The United Nations spokesman and says more than 54,000 people have fled their homes because of the military operation to take mousul. That represent an increase of 6600 people from friday. Three quarters of displaced. Eople are sheltered in camps and 2016 is on track to be the hottest year ever. Measurements began in the 19th century. Whether agencies say that the average global to pitcher this year is 2. 1 degrees. High above the level of the industrial revolution. It was boosted by the el nino weather patterns. , andl news, 24 hours a day more than 120 countries, im Courtney Collins and this is bloomberg. Scarlet we are 30 minutes from the close of trading. We are live in new york, im scarlet fu. Julie and im julie hyman. Stocks going higher extending the popular bets. Scarlet the question is, whatd you miss . President obama will be holding a News Conference before leaving on his last foreign trip as commander in chief. He will have explaining to do, because this was intended as a valedictorian tour, but now it is overshadowed by uncertainty that president elect donald trump has cast over obamas priorities. It has cast a shadow on sanctions with russia. He is sure to talk about the man he once promised would never become president. We will bring you more on the Bloomberg Live and lumber radio when he comes on. Taking a look at where the major averages stand. Abigail doolittle is standing by. We have been looking at trading for the three major averages all day. It is fluctuating. Going into the close, the dow and s p 500 are trading higher. The dow is on pace to close at a new record high. As for the nasdaq, it is in the red. It has pared its losses. The tech sector is really one of the big jags for the market over all. We are talking about apple, microsoft and amazon. And facebook on the month is a down about 11 for its worst month since 2014. Big jags for technology. Many have been down for the last four days. Oneover at lake capital, investor saying that this could reflect uncertainty around the protections policy under the trumpet administration could mean for companies with national exposure. And the winners we are looking at, the banks. The rally continues. Bank of america, jp morgan, wells fargo, all trading higher. Bank of america has had its best fourday streak, trading at levels we last saw in 2008. And jpmorgan should finish at a record high. Strength, why the big the rally in rates. The tenure and to year and a 30 year are all trading higher. And the bonds are selling off and inverses the price and this could reflect expectations around the donald trump administration. Week, it was said that the big rally in rates could reflect what policy could look like in the future. With the 10 year yield back at levels from january, this could continue. We go into the bloomberg and take a look. We see the 10 year yield on top in white, really starting to pop up there. And we have the relative strength index, circled to the side of the chart at levels last seen in 2008, said justin at the 10 year yield suggesting that the 10 year yield is oversold. But basically we could see that come back in some degree. Julie thank you. It looks like president obama is beginning the press conference. President obama my final foreign trip as president. And while abroad, i will have the chance to take questions club that i figured, why wait . There are domestic issues people are thinking about. I wanted to see if i could clear up the underbrush so that when people areseas asking about foreignpolicy questions and they do not feel obliged to talk on other questions too. I know you still will. [laughter] first of all,a let me mention some brief topics. As i discussed with the president elect, my team is ready to accelerate in the next steps that will be required to ensure a smooth transition and we will stay in touch as we travel. I remember what it was like when i came in, it was a big challenge. This office is bigger than any one person and that is why a smooth transition is so important. It is not something that the constitution explicitly requires, but it is a norm for a democracy. Similar to tolerance and a commitment to reason and analysis. And it is what makes this country work. As long as i am president , were going to uphold those norms and to cherish and uphold those ideas. As i told my staff, we should be proud that their work has ensured that when we turn over the keys, the car is in good shape. We are indisputably the strongest a stronger nation today than when i came in. Jobs have been growing and incomes are rising. Poverty is falling. The impoverished rate is at the lowest level on record. And so my estrogens for my team is and my instructions for my team is that we run through the tape and we finish what we started. We cannot let up in the last couple of months, because my goal is on january 21, america will be the strongest possible and hopefully there is opportunity for the next president to build on that. Haser two, our work stabilized the global economy. I will spend this week reinforcing americas support for the steps we have taken to promote Economic Growth on a range of issues. I look forward to my visit in greece. I will then meet with angela merkel. And talk about our support for those strong integrated europe. We will talk about National Security and how it is important to global stability. That is why the Transatlantic Alliance and the Nato Alliance has entered for decades. Entered for decades. And in peru, i will eat meet with the leaders looking at rebalance in the asiapacific. This is a time of great change, but america has always been a beacon of hope to those around the globe and it will continue to be. Finally, on a personal note, michelle and i want to offer our deepest condolences to the ifill of glenn i gwen on her passing. She was an extraordinary journalist. She asked tough questions, Holding People accountable and defending a strong and free press that makes the democracy work. I always appreciated her reporting, even when i was at the receiving end of whatever tough and thorough interviews. Whether she reported from the convention for or the field, or at the debate moderators table, she not only informed but she also inspired. She was an especially powerful role model for girls and young women. For him she blazed a trail as one half of the first allfemale anchor team on network news. So she did her country a Great Service and michelle and i joined her family and colleagues and everybody else who loved her and remember her today. So with that i will take questions. Earnest has some polar out here pull around here, he has put the wall street journal at the top of the list. You are wrapping up here and going to kansas city. Josh happens to be from kansas city. [laughter] president obama i did not know if there was a coincidence there, but we wish you the best of luck. As it turns out you are about to embark on a foreign trip, what will you say to other World Leaders about your successor . And any misgivings about donald trump, should they be worried about the future . And as democrats regroup after a shocking upset, what is your advice about where the party is going out and who should lead it . President obama one of the great things about the united to world when it comes affairs, the president is obviously the leader of the executive branch, the commander in chief, the spokesperson for the nation. But the influence and work that we have is the result not just of the president , it is the result of countless interactions and relationships between our andtary, our diplomats other diplomats and Intelligence Officers and development workers. And there is an enormous continuity the name the daytoday news that makes us that indispensable nation when it comes to maintaining order and promoting prosperity around the world. That will continue. In my conversation with the expressed aect, he great interest in maintaining our strategic relationships, so one of the messages i will be able to deliver is his commitment to nato and the Transatlantic Alliance, that is one of the most important functions at this stage is to no them know that there is when it comes to americas commitment to a nato relationship. And a recognition that those alliances are not just good for europe, they are good for the United States and they are vital for the world. With respect to the Democratic Party, look, as i said right after the election, when your hard. Oses, it is it is challenging. Is a healthyk it bank for the party to go through some reflection. I think it is important for me thato be big footing conversation, we want to see new voices emerge, that is part of the reason why term limits are a useful thing. Democrats should it not waiver on our core beliefs and doubles principles. The belief that we should have an economy that works for everybody, the belief that america at its best is inclusive and not exclusive. That we insist on the dignity and godgiven potential and work of every child, regardless of race, gender, Sexual Orientation , or that we are committed to a world in which we keep america safe, but we recognize that our power does not flow only from the military but the strength in our principles and values. So there will be a core set of values that should not be up for debate. Politically,ganize i think it is something we should think about. Have betterat we also believe that good ideas do not matter if people do not hear them. And one of the issues the democrats have to be clear on is the given population distribution across the country, we have to compete everywhere, we have to show up everywhere. We have to work at a grassroots level, something that i have led in my career. I won iowa not because the democratic a demographics dictated it, it is because i spent 87 days going into every every fair ande, fish fry. And there were counties i might lost byt, but maybe i 20 points instead of 50. There are counties maybe i won that the people responded, because they had a chance to listen to you and get a sense of who used to orient you you were fighting for. And the challenge for a National Party is, how do you dig in there and create those kinds of structures so that people have a sense of what it is you stand for. Increasingly is difficult to do just through a National Press push. It is difficult to do because of the splintering of us. I think the discussion could be taken on how you build more grassroots organizing, state parties and local parties, school board elections, city council races, that all i think will contribute to stronger outcomes in the future. And i am optimistic that that will happen. Feelingcrats who are completely discouraged, i have been trying to remind them that everybody remembers my boston speech from 2004, but they may not remember me showing up in 2005 when john kerry lost a press election. The leader of the senate had been dated. There were only two democrats that one it nationally. Republicans controlled the senate and the house. Democrats were, winning back congress and then i was president of the united. Tates things change pretty rapidly. They do not change inevitably, the change because you work for it. Democracy is not supposed to be easy, it is hard. In a big country like this, it probably should be hard. Mark . Good to see you. They could. Mr. President , what can you tell us about the learning curve on becoming president . Can you tell us how long it took you before you were fully at ease in the job, if that ever happens . Did you discuss this matter with the president elect . Look, i thinka the learning curve always continues. Job. Is a remarkable it is like no other job on earth. It is a constant flow of information and challenges and issues. Now trueror now than it has ever been, because of the connections of the regions of the world. If you were president 50 years ago, the tragedy in syria might not have even penetrated what the American People were thinking about on a daily basis. Now they have seen images, a child in the aftermath of a bombing. There was a time, if you had a financial crisis in Southeast Asia somewhere, it had no impact on markets here. So, the amount of information, the amount of incoming that any administration has to deal with today in response to rapidly, more so than ever before, that makes a difference. I was watching a documentary that during the bay of pigs crisis, jfk had about two weeks before anybody reported on it. Imagine that. I think it is fair to say that Something Like that, if it happens under a current president , they need to figure it out in an hour with the responses response is. These are things i shared with the president unit. I think it was a useful conversation. I tried to be as honest as i could about the things i think any president coming in needs to think about. And probably most important point i made was that, how you the chief ofularly staff and National Security advisor, the white House Counsel , how you set up the process and the system, the surface information, the options for a president , understanding that the president will be the final decisionmaking a decisionmaker, that needs paid attention to right away. I am biased, but i am sort of by the smartest and hardest working group of people in my admin decision that any president has ever had. And as a consequence of that team, i have been able to make good decisions. If you do not have that hope heou so i appreciated that advice. What i also discussed is that i was encouraged by his statements on Election Night. The need for unity and his interest in being the president all people. Staffs, the first steps he takes and the first resetsions he makes, the that can happen, those are all important. And i think it is important to give him the room and space to do that. It takes time to put that together. Emphasized to him, in an election like this that is hotly , gestures matter. How he reaches out to groups that may not have supported him. Interest with his issues and concerns, those are the kinds of things that can set the tone that will help move things forward when he has taken office. How long did it take before you had ease in the job . President obama i didnt have time to be at ease. Good news, my experience an analogy. O find by the time fdr had come into office, they had been in a depression. We were in the midst of a freefall. The Housing Market had entirely collapsed. One of the advantages i had was i was too busy and too to worry about how i was feeling about the job. In this situation, we are turning over a country that has challenges and problems and obviously there are people feeling disaffected, otherwise we would not have had these results in the election. On the other hand, if you look basic indicators of where the country is right now, the Unemployment Rate is as low as years, income 89 and wages have gone up after in the last year than in a decade have historically low uninsured rates, the stock around itsovering alltime high it 401ks have been restored and the Housing Market has recovered. We have challenges internationally, but the most immediate challenge with respect to iso isil, we are looking mosul isss in iraq and byreasingly being retaken iraqi forces, supported by us. Our alliances are in strong shape and the progress we have made with Carbon Emissions has been greater than any other country on earth. 2. 00 a gallon. He will have time and space to make judicious decisions. The Incoming Administration does out a huge put number of fires. They might want to take the country in a different direction, but they have time to consider what exactly they want to achieve and that is a testament to the tremendous work in my team has done over the last eight years. You said more than once you do not believe donald trump would be elected. Now that you have spent time with him and spoke with him in the opel office, do you now think that he is qualified to be president . And you mentioned staffing and tone, what do you say to americans who doubt that there will be a peaceful transition and the concern over policies that may seem contrary to whatities and supporters, many call the White National movement, that it will be in the what message does that send to the country and is the world . Issident obama i think it very to say that it would not be appropriate for me to comment on every appointment that the president elect starts making. If i want to be consistent with the notion that we will try to facilitate a smooth transition. What the people but the people have spoken and donald trump will be the next president of the United States. And it will be up to him to set up a team that he thinks will serve him well and reflect his policies. Not vote fort did him have to recognize that that ishow democracy works, this a democracy. When i won and if there were a number of people who do not like me and what i stood for, and think that whenever you have an incoming president of the other side, particularly in a bitter election like this, it takes awhile for people to break in silent themselves with that new reality reconcile themselves with that new reality. Elections matter and voting counts. Edit so, i do not know how many times we have to learn this having because we and of 43 of the country not voting that are eligible to vote. But it makes a difference. So, given that the is now trying to balance what he said in the campaign and the commitments they made to supporters with those that disagree with him and the congress, reaching out to those who did not vote for him, it is important for us to let him make his decisions and i think the American People will judge over the course of the , whetherle of years they like what they see. And whether these are the kinds of policies and this is the direction they want to see the country go in. Sure thate is to make when i handoff this white house that it is in the best possible shape and that i have been as helpful as they can be to him in Going Forward and buil