david: coming up on "bloomberg best," the stories that shaped the week in business around the world. turmoil in turkey. each day brings new twists as investors look on with alarm. yousef: the market reaction really tells a powerful story as to the insufficiency of the latest move. mohamed: turkey is trying to rewrite the crisis management chapter in the playbook for emerging markets. david: the u.s. and china resume talking about trade talks. cryptocurrencies go on another ride, and elon musk's plan to take tesla private puzzles the public. max: the sec is taking this to

the next level. it has become a more serious investigation. keith: tencent and walmart lead a parade of earnings reports. selina: we are seeing this first profit drop in a decade send shockwaves. ken: this is likely the earnings peak in retail earnings. scott: the challenge of getting excited about equities, all the investing in e-commerce. david: it is all straight ahead on "bloomberg best." hello and welcome. hello and welcome. i am david westin and this is "bloomberg best," your weekly review of the most important business news, analysis, and research from bloomberg television around the world. from the moment markets opened monday, the focus was on turkey. a country in the grip of political and economic crisis. nejra: the turkish lira on a roller coaster ride this morning as the country's central bank announced a list of measures it will support financial stability

and proper functioning of markets. president erdogan has defended the turkish economy, accusing the united states and others of waging war. yousef: the central bank, doing something but not with the market was hoping for. it was described as something is better than nothing. they are freeing up liquidity, $6 billion worth. the banks have parked less capital with the central bank. they said they will do whatever is necessary to preserve financial stability, but not the interest rate it has been that has been a issue for president erdogan, who said it was a tool for explication over the weekend, and the market reaction tells a powerful story as to the insufficiency of this latest move. cameron: you've got private sector foreign-currency liabilities representing a large percent of the gdp. they face sanctions from the u.s., which obviously doesn't

help. more importantly, the president, president erdogan basically telling the central bank not to raise interest rates. that is fundamentally the issue here. foreigners aren't rewarded for taking currency risks. david: turkish president, recep erdogan, is again sounding defiant in the face of pressure from the united states. erdogan said turkey will boycott iphones and american electronics, and the country will stand firm. yousef: this really took the rhetoric to a new level. he has always been known for speeches with fire and fury, but a few key points show that it is a much more nuanced, but very targeted messaging he is pursuing. you mention some of the key points, also threatening they will be boycotting american product. another key point, saying the u.s. has been targeting many economies around the world.

>> the threat was met from a simple message from white house adviser john bolton. the u.s. will not negotiate. bill: this raises a lot of questions about where nato is headed and if turkey fits into the alliance at all. second of all, on the face of it, it is a remarkable dispute, because you essentially have -- the u.s. has said it wants this american pastor, who has been detained for two years, back. the message from john bolton to the turkish ambassador was we have nothing to discuss until he is released. we really appear to be at a stalemate here. jonathan: turkey is still trading blows with the united states, announcing tariffs on $1 billion of american goods, including cars and cosmetics. kevin: president erdogan doubling down on his criticism of president trump's decision to implement tariffs from the u.s. let's look at what the latest tariffs on u.s. goods are. cars, cosmetics, 140% tax on out

and 120% on cars. henry: the real question in my mind is thinking about turkey g8 -- turkey geo strategically. it puts turkey in an important point from a western standpoint. you have seen it back off from nato and is turkey's overtures toward russia, arms purchases come a step in that direction or is it going to remain western focused? marcus: turkish lira gaining ground. authorities making it more difficult for banks to shore the currency. they have done a de facto rate hike, but gone around it by making it more expensive to borrow against the lira. if they did hike interest rates properly, it would be a major step forward for turkey and we would see a wider e.m. rebound. scarlet: u.s. stocks on a

broad-based selloff domineering declines around the globe, commodities as well. materials and energy stocks are the worst performers because we are seeing weakness and metals. romaine: when you look a lot of the base metals, copper and even the precious metals space in gold, you have to wonder what it is telling you about the economic picture globally, particularly in emerging markets nations and in asia and whether this will be something that is more worrisome in the u.s., as well? manus: turkey is getting some outside help. as much as $15 billion in the country. president erdogan reached the rewards of standing by its gulf ally in the diplomatic standoff with saudi arabia. $15 billion will not be a check, but a sentiment about investing and standing by your neighbor. alaa: it is a search for allies. you said they are reaping the rewards of the qatar boycott. one of the things that came from

the qatari side, not the turks, the $15 billion is coming in projects, investments, and deposits. we're still trying to figure out that division of the components. matt: prime minister merkel is reminding president erdogan he has a potential ally in his country's biggest economic partner. a meeting of finance ministers on a phone call yesterday. she has had her issues with erdogan and now, it looks like she is offering him an olive branch. tony: a line from german officials, people close to angela merkel that there is no aid on offer. nothing like $15 billion from erdogan's friends in qatar. even anything much less, but there is a notion of an olive branch and germany also has huge economic ties with turkey. shery: president erdogan dispatched his treasury and finance minister who is also his

son-in-law, to calm investors on a conference call this morning. justin: he was defensive about the economy, talked about the strength of the banks, roll up capital controls. he said turkey will now address its vulnerabilities and put plans together to shore up inflation and to address the fiscal imbalances of the country is suffering from. julie: trade talks between the u.s. and china are back on. the reaction from wall street, cautious optimism. it is talks about reopening more substantive talks. sarah: exactly. this is a step in the right direction. china and the u.s. are talking again. these trade negotiations broke down two months ago and were at a higher level, the ministerial level, when the announcement was made that china's vice minister of commerce would meet with a fairly senior treasury official for international affairs.

it is a glimmer of hope at least that there can be some solution. it is not to say these officials are just bureaucrats who will be pushing paper. they definitely have some sway, they have the ear of the ministers above them, but again, it is not at the highest levels, and i think for many people, this is almost a signal of not setting hopes too high of having deliverables at this meeting, but really paving the way forward to get talks started again and see what the sides are willing to offer. jonathan: president donald trump prodding china to offer more at the bargaining table as the countries prepare for their negotiations for the first time in almost two months. pres. trump: we won't do any deals until we get one that is fair to our country. peter: you hear a lot from china about the thucydides trap. the rising power will always come into conflict with the incumbent power and this leads to war. they are pessimistic about that. americans say no, the u.s. is

not trying to keep china down. it is just trying to get china to follow the rules by allowing protection of intellectual property by american companies and by giving equal treatment to them in china. david: still ahead as we review the week on "bloomberg best," much more on the turbulence in turkey with insight from mark mobius and mohamed el-erian. plus, an exclusive conversation with an expert on cryptocurrencies who says market bubbles are actually good for the sector. joseph: it brings entrepreneurs, developers, it brings money. david: next, more of the week's top business headlines. hedge funds disclose their holdings for the second quarter end. the trend may not bode well for tesla. brooke: fidelity cut their position by more than 20%. david: this is bloomberg. ♪

david: this is "bloomberg best." i'm david westin. let's continue our global tour of the week's top stories in silicon valley, where elon musk insists he has financial backing to take tesla private. the devil, of course, is in the details. selina: elon musk is elaborating on what sparked his move to take tesla private. the electric carmaker's ceo said the key to the gambit was the interest shown by saudi arabia's sovereign wealth fund. the fund recently bought a 5% stake. elon said he is continuing talks with the saudi fund and is talking to other large shareholders. do we have any idea who the large shareholders are and how far along these talks are? max: no. no, we have no idea about anything, in fact, and even with the information that came out this morning from elon musk's blog post, there is a wide range of possibility that could've happened.

i mean, we know there was some kind of concrete conversation between the saudis and elon musk. i believe on july 31, we don't know if they talked about price. the blog post said there was due diligence needed and some very vague things that needed to happen. we don't know if they came to any agreement. julie: tesla's chief executive officer tweeting and blogging about how he will pull up the largest leveraged buyout of all-time. in the last 24 hours, he clarified the interest secured tweet, saying there is "no question a deal with the saudi sovereign fund could be close." then we learned tesla has formed a special committee to evaluate taking tesla private. explain to us the role of the committee. david: it is sort of routine here. whenever there is a buyout of any kind, the board has to make sure they are representing the

shareholders and not just management. they will make sure this is really a good offer and a good structure for shareholders. from there, we have to figure out how elon will fund this thing, what shareholders will turn their public shareholdings in for a private stake in this company, and see if there is enough of them so elon doesn't have to raise $70 billion to get this done. ramy: to tesla now, and the tale turns another page with the sec said to have sent a subpoena over elon musk's tweets about securing funding to go private. what does this subpoena actually say about this investigation? keith: what it says is the sec is now taking this to the next level. it has become a more serious investigation. they will look deeper, particularly at the part of elon musk's tweet that says "funding secured." he seems to be getting ahead of himself and what he is putting out on twitter is causing the alarm with the sec.

david: hedge funds closed the second quarter. let's talk about tesla in particular. people got rid of some tesla. brooke: big holders. fidelity cut their position by more than 20%. this is obviously before all the fracas around elon musk's plan to take tesla private, but this is notable because his plan depends on these big equity holders rolling over their stakes in to whatever the new tesla looks like. david: what is going on with facebook? brooke: a number of people bought facebook and people who sold their positions. you had george soros, d. e. shaw, all building holdings of facebook in the second quarter, and it seems those hedge funds that were buying came in after the cambric analytic a scandal, maybe saw the low point as an opportunity.

if you bought on the earlier end, you may still be in the green. jonathan: the trade spat with the united states takes its toll. the euro zone, growing faster than initially reported in the second quarter. what is going on with chinese economy, and what is in their control and out of their control? tom: people talk about china being buffeted by 20 sharks. deleveraging at home and trade war being imposed on them in washington, d.c. when we look at the week data out of china for july, it is the deleveraging which is the real driving force for the weakness. trade war is a risk, but the tariffs in place so far are too limited and have been in place for too short a period of time to really start biting into the numbers. piotr: the main reason why the euro zone economy grew faster than previously anticipated was germany. the second quarter data was

surprisingly positive. the main reason we look into the difference of the numbers is actually consumer spending and government spending, as well, that improved, which is good news. that shows the economy can grow on its own from the domestic strength, and despite all the fears about the trade wars. ramy: petrochina is said to be planning a temporary halt of purchases liquid natural gas from the u.s. to avoid potential tariffs in the trade war. sources tell the unit of state-owned will increase buying from other countries or swap u.s. cargoes. how will halting u.s. imports affect petrochina? stephen: the big thing that will happen is china is going to try to mitigated as much as possible. the sources i have been talking to are saying it wouldn't be hard for china, which just imports about 5% of their lng from the united states, to swap cargoes with other suppliers or buyers in the east asia region

to minimize cost. right now, it looks like the strategy may be able to hold off large impact on the company. >> argentina has taken emergency measures to stabilize the peso. raising interest rates five percentage points and announcing an fx auction. these unorthodox moves come in response to the turkish lira's downward spiral ripping through emerging markets. felipe: what you have seen in latin america is when you have these kinds of negative external shock, most countries would allow the currency to devalue weight and absorb most of the external shock. that is how policy is supposed to work. you have argentina, where the currency has depreciated by almost 40% since they hiked interest rates from 23% to 40%

back in may. since may, the currency has appreciated another 40% or almost 40%. clearly, that was not enough so they have to think about alternative measures. francine: shares in the parent company of the operator of the bridge that collapsed in genoa have lost a quarter of their value this month, as the italian government began the process of revoking a toll road concession. bloomberg says the board is planning an emergency meeting to assess the impact of the disaster but not until next week. of course, this is a human tragedy, a tragic loss of life, so we can't forget that, but if you look at the markets, atlantia was down some 25% on this license revoking concern. can the government unilaterally revoke it? will they have to pay damages to them? greg: they can revoke it and, according to the terms, they do have to pay damages. if there is no penalty reason

that would allow them to revoke it. at this point, we don't know what the entire parameter of what the government is talking about is, but there is no question the company will strongly defend its interests. nejra: bayer shares plunged by the most in 15 years. investors weighing the costs of a legal battle after monsanto was hit with $259 million in damages. this on the news that roundup causes cancer. do investors expect this to hit the bottom line? naomi: investors are worried about uncertainty here. they are concerned about potential legal liabilities. they are concerned this could lead to a wave of other lawsuits, and that even if this verdict doesn't stand, bayer may need to pay settlement costs for other suits. jonathan: president donald trump says he has asked the exchange commission to and quarterly

reporting in order to ease regulations and spur growth. we have to draw a distinction between ending quarterly guidance and ending quarterly earnings. peggy: there is a difference, and this would be a bigger seismic shift if we ended quarterly earnings reports and go to twice-a-year system. we have been hearing from a lot of investors. they do feel the pressure on earnings these days on the stock price every quarter is really holding back companies from putting more money into research and development, which could in the long run benefit companies more. on the flipside, this could reduce transparency for shareholders on what is going on inside the companies, what executives are doing, how they are getting paid, and what the value of their shares actually is. ♪

david: you are watching "bloomberg best." i'm david westin. cryptocurrencies whipsaw this week. the market lost 10% of value in a 24-hour stretch before recovering. suffered.d ethereum erik schatzker spoke with ethereum co-founder joseph lubin, who wasn't fazed by all the swings. joseph: this is something we have seen so many times in the blockchain ecosystem since 2009, when bitcoin was invented. we have seen rises and falls. we have seen what many call bubbles, and i would agree. erik: that what happened last year was a bubble? joseph: we have seen six big bubbles, each more epic than the previous one. each of these bubbles are astonishing when they are happening, but when you look back, they seem like little pimples on a chart, really,

because the growth has been exponential. each of these bubbles has the advantage of bringing attention into our ecosystem. it brings entrepreneurs. it brings developers. it brings money. it brings the prospect of building fundamental infrastructure and creating more value, so what we have noticed is with each of these bubbles, we have a tremendous surge of activity, and that is what we are seeing now. so we had a big bubble. i think we are something back -- back to something like november, december prices, which we thought were incredibly high. since then, we have probably seen two orders of magnitude -- increase in developer activity, increase in scalability, technology. it is actually going quite well. erik: does it worry you at all that the developers, the entrepreneurs, the talent, and the money that enter the crypto

ecosystem on the way up exits on the way down? joseph: no, we are not saying that. we see trader types feel like their fortunes are rising and falling with the price of bitcoin and the price of ether. really all of these tokens are incredibly correlated. so it is really the trader types that are moving them around. erik: don't you feel it too? joseph: not -- erik: on paper, surely, when ether is at 1300, you are a much wealthier man than you are today. joseph: sure. we can look at the price and make growth plans and projections, and we are still on track, basically. david: coming up on "bloomberg best," some telling conversations around the week's central stories. investors, analysts, and policymakers talk turkey. the cause of the crisis, immediate effects, and the hard lessons. dan: people's understandings of the collaterals they are financing and the rates are starting to converge.

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near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. >> welcome back to bloomberg best. on the week,ck turkey dominate discussion on bloomberg television and the implications of that nation's crisis is far beyond its borders. it highlights from some of the conversations of the week's hottest topics. >> it seems like this is a really unique set of topics. is there any other president we can look to in turkey or in other emerging markets that can shows a way out of this crisis. -- >> i think emerging markets have been through this crisis. >> exactly like this?

>> policymakers seem to be responding in a way that markets are wanting to see. --have had very wrote currency boost. they kept interest rates very high. >> which turkey is not doing, or said it will not do. >> some governments have managed to get through this, brazil and russia had currency crisis is in 2014. . the thisshift toward good. turkey seems not to be doing that. >> i did not realize that trump would be so tough. in getting his return. bargaininga real taking place between the two leaders. both of them are strong and not

willing to compromise. banks --about turkish do you have a comment on that? would you be taking the money out from under your mattress question mark --? >> i got most of the money out, i'm keeping some end because i think turkey is going to be an interesting market to be in. , in myse, you're losing case, i have united states dollars. i'm in pleaded shape. i'm concerned about currency controls. this is something that we would have to look at. >> i think that is the story of this potentially damaging to the world economy. in particular, to the developing

world. >> we are back to mercantilism, we are in some ways dealing with at this morning. do you link it to turkey? or can you link it to the fact we are back to mercantilism? >> well, we have been affected by currency instability. the south african rand has gone down to 14 something to the dollar. as a result of the contagion from turkey. we are affected, more fundamentally ourselves, we have that theect to tariffs unite states has imposed. they have imposed them on us as well, not other developing countries or other developed countries.

we have been subject to those. we don't plead that we should have been. but we have been. investigationer for people to tariffs -- punitive tariffs. >> the emerging markets, like many other markets have had far too much access to the capital. in the case of turkey, they took and putfurther desires optionality is expensive. that indicates that the investor community can not only type but is also ready to move down. we are not people who bet on those currencies, if these them -- them toused him

hedge other risks that we have. in sympathy with the turkish leader, or our ability to hedge suddenly became far more difficult because market makers simply went away. >> so the psychology that is exposed, there is a sentiment that is exposed by the sort of reaction, how much further do we have with that? are we foretelling something here? in the broader market? whether unclear to us we are in the ninth inning of the first game of the first inning of the next game. that people'sst understanding and the rates at which they are financing at are starting to converge. markets,ked about which ones are flashing on your dashboard as once to be content about? -- the the past about

immediate contagion face in turkey? >> we seeing a turkish black safed -- south african rand was most vulnerable. -- we have seen in general -- >> how week does the euro get from year-to-year? talking about 110 on the euro-dollar, what is your goal? >> i think some of the so -- concern in the near term -- because right now we are not seeing any affects of the economy in europe. they're also going to stress -- we're looking at price stability

and we are on target there. >> what would you do for exposure to a country like turkey at the moment? overexposed to turkey, i would reduce exposure. turkey is trying to rewrite the crisis management chapter. it is trying to go without interest rate hikes, it is trying to do it. that is hard. it is not impossible, but it is hard. if they continue to explore what is very unorthodox management, how bad does it get in turkey before it gets better? >> the major concern when you look at these things is technical dislocation becomes financial dislocation.

it plays to the following channels. massive pressure on the banking systems, increased dollar eyes asian. then recession, that is what turkey must avoid. they need a circuit breaker. they need a solid circuit fromer to stop contagion becoming economic and financial disruptions. >> what i hear is idiosyncratic, -- gone beyond idiosyncratic? >> yes. you see it going up across the board. we are in the midst of a contagion face. it is impacting both strong and vulnerable economies. that's going to provide opportunities. great, be saying this is the market is not distinguishing

between strong and weak. we have gone beyond that. we are in the midst of contagion right now.

>> you're watching "bloomberg best" chinese tech giant was one of many firms reporting quarterly results. >> the crackdown on online gaming in china -- the chinese internet giant suffering its first job in over a decade. to -- toruggled monetize some of its most popular online games. was this the reason the results disappointed? is it likely to weigh on results in the coming months and quarters? >> we are certainly seeing this

-- sent shockwaves across the community. fore already expectations regulatory changes, what we are seeing is even worse. core, it is a gaming company. it has significant revenue and profits from gaming. the profit -- the fact that they cannot profit from their most popular games, that is a huge problem for them. >> wal-mart rebounding, the world's largest retail having its best quarterly sales growth in a decade. online shares soaring. >> is a till of two companies. they are performing amazingly. turned this company around over the last couple of years. the challenge in getting excited about the equity is about the investing the company is doing in commerce.

the company loses one and a half billion dollars. -- in fact, the losses are want to be more than they anticipated. that is the challenge as an investor, looking at walmart. we have this great supercenter business running really well. and we have all these losses on the other side. concerned about the department stores spending and its shares are sliding. have estimates for five consecutive quarters and they are not convincing investors, what is the problem? >> they raised guidance three times too. all the news coming out was extremely positive. i think it may have to do with the fact that if you look beyond the second quarter into the second half, this is likely the earnings peak.

the index is going to be up 19.8%. it is unlikely to come close to that in the back half of the year, that will be the case for a lot of retailers. amazon which is constantly present. maybe that is what investors are looking at. home depot's second quarter represented a bounce back after a slow start to the year when bad weather cooled construction projects. what caused that blip that allow them to recover in the last quarter? >> in the case home depot, we saw an unseasonably cold winter that drag on. there were declines in the gardening department. that youhose declines saw in the gardening department, sales would have been where people expected. we saw them make up those sales in this quarter, as i had expected they would.

sales were up double digits, really strong. we had an inkling that that was coming. overhaul of the computer networking product will keep boosting corporate demands. also reported sales rose for the third straight quarter. >> we have clearly driven a significant amount of innovation , our team has been an amazing job. at the same time, we had a strong, global environment to operate in. we obviously have dynamics with the rising dollar, uncertainty in some of the emerging countries. we have the tray dynamics. those are things that we do not necessarily control. we will have to deal with those as they evolve. right now, things feel pretty good.

>> it is the end of the road for chips, sales of graphics two minus. it had expected about a hundred -- only managed 18 million. that revenue likely to disappear entirely going forward. what is that mean for bitcoin we are seeing>> bitcoin grow since last year. it does not feel as hot as it did. we have seen currency drop as much as this in the past. we are seeing a drop more than 90% and come storming back. months -- the coming the coming months will be telling. beat their highest estimates

any potential $700 million u.s. expansion. >> we are very happy with the numbers, it has been a great result, a very strong result. , we'vee softer in asia pulled together a very good result. denmark's as the world's biggest wind turbine maker. the trade war is unsettling the outlook, the company came through on its guidance on revenues and marching, a lot of what you said this morning -- what is it with the outlook you posted today in the biotech you posted today that you think is encouraging people to buy the stock? >> high activity in the markets.

leading to a record high, i think that is a strong message. >> industrial services provider has reported a quarterly net profit for the first time in over a year. through your return to profit and your outlook for building on that in the future. >> we are up 20%, revenue up to percent. -- revenue up 10%. it shows that we are on the way to delivering our 2020 strategy. with the kind of business we are in, industrial process businesses in europe and in

north america, they are stable and continue to drive orders. business is booming? $11 billion in legal sales this -- bythe 75 billion i 2030. the latest investment comes from a grown up beer maker constellation brands. making a $3.8 billion that, the company --gest trade beverage company. >> this is the first opportunity for an aligned and complementary type thing since prohibition. since the end of a type of prohibition, at least on cannabis. we see it as a chairman this opportunity to add to our portfolio. it, buts no alcohol in

no calories. causes friday night to be uplifting and positive, you do not get sleepy, you get happy. if i can make that and make it consistent brand and delivery to you for the type of purchase you want, that is the future. it is the reason i like compilation. arkin -- >> a sudden shakeup in next week -- netflix. wells said he's leaving for philanthropy. how sudden was this? how surprising was his resignation? >> this was a surprise, i do not think anybody was looking for this announcement. there had been no speculation about his leaving. the stock has pre-much unchanged, indicating the market perceives this as a orderly transition.

he is going to stay to handle the transition. it appears to be a surprise but not a big deal. from the nasdaq, energy industry. core, --on its , toook at all options create the messiah pressure holders. not a lot of people -- companies have a strong balance sheet. merger, which would mean that we will -- we exit think this is a good up -- solution.

it will allow us to remain invested in the company, in the coming years.

>> you can follow more on this story and all of the trading at our live bird -- blog. you can get a market rundown on one click, commentary and analysis from bloomberg's expert editors. about 30,000 -- really show you are favorites on television. here's another function you will find useful, it will lead you to our quick takes, you can get

important contacts and timely topics. here's a quick take. >> personal data does not get much more personal than this. that is your dna. consumer testing company is promising -- to reveal your heritage. call direct to consumer genetic testing. sales are projected to triple in the next five years. after the test is done, the companies still have your genetic data. read the policies for an issue -- any of these companies, they outline the reason you might want to think hard before you purchase. -- to provide them data to develop drugs.

>> these agreements, which consumers must sign, say companies may have to share data with law enforcement. they have not complied with requests, but they may not need to. countyce in sacramento --ieve they crack the county the case of the golden state killer. congress passed the genetic nondiscrimination act. >> there are some loopholes in that law. they could use your genetic information. >> at least the products do it they advertise, right? well, yes and no. >> one thing they can tell you is other people you're closely related to. after that, you get declining accuracy like every other application.

>> for example, breast cancer. your negative for one kind of breast cancer, but maybe are at risk for other conditions, they are not all well understood. >>some companies -- does not say- it effectively how you should be eating or what skincare products you should be using. >> if you decide a dna test is not for you, you might want to convince your relatives as well. their dna could reveal a lot about you too. it is not just personal, it is familial. >> that is one of the many quick takes you can find at bloomberg. you can also find them at bloomberg.com along with all the latest business and analysis.

that will be all for "bloomberg best" this week. thank you for watching.

jonathan: from new york city, i am jonathan ferro. with 30 minutes dedicated to fixed income, this is "bloomberg real yield." coming up, u.s. strength in the face of fragility elsewhere. can america keep decoupling? wrapping up a messy week for emerging markets gripped by bearish sentiments. and looking ahead to chair jay powell's speech in jackson hole, wyoming. we begin with the u.s. decoupling from the rest of the world. >> the u.s. is enjoying exceptionally strong growth. >> it's part of the divergence, one of the themes for markets in