from bloomberg world headquarters in new york, welcome. david: oil's really leading stocks higher despite warnings from the iaf -- imf that growth is slowing. he was be to the imf chief economist. he says there is no longer much room for error. lisa: the brazilian president moves one step closer to impeachment. she accuses her vice president of staging a two to at how the political class unfolds and what it means. david: we will hear from peter andl and here what he likes here about the current investment climate. let's head to the markets desk. julie: stocks are hovering around the highs of the session. that has been happening throughout the day, many on an increase in oil prices.

averages hanging onto this increases we have been watching today. in addition, we are watching oil prices. there was a report that saudi arabia and russia have come to some sort of preliminary agreement on a production freeze heard so that really affected the price of oil over the course of the session earlier when that headline came out. it has not been confirmed in saudi arabia has been on record as saying it does not want a production freeze. nonetheless, causing this uptick wenear $42 a barrel as continue to see oil rise. we have been watching the japanese yen today as it finally breaks that winning streak. now the dollar is rising versus the yen. a couple charts to show you. one looks at the relative strength index, where a particular asset is overbought or oversold. the green line is oversold.

the dollar versus the yen had didn't under that level. a bounce back the heels of that. what we have seen a lot of folks continue to not be very positive on the u.s. dollar. here are net long positions in the dollar. sinceat the lowest levels 2014. david coaxed there have been notable movers, as well. sellinghesapeake energy everything it's got to extend its credit line. announcement yesterday but having more of a reaction today than yesterday. otherwise, a lot of down movement. juniper networks with preliminary numbers in the first quarter that were below for the enterprise business. starbucks falling after deutsche it after changes to is a loyalty program. people are getting points never how much they spend it starbucks, not how many visits

they make. fix troubling 12% after the ulster journal reported that the department of justice will seek to sue the company in a bribery probe. lisa: thank you. we're moments away from an interview with a russian billionaire. first, let's check in with mark crumpton. brazilian president dilma rousseff accusing the country's vice president of a to attempt. said there isseff a recording where he discussed -- of hises that administration which announced to treason. they will be voting on president rousseff's impeachment. short listp quoted a of possible candidates for vice president in an interview with usa today. marco rubio, john kasich john kasich,ker --

and scott walker. but some are less than an news yesterday to be in the running. governor kasich says there is zero chance of him joining donald trump's to get. scott walker says he left. no reaction you from senator rubio. the supreme court nominee, , met with chuck grassley this morning. chairman grassley remains opposed on holding hearings on the nomination. one republican originally supported holding hearings on the nomination but later changed her mind. global news 24 hours a day powered by our 2400 journalists and more than 150 news bureaus around the world. : russian billionaire largeilner spent a portion of his wealth funding the search for an alien civilization. now he is partnering with one of

science's biggest terrestrial stars. erik schatzker is standing by at one world observatory. erik: thank you very much. i'm here with yuri milner. fascinating visitation with stephen hawking and the panel that included scientists and astronauts. spending $100 million of your own money on a so-called star shot. you want to build miniature spacecraft that will flight to the 5 trillion miles to the closest star system. why? >> well, i think this is a new frontier. historically, we have been .rossing multiple frontiers coming out of africa was a big leap. you know, flying was a big leap.

going around the world was a big in space,e first man i was named after him. that was an enormous development. erik: of five years ago today. >> and i think every generation needs to have this leap ahead of them. i think going to the stars has been dreamed of for so long by so many that it is really that we can announce this project today, and the 21st century, based on developments that happened in technology in the last 15 years. erik: what do you hope to find in this project, extraterrestrial life, planets that humans good and habit in the distant future? >> well, we will know much more about the planets in the nearby systems, stellar systems, before

we launch. so i do not think we are going to fly blind. but at the same time, it is unlikely that there is an intelligent civilization in the near vicinity of the sun, but it is likely that there is a lannett in the habitable zone. habitablet in the zone. and it would be amazing to fly back with images. erik: those are some expensive pictures. >> well, it is expensive, but also exciting. someone might pay a lot for that one picture. it are even if the technology works as envisioned, it is going to take a generation before this project even gets off the ground. it is going to take 20 years for the miniature spacecraft to get to alpha centauri and then years

more before the images are back to earth's. will you be here to see it? know.l, i do not some of the other developments in the area of life sciences might make it easier to see that happening. but i think the most important thing is that we push this thing we can, and if need be, pass the baton to the next generation so they can bear the results of it. thatnk we do not remember as much, but the cathedrals were built by many generations. and i think that this is the kind of project that will take a lot of effort, will have a lot of technical challenges. but the challenges are not insurmountable.

scientifics no challenges anymore. peoplehat do you see for who look at a presentation today and give it a little bit of thought and say, is he kind of crazy? what do you say to those people? >> i was very skeptical myself, even a year ago. you know, my background is science. i was the first to try to holes in this project and we had a small team of scientists and engineers working on this. but it is incredible that only now, in 2015, 2016, we can would bethis, that we

sitting in these chairs 10, 15 years ago, it would have been irresponsible to make this announcement. erik: and to put $100 million behind it. >> now we can make this step and do this visibility study, which will hopefully give us of the blueprints for the next step forward. involved did you get in this? did somebody approach you? well, i have this childhood dream, like many other boys, especially once called yuri, to do something and to make a .ontribution to this project i think i am very fortunate that then now devote some of resources. erik: so this is not an investment? can it make money? should it? >> it is a nonprofit initiative. i'm am happy to announce that

mark zuckerberg has joined the board of the organization, alongside stephen hawking. his support was really incredibly important and his endorsement. as we will pass this most risky phase of the project, $100 million will be spent on research and development. at that point, we will hopefully be able to come out and say that, yes, indeed, this project can be done in a certain timeframe. that itruly believe now is the time to launch this project and to make sure that we explore the real possibility of interstellar travel. erik: is he contributing some of that $100 million? or is his above? >> not at this point. but i think his moral support and endorsement is very important. erik: who else might you give

out -- likes the project might require national funding in the future. erik: clearly. the total cost has got to be in the billions of dollars. where do you raise that kind of money? nasa is tapped out. >> the total cost is comparable to the largest science project we have funded so far. theclosest example might be large hydroxyl lighter -- the large collider. it should be a similar collaborative effort to bring together people from around the world. erik: can you bring together just western countries and organizations or do you think you can get the russians involved are the chinese involved? >> this project cannot be done by one country. it has to be global. almost by definition, it represents all of us. if we launch something so far,

so fast-moving, we need to create some sort of consensus on our planet that this is the right thing to do. there are also policy issues we need to pay attention to. so it is a combination of technology and policy that we would need to solve in the next 20, 30 years. erik: you need to find donors of significant means, like yourself and mark zuckerberg. had you been successful yet? i am fundingct myself for the time being. but the next phase of the project will require additional funding. again, it will have to be a global effort. majorbal as some of the scientific efforts we have done in the last few years. erik: this is not your first effort in space. you are already funding telescopes. you invested in spacex, as well,

right? >> yes, i made investment in spacex a few years ago. but this project is following the project that was announced with stephen hawking a year ago to look for intelligent life in the universe. erik: let me ask you this question. this and it is philanthropic, but richard branson and jeff bezos want to take tourists into space. elon musk also wants to colonize mars. is it right, in your mind, that space is kind of becoming a playground for billionaires? >> well, i honestly believe, from the historic respective, it no longer matters. nobody remembers right now who funded columbus' expedition.

was it government funding? was it a combination of private donors or public funding of sorts? what we do remember is the result. think all those details and nuances on who is funding what, at this point, will not matter in the next few hundred or thousand years. erik: yuri, you made your fortune as an investor. people know you for investing in facebook at twitter, for example. you are out of those positions. you have been selling down your position in alibaba and jb.com. is this how you raise the capital or are you read of playing it as an investor in other ways? >> obviously, my day job is dst. this is my hobby. it is very important, let me just say. so a lot of my time is spent on investments, 80% or 20% of my

time is dedicated to projects like this. how theis pretty much capital is allocated. erik: let's talk about the day job for a moment. 80% of your time your dedicating towards dst. what interests you right now? what are you investing in? i can see that you're captivated by ideas with tremendous promise. so this is your hobby, for example. but how about in the real world? world, i think that the technological revolution is unstoppable. has beennnovation happening for so long that we do not have any reason to believe it is going to stop. essentially, we invest in innovation. every generation brings that contribution to innovation. if history is any lesson, every generation is building their own companies, you know, like

facebook, alibaba, spotify. you would believe that innovation will be dominated by big companies. everye answer is, no, generation is building their own companies. erik: so innovation may be unstoppable, but you have to make some careful, and one would hope, intelligent choices about what to invest in and what technologies. what appeals to you right now? >> we continue to believe that internet and mobile innovation is the space we should stay in. be invery fortunate to alphawhen there was this mines andetween deep google and a human being. fascinated by just

observing very closely how this competition was taking place. my biggest eye-opening experience was that the humans could build this machine. they really did not know why the machine was making certain moves. so another big trend for artificial intelligence. this is something that we should invest in. ago, you toldrs me that you would continue to be invested with the founders of the companies in which you held stakes, so long as they continued to push the envelope. yet, you are out of facebook. do you have regrets about that? >> well, this is really how private tech's nest works. erik: you have to recycle the capital. >> yes. lifetimes.f certain erik: if you could be, would you still be invested in facebook?

>> yes. erik: you would be? i'm about twitter? projects andous companies sort of regularly. as we are out of some of the positions, i do not follow them very closely. erik: you know the reason i ask that question. it is because facebook has 1.6 billion users. people are questioning whether a company like twitter is still relevant. >> i think twitter is relevant. i think twitter is a global project. list all try to internet committees with a global audience, there will be probably less than 10. twitter is one of them. has itstwitter is aners, and it

enormously important company, a way to disseminate information. we used it today to make this announcement. i think twitter will continue to be a very important 70. erik: several of your most recent investments are in china. i mentioned jb.com. you have also been prospecting and investing in india. would you ever consider relocating there to be closer to what you're doing? india or china? >> well, i have been traveling the last few years about 200 days a year. i am still visiting china a few times a year, as well as india. 20 percent of our capital was invested in china, 40% in u.s., and 20% in india and europe -- 40% in china. has: some of that capital

appreciated. and at a faster rate in china. ming comes to mind. a lot of people spend too much time wondering if uber is going public? should they be wondering about this chinese company instead? >> i don't know. i think what is really important is to have multiple financing sources available. so when we started to invest six internet in late stage , that was something that was not very popular. i think right now, there is this fore space, and many funds to spend in funding companies at late stage, which creates an alternative for them to go public. so i think as long as all those alternatives are available for the founders, they will be making this ultimate decision erik: private funding has proven to be perhaps a little bit

disappointing. these falling unicorns, if you will. yuri, a quick question. does silicon valley still have the power to innovate? >> if you look at the last 15 years, you know, the biggest companies in the world have been created in silicon valley. inis an incredible place terms of innovation and influence, in terms of amount of capital, special intellectual capital. intellectually the center of the world, as far as i am concerned. it is a concentration of smart people. erik: thank you very much. david and lisa, that is yuri milner. the star shot, an

effort to get to alpha centauri. markets weird we're getting breaking news. doha deal,pe for the even without iran. how much can oil prices rise? this may give some ammunition to how much oil prices can rise. let's hear what the portfolio manager of tortoise capital says. matt also helps manage the tortoise mlp and pipeline fund. arabia and russia seeming to come to some agreement, what does this mean for oil prices going up? >> those are two of the very biggest producers in the world. agreement is key to supporting oil prices. we never expected iran to participate. they have added a few hundred thousand barrels per day since sanctions have been lifted.

her haps they can raise a few hundred more thousand barrels a day and a global market. the key is for the other opec producers to stop growing production. i think that is where we come to an agreement. at this point, production is slowing down in u.s. demand globally in the u.s. is off the charts. we believe prices will continue to move higher. last time i did bloomberg, it was $26 a barrel. february 11. hopefully we can keep moving higher. our expectation, i do not think it is unreasonable that crude gets to 50 plus, $60 plus. david: what are you invested in? >> if you want, did he proposer, i would say west texas producers, guys like pioneer natural and diamondback. they have very low cost of production. they can make money and $40 and

have deep inventories, and they are growing in the balance sheets to get through to the other side of this. those are the companies we recommend. risk what is the biggest outstanding to your view oil prices will continue to go higher? we getthing would be into a global recession. china had some pretty strong data out today, so that is encouraging. but that is one thing that is hard to predict and could put a damper on oil prices. >> how much do you expect it to be going for? >> i think the progression is moving upwards. expect two steps forward and one step back. we believe it will continue this positive trend. but investors need to be aware, for a long-term investor, great opportunity, for short-term investor, this may not be the space for you. if you're looking to make an allocation in three to five

years, we think oil stocks are great and mlp's. cannot get much cheaper. running between $1.50 and two dollars here at we have seen a response from the power industry. you guys are familiar with the stories that we are on the early five to 20that having your story that will continue. meantime, an extra boost, very cheap asked. lisa: thank you. david: still had, we will ask the imf chief economist what he thinks about the economy. ♪

david: from bloomberg world headquarters in new york, this is bloomberg markets.

lisa: let's check the headlines with mark crumpton. mark: today is equal payday, marking how far into the year women must work to catch up to men's earnings from the previous year. women'sngton to honor equality, president obama today designated a house that serves as headquarters for the national women's party as a national monument. president obama: it should be a principle of our economy. it is the idea that whether you are a high school teacher, business executive, or a professional soccer player or a work shouldr, your be equally valued and rewarded. man or woman.e a mark: the first season of legislation the president signed upon taking office was the lilly ledbetter fair pay act. in other news today, nearly one month after the missouri presidential primary, hillary clinton donald trump have been certified as winners. both front runners edged out rivals by a mere fraction of a

percent. the results are so close, so a recount is still possible. candidates have seven days to request one. we expect to hear from house speaker paul ryan this afternoon to address the republican national council in washington. say he isship aides expected to rule out any bid for presidency. the former vice president on him and he has repeatedly said he is not interested in the job. the news conference is set for 3:15 new york time. news 24 hours a day powered by our 2400 journalists in more than 150 news bureaus around the world. lisa: thanks. bloomberg markets will be taking his speech live at 3:15 a.m. aboutl be talking perhaps not running for president. let's look at commodities. the markets are closing in new york.

silver is funny -- finally catching up to the gold rally. climbing to almost a six-month high. it's him the most since it does over 2014 this week. everyone watching oil. wti crude climbing to a four-month high. saudia and -- saudi arabia and russia having an agreement. confirmed.f around $ 42.12. global economy will grow 3.2% this year as opposed projected 3.4% announced in january. lisa: the imf is is weak exports in sewing investments of damaged prospects in the u.s. a chief economist from the imf joins us now from washington with more. one thing i found most interesting is that the imf has

stuck with the view that negative rates have generally been a positive for the economy. what would make you change that view? >> right now, we see negative of demandupportive and expectations, keeping expectations of inflation at bay. a big positive. on the negative side, there is a concern about profits and about insurance company pension funds. we do not see those as having major effects yet. for pension funds and insurance companies, negative rates, low the samepretty much thing. if we did see institutions like that running into problems down the road, then you might think again about the issue of negative rates. downgraded the u.s. from 2.1% to 1.9%.

they recommended to the federal reserve that they go slowly and raising rates. janet yellen saying she will take a more gradual path here. what is your take on how they position themselves here and how you see the rate rise going forward? >> i think the fed is very wisely making their decision interdependent. they are taking account events abroad, not just because they are important abroad, but because they can and do spill back to the united states. it is wise of them not to commit to any specific number of interest rate increases and see how things go with growth. david: what is the role of the like janetntral bank yellen or mario draghi in terms of recommendations like that? play?ole does the imf >> they should pay attention to

our forecasts and our views for the economy. i think they do. they are following domestic mandates, which call on them to produce price stability. in the case of the u.s., it is a dual mandate. what we recommend is, generally, full consistence with what they are doing. we do have to look at our number countries,, now 199 broadening and looking at how the policies go together -- we have to look at our membership. lisa: with the return of financial turmoil it self, what do you think it can't that financial turmoil, the catalyst? in january, we saw some jitters over china's exchange rate policy, over commodity prices. you know, almost anything can set off financial markets. it is hard to know what the specific catalyst could be.

by anow, a major default large company, a large country getting into debt, is sharp movement in exchange rates. we hope nothing like that will happen. we hope the markets will be resilient and take a long-term view. but experience shows that they do not always do that. david: the forecast for china being revised up, 6.3% to 6.5%, in your report today. heress reacted on twitter he estimates that china's economy is growing at 6% a year. skepticism. what makes you optimistic about china right now? what makes you see gross? there,, we see growth and we have upgraded our near-term forecast, because the authorities a rolling up measures to bring growth up to

their target range be at we think those are going to be effective and are going to work. if you look closely though, our longer-term forecast for china has actually been changed a bit. that is because, if you look at the measures being rolled out now, for example, involving more credit growth or possibly more support to the construction sector, we question whether those will further china's attempts that rebalancing its economy and the most positive way. so i do not think we are falling prey to one guarded optimism about china. i think we're pretty realistic about the short run growth, long-run growth. lisa: ben bernanke said yesterday that so-called helicopter money could be atentially helpful as stimulus tool. what is your view on helicopter money? >> one way to think about helicopter money is a combination of monetary stimulus

and fiscal stimulus. we at the funds have been that monetaryew accommodations have been very helpful and needed, central. that it is not that healthy with monetary policy bears the entire burden of stabilizing the economy. we definitely would welcome more of a fiscal push by infrastructure investment. i think one way to think about helicopter money is that it is monetary and fiscal policy working together. david: maurice obstfeld from the imf, thank you for joining us today. youtube front man is testifying before a senate subcommittee on the causes and consequences of violent extremism and the role of foreign assistance. which makes it impossible for these agencies to plan, which is madness, absolute madness. ♪ another idea -- ♪

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david: this is bloomberg markets. winds a bill by brazilian -- lawmakers first the brazilian president was step closer to impeachment. david: brazilian shares have gained on speculation there will be a change in government, but the results of engagement remain unpredictable. we have a eurasia group director of latin america with his poor -- itit said there was could be more momentum for president rousseff. do you stand by that? has been thatief

there will be an impeachment of the vote yesterday in the committee was somewhat tight. it will be a close call to the end. but we expect the floor of the lower house to approve impeachment motion by sunday. we're likely to have a new president in brazil by early may, as soon as the senate .ccepts the impeachment lisa: what can be done to improve brazil's economy? why are bonds of more than 20% so far this year? >> it is close call. there will be overshooting it away. if she survives her if she falls, the markets because they takes overe vp that as much more positive than he will actually be. he will not be able to deliver what he is, thing. rousseff, she survived impeachment motion, she will be

even worse than she will be. the truth lies somewhere in the middle. rizzo is in a very difficult situation. the political system is quite unable to resolve the crisis. that is why sc the judiciary, the battle going to the court. to not sayes power the crisis. but a turnover, if we have one, it may open up a short one, i might add, that may give at least some, allowed the vp, the next president, to get some low hanging fruit and approve some reforms. but it will be very choppy waters to navigate. lisa: what are the main things the vice president is promising? thanks promising to put the country back on track, kind of bold in somewhat vague. we do think there will be some progress on microeconomic reforms, opening up the energy sector, oil sector, the very .eep oil fields

there will be potentially central-bank autonomy. he is also promising fiscal adjustment on a more macro economic front. those, we more skeptical and sector specific policy in a more markets and your direction are likely to come. but more structural reforms that kind of fix brazil's fiscal problems, we do not think he would do much in the short term. that will take more time. david: this is a political story that is punctuated by late tapes. there was a tape yesterday of the vice president reportedly talking about what it might be like if you would be president after this. i wonder how much you have thought about sort of the day -- if dilma rousseff were to be impeached, what would the day after look like? >> it will remain a very toxic environment politically regardless. the political landscape is very

polarized. ofre are strong showings pro-impeachment protests and anti-impeachment protests. like will not go away that. the political system is very polarized. the economy is also under the worst recession, multiyear recession, the country has seen in the last 70 to 90 years. there is no easy recipe to fix the problem. the only thing that i think the vp has and his favor is that he may appoint new folks to the cabinet that may bring new ideas , and markets will react positively, as they have been in recent days. so he may have to kind of take opportunity to make that honeyman last longer.

-- to make that honeymoon last longer. david: thank you for joining us. time for the bloomberg's news flash. shares falling afterward the xnetice department pushed o in a bribery probe. federal authorities are ringling over the amount of potential sanctions u.s. regulators are looking to offer the firm. lisa: the head of the emerging market at rbc capital markets is leaving the bank. that is according to a person with direct knowledge. he will depart the firm next month. he was at standard chartered bank before this. a representative wrote a letter to valeant ceo reichel

pearson, saying a congressional committee has requested information into the investigation of the pricing method. in march, they said that pearson will step down when a replacement is found. that is your business flash update. lisa: stocks shooting higher, right now at session highs. the dow with the best day of gains in them of your crude ,umping above $42 a barrel leading the energy sector to a big day. julie hyman has the details. a look at energy and how it is trading today. the energy select spider etf is up better than 3% because of these gains in oil prices. energy stocks, as a group, through the energy index is having its best day in about two months, also up around 3%. it is a broad-based rally with an energy. at somethingk

within the energy index, and everything is green. nearly 40 members of the synergy index are higher in today's session. it is a rising tide. then you have individual pieces of news. chesapeake energy extending its credit line by pledging assets to marathon oil. they are doing asset sales. there is another subsector spider etf, the oil and gas exploration one. it is reaching a high, having a monster gain of nearly 7%. this all comes back to oil. we initially have been report today that russia and saudi arabia have come to an agreement on a production freeze. in the kremlin saying, regardless of iran, there might be a way forward in doha after talks. we saw oil take a leg up

initially and rising throughout the day. closet rose through the and continues to rise in extended trading, breaching that $42 a barrel level, a level we have not seen in quite some time, going back to december 1 not surprising that you are seeing this ripple effect. the irony is that we're going into earnings season. many of these energy companies are expecting pretty steep declines at a time when oil is coming back up. david: thank you so much. lisa: coming up, an exclusive interview with take entrepreneur peter thiel. find out what he thinks of take valuations of silicon valley and the future of yahoo! ♪

lisa: you are watching bloomberg markets. exclusive.berg earlier today, emily chang sat down with entrepreneur and investor peter thiel. david: they talked about tech company valuations and politics and much more. emily joins us. yahoo! is in the news, what might become of it. i know you asked peter thiel about that. agoy: yes, a couple years he said that yahoo! is not a tech company anymore. so today i asked, what does yahoo! become? how does this play out? ofwas very complementary marissa mayer. he said she is the best ceo yahoo! has had since jerry yang. if she cannot turn this company around, there is not a lot of hope. yahoo! is an attempt position. listen to what he said. >> yahoo! was a new media

company in the 1990's. now it is more of an old media company. it is close to numidia, which is a challenging place to be. emily: he said it would either be in radio or billboards or like the oldest kind of media, but in the world it is in, competing with new media as an notmedia company, there is an obvious way forward. lisa: very harsh. better to be in radio. wow. what did he say, if anything, about the possible bubble in tech stock valuations? emily: he does not think there is a bubble in tech, which is interesting. he brought us back to 1999, 2000, were the public was very much exposed to the bubble that now we know there was. he says, today, the public is not very much exposed to ,hatever is going on

potentially over evaluated companies to it but companies are not going public, so the public is not exposed. take a listen to how he framed it. today, ire is a bubble do not think it is centered on technology, neither in china nor the u.s. i think bubbles are psychosocial phenomenon. you get the public involved in a crazy way. emily: so if there is a bubble, he said it probably has something to do with zero interest rates, the fed, and that means it permeates everything. butot just startups, housing prices and the like. he is much more worried about that on a broader, sort of macroeconomic level, then he is about a bubble in tech specifically. david: he is a businessman, but he's not shy about talking about society and politics. he has given money to young people to not go to college and

tried to become entrepreneurs. anything interesting about his outlook for the u.s.? emily: we talked about the election. i tried to get him to tell me who he is endorsing. i did not get too far up at he's a libertarian and has been known to back republican presidential candidates. he has given money to carly fiorina and ted cruz in the past. blow hise would rather brains out then talk about a presidential election. he literally said that. he said the rise of trump and bernie sanders are an example of how angry the american electorate is. he did not want to get into too much trouble by talking too much about politics. what we did talk about the thiel fellows program. five years into the program, and he is encouraged kids to not get an education and to start a company. 80 of them have raised over $140 million in venture capital.

he will be giving a commencement speech this spring. i asked what he would say to the graduates. he says that people have mischaracterized my views at i'm not think college is bad. but i do leave there is something wrong with today's education system to he compared college today to the catholic church 500 years ago. he said it is an archaic institution that needs to be changed, and this is just one alternate route for young people. you so much, emily: and you can see her lady today. eastern, 3:00 p.m. san francisco time right here on bloomberg television. ♪

♪ anchor: it is 3 p.m. eastern. welcome to "bloomberg markets."

from bloomberg world headquarters in new york city, good afternoon, everyone. i am carol massar. the worst earnings season since the financial crisis. he would not believe that forecast looking at the markets right now. we preview the numbers and see how investors are pricing in the negative sentiment, or not. then, carnival cruise line embarking kid we speak to the company ceo, arnold donald later on, about this new market and what it means for the company bottom line, and the future of the transpacific partnership. will it get done this year, and what does it mean for relations with china, and we have secretary gary locke with us. everybody, we are one hour away from the close of trading on this tuesday. let's head over to the market desk and check in with julie hyman.