Averages have put in an alltime high. Strong reports there but we had this big rally. Withlidating some of those small moves. Verizon, amazon, ups. The Internet Provider up 1 on this cyber monday. Some are expecting amazon to take 50 of the sales on the cyber monday. And ups for that other 50 that does not have amazons shipping company. Amazon has done something for ceo jeff bezos. That has made him the worlds wealthiest person. That happened a while ago on the Company Thirdquarter report. Jeff bezos is worth 100 billion. Ago both Warren Buffett and bill gates would be well above the 100 billion market if they havent given so much of their money away. Turning to another to another sg well for the holiday 2017, we are taking a look at gamestop. There were huge lines at some of the victoria secrets. This after putting up a Strong Quarter gaining 3. 5 . In fight in fact it is being called a thanksgiving feast at the box. Here we have stocks rallying. And a confirmation hearing, how will the markets react. Chief Investment Officer at the private bank. Great to have you on the show. Elements, whether it is regulations going forward. The mystery of 2017 inflation, it will be interesting to see his comments on it. Week that the same chairman yellen is going to be speaking for congress. Important is it for him to demonstrate or at least . From ao continuity senators point of view, for his confirmation hearing, do we want to hear that . We want continuity for investors. We are being brought into this as a continuity play. Chair of the committee, which way he might lean. You are at the dovish end of the spectrum. Maybe they go into to hikes. 1. 5 rather than the potential fall. Overhaul, and the growth element. , we are pricing in. Ax light still a challenge central bank has inflation central bank has with inflation. Unless we get a spike in commodity, those are the two items on her mind on our mind. Us . Hat does that mean for stocks are stumbling in 2018. A good first half, then potentially troubled second half. Thats on our mind. Then we are going to have a challenge, do we reach 2019 we are a recession . Going to Start Talking about that by the end of 2018 and what might the fed and the ecb says about that. Thats something on our mind in the second half of next year. You are overweight tech and earnings season could be a test. Talking about that now as far as the yield curve is concerned, we played both well. Unless we see something in december. Moving in next year. Has got to steepen yield curves. If that happens, tech and financials. I want to bring in bitcoin. We are getting closer to that 10,000 level. To looking for signs of bubbles in traditional places. We have two things behind it. Increasing markets. The liquidity of it is moving higher. Think it is 12yearold millennials. I have two of them and what bitcoin is. It is a default investment. They would rather talk about bitcoin. This is their retirement . This is their early investing years. They are putting some savings into that. We think it has a buyer for the time being, we dont know how long it is going to last. Chief investment up us are at huntington bank. Staff begins tomorrow at 10 p. M. On bloomberg television. Lets get a check of first word news. The Consumer FinancialProtection Bureau told staff in a memo that disregarded directions the memo reads in receive Additional Communications from her today, please inform the general counsel. Act andd the dodd frank said as Deputy Director she became the acting director under the law. Franken has apologized again for his behavior and said he was embarrassed and ashamed after several women accuse him of inappropriate behavior. I just want to again say im sorry. I know there were no magic words i can say to regain your trust and i know that is going to take time. Im ready to start that process and it starts going back to work today. Accusing a former saturday night live writer and performer of forcibly kissing her and taking an embarrassing photograph with her during a 2006 uso tour. Since that three other women have accused franken of groping them. He gave no indication he would consider resigning his senate seat. President trump will not campaign for roy moore. Thats according to the associated press. More has been accused of sexual misconduct. He has blasted the democratic candidate in the race and said it would be a disaster if he were elected. It decemberelection 12. Hes expected to try to revive french influence in the region. President macri ons first stop is a former french colony. Unions have called for protests against his visit. Has orderedvernment School Closures and heavy security increases, in an effort to reduce the threat of student unrest. Sprint day,24 hour powered by 27 hundred journalists and analysts in over 100 20 countries. I am Mark Crumpton, this is bloomberg. Exclusive, bloomberg the white house used personal mobile phones while i work. Raising concerns among staff they will be cutoff. Abandonment issues. Joining us now is bloombergs alex wayne. Talk about the logic of this one. We know Cyber Security concerns donald trump has repeatedly voiced his displeasure. It is hard to believe this is entirely about security. I believe politico first reported that chief of staff john kellys cell phone was found to have been compromised. There is concern foreign adversaries or able to access his personal phone. This ban is provoked by some real concerns and security. It would be replaced by device. It could kick personal devices off the white house wifi network. It will probably serve the same ends. Will he no longer be able to bring his personal phone . He will find a way. Alex joining us from our washington bureau. It might make it much easier sometimes. Mexicos finance minister resigns to run for president. Details on this cabinet change next from new york. This is bloomberg markets. Scarlet lets turn to mexico just hours after resigning his post as finance minister. There have been a lot of changes as of late in mexico. The Central Bank Governor is going to be leaving. This decision has kind of been stuck. The current Central Bank Governor was announced quite some time ago he was going to the b. I. Essence switzerland. Switzerland. Thinking it would be made, but in fact he may run for president area these two things froze mexican Monetary Policy. It looks like they are now being resolved. Was a concern that a populist candidate could ultimately succeed in the president ial elections next year , and the ruling party needed a candidate like the finance minister that could be clear of any corruption scandals or noise surrounding him. Feels like the candidate they need now to push the push the party forward. Anything is going to be the stockman well candidate. We worry about populism in the United States and western europe. The one at the rate what if the real insurgency came from mexico . Some support for donald trump and his efforts there as well, which could make it interesting going forward. . Hat about centralbank policy he clearly has a great deal of experience leading to the banks settlements. What is the situation there . As close as the emerging world has to a central banker, highly known, highly respected. He made a run for the head of the imf. Path for a the successor to be made known to the central bank. It will be the deputy governor. Job theyone is in that can think about cutting Interest Rates. The peso has been weak because of stuff happening in the u. S. Seems to have found a firmer footing. They just eat someone to be in the job. So nothing can happen until the new Central Bank Governors in place . The process ofin getting an Interest Rate cut . Its not like nothing can happen. There is a sense that he has been a caretaker. We know he is leaving, congratulations to him. There isin that chair . A sense things have been frozen. Hopefully some clarity. Economics editor for bloomberg view. Thank you for that. Now ahead, the Holiday Shopping frenzy continues. Retailers still compete in the digital age . Our talk of the hour is macys, shares in the Department Store chain gaining this morning before reversing and falling as much as 2 . Before reversing and falling as much as 2 . Emma chandras here. Traditional detailers kind of over blacktory friday the Holiday Shopping weekend. Analysts say they have done really well, better than expected. They integrated online and instore very well. A viewer on friday and he said they were really pleased how things were going. A little boost on that. Means amazon, walmart and other Online Retailers. We have seen what happens also with a little touch with the other retailers. Much butlling not by they have been less focused on the traditional and more focused on the online ones. I actually have a chart here. You again hows much online is taking over from retail. The blue line, the Online Retail index and Department Stores, a pretty good chain. Funny we still call it black friday versus cyber monday. All of the emails were about buying things online. Black friday is pretty much cyber friday as well. Do we have any indications what numbers are seeing for cyber monday . Some people are saying its like black november. Certainly for cyber monday there is an expectation that there will be about 6. 6 billion worth of sales at 10 a. M. This morning. We are waiting for some recent numbers to come out. Spend 840nd to million. Things will skew later for the afternoon when people get home from work. They said that was 70 year on year. An inline reaching that 6. 6 billion sale target today. They said web traffic is up but it is really mobile running the day. Eople shopping on mobile how do you been buying things in the last couple of minutes . During the commercial break . Thats the time to do it. People do shop at work, they do tend to have good highspeed internet connections. Great point. What about the credit card slowdown . There was talk that macys was struggling with some of the Payment Processing speeds. They came out quickly to say it with something that was a problem but it was due to volume of traffic. Anday people were shopping macy said they didnt expected to impact their sales figures with target in any way. A good slowdown if that is possible. Time for the Bloomberg Business flash. A look at the biggest business stories in the news right now. Hedge Fund Platforms are avoiding bitcoin. All declining bitcoin funds recently. Of firm cites a lack regulation and understanding about the cryptocurrencies value. The Platform Companies provide backoffice functions and regulatory help for investment firms. Curate machines are selling at a deep discount after sean hannity showed on top earlier this month. The move was in response to ter, protesting calling for a product boycott. That is your business flash update. Oil slipping from a twoyear high. Closedot the commodities and your price of oil. This is bloomberg. Is this a phone . Or a little internet machine . [ phone rings ] it makes you wonder. Shouldnt we get our phones and internet from the same company . Thats why Xfinity Mobile comes with your internet. You get up to 5 lines of talk and text at no extra cost. So all you pay for is data. Choose by the gig or unlimited. And ask how to get a 200 prepaid card when you buy any new samsung device with Xfinity Mobile. A new kind of network designed to save you money. Click, call or visit today. This is bloomberg markets, i am scarlet fu. Commodity markets are starting with gold. There is also the confirmation yearng as well as current current chair janet yellen. In the spotlight and will be monitoring developments there. Wti is stumbling of it. Ahead of the opec meeting in vienna. Members, practically the outline of the deal. Out crucial details. Bloomberg has been tracking we arele revolution and joined from the shale expo. They they have their own sensitivities about how they react. Sticking today. We dont seem to be sure on what shale is going to do and their sensitivity is either. The first part seems like an extension is a done deal. Quotas front and center. Be that can move around and bigger impact. Russia has a president ial election in march of 2018. It becomes a really big question. Geopolitics are coming into play here as we look at how opec, not many play the situation to try to get things sorted out. If you look at brent a kind of if you get event shaping up from the if you lookwnside, at the tension between saudi arabia and iran, they are bananas. Saudi arabia is saying iran has the next hit low. Next hit with. Saudi arabia is saying iran has the next hit low. Next hit low. That tends to be sideswiped. Eswiped. And for different reasons. A 70 73 has fiscal break. Even what it winds up meeting for shale. We know how opec tends to respond. They team up the members and nonmembers. To what extent are the different players, their interests aligned . It seems to be every company for itself. You are probably going to be more careful from what you spend now. You may have a different reaction function paid if your technology is good you may pump faster for struggling on the execution. To your point there was a great article that said shale estimates for next year are between 500,000 per day and 1. 7 million barrels. No one necessarily knows what we are going to see this year. Their forecast is now 50 higher than they were even just a year ago. They are struggling. Andy hall as well says he thinks they are underestimating shale. Buybacks versus pumping more money into production growth. You wind up having a lot of execution issues. Once a mom, ones a kid, the kid isnt doing as well. You need them both to be doing well. Those kinds of issues are prevalent. We are going to see how that plays out and that impacts growth. Bring it right back to the meeting coming up at the end of this week, wheres the room for surprise there . It feels like a quota conversation. We dont have the extension cut at all, that would be a surprise for the market. Im not sure of the markets are prepared for that. Its going to be an interesting meeting and the commentary also. Thats a lot better than it was a year ago. The reddick is going to be kind of rhetoric is going to be cool. I dont even want to do this, President Trump is signaling he will be personally involved to get a tax bill passed. All of whom are on board with the republican plan. Meantime republican senator rand paul of kentucky says he will vote for the tax bill. Senator paul says he would like to see a larger tax cut. German chancellor Angela Merkel is taking a pragmatic tone and talks with the rival social democrats about forming a government. She says she is willing to to get reluctant social democrats on board. More than 400 migrants, including 98 children have been rescued from a wooden boat that drifted off the coast. Migrants received medical assistance. The commissioner for refugees estimates nearly 3000 people so far thisg europe year. Chuck watson and mark johnson. Cause 203rricanes billion in damages this year. Global news 24 hours per day powered by 2700 journalists and analysts in over 120 countries. This is bloomberg, scarlet and julia. Pat toomey of pennsylvania about the gop tax cut bill and his meeting with President Trump at the white house. This is bloomberg. Berg. Its a crucial week for plan the trumps tax president hosted a lunch at the white house with members of the Senate Finance committee to shore up support of the bill. Of the senators attending was pat toomey of pennsylvania. Great have you on the show, thank you for joining us. I want to ask what you make of the proposal for a trigger that could automatically seek rate rises. The gop is hoping for this plan. Investment in the first place. I think a trigger could have a. Elffulfilling affect thats a better report better approach. They may not result in sufficient levels of Economic Growth to cover the tax cuts. We never have had tax reform of this nature so we tremendously encourage the purchase and utilization of , moving to a territorial system so people around the world have all the incentive around the world and invest in the United States. The common nation is going to be powerful. It will only take 4 10 of 1 of extra Economic Growth. A fraction of 1 to make this deficit shrinking, to make this revenue positive. A letter attesting to their view that this will generate the kind of growth we need. The state and local tax did auctions as well, it clearly has been pushed back on the gop. See theu be willing to top rate of tax in order to offset some of the burden that was placed on the wealthier nation. I would be in favor of lowering all marginal rates, including the top rate in the house. And effectively it is even higher because some deductions, some income that is taxed at lower rates goes away and the house bill. We have a lower rate and we dont have that bubble effect. We are dealing with the constraint that the score of this policy cannot be more than 1. 5 trillion dollars in foregone revenue. It should be living in that box. The ductions in any form whether it is Something Like 10,000 property Tax Exemption like the house bill . The senate bill does not have that. The senate bill disallows allstate the duction on the part of individuals. Whatever the house put in come a 10,000 exception for property taxes. We need something that can pass both chambers. We pass the bill on the current form of the senate side that would be an item that we would have to negotiate with our house colleagues. They would be willing to do t