Particular pressure early in the session, but paring some of those losses, down by about 0. 3 right now. We had seen the pound gaining on the back of those polls i mentioned in the headline, but that seems to be shortlived. Now we see a fairly flat pound. 1. 2916 is where we trade on the u. K. Currency right now. Lets check out a bloomberg first word news update. Heres leighann gerrans. Ighann beijing told the u. S. Ambassador to quit meddling in hong kong affairs. The chinese also warned the bill could affect cooperation in important areas. The u. S. And china are in the midst of negotiating a trade deal. The white house is pushing to wrap up negotiations on a new trade deal with mexico and canada. The agreement known as usmca has become President Trumps top legislative priority. The administration and House Democrats have been locked in talks for months to secure a vote before the end of this year. Democrats want more enforcement of labor issues. Both mexico and canada say there has been progress. This may be a new test for President Trump over north korea. Kim jonguns regime appears to have fired off two short range Ballistic Missiles today. Has threatenedim to break off Nuclear Talks with the u. S. , demanding that President Trump these up on sanctions by the end of this year. The president has sleep ignored the recent short range missile tests. It is the most anticipated poll of the British Election campaign, and it is protecting that Boris Johnsons conservative party will win its biggest majority in more than three decades. The conservatives will win a majority of 68 seats in the december 12 election. The poll uses meeks that closely predicted the 2017 election outcome uses techniques that closely predicted the 2017 election outcome. 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. Im leighann gerrans. This is bloomberg. Anna thank you very much. More on that story, the poster Yougov Finance and the results of its highly anticipated poll. If the election were held tomorrow, yougov protecting the best performance for the tories since 1987. Lets bring into the conversation simon fraser, former undersecretary at the commerce office, and now managing partner at flint Global Business advisory firm. Also at chatham house. Great to see you. Very good to get your thoughts as we see this new polling information coming through from yougov. It matters, doesnt it, how big a tory majority we see in the selection, if that is where the election ends up . Simon first of all, the poll is interesting. It gives the conservatives a significant 11 point lead. However, there are many unpredictable factors in the selection at the local level. Lets not take it absolutely as gospel truth, but it seems to indicate conservative lead. If that is the case, the question will be, how big is that lead going to be, and what can Boris Johnson do with it . Anna there seems to be uncertainty attached to some of the areas yougov has seen swing to the tories, but one of the interesting developments is the redwall in the north, where many seemr constituencies to be vulnerable to falling to the tories in a way you wouldnt have thought possible since the industrial decline legacy that we have seen over recent decades. A shift in voting habits do you think we are seeing in the u. K. . Simon it will be interesting because conservatives need to take seats out of the labour heartland in the north. Be makingto inroads there. Labour has apparently shifted their campaigning strategy to refocus their message on brexit in that area in particular because those areas where heavily probrexit areas, and the labour party seems to be less clearly probrexit than the conservatives. That is cutting across these traditional prolabor loyalties. Anna if we do see conservatives winning on december 12, the size of any majority will matter in terms of the brexit story. The British National audience trying to determine what this means for the brexit narrative. If the leader has a strong majority, they get to shape brexit in a certain direction rather than being pushed and pulled by certain groups. Simon remember, theresa may and Boris Johnson were both unable to get deals through parliament because they didnt have a majority. If Boris Johnson has a clear majority, the first thing hes got to do is pass legislation to get his withdrawal deal through so that we can legally leave the eu at the end of january. But then also, the scale of his majority will depend will influence his freedom of maneuver in future negotiations about the relationship between the u. K. And the eu, which is what happens once weve left. Although he said this is all about getting brexit done, what he means is getting the first bit of brexit done, i. E. Leaving. There is still negotiation about the future to be had. And thats the politics thats been going into this, of course. What about the tory mps that could be elected this time around . Theyve all said they will back him in this withdrawal agreement, but we dont necessarily all will go down a no deal path. That could be something that markets will ask questions about. Simon i think probably, he will have managed to unite the party more around brexit. He is planning quite a hard brexit in terms of the economic relationship between the u. K. And the eu. In other words, hes coming out of the customs union, coming out of postalignment with europe, and have a sort of third country free trade arrangement. That is quite a hard brexit. I think you will have support in his party for that. Of course, when he gets the reality of that negotiation, he might find it harder to do than he thinks. If he has a significant majority, he may actually have room to flex his position to a more moderate stance it he wants to going forward. Anna how should we interpret it when he says he will not extend the middle of next year . He can try, but he says he wont do it. How should we view that statement in this stage of the campaign . Simon we have a transition period after weve left until the end of next year. I dont think they will be able to do a complete negotiation in one year, but Boris Johnson has said he is not going to extend that. I think if hes got a significant majority and when he realizes the complexity of the negotiation, he may find a way of extending it further. He certainly wont say that for now, the. Anna let me get your thoughts on the u. S. U. K. Trade deal. The labour party seems to be tying this in with the brexit process, and yet it is something that remains very far into the future, doesnt it . If we are going to be focused on euu. K. Negotiations, it is going to be hard to have all of these managed at the same time. Simon the first thing will be the euu. K. Relationship and sorting that out, but they have said they want in parallel to address the u. S. Negotiation. As weve seen, there are dossiers which have revealed discussions have taken place. This is highly politicized because there are very sensitive issues around the future of the National Health service, food standards, drug pricing, which are being brought into the debate as political elements by labour. Anna is it anymore at this point of the u. S. Asking for access to u. K. Health markets, or is it that the u. K. Inroads intos made the nhs being involved . Simon both parties have to be in agreement on what actually is in scope, and that has not yet happened. This is partly electoral politics. Anna and looking ahead to the nato meeting next week, that means President Trump will be here during the election campaign. I was looking at some yougov data that suggests 67 percent negative opinion of President Trump in the u. K. If he decides to wade into the domestic issues around the election, that would be of interest. Still. D move things simon itsimon is interesting that President Trump is coming here, and there hasnt been a lot of focus on it yet. It is always controversial. Dedber, he has already wa into the u. K. Election once, and there is a risk that could happen again. That would be very controversial again, no doubt. Anna simon, thank you very much. Simon fraser, from Flint Partners and formally at the foreign office. Very interesting polling data overnight. Ets coming up on the program, a threat of retaliation from china as President Trump signs a bill backing hong kong protesters. What it means for trade and the outlook for markets. That conversation is next. This is bloomberg. This welcome back to special edition of bloomberg market. President trump has signed a bill in support of democracy hong kong protesters. Trump released a statement, saying the bills are being enacted in the hope that leaders and representatives in china and hong kong will be able to amicably settle their differences, leading to longterm peace and prosperity for all. China threatened retaliation over the passage of the bill just as the two nations get close to signing a phase one trade deal. Bloombergs International Executive editor going this now with analysis. This latest development over hong kong, i suppose, threatening to derail trade talks. Thats the fear that the market has. Reporter thats right. You can see from the language from the white house that donald trump wasnt particularly excited to sign this bill into law, but he much, given the weight of Opinion Congress has on hong kong right now. It is clear neither he nor the chinese want to have this drug much into the trade war. We saw some comments from a staterun newspaper saying that one retaliation might be to put people who drafted the law on a no entry list to hong kong and china, but there is a but that is a fairly middling kind of response. It is very clear from that in the fast that weve had nothing also far from china that they really want to try to get this out of the trade war conversation. Anna President Trump also talking very favorable tones about the chinese leadership whilst he was doing it, trying to not make it about them, i suppose. Also reflects the fact that the administration doesnt particularly want to get involved in what they fear is Domestic Affairs in many countries, unlike the previous administration, where they would comment on things like human rights in china and so on. Trump clearly does not want to get involved in that. He says quite often that he feels that hong kong is a situation to handle carefully. He has set out a different store for his Foreign Policy in general that reflex that and the desire to keep it away from the trade conversation. Anna and where on me on trade at the moment . Clearly we didnt get a phase one deal for thanksgiving. Maybe we get one for christmas. What is the talk at the moment as to when and where this could get signed, and when we see this phase i transpire . Rosalind it is very unclear, but they are still talking, and that is better than nothing. There are conversations going on at a very high level with the chief negotiators. Theres incentive for donald trump to get this deal done before they get too much further into the electoral cycle in the new year. You can see from the most Economic Data out of china that beijing wants to wrap it up before the end of the year because they are starting to really feel it with their domestic economy. Anna the industrial profit data this week stood out, didnt it . Thank you so much. Rosalind matheson joining us on the trade tension. For more, we are joined by Chris Watling come along view economics ceo and chief Market Strategist. What matters here, i suppose, is whether this influences the phase one trade ill. What downside is there for markets if we dont see that soon . Chris theres certainly a bit of a wobble in markets, like we saw in may when trump pushed back on trade negotiations, but i dont think it is a central issue anymore. There is so much liquidity in markets that this is no longer central. It is interesting the last few weeks. It is not that bothered by trade headlines. Anna we sort of ebb and flow with the trade headlines. Chris but not that much. It is not that big, really. I think the market also knows that trump doesnt want to get involved in this. He has some plea following through with what has passed through congress. Liquidity is very good. Theres a lot of liquidity going into markets, the nonqe qe. Anna so is it your assessment that would have been pushing us up to new alltime highs has not been on trade . Chris i think thats really important. We have basically digested a bit of gains in the first half of november. You didnt see it in the s p. Now we are sort of setting ourselves up for that move higher. It is like steps. You go flat and then up, and then flat, so on. I think the market is in great shape. The Global Economy is turning up. Building permits breaking out above the twoyear range, which tells me u. S. Housing is starting to reaccelerate. That will underpin the human the u. S. Economy into 2020. Anna what sort of green shoots do you see for stabilization in manufacturing and retail, for example . We saw a decent jump based on the gdp data yesterday, but also based on durable goods numbers. We started to raise the prospects of a new capex cycle in the u. S. How optimistic are you at the moment . Chris i feel great about the u. S. We had d stocking and slowing housing because of yields last year. The stimulus has come back in from the fed, so youve got all of the preconditions, and you are starting to see it come through in the data. So i think it looks good. The economy has got momentum. I think it looks interesting for 2020. Chris could the tariff story anna could the tariff story still knock us off course for the end of the year . Thehe bloomberg terminal, middecember forecast looks cloudy with a chance of tariffs. That references the middecember possibility that we get an increase in tariffs rather than a rollback in phase one. Chris we might do, but we know what both sides really want to do a deal. Who knows whats going to happen . But from both sides perspec tive, it helps if a deal is done. The economy is under pressure. It is not performing so well. Game theory would said to me, are they going to push those tariffs back and keep negotiation . Anna if trump thinks he is going to do well in 2120, does that give him incentive in 2020, does that give him incentive to go in for more . Politically, you mean draghi get on into 2020 . You mean dragging it on into 2020 . You want to get your momentum going, and you want to get your economic moment of going in the stock market momentum going. No deliberate fault of his, really, or maybe some, i think it is lining up nicely for 2020. The economy is reaccelerating. Everyone is offside on this stock market, and they need to get back end, so that should help drive momentum. And the fed has done what they wanted him to do, or a lot of it. Has done what he wanted them to do, or a lot of it. Anna chris, thanks very much. Chris watling stays with us on the program. Coming up, opec says the oil market will be balanced in 2020 if it maintains current production levels. More on what that means for next weeks vienna meeting. We look at the latest on the oil sector. This is bloomberg. Leighann this is a special edition of Bloomberg Markets. Amazon expects a strong fourthquarter. The Worlds Largest on done Largest Online retailer has hired temporary workers to get product into warehouses, pack boxes, and even make deliveries. The retail section of aramcos ipo was fully covered, with just one day to go. The lead manager says they bought 8. 7 billion of shares. Most transactions were made online and at bank branches. Since investors are keen the aramco ipo became largely regional. Anna a balanced oil market in 2020 . Opec thinks it is possible. The cartel says if it maintains current production levels, the dynamic will even out. That is the latest signal the group will stick with their output cuts at their meeting due to take place in vienna next week. With me is bloombergs, reordering, aim bloombergs Annmarie Hordern, a keen watcher of the oil markets. And is it that the opec their friends are saying . Annmarie basically, the demand next year is going to be offset in 2020. Many people thought they were going to cut. On top of that, we have two other things to watch out for today. Our bloomberg survey, only one in 35 think they would cut. All of these Oil Companies want to stay the course to march of next year. Basically, it really is looking like opec is going to hold the line and rollover these cuts. Opec , thet is others involved as well. So where does that take us into 2020, when weve got concerns about Global Growth perhaps, or may be bottoming out with the Global Growth story . Talk us through what happens on supply. Annmarie many say we will have an oversupply at the start of 2020. Ubs has said this. The question is how bad it will be for oil prices, and how far they fall. If they fall far enough, does this mean that opec is to hold some emergency meeting and step into the market . That is the big question. Many people say if they do not cut, they are going to be facing really difficult prices at the start of next year. Anna thank you very much. Just a quick check of the price is right now, down around 0. 4 57. 87. 87 brent under pressure, too. Just down a fraction of 1 on equity markets. The big story is around hong kong tensions. President trump signing that hong kong bill into law. How much is that going to disrupt the trade negotiation . That is something the markets are watching. Q market is not selling off a great deal on this thanksgiving holiday. Still ahead on the program, the outlook for europe growth concerns lingering as the ecb weighs its inflation target. On that next. This is bloomberg. This is a special edition of Bloomberg Markets. Im anna edwards, live from london this thanksgiving. Happy thanksgiving if you are celebrating in the u. S. Or elsewhere. Lets have a look at these markets. In terms of the equity story, a little bit weaker on European Equity markets, just as we were a little weaker in the Asian Session as well, down 0. 2 on i asiapacific. Basically, concerns that that ong kong bill will weigh sentiments of a phase i trade deal. U. S. Equity futures pointing lower for tomorrow and onwards. In terms of the other assets we are looking at, the pound had a bit of a bounce on the back of polling earlier on, but that was shortlived. Onsaw some bounce yesterday conservative polling. A slightly risk off mood in markets needs a little more appetite for the yen right now. Oil also in touch with that risk off mood, just down if you down a few tenths of 1 . Thates telling bloomberg ecb policy makers plan to tweak their inflation targets to 2 . Still with us, Chris Watling of longview economics. Does it matter from an Economic Perspective whether the ecbs target is to percent dead on, or below or close to 2 . Why does that matter in the world of macro world central banking . Chris it gives them a little bit more license to print more money, basically. The reality over the last 10 years, weve seen that printing money by the central bank doesnt create inflation. At the margin, it might make a difference, but i wouldnt over dramatize it. Anna and it perhaps wouldnt see the divide we see in policy makers at the ecb. The germans are not keen to do more stimulus because they are heavy savers, and it penalizes savers was negative Interest Rates. It doesnt do anything to fix that divide, doesnt it . Chris no, it just makes the northern policymakers probably more upset about the way policy is being played out. It doesnt really help that divide on the committee, but im not sure that is the big issue at the moment. The interesting thing about the euro zone, it looks like it is reaccelerating growth anyway. So absent this change in target, and the more interesting thing lagarde was talking about was the idea of more fiscal policy, and the move globally of combining fiscal and Monetary Policy, the helicopter approach to Monetary Policy, if the sort of thing that will bring inflation eventually. Not necessarily in a hurry. Analysiss adjusting she spent less than 20 of her time talking about Monetary Policy, and the rest of the time talking about other policy tools that could be used, some of which are not at the disposal of the ecb. So where does this fiscal come from . Weve seen germany dodge a recession. We seen the sentiment bottoming out, which may be remove the immediate impetus to do more. Chris yes, i think the impetus is being removed from germany, and the other countries are less to engage in fiscal quickly. But you will see it in the u. K. Next year, fiscal stimulus coming with pretty much whatever happens in the election. If tories win, it will be mild. If labour wins, it will be aggressive. Almost every party in the u. K. Wants to do fiscal stimulus. So it is coming globally. Maybe we need a downturn to get it out of somebody like germany. Anna lets stick with the u. K. , then. You talked about how u. K. Equities and currencies look attractive at this point. Lots of guests talk about how they look cheap, but dont this is eerily say they are buying. Are you on the other side of that trade, buying u. K. Assets at this point . Chris with get is a really interesting place to be. They are cheap relative to global peers, relative to other u. K. Assets. The u. K. Currency is cheap, so if you are an overseas investor, you get that as well. I think the election for me looks quite clear that the tories are probably going to get a workable majority. Brexit starts coming through, uncertainty starts to come through, and certainty starts to come back into the system. Weve gone from no idea what is going to happen in the middle of this year to we can see the path. That must change the economic dynamics. Path,it would suggest a but it does open up the idea that we face another cliff edge may be at the end of 2020. Is that going to worry the markets . Chris i dont think it is such an issue. I think it is pretty clear the trade deal wont be signed by the end of the year. Anna Boris Johnson says he will delay it. Chris those are familiar words. [laughter] chris but i think the point is the real important uncertainty was do we leave or not. Im prettyleaving, sure the europeans will want to negotiate a sense of trade deal. It might take two years, maybe even three. You get a korean deal quite quickly, fast deals elsewhere. But those are sort of secondary issues. The main issue is you bring back some certainty into the path forward, and you bring back confidence. If you look at business capex, not really the main driver of the u. K. Economy, and neither is trade. Putting that to one side, capex has been flat. It will start driving up. Anna where do you invest in u. K. Stocks . Where do we expect to see a bounce if the picture that you paint comes to pass . Because thenk, currency will be stronger, you dont want to buy the export. You buy the more domestic story. Cyclically, the economy has a bit of a bounce, almost whatever the outcome in the election. 2020 looks better for growth in the u. K. You will get a stronger currency , so you get that real income. Aboutyoure not concerned warnings from the manufacturers and Traders Association saying they need an incredibly open relationship between the u. K. And the eu to keep invested . That is going to be a bit of a threat hanging over these. Chris theres three or four sectors that the european deal is quite important to. Autos is one of them. Aerospace is another, and probably farming and so on. But the point is we are going from uncertainty to a bit of certainty. That is the key in this. Anna chris, thank very much for your thoughts. Chris watling of longview economics stays with us on the program. Lets check in with bloomberg first word news. Heres leighann gerrans. Leighann china is threatening to retaliate after President Trump signed a bill backing hong kong protesters. Beijing summoned the u. S. Ambassador and told them to quit meddling in hong kong affairs. The chinese said that could affect cooperation in important areas. The bill requires annual review of the special trade status and speaks out against officials that undermine hong kongs authority. Korea appears to have fired ash north korea appears to have fired north korea appears to have fired two short range listed missiles. To jongun has threatened scrap negotiations. Fires are still burning at a texas Chemical Plant after multiple explosions. Three workers were injured in the blast at the tpc Group Facility 100 miles east of houston. The plant is located near a Gulf Coast Oil refinery and terminals. A powerful winter storm in midwestern u. S. Is making life miserable for thanksgiving travelers. It dropped close to a foot of snow in some areas and forced airlines to cancel hundreds of flights. Meanwhile, blizzard conditions on the west coast stranded drivers on the coasts of oregon and california. 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. Im leighann gerrans. This is bloomberg. Anna thanks very much. Leighann gerrans with your first word news update. Coming up, latin america is home to three of this years worstperforming emergingmarket currencies, as some of the regions most traded currencies hit record lows. We will discuss what unites the drives weaker in latin america, and what unites them. This is bloomberg. Anna this is a special edition of leighann this is a special edition of Bloomberg Markets. The richest person in asia wants to get out of the news business. Bloomberg has learned he is in talks to sell his news media asset to indias times group. Is considered various options, ranging from an outright exit to a stakes sale. Apollo Global Management has raised its offer for tech data by 11 . The new price is 5. 1 billion in cash. Apollos move was punted by a competing offer from an unidentified company. Patch wasn basin oil once a job machine for texas. Now it is a drag for job creation. Implement fell by 400 jobs in the first 10 months of the year. In 2018, it added almost 17,000 jobs. Drilling activity in the region has dropped to the lowest level in almost two years. That is your business flash. Anna thank you very much. Lets talk about emerging markets. The chilean peso sank to an alltime low today as protests continue. Chilean president pinera warned populism could damage the economy. Bloomberg spoke to the chilean president sorry, the former chilean president about the crisis. As i wasunately, telling you, it is in many other places of the world as well. People feel that they do not have equal access to different opportunities and rights, and they dont accept that anymore. I think that its important that government listens to the people. Do using the government and police in chile listen to the protesters . Theres criticism of the tactics of the police, for example. But i can say is that of all s we have seenest needwide, governments listen to the protesters. All governments, not only in chile, have responded with law enforcement. I prefer to receive the whole support of my team to have a final conclusion, but i have with him two or three times and sent my concerns about what has been happening and what kind of injuries we have been , to look at the protocols. It looks like there has been certain difficulties the protocols, if we look at the damages there. Will wait until my team will come back and give a full report so we can really do what we need to do. To do with the report, but mainly do recommendations. Reporter do you feel the social unrest will go on . Ms. Bachelet i hope there will be an important political dialogue, and also a new constitution. I work on a new constitution. We sent a project for parliament, but then it was stopped there. So i hope there is any discussion because we did consultation and 200,000 people participated, so this bill was built on this discussion of the people. Now the government has said they are going to do the same. I hope that could be an opportunity to sit down, to listen, and find a ways to get out of the crisis. I do hope, because i think chile is a country that has great policies, i hope there is a will to develop a dialogue. Social measures need to be taken in terms of continuing because this is a continuum on all democratic governments to include salaries, health, education, etc. Anna that was the former chilean president michelle bachelet, speaking with bloombergs caroline connan. The chilean peso isnt the only latin American Country facing economic challenges. Columbia and brazil also saw a lows this week. Justin carrigan joins us now from dubai. Your thoughts as we witnessed this ongoing weakness for emergingmarket currencies . Civil unrest seems to be something of a unifying factor for some of these countries, but not all. What has put the spotlight on the matter at this time . Justin the stable unrest you talk about is confined to chile, colombia to some degree, ecuador and bolivia. Is common theme here obviously dissatisfaction with government. But the type of dissatisfaction varies. In chile, it is dissatisfaction with the degree to which the growth and the benefits of growth are filtering down to the masses, and impatience with the say,h and how it, as it feedthrough to other people. In columbia, somewhat similar picture. Her tests against government austerity, and the governments in both cases responding to some degree to those protests with signs of some kind of relaxation of austerity. Thats probably what worries investors most, but it might indisciplinel further down the line. In brazil, a very different set of circumstances has driven the real to an alltime low. The central bank signaled quite clearly it is considering continuing with Interest Rate cuts in a very low growth environment. Of course, the common to all of these stories is the strength of the dollar, which is weighing on emergingmarket currencies in general. Anna yes, of course. The future of the trade talks between the u. S. And china or what that does to the dollar will no doubt be crucial. You mentioned brazil. We saw the central bank was forced to intervene for the third time in two days, so Central Banks having to take action. Some people are talking about this as a latin american version of the arab spring. Thed that be to overstate unifying theme between these Different Countries . Justin perhaps it does go a little bit too far. The comparison here is that there are lots of people on the streets complaining about government. But if you thick about what happened in the arab spring and certainly in latin america in we were talking about protests in pursuit of greater freedoms and democracy, and that is not what is happening in latin america. Dissatisfaction with economic circumstances that are prevailing. Comparisonrhaps safe is to say this is happening in one region, if you discount what is going on in lebanon and significantly in hong kong, of course, it is largely limited to south america, and i suppose that is why people are making that comparison. But it has not appeared in several countries. If you put argentina and venezuela, which have very different issues to be with, we have seen venezuelan protests quite recently, but not in this vein. Cular mexico has its own challenges and has just dropped into a recession. The mexican currency outperforming some of the others. We are operating at just lower than alltime records, on course for a third month of gains, so is it still telling us a more optimistic picture . Justin it is. It is interesting in the past few weeks is to see the indications as to how long this will last. Equities have had a great run in recent weeks and months in the emerging markets. Obviously there are some exceptions, but largely, speaking through the msci index, you can see how well it is doing. What is interesting is looking at the way in which investors are paring for the coming weeks. That is to say in the futures market, we are seeing net long bets, bets that the index will keep rising, close to a record high. So it doesnt seem to be, at least on the face of it, and into this rally soon. We mustnt lose sight of the fact that as the dollar remains strong and currencies on the weaker end of the spectrum, that makes emergingmarket stocks that much weaker cheaper, i should say. Anna thank you very much. Bloombergs Justin Carrigan joining us with the emergingmarket space, specifically latin america, from his position in by. Coming up on this in dubai. Coming up on this thanksgiving holiday, a look at how much you will have to pay for the feast, whatever you are indulging in. We hope you are having a good thanksgiving. We will leave you with live pictures of the macys thanksgiving parade. This is bloomberg. Welcome back to this special edition of Bloomberg Markets. It is thanksgiving in the United States, so markets there are closed. We have a closer look at what to expect for the holiday this year. Annmarie hordern brexit down for us. Annmarie happy Annmarie Hordern breaks it down for us. Annmarie happy thanksgiving. Themain thing for us is dinner. If you are cooking this year, the cost is not going to put you back nearly as much as last year. Penny more than what the feast cost last year. Turkey being the centerpiece of that. What may cost you more is driving, as Many Americans hit the road for thanksgiving. Gasoline prices on average are the highest in four years this weekend. , thehing to be thing for other big weakens to be driving this year, thanks giving is coming just under that. I wanted to look at the prices is acans because pecan pie big driver for that. Prices really fall, and many say this could be due to the trade war. U. S. Farmers have had to cut those prices and make it cheaper for u. S. Consumers, but i dont think farmers will be a sign for for that this year. Wherever iter comes from, enjoy it. Let us check the european markets for you. We are a little bit under pressure on european equities, down 0. 2 . The ftse 100 bearing the brunt of that, although the pound has unwound the earlier gains that we saw. It is now down 0. 1 . Broadly speaking, markets under a little bit of pressure as there are questions as to whether the hong kong bill in the u. S. Will have an impact on trade discussions with china. This is bloomberg. Anna sign of strain. President trump signs legislation backing hong kong protesters. China threatens to retaliate. Markets left wondering what that means for an interim trade deal. A key poll indicates Boris Johnsons conservative party will win its biggest majority in 30 years, which could boost the odds of getting a brexit deal through parliament. Opec says the oil market will be balanced in 2020 if it sticks to current production levels. The latest sign the cartel will stay the course at next weeks meeting in vienna. Welcome to a special edition of Bloomberg Markets. Im anna edwards, live in london. It is the thanksgiving holiday in the United States, which means we are without u. S. Market participation today. In the meantime in terms of europe, stocks down around 0. 2 percent. Broadly speaking, it is concern around the hong kong bill, whether that is going to weigh on sentiment around the u. S. China trade negotiations. Whether that is going to damage the ability to get a trade deal done. That seems to be to question the market is asking today. Partlye 100 down 0. 4 , driven lower in the earlier hours by some movement higher in the pound, and that negative correlation holding firm. Now the pound is actually fairly 1. 2916. Lets get to some german data. Cpi figures coming through. Harmonizednovember cpi rising 1. 1 yearoveryear against an estimate of 1. 1 . Slightly stronger inflation than anticipated, but nowhere near under,target, or just that the ecb currently has in place. That is interesting because the conversation at the ecb is around whether they need to change that target. Of course, the target is euro zone wide inflation, not german inflation. But we are seeing very below target inflation for the german part of the euro zone economy. Any movement on the euro as a result . We thought movement on the dax. Atdo see a fairly flat euro 1. 1002. Joining me from paris is Vincent Juvyns, jp morgan Asset Management Global Market strategist. This is still well below 2 . This just underscores the difficult situation that the ecb is in at the moment, trying to generate inflation in the euro zone more broadly. Vincent indeed. It is well below the target of the ecb instead of slightly above act instead of slightly above expectation. Definitely food for thought for the cranford institution in terms for the Frankfurt Institution in terms of what they can deploy to further improve flesh and dynamic in europe. We are all aware improve inflation dynamic in europe. All aware that there is no monetary solution to this issue. Europe needs to do more on the fiscal side, and that is probably what is going to be more discussed, not so much in frankfurt, but in brussels. We have a new European Commission in place which can probably take over the baton from the ecb to really try to revive growth and enhance inflation in europe. Anna theres a lot of talk about whether the ecb needs to tweak its mandate around , north of a target just below 2 , and change that to on 2 . 2020 essayissue into focus moves into fiscal . Vincent no, i guess this inflation mandate probably needs to be rethinked everywhere in the world. We have globally an aging population, and economic environment where growth is much lower than it used to be, where Production Growth has increased. Jp morgan Asset Management recently released a longterm capital assumption and economic forecast, and we see that long economic cycle, lower growth, something we see a little bit everywhere in the world, including emerging Market Countries like china. It is in this context, i understand that there is a debate around the target that Central Banks should have. Globally, this idea of placing , this needswards 2 to be discussed in light of the Current Economic Development and the expected economic developer and in the next two decades. Looking at an average inflation 2 ,l of possibly lower than or definitely an element that needs to be discussed, among others at the moment, andy cinko drove at the moment, in the central bank community. Anna on the side of fiscal one of we caught up with the European Commissioners. We were keen to get his thoughts on how we would see commitment to a green deal in europe, how that was going to come through in european spending. Lets listen to what he said. s financing of European Green transmission, there is much growth in question, so we will probably be working on sustainable Europe Investment plan up to one trillion euros over the next decade, and we will also be setting the right framework for private finance. We will be working on our next Sustainable Finance action plan. To bevincent, is it going the case that where it was difficult to do more fiscal spending previously, green issues are going to be used as this sort of excuse to do more fiscally in europe . Vincent probably. And i would like to differentiate two things when we discussed fiscal easing. We often discuss it at the number state level in europe. I dont think that is really european number states to exceed the level set before 2012. Any deviation from this would lead to higher financing costs. We see that in italy, meaning the marginal effect of more spending would be erased by higher funding costs. So i dont think that is wise to walk that way. Greeneve that yes, the transition is one of the elements which could be used as an excuse. Im already seeing it at the moment. On this show, credit givennough to the European Commission of jeanclaude juncker, which started the socalled european or economic develop. It was highly criticized in the beginning, but is a huge success in the meantime. It has already attracted more than 400 billion euro. Already part of the investment is going into financing this transition in many countries. It is already the case, and thanks to the structure of the , topean Investment Bank really help fund those plans, it has used very little to make money. We know that in europe, especially for the European Commission, means are scarce as we havent agreed on a budget for European Commission yet. Enhance a way to really , increase the firepower of the commission. And i believe there is an urgent need for green transition in europe, but i see it already unfolding at the moment. Anna really interesting the extent to which you see that already, and the distinction between investment spending and just servicing an annual budget. Juvyns of jp morgan Asset Management stays with us on the program. Lets get headlines outside the Business World now if your first word news. President trump has signed a bill backing hong kong protesters, and beijing isnt happy about it. The chinese warned that the bill could affect cooperation in important areas. The u. S. And china are in the midst of negotiating a trade deal. The white house is pushing to wrap up negotiations on a new trade deal with mexico and canada. Hasagreement known as usmca become President Trumps top legislative priority. The administration and House Democrats have been locked in talks for months to secure a vote for the end of the year. Democrats won more enforcement of labor issues. Mexico and canada say there has been progress. It is the most hotly anticipated poll of the British Election campaign so far, and it is pretty that Boris Johnsons conservative party will win its biggest majority in more than three decades. According to the yougov poll, the conservatives will win a majority in the election. Techniques that closely predicted the 2017 election outcome. That is your first word news update. Coming up on this special edition of Bloomberg Markets, rising trade tensions for the u. S. And china after President Trump signed a bill backing hong kong protesters. What it means for the markets and the outlook. This is bloomberg. Back to this special edition of Bloomberg Markets. Donald trump has signed legislation in support of hong kong protesters. Yvonne man spoke to Hong Kong Monetary authoritys deputy chief executive about how the bill might impact markets. Of course, it is not welcome news come about as you can see, the Market Reaction not unwelcome news, but as you can see, the Market Reaction has been pretty calm because a lot of bankers and Market Participants feel that the Immediate Impact of the bill is not going to be huge for the time being. Much would depend on further development. So basically, what they are doing is still looking very much at the fundamentals of hong what we can have under the one country, two systems. Think it is very helpful to speculate on different possibilities. Basically, i think the Hong Kong Special status under the one country, two systems law is still intact. That is what makes hong kong a to offerlpositioned the opportunities that Many International investors would like to have, especially for access to the Chinese Markets. Yvonne have you seen visible outflow of capital, and did you foresee any pickup if these protests strike on further . Howard in the past few months, hong kong has probably the most transparency in the world because we operate the currency system. If we have any outflow from the hong kong dollar, we announce it all most on a retime basis. You can see it on the bloomberg terminal. We havent seen any outflows on the hong kong dollar since april unrestar, so the kind of started in june, so there is no outflow of the hong kong dollar. If you look at other metrics, say hong kong dollar deposits, it is actually pretty stable in the past few months. Yvonne how will it affect the banks . Do you see it hurting asset quality . Howard not really. As you know, the hong kong Banking Sector has been very strong. Come aital ratio is 20 much higher than the statutory minimum. In terms of loan quality, so far the classified loan ratio is historicalery low by standards and hong kong, as well as a comparison with other places. A weaker Economy Force you to tweak your peg . How are you viewing the situation right now . Howard absolutely not. If you remember, the peg was introduced 36 years ago. We went36 year period, through a lot of different cycles. We went through the Asian Financial crisis, the Global Financial crisis. We also went through the soft period where hong kong went through deflation for some six years. Proven that it will survive. Benefit is clearly physical, and very strong. We see no need to change it. Anna that was the Hong Kong Monetary authoritys deputy chief executive howard lee speaking to bloombergs yvonne man. Rose to yet another record high yesterday. Still with me is Vincent Juvyns of jp morgan Asset Management. President trump signing this hong kong bill, does this pose a threat to the trade negotiations, do you think, between the u. S. And china . Vincent the only thing i can say about it is that it definitely is not helping. It is reallyis if worsening the situation much more. I dont think so. Every economy needs at least a partial trade deal because we see the effects on the rest of the economy. So the willingness, to me, remains intact. Inwere already very prudent our expectation for a more comprehensive trade deal. Entering in a are president ial Campaign Year in the u. S. Trade policy and the positioning of the u. S. Towards beijing is going to be a hot topic during these president ial campaign. In the u. S. , when you look at the latest survey by the pew. Search center by the Peer Research center, it is maybe more a matter of internal policy then Foreign Policy when ethic about this last move. But this doesnt change our view on chinese assets at the moment, nor Financial Markets of the moment. Year, definitely this Chinese Markets were seen as an opportunity, and for next year it remains the case as well. This doesnt change our view of the perspective. Also yes . Anna the way you talk to clients and talk about the trade negotiations between the u. S. And china, obviously theres a lot of attention on phase one at the moment. But that is by no means the end of the story, is it . It will be perhaps only part of the story. Does anybody talk about phase two, phase three, about further agreements down the line . Or is that seen as a step too far . Vincent from my experience in wont expect a neverending negotiation between the u. S. And china. Not only is it a question of leadership technology, Economic Leadership come up political leadership. So this is only the beginning of a long process with a bit more on stability from a trade perspective. Theres not much expectation about a comprehensive trade deal anytime soon. Bucket investors have got used to this new normal of instability. In europe, we are well aware that in the meantime, we are paying the bill, so to say. China by far, more than and the u. S. , and exporting nation. The impact on our economy is much more important. Next year, the focus on this negotiation between china and the u. S. And our own negotiations with china and the everybody agrees it will be a huge issue next year. Anna vincent, thank you very much. Vincent juvyns of jp morgan Asset Management sticking with me on this special edition of Bloomberg Markets this thanksgiving. Coming up, opec says the oil market will be balanced in 2020 if it maintains current production levels. More on the meeting in vienna next week. As is bloomberg. Anna this is a special edition of Bloomberg Markets. Im anna edwards. Its time for the Bloomberg Business flash, a look at some of the biggest business stories and news right now. Amazon expect a strong fourthquarter. The retailer has doubled its Holiday Hiring in the United States to 200,000 temporary workers. They will be used to get products into warehouses come up pack boxes, and make deliveries. Switzerland is pressing ahead with revised capital standards for its biggest banks. That means ubs and Credit Suisse will be forced to set aside an extra 24 billion in reserves. The goal is to make sure important swiss institutions can withstand a crisis. The retail section of aramcos ipo is fully covered with one day to go. The lead manager says 3. 7 Million People bought 8. 7 billion of shares. Most transactions were made online and at bank branches. To theinvestors are key aramco ipo. Its become a mainly regional affair. That is your Bloomberg Business flash. A balanced oil market in 2020. Opec thinks that is possible if it maintains current production level. The latest signal from the group is that it will stick with the output cuts at a meeting next week. Joining us to discuss, bloombergs Annmarie Hordern. Lets talk about the oil price and what we heard from opec today. We are getting new signals about what they intend to do. Annmarie we are actually getting three big signals today. Delegates are meeting ahead of the ministers next week, saying that the oversupply at the start of 2020 is going to be offset by a deficit at the end of the year. That signals to us that basically, they are willing to rollover the cuts. Then we had a meeting in russia and russian oil executives, the russians dont want to cut. They are proposing to maintain the same level and look at it next year. Finally, bloomberg had a survey, and only one out of 35 analysts say deeper cuts are needed. The big question is, what does this mean for prices going into the start of next year . All the analysts saying we are market highly overpriced at the beginning of 2020, so are likely to drop. Anna if we are getting a trio of clues as to what opec does in themselves, opec from russia, and analysts, everyone is expected these cuts get rolled through into next year. What does that do to prices . Annmarie prices are likely to fall at the start of next year, and that is a problem for opec. That means they might have to possibly step in, or just allow the market to take off on their own. They dont want to lose their market share. A big problem right now as well for opec, they are unable to get a grip on the market and a few different directions. Theres trade war, concerns about Global Growth, but also a lot of unrest within their nations. Iraq, algeria, libya. On top of that, that could affect supply concerns. A lot of different scenarios happening with the oil market. On top of that, we have shale still on the market, and a number of other supplies. Yana. Y, gu the question is how far prices fall. Anna annmarie, thank you. Annmarie hordern going us with the latest on the oil price. Still ahead, a fresh u. K. Poll showing a tory title a tory title wave in the december election. What clues the poll data is giving us right now. We will talk about what it means for markets. The pound actually giving up earlier gains. This is bloomberg. Here, it all starts with a simple. Hello hi how can i help . A data plan for everyone. Everyone . Everyone. Lets send to everyone wifi up there . Uhh. Sure, why not . Howd he get out . a camera might figure it out. That was easy glad i could help. At xfinity, were here to make life simple. Easy. Awesome. So come ask, shop, discover at your local xfinity store today. Anna welcome back to a special edition of Bloomberg Markets. I am anna edwards live this thanksgiving from london. U. S. Equity markets are closed. U. S. Markets in general are closed. Without those volumes, a little lackluster in the European Equity space. Any weakness because of a lack of volume compounded by President Trump signing the hong questions about the extent to which that pushes out the phase i deal. That seems to be weighing on sentiment. We just saw some of the equity market stories looking weaker. In asia that is the case, in europe that is the case, and in u. S. Futures we see weakness, although off the lows for u. S. Futures. Looking at a few other assets. 1. 20 914 is where we trade on the pound. We have seen pop up on some of the initial polling data. That has unwound and we are fairly flat on the pound. Lets stick with u. K. Assets. Itsov out with results of election poll this morning, which correctly predicted theresa may losing her majority in 2017. That is why it was so highly anticipated this time around. If the election were held tomorrow, yougov projects a conservative majority of 68 seats. Lets bring in jess shankleman. Good to get your thoughts today. How much should we read into this poll with two weeks to go until the vote . Jess this was hotly anticipated and everyone has been waiting as the pole that will tell the truth. Lets look into the crystal ball and see what will happen. In 2017 it did. Tell these polls story, they are also part of the story. Many will be pouring over the seat by seat breakdown and working out whether tactical voting could change the results. Itself pointsgov out the tolerances that exist within this we spoke with chris curtis at yougov cautioning a lot can change between this data and the actual event. Lets listen. I know we were saying there would be a big conservative majority. If you look at the data underlying this, it does not need to be a massive shift in terms of national policy. There are 30 seats where we have the conservatives ahead i less than 5 . If you see the labour party starting to squeeze the National Polls more, closing the gap in those seats, it is easy to see how we could end up in a Hung Parliament territory. Not to say we will, but if it is but it is possible. Anna it is possible we still end up in Hung Parliament territory. A lot of people dismissed that as him saying he is trying to get his based on to be complacent, but i suppose the Hung Parliament is still a possibility. Jess we do not know how the next two weeks will play out. It is interesting Boris Johnson will not take part. He needs to play it safe. Anna not squander this. Jess as theresa may did in 2017. He got through the manifesto launch without any huge errors. Theresa may had a number of problems with hers, including a special care piracy a social care policy. Taking departs about Climate Change over the weekend, a seven way debate. Neither of the main leads are going to be taking part. He will be hoping to keep his head down and avoid big missteps. Anna it is also worth pointing out that because the poll is so detailed it does not reflect the latest news flow. It does not reflect the story around the nhs or the antisemitism row. Jess maybe the question is how much are people voting in this election on brexit. If youre going on brexit, the story has not changed and the Six Week Campaign will not change. Boris johnson has his own message and Jeremy Corbyn has his own message. When i went up to the north of to the redwall anna postindustrial areas that are labor heavy. Jess many of whom who have been labor for decades. I spoke to people who were convinced there were going to vote for Boris Johnson, having never voted tory before in their life. They were making no bones about it. They want brexit done and Boris Johnson is the one thing he will deliver that. Anna he keeps saying that line over and over again. Jess shankleman joining us with the latest on the brexit conversation and the runup to the u. K. Election on december 12. Store this is Vincent Juvyns. Still with us is Vincent Juvyns. Is there something changing your thinking as we are getting toward december 12, or are you saying theres no certainty around u. K. Policy, we stay clear . Certainty, theo survey may 2 weeks ago does not clarify the situation. The best sentiment goes to looking at the pounds which today erased earlier gains. It is clear Financial Markets are wondering where we are headed. Valuablehile a lot of a lot of value is created in see an interest in a dividend yields, at the moment we remain neutral on the u. K. Given the uncertainty surrounding brexit. It does not clarify the situation, in my opinion. Youre notnna looking at u. K. Stocks. What about more broadly . I have a chart that shows how cyclicals have been holding the lead over defensive through 20 but not by much. 2019 has listed most of those sectors if not all of those stocks. It has been indiscriminate. Where are you looking to make gains on european stocks . Vincent to be frank, if you look at the global at the moment , we prefer u. S. Emerging markets at the expense of europe. We are still vigilant in europe excluding u. K. Assets. You are seeking 20 of banks within the index. Part of the certainty we had for 2020 is the Interest Rate environment will stay low given in discussions earlier on inflation paved the way for easier Monetary Policy. Profitability of the main continent of the european market. On top of that, the european market, which is highly dependent on exports. Germany is a good example. We believe the trade war has been discussed we believe the along 2020. Ll stay we need to be vigilant. You look at the Global Economy and the weakest spot at the moment, is definitely part ofuring, also which is highly represented. We are not looking at europe as. Big opportunity for 2020 when you look longerterm, and i was referring earlier in the show to longterm Capital Market assumptions, it is true European Assets remain as you look forward, there be a case for European Assets from a dividend perspective. European banks at the moment have a dividend did yield of 7 . For those looking beyond 2020, europe may do the job. Anna thank you very much. Vincent juvyns, jp morgan Market Strategist in paris for us. Lets get a check on headlines making news outside the Business World with your first word news update. China threatening to retaliate after President Trump signed a bill backing the hong kong protesters. Beijing some of the u. S. Ambassador and told him to quit meddling in hong kong affairs. The chinese said that could affect cooperation in important areas. The bill requires error annual reviews of the city special trade status and calls for sanctions against officials who undermine hong kongs economy. Kim jongun may be underscoring the threat he made to break off Nuclear Talks with the u. S. Korea appears to have fire does short range Ballistic Missiles. They landed between it and japan. Kim jongun has warned he will help negotiations if the u. S. Does not lift sanctions by the end of the year. President trump has been ignoring the north Korean Missile threat. Fires are still burning at a texas Chemical Plant after multiple explosions. Three workers were injured in the blast 100 miles east of houston. The plant is located near Gulf Coast Oil refineries and terminal. A powerful winter storm in the midwest of the u. S. Is making life miserable for thanksgiving travelers. It dropped close to one foot of snow in some areas and it forced airlines to cancel hundreds of flights. Meanwhile, blizzard conditions on the west coast stranded drivers on the borders of oregon and california. That is your first word news update. Coming up, Christine Lagarde is calling for a rethink of ecb policy. We will look at the challenges facing her as she faces a fractious government counsel. This is bloomberg. Anna this is a special edition of Bloomberg Markets. I am anna edwards live in london this thanksgiving without the u. S. Markets today. Time for a Bloomberg Business flash. A look at some of the biggest business stories. The richest person in asia once to get out of the news business. Bloomberg has learned that the billionaire is in talks to sell his news media assets in indias to indias time group. Considering various options from an outright exit to a snake sale. Firm apolloty Global Management is raising offers for tech data by 11 . The new price is 5. 1 billion in cash. Apollos move was prompted by a competing offer from an unidentified company. The tech data is a distributor of tech products. Patch wasn basin oil once a job machine for texas is now drag on job creation. According to the dallas fed, employment in the permian fell by 400 jobs in the first 10 months of this year. In 2018 and added almost 17,000 jobs. Drilling activity in the region has dropped to the lowest level in almost two years. That is your Bloomberg Business flash. Lets talk about the central bank in europe. Christine lagarde calling for a review of Monetary Policy in her first month as president of the European Central bank. Mending divisions within the central bank opening counsel is no small feat. Here with more is our reporter who covers european economics. Great to get your thoughts. We heard in the last week from Christine Lagarde talking about the need to review the 2 goal for inflation the bank had. Does that suggest we will see everyone agree on a new target for inflation . Not at all. You are right, Christine Lagarde has made it clear she wants to review the Monetary Policy strategy of the ecb. This is quite a big move. It happened more than 15 years ago for the last time. This means looking again for example at the target for the ecb which is below but close to 2 . ,here are also broader issues whether Climate Change has been brought into the ecb objective. Viewone is agreeing on the on the review. Kunduz bank has been a vocal trader. Once we get into the substance of what the review will achieve, that is where disagreements are likely to reemerge. If you do set up target at 2 instead of just under 2 , doesnt that allow more room for new policy, and that is something that will highlight the divisions of the ecb even more . Ferdinando that is right. That iny we know september there were major disagreements on the broad policy package which was announced by Christine Lagardes predecessor. This package including a restart of quantitative easing, which is very controversial in a number of countries, especially germany and the netherlands. This package has been approved. The ecb will implement it. There are questions of how hard the ecb should try to push inflation up. Of existing targets, closer below 2 , you could argue that 1. 5 , 1. 7 is enough. If you go to 2 , that means the ecb should be pressing hard on the accelerator to try to get there, with more instruments. This is something which would prove unappealing to a number of countries such as germany and the netherlands. Anna you still end up with the northsouth divide. , cpid data out of germany rising 1. 2 year on year. , butr than the estimate still far from 2 . This is germany, not the euro zone, but it underlines the problem that even in germany, which until recently has been doing not bad in terms of the European Growth story, clearly threatened now by trade conversations, but there we failed to generate inflation to meet the target. Ferdinando indeed. In a way this vindicates the action. The one thing central bankers do not want is some countries within the euro zone having inflation above the target. Others having inflation below the target. That makes their life politically awkward because they have to set Monetary Policy for the euro zone as a whole, but obviously that would mean differing conditions in Different Countries. A situation have is where inflation is below target everywhere. Mario draghi and christine this justifiesay the package in september. Fearingtral bankers policies are not achieving the goal of lifting inflation, they are talking dangerous financial bubbles. The bundesbank does not like it because it puts the ecb to close to debt. All of these are types of opposition. These figures are showing there is a broad inflation problem in the euro zone and we should do something about it. Anna just bravely, is Climate Change going to be a big divide between the Central Banks . If the ecb wants to included, the fed not so much. Ferdinando i think it will be a big divide within the ecb itself. Christine lagarde seems keen to give it more prominent role. The bundesbank has already warned Central Banks should be very close to getting too much into politics and i think he is right. There is a danger there. Central banks move to close to politics. Anna thank you very much. Very good to get your thoughts. Now climate talks are expected to take center stage at next month eu leader summit in brussels. Bloombergs maria tadeo caught up with the incoming eu president ursula vander line in strasberg. She sees the challenge as an opportunity. It is a must for all of us because we know Climate Changes existential. ,here is a huge opportunity because at the moment we are the european front runner fighting Climate Change and new technologies and financing, we have 40 of all the payments and Renewable Energies worldwide. If we do well, it is not only good for the planet, it is not only good for the people, it will also be good for the european economy because we will be the executor of knowledge and technologies and the front runner. Maria if you look at the friction we have seen between germany and france over nato. Do you see a bigger role for the eu within nato or do you believe it is time to consider a bigger European Army . Nato will always be collective defense. Article five without any question. Nato is the Strongest Military alliance in the world. The European Union has a different role. We have many european Member States that are also members in the nato alliance. , i see fields where we do not need nato and the eu is called upon. If you remember five years ago in mali, the eu had the will to answer the crisis. Up there we are building European Defense union knowing it will be complementary to nato. In cases where we need the European Union with a huge toolbox, we have develop meant investment to diplomacy to servicemen and servicewomen so we are able to act when called upon. Anna that was the incoming european president ursula are line speaking with bloombergs maria tadeo. Coming up, the Holiday Shopping season kicks off tomorrow. We will have your black friday preview next. This is bloomberg. Anna welcome back to this special edition of Bloomberg Markets. Tomorrow is black friday, the official start of the Holiday Shopping season in the u. S. It will be shorter because thanksgiving came later this year. Is a crucial time for retailers. Bloombergs Annmarie Hordern is here to break down what this could mean. Only 26 theyre shopping days until christmas compared to 32 last year. Americans are planning to spend more this Holiday Season than ever before, with shoppers expected to sell at 1 trillion. Where all all where are all of the dollars being spent . Department and Discount Stores remain popular, 50 of purchases to be made at those locations. Online continues to be the main one. 56 of purchases to be made digitally. Many consumers will be turning to inspiration for things like instagram, facebook, pinterest for all of their gift ideas. I still like to go into a store and look at the gift in my hands besides online shopping. I guess you can get the info from your mobile. Anna i guess it is not the real black friday experience and less you get to shove elbows out of the way. Anomberg opinion writing interesting piece about how both the environment and european retail margins would be better off if european retailers did not get involved in black friday. It has been a recent import to the european retail space. More on that over the next 24 hours. Lets get a quick check on the european markets as we head toward the top of the hour. Under pressure just a little bit. Trade tensions, the ebb and flow of the narrative guiding where we are on risk on, risk off sentiment. The ftse 100 under little bit of pressure, down. 3 . This is bloomberg. Guy trump puts pen to paper. The u. S. President has signed the bill back in the hong kong protesters. Stop sliding asia and europe. The pound jumps as a people points to a large conservative majority on december 12. Yougov tells bloomberg it is easy to see how the u. K. Could still end up with another Hung Parliament. The head of black friday, how much damage is this u. S. Import doing to european retailers and willig growing environmental backlash turn the tide . Live from london, i am guy johnson. Happy thanksgiving and welcome to Bloomberg Markets. Guy u. S. Equities closed for the thanksgiving holiday. In europe, very light volume. We are down 40 . Trading around 60 of the normal volume you would get. I do not know if you can take away much from the sessions we
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