Rates. With the tax announcement and the new fed chair news, investors anticipating a bumpy ride. What is priced in and ahead of super thursday. The nikkei in the driving seat. High whilea 99week nickel propels the metal markets. With nickel back, the real news coming from the copper market. Lets talk about where we are and where we are going. Futures are pricing in a strong start relative to where we have been for european equities this morning. The fair value calculations on your bloomberg look like this. Stocks 50 up by around. 6 . London to open higher, as is paris. Germany is playing catchup. The dax looks to open up a whole percent up this morning. Watch the telecoms story and the stocks will be opening stronger. A solid performance coming through from the asian markets. Lets show you what the gmm looks like this morning. Is new zealand story interesting. The new Zealand Dollar propels higher this morning, driving the market down. But the nikkei is the strong story. Japanese equities have been on a real tear and today adding to that story. Sony the leader in all of this, . T the nikkei up by 1. 86 a solid equity performance coming through in asia. The Metals Market is interesting, as well. 9 . Per up by 2. 0 nickel up by 3. 38 . This as the electric cars story gathers gear. Tesla is out with numbers later on. Thats get a first word update with juliet. Juliet in new york, a terrorist truck attack has killed eight and wounded several more. The driver was shot by police downrrested after plowing a bicycle path blocks from the world trade center. Donald trump tweeted he has ordered the department of Homeland Security to bolster the vetting of immigrants coming into the u. S. U. S. , George Papadopoulos made a significant claim in an gmail. Top Campaign Officials agreed to a preelection meeting with representatives of the vladimir putin. If true, it would bolster claims that the campaign attempted to collude with russia. It is unclear whether cap about the less, which pled guilty to lying to the fbi, was mean merely boasting. There is no indication such a meeting took place. In washington, the house ways and Means Committee has postponed the planned release of a tax bill by one day. Tot moves the release tomorrow amid unresolved questions about the timing of a Corporate Tax rate cut and other proposals. While the chairman said Committee Members were pleased with the progress, the delay of passing challenge a bill by the thanksgiving deadline by House Speaker paul ryan. Present hasatalan been president has been summoned to court on charges of sedition. Police fled to brussels after spain seized control of the government after the declaration of independence. While members of her his team returned to barcelona late yesterday, he was not with them. The u. K. Has signaled it is prepared to compromise in its standoff with the eu over the brexit bill. Yesterday, it was said the financial settlement on divorce thes will be but better for remaining 27 companies for brick than for britain. In the infamous words of the European Union, nothing is agreed and everything is agreed. We see these linked to each other. We draw the agreement on balance , probably favoring the union in things like money and so on. The future relationship will favor both sides. The robotic dog comes with a powerful computer ship. And the ability to connect to mobile devices. Shipments start on january 11. Shares have climbed to their highest level since 2008 as the annual profit outlook has increased. Global news, 24 hours a day, powered by 2700 journalists and analysts in more than 120 countries. Much. Hank you very lets talk about the markets. It has been a solid session overnight for asia. The Metals Market on the move. What should we read into all of this . Lets get mark cudmores take on all of this. It looks solid, a decent tailwind coming out of asia. Signaling market also strong stuff as well. Nickel trading to the strong side, but should i be listening to copper . Copper is probably the most important in terms of the. Economy. For itsalled dr. Copper guidance, that has been distorted in the last few years. It doesnt mean it has quite a good as court a correlation as it did previously, but probably the best one. Markets were very excited by nickel and there is a great story there. Nickel is still below its highest a decade ago and reacting to a longterm story. Cars,ansition to electric but that is not something that changed overnight. The nickel story is fundamental, but more a catch up there. To fact copper is trying break higher again is positive for the global economy. And if you are at the fed trying to figure out what these signals tell me about the economy right now, the u. S. Economy clipping along at about 3 and with the hurricanes factored in. That is a pretty good number. What are the surprise options in terms of the either end of the distributions of outcomes . What about a hawkish tilled and a dovish tilt . Said, the base case is not much of a move either way. Because the december rate hike thatready over 80 priced, shows there is not much upside there. Six weeks from that meeting, they are not going to precommit or guarantee that rate hike. We are nearly as fully priced as we can get. We can get two more basis points on the top if they are hawkish. To do a hawkish surprise apart from hiking, which would be a shock. Chance for ae is a serious move down if they suddenly show more concerned about the fact that cpi is not accelerating as quickly as expected and corsi p is still languishing near the sixyear lows. Have sign ofont inflation and good global growth. That picture is not really changing. It is whether they decide to put emphasis on the inflation side that would be the surprise. But skate is no wild move, if there is, it is to the downside in rates. I am looking at the dollar positioning and the market is still very short the dollar. I am thinking about tomorrow and what is coming tomorrow. Not only the tax unbundling, the details being delivered on the tax front, but the potential news on the fed chair. The market is short going into this. I know we have been 2. 4 on treasuries, but we are still relatively short on the dollar story. On positioning versus news the next 24 hours. Mark that is the diversion you have to look at. Thetioning shows what reaction function will be and positioning suggests that the dollar will find it easier to rally on positive news than to fall and bad news. That doesnt change the fact what the news will be. The news flow in the next 48 hours from the fed and the trump pick for fed chair are more likely to be slightly dollar negative at the margin. The tax one is more difficult to read and could go either way. I would argue that has more of a chance to surprise to the downside given the optimism we saw. That might be more divided. On the fed side, there is more chance for negative shock, it is just it wont see such a high beat every action because of positioning. Guy mark cudmore, joining us from the mliv team. Over the next 48 hours, there will be incredible news flow from financial markets. Smarte the constant mliv Market Analysis through the day and plenty of coverage of the latest fed decision. That comes out today. In some ways, the fed news is tomorrow and also remember, it as6 00 p. M. U. K. Time, 7 00 a result of the time change we have and the discrepancy at the moment. The fed decides, 6 00 p. M. London time tonight. If you are a bloomberg customer, you can watch all of these events using the tv go screen. And you can get in touch with function. Y the ib up next, what happens as well tomorrow. U. S. Tax reform and a bank of england Rate Decision and the fed announcement on the chair as well. Busy thursday coming up for investors. Plenty to talk about. The market open is 18 minutes away. Are well bid. S it is that open. This is bloomberg. Guy 15 minutes to the market open in europe. Lets talk about what is going on across the world. Here is a Bloomberg News update. Next has missed estimates as British Consumers opted not to restock their wardrobes in the autumn weather. The clothing chain said for price sales under the next brand rose 1. 3 , a 7. 7 in instore slows driving online better. Google says they are not sure they have measured the full involvementssias in social networks. They dont have the technology to prevent it from happening again, but the companies vowed to redouble their efforts. Facebook said the company will increase safety and security staff to 20,000 by the end of 2018. We are hiring more add reviewers, doubling our security engineering efforts, putting in place tighter and content restrictions, launching new tools to improve added transparency, and requiring more information from political ad buyers. We are building Artificial Intelligence to locate more band content and bad actors. Juliette bitcoin is going legit for better or worse, the Digital Currency that jamie dimon called a fraud is set to step in the mainstream of finance after cme says it will introduce trading in Bitcoin Futures by the end of the year. It will up the game for the software created asset and bring it some regulatory cover. Bitcoin climbed to a record high after the news went out and is at more than 500 this year. Itsman sachs has hired latest traders from rivals to turn around its commodity business after it suffered the worst quarterly performance in history as a public company. Ndalls hired newton ji to head Power Trading. A spokesman said it has added a managing director from commodities international. Both will join in the coming months. A propriety unit and london and four of the top managers may leave. The group run by Jonathan Hock nomura toapital by distressed debt. They said four senior portfolio are close to exiting. That is your Bloomberg Business flash. Guy thank you very much. Abe presst an conference about noon london time. Lets turn our attention to what happened in new york. Eight people have been killed in a suspected terrorist attack in new york city. It mirrored other lone wolf incidences. President trump ordered the department of Homeland Security to bolster vetting on immigrants. At and Kathleen Hunter for more. How is this going to impact the immigration debate . The funding story around that debate . Kathleen there is an important deadline coming for congress, the date through which the government is currently funded. Barely a month out, there will be need need to be a significant discussion to prevent a shutdown. Trump and republicans have said they want to have money to crack down on illegal immigration and build the border wall included in that legislation, that was already going to be a fight and yesterdays events provided a degree of urgency to that and probably make for yet another reason why that could be a real showdown over a Government Shutdown in a couple of weeks. Guy the agenda is getting pretty busy. Tweet from the president was put out shortly after we learned of the news in new york. Lets turn our news to tax. Why was it delayed . There is i keep saying the devil is in the details. They want to put out this big there isand while broad agreement among republicans that they want to get something done on this, really getting folks circling the wagons and getting this unveiled is more difficult. One of the last minute issues is this weather to face in the phase in the Corporate Tax cut. Corporate taxe rate and they are looking to potentially phase that in and the white house says they are not in agreement. That is a lastminute issue they are trying to work out. Delay, but a oneday even a oneday delay underscores how tight the timeframe this is and how difficult this will be. Guy lets talk about the mueller investigation. The dust is settling a little in washington. What are you hearing . What are people talking about . Kathleen washington is reeling from this weeks events. It is significant in the last 24 hours, one of the things we have learned as a matter of Public Record but also legal record, the Trump Administration campaign was willing to meet allegedly with officials from the russian government. That is the key piece of information that has come out in the last 12 to 15 hours. A lot of people scratched their because donald trump jr. Talked about a meeting he had had, the details were still kind of fuzzy and i think it is important to note there is a difference between the Public Record and public consciousness and putting this into a legal record. Guy Kathleen Hunter, thank you very much. Bloomberg congressional reporter. Minutes from the European Equity market open. What stocks could be moving this morning. Disappointing numbers coming through clothing. Third quarter in stale sores slumping 7. 7 . This is a big part of the consumer landscape in the u. K. , this news comes 24 hours before the piece of news coming through from the bank of england on traits. How is the consumer feeling right now . That story is next. Keep an eye on telecom as well as her. The market open, nine minutes away. Guy it is 7 53 in london. The legacy out of asia is fairly strong. Futures in europe pointing higher. A restart of german equities this morning. Nikole has been trading strongly into europe. The nikkei did very well led by sony. In europe, keep an eye on that. The fair values around europe are interesting. The dax called up by a full percent. It is playing catchup after being off yesterday. Euro stoxx 50 up by 7 . By aroundng catchup. 9 . Those are your fair values into the european start. Box,. He futures it is difficult to make headway. He then on that stock. Next, the numbers. They do not look particularly favorable. Keep an eye on Budget TelecomDeutsche Telekom. It looks like it is hanging by a thread at the moment. Remember, they did not trade yesterday as a result of which you will see catchup coming through into that one as well. That is going to be worth paying attention to as well. You have it. Pay attention to what is happening there. We will continue to delve into the details. Did better on its trading book as a result of its exposure in asia. Standard chartered had a similar footprint story. So again, take a look at what is happening there. It looks like european stocks will be opening reasonably strongly this morning. Decent tell wind out of the United States and the asian trade as well. The metals have been on the front foot. Very much this morning, keep an eye on what is happening with the mining stocks. Both been nickel have trading strongly overnight. The open is next. Four minutes away. This is bloomberg. Retail. Under pressure like never before. And its connected technology thats moving companies forward fast. Ecommerce. Real time inventory. Virtual changing rooms. Thats why retailers rely on comcast business to deliver consistent Network Speed across multiple locations. Every corporate office, warehouse and store near or far covered. Leaving every competitor, threat and challenge outmaneuvered. Comcast business outmaneuver. Lets take a look at what is going to be moving things around. This is what the values are saying on your terminal. We will see a solid performance coming through, particularly from the dax. Well. P as it is going to be a strong showing. Traded strongly overnight, led by sony, which posted really solid numbers coming through. Copper and nickel trading up. We will keep an eye on Deutsche Telekom. Keep an eye on what is happening with video. Keep an eye on the european banks. There are plenty of stories. But me show you what is going on. My panel button is not going to deliver. What i am going to do is unplug this. Euro stocks up by 3 10 of 1 . Of 1 andp by 2 10 beginning to climb a bit. Will keep an eye on what it delivers, but it is expected to open around a percentage point. Are stilld the cac closed, but we have a ibex trading up a 6 10 of 1 . The cac is up by 4 10 of 1 . From bbb to ving bbb. That is going to come through in the italian banks. Positive rating actions mostly ineffective. The republic of italys enhanced credit worthiness. In our view, lower economic risk. The italian banks are going to be want to focus on. Evan from blackrock is saying the amount of money on the sidelines you might see this wrapped higher. Yes, you have a global synchronized growth story, but the money is still not pouring back in their. There is a breach between investors and management. Dividend yields there is still an underwhelming amount of vestment in oil stocks. Whats in our pockets is not transferring. We are waiting for an opening flash. Lundin Petroleum Reports feet analyst estimates lundin Petroleum Reports beat analyst estimates. Lundin petroleum reporting a Third Quarter that beat the average analyst estimates. Keep an eye on marks spencers. Where is the next bubble . Thats the debate, or is it . This is the european sovereign bond. Is it in bubble territory . Thats the question we need to ask ourselves. Simon french saying he does not see any practice this in a prickishness. By the way, there is your housing bond bubble. There is your jobs bubble. You can see the trajectory of the european bond market. Of british yield government bonds, signaling to the market that the United Kingdom might be preparing themselves to consider upping the amount of money that they are prepared to put forward to the European Union to move the agenda along. Who has the power in that negotiation . That is the question we ask. A very good morning. Guy enjoy yourself, manus. Lets go to the screen and see whats going on. Paddy Power Trading strongly. The da