tv Whatd You Miss Bloomberg July 28, 2016 4:00pm-5:01pm EDT
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scarlet: u.s. stocks staging an afternoon rally. the dollar weakens. we have gotten results from apple and facebook this week. the company reported second quarter earnings. hillary clinton excepts the democratic party nomination. we begin with our market minutes. u.s. stocks holding near record highs and the s&p 500 all came off their lows and were rallying through the afternoon session. they definitely came off of their lows and just closed off their highs. .e saw stocks climb
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earnings certainly the big driver. joe: ultimately, we've had these individual stock stories like facebook and apple, but this is a very quiet market. movers driven by earnings. ford, afacebook and tale of two stocks and a tale of two quarters, facebook moving sharply. to35, a huge contributor what is going on in the s&p, and there is ford -- 8% decline. the company warns that because of the incentives, car companies are going to have to try to keep sales going. we are keeping an eye on those in their affect on the market. had results from amazon. second-quarter earnings per share at one dollar 78.
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was for $1.12, a huge jump from a year ago when amazon reported $.19. billions were 1.30 4 dollars, higher than anticipated. analysts were looking for 29.5 ilya and dollars. anywhere froms $31 billion to $33 billion. let's get you out for that numbers as well. second-quarter adjusted eps, $8.42, just below the highest estimate in our range. of course, there's no real comparable number because is reporting in a different form than when it was google a year ago. revenue was $17.5 billion. , soensus was $16.86 billion
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it even touch the most bullish estimate as well. because it's main moneymaker is still at and search ads at that, the cost per >> for the second quarter was down 7%. consensus estimate was for a drop of 6%. >> we will see strong reaction to those numbers. certainly amazon, despite the fact that there was heavy purchasing of the stock in the market today ahead of these numbers. though thereook as was anything to disappoint investors. i expect we will see the after-hours move on that.. bring innt to editor-at-large cory johnson. beatingazon reading -- --so much on the bottom line it's all about profitability. i think this is the most important business in all of
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technology, amazon web services. billion in the quarter last year. they did $2.9 billion in this quarter. .863 million operating profit joe: the knock on amazon is that they have not ever really been able to turn much profit, but now they have this business that looks like a money gusher. >> it's not normal that i'm wrong this fast. amazon is selling off. what do you make of that? ry: at first glance, these numbers look pretty good. the curious thing about web services is why did they make is so profitable? the amazon way is to reinvest virtually everything back in the business, use that cash flow and throw it into capital expenditures, build out the business, and they have not been back to public markets in beenes because they have
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able to fund their own growth. >> one thing might be because of capex.es of property -- these are not massive numbers compared to how much revenue amazon is making. >> i wonder if that top my number is not disappointing. it is a beat, but maybe not what people were hoping for. is maybe notours that big a not that important. we have seen really strong growth from these guys and they are spending a lot of money. $1.7 billion.at that is in 13 weeks. i cannot even spend like that, not even with a corporate card. 60% this stock is up nearly since the february bottom. remember, this company was a market selloff and tumbled after its earnings report earlier in the year, but it has just come
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reaching back. this modest selloff we are seeing after-hours, incredible gains. again, strong gains. i promise i will dig through this little deeper, but these numbers suggest that google is also having success like facebook in mobile advertising. >> put this into context because google is now alphabet and have reallys not comparable numbers. google is still the search engine business, the moneymaker part of it, right? effectively, out for that is google. there's lots of stuff on the side and better categorization, i would argue, but when you talk about where the money is coming from and where the revenues coming in and where the profits are, that is to google. joe: let's take a broader view of what we have seen so far in earnings. oliver, is it like the fangs are back, the story of these big
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tech stocks? is the story just that these same winners from last year are the winners once again this year? in,er: tech is definitely hence my cory johnson, silicon valley look i'm going for. joe: no ties? oliver: when in room -- when in rome. when you look at actual performance for-profits, tech is one of the worst sectors year over year, but surprised heat is one of the best, second-best right now, and i think you are seeing investors reward companies for that. to be honest, investors and wall street strata list -- strategists, they love doing it on the back of tech. throughout this entire year, we would talking about rally and utility stables and that defensive stuff, and people get hesitant to get really excited about that, but when they see tech companies beating earnings, e relative value, it
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gets people juiced up. >> am just going to ask you about that. google relative value is low. not so much for amazon. cory: but the e does not really matter for amazon right now. they had a 20% operating margin a year ago in that is. it's a 30% operating margin just a year later. even as they cut prices over and over and over again on amazon web services, they are still minting money. you have to think about how this is completely changing the rest of the world of technology where you have companies from oracle, which did this big deal today, all these companies who used to oracle,are slingers -- hewlett-packard, struggling mightily, ibm, struggling mightily. they are all selling hardware companies do not want to use anymore because a are moving their stuff to amazon for much
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less cost. you can see the success amazon is having, even to the point of the much hated e, earnings, showing up on their income statement. search fora lot of growth as the economy is chugging along not gangbusters, and where they look for growth will be in disruptive companies. retain.as amazon can what is interesting is if you go , on amazon, you you are basically dividing by zero, but what you can see on the far right corner is that 99.5 is the lowest it has been in quite some time. there is a slow drift downward as they start to demonstrate into the potential for the bottom line or some bottom line. joe: in 2015, this measure was
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at 741. oliver: it is kind of a moot conversation to have, but it does signal that they are still one of those disruptive companies that continue to drive value. one other point i was going to make about tech overall is when you look at the valuations compared to a sector that has been doing well like consumer staples, it is the cheapest -- there is the chart right there. look at the white line. it has pretty much been flat over the past year while valuations in some of the defensive sectors have so much where it is he good earnings, i do not think it will be surprising at all to see investors come in. cory: maybe price to cash flow is the important number here. if you think about the way they run this business, they are not running it to create an e. scarlet: are you not concerned about the margins of amazon without web services? cory: i would not pretend to
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recommend the stop, but what i'm suggesting is the way that people who like the stock should look at the way they are running the business, and what jeff bezos is very clearly doing is running a business to grow a business, not to earn a profit right now. the question on wall street should eat it amazon wants to earn a profit, can they do it? can they jack prices and start to throw off cash, or will customers leave to go elsewhere? scarlet: can you see a situation where board members might pressure him to spin off services? cory: those questions were inevitable as soon as they started reporting individual results. maybe investors like the fact that it is giving a little bit of e. of knownamazon kind for bad forward guidance for bad forward guidance or opec does, it looks as though they are seeing -- saying third-quarter operating income will be below what expectations had been. theyto know right now, but are certainly seeing third-quarter sales above estimates, so they are not out of the part. operating income anywhere from
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$50 million to $650 million. that is a huge range. cory: you could drive a truck through that. oliver: a lot of leaving room for them. the point.s gives them the freedom to run the business the way they see fit. scarlet: you could drive an amazon delivery truck through it. coming up, hillary clinton the stage tonight to formally accept the democratic nomination for president. this is bloomberg. ♪
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political party, but some women remain less than impressed, suggesting bernie sanders and president obama's own historic firsts have dimmed mrs. clinton 's achievements. additionally, younger woman anderred mr. obama in 2008 mr. sanders eight years later. prosecutors say they will not retry a man convicted of killing .ashington intern chandra leavy prosecutors say they cannot prove guilt beyond a reasonable doubt. he was convicted in 2010 but later granted a new trial. her 2001 disappearance created a national sensation after she was romantically linked with then congressman gary condit. the top u.s. leader in afghanistan says five american soldiers have been wounded in fighting with islamic state. noneal john nicholson says of the wounds were life-threatening. three soldiers were evacuated from the area and two half and returned to duty. finding terrorists is important that expensive. the hill report citing the
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iraqgon that the fight in and syria averages $11.8 million a day for 678 days of operations or about $354 million per month. news 24 hours a day powered by more than 2600 in morests and analysts than 120 countries. thank you so much. we are taking a look at the european banks right now. they are cheaper than ever, and this comes into focus before tomorrow's big stress test results for the sector. the sector is trading at record lows -- they are at such record lows i even had to reduce it a little bit here relative to the broader market. this is a spread between the thepean banks index and overall stoxx 600 index. a couple of investors have reiterated their bullish calls, saying that this is so
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attractive you do not want to pass this up, and you are going to look at those companies that can maintain their dividends. commerzbank, for instance, among them, even though there are capital issues to be concerned about. what i thought was interesting and is a good counterpoint story to this, if you look at the european banks of index and how they performed this year, all 30 members are down. you can see that are lots of red lines. italian banks are still a disaster. on much negotiating is going before the release of those stress test results? joe: i think it's interesting everybody knows there are so many problems in european banks. they used to be a real dividend junkie. they might come raging back if they get this solved, but the idea of going there for the yield strikes me as very bold. i want to talk about exports versus imports.
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america generally runs a trade deficit. the healthier your economy, the more likely america is to run a trade deficit. it's ugly means it attracts foreign capital and you import more than you export, and that is just fine, some economists would say. others will argue. what struck me as fascinating is when you his surpluses, it tends to be during recessionary times. what you are looking at is the 2001 recession. the credit crisis and financial collapse of 2008-2000 nine. look at where we are here. is that turning higher? that suggests there was economic weakness, obviously not as dramatic as what we have seen in the past tom a but now you are on that upswing. joe: there's also talking about the secular decline in global .rade
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>> hugely important, worth noting that on deficit numbers today, exports and imports both rose. joe: which is a good sign. >> very good sign. sign of health, at least. joe: you often hear that the rally in the stock market since the financial cries, which is all due to fed pumping and all artificial, but that is not necessarily totally true. here is a chart i like to look at every few months. it is initial jobless claims in white flipped over so that is good. beenan see they have both tracking each other for a long time, which if nothing else goes to show there is a real economic recovery since 2009 that you can point to. >> i think this is a great chart. joe: thank you. >> i have always liked this one. we receive the divergence with claims deteriorate but stocks go up, so far it looks like -- >> this is not european banks, in other words. joe: it looks good on all
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accounts. >> it is especially well timed because i think a focus on the labor market was clearly in the fed's mind. watchre not supposed to stocks, but they do. coming up, the key event of the week. hillary clinton makes her case to show voters she is a trustworthy, appealing figure. voters will have that live from philadelphia. that's coming up next. this is bloomberg. ♪
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ford is waving a red flag on american car sales. second quarter estimates fell short -- second quarter sales fell short of estimates. that thestion is previously roaring auto industry may need to take its foot off the gas pedal. a strong quarter by historical standards, one of our best second quarter's ever. linentinue to grow the top of the company. we had record profits in europe, so our transformation in europe is really gaining steam. record quarterly cash oh. $4.2 billion, so a strong quarter and even the first half of the year, i mean, it is a record pretax operating profit for the company. as we look now to the second half of the year, what we said at the beginning of this year is the second half would be weaker than the first half. we see some risks in the business. as a company, you know us well. we going to look at those risks and deal with those business
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realities and take decisive actions to go after those new pressures on the business. precedesr reputation you. you have been up front with shareholders, upfront with take holders and said it is possible that you do not meet your .ull-year initial targets why is that? what are the risks that are the biggest? committed to our financial guidance, and we are .lagging these risks the risks are a couple of different ones -- one is we are lower pricing and higher incentives in the u.s. and china . we are seeing a softening in the u.s. of the retail industry -- still at a healthy level, but as an industryll in the second quarter. at the same time, we are also brexit,he effect of particularly of exchange and potentially volume in the u.k. k, which is our biggest market in europe. r&b --t a week chinese
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rnb, and that is important given what we export. those are the things we are seeing, and we started seeing those things earlier this year. that's why we have really amped up efforts in the company around our cost and better go to market strategies to try to compensate for those. matt: how's the outlook for the u.s.? a lot of people are concerned thinking the industry may come down. do you see the industry meeting last year's level or being reduced? >> we have window lower guidance in the u.s. between 17.4 million units and 17.9 million units. , but first is a beat half of the year, the industry came in a 17.9 million units, and within that, retail is actually down. our view in the second half of the year is the industry, particularly the retail industry, will be down compared
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to last year. you could argue that the industry has plateaued. i think where we are seeing that recovery,n in the auto sales were good and the generalpaced economic development in the country. what we are seeing now is although the industry is still a relatively healthy levels, we are seeing intensified competition as the retail industry has softened, and that is really resulting in some volatile factors each month because that will be uncertain manufacturers trying to move the market with products and incentives. matt: this goes back to the incentives. i would take if you see a turnaround in the industry, you will try to start using margins to win market share before you get into that declining industry. are you doing that? is everyone doing that? >> in our case, our incentives for the quarter were up on a percentage basis, basically in line with the industry, but our
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approach as a company is always we will always prioritize our margins over market share. , we arehy going forward looking at that lower retail industry. we will take some production adjustments to stay very focused and consistent on our strategy of matching capacity to demand and keeping our inventories in line. coming up, we are waiting for another tech giant to report earnings. the google of china, baidu, will be reporting any minute. analysts will be looking for sales and profit to show a recovery. this is bloomberg. [hip hop beat]
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to first wordt news. hillary clinton is ready to make history tonight, the fourth and final night of the 20 16th of a craddick national convention in philadelphia. the former secretary of state will become the first woman in u.s. history to accept the presidential nomination of a major political party. she will be introduced by her daughter chelsea before closing out the evening with her acceptance speech. her address will come one night after president obama spoke to delegates and made an impassioned case for his former secretary of state to succeed him in his oval office. political turmoil in turkey is
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raising concerns about operations of the u.s.-led coalition fighting islamic state in iraq and syria according to a senior u.s. military official. and crackdown on dissent will impact u.s. operations. the anti-islamic state coalition is dependent on turkey for basing resources. the leader of syria passengers were front is changing its name and claims it will have no more ties with al qaeda. he said his group will be named the labonte conquest fund and will have, in his words, no relations with outside groups -- conquest fund. demonstrators in rio have clashed with police. protesters blocked the runners' way, prompt and police to disperse the crowd with rubber bullets, and pepper spray. global news 24 hours a day powered by more than 2600 journalists and analysts in more
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than 26 countries. we have breaking news -- baidu results crossing now. forensus estimate was $1.18. when it comes to revenue, i have numbere chinese currency and u.s. dollar number. in terms of local currency, second-quarter revenue was ¥18.3 billion. they were looking for an increase of 10% in revenue, which would be the slowest increase in revenue since -- you have to go pretty far back. i do not see anything slower in quite a few years. and in terms of the dollar amount of revenue here, $2.75 billion. for 2.70 estimate was $2 billion. we will keep an eye on further headlines, but those are baidu
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numbers. beat on the top and bottom line from the google of china. was mixed,ion really kind of churning, breakeven, but what we got at the end of the day was the dow. it seems it could not fight off the weight of negative moves. the s&p and nasdaq benefiting from a couple of big moves and fighting off ford's decline. we saw facebook and amazon moving. apple is still on the move. it did not take them anywhere particularly meaning. let's get a quick recap of out for that and amazon earnings. amazon is actually up a little bit now. it had been lower earlier in the day. the real story, extraordinary growth in amazon web services. that high-margin cash gusher. there may have been anxiety earlier about the outlook for income, but that is always something very volatile, not something amazon cares much
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about, but the stock has been on such a tear and out for that having a solid reaction, up three point 5%. pretty much strong across the board for those earnings. as amanda was saying, the story now is big cap tech really rocking right now -- facebook, apple, microsoft, out for that, amazon all doing really well. scarlet: we will continue to keep an eye on these after-hours trades. clearly alphabet doing well at the moment. "what'd you miss?" developed markets turning out to for investors than .merging markets here now to talk about where the smart money is going is the cowriter of the story on bloomberg.com. great to see you. thanks for joining us. investors talk about this valuation gap between imaging and developed markets. some worry it is getting a little too wide.
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what are they saying? elena: they say it is becoming that emergingw markets are outperforming developed markets this year and so it is notks just a theme of emerging markets, but developed economies as well. are slightly tilted, and in this environment, emerging markets do not look like a bad effort -- a bad buying opportunity. that said, they have to be selective. i'm looking at the volume, and you would expect the kind of momentum we would be feeling a talking about, you would think we would see a massive pop in volume. that happened some time ago. volume has actually been relatively low. does that suggest that the rotation is passed the beginning, past the midpoint? elena: it is actually a wait-and-see mode investors are having. people are really waiting to see what will happen in september. now they see imaging markets as
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a buying opportunity. they are not going all the way into developing economies. emerging-market assets -- they have had a pretty nice start to the year. the bear market has been for several years. do people think we could get a really sustained, multi-your recovery now, or is this a trade that maybe it will go a little further but not something that is real long-term? elena: and a lot of people actually think it is a trade, a good buying opportunity. --re are a lot of risks geopolitical risk, oil risk, risk that the, default in china is going to pick up, the yuan is going to .evalue a lot of risks are still here. scarlet: this is a chart we saw earlier.
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it shows the emerging markets index in white, the top panel, and the s&p 500 in blue. there has been a pretty huge divergence over the last couple of years, even as both have recovered a bit. the bottom panel -- and am going to move this up so you can see it better -- is the ratio between the emerging markets index and s&p 500. as this line goes down, you can see emerging markets lagging behind developed markets, but as it levels off, you can see some of that better performance come through. the question here is if emerging-market risks have dissipated or they just look less urgent right now because the u.s., europe, and japan are in such struggles of their own. >> that is a great question. emerging-market risks have subsided. having said this, no one expected turkey to be in the news headlines again.
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no one expected a lot of different things to happen. so the risk is still here, and that's why a lot of investors are cautious. also interesting to see it happen when it really is the search for returns in a low-yielding world. the yield on the s&p 500 is really good and i would imagine it is a lot better than any yield you would get on an emerging market index. it is a rotation back to true growth and away from the instruments that have done so well. >> the big question is how long the rotation is going to last. is it a short-term or long-term recovery? that is something we are still looking at. joe: i want to talk about china because when we had the intense emerging-market selloff earlier this year at the bottom, there was so much focus on china. it's not that obvious that things have gotten better. we have continued to see weakness in the united nations. looking at credit metrics, they do not look particularly impressive. how much of that is still hanging out is a big problem started turning
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down a bit, that could destroy the em trade. >> authorities are doing as much as they can to prop up the market and to make investors all across the world confident in the u.s. economy. a few months from now, the yuan the officialecome currency along with the dollar and the brazilian real. joe: what other thing i wanted to ask about, some of the bulls on emerging markets last year pointed to the fact that their terms of trade were improving because of the fact they were consuming less, currency was weakening. that was a positive sign. how significant is that, that essentially what we're seeing is to some extent the fruits of that currency weakening and the improving fundamentals that that created? >> right, and that is the case now and this has brought a lot of investors to chinese markets. the big question is -- is it sustainable? are we to expect another selloff from china?
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and more user control. amazon.com projecting third-quarter revenue that may beat analyst estimates, after a second prime day event led to record device sales and an expansion in india reached dividends. the company reported second $1.78, 66 cents better than estimates. shareholders of miller have signaled they favor in that's revised takeover bid according to people familiar with the process who say the board will meet in the coming days to vote on if they support the deal. investors are set to be among those prepared to back the offer. amanda: cory johnson is back
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with us. you have been digging into numbers and talking to folks on the phone. let's start with amazon in terms of what we are seeing. level, they every are beating -- the bottom line, the top line. what is your take away in terms of the health they are exhibiting? what isthink that really important here is that the growing up of amazon web services -- i do not know if they had time to make the charts i just threw at them. i mentioned margins are getting better. amazon very responsive. at the stock compensation, which they do not have to do, but they see that as an expense -- you have seen the margins at amazon web services go from 12.5
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percent, which is phenomenally profitable by amazon's dander after stock to 25% compensation. a massively profitable business. another way to look at it is what does it mean to be amazon? 18 quarters ago, 77% of revenues. it's less than 10% of revenues, but it was 56% of profits. less than 10% of revenue, 56% of the profit. the profits at amazon are amazon web services profits. to me, that is important because until they get that web services business to a size that can compete with their e-tailing business, they run the risk of not being able to manage profit. 5% margin is really low. cory: agreed. if there was a capital concern -- this gets back to the philosophical notion of how to run a company. do you need to get a dividend?
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the market used to say you have got to have dividends on stocks. back before the crash of the 1920's, just about every stock was paying a dividend. then when stock appreciation became a thing, maybe that was enough. maybe amazon has the idea that if they can keep investing the cash and have the value of the company underlying it, it might actually be worth more. joe: what about alphabet? the stock is doing nicely after hours. what interesting information have you gleaned from them? cory: i will be anxious as to how they describe their business. but we saw two trends change a little bit. one thing we have seen with amazon for a long time as they have gone from desktop to mobile is you have seen the number of go up and the value of ads
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slow down and amazon said that was going to slow down, but they added a couple of new unit that would lower cost because they sought money on the table. different kinds of programmatic ads and bought in different ways. it's come. fundamentally, they are just different units and different ways to buy. we saw acceleration of the falling price and of the number of >>, so both of those tailed off a little bit, but prices fell in little bit less. the number of >> rose a little bit less, and i want to know why that trend is happening. joe: thank you very much. when we come back, we go to philadelphia to get the latest on the dnc. this is bloomberg. ♪
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hillary clinton getting ready to make history tonight is the democrats wrap up their convention in philadelphia. this week, we have heard speaker after speaker from president obama to the first lady vouch for hillary clinton, but tonight, she takes the stage to speak for herself. all-starhave had these speakers in front of her, president obama, her husband, the first lady. now clinton has to give the speech of her life, and it's not something she is very good at, these big, inspiring speeches. mark: she has given a few speeches in this campaign that have been quite good. although president obama, president clinton, joe biden were all solid or better, none of them raised the roof the way michelle obama did. she will come in and give the performance of a lifetime and come out of here with momentum. the convention has been solid after some roughness in the beginning. if she does her normal level of
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performance, the convention will be just fine. we've seen as with george herbert walker bush in 1988, some candidates who do not have a great reputation for giving great speeches come in and give very good ones. joe: are democrats feeling confident they will get their post-convention bounce after tonight? mark: depends how much of a bounce you think would be sufficient. i heard one person who hurt hillary clinton's campaign manager say today they were going to get a two-point bounce, which is kind of meaningless given margin of error. we will see. they like the way the convention has gone after the early roughness of bernie sanders's supporters, and they are hopeful, but i do not get the sense they are confident of it. back-to-back conventions, donald trump being visible, the fact that it is the middle of the summer -- hard to know for certain that even a well executed convention leads to a decent size bounce. i'm curious if you are hearing much talk about donald trump in the end not releasing his taxes.
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is that likely to be an issue that continues? mark: they plan to make it an issue all through the summer and into the fall. they say now that the convention is going on, it is hard to get people to focus on it, although trump has been asked about it several times over the last few days. i asked him about it last friday. they do plan to keep it up. they plan to put donald trump on the defense, put some suspicion on him, maybe take some of the suspicion off hillary clinton. after the convention, of course, everyone will be looking ahead. bloomberg politics hosted a breakfast in which the former pennsylvania governor said perhaps donald trump may not take part in debates against hillary clinton later on this fall. what do you make of that? suggested maybe he would not do all three of the proposedial commission debates. it is not a governmental entity.
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they have no actual ability to make candidates show up. over the last few cycles, it has become the tradition, and i think governor rendell was suggesting donald trump may feel he has the leverage to try to alter some of the commission's plans, including the number of debates. joe: after tonight, where does hillary go next? trip with tim kaine, reminiscent of the trip that worked so well for her husband and al gore, and they of trying to glom onto the chemistry of that. pennsylvania is an interesting state. you could say it is showing -- extraordinary defensiveness. on the other hand, there are not that many states that will be central to deciding this election. this is one of them. doing a bus trip out of here to , ifmize attention is smart they are feeling defensive or not.
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scarlet: don't miss this -- the boj announces its rate decision tomorrow. we have betty liu with us. what three things will we be looking for? betty: number one, if they do not do anything, that will be the biggest surprise. or a lot ofions -- expectations are that they will do something, and i want to pull up this chart that shows how uncertain this something is going to be. bring up the actual dollar-yen volatility chart. volatility has gotten to the point almost -- not quite -- as high as it was back during the
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recession. that is how much fear and uncertainty there is around the boj. it will be one of the most important meetings by far this year, but certainly in the last several years. the second thing is -- will be boj push back their inflation target? they have already done this five times. will they do it a sixth time? the third thing we are looking at is what will the stimulus be? is it going to be buying more government bonds? a limit to, there is that. is it buying more etf costs -- buying more etf's? that's what they have been doing, but without much success. governor likes the surprise of the market, so whatever you think it is going to be, it is likely going to be something
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very different. a key, crucials part of his toolkit, the element of surprise. tomorrow ath betty 7:00 a.m. new york time and 7:00 a.m. hong kong time. you can always watch her on the bloomberg as well. what else? canada gdp at eight: 30 a.m. effects of oil price, obviously something we are watching pretty closely. we will look for an effect on the canadian dollar, which has had a pretty rough week, i would say. joe: i will be looking at u.s. gdp tomorrow at 8:30 a.m. be personalry might consumption, which is expected in the quarter, one of its best quarters in several years. keep an eye on that. scarlet: 4.4%? that is a very strong number. that does it for "what'd you
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mark: i'm mark halperin. john: and i'm john heilemann. "with all due respect" to joe biden, bill clinton, and barack obama, tonight is time for the real star of the show. ♪ john: happy hillary clinton is the nominee and making her big introduction to america day sports fans. we're in the wells fargo center where the fourth and final night of the democratic national convention is underway. history will be made from the stage behind us. that is where hillary clinton will finally
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