was a report on cnn that the fed was consistent. quincy: the point is, looking at the minutes, there have been so many fed speakers since the meeting that we know what the now.s thinking even in terms of the balance sheet, it's a big different than autopilot. on autopilot, as far -- it has all changed. what about october 3? we are along with from neutral. that changed as well. maybe it is just the translation, but the markets spoke and said now we get you and now we understand. caroline: the market still thinks the fed got its back. jay powell can breathe a sigh of relief that his talking up the

market has continued to be sustained. we are of a quarter percent on the dow jones. maybe there's a diversification between small caps and big caps at the moment. definitely still seeing the outperformance. the russell 2000 is up about half a percent and you see this on a day-to-day basis. a small stocks outperformed by a small amount. caroline: let's dive deeper into the action. lisa: i want to piggyback on what roaming was watching. -- talking about, which is the airlines. how much is the government shutdown to blame? what's down that's on first quarter. spirit, the competitor for the low-cost kind of passenger, seeing an even bigger decline of nearly 7%. the board has been a fairly good ,ear so far for the airlines but not for spirits.

liking behind a nearly flat on the year. southwest is up more than 17% so far in 2019. emma? at what is called the global stock market moment of truth. it appears we are there. i'm talking about the msci index. we are approaching 500. the question is, whether or not we can stay there. history would suggest not. taking a look at this chart on the bloomberg terminal, the last three times we hit this level since september, the global market has retreated from that. now, we look at the gloomier economic picture. even in the u.s. looking at retail sales numbers, suggesting. a slower global economy in 2019. , you focus on the u.s. were all discussing the post-christmas whammy in the u.s. stock market being predictions ofhe

jay powell. we are running out of catalysts to push global markets any higher. abigail: that all world equity index is very interesting in terms of heating -- hitting the resistance. there is no resistance in the e.m. index. overall, you see a down trend, down about 10% over the last 12 months. the fourth quarter was especially bad, but this year, rebounding more than u.s. stocks. 1%, sayingore than are cheeringets the fed's recent decision in january, even if new information didn't come out of the minutes. above 1100, but the long term technicals suggest that could be a brief bounce for e.m..

investors probably want to treat this with care. they're suggesting there is a dovish interpretation around the fed, but some store might be ahead to take this e.m. equity index down. perhaps what emma was talking about in the all world index. caroline: abigail in the markets can, thank you. let's stick on that theme. we go back to quincy and mike regan. quincy, is e.m. the place to be? quincy: it is. it was contrary and some time ago and is now consensus. however, the u.s. dollar has played a huge role in emerging markets. the stronger the u.s. dollar, the instinctive reaction is get out of e.m. china is very important for the underpinning of the emerging markets, but the sense that china pushing and more stimulus, whether it is monetary or fiscal , or whether they need to swap

,rrangements with the fangs pushing credit into the market is very good for emerging markets. riseu see the u.s. dollar in a substantial way, emerging markets are going to pull back. whether it is the out rhythms come in doing it initially, but that is the instinctive reaction. romaine: i want to turn to equity a valuation's. we are looking at a 14 day rsi on the s&p 500. if you are a believer in the technical levels, that is overbought conditions. you wrote something about the rule of 20, which seems to suggest stocks are not as overvalued is some of the other metrics. mike: we just gauge the momentum we have seen in the last few days. i doubt it could turn the rally around. the valuations, i dug deep into an old trick from peter lynch

back in the day, and he likes to add the rate of inflation to the p/e ratio of the s&p 500. it's amazing, but if you go back in the history of the data, it averages out to 20, almost on the dots. coincidentally, here we are at 20. it suggests using this mean reverting formula, it is very simple that we are fairly valued based on this metric. the forward earnings estimates are what probably matter the most. >> so u.s. equities are fairly valued. emerging markets are maybe getting crowded, but if the dollar weakens pursing emerging-market currencies, it should be fined. is there anything out there that should be screaming overvalued to not buy, quincy? quincy: rather than oversell, how about overbought? there's a theme in the market, a

major threat, that this market needs to test the lows. if it doesn't test the lows, you're fighting with history. since the beginning of the s&p 500, any kind of damage the s&p december,d, such as would indicate some test. we have shot through the 50 day, 200 day without any retracement and consolidation. you're looking for a pause, even in the small caps and certainly in the large caps. weaker data regardless of a fed that is dovish, that could push the market back. caroline: what pushes us higher? if we get a chinese-u.s. trade deal, is that already baked in? quincy: i don't think it is baked in. the other part, what kind of deal. it's going to be a memorandum of

understanding ou. we need that and we need to deal with the eu in terms of autos. these are important for the markets. the markets could move higher, but again, you want to see a pause. it is overbought and pockets of the market. overbought markets typically find a catalyst to pull back. caroline: meanwhile, talking of catalysts, the uk's aa rating might be cut by one of the key rating agencies out there. , the etfng at the ewu the tracks u.k. stocks, coming off of highs. we are going to be looking for the pound is slipping after the u.k. rating -- after that u.k. rating change. the aa rating could be cut. lisa: the u.s. have its rating

cut from aaa and no one cared. romaine: someone cared. [laughter] romaine: i want to steer this conversation act to what we were talking about, particularly with regard to valuations. putting into the context of some of the and the date activity that we have seen in financials -- m&a activity that we've seen in financials, what is your outlook and that guard? quincy: we will have more -- in that regard? in the we will have more day activity in financials, health care, and some of the big activity ina financials, health care, and some of the big pharma. it's hard to grow organically so they go and buy. in asset management, we are margins,re and more

pricing coming down to the products, acquisitions there as well. credit remains attractive, i think you will see more announcements. lisa: thank you so much, quincy mike regan. that does it for the closing bell. next on "what'd you miss?" we will be looking at theresa and the brexit deal could force her to fire some of her own ministers. more on that ahead. this is bloomberg. ♪ . ♪

caroline: live from bloomberg's world headquarters in new york, i'm caroline hyde. romaine: i'm romaine bostick. lisa: i'm lisa abramowicz, joe weisenthal is all today. caroline: u.s. stocks closed up today amid the fomc minutes. romaine: the question is "what'd you miss?" caroline: the fed is ending the runoff of the central bank balance sheet while expressing uncertainty over raising interest rates in 2019. brokering a brexit deal. theresa may's efforts to seek changes could force her to fire some of her own ministers. this as the u.k. aa rating may be cut. banks behaving badly. billion ino pay $5.1 the case. deutsche bank is set to extend trump loans because of risk of default. we're looking at the

minutes from the fomc january meeting. they shed some light on the dovish tone. runoffvored ending the of their balance sheet, but expressed uncertainty on whether they would raise rates again. let's bring in the head of u.s. strategy at bank of america merrill lynch. what was the number one takeaway for you from these meeting minutes? mark: i think the most important take away was the signaling they had about the balance sheet. most think it's appropriate to end the balance sheet this year. he don't know when that will be. there was a presentation that suggested the latter half of this year, which raises risks they might announce something in june and implement it in july. or, they could way deeper in this year. outlook for the path of policy and interest rates, the committee seemed divided.

they indicated they were happy to be patient right now and wait for further incoming information. it seems they need more time to assess the economy and figure out how some of the big uncertainties on the horizon will play themselves out. nomaine: we know they will edn -- and the bind down -- wind down, but they will continue a runoff with the mortgage backed securities. how do we reconcile those two --ments of this new resave reshape balance sheet and what it says about the fed's thinking? mark: there are a couple of nuances that we learned about the balance sheet. it seems the fed has a preference to stuff the balance sheet early before there is market volatility, and let currency and circulation eat away at the total quantity of reserves. the second is that the fed reiterated preference to have a

mainly treasury portfolio over time. whenever they stop the balance sheet unwind, they will take the mortgages that matured and put them back into the treasury market. we don't all how they will handle the reinvestment process, but it will probably be targeted toward the front of the u.s. rates curve. romaine: does that create a possibility the fed could become a net buyer of treasuries or will it's not be that? mark: absolutely. they will not only stop the unwind process of their balance sheet, which totals over 200 billion this year. they will then convert to those mortgages, which we believe will totals somewhere between 150 and $100 billion. they will buy treasuries with that. the fed will convert from being a net seller into the treasury market to being a net buyer. that shows a pretty pronounced impact on the shape of the curve and swap spread.

it is going to mean there is another big buyer that is reentering the treasury market. therefore, it did curve steepening from here on out? mark: yeah. the curve didn't really have much direction today. i would think, if the fed confirms they want to target their investments at the front of the curve, that might argue for curve steepening. it should also work to widen the front end swap spreads once the fed confirms they will do that. we don't know for sure that today will follow through on that, but that is our best guess given the december minutes indicated a preference for the fed to decrease its weighted average majority of treasury holdings. ina: based on what we saw these minutes and rhetoric we have been hearing from the fed members, do you think the federal reserve has confirmed to markets that it cannot raise rates again during this credit

cycle? mark: i wouldn't go that far. i don't think the fed would go that far either. i think the fed is in a wait and see mode. there are comfortable holding holding rates -- holding rates at present. that the fed would like to see is an uptick in inflation and inflation expectations, their surveys, and their tips market. if they see that some of the big macro uncertainties are under trade and brexit and the end in a relatively benign manner, i think they will be confidence raising rates again. the fed needs to see a lot go right before they will be confident in the next direction. caroline: mark cabana, thank you. from new york, this is bloomberg. ♪

caroline: samsung has unveiled its new handheld, but how are industry watchers reacting? let's get to bob o'donnell who is the president and chief analyst at technologist research. you were at the event, bob. this foldable phone looks pretty cool. what do you make of it? bob: i thought it looked great. i have been watching this for a long time and i have been waiting for a foldable phone to calm. this looks like it's really delivers. what other smaller company previewed a foldable -- one other smaller companies previewed a foldable, but this looks like the real mccoy. the design looks great, and more importantly, the thing to remember with foldable phones, it is not just about the device.

the software has to work well to make the experience of using the foldable be a good one. i think that's is what samsung has been concentrating on. demosinted at that with and talked about working with software companies to optimize the software experience on the device, the ability to have multiple applications to multitask. i walked away saying, wow, that is the device i want to have. romaine: it seems like samsung is a much -- found a much better way to generate buzz, something apple has had the lockdown on for quite some time. when you look at the other products introduced, what is that telling you about the direction of this company with regards to what they are trying to sell and customers they are trying to cater to? bob: that's a great point. they unveiled a ton of stuff today. this is the new s 10 plus. is altar wide zoom camera something we of not seen on other smartphones.

it gives you a human eye view perspective. having 5g, the first five g enabled phone coming out. when you put the whole package together, it's really does show innovation. frankly, it puts apple and other countries in a catch-up mode. for apple, it will be in catch-up mode for year and a half -- for a year and a have at least. lisa: apple billed itself as a luxury product, but samsung seems to try to take the mantle. how much is this a headwind for apple? bob: we know apple will not have a 5g phone until the fall of 2020 because they use intel modems instead of qualcomm modems because of the dispute between apple and qualcomm. that is number one. they won't have five g. there's no hint they will have affordable design in the works. there were rumors of them having a patent on the design, but that

is a long way from moving from that to a finished product. people will find these foldable products are interesting. it gives you a new, physical way to interact with the device, and i think people will like them. the price will have to come down before they go mainstream, but that notion of a totally new experience -- the market has been hungry for it. slabs of glass that these other phones have turned into is kind of boring. that's a big challenge for apple because it will be a long time before they can catch up. romaine: thank you, bob. that is bob o'donnell of sis.analy romaine: let's welcome greg trudell -- craig trudell.

sales,ve lost accounting, finance, apply management, human resources, to munication, and now this guy out the door last night. >> i don't think you missed any. i think we are pretty conference it. this one was may be less of a surprise than others we have seen where you had a guy coming over from a washington white shoe law firm and would be making the trip from defeated california. it was unclear if he was going to lead the law firm or if he was owing to juggle both. it was hard to see from the beginning just how long this would last, whether it was a temporary situation brought on by the fact that the heat on tesla last year was incredibly high after mosque's take private -- musk's take private tweets. they needed somebody with experience in this counsel role.

he was replacing a guy that had been elon musk's the voice lawyer. perhaps he was not suited for a job of defending mosque and tesla through that predicament. caroline: but he's leaving just as musk might need him again. his social habits are evident. i don't think this is a case where he's leaving because of last night. i think it will be very difficult for the new guy stepping into this role who is 40 years old and has been in this department before, our reporter has spoken with folks that have high praise for him, but this will be a difficult got to manage. lisa: i do have to wonder, though. you say it's not about him being a hard guy to manage, really? isn't that part of what we see with the turnover at tesla? craig: i think he's a difficult got to work for. when you look at the legal

department and the role they were thrust in by the sec settlements where they bash where you hear references on twitter of musk having a twitter sitter, somebody who needs to oversee -- lisa: what were they doing, having a drink? craig: they clearly missed one last night where musk set out a post. it's hard to argue that wasn't material information to the company. the shares didn't react, so maybe they caught a break in that respect, but he was off by 100,000 units give or take from what he said in his shareholder letter. caroline: give or take a hundred thousand units, what is that among friends? [laughter] lisa: a twitter sitter. can you imagine if that is your title and have business cards. i'm the executive twitter center. caroline: necessary right now. great to get you, craig for now. theresa may holds divorce talks

in brussels -- brussels while facing divorce talk at home. this is bloomberg. ♪ i'm a veteran

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mark: i'm mark crumpton with bloomberg's first word news. of three resignations of her parties lawmakers over brexit, theresa may held more talks on preventing the u.k. from crashing out of the eu. may end european commission president, jean called euchre, -- and the european commission president, met. >> i don't see the need of a legally binding changes to the backstop to ensure it cannot be indefinite. that is what is required if a deal is to pass the house of commons. we have agreed to find a solution. time is of the efforts and's --

the essence. it's in both of our interests that when the u.k. leaves the eu that it does it in an orderly way. mark: they agree to have another meeting before the end of the month, but the clock is ticking. brexit is set to take place on march 29. president trump held talks at the white house with the austrian chancellor, sebastian kurds. the president said the u.s. will take action on cars imported from the eu if talks don't result in the new trade deal. >> we're trying to make a deal. they are tough to make a deal with the eu. they have been difficult over a period of time, over many years, so it is something we think about and we are negotiating with them. mark: the president received the report on sunday that examines whether imported cars pose a national security threat to the u.s.. he has 90 days to decide whether to act on the findings, which

have not been released. mike pompeo says an alabama woman who joined an islamic state cannot return to the united states. the 24-year-old became radicalized online and now says she regrets her decision. she is in the syrian refugee camp. a statement from pompeo said the woman "does not have any legal basis, no valid u.s. passport, no right to a passport, nor any reason to travel to the united states." global news, 24 hours a day on air and on tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i am mark crumpton. this is bloomberg. romaine: a bit of breaking news. -- avis budget group is reporting earnings. -- areres arising rising.

analysts above what are expecting and gave a fiscal full-year forecast were the top end of the range was above the consensus estimate for 377. ins stock got dinged hard the last reporting cycle because of rising cost. the company said those costs fell about 7% in the most recent quarter. hertz is also gaining after hours. caroline: let's have a quick look at what is happening in the u.k.. theresa may is inching closer to a fresh divorce deal with the eu. that is all while facing a rebellion at home. she met with jean-claude juncker with both sides calling the discussions constructive. she still faces objections over the irish backstop. after her meeting, theresa may said she is seeking legally binding changes. all of this as we see reports that the rating company that could cut the aa rating lower. in thee, let's bring

founder and chairman on the geopolitical features from austin, texas. george, are we reorienting and rewriting how the u.k. is politically divided at the moment? we see new parties being formed, the independent party. ybor leaving the labour party and conservatives. how much is the political landscape rewritten in the united states? george: the landscape has become irrelevant. the fundamental of social reality is whether britain leaves or stays, a substantial part of the population is going to be better and feel betrayed. if there is another vote, the first referendum of people will be better and want a third. if we do decide to leave, the people who have invested in britain and the base of in the -- and the base of being in the eu, they will be better. it's about the way the socials

divisions are getting locked into place. this is enormously dangerous. put the saw that fitch united kingdom on watch for downgrade today. i wondering, how much of a potential risk is that? as a potential -- has a potential downgrade been baked into acids of britain, or could that be another kink in the chain? george: i think it is a small step, but i don't think people have realized this is not a problem that will end when the settlement is reached. the division socially, ideologically in britain will be here for at least a decade, if not longer. the entire landscape of what british politics is about, which was between conservatives and labor, is meaningless in this context because each side is complicit in one way or the other. i think the fitch rating has grasped what is happening at this moment and is sensing

something is wrong, that i've reached a conclusion that what is wrong is something so fundamental that it will take nearly a generation to work out. romaine: i want to interrupt you, george. we have breaking news. lyft is planning to move forward with its ipo roadshow during the week of march 18. that's according to multiple reports, including from reuters and the wall street journal. they plan to list shares on the nasdaq. brexitng to the conversation, you mentioned this idea of the fundamental shift in the way people are thinking about not only brexit, but about the u.k.. is there a leader or some sort of political force that could speed up the process of the u.k. reconciling all of this? george: no. that is the problem. there is no leadership. corbyn and may along to the generation that was dealing with politics before this split happened, before brexit.

they are trying to fit it into framework they understand. it does not fit. it will take time for this move it -- movement. it's about what britain is and before theyine organize themselves to something politically. until that happens, it will be difficult to have a meaningful dialogue. the current dialogues aren't relevant to the problem. caroline: is the u.k. deemed uninvestable -- if the uk's deemed uninvestable, do we see the u.k. breakoff in chunks? are many issues, but for a world that invested in china in 1976, and made fortunes, nothing is uninvestable. andhave to be very careful be aware of the atmosphere you will be facing, and make decisions on where you belong and so forth. britain is far from

uninvestable. george friedman, thank you for being with us. i want to reiterate the breaking news we got moments ago. lyft, according to reuters in the wall street journal, is planning to launch its ipo during the week of march 18. treating out the great unicorn ipo wave of 2019 begins. she adds maybe because we have heard this rumor for quite some time. we will keep tracking that for you, and all things happening at the moment. this is bloomberg. ♪

lisa: let's turn to european banks. cbs has been ordered to pay 5.1 billion dollars after the bank was found guilty of assisting wealthy french clients stash funds in swiss counts. ubs has been dealing with a french probe for more than eight years. our bankingin reporter. how big of a problem is this for ubs even this has been going on forever. >> it is eight years and they want to appeal it. we can expect more of this to keep going. it is probably the largest ever a bank has had to pay to france. if it is confirmed, you can cap can down the road. they willanother fine have to probably tend to with the u.s. justice department as well regarding securities and our own analysts estimate that

as another $2 billion. financial disclosures are earmarking. romaine: addition to the fines, are there any strings attached with reporting requirements? >> the fine itself is more than -- romaine: they will make that back in like a year, right? >> the find is what they are expected to earn this year. it is one year wiped out. they will have to figure out how much they will provision for the provision for the long-term moving forward. caroline: it's also at the heart of the wealthiest part of the business, which ubs had shifted and focused on. the story is fascinating, thinking on the baker's crossing over borders in the dead of night to be able to get service to these french clients. for one sensational story to another, a lobe of the press today was the deutsche bank

relationship with trump and trump's real estate. talk us through what deutsche potentially seems to be doing in that relationship. >> this is the important story, because it shows a lot of signs of deutsche bank looking to distance themselves from the trump administration. after the election, it is especially important knowing u.s. regulators in the house are looking to see what deutsche's relationship with trump was. something i thought was important about the story that was in the middle, the ceo himself was one of the people that favor these loans. that will be something that will continue to come up, who did what at deutsche bank when it comes to trump. romaine: you are talking about the head of the units that would have granted this loan, but he was overruled by the then ceo at the time. >> he was overruled by the wrist committee -- ritz committee.

the story was contained to rosemary for a long time. wasfact that the ceo, who the health of the wealth management division, he was involved with these decisions. romaine: part of the call was that they didn't want to be put in a position where they had to collect a debt from a sitting president. sonali: they wanted to limit the risks associated with debt, and they decided they would just stop. lisa: the son of president ismp, eric trump, said this a non-overleveraged company and the trump organization has been making good on all of its bills. just to be clear to give them that say. romaine: there you have it. caroline: eric says it's nonsense. great analysis on all things banks. a quick check of the latest flash headlines. in the u.k. k, a $9.5 million

appears close to collapse after regulators issued its report. the markets authority said it would be difficult to address concerns caused by the deal. they would rival another company as a largest grocery chain. when it comes to retaining top business talents, no in does it better than washington dc according to the --, the nation's capital and forth among cities worldwide. new york made the top. that is your business flash update. i'm impressed by europe's dominance of the top 10, but it comes at a caveat. the reason they may cut half of the index is because eurostat has so much data they can collect the u.s. and china -- romaine: so this is a risky game is what you're talking about. [over talk] lisa: let them have their day.

[laughter] caroline: we will see. sorry, new york, it looks i boston takes the cream of the crop. --s time for smart charts looks like boston takes the cream of the crop. it is time for smart charts. abigail: we are talking europe, although china little less than the u.s. in this case. dan, we have the rally this year you'll by the fed and not a lot coming out new from the fomc minutes. everyone is talking about how the europe equities don't look as good as u.s. equities. are seeingwhat you on whether you would overweight the u.s. relative to europe. >> we are looking at the euro stoxx 600 relative to the s&p 500. throw the majority of 18, a steady downtrend, below the 200 day moving average. through most of 2018, it made sense to be underweight in europe relative to the u.s.. the gloves -- growth story

turned into decoupling. we started to see slowdown in the growth numbers out of europe, what what is interesting is that since november, the ratio has flatlined. still below the 200 day moving average, but it's not out of the woods yet. looking at the bottom of the charge, the rsi shows us downside momentum is waning. while it has made sense to be underweight in europe relative to the u.s., i do not think that is the best risk reward trade. i would be looking for the potential break above the 200 day moving average and about of bout ofrmance -- and a outperformance. abigail: would you be selling u.s. equities to buy europe once it goes above the 200 day moving average? dan: i think we are starting to see a little bit of that, a higher high in the ratio, but for me, i want to see a break in the 200 a moving average to give

me confirmation of what we see in momentum's. abigail: let's take a look at your next chart which is the dollar index versus the metals etf. dan: the green line is the dollar index against a basket of currencies globally. the white line is the metals and mining etf. what is interesting is that there is an inverse correlation between the dollar and this etf. abigail: not surprisingly. dan: what we start to see is the dollar is rolling over. you can see a series of lower highs as the dollar strength is rolling over into dollar weakness. that is leading to outperformance and relative performance for the metal space. abigail: you really think we see the dollar rolling over? we do have congestion, but we also have to have higher lows. the longer-term charts could make a case for a move back toward 100 or above. dan: i don't see it on this

chart. we're looking back about a year, where in the near term, what we are focusing on is a series of lower highs for the dollar coinciding with the metals and mining space. abigail: let's bring in the industrials. thinkndustrials, if you the global growth story has run its course as well understood by investors, industrials make a lot of sense. this is the xl i. -- xli. abigail: why is that? was investorsoff anticipating the global growth slowdown. the story is now well understood and everybody is positioned for it, which is why we see a reversal in the industrials adding optimism about the trade war with china, giving the industrials jews, but as we break through this 73-70 four dollars level, it's confirmed --

$73-70 four dollar level, it's $74 level, it's confirmed. chart onan interesting the industrials. take you for joining us for's smart charts. up, china reaffirms the country's monetary policy has not changed and will not changed. that is next on asia ahead. this is bloomberg. ♪ ♪

caroline: not to asia ahead. -- is asking banks to supply loans to the chinese economy. let's bring in shery ahn. more loans? i thought the whole issue with china was credit. shery: too much of it, perhaps, when it comes to liquidity. we see these easy measures from

now,boc and we have seen, they are coming out to say they are not about the short-term lending issues but more about the long-term lending issue because that will help the real economy in china stabilize. this is exactly what he says. he was talking about how some of the markets moves have been received well by market players and is rate questioning on whether this is qe. or didaying that monetary policy has not changed prudent policy. lisa: i want to challenge that with a chart. take a look at the bloomberg here. you can see the new u.n. loans skyrocketing. does this basically challenge notidea that they are flooding the economy and that they actually are flooding the economy? shery: that's the key problem and issue a lot of investors are pointing to. right now, you're looking at the new yuan loan's skyrocketing to

records. january.ion yuan it's all about liquidities. right now, the bank has not cut its benchmark rate since 2015. whetherple questioning they will do it if the economy slows down more, but do they need to because liquidity is still flush in the market even when you take a look at the shanghai interbank offer. has he even defined exactly what prudent monetary policy will be? shery: i think he stuck to the line for a couple of years now. caroline: never defined. continues -- if the video continues, we will see measures on the supply side of things and demand side of things -- and on demand side of things, they are trying to announce the

measures to support domestic consumption by government support for having nannies and so forth. caroline: never defined. not prudent, not patients, it is much better for central banks. us,her key asia story for beijing and soul. sinceave been strained 2016. the move hurts many industries, including the music industry. theajor south korean jetsons have performed in china since the debacle, but that may korean musicians have performed in china since the debacle, but that may change. shery: i think it's amazing -- lisa: i think it's amazing how south korean popular culture has dominated not only southeast asia and asia in general, a tear. my kids listen to kapok --

k-pop. romaine: it can bring us together. right?i know, they can find consensus there. are korean and my parents korean, but my parents know more about k pop than i do. lisa: before you say you don't know korean music, random style -- gangnum style? shery: one of the reasons i stay away from korean drama, it is too addictive to myspace -- to my taste. caroline: maybe netflix will be getting more south korean -- we have learned an awful lot about shery ahn right now. don't miss earnings tomorrow. lisa: i'm looking at economic data and the numbers for you for january out at 10:00 a.m. eastern. romaine: hewlett-packard

enterprises reported first-quarter earnings after the bell. caroline: that is all for "what'd you miss?" romaine: "bloomberg technology" is up next in the u.s.. lisa: have a great evening. this is bloomberg. ♪

emily: i'm emily chang in san francisco and this is "bloomberg technology." hour, up in the next highlights from samsung unpacked , the smartphone maker debuts its most extensive lineup of devices, taking aim at apple and rising competition from china. tesla's revolving door of general counsel is leaving the company after two months on the job. up as19 went to shape just as agonizing for elon