japanese yen and norwegian krona, and swiss bank, out performers. 2-10 spread continues to flatten. 19 basis points is how we print. good seven year auction after the sloppy five year and two year. tesla has named the board members that the sec said they must by the filing date. larry ellison and let me get this headline, she is the head of hr for headline, the head of hr for walgreens. ffat us for more is anne mo joining us from london. can you tell us how we got to these two names? >> it is exciting news for tesla. people have been asking for more accountability on the board and having these new directors is a big step. kathleen comes from walgreens. she had 17 years of experience at kellogg. she is an experienced corporate director. i think investors will be excited about that. she is a woman of color. she brings a lot of experience to the board. arry, some might consider him silicon valley insider, so i don't know if he will bring the same independence investors might have been looking for. he is a tesla shareholder. he certainly believes in the mission of the company. bring newat

the reason we get that 15% number four swiss watch exports, we still get 10 presented to hong kong. francine: when you look at trade itsions, we talk about impacting technology stocks. does it impact luxury? deborah: i think it is perceived to be so, so if you look at the half year and how strong luxury rallied in some of the , it is not actually so much the case because the biggest luxury brands had a huge fluctuation stored in key locations, mainland china and asia. inlook at what is happening terms of e-commerce, only 10% of the luxury market. a lot of that can be captured. then you think about the luxury goods, the biggest brands who have done the best, and they are produced in france, produced in italy. out ofo you have a case the u.s., even companies like michael kors, 65% of what they do is still within america. they are very much exposed in their own economy, so to speak. it is less exposed as compared to some other things. francine: thank you so much. patrick, think you so much for joining us as well. now, "bloomberg surveillance" continues. we will be talking to the chief

start with swiss watch. we had a 4% rise in november numbers. there we see double-digit growth coming out of china. we had 10% in hong kong, 15% in very, 18% in the u.s., so strong numbers from specific countries. closerond one would be to recent times, the start of december, on spend trends, 8% overall in those different categories. nejra: quite positive there, but how concerned are luxury brands about current trade tensions, and how they might play out in 2019? deborah: particularly in china-u.s.. nejra: yes. deborah: i think if we go through the luxury goods companies, they are very well spread. even the u.s. companies. think about michael kors, 64% of sales in america. there will be movement, there will be change. the numbers for chinese travelers in the u.s. in q3 is down 20%. but overall, they are well held. we have a lot of luxury goods brands out of france and italy. the swiss, free trade situation, so not really touched, so for us we are still very bullish. nejra: ok. what about any day? any -- m&a? any details in conversations being he

the swiss central bank also invest in stocks. the fed right now cannot buy stocks, it is prohibited is constitution. but think all of these things will be watched by policymakers next year. yvonne: you think the fed is this couldndent and be something systemic that would feed into the economy? jim: absolutely. companies will be concerned about how to make those decision. it deteriorating, it and stall those decisions it will impact jobs, construction, and consumption. we talked about animal spirits before. better to spend a billion dollars of with prices going up. yvonne: jim mccafferty will stay with us. you can also catch up with all our interviews by using our interactive function, tv . this is bloomberg. ♪ yvonne: a quick check of the latest business flash headlines. morgan stanley agreed to pay $10 million on allegations of fraud monitoring. regulatory authority says for more than five years the banks programey-laundering fell to a properly monitor tens of billions of dollars in transactions. morgan stanley nether -- n

it in placesee like the euro swiss. the impact on brexit appears to be inching upward. it is less significant than italy has been. easy that percolating in the number of days -- different assets. i don't think it is truly significant. it will be with us in 2019. francine: think you so much. coming up on bloomberg mark gets, -- markets, in new york, 6:00. in london -- seeing volumes. we are seeing a little bit of a risk of food looking at dollars actually flipping a u.s. futures rising. i'm looking at gold climbing the treasuries. this is bloomberg. ♪ tom: new york city on this christmas eve. welcome you and hope you travel safely through the season. francine in london and i'm tom keene in new york. in most of europe, markets are closed. in america, we are open until p.m.p.m. equities, 2:00 bonds. it is an odd day. we are taking an advantage to step back with smart conversation. right now, with a news update, here is the vienna. viviana: -- here is viviana. viviana: steven mnuchin speaking to the six largest u.s. banks over the weekend as the white house moves to try t

today, everybody but the swiss franc up against the dollar. there's a drop-down menu here. if i look at this drop-down menu and i put up year-to-date, we can see what's happened to the dollar in 2018. and it's incredible to see almost everybody is down against the dollar with the exception of the yen. is that all about the fed hike story? kit: sort of. it's a fed hike story and u.s. growth surprises. i did a chart using the bloomberg, consensus expectations on growth versus the rest of the world and the u.s. 2020,verage 2018, 2019, put the dollar index against that, you get a nice fit. we revised growth forecast in other places. we revise growth forecasts up in the united states throughout the year. the u.s. economy has done better than people thought this year. that's the mistake people made. bond yields one up, the dollar went up until just this last bit of the year. matt: now we're in a position where the fed is getting more dovish, even if some think powell is hawkish in his last meeting i saying the balance sheet productions are on autopilot. seemsropean central bank i

., the swiss franc could come under pressure. they have made it clear they are not moving interest rates. they have lowered their interest rate forecast. offersk the swiss franc value for the downside. tom: very good. kamal sharma with us from bank of america. to drive forward at this conversation, stanley , he weighs in tomorrow. this is "bloomberg." ♪ viviana: this is bloomberg surveillance. i'm viviana hurtado. standard chartered has a deal to separate its private equity unit and for bill winters to exit. the majority of its private equity portfolio will be transferred to london intermediate capital group. jaguar land rover is not commenting on a report it will cut thousands of jobs as part of based turnaround -- as part of a turnaround strategy. the carmaker will outline the measures next month. jaguar land rover is owned by india. asianors say of emerging stocks will be the best-performing asset class next year. that is according to a new poll from citigroup. citigroup says preference make sense if you anticipate a weaker

this is the swiss swedish engineering group. we did see some mining companies moving higher, which i find interesting. you cannot be too worried about global growth. just a moment ago we had another couple of mining companies in here as well. concerning as we head to the end of the year about the global growth story. let's get to vote retail story. it is emanating from the u.k. .ithout warning from asos certainly there were something to consider dreadful about the performance of stocks in the sector. so they are down by more than 30% out of the gate. a 10 m and spencer's, all of these retailers coming under pressure as a result of what we have heard. there seems to be brought her legs to this story around retail. let's get the bloomberg first word news update. annabelle joins us from hong kong. malaysia has filed charges against goldman sachs of what they said was false statements against one mdb bond sales. malaysia will seek fines it will in excess of both two .7 billion dollars of allegedly misappropriated funds. and the six

the troubled swiss asset manager sees a quarter of its value wiped out after it shocks investors with news of a record loss. and ge takes off after the stock's biggest bear jpmorgan has something prominent to say on this industrial giant. let's take a look at the markets. today to a certain extent balancing things out. we have seen a cat on qe. cap on qe. namesare some individual that are really worth focusing on. out of switzerland losing a quarter of its value today on another warning. it's not just what we thought was the problem. there are further problems emerging in one of the quant funds and that really is unnerving investors. tradings share price is higher today. the board is now saying that it will maintain him as chairman and ceo. it's going to be interesting to see how the relationship develops with nissan from here. here's taylor riggs. major averages were fluctuating between gains and losses. finding direction. the nasdaq and the stocks is outperforming. that is reversing. seeing a little bit of divergence between the dow and everything else. take a look at crude oil. psy

the troubled swiss asset manager sees a quarter of its value wiped out after it shocks investors with news of a record loss. and ge takes off after the stock's biggest bear jpmorgan has something prominent to say on this industrial giant. let's take a look at the markets. draghi to a certain extent

full-year net loss of 925 million swiss francs. they are scrapping the dividend. , theis about rallying board decided to cut the size of the management or from nine to seven. they will be a full-year loss. whohas lost both their ceo will step down, being replaced by the interim ceo. this all goes back to one lines manager, tim hayward. looking at performance of the stock, down over 60% in terms of foul you. 32%rought it back down to over the month. that you're breaking news. juliette saly is in singapore. the second session of gains here in asia. yesterday we had that buoyancy coming through after the huawei ceo was granted bail. in canada it's about soy gain -- soybeans. up to 2mmitting to buy million tons of soybeans. hoping there can be a reprieve in the traits that. the nikkei higher by 1%, yen weakness pushing that index higher. the hang seng and csi 300 leading gains in the region. the csi 300 and china jumping the most in about a month. we've seen pretty good positivity coming through on number of emerging-market currencies

swiss, norway, turkey. the ukraine is there as well. we also have the philippines. i was hearing in the break about that one. hike in first rate 2020. just a few weeks ago we were looking at it being in september. no interest rate moves are expected today. in the ukraine, 18% interest rates. in turkey, 24% at the moment. that is 2:00 p.m. ankara time, 11:00 a.m. u.k. this is the ecb market volatility. david: this shows you the number of months from the current time when the market is expecting the first rate hike. three months back, it was september of next year. right now that is well into the first quarter of next year. certainly german bonds of 27 basis points tell you that is not going to happen anytime soon. special coverage of the central bank policy decisions later today. that is the policy decision, 8:45 hong kong time. more importantly, it is when this man faces the media about an hour before markets open in the u.s.. rishaad: will he say, that is it, we are done with you we -- with qe? the current deposit rate is -.45%. the swiss national bank as well with

are restructuring unit was bigger than i swiss bank. -- a a swiss bank. they wanted to see it effectively prevented. we definitely underperformed. plan toa very ambitious grow, to cut costs at the same time. that was very ambitious. you get the europe factor. european.ing as we have to keep explaining switzerland is not in the eurozone. it is not affected by what is going on in europe. all that plays a factor. inwe deliver and 2019 -- 2019, potential to lead to a higher -- >> i have to cut you off because there has been a vote of no-confidence against theresa may. does that change her plans? >> -- your plans? only sensible thing to do. we are well versed in that respect. to spread our activity. frankfurt, paris, london, dublin. that is the sensible thing to do. a couple more questions on market volatility. now that you have done restructuring, how do you expect to grow the bank? asset sales? acquisitions? >> in 2015, we said global wealth will continue to grow. we have grown our revenue in line with that. that is going to continue. global markets would de

david: it is a merger of two swiss schools. imi and medb. they are specifically not attached to a university. they are a trade school. we will teach you the business, and you go forward. there are 8000 students that take their classes in any given year. it is huge. i had never heard of it. bythe list was dominated u.s. schools. there was another international school in paris that popped up to number one when you filter by which school sent people into the technology industry. that was ahead of m.i.t. that is interesting. america's great still in business school. nine out of 10. marriage inory, mumbai. withichest person in asia a 27 story house, this is a picture from their wedding. $100 million or more. $115 i heard it was million. what? david: i know somebody who was invited. he told me about it. he chartered 100 private planes to pick you up and take you there. they will go from place to place with the wedding. >> a fascinating detail, they have rented out five of the five star hotels in the city. that is how many people that have going. i

lyft is working with jpmorgan, but it swiss, and another company for the offering. $18ations range from billion to $30 billion. in japan, softbank's ipo's telecom unit has been fully subscribed. underwriters were able to cover it yesterday thanks to strong demand from retail investors in japan and overseas buyers. cheers begin trading december 19. u.s. regulators will try to convince an appeals court that a lower federal's court was wrong warner dealand time goes rupee are they say at least a higher prices. at&t denies the accusations. that is your bloomberg business flash. alix: turning to wall street eat, three things wall street is talking about -- turning to wall street beat. 's family ties spirit we look at the rest of the ceo and look at the family. apollo warns of a credit bubble. says that could be a credit bubble. outrage was expressed over a outrage was expressed over a bloomberg article detailing wall street's handling of the #metoo movement. i do not know that word. it is i get five-syllable word. david: joining us now is lisa abramowicz. we want to talk about the daughter o

all you need to know, the dollar is up against the yen, but down against safe haven currencies like swiss and the japanese yen. cfo story and the arrest announced, actually arrested december 1, traders partly blame that for souring the mood, potentially on pace for the worst day in asian equity markets in about six weeks. manus: let's get straight to india. these markets are repricing growth. how is it playing out in the indian market? am: the rate change of the reserve bank of india has offered no respite to indian equities. at this point in time, they grind lower taking cues from global markets. the nifty and sensex down as much as 1%. wefar as the indian rupee, see the u.s. dollar strengthening against the indian rupee, around nearly the mark of 71. that could be another factor playing out against indian equity markets. tracy: thank you so much for that. let's go over to debra mao in hong kong with first word headlines around the world. debra: u.k. prime minister theresa may is considering a round of concessions to win over conservative rebels and save her sinking brexit deal. she held

genoa is an important harbor for the north of italy and for the swiss and south of germany. tom: what do you need on tourism? you have got the harbor, what do you need for tourism in the northwest of italy? mayor bucci: the most important things we need is to re-create the confidence we had before. been growing 7% every year for the last five years and we need people to think genoa can be reached and -- mobility is not an issue and everybody can enjoy the city as before, better than before. you need more politics that are stable and do you believe that matteo salvini will break away from five-star? mayor bucci: i do not know. that is a politician issue. i am an administrator pruitt i need to think about -- i am an administrator. i need to think about the area. francine: we talk about the trade war. have you been affected by some of these trade tensions? mayor bucci: we are growing commerce right now. we are growing shipments. genoa is an entrance area for europe and the poor. , the most important corridor in europe is managing 55% of total growth in europe. we are in a growi