Transcripts For BLOOMBERG Bloomberg Markets European Open 20

Boris johnson begins efforts today to convince parliament to back his brexit deal. Lawmakers prepare for a vote tomorrow. Another aramco delay. Freeze again, just days before the planned launch. It continues to hunt for a 2 trillion valuation. And chaos. Renault slashes its forecast, putting blame on the deteriorating global economy. And a fellow french corporate lowers its outlook after weeks of poor results. Matt less than half hour away from the european open. Take a look first off on the pound. We are following cable very closely. It has been amazingly volatile, up to almost 130 yesterday all the way down to 126. 5 the day before that. Right now, we are trading at 128. 68. We will continue to watch for lines to cross from various labor, mp from various labour mps to see which direction the pound would go. Lets take a look at the futures. The equity indexes across europe. We are seeing Index Futures pointing lower. Decks futures are down 0. 4 , cac futures down 0. 3 . 0. 5 . Tures down this unconcern not just on china, but we have had a number of earnings misses as well, including companies that are lowering forecasts as well. Keep your eye on earnings. In terms of the u. S. Futures, we also see red arrows. Not so stark, but still looks like the u. S. Futures are indicating a lower open on wall street as well. Anna, what do you see on the brexit front in brussels . Absolutely, still on the brexit beat, even though Boris Johnson has left the country and is headed back to london to try to build the case for his deal. 320 is still the target to get to. He will find that difficult. Some of those assessments coming in, i have seen various ones, fewer than the fingers on one hand between the chance of success and failure. Might keep rely on the framing of the question . Is it deal or no deal, or a choice between deal and extension . Parts of the eu establishment keeping tightlipped, but some accepting they would contemplate a further extension. The difference is around customs checks. That might be fined for the erg and the brexit hardliners, but others might have an issue with it. Interesting to see whether theresa may backs this. She said no Prime Minister could put a line down the irish sea the way the Boris Johnson deal appears to do, although the Northern Ireland customs story is one of both camps. It is interesting to watch those dynamics as we moved to saturday. Of england story, we just heard that a smooth brexit would put rate hikes back on the table. With get to the markets, our bloomberg life strategist in the singapore. What is the outlook for the pound as Parliament Prepares to vote . You have the vote itself, what comes afterwards, and the bank of englands reaction to that. There are a lot of judgment calls you need to make to trade sterling at the moment. Reporter the pound has roared higher. It is up 5 for the last two weeks. I think that has built in a lot of good news. It could keep going higher if the agreement is passed. The trouble is, that is a mighty big if. Willof speculation that it not pass, and once that happens, who knows what can happen. There are all kinds of different outcomes that could occur. There could be a delay. Britain could crash out of the union without an agreement. I think the risks outweigh the benefits at the moment. Studying the bloomberg, we can see that demand for the pound is rising. They are taking out hedges in case the pound falls. It seems to me it is a bit overly optimistic and the risks are to the downside. Matt still a lot of uncertainty, but a lot of people taking bets. No more uncertainty in terms of chinese gdp, or at least in terms of the number that china publishes as gdp growth. It missed the estimate, but is not down below 6 , which was the markets main concern. Would you say that, wes . Certainly Economic Growth is slowing in china. I was looking at china stocks, the csi 300 is up about 30 this year. That is a pretty good run. I think it will be difficult for the csi 300 to extend that gain, given that growth is slowing a bit. A better place to look if growth is slowing is china government bonds, which would offer a safe haven. Also if growth is slowing a bit, i think that will support the pbocs targeted easing program. The pboc has refrained from cutting its benchmark lending rates, but at the same time, it has various easing programs it is implementing. That will put downward pressure on yields. There is a good chance for the rest of the year that bonds may be the place to be in china, instead of stocks. Anna thanks very much for being with us, joining us with the marketss live view this morning. You can join the debate. Tell us what you think of the chinese gdp number. The question of the day, the team would like your input on. Is the 6 gdp growth enough to sustain a risk rally . We heard from wes on the subject. Lets get a first word news update. Nh ha. S onoa syria and turkey have agreed to a break in hostilities to allow kurdish fighters to withdraw from the border. Once a permanent ceasefire takes effect, President Trump will remove the sanctions. But u. S. Senators from both sides say the deal does not go far enough. They are still pushing for more sanctions. Reluctant to cut rates any further. That is what bank of italys governor says. He says he did not support all elements of the stimulus package. Mayautions that the rates eventually backfire, but adding that banks have so far been coping well. The asset purchases [indiscernible] the balance is clearly possible. Catalonias separatist leader is promising a new push for independence. It is a challenge during a tense week of violent protests. This coming after jail terms were handed down for leaders of a failed bid for independence back in 2017. Separatist leaders have called for a general strike today. We spoke to the economy minister about the crisis. I hope that we can engage in a much more constructive manner. From the perspective of the spanish government, they are trying to engage constructively, launch a dialogue with the catalonian authorities. I hope we can continue in the future and the violence goes down. Oanh global news 24 hours a day, on air and tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. I am oanh ha. This is bloomberg. Anna, matt . Matt thank you for that. Coming up on bloomberg television, we look at the top newsmakers from across the deck. We hear from the Vice President of the European Commission, the eu commissioner for economic and financial affairs, and later on we will speak with the bank of England Governor Mark carney. Dont miss these conversations. Also, the World Bank Annual meetings in washington dc. This is bloomberg. Deal for ourgreat country, for the u. K. I also believe it is a very good deal for our friends in the eu. But i can say today is our objectives as ireland and europe have been met. I am happy, relieved that we have reached a deal. We have a deal which allows us to avoid chaos and conflicts between the eu and the united kingdom. Thanks to this deal, we can checks on theom border between Northern Ireland and ireland. There will be no hard border between north and south. The economy will continue to develop. What it means is we in the u. K. Can come out of the eu as one united kingdom. Of course, it is now for the British Parliament to make the decision. It is a longstanding tradition. It is a wise parliament. The extraction having been done, the building now begins. Playersme of the key there in brexit speaking as the deal was reached. The agreement now goes to the parliament for a crucial vote tomorrow, a saturday vote, which i am sure anna will be back in westminster to cover. Lets take a look at futures. We have a negative picture if you look at the European Equity index set up after a couple warnings out of European Companies and a miss on chinese gdp. Anna . Was the chinese story bearing in mind. A saudi aramco has delayed its ipo again. Sources say the Public Offering will be on hold for at least a few weeks as they seek valuation of 2 trillion. The delay is meant to allow u. S. Banks to factor thirdquarter earnings into their assessments of what aramco is worth. Joining us is Annmarie Hordern. What is the delay this time . This is about getting the perspective as uptodate as possible. Annmarie good morning. Getting the perspective uptodate, which would allow the banks this delay to include those thirdquarter results into their preipo assessment. But it is really about the valuation. It looks like the banks are struggling to reach that to trillion dollar valuation that aramcos largest shareholder, the saudi royal family, really desires. No one really questioning the fact that this company is not one of the most profitable in the world. The profits exceed those of apple and exxon. When you put that against aramco, that comes out to 1. 5 trillion value. Atomberg intelligence has it 1. 1 trillion. That seems to be the main struggle, but we have seen this story before. This happened last year with aramco. There were still some questions, and investors were pausing at this to trillion dollar valuation. We are seeing that delayed today. Anna but matt but still, a gargantuan ipo to watch. What is the new timeline . Annmarie this timeline and this announcement was so well choreographed. It was supposed to align with and its investment, looks like november will not happen at all, possibly not even december. We could be looking well into 2020. Aramco was out with the statement and they said they want to wait for Market Conditions to be more favorable. When you look at what is going on locally, this is a local listing in saudi, you can see the exchange on tuesday hit a bear market. We bounced a bit, but the index is under pressure. In other saudi companies, analysts are slashing forecasts for the coming year. They were down 13 . Anna thanks very much. Annmarie hordern on the aramco progress. Lets get a Bloomberg Business flash. For that, we go to hong kong and oanh ha. Oanh Tech Companies should not be the arbiters of truth. That is according to facebook chief mark secular mark zuckerberg. Comments in a speech at georgetown university, adding, people should be able to see for themselves what politicians are saying. Saleuul is suspending the of most flavored ecigarettes. They claim the flavors were hooking teens. Will continued selling meant flavored tobacco products. Other products could return to the shelves if the fda approves them. And strong Credit Demand in china, despite a slowing economy. The Online Finance dinette is controlled by jack ma. It is due to the advent of mobile payment. It is very resilient. Number. Ooking at the [indiscernible] oanh and thats your Bloomberg Business flash. Matt, anna . Matt oanh ha in hong kong with your business flash. Lets take a look at what you might want to be watching today. Global financial leaders are in washington for the final day of the Imf World Bank meetings. We will bring you a slew of top interviews, including mark carney. That is at 5 30 p. M. London time. In brussels, the eu summit is also drawing to a close, with brexit still looming large. We are also watching for fallout from the u. S. Tariffs that were due to hit the eu today, and earnings season continues. Cocacola and American Express both report before the market opens on wall street, so if you are watching u. S. Stocks, those are two to keep your eye on. Up next, we will take a look at your issues to watch this morning at the open, including renault. The carmaker cuts its forecast. Not the only company cutting its forecast, blaming the weakening economies. We will bring you a round up. This is bloomberg. Minutes to go until the start of the trading day for this friday morning in europe. Around the news worm, we have and work around the newsroom, weve Annmarie Hordern looking. T renault, lets go to do know. Annmarie the calls are looking for a drop at the open. They are cutting their Sales Forecast for the year. These are thirdquarter results that did not meet the expectations. A lot has to do with weakness in the sales of yogurt in the united states, as well as buttered bottled water in europe. Matt speaking of bottles, what is the story . Not a good story. 2q sales that missed estimates. In particular, the highmargin division, the key crucial division, is below because of protests in hong kong. We dont know how these protests will pan out in three q, so some analysts see the for your guidance the fouryear guidance. We will see what happens there. Matt albertina, thank you very much. And you have the story on renault. Also not a pretty picture. Also ending on a side note, renault slashing profit. They are forecasting their sales will decline 3 to 4 this year. Earlier, they had forecast the revenue level would be the same as last year. They are fighting a difficult economic environment, especially in markets outside of europe. They are talking about argentina and turkey. They say the cost for higher regulate regulation is too fast for the consumers. The stock was down 6 in the u. S. Yesterday. We are looking for a decline today. Nmarie,lbertina, an thank you very much. Type first in your bloomberg terminal. Also, get the bloomberg first word news on the bloomberg mobile app. We are just about five minutes away from the start of trading across europe. We are looking for also the start of trading in istanbul. Remember, they typically open about five minutes earlier than european markets. After the 120 ceasefire brokered between turkey and syria by mike pence and the u. S. , you can see the open bouncing. 98406. European open. Futures are pointing lower. For everything else, the open is next. This is bloomberg. Devices are like doorways that could allow hackers into your home. And like all doors, theyre safer when locked. Thats why you need xfinity xfi. With the xfi gateway, devices connected to your homes wifi are protected. Which helps keep people outside from accessing your passwords, credit cards and cameras. And people inside from accidentally visiting sites that arent secure. And if someone trys well let you know. Xfi advanced security. If its connected, its protected. Call, click, or visit a store today. Matt one minute away from the open of cash equities trading. Annmarie hordern is standing by. Annmarie good morning. With the dealt that was announced. Can Boris Johnson get this through parliament . If he does, we could see the pound hit 134. The csi is weaker. 6 . Ese gdp came in at s p 500 futures also touching off this morning. Oil down by 0. 2 percent, poised to end the week on a down note. Lets take a look at what is going on in european futures ahead of the market open. We are seeing a risk off sentiment from asia heading into europe. The ftse 100 is down by 0. 4 . The cac as well. A similar picture. France will be interesting, considering the earnings from these major french companies. It has just gone 8 00. Lets take a look at how these european markets are shaping up. Out of the gate, you can see turkey opened up more than 3 , nearly 4 . This comes as u. S. In turkey announced a ceasefire, but the devil is in the details. The market likes it. The ftse is down 0. 2 . Euro stoxx down as well. Besides the turkish markets, we are seeing weakness across the major indices. Poppingsee the lira above 1 against the u. S. Dollar. Softer on the euro and the british as well. At stake a look what is going on in the sector picture. We are seeing a lot of red at the moment. Aquick glance at the wheel. Health care seeing green. So movers are going to be interesting today, given we have had so many updates on earnings and results. I imagineas gdp, and we will see a lot of autos moving. Matt i see for the most part to the upside big oil helping to add index points to the stoxx 600 or keep us from falling further than we are. We got 182 winners, 389 losers. We are going to the downside. Right at theee two top helping to hold the stoxx 600 back from further losses. On the downside, you will see a lot of the names we have been talking about this morning. Volvo out with earnings. This is the truck maker, not the carmaker. It is off by 4 right now. You can expect to see when they and, stocks like danone remy moving to the downside as well. I am looking for renault. Peugeotugeot i see moving to the downside. I see bp helping to hold us back from bigger losses. Stoxx down about 0. 6 . That is the broader european index. That is as Boris Johnson battles to sell his new brexit deal to mps ahead of a crucial vote tomorrow. Joining us is chris wiley, ceo. Chris, what do you expect . I realize there is so much uncertainty here. It does look like that Boris Johnson finally got this deal, if he can get just a few people from labour, a couple other people, then he turns into a hero over the weekend. Lets reflectd where we were 10 days ago. Would you ever have imagined when early last week we had the blame game erecting the blame game erupting into social media. Definitive vote tomorrow in parliament. I say it is definitive, but it is not the endpoint. It is a gateway to the next play. But there is a possibility he could get it through tomorrow. It looks to me as if the mast is very tight. He is going to struggle to get dissentersh labour to cross the floor. But i have seen sentiment that it could be only two or three votes. Who knows . Statement, brussels coming in alongside the u. K. Maximumnt to apply pressure, maybe a few people will come across. Our assumption is that is probably too much to look for tomorrow, therefore we move to the next chapter quite quickly. That youeresting remind us where we have been in 10 days, but lets remember that the tension that was created, a lot of it came from number 10. Now number 10 getting the credit for diffusing that. Let me ask you what is at stake on sunday. We move into another stage however saturday goes, whether he gets the deal or not. That matters hugely, but what lies ahead is probably another election. How do you position yourself around all those outcomes . Chris i think that is why Index Futures<\/a> pointing lower. Decks futures are down 0. 4 , cac futures down 0. 3 . 0. 5 . Tures down this unconcern not just on china, but we have had a number of earnings misses as well, including companies that are lowering forecasts as well. Keep your eye on earnings. In terms of the u. S. Futures, we also see red arrows. Not so stark, but still looks like the u. S. Futures are indicating a lower open on wall street as well. Anna, what do you see on the brexit front in brussels . Absolutely, still on the brexit beat, even though Boris Johnson<\/a> has left the country and is headed back to london to try to build the case for his deal. 320 is still the target to get to. He will find that difficult. Some of those assessments coming in, i have seen various ones, fewer than the fingers on one hand between the chance of success and failure. Might keep rely on the framing of the question . Is it deal or no deal, or a choice between deal and extension . Parts of the eu establishment keeping tightlipped, but some accepting they would contemplate a further extension. The difference is around customs checks. That might be fined for the erg and the brexit hardliners, but others might have an issue with it. Interesting to see whether theresa may backs this. She said no Prime Minister<\/a> could put a line down the irish sea the way the Boris Johnson<\/a> deal appears to do, although the Northern Ireland<\/a> customs story is one of both camps. It is interesting to watch those dynamics as we moved to saturday. Of england story, we just heard that a smooth brexit would put rate hikes back on the table. With get to the markets, our bloomberg life strategist in the singapore. What is the outlook for the pound as Parliament Prepares<\/a> to vote . You have the vote itself, what comes afterwards, and the bank of englands reaction to that. There are a lot of judgment calls you need to make to trade sterling at the moment. Reporter the pound has roared higher. It is up 5 for the last two weeks. I think that has built in a lot of good news. It could keep going higher if the agreement is passed. The trouble is, that is a mighty big if. Willof speculation that it not pass, and once that happens, who knows what can happen. There are all kinds of different outcomes that could occur. There could be a delay. Britain could crash out of the union without an agreement. I think the risks outweigh the benefits at the moment. Studying the bloomberg, we can see that demand for the pound is rising. They are taking out hedges in case the pound falls. It seems to me it is a bit overly optimistic and the risks are to the downside. Matt still a lot of uncertainty, but a lot of people taking bets. No more uncertainty in terms of chinese gdp, or at least in terms of the number that china publishes as gdp growth. It missed the estimate, but is not down below 6 , which was the markets main concern. Would you say that, wes . Certainly Economic Growth<\/a> is slowing in china. I was looking at china stocks, the csi 300 is up about 30 this year. That is a pretty good run. I think it will be difficult for the csi 300 to extend that gain, given that growth is slowing a bit. A better place to look if growth is slowing is china government bonds, which would offer a safe haven. Also if growth is slowing a bit, i think that will support the pbocs targeted easing program. The pboc has refrained from cutting its benchmark lending rates, but at the same time, it has various easing programs it is implementing. That will put downward pressure on yields. There is a good chance for the rest of the year that bonds may be the place to be in china, instead of stocks. Anna thanks very much for being with us, joining us with the marketss live view this morning. You can join the debate. Tell us what you think of the chinese gdp number. The question of the day, the team would like your input on. Is the 6 gdp growth enough to sustain a risk rally . We heard from wes on the subject. Lets get a first word news update. Nh ha. S onoa syria and turkey have agreed to a break in hostilities to allow kurdish fighters to withdraw from the border. Once a permanent ceasefire takes effect, President Trump<\/a> will remove the sanctions. But u. S. Senators from both sides say the deal does not go far enough. They are still pushing for more sanctions. Reluctant to cut rates any further. That is what bank of italys governor says. He says he did not support all elements of the stimulus package. Mayautions that the rates eventually backfire, but adding that banks have so far been coping well. The asset purchases [indiscernible] the balance is clearly possible. Catalonias separatist leader is promising a new push for independence. It is a challenge during a tense week of violent protests. This coming after jail terms were handed down for leaders of a failed bid for independence back in 2017. Separatist leaders have called for a general strike today. We spoke to the economy minister about the crisis. I hope that we can engage in a much more constructive manner. From the perspective of the spanish government, they are trying to engage constructively, launch a dialogue with the catalonian authorities. I hope we can continue in the future and the violence goes down. Oanh global news 24 hours a day, on air and tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. I am oanh ha. This is bloomberg. Anna, matt . Matt thank you for that. Coming up on bloomberg television, we look at the top newsmakers from across the deck. We hear from the Vice President<\/a> of the European Commission<\/a>, the eu commissioner for economic and financial affairs, and later on we will speak with the bank of England Governor Mark<\/a> carney. Dont miss these conversations. Also, the World Bank Annual<\/a> meetings in washington dc. This is bloomberg. Deal for ourgreat country, for the u. K. I also believe it is a very good deal for our friends in the eu. But i can say today is our objectives as ireland and europe have been met. I am happy, relieved that we have reached a deal. We have a deal which allows us to avoid chaos and conflicts between the eu and the united kingdom. Thanks to this deal, we can checks on theom border between Northern Ireland<\/a> and ireland. There will be no hard border between north and south. The economy will continue to develop. What it means is we in the u. K. Can come out of the eu as one united kingdom. Of course, it is now for the British Parliament<\/a> to make the decision. It is a longstanding tradition. It is a wise parliament. The extraction having been done, the building now begins. Playersme of the key there in brexit speaking as the deal was reached. The agreement now goes to the parliament for a crucial vote tomorrow, a saturday vote, which i am sure anna will be back in westminster to cover. Lets take a look at futures. We have a negative picture if you look at the European Equity<\/a> index set up after a couple warnings out of European Companies<\/a> and a miss on chinese gdp. Anna . Was the chinese story bearing in mind. A saudi aramco has delayed its ipo again. Sources say the Public Offering<\/a> will be on hold for at least a few weeks as they seek valuation of 2 trillion. The delay is meant to allow u. S. Banks to factor thirdquarter earnings into their assessments of what aramco is worth. Joining us is Annmarie Hordern<\/a>. What is the delay this time . This is about getting the perspective as uptodate as possible. Annmarie good morning. Getting the perspective uptodate, which would allow the banks this delay to include those thirdquarter results into their preipo assessment. But it is really about the valuation. It looks like the banks are struggling to reach that to trillion dollar valuation that aramcos largest shareholder, the saudi royal family, really desires. No one really questioning the fact that this company is not one of the most profitable in the world. The profits exceed those of apple and exxon. When you put that against aramco, that comes out to 1. 5 trillion value. Atomberg intelligence has it 1. 1 trillion. That seems to be the main struggle, but we have seen this story before. This happened last year with aramco. There were still some questions, and investors were pausing at this to trillion dollar valuation. We are seeing that delayed today. Anna but matt but still, a gargantuan ipo to watch. What is the new timeline . Annmarie this timeline and this announcement was so well choreographed. It was supposed to align with and its investment, looks like november will not happen at all, possibly not even december. We could be looking well into 2020. Aramco was out with the statement and they said they want to wait for Market Conditions<\/a> to be more favorable. When you look at what is going on locally, this is a local listing in saudi, you can see the exchange on tuesday hit a bear market. We bounced a bit, but the index is under pressure. In other saudi companies, analysts are slashing forecasts for the coming year. They were down 13 . Anna thanks very much. Annmarie hordern on the aramco progress. Lets get a Bloomberg Business<\/a> flash. For that, we go to hong kong and oanh ha. Oanh Tech Companies<\/a> should not be the arbiters of truth. That is according to facebook chief mark secular mark zuckerberg. Comments in a speech at georgetown university, adding, people should be able to see for themselves what politicians are saying. Saleuul is suspending the of most flavored ecigarettes. They claim the flavors were hooking teens. Will continued selling meant flavored tobacco products. Other products could return to the shelves if the fda approves them. And strong Credit Demand<\/a> in china, despite a slowing economy. The Online Finance<\/a> dinette is controlled by jack ma. It is due to the advent of mobile payment. It is very resilient. Number. Ooking at the [indiscernible] oanh and thats your Bloomberg Business<\/a> flash. Matt, anna . Matt oanh ha in hong kong with your business flash. Lets take a look at what you might want to be watching today. Global financial leaders are in washington for the final day of the Imf World Bank<\/a> meetings. We will bring you a slew of top interviews, including mark carney. That is at 5 30 p. M. London time. In brussels, the eu summit is also drawing to a close, with brexit still looming large. We are also watching for fallout from the u. S. Tariffs that were due to hit the eu today, and earnings season continues. Cocacola and American Express<\/a> both report before the market opens on wall street, so if you are watching u. S. Stocks, those are two to keep your eye on. Up next, we will take a look at your issues to watch this morning at the open, including renault. The carmaker cuts its forecast. Not the only company cutting its forecast, blaming the weakening economies. We will bring you a round up. This is bloomberg. Minutes to go until the start of the trading day for this friday morning in europe. Around the news worm, we have and work around the newsroom, weve Annmarie Hordern<\/a> looking. T renault, lets go to do know. Annmarie the calls are looking for a drop at the open. They are cutting their Sales Forecast<\/a> for the year. These are thirdquarter results that did not meet the expectations. A lot has to do with weakness in the sales of yogurt in the united states, as well as buttered bottled water in europe. Matt speaking of bottles, what is the story . Not a good story. 2q sales that missed estimates. In particular, the highmargin division, the key crucial division, is below because of protests in hong kong. We dont know how these protests will pan out in three q, so some analysts see the for your guidance the fouryear guidance. We will see what happens there. Matt albertina, thank you very much. And you have the story on renault. Also not a pretty picture. Also ending on a side note, renault slashing profit. They are forecasting their sales will decline 3 to 4 this year. Earlier, they had forecast the revenue level would be the same as last year. They are fighting a difficult economic environment, especially in markets outside of europe. They are talking about argentina and turkey. They say the cost for higher regulate regulation is too fast for the consumers. The stock was down 6 in the u. S. Yesterday. We are looking for a decline today. Nmarie,lbertina, an thank you very much. Type first in your bloomberg terminal. Also, get the bloomberg first word news on the bloomberg mobile app. We are just about five minutes away from the start of trading across europe. We are looking for also the start of trading in istanbul. Remember, they typically open about five minutes earlier than european markets. After the 120 ceasefire brokered between turkey and syria by mike pence and the u. S. , you can see the open bouncing. 98406. European open. Futures are pointing lower. For everything else, the open is next. This is bloomberg. Devices are like doorways that could allow hackers into your home. And like all doors, theyre safer when locked. Thats why you need xfinity xfi. With the xfi gateway, devices connected to your homes wifi are protected. Which helps keep people outside from accessing your passwords, credit cards and cameras. And people inside from accidentally visiting sites that arent secure. And if someone trys well let you know. Xfi advanced security. If its connected, its protected. Call, click, or visit a store today. Matt one minute away from the open of cash equities trading. Annmarie hordern is standing by. Annmarie good morning. With the dealt that was announced. Can Boris Johnson<\/a> get this through parliament . If he does, we could see the pound hit 134. The csi is weaker. 6 . Ese gdp came in at s p 500 futures also touching off this morning. Oil down by 0. 2 percent, poised to end the week on a down note. Lets take a look at what is going on in european futures ahead of the market open. We are seeing a risk off sentiment from asia heading into europe. The ftse 100 is down by 0. 4 . The cac as well. A similar picture. France will be interesting, considering the earnings from these major french companies. It has just gone 8 00. Lets take a look at how these european markets are shaping up. Out of the gate, you can see turkey opened up more than 3 , nearly 4 . This comes as u. S. In turkey announced a ceasefire, but the devil is in the details. The market likes it. The ftse is down 0. 2 . Euro stoxx down as well. Besides the turkish markets, we are seeing weakness across the major indices. Poppingsee the lira above 1 against the u. S. Dollar. Softer on the euro and the british as well. At stake a look what is going on in the sector picture. We are seeing a lot of red at the moment. Aquick glance at the wheel. Health care seeing green. So movers are going to be interesting today, given we have had so many updates on earnings and results. I imagineas gdp, and we will see a lot of autos moving. Matt i see for the most part to the upside big oil helping to add index points to the stoxx 600 or keep us from falling further than we are. We got 182 winners, 389 losers. We are going to the downside. Right at theee two top helping to hold the stoxx 600 back from further losses. On the downside, you will see a lot of the names we have been talking about this morning. Volvo out with earnings. This is the truck maker, not the carmaker. It is off by 4 right now. You can expect to see when they and, stocks like danone remy moving to the downside as well. I am looking for renault. Peugeotugeot i see moving to the downside. I see bp helping to hold us back from bigger losses. Stoxx down about 0. 6 . That is the broader european index. That is as Boris Johnson<\/a> battles to sell his new brexit deal to mps ahead of a crucial vote tomorrow. Joining us is chris wiley, ceo. Chris, what do you expect . I realize there is so much uncertainty here. It does look like that Boris Johnson<\/a> finally got this deal, if he can get just a few people from labour, a couple other people, then he turns into a hero over the weekend. Lets reflectd where we were 10 days ago. Would you ever have imagined when early last week we had the blame game erecting the blame game erupting into social media. Definitive vote tomorrow in parliament. I say it is definitive, but it is not the endpoint. It is a gateway to the next play. But there is a possibility he could get it through tomorrow. It looks to me as if the mast is very tight. He is going to struggle to get dissentersh labour to cross the floor. But i have seen sentiment that it could be only two or three votes. Who knows . Statement, brussels coming in alongside the u. K. Maximumnt to apply pressure, maybe a few people will come across. Our assumption is that is probably too much to look for tomorrow, therefore we move to the next chapter quite quickly. That youeresting remind us where we have been in 10 days, but lets remember that the tension that was created, a lot of it came from number 10. Now number 10 getting the credit for diffusing that. Let me ask you what is at stake on sunday. We move into another stage however saturday goes, whether he gets the deal or not. That matters hugely, but what lies ahead is probably another election. How do you position yourself around all those outcomes . Chris i think that is why Boris Johnson<\/a> looked as happy as he did yesterday because whichever scenario plays out, he probably feels it puts him in a very strong position. It is by a small miracle he gets it through tomorrow. That is a tremendous outcome for him. If he doesnt, i cant doesnt, i cant see how we end up anywhere other than in a general election. One would imagine he will be forced to request an extension, not least through the legislation. But he can say that is not my fault. Now we have an election. I delivered on my side of the bargain. Lets take it to the people. With the latest polling evidence showing the electorate seems to be swinging back behind brexit, 52 now say they are in favor of brexit because what had happened the last couple of years is after brexit support swelled after the referendum, it ebbed again and we were around 45 support. It seems to have popped up around 50 again. I think he will look for that campaign with a reunited conservative party behind him and a still divided labour party with a confused message on brexit. Mentioned the optics around how we framed the vote for tomorrow. We will speak to the liberal democrat mp and see what they are being asked to vote on. I want to ask you about the bank of england because we have had dave ramsden this morning saying a smooth brexit would put rate hikes back on the table. We have heard other views, but that was before the deal was achieved. What do you make of that kind of comment . Are you expecting rate hikes . It probably is in favor of tighter monetary policy. But they will be datadependent. They dont have to give any hostages fortune. It is associated with a no deal brexit. I think rate cuts become less likely. Rally on see the pound a brexit resolution, we think itt is likely and we think hits an Inflection Point<\/a> this week and will have a tendency to trade higher, then that puts downwards pressure on inflation. Therefore, the bank of england will not feel obliged to raise rates because there is no Inflationary Pressure<\/a> in the economy. It is an open debate. The bank of england will not be under pressure to act. We can wait and see how the numbers play out. Anna thanks very much. Slowdown asconomic well. Chris wyllie stays with us. Since we are discussing all things brexit, i want to tell you that we will be tracking and keeping uptodate with every twist and turn of the process over the weekend. Guy johnson and i will be leading our special coverage on sunday from 7 00 p. M. U. K. Time. We will be keeping an ion markets as they open up for the monday session. Matt next, discontent. We hear from our interview with the bank of italy governor and the sources of his worry will be revealed. This is bloomberg. Matt welcome back to bloomberg markets. This is the european open. We are looking at steep losses for carmakers after renault is out with a cut to its forecast. Volkswagen, fiat chrysler, and peugeot all falling. Autos, and on the that is in turn leading to a more than 1 drop on the stoxx 600. The bank of italy governor Ignazio Visco<\/a> says he is reluctant to cut rates further. He cautioned negative rates are an unconventional tool that may eventually backfire, speaking to Francine Lacqua<\/a>. Theaid that uncertainty is biggest threat to growth right now. The trade is on a downward trend, and it is the lowest growth rate in financial cuts. In this sense, the turbulence in trade restrictions peak. Kathleen is that because francine is that because of trade concerns . Or is it just a downward trend . Mr. Visco i think it is the uncertainty leading for both. The delayed investment and the direct effects in economies like china, which has clearly had a major impact, especially on the european exports. On the other hand, the seeingtical risk, we are the brexit trials as very cyclical. At the same time, we have the middle east, which is contributing to worsening our outlook. It is complicated. But it is the uncertainty having major effects. You see that in the pmis. Obviously, the main effect is manufacturing in germany. The risk is up. Countries,to other especially on the side of the sector, something we are already starting to see. Francine markets are worried that Central Banks<\/a> do not have the firepower, especially in europe, to deal with the crisis, or the eventual crisis. Still havei think we the instruments to intervene. If there isbetter policy in which interaction with produceal policy could quicker results. On the other hand, there have wee en disputes the there have also been disputes. [indiscernible] are in this. I think we should talk about this. There the end, overall was almost a unanimous request of having it packaged, easing monetary policy. These are the kinds of instruments we use. Negative Interest Rates<\/a> are called in. Cominget purchases are in. There are both pros and cons. The balance is clearly possible. ,nna that was Ignazio Visco<\/a> the bank of italy governor, speaking with Francine Lacqua<\/a> in washington. Chris wyllie is still with us. Thent to ask your view on european economy, through the prism you like to use to assess your investments. Valuation, momentum, and growth. Do you see any reasons to be long europe at the moment . Chris it is probably a little premature to be long europe at the moment. The problem, this is the story globally. We have been looking for the light at the end of the growth tunnel this year. We went into it last spring. That is when the old story faded and we moved into the regime of stagnating growth. We have been in the tunnel for over 18 months, so of course we should be looking for these lights. But they are pretty dim and distant, flickering at best. As we just heard, things like pmi, the soft data is still pretty weak. There is no obvious sign. The best you could say about the data is, can it get any worse . Particularly manufacturing data in germany. We are not getting obvious signs of a reacceleration of growth momentum. You can say that in europe, you can say that globally. Matt we had germany out yesterday i say obviously. If you follow on the bloomberg as closely as i do, they cut their forecast, the government, for growth next year. We are stilld, looking at 20 gains on the dax, 20 gains on the pack, 20 for on the cac, 20 gains on the s p. Chris the observation to make but the gains is from an arbitrary starting point at the beginning of the year when we were coming off the sharp selloff at the end of march. When you look at where equity markets are around the world, we are still in most, cases comfortably below the peak we are still in most cases comfortably below the peak. I would not be a seller in stocks in terms of the motivation of any change. We are still on the cautious side. Would be coming from a more cautious stance because we have not seen that growth momentum reestablish itself. We have seen things get better. But mosts got better, importantly the Interest Rates<\/a> environment has changed. That certainly helps the valuation. Momentum has improved. It is no longer a risk. It could be a positive, but we would like to see when we are out of the trading range. Sentiment is negative. Forhows this is not news the Investment Community<\/a> that growth is a problem. Expectations are low, and that is encouraging. If we do manage to get some of that slightly better Economic Data<\/a> we are looking for, then expectations can rise. That would give the breakout to the equity markets. We are poised, but we have not got the catalyst yet. Matt why are carmakers having problems, car sales dropping . You expect a low rate environment to encourage people to go out and take a loan and take out that renaud your heart has been longing for for years, and it does not seem to be happening . Chris yes, and it is one of peculiarities with the cycle we are in, that we have had falls in global car sales. That does not normally happen unless you are well into a consumer recession. I think there are a number of contributory factors. The one most spoken about is global trade. Trades are a big ticket item globally in trade. There is the dieselgate scandal. There is the die lemma about there is the dilemma about the power. I amught diesel was clean, told it is not, so should i be going electric . But the infrastructure is not really there for electric. Most people couldnt have an electric car even if they want one. People are holding off important purchases. We have seen the financing of car sales change and more vendor financing through carly says. I wonder through car leases. The car fleet has gotten younger because it has facilitated purchases, and therefore we are seeing the upper side. Maybe that is in there as well. We have this phenomenon of falling car sales even though the consumer is still spending. Anna thanks very much. Chris wyllie stays with us. We will bring you the stocks on the move so far, including renault. They are slumping after cutting therefore your outlook. It is weighing on others in the stocks. This is bloomberg. Welcome back to the european open. 23 minutes into your trading day, and things are looking negative, in particular for the french stocks. Lets get the stock movers. Annmarie hordern has those for us. Annmarie i am going to pick up right there and talk about one french stock that should be on your radar. Asn more than 14 , renault they cut therefore year outlook for profit and revenue. They are citing weakness in the economic environment. That is weighing on the auto motive demand. You pointed out with that is doing to the automotive sector, down 2 as a whole. Danone also moving lower, down more than 6 . It cut its sales guidance. This comes as a miss for the Third Quarter<\/a> results. They were citing weakness in yogurt sales in the u. S. , and here they were citing losses in a bottle water. One bright spot is a Swiss Medical Technology<\/a> company, getting a search, up 16 . That is as their earnings are the highest. The stock has not moved this much since april. Matt Annmarie Hordern<\/a> looking at some of those stocks on the move this morning. Big reasons for equity indexed Movement Today<\/a> is chinas Economic Growth<\/a>. It was the slowest pace since at least 1992 in the Third Quarter<\/a>. Gdp rose 6 even from a year earlier. That misses the consensus estimate, which was 6. 1 . Tndustrial output bea estimates. Today, we are asking the mliv question of the day, is chinas 6 gdp growth enough to sustain a rally . If you think you have a good answer, pitch it in. Chris wyllie is still with us. What do you think of the mliv question . What is your answer to that . Do you think it is enough . You framed the question in a certain way, relating it to a rally. If we are talking about a global rally in the markets, i am not sure it is just about chinese growth. But as it happens, we are still pretty suspect about emerging markets, and china in particular. We think that may have been on the impact on Global Growth<\/a> from the chinese slowdown irrespective of trade development. It may have been underestimated. That is still playing through. For those reasons, we dont see emerging markets yet as having a green light toward investments. We do have some exposure in certain markets, but it is attractive areas potentially, which is theam, beneficiary of the redirecting of investments away from china. I think a rifle shot approaches emerging markets, rather than a lot of core exposure, which still has these question marks around it. Anna thanks very much. Chris wyllie. Up next, numbers gain. Boris johnson battles to mps ahead of tomorrows crunch vote in the comments. We will look at whether he can make it over the line next. We will be joined by a liberal democrat mp to get a sense of what he thinks the decision is all about tomorrow. This is bloomberg. Matt 30 minutes into the trading day, lets get your top headlines. Ordeal, Boris Johnson<\/a> begins efforts to convince parliament to back his brexit deal. The pound seesaws as lawmakers prepared for a vote. Another aramco a delay. The oil titan puts its ipo on freeze again just days before a planned launch. They continued the hunt for a 2 trillion valuation. And renault slumps after cutting forecasts. The pain filters through to all other european carmakers. Nonetheless, good morning. It is still friday. Welcome to bloomberg markets. I am met miller in berlin alongside anna edwards at the European Commission<\/a> in brussels. Anna . Anna lets turn to the story we were covering intensely and talk about how this will play out over the weekend. Joining us from westminster is the liberal democrat mp. Good to have you on the program. I want to ask you how you frame the choice you will have to make tomorrow. Do you frame it as a choice between a deal or no deal or a choice between a deal and an extension . I think it is definitely between a deal and an extension. Boris johnson talks about getting brexit done, but with his proposal, the only thing that will get done by the british people, done over by his set of proposals. According to the governments own Economic Impact<\/a> assessments it will lead to a 6. 4 drop in real wages and a drop in gdp. In context, that is not dissimilar from the negative Economic Impact<\/a> of the Global Financial<\/a> crash. Note,r important thing to you talked about a deal. This is not a deal, it is a Withdrawal Agreement<\/a> that deals with the divorce bill. Rights to. System move around each others territories. It moves towards resolving the irish border issue, but what it is not include is a legally binding trade deal. That will be negotiated in the years that follow. So investors watching this program who think the Withdrawal Agreement<\/a> will create certainty, we are going to continue to see a few more years of uncertainty continuing. That is byy to stop stopping brexit which is what the liberal democrats are proposing. Anna right. Had Boris Johnson<\/a> and team to commit to sticking to some eu rules around aid, competition, and employment standards. Be just in theto political declaration rather than the Withdrawal Agreement<\/a>, but perhaps they are setting that path in an unexpected direction. Dont forget, the transition agreement described as a standstill, just for a short time after the agreement, the u. K. Would abide by eu rules. That will only be until the end of next year. All this does is extend the gangplank but it is a gangplank to nowhere. After december 2020, there is no trade deal. We could be faced with the same scenario we are now in. Arell of the reasons people putting up Investment Decisions<\/a> or making decisions based on the u. K. Not having a trade agreement with the eu, all of that will just happen again this time next year. It really does not solve anything whatsoever about the future of the u. K. Economy. All of that comes down to the fact that the promises made to the british people by Boris Johnson<\/a> have been impossible to square with reality. The core of what he sold to the british people was that you can have all of the economic benefits of eu membership without having to pay the subscription fee or abide by the rules. Time has shown that was absolute fantasy. That is why youve had the political chaos and disruption in the u. K. Ever since. We will see what kind of Free Trade Agreement<\/a> than the negotiations throw up. Let me ask you about the weekend. Are any of the amendments something we need to keep an eye on . Particular, there is an amendment i see that might be around allowing an extension to give further scrutiny to the documentation. What are you hearing . The focus for members of parliament who sit on the remain side of the argument will be on defeating the Withdrawal Agreement<\/a> tomorrow and ensuring parliament and scrutinize what happens going forward. As you allude to, ensuring the extension the Prime Minister<\/a> will be legally bound to request of the eu council is in. One thing i would say to investors of people watching is not to believe the spin and the press statements put out by 10 downing street. A record minister has being economical with the truth of that is a generous interpretation. But the things to Pay Attention<\/a> to are the documents the government submitted to the Scottish Court<\/a> the week before they gave undertakings they would send that letter requesting an extension if the agreement was not passed by the house of commons of course,aving made those undertakings the Prime Minister<\/a> were not to request an extension, then he would be in contempt of court. Akin to a criminal offense. So we are fairly certain that if the Withdrawal Agreement<\/a> has been passed by the house of commons, then that letter will be going as i dont believe the Prime Minister<\/a> will want to commit a criminal offense. Though he has a habit of breaking the law. Anna we will see if it does not pass in the commons them then. I understand some mps are stepping down. I believe this is the seat you want to contest. How do you rate your chances of any future general elections . We are confident we can take the seat but we are not complacent. The city of london and westminster, and you are right, i am the parliamentary candidate , its a see to remain in the European Union<\/a> and the which is not surprising. It contains the Financial Services<\/a> sector and the west and , leading Creative Industries<\/a> end, leading Creative Industries<\/a>. For all sectors and industries, it will do immense damage. That is why people who live here think it would be a terrible thing to leave the European Union<\/a>. There are currently represented in parliament by a rightwing, conservative nationalist government led by Boris Johnson<\/a>. Ist we found on the doorstep that the traditional support there have been over the decades is collapsing. So many of those people are flocking to the liberal democrats. Lots of labor voters are coming to the liberal democrats because they recognize the best way to defeat the conservatives in this parliamentary constituency, an international symbol, they recognize the best way is by voting for the liberal democrats. We are confident we can win but we are fighting for every single vote. You have to earn support that is what we are seeking to do. Many people believe the general election will come before christmas because Boris Johnson<\/a> is running a minority administration. He cannot currently govern. Thanks very much. A liberal democrat mp joining us there from westminster. Withll keep you uptodate all of the twists and turns in the process. Guy johnson and myself will be leading special coverage on sunday. This is bloomberg. Matt welcome back to bloomberg markets. We are 41 minutes into the trading day right now and looking at a mixed picture here. The ftse is down. 4 at the dax is treading water. The attack is weighed upon heavily by renault losing. 3 . I think it is interesting that the ibex 35 is gaining. Even asstocks are up riots and protests continue in the catalog region. So that is something to certainly keep an eye on over the weekend. About oil. Saudi aramco has delayed its ipo once again. The Public Offering<\/a> has been put on hold for a least a few weeks as the state owned tighten seeks a valuation of 2 trillion. Joining us for more is Annmarie Hordern<\/a>. Annmarie good morning. We have seen the story before when investors paused at the 2 trillion valuation the saudi royal family desired. It seems that the similar situation we are in today. This delay gives wall street banks some time to incorporate thirdquarter results into the preipo assessment valuation. They are still struggling to reach that 2 trillion mark. While aramco is a very Profitable Company<\/a> and far exceeds the profits of apple or exxon, when you take those dividends and put it against aramco, you are looking at a valuation of 1. 5 trillion, much less than what they are looking for. Bloomberg intelligence has it at 1. 1, for instance. We may not see the ipo come to fruition potentially before next year. Matt thanks very much for that. Annmarie hordern there, looking at the possible 2 trillion ipo that has been postponed again. Mps toohnson is courting back his new brexit deal. That goes to a crucial vote in parliament tomorrow. Defeat would mean a no deal exit on october 31. It would mean a third a delay to britains departure from the eu on at this upcoming brexit today. Joining us now is the director at royal. Let me first ask you if boris can get this deal through. Doesnt, it is going to mean another delay. , in some sense, anger the british constituency. Well, the first thing i would is British Parliament<\/a> has the tradition of being completely unpredictable and chaotic third so i dont really know what they will decide to morrow chaotic. So i dont really know what they will decide tomorrow but the risk of no deal is significant. The question is will there be an extension or not . Jeanclaude juncker says there will be no extension that it is not up to him to decide that. It is up to the eu heads of state and government to decide whether or not there will be an extension i got a feeling yesterday extension. I got a feeling yesterday that many Member States<\/a> would not want to pull the plug at this stage. Angela merkel capture cards open on this. Is that if the deal fails tomorrow in the house of commons, we might be in for a delay of a few months, at least. Anna yeah. I have heard so much use of the word prolongation which is not a word i have ever said before. Its amazing how these things catch on as everyone talks about them. Let me ask you about an election. How soon do you see an election happening in the u. K. . Well, i think that is basically up to the domestic politics and process and constitutional constraints. Up i think we would probably for an election in the next couple of months, really. Certainly before the end of the year. Extensionspect the could be exactly to cover that. Go to be an extension of 23 it could be an extension of 23 months. , we would have an election, and of course, if labor wins, labor has already announced it might put the theresa deal up to a referendum, which would be an interesting twist and turn in history. For hat does this mean i mean, Boris Johnson<\/a> has previously had issues with the separation of Northern Ireland<\/a> from the rest of the u. K. But that is what this deal appears to do, at the very least in some small sense. Is that going to be a problem . Is that the biggest problem for the right and a problem for the people of Northern Ireland<\/a> . That is exactly the core point here. Boris johnson has crossed a redline. That was important because that was the only way to get a deal. The redline he crossed is to accept some sort of customs control in the irish sea. The eu has also crossed a redline by accepting political controls fouryears down the road when the eu before has always insisted that the backstop should be unlimited in time. When i was last in your studio in berlin, i said the eu should give up its redline and will, and in the end, they did. This is a very interesting deal because both sides moved the red line. But for Boris Johnson<\/a>, it is extremely difficult to get it through parliament because the dup is very worried that this will cut off the Northern Irish<\/a> economy from the rest of the u. K. , awill mean, in the end political border between Northern Ireland<\/a> and the u. K. , it is a very highstakes political gamble we are seeing here. Gut gun trim, thank ntram, thank you for joining us. Guntram wolff from bruegel joining us. To topup, we will speak newsmakers throughout the day out of the eu and washington. We will hear from the Vice President<\/a> of the European Commission<\/a> and pierre moscovici, the eu mission are for economic and financial affairs. They are both in d. C. Later on, we speak to boe governor mark carney. Dont miss all of those conversations from the imf and World Bank Annual<\/a> meeting. Anna . Anna plenty to watch out for from washington. And plenty more from here in brussels. They continue to debate Climate Change<\/a> and the budget. I am off to do some radio and all see you there. I will see you there. We are talking about big stock movers, including volvo. The company sees a truck slowdown next year. More on that. This is bloomberg. Matt welcome back to bloomberg markets. This is a the european open. We are 53 minutes into the trading day a pretty mixed picture. At the open, we saw everybody down, now we see the dax clawing back to gains despite the drops in carmakers. Those carmakers are dragging the down. Cac you see gains in italy and in spain as well despite the rise we see in our reporting about barcelona. We will continue to stay across that story. Lets get over to Annmarie Hordern<\/a> for your top stock movers. What have you got . Annmarie have a lot of down movers. Lets start with a remy cointreau. Secondquarter sales came in weaker and it comes amidst the protests in hong kong affecting asian travels. Volvo is down 3 as well. The Truck Company<\/a> dropped 45 . They are seeing weakness in the truck market. Renault is plunging down more than 12. 5 . They cut the year outlook for profit and revenue, citing weakness in the economic environment and demand space. That is why you are seeing all of these autos falling. Thats bringing the auto sector down. 25 . ,e are coming back a little bit but it is a very rough day for the auto sector in europe. At thosemarie looking carmakers in london. Back in berlin, i got richard jones. We can kick it off with your take on brexit. Do you have an edge one way or the other . Richard i think the vote will be very close, too close to call. But the dup saying it will not bracket the government probably sees the deal failed in parliament. When i look at the sterlings , everythingt further out the curve is negative sterling. Sentiment is negative on the pound. All of the uncertainty embedded into the u. K. Political system right now. We probably have to pay it by year played by year but the upside is limited. Matt either johnson gets the deal past or he doesnt, and what happens then . Election . To an richard either way, we are probably looking at a general election in several weeks or a couple of months. Everyone is convinced of that. If this one thing politics have taught us over the last three years, it is to expect the unexpected at this point. That is the thing weighing on sterling sentiment. Matt let me ask you quickly about the china gdp data. It was less than anticipated but still under 6 . Any concerns . That it heldfact that handle was a comfort to investors, but it is still a multidecades low. So not out of the woods but not as bad as some feared. Matt remember the early 90s . How awesome were the early 90s . Jones, our mliv fx and rate strategist joining me in berlin. Is chinas 6 gdp growth enough to sustain a risk rally . Growth has not been that low since green day came out with dookie. Stay with bloomberg television, i am headed to radio. This is bloomberg. From the couldnt be prouders to the wait did we just winners. Everyone uses their phone differently. Thats why Xfinity Mobile<\/a> lets you design your own data. Now you can share it between lines. Mix with unlimited, and switch it up at anytime so you only pay for what you need. Its a different kind of Wireless Network<\/a> designed to save you money. Save up to 400 a year on your wireless bill. Plus get 250 back when you buy an eligible phone. Call, click, or visit a store today. Nejra Boris Johnson<\/a> urges supporters and rivals to back his brexit deal, but can he win over the parliament the defeated theresa may three times . And chinas economy grew at the slowest pace since 1992 as recent events take a toll. Renault slashes profit forecasts about putting blame on the deteriorating local economy. Shares tumble. Welcome to bloomberg surveillance. 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