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tv   Bloomberg Bottom Line  Bloomberg  July 29, 2014 2:00pm-3:01pm EDT

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♪ >> from bloomberg world "bottomters, this is line." today, the european union hits rusher with more sanctions, and bracing for a prolonged military campaign in gaza, and we will hear from a former major league baseball player who started a company to make bats. ♪ and to our viewers in the united states and those of you joining us from around the world, welcome. we have full coverage of the
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stocks and stories making headlines today. chief washington correspondent peter cook talks about the tougher sanctions against europe, and there are the debt and presidentnes, obama's latest plans to deal with the immigration debate deadlock, but first, let's get to the new eu sanctions against russia, and joining us from london is ryan chilcote. ryan, let's look at the impact this will have on russian banks. >> russian banks that are controlled by the state will be barred from selling stock and bonds in europe, so we have already seen some restrictions on some russian companies, vis-à-vis american capital markets, and this will be european capital markets, so it should hit them pretty hard and make it more difficult for them to raise money, more expensive for them to raise money. >> ryan, the sanctions, they are also targeting the russian
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energy sector. tell us about that. >> yes, so this is a ban on the export from the high tech technology that you would need to develop or derail in the deep shale orhe arctic, for shale gas, and sort of some of the more unconventional stuff. it does not mean a whole lot to the eu, some 300 50 million euros worth of exports per year, but why the europeans like it is it is minimally painful to them. is really no other place, they think, for the russians to get that, so they would not be able to ramp up their production without the technology. >> what does this mean for the defense industries? >> so we also have a weapons embargo. the french were looking to sell two warships to the russians, and they can go ahead with that,
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but any more sales are banned, and they cannot sell their 3 billion euros worth of weapons per year to eastern europe. pact in thee warsaw eastern european countries. russia will no longer be able to provide that, so it is a bit of an opportunity. >> ryan, what is the bigger picture at this point? is it assumed that russia will retaliate? >> i think that is a very subject. we have heard from the russians that they are going to ban american poultry exports, and they are looking at sanctions with country aggressors, ban their auditing firms, there accounting firms, the ernst & world, and even mcdonald's being penalized. this is the first inning. it will be a very long game, and it will be years and years. the sanctions that the eu has put in place will be in place for three months and get reviewed, but we are sort of on
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a one-way street downhill on both sides of this conflict. >> ryan chilcote joining us on the phone from london. ryan, thank you. nearby, london promises to follow europe's lead and stiffen sanctions against russia, but this time, is russia ready to be tally eight? chief washington correspondent peter cook as more on that story, and, peter, are more u.s. sanctions on the way? >> we have been told, marco, they are on the way. they could happen as soon as today. what is a similarity at was said today. trying to limit russian bank access to the capital markets, but in some respects, the europeans have gone further than the u.s., and there is a question whether or not the u.s. will try to match them. as ryan pointed out, there is a ban on u.s. purchases of debt and equity, and that goes beyond what the u.s. has done, and
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specifically, the u.s. has targeted a couple of specific state-owned bank, and this would be an expansion. and the arms embargo and the limits on energy technology, those are all things that could even, with. secretary of state john kerry says it is all up to vladimir putin at this point. >> we and our european partners will take additional measures and interpose wider sanctions on key sections of the russian economy if that is what we must do. it will not the necessary, and if russia continues to go down this path, russia will leave the international community with no choice. >> they have fired into ukrainian territories, and they say there is not a shred of evidence that russia is making any efforts to de-escalate the
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situation in ukraine, and they are talking about violating a long-standing arms control agreement, and this is only raising tensions between the two countries with the u.s. raising this at this point in time. >> i was just speaking to our colleague, ryan chilcote, and we were talking about possible russian retaliation. are we seeing that? >> a couple of things under consideration, one of the things in direct response to the sanctions on the part of the u.s. and the eu, and that would target u.s. accounting firms, the consulting firms operating in russia, and they would potentially be banned. the second issues have to deal with a ban on u.s. poultry as well as european union food, and the suggestion has been in russia that this has to do with nothing dealing with sanctions, and there is a state review of cheese being provided to mcdonald's.
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andn, this is separate apart from retaliation here or the sanctions, but not everyone here in the u.s. is convinced that is the case. >> washington correspondent peter cook joining us. peter, thank you so much. and now to tel aviv, stepping up attacks against militants in gaza after prime minister benjamin netanyahu told the country to brace for a long military operation. joining me on the phone is bloomberg middle east reporter elliott gotkine. elliott, any progress towards a cease-fire? >> we have seen a number of reports today ranging from the plo is saying it is hamas and also others agreeing to a cease-fire. and then channeled two television here in israel was saying the parties had agreed to a cease-fire, as well, only to say that they have not. there will be nothing until israel stops its airstrikes, any
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be takenns that should with a very large pinch of salt. about the view of u.s. secretary of state john kerry? >> john kerry, of course, has been working tirelessly again to try to get the parties to reach an agreement over a cease-fire based on the proposal from egypt, which israel accepted about 10 days ago and was rejected by the militant group, and they have, under a lot of criticism in the israeli media. that we suggesting would have had this by now had it not been for u.s. secretary of state john kerry coming in. he has said that benjamin that yahoo!, he has speaking with them up to four times a day. and they are not worried about critics, part of the job of
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being in politics. i mentioned in the toss to you, he did say they should brace for a prolonged conflict. what is up with that? >> i think for the simple reason that every time it seems there may be a cease-fire has not come about, or it has been breached, and it just goes on. israel is saying they need to finish the operation to destroy the tunnels that the militants use to infiltrate into israel ,nd also to try to regain quiet the rockets being fired from gaza into israel, and i think you tell the israelis to brace for the long run, they also have to brace for more international issues. >> elliott gotkine joining us on the phone from tel aviv, thank you. charlie rose spoke with a political leader on what needs to happen to end the siege in gaza. >> the war in gaza cents two
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messages to the world. the first message, it is high this.o lift >> that is exactly what secretary kerry has asked to do, have a week of cease-fire, so you can do that, but you're asking that to be done as a precondition to the cease-fire. >> it is right for our people in palestine. our people actually lived under the siege. we need to lift the siege. we have to have an airport. this is the first message. is to stopmessage the bloodletting. to look at the occupation and stop the occupation.
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months ago, they try to find a window to the negotiations in order to meet our target, to reach our states. they have killed our hope, killed our dream, the initiative. >> and you can watch charlie tonight at interview 8:00 p.m. and 10:00 p.m. new york time right here on bloomberg television. coming up, a troubling homebuying trend. first-time homebuyers in the united states have been exiting the market for the last few years. that story and more when "bottom " on bloomberg television continues in just a moment. ♪
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>> welcome back to "bottom line ." president obama makes grants work permits for the first time as soon as next month.
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the effort to overall the system fell apart last month. bloomberg correspondent phil mattingly is in washington. phil, what exactly did the white house do here? west there are a number of options on the table, and we know that they are set to release them in september. immigration aids and advocates have been talking about this, possibilities, and one of them is the expansion of a program put in place in 2012 that deferred deportations for minors that were brought into the u.s., and there is a chance to expand that to their parents, as well, talking about the possibility of the expansion of work permits for illegal immigrants at that time. that could apply to, mark, millions of individuals. white house officials have been making it clear that they do not have final provisions made yet. what we know is that something is coming, and it is likely to be large in dealing with the deportation issue, mark.
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>> this will be coming a few months before the midterms. is there a danger in that? >> that is something people on capitol hill are trying to figure out. is the red state democrats, and there is concern with louisiana or north carolina or arkansas, if you make his move unilaterally out of the white house, that there is going to be major blowback. i think the white house feels comfortable they are not going to take any steps that could negatively impact their candidate, but it is something to keep an eye on, and more important, to keep an eye on how they react as we enter the height of the political season, mark. >> phil mattingly joining us. thank you. the s&p case shiller index the property values in 20 cities rose 9.3%, and that is the slowest year-over-year advance since february of last year. the president and ceo of the mortgage bank, whose association did that, joins me from
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washington, and, david, welcome back to "bottom line." always great to see you. >> great to see you. >> how would you explain the whole situation for homebuyers? >> the opportunity is strong. the inventory is increasing. the affordability index is near a record low. the opportunity is great. the problem we have is that not that many buyers are coming out, so you see it reflected in case-shiller home of the index released today, and it is the weakest in about 15 months, and we see that in the pending home sales index, which yesterday shows pending home sales under contract about seven percent below one year ago, so that is a trading concern for the marketplace. aboutid, you talked homebuyers not coming out, and we learned consumer confidence jumped to the highest level in almost seven years. why has that confidence not translated to homebuyers, first-timers?
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different we have a economic recovery. those inequities and the stock market and those who own homes are feeling the benefits of appreciation, and first-time homebuyers are clearly not coming out to buy homes. we are seeing, for example, if you look at 30-year-olds who have mortgage debt today, it is about 10% below the more normalized rate in previous periods, so first-time homebuyers are not coming out for many reasons. it could be job-related. it could be student loan related. it could be that they watch the great recession from the front door of their colleges and are taking more time to get into the marketplace. >> the president and ceo of the mortgage bankers association, thank you. david, why are they still struggling to gain traction in the market? >> we are still coming out of the worst recession since the great depression. we have an improved employment picture but clearly not to where
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it ultimately needs to be, and for many, the job gains are not at the income levels they were at prior to the recession. he had erosion of savings. we had erosion of equity, so all the skin to begin to a slowness in the housing market, and, quite frankly, the regulatory framework and infrastructure that has been put in place that's also put a bit of a dampener on credit access. you put that all together, you kind of have a perfect storm that delayed a housing recovery you where it should be. >> tomorrow, the federal reserve open market committee releases its report on interest rates, and the rates have been near zero percent since 2008, and there are concerns about the housing outlook as they wind down the monthly stimulus program. how is this impacting the housing market? >> well, the reduction has yet to show up yet. i think we will see that solution in october as the fed completes its paper, assuming that stays on track, and i think
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the real risk here is if you look at the generations, the biggest buyers of mortgage backed securities has been fannie mae and freddie mac themselves, which can no longer purchase while under conservatorship, as well as the federal reserve, which was buying the mortgage backed securities with quantitative easing. the question is, who is going to be buying these mortgage backed securities once they exit the market completely, so this spreads, looking at interest rates to rise, perhaps about half of one percent in real interest rates by the end of the year, potentially more going forward, and that should be a concern going forward as we look at this recovery in the housing market. >> the average 30-year rate for mortgage,ar market -- it was down from 4.53% at the start of the year, but it is year, than the 3.35% last and a lot of numbers to digest there.
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where do you see the interest rates heading? >> well, we see the interest rates heading towards the 5% range. >> by the end of this year? >> by the end of the year, and there is a real question about whether or not the fed stays committed to the october exit for the mortgage backed securities. keep in mind, mortgages are based on supply and demand. if you take the biggest buyer out of the market, out of the mortgage backed securities market, which is the federal reserve today, that is going to leave a lot of supply out there that will have to be absorbed by the international markets, so that is going to be the big question, what is the ultimate impact, and it is interesting. the good news is we are near the record low. it is still a great opportunity, and looking back a year from now, many americans are going to say, man, i should have taken advantage of that great interest rate back in 2014. >> indeed. the president of the mortgage
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bankers association joining us from washington, david stevens. >> thank you. >> still ahead, the debate heats up. rulesng in on new intended to cut global warning. stay with us. "bottom line" returns in a moment. ♪
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>> welcome back. ons is "bottom line bloomberg television, streaming on your tablet and phone and bloomberg.com. beginning the two-day policy meeting today, the fomc, and they will have a special tomorrow -- we will have a special tomorrow at 2:00 p.m.. we will get the market perspective, and that is coming up tomorrow. and we're coming up on 26
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minutes past the hour, and that means that bloomberg television is on the markets, and my colleague matt miller is standing by with the details. matt, good afternoon. >> an idea of where stocks are trading. the dow and s&p in the red, 1976y very little change, on the s&p, just under on the dow. a couple of stocks we are keeping an eye on, when resorts --wynn resorts. they haveoperations, seen a decline by chinese patrons. and a turnaround strategy has come under fire from investors when a deal was made to sell at red lobster.
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that is it for on the markets. more of mark crumpton and "bottom line" after this short break. ♪
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♪ >> welcome back to the second onf-hour of "bottom line" bloomberg television. i am mark crumpton. thanks for staying with us. let's get to some of the stories we are following for you. -- print and investment bank corporate and investment bank , making cuts following a decline in revenue. confidence soared as americans grew more upbeat about the labor market and the
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outlook for the overall economy. the highest0.9, since october 2007, and the gauge exceeded the most optimistic forecast in a survey, and sierra leone is now the epicenter of outbreak, according to doctors without borders. confirmed cases have been reported in seven counties. ebola is one of the deadliest diseases on earth with a mortality rate as high as 90%, and that is a look at the top stories this hour. the environmental protection d.c.,g in washington, pittsburgh, and elsewhere, and on the agenda, president obama' is plans to reduce carbon dioxide emissions by 2030. the cochair of the safe energy coalition, a national grassroots organization that supports the use of nuclear energy and former governor of new jersey and former epa administrator, and, governor, welcome back to "bottom line."
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it is good to see you. >> a pleasure. >> the epa set standards for eight states based on the fire plants -- coal-fired plants. is this too broad? >> well, the agency was restricted with what it can do. it is never perfect, and it never is when it first comes out, but i think they did as much as they could to be as flexible as they could, recognizing that different states would face the challenges, and that to me is appropriate, and some would say that is too broad, they have allowed too much leeway, but when you are heavily reliant on coal, it will be having a major impact, and it is appropriate to allow one way to address it and spend some time addressing it and others differently, so i think they made a real effort here.
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>> governor, the u.s. chamber of commerce and other groups wrote administrator, and part of that is that it is a significant threat to american jobs and the economy. the environment wins, does the economy lose? the new losses due to regulation? >> you know, we hear this argument everything a time, and if you look at the history of the environmental protection agency, you look at its growth through the mid-1990's, and you look at how many more people we added, more energy use, and yet, we reduced our emissions, and our economy was thriving. will there be dislocation? will there be some changes in the jobs people will have, and this is what happens when you have growing economies, changing economies. right now, look at what is happening with high-tech, and if
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you look at something like nuclear as one of the ways to answer the challenge put forward by the epa regulation, you are looking at the potential of thousands of jobs, both for the construction and the operation of new nuclear facilities and also making the component parts for the nuclear reactors that are being built around the world, 70 currently under construction around the world, so there is a real potential for economic growth, addressing the need of the economy and the environment, and, oh, by the way, it will cost us an awful lot to recover from the kinds of things we are seeing due to climate change unless we do something to slow it. >> governor, the change to renewable energy, how would this impact consumers? will this drive up, as opponents have charged, drive up rates, because it will be passed on to consumers? >> well, again, it is going to depend on how the various utilities choose to meet it. if you go back to what we were talking about before, the
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nuclear, nuclear operates at better than 90% efficiency, and last year when we had the polar vortex, and we saw other energy prices spike, you saw nuclear remain the same because they were operating at 96% efficiency, so there are ways of meeting these changes without driving up costs immediately to the consumer, but the secret is our infrastructure overall is aging, and we're going to have to spend some money on that, and that is going to come from everyone. no one part of the equation can't pay for that, but one way to keep prices stable is to go to a source where you can lock in long-term contracts, and to have a diversity, but the things that really keep us healthy is the economy and to have a diversity of energy sources rather than just one. >> you are one of the few republicans who have supported steps to combat climate change, and that as often put you at odds with the rest of the party. that the gopee
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overall does not? >> well, i see what 97% of scientists tell us and what the agency saidat the when we testified before congress. this is real. having anvity as impact. we are part of the problem, and we have a responsibility to be part of the solution, and we are seeing -- no credible scientists will say any particular storm was due to climate change, but this is what they tell you to expect from climate change, ever increasing frequency and severity of storms and floods. look around our country, and you see it, and around the world. this june was the hottest ever reported. we see changes coming. if we can slow this process that we can better prepare for it, it will save us money. we spent $100 billion last year in the united dates dealing with and recovering from natural disasters, and we need to take that into the equation as we
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look at cost overall and the impact on the economy. >> governor, i have a about 20 seconds. the new co2 rules, do you think they will be implemented? >> i think at some time, we will see a cap. i cannot predict. we will be in court for a while. >> the cochair of the clean and safe energy coalition, former epa administrator joining us from washington, and, governor, always good to have you on the broadcast. thanks for your time. >> good to talk to you. tocoming up, finding a way get into major league baseball after a hand injury. that when "bottom line" continues in a moment. ♪
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expectedent obama is to speak about the situation in ukraine in about 10 minutes at 2:50, and we will bring you the remarks live here on "bottom line." our latin for
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american report. argentina has until tomorrow to make payments, and if it does not make an agreement with its creditors, argentina will default for the second time in 13 years. we have been following this story. first off, where are we? the middle of a meeting between argentina and the special master, a mediator that has been appointed, but just now, the president of argentina just made an announcement saying they should assess the terms they had rejected, so we do not know what that means, if that will be the ultimate deal that she hands them or not. >> can argentina for two default? >> that is a loaded question. it depends on how they go about it, depending on what happens. if all of the bondholders accelerate, then claims could total $30 billion or around there, and people do not expect
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that to happen, but if it does happen, then we are probably looking at a restructuring of some sort. if that does not happen, and bondholders are confident that eventually that default will be too weird, and eventually, argentina will reach an agreement, then maybe that will not be such a terrible situation. in your storyed on bloomberg.com and on the bloomberg terminal that the money remains on deposit on trustee,ith it on the bank of new york mellon. it is barred from disbursing the funds. this is a lot more complicated than it seems. what are all of the pieces that are coming into play here? >> so, basically, argentina made a deposit of $539 million for a coupon payment in their account with bank of new york mellon, which acts as a trustee. their job is just to pass along payments, but the judges specifically said that argentina is not allowed to make that payment unless they also pay the holdouts, and therefore, bank of new york mellon cannot pass along this payments, so that
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money is just hanging there in limbo at bank of new york mellon, and they are awaiting further direction from the court on what to do with that. >> covering the argentinian debt default situation, and we will talk again tomorrow because it is the deadline, july 30. thanks so much. the louisville slugger has long been the most recognizable name in baseball bats, but now, smaller at companies -- bat companies are getting a piece of the market, and one company in connecticut is one of them. ♪ >> there is no greater piece of equipment that is going to translate into your game more than a bat. my whole life revolves around baseball, from when i was four years old, and i ended up playing in college and was drafted in the first round with the toronto blue jays. i had a lifelong dream of playing in the big leagues. i was on the roster for two years, never really getting a chance.
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bat company.my own i have only been doing this about 2.5 years, and we are still a very small company. share of they big major-league market for being such a small company. my business plan, if you want to call it that, i started this in my garage. getting players to use my that -- bats, i thought it would be better to convince others to use it. saw one of ours as walking by, and five minutes, he said, i want to order a dozen of them, and that was our first order, and it was literally a scrap piece of paper with an order on it. we have many players who use our bats. this is maple. this side is a lot of ash. the process of making the bat
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starts with the wood, and we try to get the highest quality wood. it is sealed off and humidity controlled. once the wood is selected, it is cut into its final shape, and it andut onto a manual lathe sanded and steel burnished, and once it is dry, it has the model number and name on the barrel, and the bat is now complete and ready for shipping. has definitely got me back into baseball. that was the whole premise of this business. inm happy for the first time my life since being a player. i feel like a bat maker. ♪ >> coming up, if you are in china, and you are craving a week max, quarter pounder, or chicken mcnuggets, you are out of luck. in most out of stock
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places in china. we will tell you why. ♪
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>> if you want a mcdonald's burger while you are in china, you will have to get one made of fish. mcdonald's has removed beef, pork, and chicken after a recall. macsn also see bic eliminated from mcdonald's menus here. yang, this hits close to home. company. american >> that is right. they are based in aurora, illinois, 25 miles from mcdonald's headquarters, and they are the company under fire here, osi, and it was their subsidiary that was caught on the famous video clip mishandling and repackaging led, as you, which said, two major restaurant chains, mcdonald's, kfc, and
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starbucks from pulling these from their menus, and the issues uncovered are absolutely inconsistent with their internal requirements, they have said, pulled theme since from their global operations. osi now has to rebuild trust with an already skeptical chinese market. >> if they are an american based company, how safe are the big macs here? >> that is the big concern. our u.s. big macs safe? has about 50 processing plants around the world, and none of them have been implicated here, and none of the chinese plant either, so we believe as long as they are isolated -- could this happen in the united states? it would be really tough to pull off. according to the institute, the largest meat and poultry group, they say the u.s. inspection
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system is extremely thorough and , no other industry with the possibility exception of the nuclear industry that has the regulation that the meat industry does, so this gives you an interview about how the meat and poultry section works. they inspect and monitor all productsltry, and egg sold in the u.s. and on the way out, and that includes federal inspectors and three thousand state inspectors. they are present at all times in slaughtering plant, and inspectors are present every day at plants that do not slaughter. that was the case in shanghai. different rules there. the usda inspects all food, including animal feed, and they inspect food establishments, so oft, mark, gives you an idea
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how the food inspection system works, a lot of checks and balances, very thorough, and big macs, as far as we know, should be safe. >> yang yang joining us. and the fomc decision wednesday right here on bottom line, and a chief economist will join me, and we will get the market perspective, and as we head to break, this programming reminder, as well. president obama is to speak from the south lawn from the white house in about 15 or 20 minutes, the president commenting on that situation in ukraine, and our chief washington correspondent peter cook was telling us at the top of the hour that there has been talk of tougher u.s. sanctions that could be imposed on russia. the european union is trying to follow suit, as well. stay with us. another check of the market movers is on the other side of the break. "bottom line" on bloomberg television continues in a
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moment. ♪
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>> we have the latest headlines at the top of the hour on bloomberg radio and streaming on bloomberg.com. i am mark crumpton. on the markets is next. i will see you tomorrow. ♪ the hour, andst
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that means bloomberg is on the markets. i am matt miller. just an hour until the closing bell, and we are down on the s&p and the dow jones industrial average, and dow jones industrial under an, technically not important but psychologically pretty interesting. the nasdaq actually gaining right now, up about one quarter of one percent, and taking a look at treasuries, as well, as we come to a close, but the equity markets, seeing what bond did, the two year yield rising a little bit with a tiny little selloff, and we saw this in europe, as well, and our 10 year at 3.2%. that is what is going on here at home. we want to take you though overseas, where the h share bull market, or
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maybe a bear market. the director of market strategy says this is a buying opportunity in one of what is called the cheapest markets of the world. we are joined with a new way investors can invest. thank you. it had not really clicked with me. i always thought h shares, the china market, almost impossible for retail investors to get involved in, but there is an etf that makes it possible now. >> yes, october of last year. the largest 300 companies in mainland china, so, normally, investors invest in hong kong. it is not really correlated with the shanghai market, so up until recently, it there are only
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qualified investors that could actually invest in qualified h hares, but that is no longer it. you can buy in the u.s.. are up about 10%, so a little bit of a rally. you and i were talking about this during the break. seeing the etf here again up about 10%, and, really, the market is in a bear market, since 2007. two you think this marks the beginning of a turnaround? >> what we have seen is that there is a lot of negative buildup over in china. they are heavily in debt, rising to levels, inserts about systemic risk, and china is one of the worst-performing markets this year. of course, there is the slowdown in the economy, and then the stock market, there has been a growth, excess supply of money that is coming into the system, and the banks are getting a little bit more loose with their
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money, and they have responded in kind with the stock market, and we have all witnessed what has happened with the property market in china. the property market has spikes, as property prices are very elevated, and now we see some decline in property prices, so it could be that some of the investors are pulling their money out of property and putting it into stocks. they really have not invested in stocks since 2007, when this massive bull market came to an end. now, the third player in this story is that there is a transfer scheme that may pass, and that may go into effect in october. >> ok, so basically, a three-leg strategy. joining us there, thank you. " is next ont bloomberg television. ♪
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>> welcome to the most important hour of the session. thent minutes left until closing bell. stocks bouncing between gains and myself as investors prepare for a slew of market moving data . i am alix steel in for trish regan. "street smart" starts right now. ♪ down to are counting twitter earnings after the bel

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