trade policy. warned the administration would not let countries violate trade deals off the hook. >> whether those deals are at the wto or the free trade agreements. we have another of potential cases under review and we will keep the committee informed. theine eyes are says administration is working on a policy that and if it's american workers, ranchers, and business in. handel -- karen despite the loss, democrats still say they have a better ofnce of winning dozens seats and next year's midterm

vacated by mick mulvaney. a police officer is in critical a stabbing atr bishop international airport. police say the officer was stabbed in the neck. one suspect is in custody. in france, the high profile exits from president emmanuel macron continue to pile up. the justice minister is the latest to resign following funds.ions of misuse of , the mostnister prominent woman, also stepped out. global news, 24 hours a day,

powered by more than 2700 journalists and analysts in over 120 countries. this is bloomberg. >> live from bloomberg's headquarters in new york, scarlet fu it's on assignment. we have 30 minutes from the close of trading here in the u.s.. markets dragged below to $45. >> bracing for turbulence. how a shakeup in the world's --gest oil producers hearings on the russian investigation continue. we caught up with representative eric swallow of virginia coming

up. and bloomberg's editor-in-chief sat down with mexico's finance minister. a look at his thoughts on the peso and the threat of a downgrade. we head towards the close. -- weia certainly has have the dow and s&p 500 trading lower. between the dow and nasdaq, that is between nine cents. nasdaq held up not just by technology, but also biotech. nearly out of the bear market,

adjusters may think the pressing concern is gone. plus, there's lots of data out bere and investors may putting on the way. we have apple, amazon, alphabet, facebook all trading howler -- higher. -- apple is still below the average and we have a little bit more.

back in 1986, 156 days, that is the current record. today, we are matching that. we are now on a 156 without a pullback. backoint to be made is then in 1986, much of the -- ing was comprised right now, we are down about 2% from the top. it may suggest we could see some biotech names. u.s. home sales picked up, but americans are facing two major headwinds. it is the age of homeowners that might shape the real estate market in the future. reporte meyer has a new

that talks about millennial housing trends. michelle, ever since the crisis, there has been a big debate of an extended downturn and normal homeowner levels. seeing --we are seeing signs of a structural generational change. what sent out? >> there is a few things. if you get the home ownership, the decline has been much more severe. there is something unique happening to the age group that is not happening elsewhere. i think it is more than that. we are seeing later marriage race. you are not seeing the same pickup in terms of house

information. one of the numbers that really , back in 1967, over 80% of the cohort was married or living with a partner. today, it is at 55%. that is a big difference. >> i guess on that front, nothing is -- nothing is going to change. what could change things? we know we have the housing finance of the taking place as well. is it tougher for people get mortgages in any case so they wait longer? i think that is a factor. we have these structural trends in terms of preferences and

where people are living and how they are living and then you have the cyclical dynamics where i think you can put credit conditions and that. as can put current income well. that put entryrs into homeownership. not going through the. through early 2000's, so while we could have some listening, it is not obvious we are going to get back to those levels of ownership. even on the cyclical front, it is not going to be a total reversal. >> just now, we are looking at it chart showing a location of lineal homeowners.

-- we are looking at the inflation pictures of the united states as well. actually, you can make the point on a relative basis about the urban housing as well.

>> one of the things we try to answer is the affordability to apply thations to the younger generation and what you find is affordability for the age group is lower than for the national average. i think the fact that interest rates are as well as they are right now and will probably remain, even with home prices rising, it seems portable. i think the other factor is in -- you canwn payment put something lower which can help you get that entry into the housing market so the meat it is less the question of about the ability to afford housing and more about the desire. >> we talked about these big structural changes, but you mentioned there are the cyclical factors.

let's just in here on the cyclical question. how much more of a boost in the economy expect before we get back to a normal state? >> if you look at housing the last five months, housing starts the last four to five months. is that itare seeing is slow. it has been a bumpy recovery some residential investment is added. that is what we expect to see as well. >> thank you very much. great to have you on. coming up, jeh johnson's testimony on the russian

hacking. that coming up after this from new york. this is bloomberg. ♪

minister's finance agreed that mexico's benchmark interest rates could rise this year. this came from an exclusive interview with bloomberg editor-in-chief max winkler. have a listen.

>> the markets are saying -- down.re starting to go you can catch the full interview with mexico's finance p.m. er at 4:30 >> today, the house intelligence committee held its hearing that is investigating russians meddling. former homeland security secretary jeh johnson appear today before the committee. correspondentef talked to a committee member and california congressman about takeaways from the testimony. questions a lot of

about what was involved. what we can do going forward -- regardless of whether you agree with the white house, we should all come together we do not want to find ourselves in a position like that. >> there was an exchange about the response and secretary -- thatsaid he will not they were not able to act on a trade what you make of that? have investigated dnc question mark >> the was the victim of the hacking, but i want to understand whether they fully cooperated with the fbi and that is part of our inquiry. i'm waiting to hear if they did turnover everything that the fbi

requested. it sounds like the dnc could and been more corroborative secretary johnson could have also been more corroborative. >> 21 states impacted by the russians. you called for a commission. you have gotten some republican support. what does it say to that in terms of being a commission in the house? any updates on the question mark make suret way to doesn't happen again is to have an independent commission. we did that after september 11 and we can do that again. the only way is to take it outside of congress and report back to the american people. >> there has been a lot of controversy regarding this this.ation on

the white house is that said whether or not they agree with this sanctions bill and there is talk that republicans are weary of it. do have concerns about the state of the -- >> russia is not our friend. they have committed human rights messedons, they have with our elections spurred it is that becomeg company was stationed would not put sanctions on russia. are investigating what those ties are. russia threatened to shoot down our plane over syria. it looks like they mess with our allies abroad. whether it is bad judgment or something worse, what are we

getting out of it? concerned?eople be >> are you satisfied with how we are protecting ourselves as we head into 2020? what happens when it is a hospital, higher financial or institution? >> we are more portable than in 2016. russia is sharpening their knives and other adversaries look for an opportunity and then you have cyber criminals who thrive in the chaos. >> want to ask you about george's six district. the republicans have more

minimum as a result of the special elections question mark ,> it is hard to take a loss but i also see the progress seven months ago. we have to start a path forward and so i don't see the republicans. the wrong lesson would be the american people with them. they have lost 18%. -- it would allow annually have a new option or at least be aware of their options.

i know how much in debt it is crushing americans. we just want to do everything we can. for know your payment plans fulla gives the investigation available. >> now it is time for numbers business flash. betting onps are consumer shifts to online shopping. both companies are spending on automation, aircraft. fedex is raising capital by $1ment $.16 and ups billion. anthem is shrinking its

participation in obamacare. it has announced its exit from wisconsin and indiana today. the deadline in many states to participate. leave aser decided to the insurance law passes through congress. >> up next, the rise of amazon has pummeled brick-and-mortar retail. what does it mean for retail workers and what is it say about inflation and the digital revolution? we will discuss the next. >> this is bloomberg.

>> there has been a lot of discussion lately about the role amazon and other tech players are having in pushing down inflation. this inflation results in

technological innovation. here is a cool chart that cameron put together. it is a look at retail wages going back to 2000 six. you can see they are potentially flat over the last decade. the white line is wages for borrowers. of course, the big difference is you can't get a haircut online so barbers are not impacted the same way about a digital economy . shows when you take a tradable good and a nontradable the wage front this changing economy has a real effect. the second thing is you need

to get a haircut immediately. talkedhange, we have not about the volatility index for a while. is justwe're not saying focus in on what we saw back in september, october, november and i have inverted oil here. .he white line is crude oil gold silverthe cross here. as you can see, you have oil $43 and then the volatility index.

absolutely nothing. .> that is a great chart very nice ratio. major averages was less than four minutes ago. this is bloomberg.

♪

>> u.s. stocks turning lower, oil a second day of slipping into a bear market. if you are tuning and live on twitter, we want to welcome you to our closing bell coverage. we begin with market minutes. a day of diversions. red,ow and s&p 500 in the but the nasdaq outperforming, higher by .75%. the drag were the energy stocks in action today after oil hit a fresh bear market in yesterday's trading. morgan stanley and barclays slashing estimates for the likes

of schlumberger. under pressure. analysts suggesting we could see a 50% drop in stock value. oflysts cutting the likes royal dutch shell and chevron, so a real bloodbath in energy stocks. mentionings sentiment not as bearish in the oil market for 20-30 years. will be selling nike shoes there a brand registry programs designed to keep counterfeit goods off the site. nike issachs saying forging a closer relationship with amazon. them,ocker, concern for

what does this mean for their business? one analysts saying they will still get exclusives, but a big question about amazon dominance. , theig news overnight deputy crown prince is now the .eir apparent this means ago for reforms. certainlymarkets liking it. stocks are by more than 5%. fourth-quarter earnings of for oracle crossing. the company says cloud hypergrowth is expanding and

helping to grow operating margins. eps growth continuing to , so oraclein 2018 sounding all the right notes, the stock of 4%. let's take a quick look at bonds in u.s. trading, starting with action where there was none, quite on the u.s. front, a backing up in the short-term in the u.k., a monetary policy committee member indicating an inclination for hikes. pushing short-term rates up there. i mentioned this yesterday, the u.s. 5-30 spread continues to move lower and now at its lowest

level since late 2007, an indication that while the market thesee some rate hikes, at long income of very little confidence about higher inflation or anything like that. some more flattening. julia: how low will it go? the dollar down .2% in trading today, sterling hogging the limelight. the odds of a rate hike from the boe now up above 50% in trading today, one analysts suggesting inflation might be contradicting. mark carney, who had been more cautious, so getting chopped around quickly. a quick sense of the commodity markets, the 2% drop in wti, those again under pressure.

to argentinian peso dropping an all-time low. see that five-year chart to give you a sense of what is going on. decision yesterday, suspending their decision on whether to add argentinian washout ofroader argentinian assets. commodities, you see the greater than 2% decline in oil. we are getting close to that of $42 a barrel. gold ticking higher. down 5.5%. those are today's market minutes. julia: "what'd you miss?"

salamon named heir to the saudi throne. tracy alloway reports from dubai. >> the timing came as a shock if not necessarily the content. people had been speculating about the deputy crown princes -- prince for some time now. for instance, he has been instrumental and the kingdom's entanglements in yemen. to must excite, he is the architect of the vision 2030 and the austerity measures that the kingdom has put on recently, including cutting sector bonuses and salaries.

has made him a controversial figure in some parts of saudi arabia as he is sought to be pushing through too many changes and to quickly. he is being lauded as a new, modern leader who has gained support amongst the younger segment of the saudi population. it is important to note that this new measure was not introduced without concessions. alongside the announcement, we had the announcement that public sector bonuses and salaries that had be cut were being reinstated, also the addition of another week of holiday. interestingly, we saw a change in saudi arabia's basic law, saying from now on, the and the kingprince can't come from the same branch of the royal family, so it is unlikely we will see this kind of consolidation of power going toward. julia: that was tracy alloway

reporting from dubai more on the saudi leadership shakeup, let's bring in a bloomberg bureau chief and editor and the director of economic research at the gulf research center on the phone from riyadh. it was expected, but the timing of this was actually a surprise. >> i guess. this is the culmination of a ,ouple of years of effort here so any particular day is a surprise. follow-up, andt bin salman was behind that move as well. means forf what it the oil community in saudi arabia, i don't know it was that

unexpected. caught myhing that eye beside the personnel change was the news about reinstating bonuses and higher pay for many of the state workers. what does that say about the situation there and the kingdom's finances? the social contract is very important for saudi arabia. work in theaudis public sector, so when the cuts were announced last year, the stock market went down and a lot of people complained. physically it was an issue because saudi arabia needed to contain a budget deficit, and oil was hovering around $30 and .40, so a lot of concern

now they said as oil prices have recovered a bit, these measures will end and they will reinstate the salaries and the deficit seems to be controlled, so they it seems we are back on track with the older social contract, although a lot of reforms will be announced in the coming months, so there will be a push back as we see things unfolding here. big picture, oil has been tumbling for a while, multiple factors, but what is the number one story? u.s. production? opec production? the biggest thing is that

there is still a clock that has not gone away. there have been some cut since opec announced last november that they were going to cut back production, and they had cut back production by 2 million barrels a day. at the same time, the u.s. has increased production by 600,000 barrels a day in six months, so that takes about one million barrels a day up the market, and that is not enough to rebalance the market. we have been talking about a rebalance for more than a year come it is like being on a stationary bike. -- now, and it is like being on a stationary bike. will this mean a continuation of what appears to be a far harder stance? we have seen that with yemen and the dealings with qataris.

they have also been a staunch opponent of dialogue with the iranians. could we see some kind of escalation in the not-too-distant future? >> i don't think we will see an escalation, but we are seeing a change in policy in mood and attitude. saudi arabia's foreign policy is far more proactive, and saudi is clearly the leader in the arab world, so it is taking a leading position, especially qatar.t comes to they will push until the qataris are able to deliver on what the s and the rest of the gcc are asking for. there is a disciplinary shift

.hat is more dynamic julia: great to get your insights. joe: breaking earnings news, oracle is surging after hours, ,xtending into record territory q4 eps well above the high end of the range at $.89. revenue coming in ahead of estimates. margins at 46%. the company st. cloud hypergrowth is expanding its operating margins and is expanding.

the market is loving this performance. julia: it is all about the cloud. joe: from new york, this is bloomberg. ♪

>> it is time now for first word news. says the united states will not give china a pass on human rights. tillerson was joined by james mattis and smoke in washington after attending a meeting with u.s. and chinese diplomats and defense chiefs to focus on the nuclear missile threat from north korea. this discussed how administration will stand up for american and universal values like human rights and will not

be shy about raising her concerns about china's human rights record. officials also discussed counterterrorism and tensions in the south china sea. security chief jeh johnson says it would have been in his words unforgivable not to alert the american public ahead of the 2016 election that the russians hacked democratic email systems. testifying before the house intelligence committee today, johnson also said he was not happy that he learned about the hacking well after it occurred. to two years, brexit will dominate theresa may's agenda. outline may'sh ii legislative priorities in her annual speech to lawmakers. the government plans eight in new laws to ease the uk's withdraw from the european union. the u.k. government has bought

68 new apartments to re-house people made homeless by the tower fire in london. aresocial housing units currently being built and due to be completed next month. at least 79 people were killed after the blaze broke out at the 24 story tower. global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. joe: "what'd you miss?" senate republicans are expected to unveil their health care bill tomorrow. senate democratic leader chuck schumer address concerns earlier. >> just one week away from voting on legislation that will our economy and impact every single american in this country and not a soul in america has seen it. i have never seen a more radical

reckless legislative process. joe: here with the latest is bloomberg's national political reporter on capitol hill. politicians love to fight about these process things, but it is a cliché that no one really cares. what people care about is what is actually in the bill, so what do we know? >> there is not a lot we know for sure in terms of the final bill, but tomorrow, senate republican leaders are expected to release a basis of legislation coming up or a vote next thursday they say. we don't know specifically what was in the bill, but they are aiming to make it look like the e bill.ersion of the capping medicaid and how much it spends on individuals, options for states to do a block rant. -- block grant.

it is likely to include state waivers for essential health benefits. unanswered questions include what it would do about community rating, the provision that insurance companies cannot charge people more. we don't know what it would do on planned parenthood, whether it will the fund that. that is a problem for some republican senators. best keptis the secret in washington, which says something. the first question is, does the secrecy help those republicans who would face pressure from voters back home if there is a boat and a very narrow window for them to come under any kind of pressure? my second question is who is actually writing this bill? i have seen comments from some of those 13 members of the working group suggesting they have not seen this either, so

who is actually doing this? >> your second question is a lot easier. senator mcconnell is keeping his cards close to the vest and centralized this process in a way that he is running this thing top to bottom. there are members of the 13 member working group, including senator mike lee, who said just yesterday in a video he posted to facebook that he has not seen the bill. there is a cost to doing things any which way. if they are debating these theys in an open process, would get criticism from just about every industry group who would have something to lose by taking all this money out and cuts to medicaid. you have the american medical association who was supposed as well. senator mechanical does not do anything by accident. .e is a strategic legislator

he has decided that doing this quietly and secretly would be more beneficial and have fewer political drawbacks than doing this in the open. it is probably going to be a ways vote, and in some tough to get the 50, but i would not count him out. joe: they still have to vote on it. thank you very much. up next, we take you inside the bloomberg with one of my favorite charts. you should watch it with tv < go>. this is julia's chart about the gold silver cross and how it connects to the oil and the vix. you can send us a message. it is the best way to watch tv. just go to tv on your terminal. from new york, this is bloomberg. ♪

julia: "what'd you miss?" queen elizabeth addressed parliament, laying out the agenda for theresa may's government. anna edwards reports from london. >> brexit dominated the queen's speech wednesday as the government tried to set out its legislative agenda who. on the brexit front, we heard about policies on immigration and trade. both of those could prove contentious as those who want hard brexit and soft brexit battle for policy. droppedicies had to be after the party failed to maintain its majority earlier this month. mention of as any

controversial state visit by president donald trump. a spokesperson for the theresa may government said the only reason this was not included because no date has yet been set. included's speech also references to electric cars, a commitment to review counterterrorism strategy, and hold an inquiry into a fire in a tower block in london last week. the first real test for this government comes next week when the commons gets to vote on the contents of the queens a speech. julia: that was anna edwards reporting. joe: i'm looking at the economic backdrop with which these brexit negotiations began. it is a look at the u.k. city surprise index. waye indices measure the the data is coming in relative to expectations. of 2016, the

economy perform better than expected in the immediate wake of the vote. it did not seem to hurt until we got that big green mountain there. lately it has turned negative with that comment from george soros, the u.k. starting to feel the impact. ,hat real wage number last week inflation decreasing take him pay for people. so some economic stress we have not seen a well in the u.k. julia: george soros says it is a lose-lose proposition. up next, mexico's finance bloomberg in an exclusive interview and why the central bank may start cutting rates by years in. from new york, this is bloomberg. ♪

>> it is time now for first word news. lawmakers in scotland could be given the separate vote on theresa may's brexit legislation that could add a new layer of complexity to the prime minister's plans for taking britain out of the european union. says her officials are in talks with counterparts in scotland over whether the edinburgh parliament will be legally required to give its consent to the so-called repeal bill. thanill will return more 80,000 pieces of eu law that apply across the u.k.. prince charles met muslim

leaders today after a man died outside the mosque of this week. detectives in london are still trying to determine the cause of the death of the man. ill51-year-old was already and receiving first eight early monday when a van swerved at him and other pedestrians. belgium is tightening security a day after a failed bombing at a brussels train station. the soldier who killed the attacker tried to set off a powerful nail bomb. belgium has been on high alert since it was said bombers kill 32 people at the airport in subway station in 2016. the country's crisis centers says it sees no need to raise the national security alert level, but that additional police and troops have been mobilized. brownrents of michael shot by a ferguson, missouri police officer have settled a wrongful death lawsuit.

the judge ordered the settlement sealed. the 18 your old was shot and killed by a white ferguson police officer in august 2014. his death the set off a wave of outrage, sparking unrest in the city and nationwide protest that continued for months. a grand jury declined to indict wilson in connection with the desk and the justice department cleared him of civil rights violations. global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. joe: "what'd you miss?" hiking cycle may be coming to an end according to mexico's finance minister who an down with bloomberg in exclusive interview at the national palace in mexico city. has actually been a difficult couple of years for mexico. atpeople actually looked

what happened in mexico for the last couple of years, they would have seen that there was a transformation in mexico that modify the structure of the economy and the fundamentals and that would have made the recovery that we have seen relatively easier to forecast. it is very difficult, but if you go back and compare 2014 to 2016, the headwinds were complicated, more complicated than what we saw at the end of last year and the beginning of this one, and yet the mexican economy continues to perform well. on the basis of that, you could have forecasted the reactions we are seeing were not aligned to the fundamentals of the mexican economy and the u.s.-mexico relationship. growth faster in gdp than any country in this hemisphere by 2019.

do you think that is optimistic? >> i think that is realistic. better than to do the latin american average and should do better than canada and the oecd on average, and that is with the headwinds we have described in 2015-2016 and 2017. global growth is looking better. continue expectations to be well anchored. we are on the tail end of our fiscal consolidation process, so many things that are now a drag on growth for mexico should become tailwinds by 2018-2020. >> interest rates are still something of an obstacle. >> i think they are. monetaryrest rates, and fiscal policy both have

tightened for good reasons. mexico has a fiscal space and took advantage of it. back ande going scaling back that fiscal stimulus, but the adjustment we is largerin 2015-2016 than 2018, but once we get to 2.5 deficit, the numbers and the starts the gdp ratio moving downwards consistently, so a good place to enter the administration. monetary policy wise, expectations are well anchored and the market is seeing a couple of increases this year, but the interest rate could start going down as early as the beginning of this year. i think they are right. >> back to growth, what is driving the growth in mexico?

we see companies are spending more money, investing more, capital expenditures. it is going in the right direction. actually the opposite of the trend in the rest of latin america. >> it is about mexico. it is natural. it is happening for fundamental reasons, not just geography, but sometimes that obscures the point that mexico in and of itself is a big economy. just to give you a couple of examples, we are the sixth markets on gasoline. we are growing at a faster pace, and that is true of almost every single market, so mexico on its

given what we are likely to see in terms of our own domestic market is an interesting platform vis-à-vis north america. mexico is situated probably has one of the closest with north america. we have access to one of the assets in the world, which is the caribbean. you look at it, it has more people than canada, growing at 3.5% on average since 2000, now 60% biggeris as an economic region than it was in 2000. donald trump said about the largest free market trading zone in the world,

almost 20 trillion dollars, canada-u.s.-mexico. since 1994uadrupled when north american free trade agreement was signed, and donald trump said he would rip it up. he said it was a disaster. is the worst over now? that weink officially are in the process of modernizing it. if one looks at the north , the ports, the airports, the railroads come the highways, electricity grid, oil and gas pipelines, when you look at the infrastructure, it is difficult to identify the borders. it is unknown whether that came about because of nafta or nafta came about because there was

something that made sense in and of itself. , buto has a lot of fda's the integration of the north american region is something that complements our economies well. light andght it to brought it along, but it is difficult to argue that it was just nafta contingent and not some core dynamic between our economies that make it reasonable for us to trade, to integrate, to have markets and to participate in the economy as a block. the largest bloc in the global economy will continue into the foreseeable future, the north american economic lock. we think there is space to modernize nafta and scope to do better. many things are happening today that will be natural to include in a regional integration program.

idea did not exist or we did not have the economic abilities in 1994, now we do. that was bloomberg's exclusive interview with mexico's finance minister. tomorrow, another exclusive interview with the outgoing bank of mexico governor. you won't want to miss that interview. julia: the last few days have shown the fear that amazon can spread across many industries. next, how it has affected bed bath & beyond while the stock is fallen to levels not seen since 2009. from new york, this is bloomberg. ♪

julia: "what'd you miss?"

the recent amazon deal to buy whole foods has sent shockwaves throughout various industries. .ne industry is retail beth bath and beyond reports earnings on thursday, giving it a fresh look at what impact amazon is having on its business. beyondook at bed bath & in today's numbers don't lie. the retailer has seen its stock fall for five straight days to levels we have not seen since 2009, downgraded just this week and only two analysts out of 26 have a buy rating on the stock. the decline in share price matches the decline in same-store sales. that number dipping to 0.6% last year. that in turn has led to a fall in revenue growth. data points suggesting a clear downward trend. investing beyond is

in technology, infrastructure, and promotions to turn traffic around. the move is coming at the expense of margins. you can see how the gross margin has taken a tumble and is expected to hit the lowest level since the company went public in the current quarter. capex has doubled as it tries to keep up with amazon. also been beyond has buying back shares. $9 billion in shares since 2010. the ceo has been under pressure, his compensation recently cut 13% following years of investor pushback. onwill be following earnings the release after thursday's u.s. closing bell. joe: "what'd you miss?" travis kalanick resigning overnight. he will not be receiving a severance package.

for more on this, let's bring in ellen hewitt who covers startups for bloomberg. ellen, i want to start with you. last week, travis kalanick was going to take this leave of absence. now he has out -- is out. what has changed in the last few days? i think we are having some audio problems. , we know big questions it is ok ifney, but you are a fast-moving startup and investing. how sound is the business that travis built up? of theiraid in some developed markets in the u.s. in particular they do turn a profit, although it is hard to verybecause it is a bare-bones financial data as a private company, so we have to take them at their word. there are days when i think this

will be a great business, and there are days when i think this business model can ever work. julia: let's get back to ellen. i want to ask you. ceo willeard the uber not receive a severance package according to reports. fiercecome under investor pressure to step down, but he is still the largest shareholder. he will still be a member of the board. even if you bring someone else income i worry that there will still be a lot of influence and people will make decisions that don't include him. what are your thoughts? >> that is a valid concern. travis is the heart and soul of the company. boardl still be on the and still has allies on the board and in the company. one cofounder is a top executive

at the company and still on the board, and another cofounder is on the board. i think it will be interesting to see how his influence changes over the next few months and years because he really is hard to separate from the heart and soul of uber, even if he is no longer ceo. julia: given the news we got today that tpg is replacing david bond amendment on the men --- bonder how important is that and what we see from the next ceo actually plays to what investors want here? the saudi public investment fund, they must have been looking at this with sheer horror. >> it was complicated when david bonderman step down. board ishe uber

looking to add another independent board member. it will be interesting to see what the new ceo and coo, how they will fit into the leadership structure at uber. there have been a ton of changes the last 4-5 months. looking for ceo, coo, cfo, cmo, and they have other people left as well. and waschael also left replaced by someone who was hired interna lady. been a time of turnover and turnover on the board, and they just hired a new board member. i think the new dynamics are very much up in the air and we will have to see how that plays out. joe: the anxiety of the shareholders, what do we know about uber's fight ration and a theoretical ipo? heard anything about the file you wish numbers for the company. this is a company that does not allow early investors are

employees to sell pieces of their stakes, and that would indicate the valuation numbers they are giving the company and private stock sales, so we don't know if these scandals have hurt uber's valuation, but there are some reports that uber may need money, and that is very telling, who will leave that discussion, and what is the valuation of the company? has it been damaged by six months worth of scandals. julia: joe was trying to talk about the underlying business. joe: which nobody talks about. companies who wills try to steal market share while the company is in disarray? this is an opportunity for all of uber's global rivals. for with these companies now have major opportunities to go and win market share against

uber in those countries where uber expects growth markets come india, brazil, and in asia. thank you both for your perspective on this story. , presidentng up trump's and net worth has 2.9 billion dollars. we will take you why next. from new york, this is bloomberg. ♪

julia: "what'd you miss?" president donald trump's net worth has slipped to 2.9 billion dollars according to the billionaires index, down from $3 billion, five months after trump's inauguration. in caleb.let's bring

talk to me about what is the climbing. we mentioned manhattan proper he properties. >> one of the most famous is trump tower on fifth avenue, 40 wall st, and 1290 six ave, a midtown office building that he has 30% of. we have long based our valuations on bank appraisals that were done of the buildings when he was first issued loans for them. we have since acquired financials for them that show they are not doing what banks had hoped they were going to do, and part of the reason is because there is so much office space in manhattan that is shiny, new, and bright come and trump towers are not those things. what does donald trump

think his worth is? years, we could count on hearing from him or someone in his universe to dispute our methodology. he has bigger fish to fry these days. he has previously said he is worth more than $10 billion, which is a significant remember over what we can get. julia: which is quite fascinating. the other thing is that he is president of the united states. any other president, we would not be talking about this at all. >> that's true. bucking for decades of tradition by not selling these assets are putting them into a blind trust are getting rid of them all together, so this is definitely a one-of-a-kind valuation for us here at bloomberg. julia: thank you.

you can go to rich on the bloomberg terminal. joe: now i look at the bloomberg business flash. wayfarer founders have joined the bloomberg billionaires index. in 2002any was founded by stitching together a network of 250 websites. revenue has quintupled in the past five years. shares have more than doubled this year, outstripping amazon. j.p. morgan is ramping up its search for a european office space in the wake of the brexit vote. the u.s. largest bank is scouting for additional space in london and dublin. last month, j.p. morgan agreed to buy an office building in dublin. the bank is also considering whether to acquire property in amsterdam.

this would be space for workers relocated from london. that is your business flash update. julia: what you need to know to gear up for tomorrow's trading day next. from new york, this is bloomberg. ♪

julia: it was a day of

diversions for the u.s. equity market, the nasdaq higher, the dow and s&p lower, energy the focus again, under rate of downgrades. tomorrow, the bank of mexico announces its rate decision at 2:00 p.m. eastern time. joe: i will be watching bed bath & beyond earnings. julia mentioned earlier the threat from amazon to that company. julia: the fed releases part one of its annual bank test at 4:30 p.m. eastern. joe: that is all for "what'd you miss?" julia: have a great evening. this is bloomberg. ♪

alisa: i'm alisa parenti from washington, and you are watching "bloomberg technology." the state department says the u.s. remains open to discussions

despite russia's decision to cancel talks. russia canceled meetings in response to a new round of u.s. tensions. washington says they will remain until russia honors its agreements related to ukraine and crimea. the department of homeland security says there is evidence that russians targeted election systems in 21 states last year. the states were not identified, but the affected states are said to be aware. bloomberg reported last week that russian hackers hit systems in as many as 39 states. democrats say they have a better chance of winning dozens of republican house seats in next year's midterm election. that's after the democratic party lost the special election for a georgia house seat. democrats also lost yesterday for a house seat in south carolina. a police officer in critical condition and a suspect in custody today after stabbing -- a stabbing in michigan. all passengers were safely evacuated. jared kushner arrived in jerusalem to help start