longer bonds. we managed to grind steadily higher on the s&p 500. the nasdaq, even in the face of inla's woes and a selloff chip stocks. >> pretty impressive. we were lower earlier in the day, so it goes to show it feels like in this market the impulse is still to buy. >> industrials of 0.6%. two stocks are up for everyone that is down on the new york stock exchange. you can put a lot of blame on tesla for the nasdaq. >> you also saw a company go public. still buying appetite out there. what are you watching? >> jobs. tomorrow we have the jobs report for march. 000 jobs expected to be

added after the big plunge in february. blue, and s&p 500 in the jobs number in white have been directionally correlated. really pretty amazing. 2007, 200,000 jobs was the norm, and in the depth of the financial crisis, minus 800,000. but then the two correlate up. look at the divergence between the s&p 500, up 20% from the december though, and the huge plunge, almost 290,000 jobs lost between january and february. really going to be interesting to see how the directional divergence, the biggest in this chart, resolves. tomorrow, we will have more information. >> thanks, abigail. i would like to talk about two words i hear more often these days, the beta chase. of mutual that a lot

fund managers underperform in the first quarter and might be concerned to take risk to get it back. sarah ponczek has noted that the most, andre beating then the high beta stocks kept doing well. the white line is the performance of the s&p 500 high beta etf, the blue line, low vol. up white light is winning, 3.5%. one advisor says another source that could be adding to the beta strategies,matic they could be adding more if volatility stays low. >> thanks, luke. a swiss asset manager with $174 billion in assets, cutting equities to underweight and

saying go overweight in cash. they say to expect a negative surprise in corporate earnings, performing to the -- pointing to the msci all country world index, which has been on a tear. right now it is trading 15 times 12 month forward earnings, the highest since late august. they are saying corporate margins will be squeezed and analysts are wayt too bullish. we could be in for a surprise when the earnings season ends. they recommend investors go toward some defensive sectors like health care and utilities, and people should maybe go overweight emerging-market fixed income and even equities. >> thank you for that set up. still with us, david and sarah ponczek, our across asset reporter. david, we were calling this a wait and see market. the volume wasn't there today. we have jobs tomorrow and the trade discussions, and hopefully

leading to a trade deal. which are you most nervous about? >> i think we need to be nervous about trade. the reason, we are now pricing in a 90% certainty this deal will move ahead. i just came back from shanghai this week. everyone there is equally enthusiastic. >> how are you measuring that, 90%? >> you take a look at how much the s&p achieved of the total amount we expect for the year, and we are within 3% of what we expected the market to achieve, and we are only in the fourth month of the year. that tells us we have gone a very long way. when you look at chinese data, theyt that are up 20 plus percent depending on the market, also expecting a deal. that is a risk to the market, that there is somehow a misstep in trade. for numbers, on unemployment we would clearly likely to -- like

to see strong employment growth, but anywhere near estimates will confirm what we talked about earlier, that the market seems to be healthy in the u.s. >> we heard luke give a shout out to the idea of the "beta chase," the idea that after a dismal margin for active managers in q1, there is a need to catch up. would that be further tech outperformance? where would you see signs of the beta chase? >> appreciate the shout out from luke. see if the jobs are strong tomorrow, if the environment we are in now is what remains. do we get a trade deal? what happens about enforcement measures? if we get a trade deal but tariffs remain for a long time, we could see this cycle remaining. what was interesting about march, and what really changed, was the idea you would have high-growth tech. it seems people more believe in that, but also interest in

higher dividend yielding sectors like utilities and real estate. if the current environment remains, you could imagine that is maybe where people try to go next. so far, we have seen the amount tech andg exposure on raising exposure to health care, and that hasn't worked out in this market. >> it might be music to the ears of some technology companies wanting to go public. from your perspective, lyft sold off after its opening. do you expect ipo markets to remain open with this scenario? >> the short answer is yes. i think you will see many companies having a window to stay open for the next six months or so, if market conditions stay where they are, because there is appetite to buy growth and future opportunities, and a lot of good companies potentially coming public. if properly priced, i think they will do very well. so the quick answer is yes. the concern we have is that

growth in general is overestimated. year's 3%back to last growth rate in the u.s., we will see that hover down to 2%, and that is what the market has not fully priced in. >> a lot of that will show up in earning numbers, when jp morgan begins reporting next friday. sarah, what are you looking at for estimates? it appears that will be first quarter revenue growth and a profit drop? >> looking at the revenue estimates, we should still see growth of about 4%. still seeing sales growth, which shows the consumer is still out there, still buying. the issue is the earnings aside. the first quarter is expected to be a trough. golysts don't expect that to beyond the first quarter. you can see it there. as david mentioned, right now the ideas very low, so

is companies should be able to beat, and if they do we will see little pops that help the market go higher. as you can see in the chart, not something supposed to be persisting throughout the year. >> we will get that drop and recovery. of course, the outlook is all important. sarah ponczek, thank you. david bailin of city private bank, appreciate you coming on. coming up, we look at trade discussions between the u.s. and china. we are also keying in on tesla's musk's day inn court. he has now left the new york courthouse. this is bloomberg. ♪

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♪ live from bloomberg world headquarters in new york, i am caroline hyde. >> i am romaine bostick. >> i am joe weisenthal. >> a mixed picture. we brace ourselves for trade discussions at 4:30. disappointing deliveries fueling concerns about waning demands for tesla cars, and elon musk plays defense in a court hearing about his tweets. after a years long trade, talks between the u.s. and china are entering the end game, we think, with president trump meeting with the chinese vice premier in the white house at this hour. and looking to the friday jobs report. signs the u.s. labor market was overheating. joe: turning to tesla. shares of the electric car company tumbling after reporting a record decline in deliveries during the first quarter.

analysts worry a sharp fall in deliveries indicates weaker than expected demand for the model 3. joining us is craig irwin, senior researcher at roth capital partners. thank you for joining us. how dire is this? craig: pretty big deal. 12,000 model s vehicles, down from 26,000. a big contraction that was not expected. they guided for 10,000 lower model 3 cars. it is interesting, because that side of the market is where competition will eat their lunch. the porsche model is coming out. people are getting emails saying it is coming, would you be interested. the jaguar. kia has an interesting car. we are seeing the early impact of other credible vehicles coming to the market. romaine: this is purely a demand issue, or tied into production and the supply-side? craig: it is a command issue and a cost of car issue.

the cars are too expensive. the fun and games where they dropped the price to $35,000, if you want any color other than black, and wheels. [laughter] is $42,000. the real impediment is the battery cost, which is much higher than what people think, around $240 per kilowatt hour. looking at hard economic data, you don't have to do any handwaving to get there. ayrsche and vw hey their -- p their supplier $250 per kilowatt hour. tesla has no advantage. caroline: are we being too short term minded about tesla, because the long-term version is the autonomous, the idea that no one will own a tesla, but share them instead. how much valuation is that, and how much is needing proof right

now? craig: the long-term basis is growth. however we get it, if it is autonomous, the everyman car, the model 3 at the right price. the stock is being re-rated by the market today because divisibility on growth isn't there. bigersonally not a believer in autonomous. i think we will need curated roads, and will have a much more slow rollout than some more bullish people believe. we need to say to go carefully for that and not overprice that, as we look at tesla. joe: if sales continue to disappoint, and this year it doesn't look like people thought, how much do worries about the company's cash balances come back to haunt them? craig: the cash balance is extremely important. this quarter, how much will they burn? $1.3 billion? butjust the debt payments, the acquisition of maxwell technologies, and the 10,000

cars, with probable operating losses. they will probably be down to about $2.5 billion in cash, and somehow i don't think the demand issue is going to be solved in the second quarter. so quite credibly, they will be burning cash in the second and third quarters. a very real issue for tesla. joe: thank you. craig irwin from roth capital. we continue the conversation on tesla. ceo elon musk just minutes ago left a hearing before a federal judge, after he was held in contempt of court over tweets to take the company private. let's get insight with our guest, a former advisor to the sec. mark, the main takeaway is that aey gave musk and the sec couple more weeks to sort out differences. what does that mean, and what is the likelihood this will be settled? mark: the key issue will be

policies and procedures tesla will put into place, and whether musk.an get buy-in from the fact musk was at the hearing is a good sign. it shows he's taking this very seriously. agree to tesla can report on a regular basis that they are in fact complying with the order, i think the judge will be satisfied and see that as compliance. caroline: outside court, musk was asked if he thinks he can work this out with the sec over the next two weeks, and he reportedly said most likely. the this mean restraining tweeting more, or drastic limitations to his role at tesla? will i don't think there be limitations on his role at tesla. nobody wants to see investors hurt by this. charmsk, for all of his

as a tweeter, brings a lot more to the table than he does through social media. he's going to be the ceo of tesla, and investors can rely on that, i think. romaine: -- joe: do the weak sales in q1 have any bearing on his tweets and whether they violated the agreement? marc: if the sales are, as craig mentioned, demand-based and price-based, then i don't think they really bear on the question wereether his tweets material. but remember, the issue with the more recent tweets by musk wasn't just that they were false. he real issue was that he didn't comply with the preapproval process. caroline: so he needs to get them checked off, signed and sealed and delivered. [laughter]

ceo's iere are very few know who like having the moves checked by other people. he has to get used to it in this one area. caroline: well-put. thank you. coming up, paid family leave has been an issue democrats have owned, but now one republican senator is looking for a bipartisan fix. we talk with senator bill cassidy next. this is bloomberg. ♪

caroline: they said it was the most important issue to them. vowing to make, the gop the party of health care. we are joined by one of the three senators the president says will prepare a spectacular alternative to the

affordable care act. we welcome senator cassidy. first, what spectacular alternative could the republicans actually rally around right now? one thing we could do, look at principles. republicans are about giving power to the patient, and democrats if you will are about having power over the patient. by working on these types of bills, this congress, for example price transparency, surprise medical billing, by the way working on a bipartisan basis, we set the foundation for things that we may do in the future. as proposals in congress, are these building on the affordable care act provisions there already, or is this, walk that back and start from scratch? sen. cassidy: the affordable care act is 2000 pages, so you can't kind of, what in those 2000 pages do you keep and throw

away, kind of a broad question. on the other hand, we know the affordable care act since it passed, we have seen record stock price increases for phar ma, hospitals and insurance companies. not knocking them, just pointing that out. and record increases in premiums and taxpayer outlays. the way you address that is by attempting to lower the cost of health care and what the patient is billed. that is what we are working on in this congress. surprise medical billing, price transparency, making health care more usable and more used, those things. that reverses the trend and sets the stage for other things. joe: do republicans have a plan if obamacare is deemed unconstitutional and gets ripped up, and people lose it immediately? sen. cassidy: again, obamacare is 2000 pages. better for example, you are speaking about pre-existing

conditions, yes, there is something tom tillis is putting in, among others, which will take care of those with pre-existing conditions. staying on your'parents insurance until age 26. that was originally a replicant idea -- republican idea. as well as other things that are part of the fabric of our health care system now, we would preserve. romaine: i want to go further on pre-existing conditions. the criticism of republican health care plans has not been that patients with pre-existing conditions would lose access, per se, but insurers would have large discretion for how to price those patients, thus making it kind of irrelevant whether legally they can stay on them. how can you assure people that what people think of those protections will remain? sen. cassidy: i smile. because the criticisms i would say last time were unwarranted.

so if people wish to assert things that aren't true, can't do anything about it. but as i mentioned, tom tillis is drafting a bill that will be more straightforward. i am sure it will still be criticized. this is a political town, people will say things even if they aren't true, but that will reassure folks that those with pre-existing conditions can still have protection. caroline: it is notable at this time that you are working in a bipartisan nature. senator cassidy, you're putting forward a family leave proposal. can you talk us through that and how you think this is something that can better the world not only for businesses, but those working for them as well? sen. cassidy: our goal is that new parents would have the opportunity to stay at home with their child for a period of time. both parents, obviously usually the woman is focused on. the way we do this is first by recognizing that you have to be fiscally sound. earn $70,000 aou

year, you have paid parental leave, even if it is by another name. so first it is for those earning less than $70,000 per year. second, you can recognize it doesn't have to be six months. as muchs is maybe not as some would like, but something we can afford. you start to look at that and make it financially feasible. financingly proposed it by increasing the payroll tax. i think that is a regressive tax that is hurting the people we are trying to help, so we have to find a way to finance those. i am working with kyrsten sinema, the democrat from arizona. we have a bipartisan effort, the only bipartisan effort. caroline: you yourself for a doctor. weeks is really all that is necessary? is that just a starting block you assume will be built upon? i come from europe, where six to eight weeks would be laughed about. sen. cassidy: right now, if you

earn less than $70,000 in income, you get zero. to a certain extent, this can be attached to fmla. we want to have something which is fiscally sustainable, allowing a woman for example, a mom, to stay-at-home with their child, bond, good for her health and for the baby, but at the same time be able to return to work and retain the seniority she accumulated and still bring the training she accumulated, to the benefit of the business. longer than eight weeks, if we can afford it, but we have to we have to think about that. we are at the beginning stages of that. not the beginning, but the intermediate stages. we have time to consider. romaine: i want to turn quickly to trade. louisiana is obviously a big beneficiary of a lot of international trade, and one of

the states most at risk from tariff issues we are dealing with right now. what are your hearing from constituents, particularly businesses, with regards to trade talks and their potential resolution? sen. cassidy: they want it resolved. you are right, my state has a lot of gdp related to international trade. there's concern about tariffs. we have a lot of folks using steel from other countries, proprietary to japan and germany, used to drill oil and gas wells, which the u.s. doesn't make, so they are concerned. as regards china, there is a sense they have not played fairly at some point we have to stand up to china. most folks, even if they are having some discomfiture, ap plaud the president for his efforts. joe: thank you very much. senator bill cassidy, republican from louisiana. premierp, china's vice has arrived at the white house with treasury secretary steven mnuchin. we will talk about the prospects

of that. this is bloomberg. ♪ want more from your entertainment experience?

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♪ mark: mark crumpton with bloomberg first word news. house ways and means committee richard neal has formally asked the irs to provide six years of president trump's personal tax returns and returns for some of his businesses. a legal fight is expected. democrats are trying to shed light on mr. trump's complex financial dealings and potential conflicts of interest. yesterday, the president told reporters he "would not be inclined" to provide his tax returns to the committee. today, house speaker nancy pelosi had this reaction. >> it just seems like every time you turn around, there's another thing.

the president saying that wind power causes cancer. i associate myself with the remarks of chairman grassley. it is an idiotic statement. so that's rise to a level of presidential in all of this. show us the mueller report, show us the tax returns. we are not walking away just because you say no the first time around. texas,evin brady of senior republican of ways and means, denounced the move as " an abuse of the committee's statutory authority." brexitief brags it -- negotiator of the european union says the answer to solving the impasse can only be found in britain. he said in stockholm, it was up to the u.k. government to secure parliament support for t deal, saying the eu did not favor a no deal solution. >> we have worked for two years,

without any kind of aggression, no spirit of revenge. objective-based, and we have a determination to reach a deal for the divorce, for the separation. mark: during the meeting in dublin with the irish punt minister, german chancellor -- prime minister, german chancellor angela merkel promised to do everything she could to avoid a no deal brexit while maintaining solidarity with ireland. serious says the trump administration is lying about withdrawing troops from the country. i damascusn, the foreign minister accused the trump administration of going back and forth and being dishonest about intentions to withdraw the 2500 troops the u.s. maintains in northern syria. the official also slammed president trump's decision to recognize israeli sovereignty

over the occupied golan heights. global news 24 hours a day, powered by more than 2700 journalists and analysts in over 120 countries. i am mark crumpton. this is bloomberg. joe: the trade deal with china has to be great. that's what president donald trump told reporters earlier today. he taught beijing negotiator, vice premier liu he, is arriving at the white house along with treasury secretary steven mnuchin. for more about what to expect, let's bring in chief washington correspondent kevin cirilli and our trade reporter. theaw liu he walking into white house. what do we know so far? kevin: president trump is literally scheduled to be meeting with chinese vice premier liu he as we speak, and then it is unknown whether or not we will get any definitive comments from president trump following the meeting. this follows the vice premier

meeting with treasury secretary steven mnuchin and u.s. trade representative bob lighthizer. bloomberg and other outlets report the u.s. is signaling the chinese might be signaling they will purchase more commodities, as well as even allow for the u.s. to purchase chinese-based firms. it also comes at a time when there is intense scrutiny as to whether or not president trump ing willident xi jinp ultimately meet face-to-face, as other outlets reported. romaine: some headlines from trump, saying a trade deal with china is not ready yet, but also that a trade deal could be within the next four weeks. sean, i want to go to you. what are the big concerns is still that they have to work on? time, we at this talked about enforcement mechanisms and timing for compliance. is that still where the biggest challenges will be? sean copeland the biggest challenge right now in the short term -- sean: the biggest

challenge right now in the short term is how and when you unwind the trade war and tariffs. the chinese want all of them to go away, and the u.s. would want to keep as many as they can as leverage to get the chinese to live up to their end of the bargain. at the end of the day, it will probably take the two leaders sitting down to hash out that final schedule. caroline: kevin, talk to us about the politics within the u.s. team itself. we know robert lighthizer has hawk,riving it, a known mnuchin less so. ip inre nitpicking over particular, and how you measure how china lives up to expectations. who is winning, the hawks or the doves? kevin: it is interesting. last time we had one of these meetings, president trump was more aggressive against his own staff then he was necessarily with the chinese, most notably with mr. lighthizer.

shawn touched on this. from the administration, they are facing heat from capitol hill republicans who want the terrace completely rescinded. facing intense lobbying efforts from the business community. the president signaling he might keep in part some of those tariffs, as a potential enforcement mechanism, giving the chinese until about 2025 to make tdo with what they say they want to do. the bottom line, that is the policy angle. political implications are twofold. first, the president is getting some political advice to wrap this up with china. you have a potential recession on the horizon. wrap this up with china. it will juice the markets and you can head into 2020 with another major deal. and then the reverse psychology prognosis, which is no, use china as a political pinata heading into 2020, attack them

to win back some independents that will be crucial in states like michigan and ohio this cycle. romaine: talk to me a little more about the business case here. we are more comments from trump, saying we are "rounding the turn" on a china trade deal and something monumental could come soon. is this going to be soon enough for a lot of the businesses out there that have been dealing with tariffs, or uncertainty in regard to tariffs, for over a year? shawn: i spent the last few weeks on the road. one of the things you hit out there is how much the trade wars have heard a lot of people, in the farm sector but also a lot of small and medium businesses relying either on imported technology products or who sell to china and have been forced to hold off or see that market close to them as a result. there's definitely economic impact out there. a a lot of it is kind of unquantifiable, kind of the

uncertainty that's dragging on investment, causing people to put off investment decisions, expansion, hiring that might help boost growth. so part of what trump's hearing from the business community, end this trade war and you will help the u.s. economy. at the same time, the business community at a higher level has for years been complaining about the way it has been treated in china, and they want something real in terms of new intellectual property regimes, new joint venture rules, a real sense that chinese competitors that they have aren't going to be benefiting from endless subsidies. a colliding reality,, colliding priorities even within the business community. kevin cirilli and shaun donnan, thank you

very much. a couple more headlines. lighthizer says major issues in china, trade talks continuing and trump saying lighthizer's doing an incredible job. joe: coming up, after a flurry of disappointing economic data, a lot is riding on tomorrow's job reports. more on that. this is bloomberg. ♪

caroline: president trump meeting with liu he, vice premier of china, at the moment. saying ip issues and certain tariffs have yet to be resolved. trump says he will discuss tariffs with liu he today. deally, and i quote, a with china would be "the grand daddy of them all."

ok. joe: looking ahead to tomorrow's job report. not seen sinces december 1969. more, let's welcome bloomberg economics reporter matt bosler. we are coming off what was seen as a pretty weak february number. caroline: pretty? [laughter] joe: very, extremely, bad, not good? caroline: 20,000. joe: very poor. think there will be a rebound? matt: most people are looking for a rebound tomorrow, because the number last month was so unusual. no one really saw a slowdown of that magnitude coming. across the entire report, a lot of weird signals, kind of part and parcel with the other data we have been seeing out of the government statistics agencies recently, that are kind of

inexplicable in a lot of ways, like some of the retail sales data. a lot of people are waiting to see if that was a one-month thing, if there could have been technical things going on. we will get the answers tomorrow. romaine: one to get past the headline number, 177,000 the march estimate, what are you looking for for specific industries or sectors that could see growth or not? sectorse of the big that really dragged on the numbers last month was construction. also to a lesser extent, manufacturing. construction, there's always questions in january and february if there are whether effect messing with the numbers. it is such a big, important sector, it can have a big impact on headline numbers. the other big one, manufacturing, which has been on a tear over the last year and a half or so. the big drop in manufacturing last month, was that really a sign that the global economy, trade, interest rates are having an impact,, or a one-off noisy

data? caroline: you help cover the fed for us, and trump is currently discussing, he recommended herman cain to the fed. the pizza king. potentially nominated to the fed, the question on how the pre-check is going. he says he's being pre-check now. many questioned how he might be able to go to the fed, when he dropped out of the presidential rate because of concerns about #metoo moments and his relationships with women. what with someone like herman cain be like at the fed? matt: this is such an interesting question. a a lot of the people like cain, theore, herman traditional republicans they are drawing from, have been very hawkish, talking about going back to the gold standard, even ending the fed in the case of stephen moore. they are coming in at a time

when they are seen as political lackeys. the president is pushing for rate cuts, so that's what they are talking about. but it is not clear that longer term they would be such easy candidates. that is a contradiction here. joe: i want to bring up a chart that has something to do with a question you asked chairman powell at the last press conference. it is about the relationship between 10-year treasury yields and wages. the blue line is wage growth, tends to be below the treasury yield. why is this a significant chart, and what are we looking for tomorrow? chart, overg at the the last 50 years interest rates in the form of the 10 year treasury yield, the white line, have always been above the rate of wage growth until just very recently. there's a divergence there as interest rates have been coming down. interest rates have gone down because the fed has turned more dovish, saying maybe they won't continue hiking rates. but in the job market, we still see the study upward pressure on wage growth.

the question is whether going forward they will take an easier stance relative to the job market and wage growth, or is this a head fake given market turmoil recently? letting rates go up without wages would be unprecedented. matt: the labor share has fallen, so will the fed allow it to rise before they continue tightening? something they have talked about but have been noncommittal on. caroline: thank you. a great chart. a quick check on the latest headlines for you. it appears $100 billion isn't enough. bloomberg learned the japanese conglomerate wants to raise $50 billion more to invest in tech startups. softbank eventually plans to start a second found. the owner of corona and modelo, constellation brands, saw a boost to profit estimates.

they plan to get rid of lower spirit brandssome in the portfolio to focus on more premium brands. romaine: the bond and derivative trading markets raised $1.1 billion in the second largest u.s. ipo this year, and jumped in a public debut today. lisa abramowicz spoke with the ceo and cofounder on how they approach the business. >> our approach has always been to be innovative and move first. so in, credit we didn't move first. market access moved first, and have had a very successful business. our view with respect to the strategy of the business is to establish as wide of a network in multiple to bne asset classes. while credit is a segment of our business, we are able to connect markets. we have a treasury market in the u.s. creditestment trade

market trades in partner with the treasury market, so we link those markets. we have an overall strategy, to look at what has been done successfully, make sure we can offer that, and then use the assets of tradeweb, the breadth of products, to compete. lisa: how much are you cutting out the wall street bank as a middleman? >> that has always been a concern from different sides of the market. what has been happening in the last five or 10 years, firms are looking to be more efficient in the way they do business, and technology continues to be an advantage. the application of technology allows for the reduction of cost. it's not as if people are being cut out. there's just a different focus in terms of how -- lisa: hold on a second. certainlmay they aren't being ct out, but margins are going down

as transparency becomes more of the norm. the classic bid-ask spread has tightened, but we have seen bond rating profits go down substantially, and staff sizes. o some degree it is disintermediation banks. >> i would say it is always an evolution. things are always changing. in each sector of the economy, the application of technology will change things, and successful organizations are those that are able to morph into the new environment, develop technology and deploy it. lisa: any acquisitions with the money you raised? >> we have done some things in the past. i think for us, we always say the past is a bit of prologue. we focus on building networks, on software development. we look at a variety of things, and we will be opportunistic. lisa: one thing you will do with the proceeds, tender shares owned by the big banks that

have been your traditional shareholders, bank of america and goldman sachs and others. how important is it to have them as less-dominant shareholders at a time when you're looking to revolutionize the bond trading business? >> we have great institutional investors, from the very beginning of when we set up tradeweb in the 1990's. four banks as investors, and then 12 banks, and then we sold 100% of the company to thompson, from 2004 to 2008, and grew tremendously in those years. more recently, we took in banks as minority investors. controlled bye blackstone. a number of shareholders over the years. some of that is by design for us. we've gotten to a point now where the next step forward to of theen the size organization, was time to go into the public markets.

lisa: where is the biggest area of growth coming forward? >> like choosing one of my kids. see growth across the board. there's growth in the rates markets. credit markets, and other asset class where we have growth. a money market business. also the equity space, where we recently got into etf markets. they are all in different stages, so it is a different type of growth and different markets. ceo and cofounder of tradeweb. we should point out that bloomberg lp, the parent company of bloomberg news, competes with thomson reuters and tradeweb. stepping off to

host "bloomberg technology," but coming up next, the drama continues as more allegations come to life. a great conversation i can't be part of. [laughter] this is bloomberg. ♪ ♪

romaine: now to asia. carlos ghosn rearrested in japan, with prosecutors alleging the former nissan chairman used millions of company dollars for his own purposes. for more, let's bring in shery ahn. a few weeks ago, he was released from custody going on the offensive, and now back in custody? paid $9 billion to be on bail for less than 100 days. to have a he wanted news conference in order to "tell the truth." this is the exact quote. right after he tweeted this, the next day he was rearrested on more serious charges, fresh

allegations of millions of dollars being funneled from company money to use for his own purposes, including yachts and putting money into his son's startup. joe: it was a really long process to achieve bail the first time, and it is expected to be another long process? were lots ofere questions about why he couldn't be released on bail. the key point was potentially prosecutors didn't want him to do exactly what he intended to do, talk to the public and turn public opinion around. so this will make it harder for arrested,eing again to really prepare for his trial on first financial misconduct, underreporting of income, and now new allegations involving middle east companies and distributors. this also makes it more difficult for him to defend himself, and prosecutors -- romaine: a big part of this saga, the alliance between nault, mitsubishi,

where does that stand? that carlos ghosn was the key person behind the alliance, they have announced a new corporate governance system they say will bring more transparency and better relations between the three companies. we are talking about board members reshuffle. ,wo board members from renault one from nissan and one from mitsubishi. this came at a time when renault and carlos ghosn were pushing for a tighter relationship. the nissan ceo, we know they were more cautious. romaine: that is shery ahn. for more on this, don't miss "daybreak australia" and "daybreak asia," starting 6:00 p.m. eastern. recapping headlines from president trump, saying mexico has done a great job on the border, also talking about china trade relations, saying they have work to do and it might

take two more weeks to get a deal on paper. he says he will look at other issues, including the yemen vote. that is all for "what'd you miss." you can catch caroline next on "bloomberg technology" in the u.s. have a great evening. this is bloomberg. ♪

>> they will speak to my lawyers

and to the attorney general. thank you. caroline: you are now seeing pictures of president trump in the white house, having met with the vice premier of china, liu he. >> it is good for china, and also for the world. it is important. we will see. we have never done a deal like this with china, and it is very unique set of circumstances, but it is a massive deal, could be one of the, i guess it is if you think about it, the biggest deal better made. there cannot be a deal like this, no matter where you look. this is the granddaddy of them all. we will see if it happens. we will see. it has a very good chance of happening. i think it will be great for both countries. it will be a much fairer deal for us, because over the years we have lost a lot of money to china. china has done very well. and i don't blame china, i say it all the time.

i don't blame china. i blame the people who sat at this desk. they never should have allowed that to happen. so it will bring a lot of things back. i think it will be great for the united states. hopefully really good for china, too . >> [inaudible] >> we are going to have things. we are talking intellectual property protection. certain tariffs. very important certain elements of the tariffs, in discussion right now. we have a number of things. we have also agreed to far more than we have left to agree to. in fact,, i think i can say that some of the toughest things have been agreed to. we have some things that are actually easier right now, that we are doing. but using a word i don't like using often, it is a very comprehensive deal, very complete.