angie: the final u.s. presidential debate featured some of the sharpest exchanges so far, with trump refusing to say if you will accept defeat. $17.5di arabia faces billion, the biggest ever bond sale by an emerging market nation. >> reacts as many producers will join opec's expected supply cuts , although at least four members are known to be unhappy. duterte says goodbye america as

he pilots the philippines to closer ties with china. >> is 8:00 a.m. across the emirates. i'm tracy alloway in to buy. angie lau in hong kong. welcome to bloomberg markets middle east. what we were watching was the u.s. presidential election here. some interesting comments from both trump and clinton about the region, and globally as well. what about you tracy? big news coming out of saudi arabia. tracy: if you take away one thing from today's trading and yesterday's trading, it is some very large numbers. specifically, saudi arabia selling 17.5 ilion dollars worth of bonds in its inaugural international bond debt sale -- $17.5 billion worth of bonds and it's a natural -- in its inaugural international bond debt sale. you can see the treasury moving up ahead of the bond sale, they

moved sharply down, and then up again. the reason that happens is because investors only have so much money. a bond sale as big as is when crowds of the u.s. treasury market, which is amazing. you also have some technical things around hedging a position. natalie's is the biggest issue from the middle east ever, it is also the biggest ever issue from an emerging market nation. it beats argentina's $16 billion sale. really, some very large sales over here. angie: huge numbers, to be sure. --re he impact on markets very impact full on markets. mumbai has been trading for a most 20 minutes now. it is climbing along with the rest of the gang here in asia. crude oil really creeping up. $51 driving this energy share to be the best performer today. how about you? angie: let's take a look at the

middle east. it is just under two hours away from the opening of the emirates market, and -- abu dhabi and dubai. yesterday was a bit of a mixed picture. we sought dubai and abu dhabi up slightly, and qatar down slightly at .31%. the oil was not feeding through to all of the markets out here. tracy: we're going to check in on the first world headlines from around the world. here's haidi lun. >> wells fargo is being investigated on whether its employees created either the effect by creating millions of accounts. there was a search warrant issued earlier this month, seeking the names of bakers who opened press accounts. we're told prosecutors in new york and san francisco have also opened similar criminal investigations. the fed's latest playbook says the u.s. economy has the -- has

improved. there is modest employment and wage growth. traders see just a 70% chance of an interest rate hike at next month that meeting -- a 17 percent chance of an interest rate hike at next month that meeting. qatar's sovereign fund is said to be looking at $11 billion to help reduce its dependence on oil. they need to attack around $13 million more. typhoon has hit the northern part of the philippines. , 100 a category five storm commoners wide, and is strong enough to destroy buildings. its--- philippines

raised its typhoon warning to its highest level. thousands of people have been moved to safety. news powered by journalists and analysts in more than 120 countries. i am haidi lun, this is bloomberg. . >> hillary clinton and donald trump exchange bars -- barbs on abortion and foreign policy in the final presidential debate of the campaign. angie: trump refused to say whether you accept the results if he loses. >> i will look at it at the time. i think the voters are seeing through it. i think they're going to see through it. we will find out on november 8. i will tell you at the time, i will keep you in suspense. don --y time thinks every time donald thinks things are not going to his direction, he claims things are rigged against him. this is how donald thinks. it is funny, but it is also really troubling that is not the

way our democracy works. angie: bloomberg politics joins us live from the university of nevada in las vegas right now and no shaking hands? a final debate that lived up to expectations in various ways. it was a debate that we saw a very different donald trump at the beginning of the debate, that morphed into the donald trump that many of us are more familiar with as the day -- as the debate went on. he refused to acknowledge whether he would accept the results of this election, saying he would keep the voters in suspense was he sees a result of an rates. that is going to be the moment that is most remembered for a debate that once again had sharp likees on things gun-control and immigration. again, it highlighted his refusal to a knowledge the women who have come forward and alleged unwanted sexual advances. again, hitting on his main theme

that this is a rigged election, that voters may not actually trust the results. that is a hit at the very core of democracy, that hillary clinton called in one word "horrifying." tracy: we have seen some commentators that trump is laying the groundwork for a defeat in november. what chance does trump have to turn it all around now after the third debate? >> he needed a much bigger win tonight then he had. we have seen immediate polls showing hillary clinton pretty handily won this great. that is immediate reaction. what he needed tonight was change the story and some on expected way. he was unable to do that. and the first 60 minutes, we saw one candidate, and the last 30 minutes, we saw the candidate who was unable to stay on

message. there was a stunning exchange on russia where he struggled to exchange -- two described his relationship with one american. again, it is all going to come down to him doing enough to bring voters over to his side. increasingly, a very personal and emotional performance from her. she was talking about issues like women, where she was talking about partial birth abortions where she brought home her personal animosity to this candidate. he spent his time interrupting her, calling her at the very tail end a "nasty woman." that is something we will see chopped into some big best soundbites and played over and over again ad nauseam. >> we're going to get the latest on the markets in hong kong. >> asia is extending the gains from overnight.

we have seen a broad-based rally of varying degrees, depending on what market you are looking at. you have a few weeks but's, but these markets in the red have mostly been outperforming this week. japan and hong kong leading the game. up 1% in japan. tokyo is 30 minutes into the afternoon session. you have the jobs data out for september in australia. downside, they lost 9000 or so jobs in the month of september and australia. up with ap things stock to watch. based on sources that bloomberg has spoken to and local media, a new chairmanee aimed at mitsubishi motors --

named at mitsubishi motors. up 1.4%.e we might get it press conference later on. three major carmakers would be headed by one person for the first time in forever. tracy. tracy: thank you so much david. have in the show, we will more reaction and criticism of the final presidential debate. we'll hear the views of an economist and best-selling author. angie: plus who came out on top in the end. this deadline this is bloomberg. ♪

>> you're watching bloomberg. i'm angie lau in hong kong. tracy: and i'm tracy alloway in dubai.

let's get check of the latest headlines. walmart has hit reset on its strategy for china. the world's largest retailer is making one of its guest pushes into e-commerce as it aims to deliver goods from around the world to chinese consumers within hours. it is part of a pilot project by its chinese partner, jd.xocom. parts will be delivered by drone to remote villages. >> walmart has stores in many countries. all of the stores, there is special walmart product that cannot be purchased in china currently. we will bring in walmart global items slowly into china. ebay tumbled in extended trading after its holiday sales forecast missed estimates. shares fell as much as 8.9%. it's as revenue in the current quarter will come in slightly below the forecast of $2.4 billion. ebay executives say they need more time for their turnaround efforts to pay off

your debt payoff. model s says all of its and model x vehicles have something hardware. they have 360 degree visibility cameras. the upcoming model three will have the same software when updates are validated. a notusk once -- wants taught as drive from l.a. to new york next year. >> finally, more from the final presidential debate. ian, good to have you with us. the third and final presidential debate. >> a year-and-a-half of these elections. the complete subversion of democracy and an embarrassment to everywhere. but we still have to do it.

everyone else is certainly saying -- i would say that hillary won the first bit, but trump probably wound up stronger towards the end. he gathered momentum, but it did not matter. he is way too far behind at this point, barring something truly cataclysmic happening to hillary. the question is not can you win, the question is how big of a loss, and can the republicans keep the senate, how much do they lose this house? more portly does more importantly, what does trump do after a loss? mr. trump came out and said that he was not prepared to concede if he loses. >> what are the chances he does not concede? >> i have no idea. >> you're the expert. both privatelyme come and she is told of the people publicly, that 100%, , bututely, if he loses

donald trump has confounded people in what he is willing to say and do, which helped get him this far, but has also destroyed his campaign with the republican leadership over the past few months. i think a lot of this has to do with how he feels on the day. if he doesn't concede, and he can whip up in a frenzy, it will damage the american economy, it will damage the american polity to a significant degree. but that would not be the way if he wanted to have an america first political movement, to look like an american national front like in france. that is how you do that. you'd say this conspiracy, these people are out to get you. we will not stand down and just fight. >> any clarity what the americans want? >> sure. the problem is there is no such thing as the american. if there were, we would not have

trump and sanders doing so well. a small, but real, majority of americans believe that the establishment political figures have not done well by them. they feel that globalization has not benefited them. some of them voted for sanders a lot more than you would've expected, who was not a mainstream democrat at all. others have voted for trump. those people, like you saw with the brexit vote in the u k, they want the establishment out. trump is just way too far beyond the pale, he is also playing identity politics with mexicans, with muslims, most importantly, with all of the scandals with women. that just means demographics won't work for him to get elected. the american people don't want hillary. even the supporters of hillary are not enormously excited about the most establishment political figure you can find running the

country for four or eight years. the challenges that are growing in the middle and working class getting home about are not going to get fixed by another establishment figure. >> to what extent has the presidential race hurt u.s. with its allies in asia? >> everywhere. in asia, the middle east, latin america. the fact that you have one candidate actively saying that american alliances are as transactional as his own marriages are is a bad thing. it is not about values. values don't matter. it is not about being committed to a country. it is about are you paying? and if you're not paying enough, we're either going to split the check or walk away. russia, japan, singapore, the values don't matter. it is just a fair actually paying to play. that is the way he views an alliance. clearly that has unnerved american allies around the world. what you can also see is the

american people don't want the u.s. to be the global policeman, don't want america to be the architect of global trade, they don't want america to even be the cheerleader of global values. , and allies are hedging they will continue to. >> you touched on the middle east. how will this election to find the relationship between the u.s. and the middle east? >> hillary clinton is very well known by the leaders in the middle east, and certainly they will see her as a more trusted and capable hand. they have given a lot of money to the clinton global initiative, which has caused some scandal. the fact is they do have access, and the saudi's will feel more comfortable. netanyahu does not like obama, but he will be more comfortable with hillary. egypt, john kerry is certainly not their drive. they will feel more comfortable with hillary. they will be doing that it -- in the context of a u.s. that is focusing more domestically and a

world order that is war challenging to american influence. if you think that syria or yemen or a rock for the fight in basel right now, the americans are mosul right now, the americans are bit players, being driven by others. hillary clinton will bring more clarity for what the american states once and is willing to do. it will be a lot less than these american erstwhile allies in the middle east will be hoping for. >> there's also the issue with oil. how is that impacting? >> it just means that the social contract is falling away. the way that much of the middle east worked was you pay us a lot of money and keep security, and in return we don't get to scream bloody murder if you're governing us badly. if oil prices are in the toilet, thenpec is falling apart, obviously these governments no longer have the ability to provide for the population the

way they used to. saudi arabia in particular, they cut thet two weeks ago salaries of all of their public sector employees. they never had to do that before. that is not good in a country that does not have a lot of legitimacy. it is run by a family. it is not like there are elections and they can throw the bums out. you are getting a lot more dissatisfied people across the middle east. it is structural, and it will continue. >> anything that could spread to asia as well. do -- how want to think that could be? >> you see this in the middle east because of the revolution of the oil falling off. you see that in the united states and europe because emerging-market labor has supplanted developed market later -- market labor. it will spend into that expand into emerging markets. that will be happening in the next five or 10 years. >> we are talking china.

where in asia? >> in the last 40 years, all of these countries have risen up because they became the global workforce. the global workforce is being replaced by automation and artificial intelligence and robotics. clearly these governments will have to find something new that provides legitimacy for themselves, and keeps the people happy. they will have to address that in relatively short order. >> thank you for your insight. coverage continues. up, the philippine president says goodbye america. his foreign policy for china. we're live in beijing. this is bloomberg. ♪

>> you're watching bloomberg. i am angie lau in hong kong. tracy: and i'm tracy alloway in

dubai. the philippine resident r odrigo duterte is turning decades of military ties on its head. lanes --is policy now leans towards beijing. tom, how serious a pivot is this? tom: it is potentially very significant on both an economic front and a geopolitical front, particularly when you consider how the philippines underpins washington's pivot to asia. the caveat is that the rhetoric we hear from duterte and whether that will turn into concrete action. he was pretty clear in beijing, saying there would be no more american military intervention in the philippines, no more military exercise. china was the one hope, as he describes it, for the filipino economy. on the question of the south china sea, which is caused

frosty relations between the two countries, he said that would take a backseat to economic concerns. those words welcomed here in beijing by policymakers. we heard state media saying that they hope this will be a reset in relations between the two countries. from washington's perspective, they say that the u.s. ties with the philippines continued. they warned that their envoy in manila that this should not be a zero-sum game between manila and beijing. a warning from washington as they look at their key i like getting closer to beijing. angie: why this change in relations, and why now? >> economics, a big part of it. has been pleased to hear from beijing and china about the support for his war on drugs. on the economic front, they're hoping to seal around 25 deals,

according to the filipino finance ministry, including on energy and telecoms and infrastructure. there could be a credit line that is opened tween china -- opened between the bank of china and philippines worth about 3 billion u.s. dollars. they also hope to boost tourism from chinese visitors. those have been discourage over the past few years, especially under the presidency of akino, when investors were pressured to avoid the philippines over the south china sea tensions. now, these deals are in process and expected to be signed off later today, when duterte meets with president judy paying for one-on-one talks -- president xi jinping for one-on-one talks. >> coming up a closer look at the saudi records -- saudi records on sale. this is bloomberg.

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angie: it is 12:30 in hong kong, 3:30 in sydney. here the headlines rather world. the third and final presidential debate has seen candidates stake sharply different views on abortion, gun control, and trade. donald trump refused to say if he would accept the results if he loses. --y clinton cause that hillary clinton calls that an appalling degradation of american democracy. a bank continues to make progress on lowering headcounts, including africa. that word that brexit will force changes.

they may break estimates as much as 30%. china's currency regulator has busted underground banking operations worth $148 billion this year. it also says authorities seized iliopsoas. .- illegal outflows saudi arabia obtained $17.5 billion, the largest bond sale for an emergence nation -- on emerging nation. budget to shore up a crippled by cheap oil. it underlines the deepening strain facing the deep -- the energy dependent economy. this is bloomberg.

it is 12:30 p.m. in hong kong. i'm angie lau. tracy: it is a: 30 a.m. in dubai. i am tracy alloway. anna: i've anna edwards. we are just starting to get into the european trading day ahead. we're going to hear from the ecb today. expectationany big that we will get big change today. we might have to wait a little longer for that. we have a graphic that shows that december is really the expectation that economists are clinging to. whether that is stimulus, or changing the parameters of ecb. december is the date to market your calendars. we will be looking during the press conference today for any clue as to what december might bring. we know that it ecb committee is working on strategies to redesign the quantitative easing

strategies. we have seen that stock negative yielding debt growing, and that has been making life more difficult for central banks around the world to have limits on the negativity of yields. if you want to follow what is going on at the ecb, use the bloomberg terminal. we will have all the detail for you. we'll have more on the inflation story in europe, and specifically the eurozone nations. away from the ecb, there is more brexit fallout, from scotland in particular. could they be voting in leaving the ok -- on leaving the u.k. again? >> we've already heard from nicola sturgeon that she wanted to take baby steps towards another referendum, or at least a possibility of another referendum. today, we see the publication of the draft bill.

this is another step towards a referendum on independence. this is a preparation of legislation that could be enacted if the government in scotland says its views on brexit are not being respected enough by the government in westminster. it does not mean we will see another referendum on independence, but it does mean that we could perhaps get a bit closer to one. also be aware that theresa may will be in brussels meeting with other eu leaders. she will say that the brexit vote must be honored, and there will be no second referendum, in case anyone in brussels was under any other interpretation of what has happened on june 23. this is a two-day summit. we'll be live on the ground with all the details and reactions to what they may have to say to other european leaders. tracy: saudi arabia raised 17.5 billion dollars in the biggest bond sale ever from an emerging

market nation. the kingdom sold 5, 10, and 30 year securities with significant premiums over similar maturity of u.s. treasuries. less discuss a more -- let's discuss some more. steve, we were talking about some of the big numbers involved in this bond sale earlier in the show. .here is one that i forgot that is the $67 billion worth of orders for $70 billion worth of 17 billion sold -- dollars worth of debt sold. >> this is a confirmation of the year. it is also a confirmation of the trend we have seen throughout the year that investors are gradually picking up on this story in the middle east. we're seeing the bond market with massive inflow relative to the stock market. ie market is maturing, and think it is ironically part of the whole crisis we have seen in the area. i have been coming to this region or 15 years. i think in the last 18 months,

more has happened in terms of initiative in saudi, in the gcc, then i have seen in the past 15 years. that is one of my main things in economics, is that crisis creates his mandate for change. i think it is an interesting story. i think the bond market can grow even more. tracy: i want to press more on that point. i have a chart that shows the search for yields heading to the gulf. yields on gcc bonds have picked up a little bit compared to treasuries. given that the kingdom saudi arabia tapped the market for $17.5 billion yesterday, do you think they're going to head back anytime soon? how much more demand could there be for that? >> the demand is endless at this point in time, especially in the cycle where the market assumes the federal reserve will go once in december and will be done for a long time. i think that in itself is the consensus path.

i think it also depends on the supply. it is pretty certain that saudi arabia will need to raise additional funds, can sitting there probably going to have a growth rate close to 0% this year. if you have the optimistic classes for next year, it is probably 2%. the money they need to raise to reduce the burden of oil dependency can only happen through raising revenue through taxes and other things, which are incoming. they will be back. certainly, the success -- and it is a big success by any standard -- shows it. also, why should saudi arabia pay 100 basis point over 10 years? >> they left some money on the table. >> yes. i would potentially see the next lot -- launch would be much more widespread. i think qatar and others in the region would see the spread. you have two opposing forces -- the u.s. projection right is

higher, so that will be going higher, but i think there is an ability to compress a more with stable oil prices. tracy: as you said, it is likely that saudi arabia will have to return to the bond market to raise more money. this reach for yields will be winding down. where's the appetite going to be from the foreign investor group? the tapering, and that is what we have to look for at the ecb. the bank of japan is changing. the thing is, the bond investors -- and that is what we see with they are issuance -- certainly looking for something like saudi arabia. if you look at a fundamental acid that will yield almost guaranteed returns -- fundamental asset that will

yield a most guaranteed returns. to be honest, i would rather be a long saudi arabia and uae then along italy. at least in this region, the government is backing up the asset. the fact that the growing adventure market -- growing and maturing of the market is relatively new, but it is a trend that will continue. i would not be surprised to see the gcc region becoming a dimock -- a dominant part of global investment. angie: are the policies in place, are the reforms in place to make sure that saudi arabia does have a successful diversification away from oil? you can argue up and down what you agree with everything that goes on inside saudi arabia, but what matters is that the whole region is now moving to vat base in 2018.

authorities in saudi arabia are addressing the 9% budget deficit. be credible that to going forward, they will need to raise revenue that is not oil-producing. don't forget the mechanics of this region -- the more outside revenue take, the lower the actual breakeven rate is. we move from $75 to roughly $60 this year. in saudi arabia, that is lower because extraction is cheaper. is about maintaining healthy going forward, but capital demand is actually going to reduce in this region in terms of helping a long the process of change. >> thank you so much for joining us. up, politicians need to get real. stop talking in a leg which no one listens to. author -- a

best-selling author joins us. this is bloomberg. ♪

angie: welcome back, you're watching bloomberg. i'm angie lau in hong kong. tracy: i'm tracy alloway in dubai. a quick check of the headlines. saudi arabia may finally start repaying its contractors. sources say payments have begun to major builders. 30-40% of any outstanding debt will be paid before the end of the year. the kingdom started delaying payments to contractors last year under pressure from cheap oil and a widening deficit. angie: saudi arabia's as many nations will join opec's proposed output cut. the energy minister says they go jason until next month's meeting. only russia has said it is considering an out freeze -- output freeze.

iran and iraq say they are unhappy. tracy: the uae's hiring officials to set up a federal body to collect taxes. the ministry's advertising about 30 positions on its website, including compliance and enforcement director, auditors, analysts, and accountants. it comes ahead of the uae's plans to add a vat by 2018 to diversify its revenue base. angie: malaysian airlines has a 380 -- six eight jumbos.buss -- a380 >> let's head back to singapore and the barclays asian form -- forum. what is the feeling of the ground about that final presidential debate? guest,rding to our next

neil ferguson, it is game over for trump. game over for trump? think there can be a surprise big enough to rescue him. he has lost three out of three debates, and i think he has lost them pretty badly. his support was always a narrow one. successfulomney was with republican voters, then add independent voters. the only thing donald trump has done in these debates is alienate independent voters. i think it is over. i think the 12% opportunity he now has is slightly optimistic. >> you do think at one time that the public chances for a trump presidency was quite high. >> i argued over the summer that people were getting complacent in the clinton camp. there was a succession of bad

new stores for her in september and trump began to gain ground. this is a populist moment worldwide. opportunity for populists to surprise political establishments. think of the brexit back in june of u.k. there was a chance for trump all along, but he has blown these debates so badly that he looked like a complete amateur and everything a lot of them. i don't think in independent voter watching him tonight would have been attracted to a trump presidency. on the contrary, i think it would have calmed off -- would have turned them off. portly, the question of whether or not you would accept the results if you lost? i think that just turns off a lot of voters. these debates were terrible for trump. >> is it just rhetoric? do you think you would actually not concede? i think book -- >> i think what we're seeing now is trump playing to the

electoral debate that he built for himself during the primaries. it was a pretty angry section of the electorate. they won't be enough for him to win the presidency, but a pretty big chunk of people nonetheless. this could be 35% of american voters that are so angry that they are pitchforks and revolutions on their minds. i think he is channeling their anger come and thinking ahead to the time when he is no longer a presidential candidate, but setting up his own tv network to rival fox. that is the big story of tonight. themally knows he has lost and is thinking ahead to his next incarnation as a television mogul, not just a television reality star. likenedike and trump -- trump to the samsung galaxy note 7. >> it just struck me as so clear that there he was flaming out in one debate after another. and she comes along like the iphone 7.

boring, a little hard to connect to with an e-mail problem. timeof these debates, each he had the chance to look presidential, he blew it. each time you chance to reach out to independent voters, he blew it here if you look at the three debates, hillary is what she is -- the seasoned professional. it seems to me that she is going to be the first female president of the united states. the only question is how bad is his flaming out affecting candidates in the senate, and the house. >> when he was a lot of votes just by flaming out? >> i think people knew that he was a maverick. by the time you get to a debating stage, is very different from the primaries where the ship spot -- chutspah can carry a long way.

fails to bep presidential in each of these debates. he said while things that must've convinced anybody still stuck on a fence that he couldn't possibly do the job. it is the most responsible job in the world. you can't have somebody do that job who won't even concede the possibility that he is going to lose," except that defeat it comes. this is bloomberg. ♪

>> welcome back. you're watching bloomberg markets middle east. we're talking about populism with niall ferguson. do you see that happening in

asia? i know it happened in indonesia. >> i think that post financial crisis, there was always going to be a populist wave. it is pretty much across the northern hemisphere, wherever free elections are held. people around the world are reacting negatively to the shock of the financial crisis, and also to the low growth that has followed it. i think they are expressing similar concerns. number one, in many countries on issue with immigration. the brexit was about that, jumbotron was about that -- donald trump was about that. number two, best number three, the idea that the political establishment is corrupt. these the things together are the bread and butter.

the reason he votes of the attery -- >> is this what you call the great degeneration? >> the great degeneration, which was written around the last presidential election, argued that we have a whole series of problems in developed countries that we are not addressing -- fiscal problems, problems with regulation, the breakdown of the rule of law, problems with education. none of those issues came up in the presidential debate. i think that is a general degeneration of politics as usual. democracy all over the world is in a kind of crisis, and that is what is making populist leaders kind of attractive. we haven't talk about populists in europe, but we'll have a whole series of elections next year where populists will do extremely well. the good news is, there is one part of the world where things

are going the other direction, and that is latin america. south america particularly, using populists get kicked out. it happened in argentina last year, it is happening in brazil, i think we will ultimately see it in venezuela. >> is it necessarily a bad thing? take a look at india, indonesia, where the people spoke out, elected a leader who is now in power and making changes benefiting the population. >> i think it is important to dry distinction between what is going on in these asian countries and what is going on in your and united states. the populism in emerging markets is distantly different. it is true that the local elites have been disconnected from the people. populist leaders, if you're voting idea, aren't associated with economic failure. the economy is performing as well as it ever has.

then you look at the philippines, and ask whether mr. duterte is the unacceptable face of asian populism. the sheer scale of violence he has unleashed certainly makes me wonder just how stable filipino democracy is going to be in the near term. this is a big worry. strong leaders are very when everything's up problems are going to be solved by the strong man. the strong and very often decides that he wants to stay in power indefinitely, and that is when populist tend to turn around and try to tweak the constitution to stay in power. that is a latin american path. don't be surprised if asian strongmen don't leave their contracts when the time is up. >> can the transition be smooth? >> this is the pivot away from populism to a nondemocratic state. china has a completely different set of political problems that will dominate the agenda next year.

extending a contract with china's leader. the problems china faces are strikingly in our most debt overhang, and on this capacity and industry. it is proving difficult to deal with the financial sector, shadow banks. i think china has problems that we all recall from america -- financial problems, real estate problems. ae big problem with china is huge political to do list for 2017. will the financial system wait that long before it presents president xi with a new problem? >> would be good for china for xi jinping to remain the leader? i don't think it will be clear for some time whether that is his intention. important from

the point of view for investors to see real reform happening in china, while other than just been talked about -- rather than just been talked about. when reform made it to the first ige of the people standard -- am still waiting to see this structural reform happen. it has to happen soon. china's financial system can't just carry on in this direction, with debt piling up ever more. i don't think you can carry on with this kind of overcapacity and heavy industry. i don't think you can even carry on with one problem after another. last year equities, this year real estate. china has been talking about reform. turned it really has into action since g jinping came into power -- xi jinping. one more interview to go

before rapid appeared. tracy: great stuff in singapore. that is it for this edition of bloomberg markets middle east. angie:

anna: the final debate. hillary clinton and donald trump's bar while the republican nominee refuses to say he will accept the result if he loses. as policyhi and focus changes are on the table for december. watch the decision and news conference right here on bloomberg. there is no turning back. theresa may is set to tell her fellow european union leaders in brussels that the brexit boat must be honored. vote must be honored. ♪