keep the negative interest rate policies for a future amount of time you will bankrupt these banks. for more, we are here with michael moore. and stephen king is still with us. central banks refute the fact that this is their fault. to the 20%artly due of the share price? michael: right, and you are b

canada coming down as well. it's a mixed jumble. it sort of gets to the market reaction. we will be back with that interview. to the central-bank policy here in the u.s.. loretto mester saying she saw a compelling case for moving the fed funds rate up gradually in such member and obviously not worried about the election in terms of moving it higher in november either. she spoke with kathleen hays in cleveland monday. i it's on overheating and don't think we are behind the curve yet. i thought there was a compelling case for taking another gradual step up on the past. -- the path. it is gradual. we have made a lot of progress on both parts of our dual mandate goals in terms of labor markets. we have seen 180,000 jobs added for month this year on average. we are doing well on the labor front. inflation still below the 2% goal. pasts moved up over the year and monetary policy has to be forward-looking. a compelling case for moving the rate up gradually. taking another step on the gradual path. are some people who think you want to curtail expansion. not at all. the reason i

failed to persuade regional parliaments to go along with the proposed trade agreement between the eu and canada. they have until thursday to agree to a deal. in france more migrants are expected to join the several thousand have left a squalid shantytown. the french government is dismantling the camp known as the jungle. the migrants will be relocated elsewhere in france. many living there had hoped to find a way to get to the u.k.. a new poll shows former prime his lead in widened the race for the republican presidential nomination. he has an 11 point lead. the election is not until next year. philippine president says he is no lapdog of the u.s. or other country. he says he wants no more foreign troops on philippines soil. he told foreign businesses to go away. he just returned from a trip to china and is heading to japan. i'm courtney donohoe. parliament quizzing top monetary officials about brexit. markof england governor carney speaking before the house of lords economic affairs committee. he was asked whether he was concerned about the government preventing the boe from making additional

., canada, europe, brazil, they have not even given a single call to us this. for they know colombian institutions and that the future is better than the past. ik:l -- ero -- >> the problem with wall street, we have presented our investor. ,or the next four years expecting flat price of $50 per barrel am a conservative price. we expect to grow from 715,000 barrels today to 760,000. we can go about 800,000 barrels per day. invest between $3 billion and $5 billion per year and all our investors believe that offshore and entre columbia we have great opportunity. the reaction we have gone from wall street is positive. we see conservative, solid robust package. if the peace agreement comes to expect, ason, as we we said, this is calculations based on very sober view of 'olumbia --vonnie: --colombia teacher in gas and oil. : your current plan calls for you to reduce oil at a faster rate than you can replace it right? >> we can extract 240 million barrels of oil per year. the idea is that our exploration people can be able to replace part of that and our production pe

european union signaling that a breakthrough is imminent in a review holding up a trade agreement with canada. he is expecting the belgian french-speaking region to sign onto the deal later today. that would allow the belgian government to endorse the treaty. they can't that was thence with -- torn down. french authorities dismantled the town known as the general -- the jungle. it was seen as a signal of the migrant crisis. centers around france where they could seek asylum. the philippine president wants all foreign proves -- troops out of the country in the next four years. speaking in tokyo, the philippines will survive without assistance in the u.s. he knowledged it would be a lesser volley of life. news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. vonnie? the s&p 500 open lower today, marking a second day for equities. it is maintaining its price target. goldman sachs chief u.s. strategy test reconciled -- reconciled. we are looking at $105 of ernings for the s&p 500 this one hundred $16 next you and $122 in 2018. the one increase, part of

this is the trade deal with canada. this has been negotiated for a very long time. this is much narrower than what the u.k. had negotiated. start, it was basically conducted with a mutual understanding, it was conducted in good faith. clear therenly not is an overlap of interests in the u.k. side and on the european side. to put it carefully. in this instance, personalities matter. it depends on what climate you have at the negotiation table. it doesn't currently look like it that way. mark: that was mark kramer, s&p global ratings chief sovereign ratings officer. vonnie: still ahead, battle of the charts. you take on one of our economics editor's in new york. we will see. this is bloomberg. ♪ mark: it is time now for our battle of the charts. vonnie: we will take a look at the most telling charts of the day and what they mean for investors. you can run these on the bloomberg. london, you have another hour to go in trading so you are not so pressured. kicking things off is matthew poser of our federal reserve. >> new inflation data shows the blue line. services in

the largest minor in canada, teck resources has increased fivefold. the market value is $12 million. it's the biggest year to date gain of any stock since 2009 at 12 billion dollars. tech in such a world leader this year? >> good to be with you. it has been a world beater. as you mentioned, this is the largest diversified miner in canada and trades in new york. the volume in new york is usually heavier than canada. 2 main commodities produced i them, meth-coal and zinc. we know we have seen a global rally in big minors this year a world beater. in january, it was around four dollars canadian and now it's over $28 and some say it could go into the mid-30's. the best tsx performance and seven years. oal prices have tripled and zinc has its biggest rally in seven years, up by 44% this year. revenue is increasing for the company and earnings are getting better. their earnings come out on october 27 on thursday. it pure fundamentals moving the stock or is there speculation? >> you are looking at some speculation. commodities in general and materials compan