What is happening in the World Economy. Working off a couple signs that the Global Economy is losing momentum. We are also getting october area manufacturing pmi instead of the forecast of 46 pounds. Its all to do with the extension. Were hoping and waiting to hear from the eu. We are getting a couple of key decisions and we have the ecb a little bit later today. All eyes on mario draghi for his last News Conference. Bank norges bank leaving its key rate unchanged. Shares are down 22. 5 and we will have a full roundup of all of your stocks. Coming up, we speak to the acting chief executive of air shuttle in about 10 minutes. But first, lets get straight to first word news in your city. Agree theysadors should accept the eus request for a third extension of the brexit process. Splitey are reportedly over how long to grant the extension. The french are pushing for a tight deadline but many other countries want to permit the three months officially asked for. Johnson was forced to ask for an extension after he failed to gain the backing of lawmakers. Liftingrump is sanctions against turkey after it complied with the ceasefire agreement with Kurdish Forces in syria. It shows hiss decision to withdraw forces has paid dividends but the senior republican on the Foreign Affairs committee criticized the move. U. S. Representative says bashir all aside and russia are going to feel the back. Alassad and russia are going to fill the vacuum. Monetary authority of singapore told us his baseline view is quote the current cycle should be bottoming out towards the end of the year. He says the decline in trade and manufacturing has not spread to other sectors. We cant be there. Every slowdown, every risk on the horizon has to be addressed by Monetary Policy. I think fiscal policy has a strong role to play in that has not been sufficiently addressed. Mark zuckerberg warned congress that if the u. S. Does not take the lead in Tech Innovation china will step in. He faced a grilling from u. S. Lawmakers on the House Financial Services committee over fact theking lyrical had and prevention of the latest videos and online child exploitation. Discussing plans for Facebooks Libra cryptocurrency. Parts of california are going dark as the first stage of a massive blackout that could leave a million and a half people without power. Pg e Cutting Service to customers in an attempt the power lines from spiking sparking wildfires. The blackout is said to spread overnight in the parts of the San Francisco bay area. Global news, 24 hours a day on air, on tictoc, and on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. This is bloomberg. Francine thank you so much. In a few hours, mario draghi will preside over his final meeting as president of the European Central bank. In eight years in charge, he has lived up to his pledge to do whatever it takes to save the euro. He found measures to support banks and hands over the reins to Christine Lagarde in a difficult economic climate. Hour is theor the chief investment strategist in germany, austria and Eastern Europe at blackrock. So thank you for joining us on what feels like an important today. If you look at mario draghi at mario draghi and what he has been able to do, he is getting quite a lot of hard times because of a divided governing council. What can Christine Lagarde do differently . First of all, she will not need to do anything very soon. The september move of ecb was all about creating some time of l for Christine Lagarde for Christine Lagarde. Then she needs to win over those who have been opposing ecb policy of late which is an argument where she can bring in all of her experience as a previous policymaker and a french finance minister to win over people and build compromise. And to win over the public, which is quite difficult. I think Christine Lagarde is exactly the right person at this point in time to continue Mario Draghis work and to build on this legacy. Francine what are you expecting from Christine Lagarde . We had a 30 minute conversation weeks ago. Its clear she also sees himself as a politician. What would you do differently . Is it really trying to persuade politicians that they need to do more on fiscal spending . Martin its both, but predominantly in the latter. Policy as of monetary its coming to the ecb having used most of its ammunition at the disposal is the need for using some of the fiscal space that exists. It will be the task of the ecb in ansuade policymakers intelligent combination with the central bank itself. Impacttral bank has an on what the fiscal authorities do. It goes beyond its own independence. It would be quite an interesting way for Christine Lagarde to even extend the independence of the central bank. Francine what does it mean for markets and europe . Europe has the ecb, but its not really up to them. It could really break your. Europe. Martin europe can only play a role in this world especially between the two blocks, its not just china, but the world is building and the u. S. And americas. Europe cannot just stand on the sidelines looking at its own national interest. It can only work as a bloc in the big global game between the three regions. The eu must speak for europe at this point in time, and of course, the ecb is an important player. But also comes down to the larger countries finding a compromise. Italy needs to be taken back on board after it has been standing on the sidelines. There is a lot to do inside of europe before europe can actually play a role at the global stage. Francine when you are intimating is basically structural reform. And we are seeing a more friendly italy towards europe. Germands to happen for s to pick up . We spoke to all of shells at the imf and he said they are already doing a lot. They are saying their surplus the way larger if their fiscal policy was not so Extension Dairy already. By negative german Interest Rates across the whole range of maturities, you definitely have a surplus almost by definition. My sense, and last time i was in their lane, the sense i was getting was that the German Finance Ministry would only be willing to spend more i. E. Make a significant fiscal extension possible in the case of a deep recession, which is not we are seeing. I think we are rather in the midst of a mild slowdown and not on the way to a deep recession. Francine martin, thanks so much. Still ahead, stuck in a brexit limbo. The eu keeps Boris Johnson waiting to find out the new deadline. We will have the latest from brussels next. This is bloomberg. Francine economics, finance, politics, this is bloomberg surveillance. Lets get straight to the Bloomberg Business flash in new york city. Nokia shares plunging the most since 1991. This after the company cut its outlook and paused dividends. The telecoms equipment maker says the earnings boost from 5g will take longer. Thats as it invests more than products to fend off rising competition. Nokia cut earnings and margin expectations for this year and next. It also scrapped its dividends for the third and Fourth Quarters of fiscal 2018. Itla shares a jumped after reported a surprise profit exceeding the most optimistic estimates and by a wide margin. In the Third Quarter, the carmaker earned a dollar 86 a share. The consensus estimate was for a . 24 loss. Investorsalso told his new plant in china has already started production and the model y crossover will launch a month earlier than planned next year. The factory being constructed in such a short time approximately 10 months. As far as i know, its unprecedented. This will be the sample for future growth. We will modernize in shanghai and build a giga factory in europe. Taking a hit last quarter as they booked losses across a key number of projects. This includes the much touted Technology Upgrades which contributed to an operating loss of 421 Million Euros in the Fourth Quarter. The biggest lender in the region is pushing through an overhaul of its business and slashing its dividend policy. This year, coal powered generators in europe faced more than 6. 5 billion euros of losses as plunging Renewable Energy ts and cheap National Natural gas cut their used to a record low. According to a report, almost 80 of coalfired generators will be unprofitable. That is your Bloomberg Business flash. Francine thank you. The eu left Boris Johnson hanging as officials in brussels debated the new brexit deadline. France is said to be pushing for november 15 while others prefer january 31. Lets go to brussels and our government reporter. Great to have you today. What is france trying to achieve by pushing for a tighter deadline . Emmanuel macron, he has been britains that no are noir. He basically thinks there should be more pressure on the house of commons to get the deal through he thinks the only way to do that is to get a very short delay. He thinks that if you can do that, you can put pressure on the house of commons. Merkeler countries from and very much all other governments, they basically think you need to get a long extension to let the process play out and let parliament have a general election to see what happens. Boris johnson has are he said he will trigger a snap election if the extension is granted. Why are so many pushing for a january 31 deadline . I think they just think they should not get involved in british mr. Politics. Forget, Boris Johnson was forced by parliament to request an extension of three months. So the eu and most countries are saying, if thats what they asked for, then we should give them that. If we give them anything else, it looks as though we are interfering or trying to make Something Else happened were triggering elections were not. I think that sort of thing is very difficult for the eu to excuse. They say, actually, brexit has nothing to do with us. Get on with it. Francine that he so much, bloombergs european government reporter. Still with us is market from blackrock martin from blackrock. I am now if the outcome has a huge impact on Investment Opportunities in the pound. Martin probably not much. But one thing is clear. The less likely no deal brexit becomes, the more necessary it is to build up or Start Building up positions in sterling again. We still see that some of the positions we have seen are undervalued. And not all of the investors that are probably willing to invest in the u. K. In general in a normal scenario have come back to the market. Francine this is one of my charts i love and looks at pound volatility. That has been dropping quite a lot. Are you expecting volatility to go back up after the extension . One elements in the extension would probably be there are still some european politicians still hoping and thinking that avoiding brexit altogether is still possible. There may be a believe in the European Union belief in the European Union. It will mean that if this is true, some will come back to this extension. Boris johnson said, they will call a snap election and the election will happen. It will mean the parties involved need to position themselves with regard to the brexit question. This time around, voters will know what they are voting for they will not go into the unknown. They know exactly what they are voting about and they can say yes or no. That will bring back some of the volatility. Francine thank you very much. Up next, we speak to the chief executive of Norwegian Air after the Company Boosts cash. That interview coming up next. This is bloomberg. Francine this is bloomberg surveillance. Norwegian air has signed a joint venture with china construction bank. Shares are surging this morning on hopes that the agreement will shore up this cap carriers and bolster profitability. Joining us is the acting chief executive and cfo of Norwegian Air. Thank you for joining. Multiple measures to improve liquidity and your Balance Sheets. Your share price is rising some 13 . How much of this is a turning point . Are you only going to see good times ahead . Geir we came out of q3 which was a relatively good quarter. It is a good thing. That is despite the fact that we included and the figures. We are relatively good and we are headed towards being profitable. Francine what happens . Know there are sparse reports about you being a takeover target. That comes up again and again. Do you feel more comfortable in this position . We are creating a vehicle with china construction bank. And are the majority of they start out selling 27 aircraft. Most of these will be marketed in the regional market. If freeze up Capital Expenditures close to 1. 5 billion and we will have a positive equity affect as such. It is creating a vehicle that gives us flexibility going forward. Obviously, they are a very Strong Partner financially with a lot of capacity. Francine have you had any potential buyers looking at norwegian . Well, i am not able to comment on that now. Region isfor the related to turn this company back into a year on year profitability or a profitable company. What will we see from norwegian in the next couple of quarters . What will we focus on from the big announcement today . We have massive changes this year and used last quarter dive dive. P we also have external industry experts. Dive. We also have external industry experts. We have gone out today and said we have targeted the improvement coming out of 2021. That work has started the summer and continues that the next 18 months. And if we are able to deliver on this plan. Francine thank you so much for joining us. Acting chief executive and cfo of Norwegian Air. Next we talked with the latest in the impeachment drama as House Republicans storm a hearing with the blessing of President Trump. Thats up next, and this is bloomberg. This is what the markets are doing. Theres a little focus on Monetary Policy market expectations. We are also looking at a lot of earnings. Areare in advancing advancing and investors are shrugging off signs that Economic Growth is losing momentum. Sovereign bonds are steady and we have several Monetary Policy decisions. This is bloomberg. From the couldnt be prouders to the wait did we just winners. Everyone uses their phone differently. Thats why Xfinity Mobile 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 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. Francine Mario Draghis swansong. Will he take the stage for the final time as president . Boris johnson is waiting on a third brexit extension. Skyrocket as the electric electric carmaker. Good morning, afternoon if you are watching from asia, this is bloomberg surveillance, i am Francine Lacqua. We have had a host of earnings this morning. I want to kick it off with nokia plunging this morning, down 21 , the biggest drop for the stock since 1991. They halted their dividend payments. The 5g expenses are turning out to be more than expected. The british lender had a loss this quarter. It set a tough scene for next week. Allison rose takes the helm as the next ceo. Stock has had two profit warnings this year. Lets get straight to the bloomberg first news look, this is viviana hurtado. Viviana you ambassadors said they should except the u. K. They are reportedly split over how long to grant. The french are pushing for a tight deadline of november 15. Many countries want the three months of the u. K. Requested. Johnson was forced to request an extension. President donald trump is lifting sanctions against turkey after the country complied with a ceasefire agreement with Kurdish Forces in syria. Mr. Trump said it shows his decision has paid dividends. The senior republican on the u. S. House Affairs Committee criticizes the move because singapores economy may be a few quarters away from a recovery. Interview, wee are told the baseline view is the current cycle should be bottoming out toward the end of the year and into next year. Notaid the decline has spread to other sectors. Slow down. Risk has to be addressed by Monetary Policy. That has not been sufficiently addressed. Viviana hold onto your wallet. We are going to talk about possibly the most expensive parking space in the world. A parking spot in central hong 1g has sold for almost million. It is an illustration between the gap between the