>> coming up on "bloomberg best," the stories that shaped the week in business around the world. president trump's angry tweeting. >> intention to make a deal today. we made the deal. >> the ecb keeps policy on a patient half. >> they know they fired the arsenal they have. >> china's central bank signals a shift toward stimulus. the lira shutters in response. >> investors are losing faith in the central bank's independence. >> reports coming fast and furious. >> we want to be a global carmaker. >> that was a disappointing result for us.

>> it maximizes the value for our shareholders after-tax. >> i am confident the rest of the year will be ok. >> in an interview, deutsche bank's chief executive insist the lender is not losing ground in fixed-income trading. >> they see us offering the full range of investment banking. >> perspective on the global economy from leading figures in banking and finance. >> it will be difficult for fixed income investors to do well. >> the outlook for commodities is positive at the end of this year. >> i don't see at this point, barring a trade war, any serious problems with the economy. >> it is all straight ahead on "bloomberg best." hello, and welcome.

i'm emma chandra, this is "bloomberg best." your weekly review of his miss analysis and interviews from bloomberg television around the world. let's start with a day by day look at the headlines. the week began with a flurry of sparring between europe, the united states and iran. >> president trump and the uranian -- iranian president traded -- comparing them to the mafia and accusing them of corruption and abuse. >> to the regime's prosperity -- to the regime, the population are casualties to fill the resolution -- revelation. >> "never threaten the united states again or you will suffer consequences the likes of which few have suffered before." >> you are seeing a coordinator campaign by the administration in the week since president trump back out of the 2015

nuclear agreement with iran, it is trying to bolster support among european allies around the globe to strangle iran's economy. they are re-imposing a set of sanctions next month and in november. that sanctions regime will not work unless other countries agreed to participate. >> alphabet, jumping as much as 6.1% in late trading after reporting a strong second quarter. google is raking in marketing cash from appetizers, helping them move past the regulatory troubles in europe. what is your biggest take away from this set of numbers? >> big surprise from google. revenue growing 26% year-over-year, despite the $5 billion fine coming from the european commission, which google is appealing despite regulatory concerns in europe, this business is growing leaps

and bounds. i had a phone call with the cfo of out of that she strongly attributed this growth to mobile. she said we are talking about the strength in mobile when the focus needs to be on innovation with mobile. can enhanced growth across platforms support those opportunities? >> china appears to be easing -- entering an easing phase, softer regulatory measures to loosen monetary conditions. this sounds like a policy shift. >> it appears to be edging that way, but officially, we haven't had an announcement around monetary policy changes. the pboc's official line is monetary policy is neutral. we did get a statement saying they wanted to see more proactive fiscal policy measures. they want to see changes to tax regimes, regulatory regimes, to help underpin domestic demand.

it was interesting, deleveraging wasn't mentioned in the statement. they did say they did want to see a daily news of stimulus -- deluge of stimulus measures. >> donald trump meeting with jean-claude juncker with tough words for the eu ahead of today's talks. the president tweaking the eu is coming to negotiate a deal on trade. i have an idea, both sides drop all tariffs and subsidies. that would finally be called free market and fair trade. >> i had intention to make a deal today and we made a deal. >> the big news is trump has pulled back his threat of tariffs on autos and the europeans have agreed to buy more u.s. soybeans and natural gas. we still have got the tit-for-tat with china going on that has not been resolved, but this is definitely good news all

around for the auto industry and possibly for some others going ahead. >> facebook shares tanked in after-hours trading after a lackluster second-quarter -- report. the first sign facebook is seeing disenchantment in the midst of public scandals over privacy and content. the tech giant missed estimates on revenue for the first time since 2015. >> revenue is up 40% year-over-year, but they did disappoint vis-à-vis expectations and that in itself is historic. >> facebook is down around 19 percent, wiping $120 billion from its might -- market capitalization. the biggest one-day loss in market cap in u.s. history. >> what was surprising was the incremental cost they are talking about. the cost in dealing with that it integrity issues last quarter, this time they put a number on it. expenses hitting a higher level

for a longer period of time than investors were looking for. still a tremendous amount of growth, but clearly a reset for a company's valuation that was at all all-time high and not expecting this discount all. >> ecb kipping -- keeping chain -- rates unchanged. president draghi has the market debating over how to define summer, and not this summer, but some are 2019. >> draghi and policymakers globally delivered what they wanted, a predictable and stable monetary policy outcome. they wanted to remove uncertainty around exit strategies. the have fired all the bullets, the entire arsenal they have and all it takes is miscommunication around the forward-looking component to unwind all that dramatic effort.

>> amazon investors have shrugged off second-quarter sales that missed estimates, focusing instead on soaring profit that came in at more than double analyst projections. >> historically, everyone has invested in amazon because of the top line. revenue has soared in 15 years but with little expectation in the near term. bear in mind, revenue still grew, it is slightly short of expectations. amazon was able to demonstrate that conflict the switch and ramp up that profitability. >> twitter has taken a hit. shares are plunging in premarket trading as the company missed estimates for monthly active users in the second quarter. they missed on monthly average users. they did well on daily averages, but killed in the free markets are. >> the real concern for twitter is size and scale. the numbers came in ok, but

investors for this particular name are always concerned in the back of their mind about scale, and is their place in the digital marketing place -- advertising space against the facebook's of the world? >> the proposal for accommodation between fox and disney has been approved by fox shareholders. a combination of the two is all but guaranteed, but not a done deal yet. >> know, look. with comcast pulling out, everyone thought this is what would happen and shareholders would approve this. the question now, all investor focus is now going to shift across the ocean and everyone is going to be looking at sky in europe and trying to figure out, is disney and fox done and they will sacrifice this and let it go effectively in a frozen sort of way to comcast, or are they going to outbid comcast to try

to take sky? we think they will try to still win sky, but we will see what happens over the coming weeks. >> beats strongest growth since 2014, economists suggesting this is as good as it gets. >> as the trade deals come in one by one, we are going to go a lot higher than these great numbers. >> this was a great number. no question, it was propped up by consumer spending and it involved a really solid revision to first-quarter gdp. we saw fixed investment missed. that has to do with low rates and tax reform. as you see fed rates raise and some of those one-off effects fade, you will not see quite these numbers. emma: still ahead as we review the week on "bloomberg best," a conversation with the new deutsche bank ceo christian sewing, who says they will meet short-term targets whatever

happens with interest rates. plus, goldman sachs sees the global economy reaching an inflection point. plus, earnings and more earnings. commodity prices and currency moves the em hard, dampening its forecast. >> we are seeing $1 billion of unmitigated headwinds for the year. emma: this is bloomberg.

emma: this is "bloomberg best." i'm emma chandra caret companies across the world releasing earnings reports this week. let's begin the roundup with some of the major european banks. >> more volatile market for ubs's investment bank, helping beat expectations, but that contrasted with the wealth plans unit which posted net yield

money outflows and missed profit estimates. >> this quarter had some seasonality effect. outflows were expected. we had run off outflows from corporate transferred stock option plan, which is an interesting business, but low margin. we had almost no effect on leverage, on lending so clients are very cautious. we also had a very good signal of good momentum for financial manager compared to last year. outside the u.s., we had almost 6 billion net new money. overall, i am still positive about our developments and we don't look at net new money on a quarter to quarter basis. i am confident the rest of the year will be ok. >> switzerland's third largest

wealth manager has boosted net new money in the first half, in line with the company's target. >> where are you finding these bankers? which is giving you the best yield? >> it is asia, the middle east, and europe. the many reasons they are attracted by our platform is the business model. it is a model that the private bankers life because they don't have to push our own product only. >> second-quarter net income beat the highest of analyst estimates. the spanish bank is confident they will achieve its 2018 goals. >> this is the first of many quarters we saw positive long growth in all our developed economies. obviously, we continue to see strong growth despite the elections in mexico, the

uncertainty around mexico and brazil in october. we look for healthy growth in the -- we saw healthy growth in latin america. this is on the back of positive growth in the number of loyal and digital customers, which grew in places close to 20%, but we have seen particularly in europe a better quarter, the best quarter we have seen in a few years. >> psa says its first-half profit surged on higher car sales and cost cuts. the automaker boosted its profit against raw materials. >> for the time being, we want to be recognizing that yes, we are performing well in europe and europe is a place where we understand our customers and can make great progress -- products with great technology and create value. that is the reason we are such a

big player in this market. that does not change our strategic plan where we want to become a global carmaker with cutting edge efficiency. that means we will continue developed -- to develop ourselves in china, latin america, eurasia, africa, middle east and india. this is what we are doing now, but for the time being, it is great to be a european carmaker and create value in europe. >> general motors announced second-quarter earnings, beating estimates for earnings per share and showing record returns from china and its financing business. also, it took its guidance for the year down. >> big picture, $1 billion of unmitigated headwinds for the balance of the year. some came in q2 and we expected to continue -- continue -- expected to continue for the rest of the year. roughly half of it is currency and primarily south america, hence our view it was prudent to recalibrate expectations for overall earnings this year.

>> ford reported results earlier this hour, adjusted earnings per share $.27, trailing estimates. ford cuts its 2018 earning outlook and season $11 billion restructuring charge over the next three to five years. >> the issue we had in china, as well as europe, those were the two factors behind the guidance change we provided today. they are really more about our business. if you look at china, we were down about 500,000 -- $500 million in consolidated and a joint ventures. an aging portfolio, we are under index in terms of the folio vis-à-vis the market. we had some capabilities issues and market sale issues with dealer profitability and stocks that we are going to have to

address, as well. these are issues we have to address and have a plane to do so. we are making progress, but clearly, that was a very different -- disappointing result in china because that is a very important market. >> eli lilly reports strong second-quarter reports, beating estimates on earnings per share and revenue and increasing guidance for the year overall. i wasn't the only announcement today. you talked about your health business, you will spin it off of an ipo. there was talk you could sell at for as much as $13 billion private equity. why did you decide to have an ipo? >> last october, we announced a strategic review with management and the board of this business unit. it had grown to be pretty substantial in scope and sale. -- scale. we look at holding it and selling it, and at the ipo path and chose that because it maximizes the value for shareholders after-tax. it also will give a lingo a

focus on its mission, to work with veterinarians to improve animal health and allow lily, the parent company, to focus on its critical mission, which is to keep producing life-changing medicines for patients. >> shall finally gave investors the share buyback they have been waiting for come even as profit fell short of expectations, and that is despite resurgent crude prices. the energy producer is starting a $25 billion per share repurchase program but the prophet was nearly -- short of the street's expectations. >> $4.7 billion of earnings is a solid result. if you look at integrated -- compared to the same quarter last year, up four compared to the same quarter last year. our business, more than 30% down, linked to a difficult

refining environment, a difficult trading environment as well. there are a few exchange rate effect that have a non-cash impact, therefore our earnings as a result of that are not as straightforward to predict as we would like, as well. >> intel tumbled in late trade despite beating estimates in the second quarter and reaping its full-year outlook. still seems there is uncertainty about the rest of the year. >> that is telling you not really a reflection on the performance in the quarter or this quarter. it is more a case of them not putting to rest some of the concerns that exist for the longer to medium-term future. >> the numbers were extremely strong in the quarter and for the first half of the year. we raised our outlook for the full year by $2 billion on the

top line and $.30 on the bottom line. we are building very strong momentum in the first half and in our 50th year since intel has been around, 2018 will be our third record year in a row from a financial performance perspective. we feel good about the momentum we are generating and prospects for the future.

emma: welcome back to "bloomberg best." i'm emma chandra. deutsche bank reported earnings this week and had its weakest quarterly results in trading since the financial crisis. debt income dropped 17%. revenue rose only -- 7% in the same period.

in an interview with matt miller, christian sewing sounded a note of optimism. christian: the core business within the core business of investment bank, we had a good quarter 2017, in particular credit rating. secondly, we went through a transformation in the second quarter, so you see one or the other adjustments we have done and therefore, we did it in one quarter. now we build up the capital, bring it back to the business and with processes we have, i am very confident we will see growing revenue in the business going forward. matt: you say in the press release you remain confident about maintaining your position as the fourth largest house globally in fixed trading by revenues. it gives you that confidence? christian: the clients we get. since i have been in this position, i have seen more than 150 clients globally.

they see us as the european bank offering the full range of corporate investment banking services. secondly, the expertise and products we have, and also if you look into the underlying business, into the developments we have seen over the last month, the last capital position we have, i am confident we can grow. matt: let's talk about the rate environment. we seem to have a clear path from mario draghi and the ecb. how confident are you we can see rates increase and how important is this to your business? christian: this management focus is now on the next 18 months. we have set ourselves clear goals for the next 18 months, for 2018 and 2019. we are saying we want to have a return on equity at 4% at the end of 2019 and that does not depend on a rate increase.

we have to plan what we can actually influence. that is cost, that is capital, and that is what we are doing. of course, it would be nice to have rates increase, however that is not in my hands and this is not an underlying driver of the next 18 months. to be honest, it is always hard to predict rate increases and this is not part of the plan of the next 18 months. emma: coming up on "bloomberg best," more of the week's top business headlines, including a national vote in pakistan. and the it is this world bids farewell to -- business world bids farewell to a legend. he passes away age 66. >> he was the fixer and had quite a job to do at fiat. emma: next, a range of expert opinion on the stage of global markets. >> at the end of the day, 16% correction is in the cards and could happen at any time.

emma: this is bloomberg. phones have made our lives effortless.

streaming must see tv has never been easier. paying for things is a breeze. and getting into new places is even simpler. with xfinity mobile, saving money is effortless too. it's the only network that combines america's largest, most reliable 4g lte with the most wi-fi hotspots. and it can be included with your internet. which could save you hundreds of dollars a year. plus, get $150 dollars when you bring in your own phone. its a new kind of network designed to save you money. click, call or visit a store today. emma: you are watching

"bloomberg best." i'm emma chandra. even with the u.s. and the eu declaring -- this week, tensions still cloudy outlook for many companies and business sectors. guests on bloomberg discussed the big picture of fiscal and monetary policy and its impact on global growth. starting with abby joseph cohen. >> overall, we are approaching a point of inflection. the really robust growth in gdp, and the really robust gains in profits, these are happening right now. we do expect this to decelerate and it will be increasingly clear in 2019.

i'm concerned about the nonfundamental factors that are so hard to quantify. whether it is the possibility of a trade war or something else untoward on the international front. these are things they could unsettle the markets. i am more concerned about fixed income than i am equities. francine: are you expecting a big correction in fixed income? how quickly could that come, and how disruptive within the for the rest of the market? >> if we look at what has happened, there has already been a notable rise in interest rates at the intermediate and long end. the flattening of the yield curve has not been good for fixed income portfolio investors unless they having careful and cautious, trading around, looking for opportunities in credits and so on. i think it will be increasingly

difficult for fixed income investors to do well. we are looking at global bond markets where government bond yields are negative for more than half of the developed economies. that is not sustainable. in the united states, we have seen a rise in the 10-year treasury yield of 3%. can it go higher? we think it will. we think 3.6% by the end of next year. we would be cautious in fixed income. it is not a large enough increase in interest rates to damage the economy substantially, but it can hurt fixed income portfolios. >> larry fink said if we go to a trade war between the u.s. and china, markets could be down by 10% to 15%. what is your call on the consequence of an explosion of these trade wars? >> you look at the performance of the market. it is up 20% or more.

at the end of the day 10% to 15% correction is in the cards and can happen anytime. >> would a trade war trigger that? >> there needs to be a war. it just needs to be a constant escalation. there is also potentially the need for the market to correct. i think it is in the cards. eventually it will be resolved, but our view is things can get worse before they get better. >> u.s. president donald trump will perhaps impose a 25% new tariff on european car imports and car parts imports. is that jeopardizing your plan and timeframe in terms of coming back to the u.s.? >> i don't think so. it will change the way we proceed and the way we do it. of course, i think globally if

we step back from the short period of time and look at it from a growth perspective, it is better we keep open trade in the world. i think it will create more wealth for humanity and create more win-win situations. stepping back, i think it is better, including for the u.s. citizens and the u.s. country to have open trade. i think that is better on the long-term. we recognize the current situation, and we will adapt our plans accordingly. >> will you go to canada instead? >> it's part of north america. >> it is possible you will put more investment into canada than the u.s. because of these tariffs? >> we look at it on the whole. both markets are important for us, and we will implement a strategy that gives the possibility to come to those two markets. let's be pragmatic. let's see how things will

unfurl, and we will see. >> the question is, in thinking about the outlook for commodities, are we at a turning point for the dollar? will the dollar get weaker from here? where is the fly in the ointment for the bullish view of commodities right now? it is a headwind created by the stronger dollar, a reflection in the weakness in demand from emerging markets. china more recently, you can add in brazil, argentina, turkey. the question i ask right now is are we on the cusp of a turning point on the dollar, which would be a reflection of stronger growth in china? >> are we? >> i tend to think yes. i felt comfortable saying that two weeks ago when we saw 17 consecutive days of selling in copper, i felt we had seen the bottom, but we had two or three more days. as you look at the chart of commodities, they have been bouncing around the bottom. why am i less confident today

than i was two weeks ago? it is policy paralysis or policy fatigue. you take oil. can it go above $80 right now? it is difficult given the administration is likely to go to the spr. can it go below $70? unlikely before the saudis step in. you are in a trading man across most of these commodities. the one thing we all likely agree on is china is likely to be successful in terms of policy. demand growth is likely to be good. you are likely to lose the iranian barrel. the outlook for commodities is positive at the end of the year. it is the sequence of events you go through to get to that positive outlook. there is a lot of uncertainty right now given the policy backdrop. >> have president trump's policies been a headwind or tailwind for you? >> i think, long-term, to be honest on the tax reform it hit us in 2017. that was the reason why from a pretax profit, it turned into a net loss. over time, it will be positive

for us and our tax rate. it does not impact our day-to-day business. on the trade side, that is something which is the underlying economy. i'm still of the expectation we will find agreement and the politicians will find agreement on the tariffs side that is mutually beneficial for the economy and deutsche bank. that did not impact our concerns. >> we are hearing concerns from german carmakers and other people in german industry about the possibility of tariffs. you lend more money to german businesses than anybody else. what are you hearing about the possibility of tariffs? >> everybody wishes these increases do not come because i'm convinced overall it is negative for the global economy.

on the other hand, i think, in particular, the german industry, the carmakers have shown not only resilience but flexibility and the adjustment capability. they came out not only as resilient but even more profitable. i do believe, even if this happens, there is the capacity to adjust, and i think we as deutsche bank will have very good business with our carmakers. >> i don't see at this point, barring a trade war, any serious problems with the economy. >> let me ask you about luxury. is this an area that just seems to be insulated regardless of what is happening and the global economy as long as you have demand from chinese consumers? >> nothing is ever insulated forever. the point i made before, as long as the global economy is strong, things will be fine. valuation will not be something

people pay too much attention on. if the global economy starts to slow or goes into recession, all bets are off. better to focus on what is going on in the economy instead of an esoteric question on valuation. >> we had charles demoss on the show earlier and he said -- >> i think i saw him last week. >> fantastic. one of the things he was talking about that you might remember is what actually led to the subprime crisis was the savings imbalance in the world. that is still present. is that is something that causes you concern right now? >> he's probably referring to what is called the debt super cycle, which has fueled the global economy for a long time. there is a very macro call to be made that the super cycle will end. it is such a huge macro call. who knows when it is going to happen? ♪ emma: this is "bloomberg best."

i'm emma chandra. let's continue our tour of the top business stories. now to italy, where fiat chrysler went through an executive transition and suffered a painful and permanent loss. >> fiat chrysler has named a new ceo as a health crisis left sergio marchionne unable to return to work. mike manley, a 54-year-old briton, takes over. he pins their hopes on the jeep rand. .- brandon

>> he was expecting to retire from fiat chrysler in april 2019, nine months from now. fiat chrysler, there were three top candidates. marley, who was picked. the cfo will stay and work with him. investors were expecting marchionne to leave. this comes as a surprise because marchionne was meant to stay another five years. this is why the reaction is much bigger for ferrari. >> the architect of the fiat chrysler's dramatic turnaround has died. sergio marchionne was 66. he took over in 2004. he spearheaded the purchase of chrysler. he was a bit of a turnaround king. >> he refered to himself several times as the fixer and hit quite a job to do at fiat. rescuing the company, arguably the most important emblem of italian industry for decades. he managed to start this

turnaround by extracting about $2 billion from general motors that gave him some financial leverage to start his turnaround plan. from there he took the bet on chrysler, created at that time the world's number seven carmaker. and off he went. >> qualcomm say its ready to abandon its pursuit of nxp. why did they make this decision before hearing from china? was it an nxp issue? was it something to do with the m&a landscape? >> i spoke to the ceo, and he said there are bigger forces at work. this is the geopolitical world we live in. we don't see that changing. qualcomm just moves forward, concentrates on what it is good at and tries to grow organically in markets like automotive. wherein said it needed nxp. >> the white house throwing a lifeline to farmers caught in

the crosshairs of the trade war. da announced a $12 billion aid package to farmers. what form will it take, and when will it be deployed? >> we still need to know a lot of details. the white house announced $12 billion in assistance to farmers. it will come in three ways. one is direct purchases of commodities such as soybeans, sorghum, commodities targeted under this trade action we have seen going back with china and other countries. you have direct purchase of commodities for food assistance programs and distribution. that can be everything from almonds to legumes and other forms of fruit and vegetables. finally you have trade promotion. the president's own trade policies are creating the situation, and that has a lot of republicans in congress concerned in terms of president and about the amount of money spent basically the bailout farmers. francine: theresa may is stamping her authority on britain's departure from the

european union. she says she is taking control of negotiations with brussels. that comes after months of tensions between the former brexit secretary david davis and may's chief brexit advisor. is it as simple as we will get a softer deal with the eu? >> we will see over the summer some intensive negotiations led by mr. robbins, the civil servant in charge of all of this. all under the auspices not of a slightly rebellious mr. davis, but all held very close by mrs. may at number 10. >> the eu has rejected mrs. may's proposal. the chief negotiator for the eu said he would never accept her customs plan. it means the british prime minister has to go to the drawing board 12 weeks before a brexit agreement is due to be signed. what does michel barnier take issue with?

>> what theresa may proposed is that brussels outsources its status collection to her majesty's tariffs and customs. there is simply no precedent of that of a country outsourcing its data collection to a third country. the eu says this is impractical. this will create bureaucracy for companies and there is no precedent and it cannot accept it. on banks, london proposes a joint board between the eu and britain on banking regulation. what mr. barnier says is the eu has a regulatory autonomy, its own rulebook for banks. >> turkey's central bank keeping its policy rate unchanged, defying market expectations and sending the lira sharply lower as president erdogan tightens his grip on the economy. it seems the investors are losing faith in the central bank's independence.

they were expecting a rate hike by at least 100 basis points and the bank failed to deliver anything at all. inflation is running more than triple the central bank's target rate. even though since april the situation has raised by 500 basis points, investors say more needs to be done to cool inflation. that is what they were expecting, but it seems the central bank had other ideas instead. >> former cricket superstar imran khan will probably not secure and outright majority. khan looking to be the leader, but there are allegations about the run up to the poll. >> to some extent this is normal in pakistan elections. khan had a big problem with the last election. diplomats, analysts say the

military is going into overdrive in this election. of course, khan denies those allegations. as we saw in the result looks like imran khan had a resounding victory but not enough to form a government on his own. he does seem to have the backing of the military. how strong the government will be, what policies it will be able to implement, that is unclear. mark: the boj offering unlimited amounts of bonds for second time this week. it was for it by speculation the central bank may consider adjusting its policy. the volatility this week, do investors really think the boj is going to tweak its policy next week? >> at this point, there has been so much speculation about some sort of a fine tuning in the bank of japan's stimulus program at next tuesday's meeting that it would be a surprise for most

market players if there is no change whatsoever. for now they have telegraphed today and monday that the guidelines are the guidelines, and they are ready to enforce them. on monday and today when yields started getting further away from 0% on the 10-year bond, they have come in to offer an unlimited amount of bond purchases to prevent a breakout in yields. emily: tesla alarms investors again amid reports that the company is trying to get refunds from suppliers. tesla's shares dropped on monday following the release of a memo for the car company requested a return on a "meaningful amount of payments since 2016." >> if you're an investor and concerned about their cash position, you can say it is great.

they are taking advantage of the leverage. if you are running out of cash, you have more leverage in negotiations, and they are getting a discount. on the other hand, it does not look totally sustainable. we are seeing a lot of stuff from tesla over the last few months from workers describing very long hours, to elon musk describing long hours, the supplier issue. there is a lot of stuff that feels slapped together. that could be bad for your point of view or a sign of company that is just doing everything it can to get it done. >> bp made its biggest deal in almost two decades, agreeing to pay $10.5 billion for most of the onshore u.s. oil and natural gas asset. they give the london-based energy giant a part of the permian basin, west texas and new mexico. >> analysts are looking at a $9 billion value. what you have seen from shares today is a test gone down on the bp side but up on the bhp side. >> we know the value is

significantly above that, just from the assets we farmed into back in 2014. we were able to double the flow rates with the team we brought into our own lower 48 business four or five years ago. dave lawlor from sandridge. there are major upsides. ♪ >> take a look at the imap of

the bloomberg european 500 index dividing winners and losers by industrial groups. you see financials are doing quite well this morning. you can see this sliver of bright red in i.t. emma: there are about 30,000 functions on the bloomberg. we always enjoy showing you our favorites on bloomberg television. maybe they'll become your favorites. here is another function you will find useful. quic . it will lead you to quick takes where you can find important context and fast insight into timely topics. here is a quick take from this week. >> when you think about your body, it may come as a surprise that half of you isn't really you. by quantity, only about 50% of the cells you carry around are human. the rest are microorganisms living on or inside the human body. that might sound unsanitary, but most are harmless or beneficial. in our efforts to kill the bad germs, we are also killing too many of the good ones. it is hurting our health.

scientific findings of draw connections between human microbiota to infectious ones, noncommunicable and psychiatric disorders. >> it is a rapidly developing field. the excitement is to understand that all these germs are, what they do. it is like another organ. >> the average body harbors 38 trillion microbiota of all kinds. they mostly live in the gut. individual therapies will take time to develop. fecal transplants have already shown promise against one that kills about 30,000 people year of the u.s. beyond specific treatments, one aspect of the microbiom has become clear, diversity matters. the leading cause it thought to be an excessive of antibiotics in medicine and agriculture. >> the most important thing to

remember is for your own sake and for the sake of all of us it's important not to overuse antibiotics. >> people in developed countries spend less time outdoors and have less exposure to animals. factors that may decrease diversity of microbiota. study suggest that growing up with a dog lowers a kid's chances of having asthma. go ahead, play in the dirt, and don't be afraid of some dog kisses. it is good for you. emma: that was one of the many quick takes you can find on the bloomberg. you can find them at bloomberg.com, along with all the latest business news and analysis 24 hours a day. that will be all for bloomberg best this week. thanks for watching. i am emma chandra. this is bloomberg. ♪

but you begin building other companies. is there something in your life you haven't achieved? the verge of going to space.