less is more, or more is less? reports adjust louis bacon is recurring to return money to investors. jeremy corbyn joins elizabeth warren and bernie sanders in bashing billionaires, but is it going to help him win the u.k. election? the pound trades higher. live from london, i'm guy johnson, with vonnie quinn in new york. we are now counting you down to the european close on "bloomberg markets." ♪ vonnie: we have some deals in this morning which are giving absolutely no direction to the market whatsoever. the s&p 500 down about 0.2 5%. ofbrokerages, there's lots movement. schwab up 8%, td ameritrade off

the highs now. you might imagine, schwab and td ameritrade looking to get together. that has both stocks higher and has e*trade way down, almost 10% now. guy: let's talk about where we are hearing europe. european markets, we are seeing the pound a little bit stronger today, the we have seen a little but of a selling story coming through in the last half-hour. we are also looking at a stoxx 600 which is down by around their .5% -- around 0.5%. bonds are selling off as well. yields just a touch higher, but not by much. earlier on, we were maybe two basis points to the upside, but as you can see, that has now narrowed to around one basis point. trade is a big theme, so let's talk a little more about it. the u.s.-china trade war weighing heavily on the minds of world leaders and business leaders. they've been at the bloomberg

new economy forum taking place in beijing. foothillsstill in the of a cold war. >> we should pursue common, comprehensive, and sustainable security, and reject zero-sum game and cold war mentality. >> there's a period which there is a peace because nobody wants to fight the country that won the war, and there is a new world order. >> in the present day world, only cooperation is the answer. guy: let's get some analysis. chris turner, ing head of ethics strategy, joins us now -- of fx strategy, joins us now. what would the market look like on december 15 with new tariffs going in? walk us through what the reaction looks like. chris: probably the dollar would rally higher, particularly the

commodity currencies. they haven't been performing particularly well recently. certainly those kind of trade centric currencies in a select the korean won, we've seen a good rally over the last six weeks or so, would perhaps trade up to the 1200, 1220 area. fx hast more broadly, been incredibly quiet this year. despite the trade narrative, everything looks reasonably relaxed. why does fx look like that and other assets don't necessarily look like that? chris: fx markets take their volatility from the interest rate market. interest rates have continued to fall. european rates look like japanese rates at the moment. i think that is coming across and things like euro-dollar. euro-dollar volatility is very low. i think fx markets need some rate volatility, and there's

none of that at the moment. vonnie: on that note, it seems like fed funds futures tell us that september will be the next fed interest rate move. is that what you think -- is that what you think at ing? chris: we are a bit more dovish than that, looking at the balance in the economy between slowdown and the end -- slowdown in the industrial sector and business investment and how that feeds into consumption. we feel there will be enough of a slowdown in the consumer sector such that the fed takes out one additional insurance rate cut in q1. vonnie: if that is indeed the forecast, does that mean that there will be a day or a couple of days where data points come in so weak that there is massive market reaction? clearly the market is not anticipating that right now. chris: i think there will probably be some series of data releases. people see pay line -- see payroll headlines of slowed. particularly things like retail sales, any sign that consumption is starting to slow, and the fed

might become a little more concerned. guy: can we talk about the chinese currency for a moment? if we don't get a trade deal, or it is becoming more and more difficult, do we finally get this big stimulus package that the chinese have thus far this year been really cautious to deliver? the data aren't good. trade is not making progress. when do the chinese stimulate, and if they do, how does the currency react? chris: i think the stimulus is already in the works. infrastructure spending is coming through, and we will see a lot more of that over the next three or four months or so. going back to earlier remarks about trade deals, the renminbi, like the korean won, has been doing better over the last six weeks or so. 7.20,ould trade back to where expectations of trade are falling apart. as i mentioned earlier, i don't think it is quite binary. you look at some fund managers surveys, they say there is no endpoint to the ongoing

situation. guy: no, but trading into year end, there is expectation building that we do get a trade deal and phase one does get done. at the moment, we don't have phase one. at the moment, we have a lot of conflicting stories. there is a date approaching, december 15, on which we are expected to have new tariffs being put into place. , i guessere to happen that is this an area i am trying to explore a little bit here. chris: and asset price performance this year has been good, actually. bond markets have done well, whether hard currency or local currency in the emerging market world. you would imagine there will be some profit taking. you started the year saying that world trade was going to turn negative this year, what would you expect for asset classes? you wouldn't expect it when he percent plus equity return in some areas. i think profit -- expect 20% plus equity return in some

areas. i think profit taking and a review in january to try and redo that phase one deal again. vonnie: do you have a favorite trade right now, or a position at the moment? chris: the thing is, as guy was mentioning, it is a low volatility environment. one of the currencies we like out there is the brazilian rial. the reason it is quite weak at the moment is brazilian corporates. local rates have fallen so sharply that brazilian corporates -- again, this is a great situation to pay down external debt, so that is keeping the brazilian rial soft, but over time we think that is a good store, and probably a rough line in the sand between 4.20 and 4.25. we are seeing the rial can hold its own and perhaps rally into next euros will.

guy: chris is going to stay with us. chris turner, ing head of fx strategy. vonnie: let's get a check on global markets now. here's kailey leinz. kailey: we are seeing risk appetite weighed on once again by uncertainty in the trade war. . that has all three major averages in the u.s. down by about 0.2%. selling is a bit steeper in europe. the stoxx 600 down about 0.4% as we head to the end of that session. i want to come back to the s&p 500 and the loss we are seeing today. if we close down, it would be the third day in a row we see a loss for that index, the longest three-day losing streak we've had this quarter. we haven't actually seen one since september 24 as we continue our retreat from record highs. i want to dive a little deeper into the micro action today. take a look at online brokers. as you know, reports that charles schwab is nearing the end of talks to buy td ameritrade. schwab is the best performer in the s&p 500 index today. td ameritrade is higher by 20%.

that would create an online brokerage with $5 trillion in assets. the threat of that does have rival brokerage e*trade lower, now down by about 9%, the worst performer in the s&p 500. let's take a look at the retailers. tiffany is higher on reports that lvmh is in talks to buy that company for $16 billion. l brands is the second best performer in the s&p 500 today. earnings not as bad as some fear, but lower, we have macy's down by about 3%. they cut their forecasts, and comp sales were a lot lower, deeper declines than expected. vonnie: kailey leinz, thank you for that. do remember the function gtv on the bloomberg allows you to browse all of the recent charts featured on bloomberg tv, catch up on analysis, and save your favorites for future reference. this is bloomberg. ♪

vonnie: some breaking news now. house speaker nancy pelosi saying there haven't been any decisions made yet on impeachment. of course, this is the final day of testimony before congress goes into recess. we are hearing today from the national security council official fee on a hill, who was -- official fiona hill, testifying today in prepared remarks, referring to the story that it was ukraine and not rush to the interfered in the 2016 because an -- and not russia that interfered in the 2016 election. she called that "a fictional narrative." nancy pelosi just now saying there has been no decision as of yet. guy. guy: interesting. that's get a first word news update. here's ritika gupta. ritika: there's word of a

blockbuster takeover in the online brokerage business. bloomberg has learned that charles schwab is nearing a deal to buy td ameritrade. the deal could be announced today. the two firms were among the first to end commissions on stocks and etf's. that prompted analysts to predict a wave of consolidation could take place. defense secretary mark esper says the u.s. is not threatening allies the prospect of troop cuts. a south korean newspaper says the u.s. may withdraw one of its brigades if defense cost talks don't go well. earlier this week, the u.s. walked out of talks on cost-sharing with south korea. president trump is seeking a fivefold increase in funding oul -- from seoul. in the u.k., labour party leader durham a corbyn has announced a -- labour party leader jeremy corbyn has announced a rash of new taxes.

the top 5% of earners would pay more. labour wants to use the new revenue for an hundred $7 billion in public spending. 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. i'm ritika gupta. this is bloomberg. thank you very much indeed. let's carry on the conversation surrounding foreign-exchange. a bunch of different stories we are focusing on this afternoon. christine lagarde speaks tomorrow. we were just hearing the launch of the manifesto from the labour party here in the united kingdom. take a listen to what jeremy corbyn had to say. : if the bankers, billionaires, and the establishment thought we were percent politics as usual, then we could be bought off, that nothing would really change, they wouldn't attack us so ferociously. why bother?

but they know we mean what we say. they know we will deliver our plans, which is why they want to stop us being elected. guy: bashing the billionaires crosses the atlantic. bernie sanders, elizabeth warren vesely doing a lot of that in the united states. now we get it here in the united kingdom. chris turner, ing head of fx , still with us. 30are trading sub one dollar cents. there seems to be no belief that jeremy corbyn could win the election. is that complacency? because ofably, yes, the experience with 17 and the polls -- with 2017 and the polls. i think that is preventing conviction trade being put on at the moment. seen the commitment traders report is deleveraging,

so the market is reluctant to take large positions ahead of this, and will probably react much closer to the event. guy: let's say jeremy corbyn doesn't win an absolute majority, but finds himself in a position where he's capable of forming a government. how does the cable react? if boris johnson is able to win a majority, how does the pound react? what do the edges of the district and curve look like? majority, we think the pound would rally, but temporarily. perhaps as the withdrawal agreement bill goes through for the end of january, some of the risk premia comes out of sterling, maybe cable trades up $1.30. can the conservatives manage to extend that relief to the customs union?

in labour, if they rely on a small number of other parties to curtail more aggressive policies in their manifesto, kenny markets swing round to seeking a second referendum is the big story here? can sterling rally on that? we think it probably can, but it is like threading the aiava neil with a good story for sterling -- threading b.i. of a needle -- needleng the eye of a with a good story for sterling. vonnie: we are still probably going to be at the beginning of a very long process. chris: exactly. there are lots of different timelines, depending on who gets into power. if labour has to do a deal with the snp, when with the referendum be held? we would have to get compromise to get the snp on board. with the end of june for the x

timing -- for the time of it extending, it will not be one moment of epiphany when sterling can settle down for the next couple of years. vonnie: so what is the answer for fx traders? do you go to bed on this trade at all, or avoid it like the plague? chris: i think sterling is very difficult at the moment, and sort of hangs on the polls at the moment. gaffes from the leaders and stories uncovered over the next couple of weeks or so set to , reluctant on positions at the moment. i think they're just going to have to wait until closer to december 12. guy: let's talk about what is happening with the euro. again, and credibly quiet year for the single currency and so anyways. christine lagarde is going to deliver her first policy speech tomorrow in germany. today we have the accounts -- don't call the minutes.

they get very upset. what the accounts highlight is the positions of the governing council. i am just wondering what your expectations are of her ability to deliver clear policy going forward from here. do you think she's going to be able to deliver a governing council that is effective and united, and a you think she's going to be able to convince politicians that they need to deliver what she says, which is fiscal policy? chris: perhaps you would say that her experience with the imf entering the greek crisis, perhaps relations with the politicians and her ability to work with politicians, that might be stronger. you're right, she does have a divided counsel. not the focus on teambuilding exercises at the moment. this is my own personal view, if european growth is weak in the early part of next year, and the pressure and fiscal policy isn't ready to roll yet because

unemployment hasn't picked up or whatever, does the market look at the ecb and say, what have they got to offer? if you've got a divided ecb, perhaps there are some comparisons to the euro in the late 1990's, when the ecb didn't's because one antimarket lost -- the ecb didn't speak as one and the market lost confidence. guy: a potential risk going into next year. chris, thank you very much for stopping by and seeing us this afternoon. chris turner, ing head of fx strategy. vonnie: coming up, we hear from the ceo of ubs that spoke to us at the new economy forum in beijing. this is bloomberg. ♪

vonnie: some breaking news right now. ,enjamin netanyahu of israel according to reports from various israeli tv channels, is to be charged with bribery.

we will keep an eye on that story and bring you details as we get them. guy. guy: a country struggling to get a government, possibly heading towards another set of elections. that could be quite pivotal. ubs boss sergio ermotti says his company is "extremely well-positioned" right now, despite a number of looming risks. he spoke with bloomberg exclusively at the new economy forum in beijing. towardswe are centered our position as the leading wealth manager in the world, leading asset gathering the world, and wealth creation is a secular trend. individual investors and institutional investors to save and invest money plays very well to who we are, so we are extremely well-positioned to capture growth in that sense.

reporter: so you've got all the chess pieces in the right position on the board. the question is, are you the right scale? do you think ubs is the right scale to take it forward? sergio: we are the largest wealth manager in the world, not only because of the size of the client assets, $2.5 trillion of client assets, but also the fact we are a leader in the u.s. we are one of the leaders in the u.s. we are a leader in asia, in europe and switzerland. therefore, we are well-positioned to capture this growth, so scale is eventually going to be an issue for many players. reporter: does that mean you are not going to need to do a deal? i've come to you three or four times this year. the rumors in the market are you are looking at this, looking at that asset manager. are you going to need to do a deal to change the scale? sergio: we don't need to do a deal, but is exactly like saying

you are never going to do a deal where you need to a deal -- a deal or you need to do a deal. nobody can really, in any industry, say that you are rolling out doing a deal. but we are not forced to do deals. we have a good strategy that's been quite successful for the last few years, and we are well-positioned to capture organic opportunities. of course, if we have an opportunity to evaluate nonorganic options, we will, but it is something we are not forced to do. one isr: the most recent that you want to stay until 2021. you and i have now interviewed for eight years. is it reasonable to think that when he 21 will be a time for you to say goodbye -- that 2021 will be a time for you to say goodbye and move on? sergio: why, do you tire of interviewing me? reporter: no, i come every

quarter. but you set the benchmark for ubs. when do you think is the right time for you to think about it? sergio: enough has been said about secession. he said every thing that has to be said. i don't really want to comment on this topic. vonnie: sergio ermotti there of at, speaking exclusively bloomberg's new economy forum in beijing. guy: let's get back to that breaking news on israel. the justice ministry reporting that israel's former prime minister benjamin netanyahu to stand trial for bribery. this is a country potentially heading for a third election within side a year -- third election inside a year. this may be critical for all of that. this is bloomberg. ♪

end 30 seconds to go to the of regular trading in europe. europe looks really gray, the ftse 100 is down a little bit, but elsewhere it's flat, from

the iberian peninsula all the way to germany, nothing to see here. the charge -- tells the story. -- the chart tells the story. we went down a little and went sideways ever since. channel, so narrow. volume has been a little light, let's take a look at the individual markets, this has been underperforming a little more than most, this is down by 4/10 of 1%, nothing clearly defining coming out of this, the tobacco stocks have done a little better. we will talk about that a little cac,but the dax and the nothing to see. most sectors are negative territory, this is one of the few that eyes -- that is planning a little higher. this is at the top end of the market, it's up i to tens of 1%.

of the market, we have seen a little bit of rotation today, but not really that much. the bottom and been the mining stock, a little trade mixed in there, there has been some of that trade narrative bleeding into the markets, the financial services are down, this is a big part of this out of germany, this is going forward to the 2020. real estate for the bond story is down 7/10 of 1%, let's take a look at some of the things here. we were mentioning this earlier on, the crown jewel of the german industrial story is down by nearly 13% today. the markets are looking near-term and seeing that the restructuring will hurt, this is adapting to a breaking world and selling off the business that is doing well right now.

theme,zation is a big this will be selling that off. yesterday we brought to the news related to what's happening with tobacco and the u.s. regulators potentially backing off reducing limits on tobacco, which is one of the main gainers today. up by 3.6%. tiffany like talks with may be getting into a slightly higher gear. that's the european market today, to be honest, it's a very quiet section -- session. vonnie: speaking of tiffany we will dip into a panel with the ceo a little later on, tune in at 1:30 eastern and we will see if we can talk about any deals in the work. -- the works. the s&p 500 is holding. the 10 year yield is also not really moving but we are at 176. crude oil had an up-and-down

week. about $60arlier barrels insight, $50 on the nose right now. there are mixed messages coming from both sides of the u.s.-china negotiations. cans get to bloomberg, you see the brokers moving along today, charles schwab up more than 27%. this would really hurt on the brokerage like e*trade, which has been down. do -- did not see this doing as badly as anticipated. it's the second-best today. let's take a look at the poor performers, obviously the brokerage is hurting, the ones that are not involved in the megadeal. we will see what happens with e*trade financial, down about 9%. ubs, it'sdowngrade at

not very positive for the type of memory that these numbers may -- that these companies make. let's talk hedge funds, business is going to be returning client money to clients and continue managing money but just for markers. joining us now is our guest to covers hedge funds were bloomberg news. this was one of the guys that effectively created the macro hedge fund model. this is more evidence that the world has moved on, and these big names which have done so well over the 30 years are really struggling to cut it in a world of financial repression from central banks but also with the abacos. it's a difficult environment as we have seen for a number of years for macro traders and a lot of the big name macro funds have seen performances struggle

to make returns for their clients. what you are seeing here is a very prominent hedge fund name scale back. it will be taking a back from trading. there's a difference between a hedge fund closing and a hedge fund in this situation, which is returning outside money, but will still run capital and they will launch funds internally in the future. but it's a significant move for one of the biggest names. it's very difficult to make money, but some are managing it. overall, the environment has , fund fees are coming down across the board, there is performance lagging,

and it's difficult to make money in this environment. using see a shift towards the quant fund. the industry has changed a lot from 30 years ago to what we are seeing now. the evolution is there. vonnie: it's a long career and it continues. thank you for joining us. earlier, anda bill president trump is expected to sign the legislation with beijing calling the measure a grave violation of international law. we are joined by an address in -- i a -- by our guest. on this particular topic, is the president planning to sign this piece of legislation today? >> he is. we don't know if you will be today, but he is excited to sign it. that's a big decision for the president, because china has threatened countermeasures.

this has been condemned as a grave violation of international law. as the president is trying to finalize this huge and long-awaited trade deal with china. he gets legislation that has overwhelming bipartisan report in the house and senate, not many things have that level of work. that the president is going to sign this is a big moment with implications and trade deals. guy: what implications? that's what everyone is trying to figure out. how will this bleed through into how a trade deal works? respond by the trade channel? this is not going to scuttle the deal, this will not be the thing that kills progress. but it could harden the positions of the negotiators as they go into this final stage. the u.s. is asking or greater big fraud products, china is asking the u.s. to remove tariffs. those positions are able to be reconciled in this trade deal.

this will be a factor as negotiators meet. it's not clear this will doom the deal. this is the final day of this particular portion of the impeachment hearing, nancy pelosi has said there has been no decision made. there mighthat potentially be a decision made, but clearly it is being cut off. any idea why? anna: she has to say that, she cannot come out and say we have gone forward with impeaching the president when they are gathering evidence. there has been a lot of interesting testimony and it has been a slob. we have gone a lot of first and second hand witnesses giving detailed accounts of what has happened regarding the president's actions. as we going to thanksgiving break when congress is in recess and when they return, that will be the decision when they decide not only what they go for impeachment, but will be the

foundation of the articles of impeachment? what is the basis for bringing this process against the president? it will get very busy. thank you. to germany, the blend has -- the german banks are underestimating economic risk, matt miller sat down with a vice president in frankfurt. profitability,w i think it's a signal that we have all of the capacities in don't know and i what financial stability needs to be discussed in length. the discussion is that we should think about what are ways to deal with overcapacity? is emerging smaller banks? smaller banks.ng smaller banks?g

it is important that we have the debate, we also have european banking systems with charles a different across the countries in a differentiated way. which is what's happening in the financial stability report. >> how difficult would you judge cross-border mergers to be? a lot of ceos tell us it's very difficult, if not impossible to do mergers for big banks? >> i would not say it's not possible, but it is tends under the business model. mergersalso say that are not the solution to all problems. we have seen that sometimes mergers lead to more sustainable business models, but it's not always the case and requires a case-by-case look at the measures that we are taking and we are talking about in the

andext of capital markets how to remove friction with the activity that's extremely important. bank mergersnk big in europe are possible? >> i would not see a reason that they should not be possible. the question is if there is a business case for it. of the the whole idea banking union, that we have a common supervisor, although that should be of relief to cross-border activities. claudia will speaking to matt miller and frank appeared let's see where the stocks have settled. it's a bit of a dip through the auction process, but not much, finishing down by 3/10 of 1%, this is dipping by to tens of 1%, they were flat as we came through the cash flows.

so you can carry on the coverage of what's happening with these markets, and in particular these amazing guests we have been talking to at the forum in beijing. the cable show will be previewing some of those. i will be joining you in london, we are live on cab digital radio in the london area and around the world. this is bloomberg. ♪

vonnie: live from new york, i am vonnie quinn. is: i am guy johnson, this the european close to let's go to israel, breaking news, the prime minister will stand trial for alleged bribery and fraud according to government ministers. thes bring in our guest on

phone from jerusalem. we have a political stalemate in israel right now. nobody can form a government. could this be a game changer? >> it's going to be hard to tell, the prime minister who will be standing trial for bribery and fraud does not have to stop down -- step down until he has convicted and has exhausted all avenues of come deal. neither he nor his rival have been able to form a government, and the president this weekend it over the role of picking someone to perhaps form the next government to parliament. or theuld pick netanyahu other candidate. he may be decision, successful. but it is hard to know. i would not want to call it. vonnie: he has been charged in the three cases brought against him, one was for receiving gifts

in order to hand out tax breaks. the other was reshaping the s communication landscape and to begin a leading newspaper to get sympathetic covered from media moguls that would benefit. there is a wide range of charges. at what point does his party stop supporting him? that's when israel can expect to see a new leader. >> they're supposed to be an election coming up, which netanyahu would try to stop according to reports. leaderhave today a young say that he wants to run in the primaries, this could give him a boost. we appreciate the updates. twitter is up almost 4%,

this has hit those highs, after it says it will let users reply to that week that they send. this will improve the healthy discussion and interaction, you can tweet something out, but if you want to you can hide the replies so you don't have to see them in case people do not feel safe or comfortable that twitter is making this move in order to make the platform user-friendly. tax. keep talking -- tech. >> there is nothing friendly about this situation, they might find hp's rejection of the bid ifbe strange, but they said they decide to play ball in the next few days, they will take to deal directly to the shareholders. and it was interesting, if they

do do that there is a lot of overlap, and there's a significant holder of both. it's one of those things where we could get a potential fight. guy: that sounds very unfriendly. and why are they going after the whole loss? you get any sense that you could get bits of the business? senseay make more logical . >> but that would require hp to want to break itself up and we know that it does not want to. hp has come out saying that they recognize that there is logic. really is coming down to who gets to run the combined company and who is purchasing what xerox . and crucially, there is this

issue of due diligence which is a sideshow. this has come up front and center were hp is saying we want to look at your books because you are putting this into our proposed deals and we should go through you. and xerox assange that's fine but we want to look into yours. and hp is saying no, you offered us a price. vonnie: if you like a lot of haughtiness going on, a deal will either get done or both companies will suffer, so why -- approach this in a is: it's interesting, there a lot of logic to this deal, it's the social issues that seem to be the sticking point. you have those visiting on the relatively new a ceo coming to hp who does not want to be ousted and would like

to see him and his team run the combined company. xerox would naturally be the target but they have also been growing. they see themselves as having this kind of natural advantage. do you have any sense from the shareholders about what the company is -- >> we think shareholders supported deal, the question of who runs the company and who is buying who. is ed hammond, and this is bloomberg. ♪ ♪ when it comes to using data, everyone is different.

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click, call or visit a store today. vonnie: live from new york, i am vonnie quinn. guy: i'm guy, this is the european close. hour is in thee brokerage business, this is pushing shares of both companies hire uphill. taylor? toit's all about reaction

cutting the commission fees to zero just a few months ago, charles schwab take that off and is a result everyone else had to, a lot of this means that you need size and scale to compete and make up for the loss so if you want to take a look at the chart that i'm showing in my terminal, this comes to the share price reaction which has been going on they have been cutting the fees. everyone has been under pressure. the online brokerages are undervalued, trading at 15 point five times. we know the s&p 500 trades in at 17.5 times. we know that they need to attract new customer assets as size and scale creates in volume what they are missing and price. i want to look at the revenue of what charles schwab and td ameritrade, because we know that it is fig trading fees. td ameritrade gets a higher percent of their revenue from

trading fees than charles schwab. they are looking at 36% of their revenue coming from commissions. schwab gets 7% from their commissions. that's why they cut the trading fees to zero, they are not as dependent on that market for a total percent of revenue. vonnie: there were rumors a few months ago that e*trade and tv ameritrade were looking to merge. -- td ameritrade were looking to merge. all of thoseo put into perspective for us, as you can see, e*trade is a lot smaller, they are in yellow relative to td ameritrade. 17% of the revenue on commission. at perhaps a potential combination to keep up with the likes of charles schwab. but e*trade has been out of the

mix, the focus has been on charles schwab and td ameritrade. so we have to see if this comes out with a response. , coming up,k you balance of david westin, he , it willwith our guest be a much wash interview -- watch interview coming up. aecking u.s. markets, down quarter of a percent each, a little more on the nasdaq, this is bloomberg. ♪

i'm david westin, welcome

to balance of power, where the world of politics meets the world of business. from atlanta on the democratic debate, and also in washington, jordan fabian on president trump closing up the tech community. let's start with tyler in atlanta. we watched the debate, was it a debate or a series of presentations from candidates? say that this definitely did not have as many fireworks as we have seen in the or the -- the impeachment drama to the front row seats. the democrats on stage disagreed on certain things, but held their fire for president trump. david: the goal, should be, i assume, to get someone to vote for a candidate other than president trump. what was the argumen w