christine lagarde is accused of favoring him. he has been embroiled for years in the long and bitter case of had beenof the -- he through appeals that have been rejected. christine lagarde made a decision to parse this case through an arbitration panel quitead come up with quickly the huge sum of 404 million euros in compensation. that current out try at the time is a very large sum of money. and also an ally of nicolas sarkozy said it was an investigation and that he himself would have to pay back that money. christine lagarde stands accused over two aspects of this case, over her unusual decision to refer to an arbitration panel out of the court's hands, and the fact that she did not challenge huge payout of 404 million euros when it was handed down. genie: christine lagarde is the head of the international monetary fund, the imf. kind of effect could the trial have on her job there? catherine: it is embarrassing indeed for christine lagarde, the managing director of the imf three she is supposed to appear in court, in front of

chieris imf christine lagarde -- imf chief christine lagarde issues of payout --

christine lagarde found guilty of negligence. overturn it a year later in 2008 when she had the possibility. the president of the court said that given that christine lagarde was a lawyer for 20 years and that she received warnings from the french investment agency, she should have got more information and known that she had a little chance to overturn this initial arbitration. however, given the international status of christine lagarde and the financial crisis at the time in 2007-2008, the president of the court decided that christine lagarde would receive no sentence, no jail time, and no fine. i talked to the lawyer of christine lagarde, patrick, who told me that he was 80% satisfied with the verdict. caroline connan, bloomberg news, paris. haidi: coming up -- rishaad: is it a hedge fund or ponzi scheme? the allegations against platinum partners. that is next. this is bloomberg. ♪ haidi: welcome back to "bloomberg markets: asia." that is get a quick check of some of the headlines we are following. dwindling sales hitting bu

christine lagarde is convicted of negligence in france. the imf says it still has full confidence in her. >> alibaba shines a light on the dark world of counterfeiters in an attempt to drive fake goods off of its site. >> this is the second hour of "daybreak asia" live from bloomberg's u.s. and asian headquarters. >> it is just the past 7:00 p.m. here in new york. in asia, we are seeing green across the board, australia and south korea up .3%, new zealand .25%. geopolitically, switzerland, berlin, as well as turkey. >> let's get more on the market open. let's get started with the turkish lira, two day chart here. we are pushing roughly speaking, three point 53, so just about flat. japan, the nikkei 225, moved down yesterday, collect flat. 19,367, so this march to 20,000 for the nikkei 225. a lot of what will happen today will revolve around when we get to the boj. yes, we will get the decision midday in tokyo, lunchtime in fact, but the focus will be what conference the press when it comes to bond yields. have a look at south korea. there

christine lagarde is adjudged by a very -- jury of her on peers. for her, politically, of course, the fallout could be larger than conviction because negligence politically, if it sticks to her, it might just be a reproach that could finish her career. >> what would it mean for her career if she is convicted? not whether or not she goes to prison, just being convicted? >> she will probably not go to prison. the highest penalty here will be a year and she will not go. she will have to pay 15,000 euros, which is not the problem. what it really means is she will have to step down from the head of the imf because she couldn't possibly carry on in office. she was the tainted by a verdict and dragged it down into the sleazy financial affairs that are such a big part of the sarkozy and all the payments to him and his campaign that have never been cleared up. >> will there ever be another french candidate for the top spot at the imf? >> we cannot possibly imagine that, can we? the last one went down in a cloud of sleazy, sex affairs. now if christine lagar

how important of a figure is christine lagarde? how much publicity has this trial received and what does it do to her reputation? >> she has been a figure in french politics since she became the imf back in 2011. she is now a little bit more away from french politics but of course, this trial has been very politically sensitive, given that she was a clear supporter of former president nicolas sarkozy. and the chief of staff, who is also charged in a separate investigation, was also very close to the president. very political, even though christine lagarde has not been in the front line of politics for quite some time. mark: as you speak, we are hearing that the french government is confident in her capacity as the head of the imf. that is the response of the current french government. they seem to be supporting her. yes. of course, the government is just reacting to the news as we know it. that she wasnment part of was right wing. nicolas sarkozy, who is not in next year's presidential election, so the government is just giving the

up next, i left chief christine lagarde -- imf chief christine lagarde will learn he r fakes today. we are in paris next with that story. this is bloomberg. ♪ matt: welcome back to the european market open. the verdict in imf chief christine lagarde decades-old negligence case will be decided today. she denies any wrongdoing. connan joinsoline us now outside the court of justice in paris. caroline, how likely is it that christine lagarde is found guilty? it is notso, impossible, but it does seem unlikely. last week, we had the french prosecutor who called for the charges against christine lagarde to be dismissed. he said the charges were quite weak, and that she was accused of things that did not relate to criminal law, but to political choices. the sitting judges of this court are not obliged to follow the prosecutors emendation. it happened in the past with the same a prosecutor jean-claude marin had called for the charges of corruption against jeff she chirac to becque dismissed. expected at 3:00 p.m. french time. guy: what have we learned over the last few days? caroline: chri

genie: christine lagarde is a big name in france. there is a third big name also linked into what is just another massive financial scandal at the heart of the government. chris: the financial scandal involving a lot of high-profile and long serving business figures here in france. lagarde, a former synchronized swimming champion who went on to become a corporate lawyer and finance minister in europe. he went on to make millions buying up field companies. back in the 1990's, he threw his weight behind france juan mitterrand, but by 2007 he was supporting nicolas sarkozy, the forwho just lost his bid the presidency again in 2017. a lot of speculation as to when .he payment was ushered through prosecutors say from the start there is no real case for madame lagarde. for that.nks that is chris moore, reporting from paris. now to the democratic republic of congo, where joseph kabila's mandate officially ends today. he has refused to hold an election to determine a successor. thomas reports now. thomas: it is very quiet today there is way

christine lagarde dodges jail, but can she hang on to her job? and "i've never hated a man enough to give diamonds back." zsa zsa gabor has died at age 99. i am phil gayle. welcome to the program. the un security council hs voted unanimously to send observers to the besieged city of aleppo. the resolution is test with monitoring evacuation of civilians from aleppo. it is the first show of unity and months among world powers grappling with the crisis. troops backed by russian and iranian forces caprethe ty la week. ong acuees was a seven-year-old girlhose tweets caught the world's attention. reporter: they overcome the first major hurdle. seven-year-old bana and her mother have reached the checkpoint. she came to worldwide attention thanks to the tweets her mother posted under her name. they included images and video from east aleppo showing the devastation and suffering caused by the war. >> we stayed like a prisoner. we are here and we thank god and we thank all our friends. reporter: now the family is in relative safety. bana and others have le

how likely is it that christine lagarde will be found guilty? impossible, but it does seem very a mike lee. last week, the french prosecutor called for the charges against christine lagarde to be dismissed. he said the charges were quite weak and they did not related to criminal law, but to politics. he also said he was not incoherent for christine lagarde in the an arbitration case given the case had already been going on for nearly 15 years. now, the judges are not obliged to follow the prosecutor's recommendation. it has happened in the past. the same prosecutor jean-claude called for the charges of corruption against former to beent jacque chirac dismissed and the judges found him guilty. christine lagarde was a lawyer for 20 years, so she knows that. she remains very serious when the prosecutor spoke. the verdict is expected here at 3:00 p.m. french time. anna: caroline, it started a week ago. what have we learned? weakness, bruno used to be in charge of the french investment agency at the time, was very harsh against christine lagarde. he

imf chief christine lagarde has been convicted of negligence over her handling of a multimillion euro dispute as france's finance minister. caroline, why was she convicted of negligence? caroline: initially she was charged with two counts of ordering the arbitration and failing to overturn it. on the first count she wasn't found negligent on ordering the initial arbitration but she was found negligent of failing to overturn it in 2008 a year later when she had the ability to do so. the president of the court said that given the christine lagarde was a lawyer for 20 years she should've known better and received many memos from investment agencies warning her that there was a possibility to appeal. she said that at the time she thought the chances of success were very little. specifically, i want to mention that the president of the court was officially concerned about the fact that christine lagarde should have showed proper selection on 45 million euros of this payout related to the thele prejudice when president of the court said that at least 45 million euros specifically could actu

christine lagarde: we at the imf -- >> speaking of the french people. [laughter] certainlylagarde: we view france that needs to continue seriously in the reforms of its economy. and whoever is elected comes next may will have to tackle head-on the need for structural .eforms the labor market has begun reform. product markets have begun. ok, we need a bit more than that. the economy needs more than that. and it has the benefit of this accommodating monetary policy, which presumably is going to continue for a while. around 50.te -- theeuro is one of 5,106 to dollar. and you buy oil at a reasonably low price or barrel. the whole scenery, the whole landscape should be really favorable to those structural reforms. space,ed use of physical -- fiscal space can only be used appropriately to support these structural reform. it cannot be an invitation to just extend of expending. it means to be reorganizing and reshaped. showed franÇois conversing with margaret thatcher. is he a big enough personality to be the margaret after of france? lagarde: what i know of i

end christine lagarde was found guilty of negligence. ofever given the context the financial crisis, she will receive no sentence, noted -- no jail time, and no fine. >> is there any appeal for this decision? >> she has one appeal possible. we will see whether she does so in the next few days. she hasn't received any sentence. >> she was a partner at baker mckenzie. she knew there was a possibility of setting decide -- setting aside the decision paid lawyers are not required to pursue every evidence. >> even though she was aware of the fresh investment agency was andnst the arbitration advised to overturn the arbitration. the chances of success of overturning the arbitration was very little. >> a lot of people will be wondering what this means for her and her future at the top of the imf. is itre the implications? anything more than a reputational issue? >> we go back five years or so it would have been a different story. of testing talk lagarde being a french presidential candidate. she didn't show much interest in this position. there

le figaro reports christine lagarde, head of the imf, has been found guilty of negligence in public office during her time as the french finance minister. an imf tribunal has decided not to hand down a sentence to ms lagarde. the china daily reports on the country's gdp growth is projected to expand by 6.5% year on year in 2017. this is compared with 6.7% growth for earlier this year. singapore's business times writes about how the owners of small sports shops fear for their livelihoods, because big brand nike threatens to stop supplying them next year. it'll apparently help nike cut its own costs. these small business owners, they will go bust. if a feisty festive board game scrap is all too common in your house, monopoly has set up a telephone hotline to solve family disputes. and really, what's more important — to win mayfair or to play fair? that's in the metro. just don't purchase old kent road. you don't get anything fro tell on the road these days. —— anything for a hotel on old kent road these days. joining us isjustin urquhart stewart— he's the director of seven investment

in other news: the executive board of the imf has reaffirmed its confidence in its head, christine lagarde. a french court found her guilty of negligence over a huge compensation payment made when she was the french finance minister, but the court did not punish her. the case relates to the payment of more than $400 million to the tycoon bernard tapie. the italian government will seek parliamentary approval to borrow up to $21 billion to support its fragile banking sector and potentially rescue monte dei paschi di siena. the country's third—largest bank needs to raise more than $5 billion in fresh capital by the end of the month. if monte dei paschi cannot arrange a private sector bailout, a state rescue may come as early as this week. chinese government researchers say the yuan is expected to weaken another 3—5% in 2017. that's on top of the 6.5% drop in the value of the yuan against the us dollar this year. combined with the restriction on sending money overseas, it's bad news for the high—end real estate market in the us. the bbc‘s helier cheung spoke to luxury realtor aaron kir

christine lagarde always denied wrongdoing. the court has decided not to hand down any punishment. thousands of passengers around the world for virgin could come to a halt. grounded workers are threatening industrial action starting friday in a dispute over pgy- starting friday in a dispute over pay. this comes ahead of the peak travel season with christmas and new year's just around the corner. when i spoke to the man who is their spokesman, i asked i spoke to the man who is their spokesman, iasked him how i spoke to the man who is their spokesman, i asked him how would this impacts travellers around asia? it would have a major impact. but with british airways, you are looking at12— with british airways, you are looking at 12— 15% of the workforce looking at 12— 15% of the workforce looking to go on strike. still, they could create inconvenience and issues for the error line and the network. —— airline. that would affect places like japan where they have a joint operation with japan airlines. the other one is virgin. it is not an absolute strike but they will follow the

a french court finds imf chief christine lagarde guilty of negligence over a massive pay out to a tycoon when she was finance minister. there's chaos at stormont as members walk out in a row over a no confidence vote in the first minister. theresa may delivers her statement in the commons on the eu summit. we've that live half past three. good afternoon and welcome to bbc news. the un security council has unanimously approved a resolution urging immediate deployment of united nations monitors to eastern aleppo. meanwhile, evacuations in syria are underway again from both east aleppo and government controlled villages. almost 50 orphans who'd been trapped in a rebel held enclave in eastern aleppo for months have finally been brought out to safety, some are in a critical condition from injuries or dehydration. and a seven—year—old girl, bana al abed, who gained international attention after she began tweeting about life in her home city is also among thousands more who have been able to leave. but tens of thousands are still trapped in the city. richard galpin reports. many in east ale

what exactly is christine lagarde facing here? >> 15,000 euros in fines and one year in jail. >> this is the maximum sentence. the you believe she will actually be found guilty and face jail time? >> i do not think she will be found guilty and she will not have to go to jail or even have to pay a fine. i don't think she's guilty. >> if she does have to pay this this0 euro fine, does jeopardize her job at the imf? i'm not sure about the regulations. the possibility to appreciate to fineextent any kind of would prevent her from discharging this job. think they will probably think twice before they would terminate her office. >> you think they would keep trusting her, even if she was found guilty? >> i think so. >> the charges negligence. is negligence over these arbitration cases. this is a rare charge. says this isarde an unintentional chart. is that a convincing argument for the court? >> in some cases it can be considered criminal. technically, it could. i don't think in this case it was criminal negligence. theoretically, it doe

the trial of christine lagarde starts today in paris. the imf director is accused of negligence in an arbitration case with a french is this tycoon. the case dates back to 2008 when she was french finance minister under president nicolas sarkozy. he had accused the state owned bank of defrauding him when he bought a stake in adidas in 1993. the french state ended up paying him 400 million euros in compensation, arbitration signed off by christine lagarde. if found guilty of negligence, christine lagarde could face up to one year in jail and a 15,000 euro fine, but lawyers outside the case have told bloomberg it is unlikely she will get jail time. her lawyer is expected to ask for the tribunal to be postponed . there is another investigation ,han involve six people including the ceo of the mobile company orange. lagarde hashristine denied any wrongdoing. the board of the imf is supporting her. last february, she was named for a second term of five years as managing director. under french law, she is presumed innocent until the verdict. he

chieris imf christine lagarde -- imf chief christine lagarde issues of payout -- syrian forces continue making gains in eastern aleppo. the military claims that the rebels have lost nearly all of the territory they seized four years ago. a syrian military official says the operation is in its final phase. the fall of aleppo would be the worst rebel defeats in syria's in 2011.began here is more on the story. >> smoke rises above aleppo. syria's most populous city is on back in government hands. iranianan army with backed militias and airstrikes launched an offensive in september. one of the most fortified rebel areas fell on monday morning after an intense bombing campaign. onlye terrorists control 10% of the territory they used to control in eastern aleppo. the british-based watchdogs said 130,000 people have fled. 10,000 in the last before ours alone. >> thank on behalf of escaped. we were starving. i can't even move because of hunger. reporter: the fall of aleppo has been -- aleppo has been under siege since july. diplomatic efforts to end the conflict have repeatedly failed. >> russi

also in the next hour, the head of the international monetary fund, christine lagarde, is found guilty of negligence by a special french court. the ruling relates to a payment of more than £320 million to a tycoon when she was french finance minister. and there is chaos at stormont as members work in a row over a no—confidence vote in the first minister. and with riots in birmingham and towel over the past few days, thejustice secretary will stand up in the house of commons in half an hour to answer questions from mps over concerns about the prison system. good afternoon and welcome to bbc news. the united nations security council has voted unanimously to deploy un observers to eastern aleppo. thousands of people have been leaving the rebel area of aleppo following the resumption of evacuations from the battered enclave. aid workers say nearly 50 children from an orphanage are among those who've left, some of them critically injured. but tens of thousands are still trapped in the city. here, the government has announced more aid for civilians fleeing fighting in syria. richard galpi

will be christine lagarde. —— the major issue on the agenda will be christine lagardelj —— the major issue on the agenda will be christine lagarde. i think the fact that she has escaped any particular punishment, either a jail sentence which was an option or a substantial fine, we‘ll help them if they want to hang onto power which they want to hang onto power which they clearly do. bear in mind, she was not reappointed to a second term —— she was reappointed to a second term just earlier this year. she is due to be here until 2021. we may getan on due to be here until 2021. we may get an on camera statement later on but i‘m expecting some supportive words, particularly now that the french government itself has said they believe she can carry on in the role. one more thought ifi may christine lagarde and her status internationally, do you think fundamentally whatever happens in the outcome of these deliberations there is a reputational issues here which clearly needs to be addressed? i think that

i want to show you where christine lagarde will be facing trial. lagarde will be sitting here at around 2:00 p.m. french time. behind her will be her three lawyers. this is the court of the republic. around here, there will be 15 judges, three professional judges, and 12 lawmakers from the lower and upper house of parliament, with in the middle the president of the court. some witnesses will be called here. we will hear from former ministers, from the chief of staff for christine lagarde at , the orange ceo. for these past few months, christine lagarde has denied any wrongdoing. she's facing trial for alleged negligence in this arbitration case that resulted in the french state paying more than 400 million euros with interest to the business tycoon back in 2007. francine: could the trial jeopardize her job as head of the imf? caroline: under french law, she is presumed innocent until the verdict. this could happen as soon as this friday or early next week. under french law, her job at the moment is not on the line. the imf board has been supporting

an exclusive interview with te imf managing director christine lagarde. john nichols suite will ask her about everything from women's economic contributions to the world to u.s.-china relations. we are halfway into the trading day. economic contributions to the world to>> not a lot of action . stocks. investors are weighing in, saying the nonfarm payrolls report is pretty much a nonfactor. we are seeing more trading action, looking at the commodity complex. investors are is higher today. on the week oil is up more than 11%, >> we have gold rebounding a little bit with gold hitting a nine-month low but trading higher today. these commodities could be trading on a little bit of dollar weakness. as for the currency market, it's a tell of risk on, risk off. the british pound is trading higher. brexit process appears to be slowing. we have the yen rallying a little bit and the south african rand is rallying. the s&p kept its rating above junk and take a look at the mexican peso, it's holding on within the post election range despite the fact that the country's

. >> christine lagarde runs the international monetary fund. she came into it in difficult circumstances because her predecessor had just been forced to resign amid this lurid sex scandal. she has managed to stabilize the imf, a potentially difficult time. she's gone through the financial crisis in the aftermath and the euro zone crisis. the fact this is coming now is very unfortunate, very damaging. the result today isn't devastating. the imf is meeting this afternoon. the imf board to decide on her fate. they will probably let her continue. it's debilitating at a time when frankly, the global economy needs a calm figure at the helm of the world's largest multilateral financial organization. >> in fact, you've got brexit and the aftermath of that and whatever is going to happen as the uk and teresa may, the prime minister negotiated that ex-tri indication. there were a lot of big issues out there. >> that's still the greek crisis as now questions about currency turmoil. china is an issue people are watching nervously now. yes, christine lagard

christine lagarde found guilty of negligence by a court in paris. there've been chaotic scenes at the northern ireland assembly as politicians from most of the main political parties walked out of stormont. the first minister, arlene foster, had been about to make a statement over a controversial green energy scheme. but under norther ireland's rules, she's never allowed to operate without the support of her deputy, sinn fein's martin mcguinness. and that created turmoil this morning at stormont, from where our ireland correspondent chris buckler now reports. members, having been given notice by both the first and deputy first minister... northern ireland's first minister arlene foster went to the storm arlene foster went to the stormont assembly today in an attempt to take control of what has become a financial mess. but proceedings began with chaotic scenes. opposition parties walked out and the first minister was left alone with her party, the dup, while outside their partners in power—sharing, sinn fein, put pressure for a full independent enq

i wonder what christine lagarde's rules are when she plays? sally, i wouldn't even go there! that's it for another day. bye-bye. bye— bye. we're seeing a change to our weather starting today across scotland and northern ireland. wet and windy weather moving in here with gales developing particularly across northern and western scotland and later in towards northern ireland. a speu later in towards northern ireland. a spell of heavy rain as well. further south, we have got a little bit of rain across western wales and in towards the south—west of england. so here staying murky and damp throughout the day. but further east though, we will have a little bit of drierair though, we will have a little bit of drier air pulling though, we will have a little bit of drierair pulling in though, we will have a little bit of drier air pulling in off the nor continent. for eastern wales, for much of central and southern and eastern england a fine afternoon with decent spells of sunshine. something we haven't seen for a while. but it will stay chilly with temperatures remaining in singl

in paris, judgment day for imf chief christine lagarde. she will hear the verdict in a negligence case that dates back to her time as french finance minister. she is denied any wrongdoing in connection to a big payout to a businessman. in britain, thousands of workers are set to strike. the bbc reports about 3000 staffers are expected to walk off the job. there's already a rail strike at south southern in progress and british airways cabin crew will hold talks today. global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. i'm sebastian salek. this is bloomberg. equities, get to bonds, currencies, commodities. it is a quieter monday as we stagger into a holiday. green on the screen ever so slightly. euro not near parity but under a 1.05. nymex crude elevated slightly. that is important. that has come down over the last 48 hours of trading. there's the dow watch as well. philippine peso now solidly sustained in 50's. that is different from last week. that is one indication of that dollar stre

christine lagarde has denied wrongdoing all along. she said last night on television that negligence is actually a non-intentional charge and we are all negligent at some point in our lives. if she said she was confident and determined heading into court today, and she has received no orders of president nicolas sarkozy who was supported by the business tycoon bernard tapie. christine lagarde is expected to arrive here around 2:00 p.m. french time. she will be just behind me in this first chamber, the court of the republic, that also includes some lawmakers. thank you so much for joining o us on that. of course, the big event of the week takes place not in france but in washington, d.c. i have a great chart from the bloomberg that shows the real fundsunds rate -- fed rate, minus inflation in blue -- compared toite -- the unemployment rate in blue. this chart goes back to before i was born, 1971. you can see that inflation -- sorry, joblessness -- took a up. takcik -- tick we have fed funds at the lowest rate it has ever been with the

christine lagarde fights her conviction in paris court. uber: a tough year for .they lost $2 billion in nine months . venezuela, the oil dependent country, facing tough times. many are asking if it is time for the leader to go. julie: the international monetary fund executive board confirming backing christine lagarde despite her negligence conviction in paris court. speaking in washington, she thanked the board and is happy to not appeal the decision. >> i am not satisfied with it, but there is a point in time when one just has to stop, turn the page, and move on. to continue to work with those that have put their trust in me. was convicted for failing to overturn a 290 $6 million payout to a businessman in an arbitration case. a decade ago. she will not face a prison term or fine. mark: a great to buy the bank of mba credit card business in britain. the all-cash deal comes as the british lender looks to expand and consumer finance. add 805ncial and will million dollars in revenue, a equivalent to a 4% increase of yearly sales. 2 automake

john micklethwait will sit down with imf managing director christine lagarde. it's a wide-ranging interview on the global economy. 1:00 eastern new york time. ♪ vonnie: it is noon in new york, 5:00 in london, 1:00 in hong kong. david: i'm david gura. welcome to "bloomberg markets." we are covering stories from washington to london to beijing. a mixed picture for the u.s. jobs report. 170,000 jobs added in november. wages unexpectedly decline in, so what does that mean for the fed and the markets? donald trump's team continues to make with goldman sachs and gary cohen as he plans to move from wall street to washington. -- an interview with the we are halfway into the trading day on this job's day. abigail doolittle is here with the latest. >> we are looking at largely unchanged markets. the dow is slightly lower. the s&p and nasdaq are up slightly. tired trading with these unchanged percentages, telling us to

french court ruled imf christine lagarde chief was guilty of negligence -- >> oh, come on. >> -- in a case involving her term as the country's finance minister. back in '08 she approved a 400 million euro loan to a business magnate who was involved in aborted sale of sportswear maker adidas. no sentence handed down, but that was a pretty high profile case the last couple weeks. >> geez. she's a very distinguished -- you know, i am kind of just shocked. i was thinking that was something that would not be a factor. here it is. i kind of -- i am lagarde. >> yeah. sara's working on that. >> i have to tell you, look, i guess any court can do anything. we've seen our courts do something -- she's very distinguished, very smart person. but, you know, courts are courts. >> true. >> but again, i think france is probably one of the weaker countries, but they can make a comeback too. >>> when we come back, we'll get cramer's mad dash, we'll countdown to the opening bell on this monday morning. a lot more "squawk on the street" from the nyse straight ahead. ♪ >>> six minutes before the opening b

anna: and finally, we focus on christine lagarde. the imf executive board has reiterated its backing for her after she was convicted for negligence during her time as french finance minister. manus: let's check in with the markets. it has been a very interesting reaction, both in terms of yen and bonds. the classic reactions to geopolitics haven't played out. nejra cehic takes a look. nejra: good morning. the classic reaction hasn't played out in terms of the yen, but we are seeing a bit of a pullback in the msci asia-pacific index. a little bit of defensiveness creeping into the asian stock market after a months long risk on rally. japanese shares are a little higher after initially falling after the boj kept its policy unchanged. this is the hang seng testing, crossing two technical indicators. it dipped below the moving average and has now dipped below 30 on the relative strength index, showing it is oversold. if you look at chinese stocks dropping to a seven-week low, this is about what's happening in the bond markets. the shangh

our editor and chief sits down with imf managing director christine lagarde. at 1:00anging interview p.m. eastern, 6:00 p.m. london time, today on bloomberg andvision, radio, bloomberg.com. still ahead, italy's turn to keep investors on edge. in rome for more on matteo renzi's referendum. this is bloomberg. ♪ vonnie: this is "bloomberg markets." i am vonnie quinn in new york. nejra: from london, i am nejra cehic. vonnie: a look at some of the biggest business stories in the news. recalling 680 thousand cars most in north america. there are potential seatbelt problems in some versions of the ford fusion and the lincoln mpz. ande have been 2 accidents 2 injuries linked to the problems. mercedes-benz on the verge of becoming the best selling luxury car brand in the u.s. sales of these sport-utility vehicle more than tripled. luxury car in the u.s. for the last years. goldman sachs for lending guidelines according to those familiar with the matter. the review could tie to a deal that has been arrange for the $4 billion buyout of ufc ultimate fighting championshi

million,arded $300 which christine lagarde did not oppose. global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. this is bloomberg. i am sophie kamaruddin. this is bloomberg. opec has sealed his first output cuts with independent producers in 15 years. oil ministers agreed to reduce output by 1.2 million barrels a day, and saudi arabia has signaled it is ready to cut production more than expected, promising a reduction of 450,000 barrels a day. russia and non-opec nations to cut by 558,000 barrels a day from january. >> the situation is different as we go country by country, but i was pleasantly surprised to see so many countries respond to the invitation by opec in russia to participate in the deal to stabilize markets. most of the countries which joined, and it is important to say they joined voluntary take, so nobody will force them to reduce production. it is their own will. most of these countries will be taking active measures to reduce production. >> we wanted to contribute in as much

chris deanwn with lagarde -- christine lagarde, highlights from her conversation later this hour. ♪ scarlet: let's get you started with a look at where the major indexes stand. it is friday as we go toward the close. abigail doolittle has more. abigail: happy friday. going into the close, not a lot of action for the u.s. stocks. the dow is down and the s&p 500 and nasdaq trying to get small gains. this is a big reversal from what we are looking at on the week. the dow was the only one of the three major averages higher for the fourth week in the row, while the nasdaq and s&p 500 are lower for the first time in four weeks. the nasdaq down more than 2.5%. the divergence among the major averages could have something to do with sector rotation. at the indexes, we see energy and banks are doing well this week. energy getting a nice boost from the opec decision, which has oilt did oil on -- boosted on paper, up more than 10%. the banks with a boost from the rising yields on the week. and we of weakness in retail and this tech has sold off week and it looks like some of the money has gone into the

christine lagarde is speaking --h john nichols with nichols weight. it's a wonderful moment, christine lagarde with her new tenure at the international monetary fund, really aggressive, women within finance and investment, and frankly within that world economy. tos a good comment to speak abby joseph cohen. i think of your tenure at the fed years ago, what was your first day like? abby: it was actually wonderful. ofas hired by the director research, who, during the recruitment process, specifically said to me i have three daughters. tom: that's a start. abby: i want to make sure women at drexel have every opportunity to succeed. it with madame lagarde and abby joseph cohen. the analysis of it is women not so much work harder, but work smarter towards that marginal effort to gain on wall street. are the women outdoing the men? -- toi have to do disagree with you. i think women work harder. they are also better prepared and we basically find women are succeeding most in categories measured.eeply whether it's investment research portfolio management, whe

christine lagarde is speaking with john micklethwait. it's a wonderful moment, christine lagarde with her new tenure at the international monetary fund, really addresses women within finance and investment, and frankly within our world economy. that's a good topic to speak to abby joseph cohen. i go back, i think about your tenure at the fed years ago. our world economy. what was your first day like? do they go, what is she doing here? abby: it was actually wonderful. i was hired by the director of research, who, during the recruitment process, specifically said to me, i have three daughters. tom: that's a start. abby: i want to make sure women at drexel have every opportunity to succeed. tom: we see it with madame lagarde or frankly madame joseph cohen. i think the analysis of it is women not so much work harder, but work smarter towards that marginal effort to gain on wall street. where are we within the investment firms right now? are the women outdoing the men? abby: i do have to disagree with you, tom. i think women work harder. the

reporter: all along, christine lagarde has denied any wrongdoing. she has denied the charges. law she is presumed innocent until the verdicts. peaking onshe was national television and said she was confident and determined heading into court. the negligence charge was not all doneal and we have it negligence at some point in our life. the imf board is supporting her. in february she was named for a second term as the head of the i'm a -- i -- imf. even when she was named as the head of the imf in june 2011, the initial investigation in the affair had already begun. anchor: thank you very much. joining us from paris. michael is still with us, we want to talk about stocks right now. i'm looking at the u.s. features, many of these indices are moving in the same direction, some are not. the oil lanes doing a little bit better. overnight moving 4.9%. is this something you start moving trade round? michael: something we look at for trading. the sector that gets the most influence, u.s. high-yield credit. the best place to play it's because of the amount of energy producers in that i

christine lagarde has a big decision to make on that one. let's catch up with everything you need to know. here's the bloomberg first word news. juliette: that is the warning for u.k. lawmakers. in you many report said unless negotiators on both sides are for mac -- are pragmatic, jobs could go to wall street rather than paris and frankfurt which and newbehind london york. estrella's economy recorded its biggest monthly jobs gain this year in november. it added more than 39,000 jobs, more than double estimates. growth was led by full-time positions with a high participation rate signaling a healthier labor market. it validates the central banks forecast that hiring would improve in the coming months created also suggests policy will extend their interest rates forward. elementaryg the last position asear his minister. he won a vote of confidence in the senate. the house voted following last week's resignation of his predecessor, matteo renzi. global news 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 coun

. >>> the head of the international monetary fund christine lagarde will keep her position despite being convicted of negligence. the negligence case goes back to lagarde's time as minister. imf executive board praised her quote outstanding leadership. >>> a house standing committee calls for tougher rules to regulate cell phone tracking. the key issues that allow law enforcement departments to covertly surveil cell phone data. the data includes what number of cell phone calls, its location. the number of devices known as stingrays use warrants. >>> and facebook messaging is starting a group video chat. up to 50 people can listen and join in by sending text, stickers and emojis. facebook has 1 billion users. facebook hopes it will entice them to spend more time online, creating opportunities. anne-marie. >> hena daniels at the new york stock exchange. thank you so much, hena. >>> still ahead, christmas surprise. >> a notre dame player gets an early present from his soldier brother. g... ...and his pants ignited into flames, causing him to stop, drop and roll. luckily jack recently had ge

christine lagarde is accused of negligence over a huge payout to

the head of the international monetary fund, christine lagarde, has appeared in court in paris at the start of her trial for negligence during her time as france's finance minister. the case concerns a multimillion dollar compensation payment made in 2008 by a state-owned bank to a businessman for the disputed sale of a company. ms. lagarde denies wrongdoing . authorities in turkey say they have detained 230 people across the country for allegedly acting on behalf of the banned kurdish militant group the pkk. on saturday, 44 people were killed in twin attacks in istanbul. kurdish militant group closely linked to the pkk says it carried out the attacks. yemen is that breaking point -- that is the warning from the disaster emergency committee, which is launching an appeal to help thousands of civilians at risk of starvation there. 10,000 people have died in this war, caught in the fighting between the saudi-led armed coalition and rebel houthi forces. the rebel stronghold is a northern city and we have the first broadcast journalist to make it into the city. here is what she found. repo

it imposed no punishment on christine lagarde. she approved an award of about 400 million euros or $416 million to a businessman for the disputed sale of a company. the court found no fault in lagarde's decision to launch an arbitration procedure but found her guilty of negligence for not appealing the arbitration panel's ruling. local media quoted the verdict as saying lagarde found herself amid the global financial crisis at the time, a fact that should be taken into account. she became the first woman to lead the washington-based imf in 2011. she's currently serving her second term. the imf will open a board meeting to discuss its response to the latest developments. lagarde's defense council is reportedly considering filing an appeal. >>> now let's check on markets. tokyo stock prices opened slightly lower on concerns over geopolitical risks but the benchmark nikkei is moving in a narrow range ahead of a bank of japan policy decision. take a look at the nikkei right now. it is trading just ever so slightly in the positive. bas