president and saw high-profile issues like abortion, campaign worries --me-sex centric marriage. -- same-sex marriage. the court today said public employees cannot be forced to pay union fees. he spoke to bloomberg after today's decision. >> this is a historic win for taxpayers. they have suffered too long for union leaders and politicians. restoreing will now

more integrity. they don't support their activity. at sign prime minister has underlined the importance of going beyond asylum-seekers saying they are at stake. he repeated the -- global news 24 hours a day, powered by more than 2700 journalists and analysts in over 120 countries.

>> live in new york, arm julia chastity. away from thetes close of trading. >> the question is what did you miss? anthonyme court justice kennedy is retiring. a supreme court decision that workers.

anthony kennedy retiring from the supreme court, the longest-serving member has been a swing vote on a number of groundbreaking votes. joining us now is professor audience. >> it is going to change considerably going forward because there's no question that trumpminee that president will nominate is a conservative white male.

that will come a depending on the outcome of the midterm elections will have to do with how far right the president can search for a nominee to get through the senate. obviously, the case that people are very interested in is wade.ture of roe v. what is the plausible path for that to be decided in another way? >> i don't think there is any plausible outlook in the near reverse the court to roe v. wade. the pastcourt has done several years is to uphold laws basichip away to the

.bortion laws versus caseythood back in 1992 was a signal that the court is not going to reverse that opinion. herlace this part to kill court in history for us. let's say we get that conservatives, white male. to the -- w >> historically, this is one of the most conservative supreme court's we've had. wasonly comparable time

during the 1930's. today, the supreme court, you see that justice kennedy is a fairly reliable conservative on those issues. isthe travel ban case, it sort of i'm really sorry i have to vote this way, but please forgive me. kennedythat justice will be remembered most by

people who practice before the court as a moderate conservative , but he had a principal and it .s not in the constitution that is the principle of human dignity. liberals tend to think of him firmly in terms of his votes. morell, he is much consistent voting with liberals.ves than you for your time and helping us put this in historical perspective.

>> coming up, president trump on chinesektalk companies. this is new york.

--

it is not as crazy as people were expecting them to go. we have me -- we have not seen congress come together like this in a long time. but that means is adding more into and having them look a lot more deals.

in your reporting on chinese would be exposed to a clampdown of that? >> semi conductors, artificial intelligence, these are things .hat are big priorities they might not have come as far. thinkterested in what you . can you expand on where you see the gap? in the case of things like ai

or semi conductors, these are really important areas of tech. folks, theyk to ,ave made a lot of progress people say it will be 10 years out. >> is there any concern if we do see more cramping of chinese investment overall -- overbroad -- there will be the effect of chinese companies as a result # >> we are letting banks have their own operations, now we are going to open up to the car

market. can't really operate in china so if there is an argument, if we can't do this in china, why should a chinese company be able to do this in america? who are the big movers and shakers in that? i feel like the companies people associate with [no audio]

you see big venture capitalists coming in. thatown chinese companies and that make the cut technology can be very important. the is something that government is worried about. certainly, there would be all ande different agencies when i arrived using the executive branch versus now just stepping up in using congress trade.vely to map out a

that.you agree with you thatomeone tells you can't do something, you almost want to do it more. >> it just pushes china to say we will continue to promote and do our one thing. this year, there is a huge pipeline as we are talking about more than two dozen companies. and ithis big year really makes people nervous. shakinessis a lot of

of when they are expected to come up saying. worried aboute the less established companies. >> brilliant to have you with us. for more on how this decision from the white house will take us back to a less confrontational approach in the united states, let's bring in alex wayne from washington. we have a chart to show what it is. lot to show with the approaches. it may be a less confrontational approach, but ultimately, do they have the same impact? trumphink it's a donald

once a chinese acquisition block or whether it is under something else they haven't even articulated yet, they will crack down on chinese investment in the u.s.. the administration -- i guess it would give the president broad power to block chinese acquisitions. i don't see the outcome a whole lot different. >> tone is important. this does seem something of a

victory for mnuchin. >> we were told on monday that the president's top advisers have decided on invoking the emergency law and that is going to be the recommendation of the president. on tuesday, the president decided otherwise. it is a victory for steve auchin and it does suggest little friendlier approach.

people have more access to cabinet secretary's so if your deal is coming under her knee, and is probably easier to influence the president of the united states. >> thanks so much from new york. this is bloomberg.

>> the justice department approved the company's bid for 21st century rocks. spoiler once again could still be comcast. comcast has a big bounce sheet.

strategic, soery i don't think they are going to go away. they afford is, can ?t is, can they go higher? my the news today made consider bringing in a strategic partner to help with the deal. we are talking about time and agotiations, particularly at -- t >> the issue is that is not the preferred route.

getting to it price perspective that they may need help given how strong the disney bit is. be $90 billion. that is where it gets very fuzzy. >> if you were bringing in a which alluity partner these companies feel crucial to but at low risk? >> i think that is the strategy here. do i want all of 21st century fox? i suspect they have a priority list. some of the speculation is that -- and then maybe that best forgive to the private

equity or strategic networks for example. >> we have had one meeting to discuss fox. >> if you are having a serious conversation about what assets to make them happy, would you witht them to have more the department of justice? >> the council has given them an disney getting strong approvingom the doj the deal and its bid puts pressure right back on comcast. >> these are big companies that do a lot at once. it becomesfore

distracting for them. -- it could be become a distraction -- distracting for both companies. disney has already got its approval. upknow the bankers are lined in the balance sheet is ready to go. once they set a date, that will be there line in the sand. you.ank close is next. the three major averages less than four minutes. we will outline a fairly dramatic turnaround with the nasdaq looking like it will

finish down. from new york, this is bloomberg.

stocks rallied and traded

low. oil approaches $73 per barrel. >> if you are tuning in live on twitter, welcome to our closing bell coverage. with our market minutes. >> as you say this morning, we got the headline it looks like the president would not enact the most aggressive measures against china with regard to tech. >> the markets do not rate to

positively. is this isout to me the second day in a row we have had a negative reversal or stocks open higher and then went lower. perhaps not a terribly positive sign. it was tech that led the downturn. if you take a look at some of the large tech stocks that have been seeing we -- seeing the sectorending down. amazon and microsoft also on the decline. brands, one of the worst performers in the s&p 500 valued at about $10.9 million.

this will get further into the freezer aisle. that is because this ends up looking like a take under. let's take a look at the government bond market in the u.s.. the key thing there is you see on the screen the 10 year dipping by more than two-year which means flattening. go.e you we have a one-year chart. be on anue to flattening.

below.ead now commodities. oil having another nice day. inventory data in the u.s. coming in tight. remember, last week or a couple you -- we have fallen back into the 60's range and there was concern about supply. meetinghrough the opec and then inventory is declining and so now we are back to the race on west texas. you can see the dollar higher. on.yen was weaker earlier i think some of the drivers here

lower as you can see the u.s. dollar climbing the second day in any of the trade related currencies under pressure as you can see. dollarwant to show you can the as well. of course from a who knows with everyone continuing. let's wrap it up there. a quick look at what is going on in emerging markets. it is pretty clear.

>> those are today's market minutes. >> for more on today's market the markets bring in strategist. in their latest know, you point out that the s&p 500 has gotten defensive as a practical matter. effect has this had on investor exposure? >> you have a situation where if the s&p goes through a bear market, it will probably the worst men it would have normally done. i think an important focus has to be on the yield.

today, it is more like 15% or 16%. same dividend generator it once was which makes lower treasury that much more attractive. stocks looking really bleak, down for 13 straight days and today was actually the worst. what is going on here? what is your take? reigns.sion certainty in the .he yield curve

indicatedfed that has and have had to up the ante on that. i think that is a safe bet to go on so in a world of confusion and uncertainty, there is one thing that is reliable and that is the fed. if we want to look towards the yield curve as a proxy of what is going to happen, it is telling you the markets are anticipating a slowdown at some point in the future. thing we can one look at and say that makes sense to me. >> you saw a picture of this decline and look at what the fed is doing.

you can question any kind of slowdown that will knock them off. where is value at this point and where is value in the treasury market and that kind of environment? if the fed goes another 75 to 100 basis points, it will probably get up to a 2% raise. i think we will continue to see .he curve flattening if you look at today's, it is not that attractive and i thought we would see three and a quarter, 350.

i would be holding out for something like that. the equityut on side? going back to the idea of defenses, do you get defensive in the equity market? >> i look at the stock market in the broadest sense. if you look at the stocks and what they have contributed, that is overweighted. i'm not an equity strategist, more would be looking at defensive stocks. i have to say at this point almost across the board i am feeling defensive and i would

not -- the stock market is very vulnerable here. >> thank you for your insight. up we have three brilliant charts heading your way. cannot move a muscle. that is coming up in this is bloomberg.

>> the kobach feels like it is maturing. -- the pullback feels like it is maturing. i think it is a matter of days and with that in mind, we should keep that bias. what is very important is we had a long-term triangle formation and that is not just

intermediate, but the long-term. the bottomn that to of the consolidation phase. holds on theport intro week basis. happened,h it has not at that point, would your view change? a breakdown associated with a lot. that would be concerning to me. >> one area of strength, i just love this chart. >> it caught my eye because you

can see the short-term. test.ed to a successful the uptrend line is very much intact. -- ly, it is not necessarily a group that can outperform doing what they're doing, i do think it is a long-term trend with some promise. that this chart is going to tell us that rates will stay lower? about the 10nk year yield is it'll probably remain steady for the intermediate-term and there peoplee a boost and most

expected to be higher. to me, -- >> one sector that was on fire last year hurt, the emerging markets sector. this is really interesting. phase weve that major have gone through and that is view it as aause i counter move. think as the dollar index theoaches, it will see emerging markets start to stabilize. there are indications of the move being overdone. itas long as we see

stabilize. >> thank you so much for joining us. julie, back to you. >> you can see the charts and all the other charts we show on your terminal. you can also save charts for future reference. coming up, our exclusive interview with the prime minister of greece. from new york, this is bloomberg.

>> the prime minister of greece came in office and challenge berlin over his nations that among other things. bloomberg editor-in-chief said down with the prime minister of london with the -- to discuss leaving the program. >> the most important thing today is that this is the timetainty and at the same , it comes to an end. from 2019n the cost above 2019 a margin and 2022. the important thing about the end of this program is the greek

government commit to these goals and it comes to the greek -- greece ourselves. >> the other thing that happened upgraded.s the s&p are you likely to issue more bond because of that and when would you do it? i believe it will be very good news for the greek economy. yesterday, we showed the positive way that it had been received by the community. i think the busiest success is that it managed within a relatively short time to journalist,d as a you would like to approach this

physical form and of course, this was huge. now, we have surplus above 4%. please allow me to tell you that the most important thing about this was the structural reforms. the publicto perform administration regarding the texas and -- taxation system. reform.had a justice -- these are important sacrifices were worthwhile. we wille, we believe

not only reach the program goals, but also have the ability hasighten the burden that -- that has been caused. i'm very optimistic the community will respond positively. the fact the loans will be paid gives investors certainty to invest in greece. anothernk you just lost mp from your coalition. there are people who are looking .t you how do you see that? >> we got here having a very thin majority so i would like to

sure you we will get to the end. after all, you have experience here in britain. brexit, without even having majority in parliament -- parliament. i believe we will be able to get to the end of our term without any problems and we will have very important work behind us to convince the people comparing where we were to where we are now and where we will be at the end of our term. >> you talk about taking greece out of the eurozone.

how have you changed now? do you see the world in a different light than you did then? admitelieve you have to you were wrong back in 2015. politician that one of greece to come out of the eurozone. i thought personally to build a better europe, a europe that would not punish its people come in your with social justice and more democracy. >> that was our exclusive interview with the prime minister of greece. up next, union dues no longer your we will

discuss. this is bloomberg. two, down, back up!

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near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. trump says and replacement for supreme court justice anthony kennedy will begin immediately. he is stepping down with more than 30 years on the court. a divided supreme court today said government employees have a constitutional right not to pay union sees. laborls a blow to the movement. the case involved in illinois

state worker seen here leaving. takenected to the $45 each month. the illinois governor filed a lawsuit shortly after taking office in 2015. >> in the federal government, there is not a requirement to fund the union. already federal policy. the states already have this policy where they do not force it. >> president trump says he will probably be meeting with russian president vladimir putin in july. he told reporters the meetings

happen indiana for helsinki -- vienna or helsinki. the values of the united europe are at stake. in a speech to the at times and it, he said only 7% of migrants achieve refugee status. global news 24 hours a day, powered by more than 2700 journalists and analysts in over 120 countries. >> let's get a quick recap of today's market action.

up one halfinishing percent. tech was joined by consumer construction. >> the supreme court ended their practice of making the public pay -- paying dues. here with the reaction, president of the association. great to have you. are representing the decision. the estimatesat

vary clearly. preparing forn this case the last couple of years because the best antidote is the level with members and talk about what is going on. today, we've had union the in saying i don't want takeawayg billionaires these rights. amendment for the last 45 years or so, the supreme court has said that states who govern liberations --

union has to represent everyone. that is what was upset today. we think is most of our members are going to stick with the union. we've had the highest numbers that iser been at an why all day long people are saying we're sticking with the union. unions -- d about teachers union is growing. what you think we will see on the whole. >> what has happened in the last is that in the 70's, you saw a significant

demise in unions with globalization and different kinds of technology. thathas been happening is all unions across all sectors have been growing because millennials want that voice. over the last decade or so, we have transformed in being far more active because just like i , ourown on the border members want these people to the protected in with their families. it was about getting funding for salaries,t just for but our work is about what our

kids need and things like that. strikes inioned the places like west virginia and .klahoma the publicl of sector labor action changing so is way unions have operated a more aggressive or confrontational or social media driven approach to getting what the workers want? , ithe reason that happened will take the states that have multiple day walkouts and were supported by their employers. the rest of the united states is not catching up.

politicsn doing the and talking on legislative doors. they were not listening. i think you were actually see much more of that because this .hole issue about labor peace -- you did not see these kind of strikes and what , we foughtthe state to keep the requirement on ourselves to represent everybody. we believed we had an obligation to help with everybody's wages, so what happened is that you have safer communities, better

services because what union representation does is it gives people a voice and if they say , they won't get fired. ruling, theythis still get the benefits? >> in the state that have collective-bargaining. in these other states like west are two, there countries right now. there is places, states that have higher wages and better schools and there are states that don't.

sometimes that is correlated to read or blue. the states that have that are wages have collective-bargaining. that we are stronger together. historically, when unions were history inngest in the 1940's, 50's, 60's, we had the strongest middle class. they more union there's -- wages goion, the more up. >> it's interesting when you look at some of the rankings and beenublic schools have

rankings.n in perhaps the risk is that it is too powerful and you protect failing teachers. one 100th of the power people think we have. theou look at the rankings, states that have stronger unionization of the states that do better. if you try to factor out poverty apples and apples analogy with other countries, we would be on top. everyappens is we believe

single child should get a great happened, but what has , salaries were really low. to to three jobs. those are the safe bet have had weak labor laws. to your question, what happened it wouldle understood force a political solution. to get indoor and change you have to change the people who are elected. what is happening ironically is justice alito and justice kennedy wanted this case to take weout of politics and now

are going to be in politics even more. sure more kids have a peace, ap english, ap social studies. how do you make sure these kids have what they need? now, a lot of this is going to be salt on the streets. >> thank you. great to get your perspective. -- ave a program baker is adean cofounder for economic research. he should be excluded from inflation measures. this is bloomberg.

>> they cover letter president will hear the case for exploding housing. housingp will present inflation. dean joining us from washington. thank you very much. what is the argument for exploding housing costs? >> the housing market has a different dynamic. as beingof those

tossed driven. we see restrictive zoning .riving up housing prices it is really not a cost driven story so that they are thinking about, we have seen this higher arees in that is what they concerned about. that is not the dynamic we see at all in the housing market. they suffered a cyclical element that have put them on monetary policy. it is not even make sense for the fed to attempt to target

them? a news story.t of i would not have said this if we were looking back 20 years. relatively new story. andly look at the core rate , it issumer price index less than 1.5%. this has been zero celebration over the last four years. policy has been remain to take? >> exactly. it is productive in the sense rates, you raise

need more supply. >> the you think that the other prices you are looking at or all is other things, the fed sort of guiding be price? >> it is not that i expect the fed to decide what price should be in this market or that market, they are looking at prices in the economy and trying to keep inflation from getting out of line. if they were to start raising outsidere aggressively of housing, it is just 1.5%. >> federal reserve officials really like to congratulate settinges for

expectations and doing a good job. thatis the probability or sort of make a pretty big change to a key index that they are attempting to target? >> janet yellen was talking about re-examining the inflation target. the economy has not been acting has -- as they expected. , it was 5.4%. ofe, we have no evidence inflation, so i think they realize the economy is not functioning the way that models would suggest. >> there was an interesting story looking at the new york

city housing market which is not an easy place to build a lot of regulations. obviously, it is like a red flag. should be fed to be concerned with housing from that perspective? they certainly should. they were worried about the bubble and if the fed was not interested, they just said they will let it lapse. i think they should be on the lookout. i don't see much evidence of a bubble nationwide.

that is unfortunate for people in that particular market. >> thank you very much. experts have debated whether they should be destroyed. he with more from boston is bloomberg health care recorder -- reporter. available arey these viruses we are talking about and what did they do to try to combat the risk out there? >> thank you for having me on. what is readily available is dna. you can sequence dna faster than you have been able to before and

you can assemble base pairs are safe -- yourself. they make bacteria that can manufacture compound and things like rose oil. the fear is that if someone to make things like rose oil, they can make things like smallpox. scary.ly, that is there are steps in place now that would prevent someone off the street from doing that, but someone with a little more education and a lab available might be able to engineer these things. >> what is the red line here as far as securities are concerned?

how great is a risk that someone could develop a weapon that could be used against humans? >> met is really what raised a lot of red flags for people in the security area. engineer orle to stocks which is related to smallpox. viral experts. these were not people just .orking in a basement what i did under the direction

or -- director of national that would screen for orders for things like viruses so they are not going to unlicensed researchers. >> how exactly are they going about doing that? >> right now, you cannot go to the dna company and say i want the dna code for smallpox. that would be flagged under current protocols, but people fear someone might be able to reassemble that and so part of what this group is trying to -- algorithms that would flagged shorter dnas.

that is the idea. the other fear is that novel secret is, genetic code not found in nature, but which has ontoul function, sunlight that accidentally. thanks to our bloomberg health reporter. >> coming up, what you need to know. this is bloomberg.

stocks.er reversal in that is all for what you missed. >> have a great evening.

this is bloomberg technology. coming up, president trump steps back from china, deciding against the harshest measures for trade in the united they. -- , we