European equities are trading right now. Stocks are rising today. Is your currency against the dollar. Bond yields our falling. Green across your screen except for the british pound driven by Economic Data. We had manufacturing and Services Data register the biggest gain. We had many factors such as geopolitics which we will come to. Quarterly results. A crucial step to its survivors. Is trying toender raise 5 billion euros of fresh capital. Rather than showing you the it rose 50 last week. I thought i would show you theerforming loans which is white bar versus italys nonperforming loans which is blue bar. Loan to totaling loan ratio is 38 percent. America is 1. 5 . Into contrastts the difference between italian banks and u. S. Lenders. We had a record performance from their shares of 558 . 2007 sharesghs of are down by 99. 7 . Portugals survived a rating scare maintaining the Investment Grade rating. The portugal 10 year yield which has come down to 3. 14 today. His is the spanish bond market this is the spread between spain and italy. As you can see the spreads have been narrowing. They have come up recently. Spain has a lower yield than italy. Germany has a lower yield than spain. Will have aif we government in place after a logjam from last december. Lets get to the markets desk. We are still gaining in the United States. The nasdaq again nearly doubled oft today on the strength earnings and a lot of deal activity. Again we are seeing puts the s p back above 2150. If you look at the trajectory this is the first day since october 6 that we have seen a gain above that level. Still lower on the month by three quarters of 1 . And peeking rates margins will constrain profit growth. Technology, financials and telecom. He is cutting his forecast for the s p 500 for the next several years. Still looking for growth in earnings. 5 this year. 10 next year. Hes not changing his target for the s p 500. He still thinks they will be 2100 at year end. Someone else at Goldman Sachs is raising the price target on amazon. Com to 1250. Maintaining a buy rating. Of amazons Earnings Report that will come out after thursdays close. I also wanted to mention whats going on with the chinese currency. The offshore yuan filing to a record low. They will allow greater declines in order to bolster the economy. This is the dollar versus the yuan. You can see the decline we have been watching. Lets check in on the first word news with courtney donohoe. Police in Calais France have begun dismantling a notorious migrant camp known as the jungle. As many as 8000 migrants will be relocated from the shantytown. Many stayed in the town while trying to jump on trucks heading to the u. K. British Prime Minister theresa may is offering the leaders of scotland, wales and Northern Ireland a role in shaping Brexit Strategy. Toy will have a direct line the brexit secretary. Polling places are open for early voting in the battleground state of florida. 50 counties are open today. The remaining counties will start in the coming weeks. Nearly 1. 2 million voters in florida have already mailed in their ballots. Hillary Clintons Campaign will spend an extra 1 million in two states shes unlikely to carry. Abc news tracking poll has clinton leading donald trump by 10 points. 60s antiwar radical tom hayden has died. He gained notoriety for his radical activism during the vietnam war. He later became an author and california legislator. He was 76 years old. Im courtney donohoe. Mark lets get back to the Banking Industry. Multipasskey shares were halted. They started trading once again. Is growing forn a chief executive to unveil a new Business Plan considered crucial for his survival. Michael moore covers the Banking Industry for Bloomberg News and he joins us now. Expecting . You have seen some of it reported already. Clearly the market likes the trajectory. It is folks a lot on the year 2019. Giving the bank a couple years to clean up the current mess targetinggoes forward some sustainable profitability from that point on. Plan its all part of this to sell shares, boost capital, offload a heap of bad loans. Of interested parties in the Capital Raising plan. There seems to be interest. You are seeing some reported interest from wealth funds. Some from the hedge fund world. When you are down at this level the valuation timing is so interesting. Its almost doubled in the last week. You are still trading at. 1 times which is the most among any of the major lenders in europe. Gamee looking at a major on the one hand and on the other the stock is still incredibly cheap. Vonnie heres a chart on the the gauges ofing stress are actually coming down a little bit. Does that indicate that maybe its the taxpayer that will take on the burden for this . Who will actually take the fall . Obviously having some private investors start to get interested is one step toward avoiding that. That is the big political question. You have the italian referendum coming up. Its not just a bank in question at this point. It is one of politics. Whether the state can or has the appetite to get involved. Vonnie what does it look like with the rest of the italian lenders . If it comes out with some kind of Business Plan does that immediately shore up the others . I think it would help to have the most distressed of the italian lenders come to some conclusion. Certainly they are an outlier even among a stressed environment among the banks. You have seen unicredit has rallied in the last couple of months. And have set out a new plan done some Capital Raising activities. Banks arehe italian trying to address their own situation. You have seen the start of some m a. Has Deutsche Bank recovered its postdoj 14 billion settlement. Figures. Be very are going to important especially after some of the big banks in the u. S. Reported such a big jump. Doubledigit gains. Can it even remotely follow suit . I think expectations are much lower. If you look at what analysts are looking at, theyre looking at less than 2 billion. To replicate the gains of the u. S. Would be putting up 3 billion. Whether it can come somewhere in for thele or surprise upside it would go a long way in showing their not losing share. You heard a couple groups talk all ofaining share and the uncertainty around it. How much of that damage in the Third Quarter will set the tone for the revenue question going forward. Mark michael moore, Bloomberg News. Coming up, at ts mega deal with time warner is reverberating throughout the industry. We will discuss the impact. This is bloomberg. Mark live from london, im mark barton. 16 minutes until the european close. Vonnie in new york, im vonnie quinn. Time for the Bloomberg Business flash. Goldman sachs has cut its estimates are through 2017s. The forecast will be up 5 this year, 10 next year and 5 in 2018. Low Interest Rates and peeking margins will hold down the growth. Td american trade has agreed to by scott trade. The price, 4 billion. The bank is td ameritrades largest stakeholder. Thats your business flash for this hour. Time at ts deal with warner is reverberating through the entire content and distribution industry. It heloway called appeared alongside tony dwyer. Galloway says the deal may give verizon pause over its own pending deal with yahoo . Outf yahoo doesnt work and people forget about it, at t is betting on content. Going for something very aggressive that has a decent chance of regulator push back. Game changing transaction. I agree with you and it changes the game theory and strategy of the business. How do they react this morning at disney . The company i thought that could potentially come in and top it and all of a sudden is doing a lot of navelgazing is apple. Apple has the cash to come in with a significantly they could screw up this deal. Board backing at a google or apple to make the kind of history that professor galloway is talking about . I dont analyze individual stocks but the credit market is open enough. You could do a cash. They have enough cash. I dont want to pretend to be an expert as you are in it. This wave of m a is going to continue as long as private equity is attracting money. There is this race to find growth through the credit market. You mentioned apple. Have we seen the full extent of Silicon Valleys interest in content . Where do we end up with the relationship between content and Silicon Valley . Theres now a couple companies in Silicon Valley running up against the same issue that at t and verizon are running up against. They run out of growth. Sailing around mobile phones affect apple as much as it affects at t and verizon. You have cheaper capital coming out of Silicon Valley. They can be more promiscuous with their purchase prices. The valley has the biggest guns in town in terms of acquisitions. You have the most important content company with the most important momentum in the world, netflix. Millennials watched more netflix then all of cable combined. We are talking about the valley when we talk about content. Thatis is the company decided not to go out and buy an old media creator and to create their own. To encourage millennials to sign up to their service. Are you surprised that at t has made the choice to spend so much buying this content . This is what i would refer to as the first millennial merger. Millennials want to watch differentiated content that is supported on their phone. That was professor Scott Galloway along with tony dwyer. Ahead on bloomberg we will discuss whats happening in the bond and fx market after chinas offshore yuan falls to the lowest level on record. This is bloomberg. Vonnie live from london in new york, im vonnie quinn. Mark im mark barton. This is the european close. Bondent in the Global Market has been a very hot topic all year. Investors anticipating action from Central Banks around the world. The rush into longterm government bonds. And the fx market. What a wonderful piece today. Is trade in bonds is a powder keg ready to blow. Its the case for owning longerterm majority bonds crumbling before our eyes . There are fewer reasons to own them than there were six months ago. Most prominently the revival of inflation. A particular which is getting prop from the monetary policy. Central banks are starting to tell us they would like to see back end of the yield curve. They would like to see the prices on those start to fall and push up those yields. Mark weve got this sovereign debt index. The steps are astonishing. 2 trillion of losses. It has happened before. It occurs pretty frequently. Theres been several occurrences. More than a similar scale of jobs you might see in the s p and other leading indexes. Things can move pretty quickly. Because people are worried about liquidity, how easy it is to trade up, you could face pretty heavy losses pretty quickly. Vonnie so far this month a loss of about 30 . The yield right now is a 2. 5 . That was a special moment. People were assessing the health of the u. S. Economy and what the fed might do. Now its pretty obvious the fed is likely to raise in december and have a shallow pass after. Has the big move happened . I wouldnt necessarily say we are at the end of it. Maybe just the beginning. Comfortables pretty with the idea of the fed moving in december. We will see what happens next year. We had the possibility of a number of hikes coming in 2017. Its not just the fed now. People are looking to the boj. We know they are limiting where the 10 years are. Maybe they want higher yields on the 30 year. In europe a similar thing. We had austria today mulling the this is bloomberg. When youre on hold, your business is on hold. Thats why comcast business doesnt leave you there. When you call, a Small Business expert will answer you in about 30 seconds. No annoying hold music. Just a real person, real fast. Whenever you need them. Great, thats what i said. So your business can get back to business. Sounds like my rides ready. Dont get stuck on hold. Reach an expert fast. Comcast business. Built for business. Mark live from london and new york, you are watching the european close. Im mark barton. Stocks finishing the monday session little changed. We were up. 8 , which was the highest since september, driven by strong Economic Data from the from the good numbers likes of the lips, good political news from spain, but the gains petering out toward the end of the session. Lets get to one of the big decliners today. They are down 13 at the close. This is the u. K. Aerospace supplier. They cut their profit forecast as their Electronics Business missed expectations, prompting a new chief executive in august. The forecast cut is the third since november 2015. The best i can say is shares off the lows of the day. Todayta shares 5. 5 lower , today for of the most since august 2015 on concerns Regulatory Approval may be delayed after chemchina missed a deadline to make concessions to eu merger watchdogs probing the takeover of syngenta. Until octoberhas 20 82 approved the deal without. Ny Strings Attached this could add another four months before regulators give the final word. Shares down by 5. 5 today. This is a great chart. The euro fell for a fifth day against the dollar, the longest losing streak since may. Rebounding somewhat, now higher. It was at the lowest level earlier since march. If it calls today, it will be the longest losing streak since may. Speculators have increased their bearish euro bets to the most since july. Expectations fading that officials back a sudden end to qe after march. This is a net long position, that short positions. Net short positions. Setting up for its worst monthly performance since last november. The big data released today was pmi on manufacturing and services. If you combine the two, you get the composite, and that grew at the fastest pace this year. This chart telling us that speculators are increasing their bearish euro bets to the most since july. You are looking at the dollar spot index . Vonnie that is why you are seeing this on the euro. The fed continues to strengthen, getting close to the 100 mark. Strengthening at the expense of the euro and sterling mainly, just not the yen. Note, 1. 77 . Ar oil seeing a little bit of a drop today, . 60. Still well above the 50 mark. Forward,not looking wanting to take part in any part of a freeze or drop. Barclays coming out saying it in oil coming back. You can see the dow is up a half percent on this monday on the back of that deal news. 2152. P 500 is trading at. He nasdaq is up. 9 lets get more from midtown manhattan and abigail doolittle. Nasdaq is in full rally mode this morning, outperforming the dow and s p 500 on the indexes over waiting to technology. As for one of the big point boosts for the nasdaq, amazon shares are up nicely, on pace for their best day since the end of september after Goldman Sachs raised its price target by 14 to a high of 1050. And analyst saying the thirdquarter revenue is likely to be in line with estimates. He expects the Cloud Business to outperform and help out the lagging ecommerce business. In the fourth quarter, he is looking for a performance in the ecommerce segment. Amazon reports thursday after the close. The biggest point boost to the nasdaq, microsoft up nicely after up nicely after betterthanexpected reports last week. Oppenheimer is also bullish today. Analysts say they think the company is on the way to becoming the dominant hybrid cloud company. Something interesting here, investors are impressed by the last quarter. Something that has fallen through the cracks to a degree, the company decided and guided december revenues to new estimates. This is a 10year chart of microsoft, microsoft revenues. At the beginning of the year, uci divergence. Revenues have been declining two years in a row, but for money 17, investors are looking for 10 growth. The pressure is now on microsoft to deliver. You. E abigail, thank lets check in on the first word news with courtney donohoe. Courtney there appears to be an end to the political impasse in spain. Has agreedst party to stand aside and let acting Prime MinisterMariano Rajoy take office for a second term. He will be allowed to form a minority government. He could return to power by next weekend. A plane headed to the libyan soast to monitor migrant crashed. All five crew members were killed. Was the main port of departure for thousands of migrants trying to get smugglers to take them to europe by boat. Volkswagen is facing more pressure in europe to repair the damage caused by a diesel emissions scandal. The European Union is calling on them to start compensating consumers. Regulators also want the automaker to show proof that cars will be fixed in the coming year. This is according to a letter from the eu. European officials are trying to break an impasse over trade deals between the eu and canada. The problem is objections over the frenchspeaking wallonia region of belgium. Eu officials are try to break the deadlock by holding talks with the government today but they are still saying no. The European Commission is also warning they need to remain patient if a deal is going to be struck. The Commission President will speak to the canadian Prime Minister today to see if any to counsel his trips to sign the agreements on thursday. Global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. Im courtney donahoe. This is bloomberg. Mark lets get to a european corporate story. Philips shares up today, the Company Reported thirdquarter profit which rose by 14 . We discuss these results and the global risks facing the business. Over the last few years, we have transformed philips and we have also separated lighting away from the Health Technology activities. Since many, we are focused on driving Health Care Solutions into the market, helping customers to get better Patient Outcomes at lower cost. Company, weocused are also able to further streamline our own internal operations. Both coming from lower overhead cost as well as efficiency in and with aons growing top line. We showed 5 Revenue Growth in the quarter and a margin were able to generate a lot of net income and cash flow. That is a good basis. Moreover, i can point out we had a percent order growth in the corner, and that is always an indicator for the future. They are very much supported by the emerging markets, china, but also the United States was performing very well. You talk about being a focused business. Part of that is selling aspects assets that you dont want anymore. Were you expecting to be able to announce a deal today . Patience is a virtue. I always said that in the second half of the year, we will try to complete a transaction. We are still planning to do that. I want to point out the thirdquarter for them was their best quarter ever. We were able to record doubledigit growth in the top line and in profit expansion. If everything comes together in the fourth quarter, i would be happy. Do you expect to sell for more than 2 billion dollars, are you still talking to apollo . We are in discussions, cannot confirm exactly with, and certainly not going to expand on the value to be realized. They are on the upturn, its a good business. Lets hope that these discussions will come to a fruitful conclusion. That was the philips chief executive. We will be hearing from tmobile ceo john legere. This is bloomberg. Mark im mark barton. And this is the european close on bloomberg. Shares of tmobile are rising today, the company beating profit estimates, learn new customers. Sales rising 18 from a year earlier. Monfils monthly phone subscriber additions were slightly higher. Emily chang is standing by in San Francisco with tmobile chief executive john legere, who is in seattle. Emily thanks for joining us. Another Strong Quarter from you. You continue to gain subscribers at the expense of verizon and at t. Tweeted about this. Do you really think about the at t time warner deal . Greatmustve been a quarter for tmobile because im getting to interview with you. Lately, you have moved on to kings and movie stars and small ceos like me have been left in the lurch. Thanks for having me. That is a great sign. This quarter for us was fantastic. 2 million net additional customers. That is 14 quarters in a row of over 1 million and an average of 1. 9. 851,000 postpaid phones. Since hundred 84,000 prepaid 684,000 prepaid phones. We had Revenue Growth and service Revenue Growth of 13 , 30 . Ted ebitda of that is something that you do not see. A lot of this has come because ever since at t bought directv in 2014, they have not gained a single postpaid customer and they have been the biggest contributor to our success. I can only say in the shortterm this distraction with them try to take over the Entertainment Industry is going to be a boom for the shortterm future of tmobiles growth. Emily what about the longterm . Subscribers but your competitors are making moves that they believed list them in a better position for the future, more diversified position. What happens over the longer term when you are just a carrier . What is important, emily, even at t announced earnings today, rising announced last week. They are diversifying because the business they are in is shrinking. We are the reason that it is shrinking. We have a Sustainable Growth business in the wireless industry. Verizon and at t new to create new revenue streams. Each new one is falling off. When you move more toward the strategic concept of how you take the 70 million customers that we have with these mobile devices and provide them access to all of the content they want to view, i dont see the need to own and control the content the way at t is. Already, we have an ability for customers to view on a mobile basis. There are so many ways that i can innovate to be an aggregator of content and a search and discover capability on content by others. A big part of this deal with at t and time warner will be ensuring the government that they are not going to close down option analogy on everyone else for the content. Emily your unlimited data plans are a big selling point but how long can you continue to allow customers to stream unlimited amounts of data, will you continue to let them stream hbo, cnn, as they have been . Now. Ss just take i am pretty sure, by the way, that i have more tmobile Customers Using go 90 than verizon does. Only one out of five customers are on verizon. App for myam the customers. I have a directv app. I can use my capability, streaming, free, on tmobile. What we have done with tmobile 1, we have removed overages and buckets. It is all unlimited. Our network is performing extremely well. We have acquired 272 million pops of spectrum. Bande in a historic low spectrum auction. None of the carriers are focused. We are the only carrier with a yearoveryear increase on investment in their network right now. We plan to keep that. I would assume the others arent doing other things are off doing other things. Interestingly, whatever you want, whenever you want, not what we sell you what we tell you. An impactt kind of have you seen from the samsung recall the star and how do you expect apple and google to benefit from this recall . Are you excited about the new pixel phones, do you see customers shifting as a result . Note 7t of all, the issue was horrific for them and customers, but samsung will be fine. Its a great company, and they take the first step that is most important. Worry about customers, everybody power down, return for a full refund and move from there. There are the great devices emily but they have not explained why it happened. Either they dont know the root of the problem or have the not or they have not told customers why they are catching fire. Right now, for customer safety, it doesnt matter. Shut it off, return it. To your other point, there are some amazing new devices out, the lg v20 is getting a lot of looks. The google pixel, which some believe is inclusive to verizon, is available from google unlocked to be used hopefully on the tmobile network. It is a great device as well. First and foremost, samsung is focused on their safety. Stop production, given back bring it back. Emily you say there will be a long road ahead for at t and time warner. When you say the same for verizon and yahoo . Yahoo has been potentially crippled by a massive hack attack. Bad, but i doly strategyout verizons of buying iconic 1980s companies at great cost, when, by the way, surprisingly their wireless numbers were very weak. As you know, this is another new business model. It is an attempt to get into the advertising space. Lets say even with their you aolable arches purchase, you dont think that they will consider selling to me . My question for at t and verizon is, why does your core business have to feel why you are expanding into other things . My plan is to thrive and grow while in the wireless business, and then taking that business profitably into other spaces. Right now it could not be better. Emily john legere, thank you. Did not disappoint. Im glad i made time for you in my schedule. Things were joining us. Great interview, thanks for joining us. Fantastic. We just got some breaking news, the Prime Minister theresa may has been addressing parliament. She says there is no commitment and this comes from her spokesperson she says there is no commitment to vote in the brexit debate. This is after the government will allow parliament to debate the Brexit Strategy but no commitment to actually allow parliament to vote on the deal. That is an important differentiation. This is bloomberg. Vonnie it is time for our global battle of the charts. You can always access these charts on your bloomberg by running the future at the bottom of your screen. Today we have dani burger. A lot of deals in the news today. I wanted to look at investor appetite on deals, specifically checking out spinoff deals. This white line is the bloomberg spinoff index of companies that have been cut out of Larger Companies versus the s p 500. These companies are really coming back. Investor appetite is picking up. Great sign for risk. Look at what its done throughout the year. It starts to really plummet down from how investors feel about this spinoff versus the s p 500. These spinoffs in these spinoffs in yellow are happening when oil is reaching a low. You have a lot of raw material Oil Companies spinning up less favorable parts of their business. It is starting to pick up a deale bit, not necessarily counts, but how well these stocks are doing. A performing is 2. 3 versus the s p 500. Not the best in about a year. Interesting to see how investors feel. That is something you can check out on the bloomberg. Vonnie the bloomberg spinoff index. Mark, beat that. Mark you know i like anniversaries and today is the fourmonth brexit anniversary, since we got the results of the eu referendum. 100, 250, the ftse share index, and the u. K. Sovereign bond index have all risen to record highs in pounds. Reviewers telling me, will you stop talking about u. K. Assets in dollar terms . This is for all of you out there. This is how they have fared in dollar terms. Ftse down 9 . The bloomberg pound index down 31 . I am done with the gloom, dollar terms, the expo, andn is fare iron ore miner. Found two that were higher. I love your enthusiasm and optimism but dani is the winner today. This is bloomberg. York, it is noon in new 5 00 in london, and 5 00 in hong kong. David welcome to bloomberg markets. From bloomberg World Headquarters in new york, we are covering stories from london to new york to moscow. Deals galore on this monday. We dig into the regulatory hurdles that lie ahead for at t. Hillary clinton urging swing state and undecided voters to reject congressional candidates in an effort to retake the senate. Greg norman speaks about his brand and how it is beyond golf. Julie hyman is with us with the latest. Some green on the screen in light of deals. Helpingefinitely contribute to sentiment and the boost in stocks. Even though some of the individual components of these deals are not rising, overall we vieweeing a lift on the that