you are also appealing the judge's order that dismissed a civil suit and a fort broad earlier this year. robert mueller's authority to prosecute him. invokes theackson house arrest earlier this month. the turkish president everyone has dominated country's politics for the past 15 years. andill continuously extend take on sweeping new powers. turkey's high electoral board today declared erdogan the winner of sunday's new votes. expressing concerns about my country's set that -- setback in democracy and human rights. congratulated them for the victory in the turkish people for a high turnout. >> it is a strategic geographic

location bordering russia and the black sea. but also iraq and to the south. in turkey has been very important in the fight against terrorism. >> he spoke about core values and in iran, protests under the worsening economic conditions have reached parliament in tehran. videos posted today on social media appeared to show demonstrators fleeing from tear gas following a confrontation with security officers. incident first such since a wave of similar protests resulted in 25 deaths and 5000 arrest. wildfires breaking out across northern california forcing thousands to flee their homes. california's fourth tree and fire officials said today that major blazes continue to expand

and hurl regions north of san francisco. and threaten hundreds of homes and businesses. it have been no reports of deaths or injuries. global news 24 hours a day on air and at tictoc on twitter powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. julia: a seat selloff across the major averages with that getting hit the hardest. we have the dow heading for the 200 day moving average for the first time in over 500 days. the ones under pressure today, all sorts of trade lines thrown into the mix here. we break down some of the price action. abigail: i like the technicals you mentioned. here is the selloff we are looking at today, going into the close. all sharply lower off the lows.

the dow and s&p 500 had also been down about 2%. it is really the nasdaq on pace for its first day since early april on these trade tension fears, ratcheting up once again. this is not new for the dow. days, we see a0 steady and steep decline for the dow up over these last 10 days. mentioned,nd as you taking the dow below the moving average. aspect matters on the dow, let's hop into the bloomberg and look at a one-year chart of the s&p 500. you can view this chart at home using bloomberg. see the beautiful uptrend and the 100 day moving average, telling us the buyers were very much in control.

the volatility and factors on trade tensions we're dealing with, hitting the s&p 500. e movingverage. dropping into the area of the 200 day moving average. it does appear in this point as the area starts to run down. as for technology really underperforming, consumer discretionary. netflix, check that out. down 7%. trading at a 90 times pe and 600% premium. some of the media peers, this is really a part of what is

weighing on the major averages at this point. and finally, what really stands out. we take a look at the vix. messageng the idea of a -- massive selloff in stocks. the old down two basis points but it is not a huge flight to safety. vix is pretty interesting, spiking 30%, more than 30%. and i examined the technicals in the last segment that suggested there could be more up action which suggests stocks could selloff. thanks to abigail doolittle. at let's bring in our macro man. great to have you with us. these -- you only have me on when it goes horribly wrong. julia: we will try to shift that. some of the trades we have been talking about is the relative safe haven.

time for technology stocks and the greatest risk paring today? to sayppose it is safe that maybe the market got a little bit complacent. we also made these observations the last couple of. ey seem be raining. discussed a few minutes ago, the internal price action was much more reminiscent of 2017 when we had the slow grind up with no correlation across s&p 500 stocks. week, we is that last actually ground down in relatively low volatility fashion. the individual stocks seemed to be trading on an idiosyncratic acis rather than a systemic basis. and it is much more of a systemic thing. ultimately, sort of putting up and metaphorical wall, as it

were, and say we don't want foreign capital in the market isn't really a good thing. julie: you have a chart of the correlations or the lack thereof. if it is an actual trade war, you have some sort of setting. >> i saw a headline that cte is no longer going to fix one of us urinals will -- at the of and china because it requires them to buy american parts to fix it. i say, it's a trade war. in tech really getting hammered today. and even throughout all of this trade stuff, they have been extraordinarily hot.

when you look at that, can it be cooling off? julia: i'm watching the price actions we had toward the close. i just want to point it out. >> i think very prosaically, if most of the foreign investment in the u.s., at least from china, tends to be focused on technology, then we don't want that money anymore. >> there, maybe you can talk a little bit about of some euphoria. a couple of weeks away and companies cannot buy their stock back. they have this tailwind for much of the last six weeks or so. it has ground to a halt now. being ahead of

earnings season, is called the future, harley davidson giving investors a little bit of the case of what we might be hearing more of? that is the other thing. to date, the president has been able to control the narrative in terms of trade. but when individual companies say that these policies are hurting us, particularly a beacon of make america great-ism. julie: and when that has appeared at the white house. >> and don't forget the paul ryan's home district, the symbolism is sort of rich and dripping with ironing. -- you might reasonably don't have to be a nobel prize winner in literature to be able to draw the allusion here. and to some degree, it is almost comic. worried about china itself in 2018 with the systems as normal, despite the headlines

in the risk here. we have the bbo see cutting the reserve requirement and having noise over the weekend as well. , iting to european leaders could be hit as a result of the protectionist terms. and we have the chinese one weakening as well. >> it is one of the great pleasures. we all need to know that the credit growth over the last two years has been unsustainable, a question of when rather than if and it allspinning goes horribly wrong. i think if i were tlook at one thing in china to give a sense , it woulderlying risk be the effect reserves. what we saw from the peak in 2014 was a pretty sharp

deceleration. currency and the step jump, how that rippled through global markets. what we had seen prior to that, sort of one year plus, a sharp decline. those event going kind of sideways. and they have probably actually gone up a bit. is not facing the sort of capital play that was the case two or three years ago. it would be consistent with real pressure. and in particular, in terms of market sentiment at the move we are seeing. -- >> i think that is think that is absolutely right. if china looks at the policy quiver and what is the most attractive eroded shoot back at the u.s., it will probably be

the currency. particularly because of the reserve dynamic they mentioned, they are not facing this sort of applied pressure at the moment that would ordinarily prohibit sort of a currency depreciation. the backdrop from their perspective is much more favorable. and equalizing the pressure from the u.s.. a lot of back-and-forth. thank you very much. we will have more markets ahead of the report. this is bloomberg. ♪

julia: a setback and potential pushback from steven mnuchin. the us treasury secretary is on a potentially irreversible crash worse with aging, curbing

chinese investments and says u.s. industry is recording -- according to reporting to the u.s. treasury secretary that has urged a less aggressive approach with china and seems to have lost the fight to some degree. they are insisting all the concerns are fake news. from house editor washington. suggesting thet u.s. is looking to use -- looking to investigate and prevents chinese investment in the u.s. going forward. and the treasury secretary pushed back. >> fake news, finally. i'm very proud today. -- steve mnuchin has kind of lost the internal fight over how aggressively they go after china for their trade practices. that has been a theme in the .eporting for weeks

they publish the story about a decision the white house has expected. they choose the very aggressive law to curb chinese investment and tech companies. a lot of people think the chinese by u.s. companies in order to obtain intellectual property from the u.s. that they handoff to companies in china to replicate. so the thinking here is that if we curb chinese investment in our company, they won't be able to do that anymore. steve mnuchin has argued for a less aggressive approach. to beef up the community on foreign investment in the u.s. and allow that start moreo aggressively regulating chinese deals. joe: what is the current law? the companies often come under review. what would be the precise change that would be this amped up level to go after china?

>> i am not an expert in this. but my understanding is that it will invoke this emergency law that dates from the 70's and i think it is really seldom used to declare that chinese companies or entities can no invest innificantly certain kinds of u.s. companies. high-tech companies. they are targeting this china 2025 effort. china wants to be a leader. is trump administration thinking that means america would lose. american companies in those fields would lose to these subsidized finance companies. the trump administration is not the first or only entity to complain about ip issues between the u.s. and china.

have other administrations addressed this? and if so, how? it has always been low-key with other administrations. there has been a pressure point with the chinese for the last 20 years or longer. it has been brought up in negotiations with chinese trade officials that have been taking a softer approach. they try to gently persuade the chinese to not engage in these practices. it just never worked. guys like chuck schumer in the senate, you would agree with the trump administration that china has not been reined in enough on its acquisition of u.s. intellectual property. julie: i will and where we begin here. let's just say the bloomberg and wall street journal are fake news on this point. what can they announce here that

isn't directly targeted despite the fact that the investigation was supposed to be about china? what about now that is broad-based but ultimately hits china? >> this week suggests that the fight is not over and we're still trying to win a battle in the administration. is a sanction on china. and the u.s. acronym that they would be felt this committee and allow it to more aggressively block suspect deals between chinese entities and american firms. our bloomberg white house editor, thank you so much. and on another trade front, made in the usa but not for too much longer. trump met with executives from harley davidson at the white house and how to

the company as a symbol of iconic american brands hurt by unfair trade practices. and now the policy weighing on harley is coming straight for the white house. the next guest says that will not be the last company to hit the road. was therley administration used and it shifts some of the manufacturing overseas and will ship even more. would be theat decision to back out of the transpacific partnership. harley davidson they would build a plant in thailand. they were never exactly this perfect american icon. they are specifically blaming the eu tariffs on harley davidson motorcycles which happened in response to the trumpet a minute rations deal on aluminum tariffs for this decision. joe: are we going to see a lot more of these in the coming

earnings season, companies talking about the specific monetary ramifications of the trade war? >> i think so. it will get more nitty-gritty. there was also reports about general electric and the impact china tariffs may have on that because it makes parts in china and imports them back to the u.s. where it is assembled implants and is constant. to see how interconnected these supply chains are and there are obvious opportunities for disruption. for a company to feel the pinch and rethink some of their logistic. what other company saying about the prospect of the solution being found, having an effect and having a detrimental impact. we are looking at the future here rather than the prospect of some interim solution. >> the vibe is that they hope that it it will get it worked out. they have been reliant on trade

groups to take the helm of protest and policy. to continue to barrel down the road, i think you will see more put into speak up and monetary terms with the impact of these policies are. julia: they said it would take 18 months to ramp up and to replace the lost production they are talking about being hit by these tariffs. >> it does give them a window. we would see the easing of tensions. we keep operations in the u.s. and have a great pr moment for trump. and harley davidson and ge are to companies that have not exactly been smooth sailing over the last several years. harley has had some ups and downs. these companies that are on more delicate footing despite the much more touted economic recovery that is occurring, that would be the most at risk.

-- >> there is already significant rusher in the market in facing competition from other motorcycle makers. those are the companies that are most vulnerable and most likely to whether that additional cost impact from the tariffs. julia: exactly why the eu has chosen them. joe: right. cracks it doesn't hurt that harley davidson is based in wisconsin. julie: and quickly, jobs. what is the effect, even though it will take 18 months or more? what will be the impact of jobs shipped overseas? >> harley davidson has closed down a kansas city plants. workers that have started to look at the thailand facility and outsource some of their jobs. i think you are looking at 350 jobs lost from relocation of the kansas city facility.

eyes something to keep an on as these companies evaluate changes to their supply chain. they rethink where they might want to do business. the whole point of this was to make american business great again and create more jobs and more factories. julie: not happening quite that way. at least not yet. julia: some traders more concerned with the short-term outlook than the long-term. trading higher than those maturing in august. an inverse of the usual spread. let's bring in the bloomberg across asset reporter to tell us what is going on. we have been 2% and we bounce as we had this moment away. six minutes away from the close. luke, talk us through what is going on. luke: the volatility curve like the yield curve slopes upward. the recognition of the historical pattern of volatility's hikes. theodds are, sometime in future, you will get a spike.

when we are getting it now and , wehe near term contract got all the way up to six bucks for a brief time today. is now,ink the fear this bike is now, and folks are concerned with the very near-term outlook for stocks. joe: and we have a chart of the vix curve inverting. we have seen this a few times before this year. most notably right before that volatility blowup back in february. >> the most recent time we saw this was when caterpillars executives came out and said, we think this is the high water mark. that was concern about the global growth outlook and kind of like more of an androgynous one. we are turning down of our own accord. accompanied by trader stricken's, that is something that can push us toward. of an accelerated

version on a macro front rather than the last one. and as we keep talking about, there is this threatened back-and-forth and forth but there is no actual effect. most of the trade measures have not been put into effect. when we hear investors and traders talk about what is going today, therelike is pessimism that they will be put into effect. this is a market that hasn't had a hedge a bull event in so long. the last time we had a hedge a bull event was the first round of the french elections worries all the ball really spike ahead of time and the folks prepare for an event. now we are giving the opportunity to finally react to something. and realized volatility is below 10, all of 2017. we got below 10 for today. today was the last day.

another kick thing. it goes to the close of trading. julie: this is bloomberg. ♪

♪ miss?"t do you both treasury secretary steven mnuchin in and pete navarro tried to staunch the wound. i am julia chatterley. >> i am julie hyman. >> i am joe weisenthal. we want to welcome you to our closing ball coverage every day from 4:00 until 5:00 p.m. julie: there is a lot to sift through on the market front as we see this selloff in reaction to the news that the administration was considering investment curbs on china and u.s. technology firms. major averages bouncing from the lows of the session. take the s&p 500, finishing down after they by 1.4% index was off by a little more than 2%.

something of an improvement on a relative basis. still by far the biggest drag on the major averages. consumer discretionary, suffering along with energy. utility and consumer staples, finishing in the green, and in terms of the individual stocks that were selling off the most, those companies that are talking about the trade concerns and its affect on their businesses or outperformed. for example, you've got carnival shares down the most in six years, the worst percentage performer on the s&p 500. company cited headwinds that had been affecting the industry, like fuel costs. netflix, not any real headlines, but like most of the tech conflicts and the stocks that have been outperforming, it was punished in today's session. keep in mind that netflix shares

are up 100% year to date. icron, you are starting to see semiconductors roll over to some concern. speaking of real, tangible effects, harley davidson was front and center, the company talking about shifting production overseas in reaction ,o the eu-targeted tariffs those shares down by 6%, and concern that there is more to come. on the flipside, there are two stocks in the green that they are mentioning because of individual headlines. there is speculation that kraft heinz might be interested in campbell soup. 9.4%, andres, up american express, rising related to a supreme court ruling, which throughout a government lawsuit that accused the company of thwarting competition by prohibiting merchants of from

pointing consumers to cards with lower fees. joe: let's take a look at the bond market. rates are lower across the board, not dramatically, but it is lower. in europe, some interesting action continues, italian bonds selling off once again. they are so volatile. lots of anxiety about their continued momentum, and we mentioned this last week about the end of the greek crisis as they hammered out that debt reduction deal, greek 10-year yields a down. noted, 2/10 spread, down to the lowest level since august of 2007. julia: in currency land, when you get the eu and chinese talking about the risks to

, talking about a flight to safety and. slightly stronger in the session. session, some the comments from steve mnuchin. we've mentioned them in number of times, trying to soften the 10. to have my commodity currencies? can i show you what is going on? maybe not. i can to you the story. those guys are under pressure, and that is exactly what happened in the session today. i wanted to point out more broadly the relevance of emerging-market currencies. you can see some of the out performers. energy, under pressure on the

downside. perhaps it's knows apprise that the south african rand, down 8/10 of 1%. that as we've got the pboc cutting rates. joe: on commodities, let's take a look at oil and gold, oil selling off, markets still digesting last week's opec deal. oiletty big surge the friday, giving some of that back today. gold, isn't that incredible? nobody buys gold on a day like this today, but overall -- julia already hinted at it -- the bloomberg commodity index, down 1.3%. those are today's market minutes. julie: for more on today's market action, let's bring in chief strategist peter koresh. something i forgot to mention when we were looking at the intraday chart, we just heard

from peter navarro. he was on cnbc, and he said misunderstanding about the administration's trade policies. there were no plans to implement investment restrictions on china and others. could today's market action have dissuaded the administration from putting those curbs in place? peter: first of all, thank you for having me, and i am always so joyful. i seem to be invited on down days. maybe i'm going to have to change my name to peter beraish. joe: i'm guessing you didn't make that one up just now. peter: i've thought about it for a while. markets work, but meaningful change takes place slowly over time. we've seen this situation where markets go down because they've seen a change in policy, and a spokesman who has been a cheerleader for that policy goes out and says, nah, that is not

what i meant that is not good. it increases uncertainty. you have to take a look at everything across the board, as joe just said. there's no place to hide. there was no movement in gold. of course, my favorite deflationary indicator, which we like to talk about, soybeans -- continues to make a new low. we are approaching five-year that isa market reflective of our export market. i may have to start getting up off the couch and going to the tv and turning the channel. mr. remote, that is going to be gone. joe: i have a chart here on my terminal, and you can see the absolute collapse of soybeans in the last few weeks. pretty dramatic these soybean futures. -- and, these soybean futures. we've been talking about when is inflation going to pick up. is that the wrong story?

peter: i continue to be on the other side of that trade. why? i try to listen to the evidence from the markets. if you look at caterpillar, we said, there's trade uncertainty. i'm a farmer. i'm going to have less exports. buy that marginal tractor? prices are made at the margin. that is what we are seeing. look at the lows. everybody has discussed the yield curve. let's look at other markets. let's look at jpmorgan. let's look at goldman sachs. one of the things we try to do is say, when there is a big macro low, like february 6, so many stocks made it that day, and then there was a rally. there is an issue within that individual stock. caterpillar led the way. , the financials are approaching that level.

take caterpillar out. it accelerated. the markets are saying, wait a second. the nasdaq made new highs a couple days ago. you are going to have corrections off that. with the dow closer to the is a real6 low, it tug-of-war. this is a difficult business. it's a difficult time right now. this is clearly a time not to be taking risk. joe: one of the points you made in all of your appearances is that there is no shame in waiting and watching the market. one of the striking things these days is how quickly the narrative changes. in mid-june, it looked like we were off to the races. going to erasee the celebrating -- the selling from february and march, and it turned around. are we still in this situation where the market isn't telling you enough what to do?

peter: i think the market more and more is telling us, like i said, talking about the interesting names that are starting to take out of their february 6 low, there are definitely more problems lurking. meaningful change takes place slowly. we all think markets should adjust overnight. no. the are changing policy on fly, and we as market participants have to try to adjust to that. it gets exhausting. after a little while, you say, you know what? i'm taking my ball, and i'm going home. next week is july 4. thes take some props off table. it's the end of the quarter. the s&p is kind of flat. the dow is down a couple percent. i'm done. julia: we should point out it's only 72 hours since we were talking about the nasdaq hitting record highs. stay with us for more. boresh ratherth

than bearish. can browse charts featured on bloomberg tv to catch up on key analysis, and you can save charts for future use. i'm going to dip into one here. approachings&p 500 the 200-day moving average, all sorts of technicals and the things you can discuss. from new york, this is bloomberg. ♪

>> i am mark crumpton with first word news. president and mrs. trump welcomed jordan's king abdallah and his wife to the white house. the allies planned to discuss terrorism and a variety of issues facing the middle east.

the president also addressed the immigration crisis at the u.s. dueer, saying illegal process given to people trying to cross the border illegally is dysfunctional and "not the way to go." italy is promising to do everything it can to help alleviate the swell of migrants. italy's interior minister insisted that their being new proposals and the european union identificationm centers. to help libyand authorities assume control over libyan territory to prevent migrants from leaving. the united states over the freezing of $2 billion worth of its assets, saying the blocking of its funds is illegal. in 2016, the supreme court ruled that the assets of iran's

central bank should be distributed among survivors and relatives of those killed in attacks in the u.s. blamed on iran, including the 1983 bombing of the u.s. marine corps ut.racks in beir the supreme court is ordering washington courts to look at the case of a florist who refused to provide services for the wedding of two men because of the florist's religious objection to same-sex marriage. the order means the court will not rule on whether business owners can refuse on religious grounds to comply with antidiscrimination laws that protect lgbt citizens. that is the same issue they passed over in the recent ruling in favor of a colorado baker who also objected to same-sex marriage on religious grounds. global news, 24 hours a day on twitter,ticktock on on powered by more than 2700 journalists and analysts in over 120 countries.

i am mark crumpton. this is bloomberg. julia: we back with peter boorish. we were saying before, it's tough to make some -- to make sense of some of the signals. some people don't have the luxury of being able to sit on their hands. how do protect the investments you have at this moment, and how do you approach taking risk? peter: there are two separate questions, how do you protect and how do you take risk? the chart you should with the s&p in a range just before we went to break says to me, when you look at that deeper, there are some major issues. you have a huge divergence with that and the nasdaq and at the same time with the dow. the fact that we were not able to take out that secondary hide from march is a concern. we listen to the markets.

i'm looking at a risk reward. do i take risk? if we take that out, i am going to go with it. the issue is the discipline to follow that. it is so easy to want to listen to your thoughts, and i keep saying that regardless of the lettical rhetoric, i can't my political views interfere with my analysis from the markets, because the markets are right, and unfortunately, i happen to be wrong way too often. say, hey,he time to let's push some risk on here. again, i'm looking at gold. we looked at silver. even things that you think would benefit with soybean prices down, cattle, they've been weak. everything has been a week. that is not a positive sign. then we talk about the fed on an interest rate hiking schedule.

are doing more policy moves then data moves. end upess, you still having liquidity taken out of the system. that is not bullish. a second,back up for you said you don't want to let your political views inform your but thent views, consensus seems to be, we are in late cycle. we are going to go into recession in the next several years, whether it be 2020 or beyond. do the political of events bring that forward? does it happen sooner, and how does that inform your investment decision? it's not a consensus within the firm, but i happen to think it is going to be far sooner than people think. the uncertainty factor rises. -- i don't want to sound like an economist, but i am. it reduces investment, and we need investment to hire.

i keep thinking of the fact that here we are, we have low unemployment, but wages aren't increasing. we could have an hour of conversation related to that. if they are and we start slowing down, that means people are going to be laid off far more quickly than one thinks. joe: obviously, you are fairly negative today. caterpillar, industrials, and the banks, looking really ugly, taking out those february lows. on the other hand, you have the tech stocks, which were week, but have been incredibly strong up until about two days ago. a lot of them were making new highs. do you see the bigger opportunities for the areas that are already week and pummel them harder, or the areas that have barely begun to budge but by many accounts are an extended? peter: beautiful question.

human nature is we always want to pick the high. what do they say, the trend is your friend? in that case, you want to be selling the weak ones. i have no idea. netflix's valuation, what does it mean? it dropped significantly, but look at the rise it has had. i do want to be a participant in it because the risk-reward is upside down. if i buy it, where is my risk? if i sell it, when do i stop? julia: what is the safe haven? peter: the safe haven? you look at the yield curve as flat as it is, three-year notes is a safe haven, if you ask me. julie: thank you so much. have you,s good to peter. coming up, the fda has cleared the first marijuana-based medicine to treat forms of

epilepsy. we will have the details next. from new york, this is bloomberg. ♪

julia: the first-ever medical treatment derived from the marijuana plant has been approved for sale in the united states. treats two rare forms of childhood epilepsy. here with more from washington is bloomberg's head -- health care reporter anna abbey. this feels like a huge step forward for the industry. talk us through what changes have taken place and what the portends foris greater openness as far as this use is concerned. anna: i think that depends on who you talk to.

gw pharma, which makes the drug you just talked about that the fda approved, they see this as a huge step in the direction of showing that a company can take a marijuana-based drug and run it through clinical trials and get the approval that they need to, which takes many, many years to get to market and be safe and effective. medicalt have the marijuana industry, the larger industry that is doing this, that is legal in some states, that will want to be able to use this as a way to say, our stuff is safe, but the fda is not going to allow them to piggyback on this, even though some people may take this as the way it will be. be what some people are going to perceive from this approval. julie: even for this particular drug, as you say, it has fda

approval, but it is running into the federal interdiction on marijuana. this is not the last approval that this drug is going to have to get. what happens next? anna: even though it's fda-approved, you aren't going to see it on the shelves for epilepsy patients anytime soon. the drug enforcement administration has to come ,hrough and schedule the drugs so they have five different levels of scheduling. that will determine levels of restrictions. the ceo of gw pharma told me he expects that to take about 90 days. at the earliest, this could be something that hits shelves in the fall. joe: the maker of the drug gw pharmaceuticals plc, that is a british company. how does it's a domicile being in britain allow it to race ahead of other pharmaceutical companies in developing marijuana-based drugs?

anna: what helped it here is that the u.s. government has some restrictions on rearch and marijuana. it is very, very tightly capped. there are only -- there is only a certain grower that is able to give out medical marijuana for research, and there are others you are supposed to be able to apply to get that marijuana and research it. researchers say it is really tough to do. pharma is in the u.k., they were able to have an easier time researching at, and they are going to make it there, as well. they are going to import it to the u.s. julie: to be clear, this is a drug approved to treat epilepsy. it will not make patients high or feel the effects they would from smoking marijuana, for example. it's interesting that the dea still has to have that approval process you talked about.

anna: you are right. this drug has cbd in it, so that is a different type of cannabinoid, a different component in the marijuana plant from thc, which is what gets people high. the dea, since it is derived from the marijuana plant, and they schedule marijuana as schedule one, which means there is no medical reason to be taking this, no medical properties trust would help anyone, they need to take a look at it to figure out, if you don't include the thc, just use the cbd, how is that going to be scheduled? julie: thank you so much, anna edney, our bloomberg health care reporter. gw pharma shares are lower today, although they have had a run-up so far this year. check out ouro prognosis page at bloomberg.com/prognosis. it is where we report on the future of health care and the

financial forces behind it all. from new york, this is bloomberg. ♪ is the programme or a lead therapies t in class trials. linical trials.

♪ mark: i'm mark crumpton with "first world news." signing an executive order reversing his administration's insistence of separating migrant children at the border, president donald slams us immigration policies, as he and the first jordan's bing ab calla and his wife. the president said the executive and he was happy he'd signed it, but said the involve ystem should sending people home immediately a hout them appearing before judge. president donald trump: went a system with when people come in to go out. hey have

a nice simple system that works. mexico holds people for four hours, five hours, gone. urs, and they are we have people for four, five, six years, and they never leave. the president continued to blame democrats, accusing them and nting open bored e claiming that they don't care about crime. european june young council president is in london for talks with british prime minister meeting ay ahead of a with eu leaders on thursday, them to change views and opinions on the brexit negotiations. there's a risk that the u.k. and eu will not reach an agreement relations by the time britain leaves in march next year. ethiopian state media reports hat the united states sent

federal bureau of investigation investigators to look into the deadly attack on a rally on saturday for the new prime minister. a man wearing a police uniform grenade at the stage after the prime minister addressed tens of thousands. two people died of injuries, 150 others hurt. arrests have been made. >> in geneva, the u.n. envoy for syria welcomed international delegations as they are he stop the efforts to bloodshed in the country. europe and rom us, the us many to discuss the constitutional committee to bring peace. it marks a departure from mostly failed attempts to mediate talks between the syrian government groups.osition global news. 24 hours a day on air and tich twitter, powered by more than 2700 journalists and 120 sts, and over

countries, i'm mark crumpton, bloomberg. recap of the et a markets action. redks finishing low, in the over donald trump administration planning to curb chinese investigation. arrow pushing back against the notion on cbc nterview, causing a lift from the lows in stocks by the day's end. it was a broad base sell off. not just in stocks, but elsewhere. ou saw a lift in bond price, not much of one, gold didn't get a bid. find places where the money was flowing, and the point drags on the s&p 500. netflix, google. of the stocks, if not all, had hit records in the past month or so. "what'd you miss?." the pound sterling is trading at the same level as the

day after the brexit vote versus us dollar. some hedge funds made huge prophets, hiring polling companies that solted critical information that was not to the contact public. of an e subject investigation into bloomberg's week."ess we have more details on this story. this is a fascinating one. one.nd a long >> it is, i apologise for that. details.ak down the my understanding is that polling ompanies sell information to private clients. >> this is their business, it's the information to a small segment of the population, but it was so small had made a ruling themselves that it was okay, and run afoul. area in who cray

you can provide information to without it appearing to be a of the public, by is what the ruling relates to. yes, and i think the larger issue is what poles and the do. t. is attempting to the government is trying to level the playing field and not affect the election result. in this case it almost did the opposite. oe: let's step back and talk about that night. i remember i was here in august. here was a poll that came out remain 52-48. remain it's, like, the last poll that we took, the pound jumped to 1.50. it was the high water mark of the night. t that moment when the pound was surge, what did others know that most didn't. segment was a certain of the hedge fund community that granular information that suggested that roman was vote. o lose to the

of the exit, leader movement got on tv and made kind f a concession speech, statement, that roman would prevail when private posts the opposite. >> i was in brussels, we thought he conceded. we were shocked at the timing, but we had other things to deal with. julie: not only did they get the information, being a hedge fund, they did something. that is the next key part of this. hey ended up propheting handsomely in the movements of the pound when you had a whip reports, and they had the information that it asn't, in fact, the roman camp winning. joe: it's important to note this do.what hedge funds >> they try to gain intelligence know or public does not realize and profit from it. that's what investors pay hedge do.s to

there was nothing illegal about them taking advantage of that information. carry on. > i know, it's this dichotomy of the u.k. law trying to make sure that the exit polls do not when, in fact,lt releasing that information the playing l field. and it's something that polling firms grapple with all the time. of course, if they reveal the information they may not get formillion dollars they got providing it to hedge funds. > we are asking questions, going back to nigel farage, with hat role he played with the concession speech. and we know that he's good charge of h a guy in station, a polling and the question is what information did he have that had run elieve the out had not this. suddenly we had the vote turning, and the currency moves of people to make

money. i'm connecting dots where i shouldn't. this is the interference that questions should be asked here. spoke to us, and said he did not get that information before the statement concession, and claims that concessionnequivocal to the contact roman movement. that he was raising questions on would carry t they the day. ld carry the day. in movement. that he was raising questions on whether or not they would carry the day. later he revised the statement to make it clearhat he was rais know. is the t now rehabilitation in the u.k., whether it's looking at the hedge fund, the polling protocols, the there's not going be another referendum. >> no, and there's nothing in the story suggesting that the eferendum would have been different. the house of lords had a ommission to investigate the issue, not the brexit vote. and they didn't mention the

between hedge funds and the polling firms, and a member of that commission called reopening of that investigation, that's just one member of parliament. see it as people actually dig down deep into the whether thatognise picks up steam in the days ahead. i will suggest it will. asymmetry of information, whether you are a hedge fund or doesn't feel right. >> bloomberg was built on a lot. ency, shining it has a demock rettizing in helps the markets create a level playing field for veryone, and the fact that you restrict the information suggests that it they may want law.ook at the >> how does it compare to the ontact laws here, this kind of thing goes on here. hedge funds can purchase polling data. different here is that he media, us, the major

networks hire their own polling service, there are exit polls they commission and it's widely spread. it's a different commercial there's no the us, restrictions on exit poll, it's available. >> fascinating the different angles they have to continue. bloomberg's marti sch, mfer. up. ng in the driving seat we look at saudi arabia's decision to let get behind the wheel. joe: get involved in the situation. me a tweet. i post links and clips, trying to be funny. here is marti now, the conversation we have been you want to ask the guests, shoot me a message on twitter. bloomberg. ♪

saudi arabians ban on women hasened. bloomberg talks about the historic move. psychological impact of impact sion had a huge on the integ grayings of women - integration of into life and the workforce, women have started to by already in the last nine months in a more extensive before. han for saudi arabia, our training outside, look to people it's a momentous decision in terms of cultural and social reform. >> so we consider this a turning point for the king tom. social and cultural turning point and a tremendous

step forward for the integration of women into daily life. issue for the religious right, if you want. that that was the barrier that they could put in frost women being integrated workforce, daily life, having more mobility and freedom o. it has been broken. >> what economic impact do you that the ban has been lifted. >> it will be material for a of reasons. it will increase female participation in the workforce, will increase consumer demand and spending, because money.ill have more on top of that. audi arabia has about 1.5 million foreign drivers, so many of them will be sent home, foreign change outflow that used to take place will be r remittances

retained in the country and money supply.tic >> how does the generational the women between impact how they respond to being now. to drive >> well, obviously it's disproportionately impacting women, we are open to it. many have travelled abroad and studied abroad. you look at a lot of the ideos that came out on the international media on social media. majority are younger women. lder women are set in their way, and it's difficult for them to take the step. ecstatic.men are >> when saudi women took to the contact road on sunday, the that campaigned for years are in the driving ban gaol. what might it mean for those

women's freedom? unfortunate, really, that the government arrested them a few weeks ago. - they have not disclosed what the detailled against accusations them were. they seem to have technically number of laws in a areas. what was driving it is that - is government that they have to show the conservatives a bit of balance, weeks before the driving decision was announced in september. ahead and ent went arrested 70 hard right clerics. has 50 million followers on twitter. they have been fighting rites for religious the last nine months, and as part of the balance they have to they were not allowing the left to take too many olitical freedoms, they are

trying to hold the ship together in a delicate period. cultural change is risky for a society, and is stressful. think the government is grappling with holding the ship together and balancing different political constituencies, you make some going to right and wrong decisions. >> the founder of the arabian foundation speaking there. from new york, this is bloomberg. ♪ bloomberg. ♪

♪ >> "what'd you miss?." it. ics hate the modern three sedan depends on it. it's the kent, a size of two football fields. david welsh, us

detroit. it's a massive tent. it's insanity, what is going on tent here. i mean, it's pretty spectacular metric, surely. >> yes, an announcement saying be the roll out would intense. we didn't know how he meant it. yes, there's a tent, trying to get the car up and running and going. unclear if it's fully production ready at the moment. is. how operational it what appears to be happening is because they couldn't get the ines in the plant up to full production, they had problems with the robots and the it mation that they put in, was difficult to sort of dismantle that and get peel on line, they are doing more manual work in an effort to get week.00 cars a they have six days to get to, to ome through any lines to get there. they've been at 2000 a week at various points.

quarter they rst were under 1,000 a week. whenthey report in a week, they get there, it will be a good week. they are and how much the tent will work out. >> looking at the pictures of thing, what we have. there are semis hiding pictures of it. it looks like an airplane hangar. to do it so nuts for him this. >> i agree. >> it raises a lot of questions. this is a large factory. at its peak, it was a joint of general motors and toyota. 400,000-500,000 cars. by today's standards, and i'm owner plant. car that is massive. or him to need extra space and goes outside raises questions, why can't he do this in the plant. what is going on. and the lines that they have inside the factory were supposed

cars a week. 0 cars a week, it isn't supposed to be an issue. is ent really know, tesla not saying what is going on inside. it raises a lot of questions, the short term, but analysts that understand manufacturing and follow the stock. wondering what does it mean, why are you under a tent. extra line ave an there when you have lines inside the factory and space you could use. and, really, the ultimate question where are we in terms getting up to nd the contact number of cars to satisfies orders and revenue. what this is about revenue and cash. theory there should be no restraints. ther than the tent, do we have clues as to how close they are to hitting the number with a to do with the target? >> not really. we have had updates, and you see

take off in the last onth or so, whenever ever they wanted to do better with production or getting close to itting 5,000, and it jumps around a bit. other than that we don't have updates on where they'll be recently, and we don't know what the tent means for getting there. >> it's interesting, we have a ia cull pea from elon musk saying we have a robotizized wrong and need individuals. the swapping out takes time. facility toemporary keep the process going makes desperate to are meet numbers. to joe's point is there a sense patiently waiting for heir car to arrive are getting inpatient is there sense that the enthusiast is losing some yax? e

>> not really. they are saying that they kept a consistent number of people who had cars yax? >>reserved. and are waiting to get their vehicle. to their point. if that's what it going on, that they are taking a step back. outside using the line to get the production line right, and eventually move it and they have to dismantle things in the factory wrong, it could make sense. those that are on elon's side is going on. they found the first of all, the the machine makes that was supposed to be great wasn't. figured out how it fits. they are perfecting it outside and they'll bring it back in the plant. >> in the meantime the clock is ticking. bloomberg's david welch. on the young side. >> i don't know what it means. hate it.u love or julie: gotcha.

english analogy there. - a look at the biggest business stories in the news. in favorme court ruled of american express and topped out a government lawsuit company of blocking competition, prohibiting depart with lower fees. justices decided the government failed to prove it holders, d instagram is estimated to be $100 billion as a stand alone company, marking a 00 fold return of the app that facebook acquired in 2012. platform hit ng one billion, and revenue over months is expected to pass 10 million. attracting users faster than facebook after the l fell cruiseliner cut earnings

forecast. on fluctuatingut fuel prices and infoxchange rates. expectations for the third quarter were short. are base cruise lines down. a weaker than expected outlook peers. down industry that is the business update. you need to p what know for tomorrow's trading day. this is bloomberg. ♪

♪ "what'd you miss?" - we saw a sell off in stocks, finishing the loads. we have trade concerns that are not going away. don't miss this german holds aor angela merkel meeting discussing economic policy. joe: numbers for consumer out.dence >> doan miss this. cas conference, we speak. including the energy secretary exxon, that's of all for "what'd you miss?." evening. a bleat "bloomberg technology" is next. this is bloomberg. ♪

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