Vonnie good morning david and stephanie. The city of brussels is under lockdown because of fear of an imminent terrorist attack. Schools, jobs, and the imminent subways schools, jobs, and the subway system remain close. They expect a peristyle attack with multiple attacks taking place at once. We will go to brussels for more in a moment. Francois hollande has the u. K. On board in his attempts to build a coalition to fight Islamic State he met with amy cameron today. That he met with David Cameron today. Tomorrow he meets with president obama in washington. Onn with Angela Merkel wednesday, and Vladimir Putin on thursday. Argentina has voted for a big change. Macrition leader mauricio has been elected president , setting the stage for improved relations with the u. S. He has promised to lift argentinas currency controls, cut inflation, and attract international investors. You can get these and other breaking stories 24 hours a day at the new bloomberg. Com. Matt lets look at futures. We are seeing futures negative to kick off this week. Down 15contracts are points. The reason, obviously, is that we had such a good week last week. We were up seven out of the last eight weeks. In g lco here so that you can see my Global Commodities board. They are fluctuating but mostly down. You can see gold right now, down. Heating oil is down, crude oil is down. After john williams, the fed president coming out and saying that Interest Rates should rise in december, it is more certain we will see that move, and that boosts the value of the dollar, so you can see the dollar rising against the euro, especially because mario draghi is expecting exist banding qe. That is still the case. You can see the dollar spot index right now, a third of a percent. Oil is coming down, not below the 40 level. Last week we saw a couple of earlier today it was off more than 3 . Oil has been down much lower, and gold is down as well. Because of the increase in the fact that goal does not pay interest as a payment itself, gold is finally coming off. It had a decent week last week of 1069. 90. You toie lets take brussels, where the city is on lockdown following the threat of a terror attack, paris style. Lets go with brendan greeley, just back from paris. Give us the latest. Dan the latest here is the prosecutor in brussels is going to issue a statement sometime soon. We expected anytime now. This should be an update on the raid carried out last night shortly before midnight. There was a major raid across the downtown brussels area. It was several districts. They did house searches and arrested 16 suspects. In a little bit, the prosecutor should tell us how many of those have been charged and how many have been let go. We are poised for that. In the meantime, everything stays locked down. The subways are on lockdown. Stephanie i hate to interrupt you because we have some m a news breaking right now. I want to take you to d. C. Where drew armstrong is. Pfizerallergan deal, over 160 billion. Drew . To create is going the Largest Pharmaceutical Company in the world. Will getshareholders 11. 3 pfizer shares for every share that they hold. Pfizer is moving to dublin are the only thing that is changing letters of theee name. It will be pfizer plc, not pfizer inc. It is the largest pharma deal in history by far, and one of the largest deals period. Done tohat have they maximize the chances that they will be able to take advantage of the tax inversion . Drew i will get a little wonky on tech stuff, but one of the ways that the inversion rules are done, it is made to prevent from buying apany Smaller Company and moving over. In this case it looks like allergan is big enough for pfizer to be able to dodge being penalized by the tax inversion rule. That was always one of the big role as one of the big goals. We have got to a point where a lot of the companies that have gone overseas through tax aversions are so large that they can acquire American Companies outright, or it will go like this, so pfizer can structure the deal so that allergan is buying in. Be suspect necessarily to the treasurys rule. At this point, it does appear that they are going to escape from a lot of the very punitive aspects of those tax inversion rules. Stephanie given how massive this deal sizes, jason, amgen merges allergan, even if the pfizer deal goes through but what does it mean for valeant . The cheese is standing alone. Not think they have used that metaphor. Eant to bevalle involved. It has implications but we are not sure what it is going to be at this point. This was a deal that everybody was thinking what happened. Brent saunders, as you know, who has been a guest on the show, is one of the most inquisitive ceos out there by. Stephanie when you think of Brent Saunders, he is not necessarily an operations guy. He is an m a guy. Getting thee is not top job at pfizer, so maybe he will do some more deals. I understand that bloomberg can give us a sense of how big of a deal the tax inversion is . Matt a couple of years ago and moved over to dublin. That is in white, and activist, that is when theres tax bill that that is when their tax bills dropped into negative numbers. They used to pay a pretty decent number in taxes, but now they have a negative tax rate over the last couple of years. In read you see what pfizer is paying. Obviously a lot more, 1. 6 billion. These are quarterly numbers. They pay a lot, but they will pay much less there. Allergan activists a massive allerganactivist, a massive company. I was going to say it is tiddlywinks. What is tiddly winks . Stephanie it is a board game. About what do we know David Saunders future role . Drew he is going to be chairman and ceo. That said, Brett Saunders is coming in as chief operating officer. I believe allergan will get four seats on the new board as well. Saunders is going to be in a very senior role at pfizer. That is one of the top three positions or so there. This is not mentioned in the release. But if pfizer eventually goes down this road we have been talking about, the other big thing they could do, breaking the company and have, it probably puts Brent Saunders up for a role leaving one of those companies. That will be an interesting space to watch over the next few days and weeks as we understand exactly what happened in these negotiations and exactly what the terms are for saunders, especially when pfizer does a Conference Call with investors a little bit later this morning. Twofer formay be a investment partners. Jason this is wall streets stream. Health care is one of these areas where it gets put together and he gets broken up again and they do it all over again. With the amount of activism that is going on that matt has alluded to, that do that 66 deal, now an ok sized you are talking about 160 billion. You talk about regulatory issues and the way Drug Development goes through, and you figure in, again, the elephant in the room, the cheese, whatever you want to call it. Valeant is in it as an acquirer and an inquiry. Allergan and pfizer shares at this moment are down. One could look at this and say this has obviously been priced in, and especially last week we saw this runoff. We could see some profit taking here. Clearly this is big news. What did you say, the news on the trade . Joan tate and in brussels, thank you as well. Sorry we had to take the news. And why producers are pushing for action. Vonnie welcome back to bloomberg. Walmart is doubling down on cyber monday, planning to offering deals on 2000 items. Manyfour many times as discounts as last year. Cyber monday is the first monday after thanksgiving, and it is a chance for all my retailers to kick off their Holiday Season. Has agreed to buy its german rival for 1. 9 billion, creating the biggest maker of atms and security systems. By one measure, europes economy is the strongest since 2011. An index of services and manufacturing growth has been at the highest level in four years. One point of concern, prices fell for the ninth month this year. Go. Now to global roses in saudi arabia their highest level in a month after the nations oil minister says opec is working with crude producers to stabilize the oil market. Phil, tell us how likely it is courseec will change its so they can get the price up. Hil Shell Production in the u. S. And they higher cost of production has come down, so they think they are on the right track. It is very unlikely they will change anything at the next meeting. David then how are they going to support the price . at the moment opec has not been built for a situation like this. It is mainly funded by the u. S. Shale production, and that is not a temporary thing. Shale is here to stay. For was built initially temporary shops, so if there is a financial crisis or a mideast geopolitical issue, that was opec what opec was originally built for. Is letc can do right now the market do its thing and hope that demand will come up again and the low prices will cut back producers, and that is all they can do right now. Stephanie what has bloomberg got . Right . S all about opec, but really it is all about saudi that matters. Who cares about opec . This is over the last couple of years. You can see the oil price, obviously in 2015 coming down to 40, 45 a barrel. It is also the arabia that caused that. The rest of opec is not nearly as important as saudi arabia alone. The move this morning is correlated to the fact that the saudi government will do whatever it takes, borrowing from the ecb playbook. Opec can say what ever it wants, but at the end of the day, saudi arabia is driving this. Stephanie can you comment on that . Saying that they will do whatever that takes, do they have that kind of credibility . whatever saudi arabia does or doesnt do really drives the market. Compared with the other opec members in terms of their economic wellbeing, they are very welloff. They earned a lot of money with the child with the Higher Oil Prices over the last couple of years. Their Foreign Exchange rate will be down 20 this year. We saw a buildup over the last couple of years. It is really a very good situation. Country andthe paying all the bills is the challenge right now, but they have huge reserves. They do have the reserves to go on like this for at least a year waito, and they will just it out. They expect that the market will balance itself out by itself. Stephanie thank you for giving us the latest. Bloomberg intelligences own phil chladek. When we return, we have got to talk details. We have to talk retail. We will have that next. Stephanie welcome back. You are watching bloomberg. It is the start of a very big shopping week in the u. S. , so were looking at data. Youre welcome, daniel. It is all about big data, so lets get the value out of that data. What are we seeing . We are seeing are most shoppingnd steady companion here is our smart phone. People are making purchases are researching what they are going to buy, and in those micromoments we squeeze it in. We search for the best products, the best price. Half of folks are doing that this year and doing it at all times of the season, not just on black friday. David do you have any way of knowing whether they are buying them on the smart phone or whether they are going around the store, looking them up, and then buying them at the store . Purchases thene season will be on a mobile device, a pretty big increase. 50 of folks plan to have their smart phone in a store and use it before they even get there. About 82 will be in a store and actually use it for a transaction. That is a dramatic increase. Jason how does that change not just the customers expense but the retailers experience . They are removing wifi from their stores. Jason how do you deal with that as a retailer if somebody is around, i am looking at it here . To be competitive. It is great for consumers. They get empowered to have this research right at their fingertips, and to get those best prices. Know what we have at our fingertips . David bloomberg. Bloomberg intelligence shows us that desktop is really shrinking. It is still 84 of all ecommerce sales, but mobile here in yellow, 15 and growing. You can see the difference in the trend. Stephanie the next one falls into my category with, are you kidding me with how much free time people have . Tell me about the on boxing phenomenon. Been 60there have million hours of on boxing videos heard it is people looking at mainly Consumer Electronics products toys, fashion the opportunity to see it before anyone else does. They will take it out, play around with it, show you some features. This is where people are doing research. They see these videos, they go to youtube, they will watch them, and potentially make a dishes to buy to make a decision to buy them after seeing it. Stephanie doesnt it take the romance or the excitement out of retail . Daniel you also have manufacturers getting behind these, almost planting these come on boxing the videos . Exactly. They are average people. They get a hold of these in the developing something and they are developing something. Manufacturers know this is a trend. Stephanie we do not have time for number three. We will make daniel get it to us digitally during the break. Thank you, jason. We are not letting you go anywhere. Up next, argentinas new probusiness president. We will find out how the market feels. David welcome back to bloomberg. We have jason kelly and he is reinforced white tom keene. We have vonnie quinn for the first word. Withe we will begin belgium as they expect a peristyle attack to happen imminently to brussels remains on lockdown as schools and stores are closed. Across belgium are searching for an Islamic State terror cell. Brussels has been on guard since it learned that three of the paris attackers lived in the belgian capital. David cameron wants the u. K. To join the fight against the Islamic State in syria. He met with frances president Francois Hollande in paris today. To allowthe Parliament Britain to join u. S. Airstrikes against the Islamic State. Is absolutely right to take Decisive Action to stop terrorist when they are threatening the lives of innocent citizens. The United Kingdom will do all in our power to support our friend and ally france to defeat this evil death cult. Llande cameron and ho promised to increase counterterrorism. Minister Benjamin Netanyahu says convicted spy Daniel Pollard will make it to israel. Fromy, he was released prison in north 11. He was sentenced to 30 years for spying for the israelis. For now, pollards bart chart leaving the United States. Barred from leaving United States. He can get these stories and more at bloomberg. Com. David your morning mustread will take us to china this morning. Ugly 2 00 p. M. For commodities. We have a little bit of an improvement. Overall, let us go over to mr. Gartman. This paragraph a lot, but he emphasizes going after tom keene and stephanie ruhle. Are not of the mind that believes that china is slimming into a real recession, which is the psychology of the market at the moment and which seems to be the most dominant pieces being promoted by those seemingly most popular in the print, radio, tv, and block media. Stephanie there you go. What is your take on that . Of heartman, im huge fan is one of the rare people that puts his trade recommendations every day in the back of his newsletter, which is very cool. China sureis it is a slowdown from 10 down to 7 and even lower gloom and doom. They are still growing. Double the rate that we are growing out as well. Stephanie im interested in your take on the gartman letter. But im more interested i had a spy on the afternoon site yesterday. I know that tom keene went to the movies to see the big short. Tom it was absolutely fantastic. I was prepared to be disappointed. I saw Michael Lewis last night and i told him that. Its hollywood. They going to ruin it. Heres the worst name drop. I had the privilege of shaking sir Paul Mccartneys hand and we talked about his charity. Of my kids went stellas dad . Its a great movie. You have got to watch it. It is absolutely phenomenal at capturing. I thought of mark pittman, a legendary bloomberg reported. Stephanie you know how i knew tom keene was there . The person sitting behind him in the theater texted me and said, i cannot believe how tall tom keene is. [laughter] tom this goes to mark pittman, a legendary reporter here. Along with Michael Lewis, he said wait a minute. This stuff is wrong. He sued the Federal Reserve. He unlocked a lot of actually what went on during the financial crisis and how the government actually reacted and is truly a hero in terms of unveiling a lot of secrets. Stephanie the streets thought it was wrong, but they do not take advantage of it. Tom some of that tone is amended that is a scene late in the movie where they sneak in the lehman brothers. You know its the movies and it is hollywood. But stephanie, you know this. It is on warmth coffee cups. Everything just stops all the sudden. There is no plan. My highest recognition. How did we get on this . [laughter] stephanie you are giving the morning mustread, but i knew you had a morning mustsee and you are holding back. David i want to go back to that quote. We talked a lot about what the markets think about china. What do the chinese think . That may be the most important thing. Do the people who live in china, the consumers, feel like that . Tom they are so far behind that the desperately want to prosper and take part in their form of capitalism. As mr. Gartman said, of course he exaggerates, beliefs on the 14th through the 21st century, get away from the Mandarin Hotel and hong kong. Get away from the hyatt in shanghai. Get away from the saint regis host cell hotel in beijing. Its a people desperate to get that 3 and 4 growth. David that is from the rural west