♪ coming up, the stories that shaped the week and business around the world. the g-20 summit begins in a climate of uncertainty for the world most powerful nations. a missile launch from north korea throwing another wrench into the gears of diplomacy. >> they are going to try to continue to pressure china to put more economic pressure on north korea. >> a new trading link provides access the chinese market and investors wonder what to make of the jobs report. >> take no, the bad news is it does not do a lot for wages. >> the leader of the left in britain explaining his stance on brexit. >> it will be a partnership, but

not membership. >> and a ceo with the latest plans to save his bank. >> there is clarity and transparency now. >> and half of 2017 is in the books, what is the playbook for the second half? >> liquidity continues to be the main driver of the markets. >> the momentum in the u.s. economy >> the credit market looks pretty expensive. >> i do not know how you are supposed to trade in nuclear war. i am not sure i would know how to do that. >> it is all straight ahead on bloomberg best. david: hello and welcome. this is "bloomberg best," your weekly review of the most important business news, analysis, and interviews from bloomberg television around the world. geopolitical tensions sent the

tone -- set the tone this week leading up to the g-20 meeting on friday, but the week began on a hopeful note for investors with the opening of a new bond link to mainland china. ♪ >> the long-awaited bond connector between china and hong kong has gone live, it is the third link and gives offshore investors access to the mainland's market. >> ni 20 a.m. is when the gong -- at 9:20 a.m. is when the gong banged. no timetable according to the dignitaries today for southbound, but it is inevitable that it will happen. right now market conditions favor going northbound for foreign investors, only going into china. as he said, $10 trillion bond market, but less man 2%, about 1.5% of that is in the hands of foreigners. though there is a lot of

potential. a lot of risk as well in questions about transparency and also of course the issuing of ratings, whether they are a true representation of the risk. >> the chinese bond market is like the stock market, there are issues and of the government has no to completely re-change the market. we have seen a plunge in yields because of a crackdown that nobody saw coming. as a consequence, foreign investors are unsure whether to get in. another korea has fired ballistic missile. it is the 11th test this year and it comes at a time of renewed tensions between the u.s. and china. interpret this aggravation and the smooth again? >> the time he was very intriguing obviously, because it is on the eve of july 4, the independence day in the u.s. and a few days away from the g-20 conference. it comes right after china's

delegation in new york at the united nations, where they basically said things could get out of control and there were consequences as a result of this tension on the korean peninsula. there is speculation it could have been an intercontinental ballistic missile, which if they take it further could reach the continental u.s., particularly the west coast. >> the demand for the haven assets, despite political concerns, in the wake of the missile test from north korea. the u.s. confirms it was an intercontinental missile, with rex tillerson calling it a new escalation of a threat to the u.s. and allies. >> they are going to try to continue to pressure china to put more economic pressure on north korea to deal with the threat of the nuclear program. before the president took off, he tweeted "trade between china

and north korea grew almost 40% in the first quarter, so much for china working with us but we had to give it a try." >> in a moment, the federal reserve will release minutes from their june meeting where officials forged ahead with a rate hike despite concerns over weaker inflation. >> the takeaways from the minutes, there was no agreement on when the fed will begin trimming the balance sheet. another rigorous debate showing a divided committee over the question of where inflation is going. and number three, no explicit mention of high equity valuations, underscoring the message that senior fed officials gave last week. >> very little in terms of new information that the market was hoping for on the timing of the beginning of rate hikes. do you think perhaps there is a shift? >> i think you are 100% correct,

the consensus is for september tapering, but the more divided they appear to be the more dovish the maintenance -- the minutes will be interpreted as. if they cannot build consensus, it will be harder to deliver the combination of taper and a rate hike by the end of the year. pretty confident it will be one or the other. >> the central bank publishing their account of the policy meeting, emphasis on account and not minutes. no details. they have agreement that the current stance is appropriate and concern that small communication changes can be misperceived and urged not to overestimate the impact of cycles. they also considered whether to add just the evening and said -- easing and said some changes are expected. the outlook is essentially unchanged, the ecb saying it can

be reviewed if the outlook improves. >> what they are acknowledging is the economy is doing much better than what we saw at the beginning of the year, and also in historical terms, and also with international comparison, they are doing quite well at the moment. especially with a bias towards lower interest rates, they have taken that away. the next thing they have to talk about is what to do about the purchase program for assets and it is one where the markets will be sensitive. up 222,000 in june, that is the good news. adding another 47,000 jobs, so we are over the forecast. unemployment rising, 4.4%, largely because more people were entering the labor force. >> the bad news, this does not do a lot for wages, taking the

annual rate to 2.5%, well under the 2.9% that we saw in december. >> i still think, despite the strong jobs report from the standpoint of jobs gained, not necessarily from wages, which is what janet yellen is looking at seriously as well, that the fed has may be one hike left in the year and it will probably be december. >> president trump in a president putin finishing their meeting in hamburg at the g-20. u.s. officials now say that the u.s. and russia have reached an agreement for a cease-fire and southwest syria. those pictures you see were from before they went into their face-to-face meeting, friendly words exchanged. >> the two leaders had real admiration for each other, not just pleasant words. putin referred to donald trump as his excellency.

whereas president trump said it was an honor to be speaking with president putin. both said they expected a positive outcome to the meetings. they were only expected to meet for 30 minutes, but it stretched far beyond two hours. eye-catching, is sort of the melodramatic moment of the day. but it is important to remember that there are huge wide ranging conversations going on. angela merkel spoke with the press and it appears there are divisions emerging over trade. no agreement right now and in a lot of ways it is feeling like g7 in sicily, where the climate change issue was hanging over like a shadow. and in the end, the u.s. extremely isolated. and now tariffs hanging over as well. important,ting was

interesting to see what will happen with that. but trade could emerge outside of the u.s. russia drama. this could be the big story this weekend. david: still ahead, as we review the week, the u.k. labor party leader jeremy corbyn speaks his mind on brexit. italy throwing another lifeline, and a bank ceo tells us why it will work. we look ahead to what investors can expect for the second half of the year. coming up, more top business stories. shinzo abe's party taken a beating in elections and ethics will be felt across japan. >> i do not think it is about the economy at all in this case. david: this is bloomberg. ♪

♪ david: this is "bloomberg best."

i'm david westin. let's continue our global tour of the week's top business stories in italy, where the government and eu have agreed on a new rescue plan for the troubled lender. out theank has laid five-year restructuring plan, including cutting jobs. the announcement came after the eu said the lender could receive 5.4 billion euros in state aid, but only after junior creditors have contributed to the rescue. i we at the end of the troubles? they will be clearly getting rid of a large part of the bad loans that have weighed on the capital. they are addressing the inefficiencies that have burdened the bank as well, but going forward the key will be to maintain those efficiencies, particularly with lending. the theme that has weighed on them journaling is lending

practices that should not have been getting them into the situation in the first place. >> prime minister shinzo abe's ruling party was beaten in a local election in tokyo. we just heard comments from the prime minister who said he will try to move forward on this as ldp is projected to win the fewest seats in the capital. tokyo's economy is doing pretty well as we have seen recently. i do not think really the economy was a factor. i think there are two factors, one the power built up with -- in the year she has been governor. and hisr one is abe cabinet shooting themselves in the foot. they have had a number of scandals and voters are expressing their anger. >> shinzo abe may scrap some of his most divisive policies after his party's crushing defeat in

the tokyo election. what is likely to be on the chopping block? >> the most controversial policy he has in his plans is to change the pacifist constitution and that is something that has divided the electorate. whether given the state of his public support, the question is, the lack of discipline in his party, whether he is prepared to push ahead with the idea that would take a lot of energy and might portray him as somebody less interested in the economy then he should be. hashe bank of australia left benchmark interest rates unchanged at a record low. the decision coming a week after the bank of canada and england taking the time to move in a different direction, i.e., hiking rates. >> the market was expecting a more hawkish tone, more in line

with things we have heard from the bank of england and canada. what we got was a neutral statement, very little change from the previous statement and that the dollar. according to that, about three quarters of a sense. more hawkish terms, it is usually overoptimistic, given the well documented concern that is around the australian dollar. they are anxious not to feel that and perhaps stall the economic recovery in australia. >> automakers gaining today after auto sales mostly be estimates. ford, fiat chrysler, honda and nissan reporting better sales man estimated. it is a give back for last month's dismal figures you think? it still might be a down month over all, the kleins we see our substantial from gm,

ford and fiat chrysler. but not as bad as anticipated. as you see, the reaction on the markets mean that even gm, their shares are up as well. because what investors are liking is a little bit of discipline on the incentives, they are not eating into the margins, and especially the suv's, pickups, that is where they make their money. that is where u.s. automakers make their money certainly and it is the overriding theme of the sales and that is why investors are bullish today. >> a former executive appeared at westminster magistrate court in london, facing allegations dating back to the 2008 financial crisis. so what happened today? >> it was a hearing to have the charges laid out to the defendant and decide on bail. the judge decided that they must

pay 500,000 pounds financial has flightcause -- risk, so they wanted that to be paid. they were allowed to go with unconditional bail. they were also asked if they wanted to indicate a plea at this stage, not a formal arrangement, but they can indicate for the charges. >> and approaching peter hancock, the former boss of iag, and mark tucker his incoming chairman. to lead the largest bank in europe. he is an outsider, but he is caught -- cut from the clock. >> he was a banker at jpmorgan. and cfo of the bank before emerged with chase. he is a banker, most recently running an insurance company.

his reputation is somewhat intact still. 52 years old, they have had 24 all of themaders, coming from inside the bank until tucker. the fact they are looking at external candidates is not surprising in itself, but if they pick a second one for chairman it will be a big the pressure for the bank. >> global banks preparing to move london-based operations as great britain prepares to leave the eu. we got details of deutsche bank's plans for a post-brexit financial landscape. another win for frankfurt. what are we talking about, front office or back-office or a mix? >> they said it could be a mix of them. that is at the high end. some of it will certainly depend on how negotiations unfold and how hard the brexit appears to be. but we have heard deutsche bank not only looking at the people side but also the assets side as

well, and making plans to set up a booking center in their from for office -- frankfurt office to really route some of the things through their. that potentially is a way to address the passporting issue. hashe saudi led block accused the country of failing to recognize the situation, describing the response to demand as negative. the group shows complacency and lack of seriousness to do with the problem, but stopped short of imposing the sections. what is happening with the timeline? >> we know that the alliance has said they will meet again to discuss qatar's response to their list of demands. they have not said when exactly they will do this. in terms of what happens next, we have to watch for the impact on qatar. it could come about through inflation or may higher food import prices, come through

pressure on the real -- or through higher financing costs. we already saw at downgrade by moody. qatar is one of the wealthiest countries in the world, but the question remains how long it can withstand, how long it will feel comfortable with withstanding this economic and political pressure through some of its once closest allies in the region. >> the bank of japan has asserted control over the bond yields, sending borrowing costs lower with their fixed-rate. this is after a global debt selloff. the central bank offered to buy 10 year notes. yields dropping to 0.0 after having more than doubled in the past week while the yen severs lost. >> what happened last year, the doj has come out and they have said this is what we want the price to be, the yields to be

and they are basically threatening the market. and they are putting pressure on japanese yields to also rise and the boj has made it clear they do not think that global bond yields should put pressure on japanese policy for yields the rise and they will act to make sure that the 10 year yield stays at the level they have set, 0.1%. ♪

♪ this is "bloomberg best." i'm david westin. next week, jeremy corbyn meeting with michel barnier to outline his vision for brexit. after a strong showing in the snap election, he is aware that he could be the next prime minister as talks continue. he sat down with guy johnson to discuss the political

possibilities. did very well in the election. we did not win the majority, but we put out a large number of votes and a credible, economic alternative to this government. the government does not have a majority and it has done a strange deal, and it is not look stable. >> do think things could change quickly? >> we could. we could have another election, i do not know when, but we are ready for it. i am ready for. >> let's, there are many unknowns in but his politics at the moment. >> you are going to tell me about it? [laughter] >> no. but one of the great unknowns is why jeremy corbyn stands on the -- of brexit. we hear this all the time. i am curious as to why you are being is vague as you are on the subject and when you will provide more transparency on your thinking. >> fundamentally, we want to

make sure there is access to the european market, that trip -- crucial half of trade is with europe. and secondly that we do not become an offshore tax haven. in response to the chamber of commerce, i just gave questions about the levels of taxation. thirdly, that european nationals are guaranteed unilaterally rights to remain in britain with full citizenship and rice the family reunion. i think it is crucial. and that we maintain the university connections across europe and that we maintain a similar level of regulation of consumer products, environmental workers' rights. it would be a partnership with europe in the future, but not membership in the european union. >> you accept the results of the referendum, but is the notion of a single market compatible with

great britain? >> it is a concept that requires membership of the european union, so what we are looking for is tariff free access to the european market. our team has had many discussions with the eu officials. the eu parliament, and we have a good relationship with parties across europe who want to work with us in the future and i will be in brussels next thursday in an extended meeting to outline what the issues are. up, distinguished guests on bloomberg television tell us where they see the markets heading in the second half of 2017. straight ahead, more of the week's top interviews. scott morrison defense projections in his latest budget. >> are forecast fits closely with the world bank.

they are saying similar things about the australian economy. david: this is bloomberg. ♪

♪ welcome back to "bloomberg best." i am david westin. the deal to propose a struggling bank is the latest chapter in an ongoing saga. the lender has received and repaid 4 billion euros in the tax payer funded bailout. on bloomberg daybreak: americas, jonathan ferro asked him what this plan will work better than all the others. time that theirst precautionary model is supplied to a european institution. attention hast of

been paid to structure the plan. came was to allow the bank to start working again in stable and normal commercial framework, and i think we did get there. the eu is more lenient, flexible with its own rules. , is it goodschi that the european regulator is being more flexible? ,> the rules need to be crafted and then implemented, and then we must have a checkpoint to see actuallyules do function properly and do rules need adjustment going forward. good,k it is going to be

.o what extent it works as far as the bank is concerned, i think for us, for me, for my management team, for all of the employees of monte paschi, this is clearly a turning point. the dust has settled and there onclarity and transparency what the capital structure of the bank is and will be going forward, what is the impact of disposal of 21.6 billion gross npl. whether the rules will work. i think we need more time to see how it will be unfolded. a a few more of

the weeks interesting interviews. ,tarting with john mcfarlane chair of the city u.k. he is confident london will remain the center of euro clearing business after brexit. >> london is the eu's financial center. it has been built not over decades, but centuries. it is not easily replicated in one place or even in a number of separate places, and if it was to be replicated in any tangible way, it would take an awful long time. you need an awful lot of buildings to replicate that. for example, if force came to tose and we weren't allowed do your-related activities in london, you would have to move the bank the size of barclays out, so it is pretty material.

likely, think that is and therefore the right thing for the eq and u.k. is to retain a significant portion of that in the u.k., and therefore we are looking for a free-trade agreement, mutual access each other's markets. we are also looking for corporation to ensure that, and at the same time, if things have to move, we can't move things that size in two years, therefore we would be looking at a time when we avoid a cliff edge effect. >> is march 2019 doable for the free trade agreement? >> ideally, or if there is some form of transitional arrangement, it gives time to solve that problem. ♪ >> there is a lot of noise around brexit, and we will be monitoring negotiations.

we are just getting on with building our business. we have seen a large number of international companies come to market in the last few weeks from all over the world, relying on our international ed investor access and deep capital, and that continues. from ahave benefited weakness in sterling as well. se has companies were 75% of earnings are overseas, and people understand that better now even the developments of the last year, but we have always been a very international market. , coming toh bank london to raise 3 billion euros of capital following on from bank of cyprus moving their prime listing to london, so you're seeing a strong franchise. >> are you or your colleagues

putting in contingency plans for euro clearing, given proposals to move some euro into the ?urozone are there contingency plans in place to mitigate that? >> we are monitoring the negotiations and have the biggest pool of derivatives clearing liquidity in the world, clearing multiple currencies in one place, generating efficiencies for our clients, and it won't be in anyone's interest to disrupt those efficiencies and create risk to stability. ,> in this environment globally the fed, potentially the boj, boe going back normalization of monetary policy, what does that say about the strength of our economy and the position we are in? >> we are 150 basis points to begin with. bank showedcentral

a lot of discipline and measure in the way they dealt with things on the way down and have held their mark over many months. they have had an optimistic view about where things are headed. our employment numbers have been a high in job advertisements for the latest series, and a four year low and unemployment. needs to follow the improvement in profit. reasonable two quarters, but need to see that continue. >> low wage growth and tighter labor markets is a global phenomenon at the moment. are these assumptions optimistic? >> i don't think so. that is the advice we have. our forecast is where the oecd, and so i am if,

we will review it again. we want to see wage growth that comes from investment and a consistent improvement and profit performance. ♪

♪ this is "bloomberg best." i am david westin. the third quarter it's a way under this week, and we ask analysts what they predict for markets for the second half of the year. >> liquidity has been critical. we enter the year hoping that policies and global reflation would take is higher on risk assets. policies have generally disappointed due to what is happening on the political side. the global reflation is not a strong is hoped for. it is there, but not strong. it is again about liquidity, and

liquidity does not mean investors have done great, but ,iversified investment in bonds but the quiddity continues to be the main driver of markets around the world here . >> the critical stability handoff has remained elusive. only what you mean by that. >> liquidity and take you higher for a while, but you need t continuous influx of liquidity. that is hard to maintain. what investors need to make gains sustainable is validation, and where does it come from? economic and corporate for howtals, so look economic and corporate fundamentals are doing, and unless we get the policy response on progrowth measures, that will be how to achieve, so focus on fundamentals.

ultimately that is what validates asset prices, not liquidity. >> what will be driving the dollar in the second half? more d.c. or hawkish comments from janet yellen? >> i think there has been expectation building that this is paralyzed, and the trump agenda not the put in place anytime soon. that is why the dollar rallied after the presidential elections. going forward, some comments from janet yellen, talking about the expensive vibration in u.s. assets, negative for the dollar. path orif we get policy shrinking of the balance sheet, will that have any booze for the dollar in the second half? ratchets down ecb its hawkishness. mario draghi talked about inflation. expectation is the ecb will

clarify it stands and become more dovish. it will take time, and until then, pressure on the dollar. situation where there is more upside risk than downside given the pessimism out there? >> slowly we are moving there. not today, not next week, but we expect when july comes to the be, pessimism will excessive. we have positioning data in terms of the situation of the market, lots of pessimism. , but weun a bit further are close to some excessive territories. >> after the election come the handoff of monetary policy, fiscal policy and what that would mean for the economy. it appears that handoff is not happening as quickly as we thought. what is the risk that that

handoff never occurs, how much growth and reflation is simply liquidity from the central banks injected into the marketplace? >> i would not be so pessimistic on u.s. growth. the u.s. economy can accelerate his growth momentum, even without fiscal policy, without tax cuts. of course this would be helpful, but look at the last year, a weaker dollar. that by itself is helpful for economic growth. it is a buildup and private wealth. this is supported for private consumption. it is a segment that has been weak in the last half of the year. the preconditions for higher growth, there is some inherent momentum in the u.s. economy which is overlooked right now. >> central banks around the world want to remove accommodation and normalize rates.

itbelieve they want to do for structural reasons, so we think they will do it no matter what the data. >> some people think there is a risk of taking away stimulus that is helping to fuel the economy and stock markets, but let's bring in up another chart, core, there, the cpi feds main gauge, both made a sharp move down. what is the risk for the markets? there is already risk coming back into bonds? is it a risk for stocks too? >> sure, the risk is we get the policy event that becomes the market event. the stock market sees rates moving too fast. we have had three rate hikes in the past seven months, not extremely fast by historical standards, but hiking in the face of not a lot of inflation and mixed economic data, so we

run the risk of a market event. thehought a few weeks ago yield curve was flattening so much that we were getting close to where we start moving towards an inversion, which would be really bad, then last week, it reversed. >> indicating a recession possibly, right? do you feel we are anywhere near that? >> no, not at this point. not at this point. ♪ expectationsour around treasury yields coming into this year? a lot of people had skyhigh expectations. what are your thoughts now? >> we have move them down, but still higher. you will see the u.s. 10 year the 2.5%, 2.6% range. we had it harder than 3%, but have brought it down. the expectation is the fed will put up rates faster than the market is expecting, and when

you combine that with quantitative tightening, that will lead to an output pressure on government bond yields from here. >> where did you see the credit market going from here? we know you prefer credit to government bonds. what is the geography of that call? >> you're getting a bit of extra yield, but you have seen most of the spreads tightening in credit already, so most credit markets look pretty expensive. that is not to say we think there will be a selloff. we don't think you will get much more tightening in spreads, so you will probably earn the yield in credit the moment, and that will be hired in which you get out of government owns, and th at allow you to offset that is yields move up in government bonds. year, the dutch election come french election, you can election was a surprise. there is one in germany in september, so to what extent can

that election throw up a shock? >> the german election is interesting in so much as of all these critical events, the consensus would be that it would be the greatest certainty of outcome with angela merkel elected, but it is also the biggest tail risk. if germany would to lose leadership, the impact in the markets would be far greater than any of the adverse outcomes previously. it too early to position, to hedge, to protect ourselves against that tail risk? way tond large, the best navigate it is to spread out a portfolio through diversification, paying for your hedge, being paid to take that hedge, which is diversification. we generally see implied volatility is a fantastic for

looking predictor. x below 15, vi returns are positive and 95% of cases. market is normally good at pricing these risks, and it pays to be invested. theid you read much into tech selloff, or was it a blip at the end of the first half? >> it is a shift in leadership. tech has had such a phenomenal run that valuations got stretched. investors are looking at other areas where there might be signs of life, so i don't read too much into it. it is a group that had a really good run giving some of it back. >> you see a rotation in leadership. where do the chips fall? >> i think that ultimately the economy will move forward as we

see most of the data looking relatively good. given that we expect to see pickup and things like the consumer area. the health care area plays well. with very good balance sheets and have growth stories. point, this momentum comes out of the tech trade, you look for places to put money to work, and safety at this point of the cycle would make sense, so consumer and health care make sense to redeploy some of the capital. ♪ >> when you look at the situation with north korea and the market is still ok and you don't get that big risk off mood , is that just a prudent response from investors? do they not know how to price it or expected to escalate in a serious way, or at least until risk? or a mutedplacency

response from investors? >> i'm not sure how to trade a nuclear war. if that is the case, then the bull market call is wrong. think about the cycle. this is the most interesting thing about the cycle. think of anything that could have happened short of an all-out global war outside of the war on terror, anything that could have happened in the cycle and didn't, and we still have not gone into an economic recession, not globally, and not in the u.s. that is the most important point. i hear people call for a bull market peak, recession, or it is different this time. it is not different route it is fed driven and credit driven. the fed remains accommodative, even with hikes. this will end badly some time. morephrase has killed

folio manager than any other phrase because you generally considerate far too early. ♪

♪ have got the visual version of daybreak. let's look at the mobile version on your bloomberg machine. the cover story, plan b, a plan b for brexit. about 30,000just functions on the bloomberg, and we always enjoy showing you are favorites on bloomberg ocean. maybe they will become your favorite. here's another function you quic .useful, here is a quick take from this week. ♪ >> americans own more guns than

anybody else on earth. firearms are involved in the death of more than 33,000 people in the u.s. annually. every time another mass shooting occurs in the u.s., it's parks arguments over gun ownership rights. in 2017, pro-gun advocates got a republicans won both chambers of congress. congressional republicans rolled back a rule adopted by president barack obama in 2016 aimed at preventing people with serious mental health problems from buying guns. >> the joint resolution is passed. >> that was just the most recent time congress has dealt with gun restriction. defeated angress bill to expand background checks after a mass shooting took place at sandy hook elementary school in newtown, connecticut, were 20 children were killed. in the u.s., 25 children die from bullet wounds each week.

gun rules are largely determined by each state. states like california and oregon have expanded gun restrictions, though the majority of states have weakened the restrictions and many permit guns in more places like schools come a restaurants, and public buildings. peoplell 50 states allow to carry weapons concealed from public view, and many have expanded rights for self-defense. the original gun laws are almost as old as the country itself. the second amendment right was established in the 18th century to allow states to form militias to protect themselves against the federal government. in 2008, the supreme court ruled that protected the gun rights of individuals, not just militias. as 310 million guns are in private hands. the national rifle association and its allies argue that gun hurtations only

law-abiding gun owners because criminal simply ignore them. congress led a ban on assault weapons expire in 2004, environment crime in america has fallen significantly. fatal shootings have also declined. control advocates say limiting weapons will drive down gun-related crime and point to australia, where strict gun ownership laws were enacted. since then, there have been zero mass shootings and firearms related death rates have politicianso while tighten or loosen gun laws, u.s. citizens are caught in the middle of this legislative gunfight. ♪ just one of the many quick takes you can find the bloomberg. you can also find them at bloomberg.com along with all the latest business news and analysis 24 hours today. that will be all for "bloomberg best" this week.

thank you for watching. i'm david westin. and this is bloomberg. ♪

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