Markets are struggling for direction. Stocks in the u. S. Are looking at record highs in markets around the world are trying to figure out how to put that against the fact the chinese economy is slowing. Andpean stocks getting 0. 2 you can see the 10 year yield at 1. 74. A good day to talk policy. Coming up, we speak to the Incoming European Commission her team of commissioners faces a confirmation vote in parliament. Lets its rate to new york with first word news. A worldbeating brexit trade deal. Thats what british carmakers want the next government to deliver. The society of Motor Manufacturers and traders say the key requirements include a friction this border, tariff free trade, and regulatory alignment. They spent more than 5 Million Pounds preparing for the exit from the eu. Of Chinese Industrial enterprise falling for the Third Straight month as Producer Prices continue falling and domestic demand slows. Early indicators suggesting the economy slowed for a seventh straight month. Another Major Swedish Bank reportedly used for Money Laundering, according to the state broadcaster. Sbc alleges they can trace the case back to the death of a Prominent Russian layer, lawyer, saying millions float through and can be involved in russian tax fraud. Seb maintaining that have not found evidence of systematic laundering. Jeremy corbyn is defending his party against the case of antisemitism after suggesting a rabbi leader is unfit for office. They trail boriss conservatives but appear to have made gains on the back of plans to reshape the british economy. A white house budget official said he warned superiors that a hold on aid for ukraine could be illegal but says he waited months without any response. He told the impeachment inquiry that officials learned in mid july that President Trump had directed aid to be held up. President trump denied wrongdoing and called it a witch hunt. Opportunity of the turkey pardoning ahead of thanksgiving to make a joke about impeachment. Thankfully come up and butter have been specially raised by the jacksons to remain calm under any condition. Which will be important, because they have already appeared subpoenas to appear in adam schiffs basement on thursday. Its true. It seems the democrats are accusing me of being too soft on turkey. News, 24 hours a day and on tictoc on twitter. Powered by more than 27 hundred journalists and analysts in more than 120 countries. This is bloomberg. Anna donald trump says the u. S. Is in the final throes of a trade agreement with china, signaling progress on a deal that has been in the works for two years. Francine he says it is going well, but in an interview with bill oreilly, trump also says he is holding up a trade deal. So lets focus on what this means. Joining us is the senior managing partner at a Swiss Private Bank specializing in wealth and Asset Management. Thank you for coming on, you always give us a good, global view. When you look at markets and trade as we head into 2020, what is the one thing that makes you nervous . Can the World Economy stay at these levels . Trade will of course dictate sentiment. Are risks, there are opportunities. What worries me most is being able to catch those opportunities correctly. Francine what kind of opportunities . Its so difficult finding yield. Patrick yes it is, but there are still opportunities. Looking for higher yields in the global yield market, in particular in dollardenominated we useents making sure these opportunities of sectorial rotation towards Industries Using solutions for sustainable industrial processes. All these are opportunities we have to seize so there is a risk of being under rather than over invested. Francine is this on the assumption we get a phase one deal . Patrick under the assumption that the trade deal is going to happen there is going to be a solution. We all needed, because that trade, no growth or market developed. Development. We also have to be careful about the mastering of technological trends. We are basically in a position where we have to look at the longterm and perhaps what worries me the most is the number of investors who are still focusing on the shortterm. Francine is this because we are incycle . There are things that are difficult to model. What is your number one concern . Could we see china turning . Patrick i think we could. We are also concerned about european stability. Uncertaintiescal are also sources we have to be careful about. In the world, debt will probably be the big thing to worry to tackle. Francine dear clients want exposure to they asked to go to cash . Patrick cash is expensive, as you know. When you are in cash, you pay with security but it is the wrong security today. We should be looking for Investment Opportunity in equities as much as in convertibles. Idea will be at good diversification model. Given the uncertainty and from the mixgrowth of good, quality equities and convertibles could be a good idea. Francine equities are telling us one thing, bobs the other. Other. S the do you think it is technical because of all the qe . Patrick partially. The worry is really the liquidity issue. Whether there will be enough liquidity at the time where we have to look at another trend. The second thing is to have the ability from a credit point of to look at the types of instruments we can find in good corporations. Francine what makes you confident about equities . Theres concern about Central Banks coming to the end of tools available. Patrick you can still go lower in terms of rates. What is important is trust. You have to give this impression by way of Monetary Policy measures but also political will that growth is going to be protected. At minimum, growth levels are protected. You have to get used to the fact that we have to to be underserved in the u. S. And in europe. We have to live with it, but cash is expensive. You have to look for Investment Opportunity. Francine where do you think more value in equities is . Europe has been unloved and so there is potential, or is it companyspecific . Patrick we are getting back into the manufacturer sector. If growth is invigorated, we could see industrials going back into favor. In this respect, theres a certain degree of rotation. Francine and this is with a strong u. S. Economy. One the chris at strong levels with a strong consumer that grows at strong levels with a strong consumer. Patrick correct. Looking at europe in general we are having a negative view on the world. But in europe, there has been late restructuring and gives us momentum we could take advantage of. Francine thank you so much. Coming up, it may be a happy thanksgiving for the turkeys President Trump pardoned, but what about the u. S. Consumer . That conversation a little bit later on. This is bloomberg. I give you a full and complete pardon. Francine economics, finance, politics, this is bloomberg surveillance. Lets get straight to the Bloomberg Business flash in new york city. Down for thetep ceo and longtime ally of president donald trump. Blackwell capital say it has lost confidence in his leadership. They took control of to stop to avoid a shareholder exodus. Blackwell says the Company Quote desperately needs change. He says he has already made quote significant transformational progress. The owner of Manchester City has agreed to sell more than 10 of stakes in private he ever firm silver lake. 4. 8, aued business at record for a sports team. The reported transaction showing how surging tv revenue is drawing attention from investors. Lucky strike maker British American tobacco lowering its outlook for a full year. Health concerns and a price war are weighing on cigarette sales in the u. S. Bat and rivals have run promotions for vaped starter kits for as little as a dollar. They also face restrictions on sales. President trump says he will raise the legal age for purchases to 21. Citigroup has been fined 44 Million Pounds for years of accurate reporting. It is the biggest fine from the regulation authority. They say between june of 2014 and december of last year, three units failed citi to give Accurate Information to regulars. And thats your Bloomberg Business flash francine. Flash, francine. Francine parliament votes to get today at we will have plenty from the new commission. Joining us from the European Commission in strafford. Is maria tadeo in stratford tadeo. Trassburg is maria this should be the final hurdle for the commissioner. Andnow she has been delayed has been more of a compromise candidate. She does not really have a majority here at the European Parliament and that is perhaps her biggest problem. In terms of the policy agenda, we just heard from the Incoming Commission president really wants to tackle Climate Change. Priority. R number one you can see why she is doing this. This resonated strongly with european voters in may and they want to see the change brought forward. She has given herself very Ambitious Goals and wants to do it quickly. Asre are many question marks to whether she will be able to fund this and how quickly she can push through her agenda. Francine maria, can the british Commission President get her green deal done . Maria she wants to make europe the first continent to cut down on omissions that emissions and become Carbon Neutral. Countries are concerned about the economic implications and businesses wonder how they can be a Major Industrial power yet press ahead with Major Industrial targets. We are looking at 100 days to get a major major reform through that is going to affect pretty much every district. That she is confident and wants to do this. She says this is something that resonates strongly with european voters. Francine thanks so much, bloombergs maria tadeo in strasbourg. Still with us is patrick. When you look at the people in charge, we were given the first speech, saying green energy is at the center of what they are trying to do. What does it mean for banks . To what extent do banks need to be sustainable . Patrick its very important such statement is made. We need is encouragement to make sure all industrial sectors do take measures quickly enough to ensure we avoid political decisions that will impair the future. But the Banking Industry simply has to manage our rates very carefully. If he take it from a credit or investment perspective, we have a duty to ensure we manage risks for clients. Risk on one hand come inequality on the other are the two major overwhelming trends we have to understand and translate into holdings. We are looking for solutions that will help facilitate priorities. Francine the client if a bank selling investable, renewable funds while being part of a big oil ipo . Patrick our economic model has come to its limits, so we will have reactions. We will have many more reactions of the future. Capital in thee right direction to benefit and to avoid the risk of stranded assets and accelerate the transition. We believe this will be the single most important source of returns in the coming year. Francine what do you need from the new commission . Your definition of something may not be the same as another banks. Patrick correct, we need common standards. We need to agree on the nature of the data to assess the sustainability of a model. Then we need a common taxonomy. Then we need indices that little by little, move towards identifying the right at the Biggest Companies that should be held in a portfolio. The assetmove Management Industry to move faster into that trend. Francine how will this impact economics . While the commission or companies have a clear plan of how to retrain people . Patrick there are two aspects. Did you go too fast, you will have huge collateral damage. I think the commission and or authorities must ensure that your keeps its leadership in this respect. Going everywhere, everyone is interested not everyone is taking measures. You have to create parameters that allows freedom of enterprise to move freely. Facilitate asset allocation, perhaps by prudential or capital measures. Or perhaps by simply having Tax Advantages for certain investments. Francine but you see a real shift . Is it clients but also Companies Ready to be more transparent . Patrick first, we are completely convinced. We saw the Immense Development of methodology data, and interest and now we see clients demanding solutions. And fast. But we have to report Carbon Intensity and other aspects of their portfolios. It is going fast, demanddriven to and that is the good news. Driven, and that is the good news. Francine private equity heavyweight tom barrack faces calls to step down immediately as ceo of colony capital. That story straight ahead. This is bloomberg. Francine good morning, everyone. This is bloomberg surveillance. Tom barrack is facing calls to step down from his Investment Management firm. In a recent letter, a shareholder said he should step down immediately as chief executive and chairman. With all the details, heres dani burger. Dani this year has seen its fair share of highprofile departures, but this one is unique. Rather than getting pressure from lower cost alternatives, is one shareholder in particular that has been pressuring him to step down. Tom barrack has said he will step down in 2021 but blackwell says he needs to step down immediately. They own 1. 9 of shares, but in the letter, some searing words. Criticizing him as the head of President Trumps inaugural committee which is under multiple investigations. It says he is distracted and has an abysmal record. Also under fire, his frankenstein combination, a threeway merger he pursued. I would a shave just how much that merger has hit shares. I want to show you just how much that merger has hit shares. It continues to underperform at this is when blackwells get him to add three Board Management members and undergo strategic review. Since then, it has lost 21 . It needss has said drastic change or will face shareholder exodus. Francine thanks very much, we will follow the story very closely. Coming up, we speak to the Incoming European Commissions president and her team as for team of commissioners faces a confirmation vote in parliament. This is bloomberg. Whether youre out here on lte. Or here on a wifi hotspot. Xfinity mobile has more coverage to keep you connected to what matters most. Thats because its the only Wireless Network that automatically connects you to millions of secure wifi hotspots and the best lte everywhere else. And now get 250 off when you buy a new Samsung Phone during Xfinity Mobile beyond black friday. Plus, you can save up to 400 a year. Click, call or visit a store today. Francine in the final throes, President Trump says phase one , withal with aging beijing, chinas slowdown continues. We will be live from strassburg with the latest. And the risks to growth. Political instability, the trade war, and negative rates are all weighing on investors minds. Looking ahead to 2020. Good morning, good afternoon, good evening, everyone. This is bloomberg surveillance. Lets check in on what is moving in the stock markets. Here is annmarie hordern. Nemarie a swedish bank, and even while the state broadcaster says they have involved themselves in moneylaundering, the biggest shareholder has come out and defended them, saying they still trust management that is esther a be. On top of that, seb says they have done everything they have rollsroyce on the downside, down 1. 5 . Morgan stanley says they are no buy. R a b and britt vic, the soft drink maker, organic Revenue Growth was disappointing, missed rbc estimates on top of that. They say this implies is slower britvic in the second half. Francine lets get to viviana hurtado. Viviana President Trump says the u. S. Is in the final throes of the trade agreement with china and it is going very well. In an interview with bill oreilly, President Trump later said to ensure better terms with the u. S. , he is holding off on the trade deal. Another Major Swedish Bank reportedly used for Money Laundering according to the countrys state broadcaster. Alleging it can trace the flow back the cash flow back to the death of a Prominent Russian lawyer. It can be linked to a Companies Involved in russian tax fraud. Seb maintaining that it has not found any evidence of systematic laundering. Jeremy corbyn is defending his accusationsonse to of antisemitism. Ahead of next months election, labor trailing Boris Johnsons conservative, but the party is making plans to dramatically shape the british economy. I wan