Decline isterlings listing the ftse 100. 1 ofund was down 7 10 of she dollar during may speech. She said the u. K. Will honor its commitments made to the budget bonds commodities. This is your final three columns. This is a wonderful function on the bloomberg. We used it ahead of the u. K. Election and ahead of the french election. And we are using it ahead of the german election on sunday. It is everything you need to know about the german election. The race for third place action end up having an outside influence on the election. Merkel is poised to win a fourth term. There is a combined tally of about 22 . Sociale as schulzs party score. This is one of the charts. I can bring up 11. The other partys languishing in third, fourth, fifth and sixth place. It is going to be a fascinating sunday. This is how the German Market is faring as they prepare for the election. Equity investors are not being complacent. Timesx trades at 13 expected profits over the next 12 months, well below the price to earnings ratio. That is the purple line. Think is plenty of upside to the german benchmark according to the bank. The dax is the best performing developed market gauge in september. At the same time, expectations for equity turmoil has plunged to levels not seen since march. S p valuations is the purple line. And the white line is the stoxx 600 the white line is the dax. The blue line is the stoxx 600. This is the spread between italy and germany, the white line, and then france and germany. The blue line was the interesting spread blowup ahead of the french election. Spread could be narrowing brits have been narrowing since then. Bond markets have found support. 90 minutes into the trading day in the u. S. We have a slight negative bias to in the week. All three major averages are down, but not by much, trading near the record highs. We saw them hit earlier in the week. Sort of a down note, part of the declines not just today, but some of the turmoil we have had this week and technology, theresa is back to apple. We got that on the bloomberg, the weekly tally on a percentage basis for apple. We are looking at the worst we going back to april, may for the phone maker. I say phone maker even though apple makes more than that because it seemed like the decline had to deal with the iphone 8. Reviews have been mixed with some user saying consumers woman think consumers will wait for the iphone 10 instead of buying the iphone 8. This. L keep on in terms of individual movers, we are watching tmobile and sprint. We got another reuters report saying the two are close to coming to some sort of merger agreement. Bloomberg news reporting that as well. Just continued chatter about the continuation of the two. On the downside, tiffany is falling. Neutral,cutting to saying weakness in the companys high price category could delay the time i for a broader sales recovery. Roger was elected as the next chairman of the board. He was at ralph lauren previously. United health core falling with Health Insurers broadly. In washington, unh has been mostly that is reacted to that debate. But the shares are falling. It is also the target of a lawsuit that has to do with denying coverage of patients. And finally, a quick look at what we have seen for the stock market reselling. This is a look at the s p 500s average selling percentage range, percentage change. As we look at different measures of volatility, the vix, etc. , you can see at the end of the chart, this far he will percentage change on an average basis so far this year. The smallest change going back to the 1960s. We have had a lot of moment on the individual stock level, but it has been far he small and incremental but it has been far he small an incremental. Vonnie thank you. Mark lets get back to theresa mays speech. She said the transition. Theyll would be two years. Toi do not want our partners fear that they would need to pay more receive less over the remainder of the current budget plan as result of our decision to leave. The u. K. Will honor commitments that we have made during the period of our membership. Mark joining us from florence is bloombergs anna edwards. Simple question was there meatea was there enough on the bone . Lets find out what we did learn. She came all the way from london with prominent members of her cabinet to show that she can talk to your rock that she can talk to europe. In terms of what we learned, transition, two years, is the u. K. Going to pay . We dont know, but she said we will honor our commitments to the budget. She wanted to bridge the budget. On the divorce bill, she did not give any clues. She said she will make ongoing contributions to cover the fair share of costs. On the subject of e. U. Rights, ae said that there will be resolution body. On the various models of trade, she rejected norway, canada. She talks again about a deal. Not very much detail. He delicate a far balancing act. She had to appease three factions the e. U. And the two factions within her own conservative party. Lets call it the hammond side and the johnson side. Did she manage to appease all three . Ita there was something in for all of them in a sense. If you talk about the e. U. , she talked a lot about partnership and cooperation and shared values. Could gone of this down well in brussels. Also words about not being also not putting a security threat. Perhaps that helps with the tone of all of this. On the divided u. K. , this is interesting because there are two things that seemed borisinspired, saying we can do great things. These are boris lines. In the q a about those aborted for brexit and whether they would be disappointed by this, suggesting that some of immediate things the brexit voters will be disappointed with some of the transition elements. Johnson tweeted that he was pleased and like the speech. Something in it for everyone perhaps. 10colleague says he counted uses of the word creative or created. Mark great job, anna. Mark, from brexit to the standard for the e. U. , now there is little doubt Angela Merkel will secure a fourth consecutive term as chancellor of germany. The latest poll shows merkel leading her main opponent Martin Schulz 36 to 26 . But it is the new makeup of the coalition that will matter for the coalition. Peter, us from berlin is political analyst for the polling. Peter, what do the polls show about potential Coalition Government . As in the previous weeks, there are only two Viable Options at this time. We have grand coalition, which would be able to form a majority. And we have the option of a jamaica coalition. All other options would not be viable as far as we can see. Vonnie what are the poll suggesting people want . Peter this is avery this is a very mixed picture. This of the the first time for this to happen in germany. It is not very popular at the moment. Most popular would be the grand coalition, but this will do been very much on what the negotiations will be like and what the outcome will be like. The people will have to become accustomed to a three party coalition. Mark peter, some are saying the race for third place might be more interesting for the top two parties. I am talking about the ast and the left party. It suggested they could do much better combined than they did in 2013, even though they wont have a place at the table. If theyt of influence increase their share of the vote could they have in sort of determining the agenda and policy Going Forward . Expecti dont really much influence on the afd agenda to the other parties. Majorities toher become viable. Any forces that would be willing to give way to demands on that. It is a very Different Party and very radical party, totally different from all the other parties from the conservatives to the left. Mark peter, when it comes to pulling, specifically in the u. K. , as you know, there have been some surprises in recent years, whether it was the last election, or the referendum. Would it be a surprise if there was a lastminute swing . What could be . Actually i dont really expect any surprises in this election because the main picture has been very stable for a long time with a clear lead with merkel against schulz. And very clear views of the voters being seen as more competent to lead the government. There might be shortterm changes within the two camps, between the left and the afd. There might be minor changes until election day, but i dont really see any bigger potential for a big surprise on election day this year. Mark peter, thank you for joining us. Chief political analyst. Vonnie breaking news on a key vote that has some serious consequences for u. S. Solar companies. Lets get straight to julie hyman. Julie this is the International Trade commission that is issued this rolling saying that u. S. Solar manufacturers are being harmed by imports. Is advances a trade complaint to the president to decide what action should be taken. Should tariffs or quotas be in place . Vote. As a 02 to address the imports surged President Trump by november 13. The president will determine a remedy if any. It is interesting. It is an interesting split in the u. S. Alone industry. Behind me, you have shares of first solar. And theory, would be one of the parties that would be hurt by what this report is talking about, that is chief imports of solar components. Now, you see first solar initially spiked on the report. Kit is coming back from their highs, but higher on the day. There are not many pure plays u. S. Solarbased manufacturers. Any other side is the utility part of the industry, the installation part of the industry. Those that put solar panels on u. S. Homes or in larger scale for corporate use. That as a 29 billion industry overall, including first solar, has largely opposed these kinds of terrorists and quotas kind of tariffs and quotas. So you have a privately held company that is based in georgia that initially said it was seeking these import duties that brought the case initially, but then you have, as i say, the other side, the installers, the utilities that arent necessarily wanting these tariffs to happen. We have been wanting for solar and wanting Canadian Solar as well. They may not be exempt from these tariffs. They will continue to monitor this. Vonnie one of our about a third of u. S. Solar imports come from Free Trade Agreement nations. You can see why there is more volume in the stocks right now. They will continue to monitor. Lets get first word news with courtney donohoe. Courtney north korea and the u. S. Are engaged in a poor force this morning. President trump says kim jong un is a madman who doesnt my starving or killing his people. That is after north korea warned it could test a Hydrogen Bomb in the pacific. President trump has ordered new sanctions on people, companies, and bank doing business with north korea. There is a report that the Trump Administration will replace its travel ban with the restrictions. According to the wall street journal, the new order imposes limits that theory by country. The restrictions will be based on cooperation with the u. S. And the threat posed on other countries and other factors. Puerto rico, Hurricane Maria has her the chances of a speedy resolution. Has lost powernd and swamped by flooding and the cost could hurt 30 billion. And opec in russia say they are halfway declaring the global oil glut. They are urging fellow producers to stay focused and finish the job. Ministers from the oil cartel and their allies are meeting in vienna. Opec secretarygeneral mohammed says reducers and implemented within 100 of their pets. Of their cuts. Global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. Im courtney donohoe. This is bloomberg markets. Mark breaking news, helmet and friedman close to a deal to buy nordic Payment Services provider nets according to people familiar, just one year after the Nordic Company sold shares through an ipo. We will continue to monitor that story. This is bloomberg. Uber in london revoking the companys license to operate in the city same ubers conduct in the a lack of corporate responsibility. Uber is planning to respond. Ning us now will they be successful or is this it for uber in the u. K. . This is something that can drag out for a while. Uber has been entangled in some of these over the years. This is definitely one of the biggest because london is a very important market for them. This will be appealed and maybe during this process, the two sides can reach some compromise. May be uber takes on some tougher restrictions that it had in the past. Lawyeringis a lot of going on. Mark what is it 21 days . Yes. Mark pretty damming indictment. Vonnie that they are not able to higher two hold a license. How does the new ceo deal with this . This is just another controversy to throw under the pile for a new ceo. What the city is accusing uber of is a lot of safety violations. One, not doing proper background checks with drivers, and also things related to the medical care for drivers. And also a program that uber had in which it used software to essentially skirt government regulations. Taking it all together, it is really kind of an indictment of the companys culture and business practices. Mark does this embolden other regulators and other constituencies, to take a tougher stand against uber . We are seeing that for tech at large what it is facebook, twitter, google, uber certainly. Altogether, you are seeing governments pushing back against a lot of these companies that have its related a lot of power. Over is a unique case because uber is a unique case because it is so visible on the streets and the effect it has had in london with the black cab industry that has a lot of political weight. A lot of these sites in each politics andn to constituencies that are at play. Vonnie the black cab constituency is powerful in terms of policy. I want to read what the mayor said in a statement. Of companies in london must play by the rules. Providing Services Must not be at the expense of safety and security. He is in an awkward position. He may want uber around, but he sightskeep taxis in his and the death of the safety of londoners. Is a lot of social issues in play. The one hand, the city after brexit is trying to demonstrate that it is still open to the world. That is what the mayor is trying to do, that it is to open for business, but here is a move in the Business Community that people see is against that. There is a social element, too, drivers areof uber minorities and immigrants, where a lot of the black cab drivers are more nativeborn people. So it plays into a lot of the politics. Mark what a busy day, adam. Thank you for joining us. You know what is coming up next, the market close. This is bloomberg. Wheretake a look at european markets are trading as we head to the close this friday. By europe. Minated the ftse is gaining live from london and new york, this is the european i am mark barton very check out what is happening. What is significant is the european benchmark, the stoxx 600 did rise for a second consecutive week, the first time in two months. It is led by travel and leisure, oil and gas some of the best Industry Groups today. This is a pretty wonderful chart showing you all the various Asset Classes since Prime Minister theresa may took office in july last year. The white line is the all shares index. It is up 11 . It is off highs. The other line is the bloomberg bond index, the index that throws together over u. K. Bonds. The blue line is the bloomberg pound index, which is down, which is one of the reasons why the ftse has been rising. It was an interesting speech. Some say there was a lack of details. Sterling initially fell against the dollar. Theresa may said the objectives have not changed since january, but then she did show there was a change in tone by saying there will be a transition, and it will be two years in duration, and the u. K. Will honor their commitments when it comes to the budget. Something for everyone as our reporter anna edwards was saying in italy. Eu, theto appease the probrexit pierced, and the antibrexiteers within her own party. The biggest gain since may 2010. The death of lillian, who is the heiress to the worlds fuelsiest empire, that speculation about nestles 23 stake in loreal, which is worth over 23 billion euro. There is a number of permutations being discussed out there. This will be the focus when it comes to loreals shares when it comes to the next few months, what is nestle going to do. Shares of loreal up 2. 9 . The euro area economy may have wrong at the fastest pace in over two years in the third quarter. The private sector activity gauge today, the opposite index composite index of the manufacturing and Services Sectors rose 56. 7. Markets say that equates to growth of. 7 , the fastest growth since 2015. Some companies raised concerns about the strength of the euro, but markets say the currency apears so far to have had modest impact on exports. Vonnie it is friday, and we are seeing an escalation of geo tensions. Japan aeeing a bang on little elevated from yesterday. On the u. S. Dollar, stronger yen. The overall picture for the yen has been in that direction. We will see if that continues. This is probably an Opec Committee meeting story as we see strength in crude oil, the vti staying about 50 a barrel. It is not looking bad for shale producers. This 2. 26 is a holdover from the fomc decision and Janet Yellens press conference. Lets move to gnn. If we look at the g20 movers, this is where we see more of the political currents. South korea down 1. 2 . Ndex. R pound i the mexican peso today is up about 0. 8 . Fta is on the back burner as we talk trade around the world. Mark thanks a lot. Lets get to the top story in markets today. Sterling finding its way back to where it was before theresa may began speaking. Stors wantinginve more out of britains fiscal commitments during the twoyear transition . Richard jones is a strategist for bloomberg live. Sterling dipping down, it is coming back, retracing most of those losses. From the currency standpoint, what was the main takeaway . Richard if you look at the reaction in the pound market, it was not a game changer. If we look at where we were this time last week, we are not a million miles away from those levels we are a little weaker versus this time last week. Perhaps disappointment that we did not get more specifics out of theresa may,