we think it will be -- fed, youking of the are more optimistic about europe , so is that a differential? joe: -- >> we are not going to downsize the u.s., but people here this noise out of greece and it is scaring the european story. -- extremely depressed and you have cyclical valuations the offer discount to the u.s.. investors who are very underway. you have a turn in the cycle. the labor market is recovering from low levels, very depressed consumption beginning to recover. lending is recovery and he put that altogether and it is a multifaceted dory in europe -- story in europe. have somedefinitely contrarian calls, what keeps you up at night? we have new lifeboats left. that keeps me up. historically, we are closer to the next recession. we do not know what will drive it. fiscal policy has improved, but it is not great. the u.s. story, you could see the same for europe and other parts of the world. so we are not calling for a crisis, we do not know if it will come. six years on, not much has changed. joe: all right, thank you. up, speaking of commodities, what property was valued at

youks relatively weak, but are looking at a triple digit loss for the dow. the s&p looking at its biggest weekly loss since the end of may. two words for you: inflation and that expectations. -- bad expectations. that was three words for you, i am not going to live for you. basically a risk off day because of problems across the board. treasury prices were down, the dollar was selling off, it was all across the board. >> we have a big story that combines economics and business and politics. obama got a pretty big rebuke from his own party with a failure to pass this trade legislation to expedite his ability to negotiate trade bills. it is a little complicated, people did not think it would pass. there was two bills, one needed -- both need to do pass, one past, one didn't. --eone mentioned it it was mentioned it was the lame duck era of the obama presidency starting today. alix: in stocks though, there was the mention of restoration hardware. 15% comps, when have you last heard of a retailer selling at 15% comps? what was fascinating to me was that you had r

where youke today, saw that inflation expectations were high, but surprised numbers this morning forlation. it tends to cause rotation. when you see the reemergence in you saw that inflation expectations weretechnology resuming leadersp in the markets. >> we keep continuing to see these very small moves in stock markets. what is that telling us? >> the stock market seems addressed. it's a systemically low growth environment, with incremental shifts in monetary policy. i think as a result, markets keep searching for these new catalysts in terms of why they want to keep buying stocks. which is why i think they have seen so many investors holding to this inflation idea and using it as a catalyst to rotate in and out of various sectors. >> let's take the chart 2437 in our bloomberg art library. it's a consumer sectors correlations. breaking down the blue line is the price, not a massive divergence yet, but it's grind. -- it's growing. >> consumer sectors have been a weird trouble area for equity markets throughout this year. over the last month or so, you have seen a larger divergence be

. -- if youk at2020,. look at 2020, it could go down a lot. there is a big imbalance.bly people are focused too much on the shale side of things. if you look at the actual data, it is as low as it has been in 60 years. anna: in the china conversation, we have seen a recent pace, quickening in the appreciation of the chinese currency. some have pointed to changes the pboc has made around reserve requirements. saying -- some point to that and say the pboc wants to weaken the currency. his point is that maybe the pboc believes the capital flight risk have diminished and they are realtor live thing the currency as it was before. what is the politics behind this? michele: they have been good at managing the currency throughout this period. they have sold it and appreciated the currency. they are incentivizing asset managers to put the resources there. they have been good at driving the demand side of the currency. if you look at the renminbi, it has appreciated. now we can stabilize. if you look at the dynamics, 700 billion is a trade surplus, very strong. for the last thre

julienjulie: julien what do youk , for high-yield next year?u see this buyers strike potentially coming as well? julien: we still think the fundamentals are constructive for a high-yield. i would agree with kathleen, that we don't think reaching for yield makes a lot of sense at this point in the business cycle. we do think it will be a year we can clip your coupon. it would be hard-pressed to see the index spread compression you saw in 2016 or 2017, but there are pockets of opportunity. one area we like is the rising star candidates, the upper end of the high-yield spectrum. double b rated names that have a high probability of being upgraded to investment grade. staying up in quality is the trade we like but there is some room for spread compression. julie: speaking of spread compression, ira, you have a chart you have been looking at, kind of comparing spreads right now to what we saw in the 2011-2014 cycle. so, if you look at that chart, what is this telling you about what we could see now? it looks like we are just about as tight here as we

like, and youks can see that from the policy measures taken so far, there is now this new central bank, ahink to our mind disproportionate share of stability -- this will mean that from a rate differential perspective, a balance of payments still remains negative. yvonne: we were talking about these dozens of chinese companies that issued a profit warning yesterday. that really stunned a lot of analysts. it seems like a trade deal won't be enough to counter the headwinds in the economy right now. how much should we be paying attention to signals of a wider slowdown? >> there is evidence to show that the slowdown in china is not just limited to the trade issue. the slowdown was happening even before the trade issues. over the last few months, the data has become less useful in being able to guide the economy simply because there's been a lot of frontloading. the marketeans that sentiment has been divergent between the actual economy data and the sentiment data and so forth. the slowdown story is above and beyond just trade issues. trade issues create the risk of acceleration. i think yo

that youke anything see? susan, i will get to you react. is out with its next scoring.t will cost $420 billion. it's boosted unshirreshir insury the same amount. is it worth uninsured 32 million save $420 billion for the deficit in ten years. >> i think the shift needs to be repair obamacare. and idea we'll replace it wholesale, it's too big too hard and too much disagreement. we need to continue to work on the problems in the provider care delivery system and get place.odels in we have seen -- the cost medicare since 2010 has averaged 4.4%. previousuble that for decades. even back to 1969. basedf these value working.oncepts are vonnie: you don't like the government involved would say obama kai andn to fix it. ceo of premier. thank you. this is bloomberg. ♪ vonnie: you can see market reactions there. s&p 500 up high. nasdaq up .2. headlines just a few moments ago, mcconnell health bill cost deficit $420 billion over the next ten years. out with he is latest scoring. this little more than cost of ten years. about the same number of ininsured. that will be 17 million next

time youk for a long will see a discrepancy between the availability of vaccines and the need for vaccinesd and supply will not add up for a long, long time. ,f you look at what is needed 67% is the consensus needed to have immunity to achieve herd immunity and a country. even at 90% efficacy, this is very high. these vaccines have a high efficacy rate. that means you need some effect percent of the population to have a shot. if you look globally, 6 billion these shotsmost of are two shots, and to put that the world ise, currently producing 203 vaccines in total, and that is measles, flu, everything. we need an all-time mobilization to get the 12 billion shots of vaccines that the world needs. guy: let's talk about timing, who is going to get it first. there betweenis the united states fully vaccinating everyone who wants it and the u.k. delivering the same thing and europe delivering the same thing? >> yes, that's a great question. the interesting thing is we see very different trajectories from country to country. looks fairly close to being able to vaccine -- to vaccinate a large propor

about what youk are seeing here within the details of the report.e thing i would say all could talk, you cannot look at any one labor report to create a narrative. the figures here are disappointing. you then have the hours work inching up by 0.1%. you can't take any of these at face value. what we have is the story similar to the u.s.. the good side is doing terribly. we are dealing with the oil fallout. that didn't play out in this report. it has been destroyed for the past year. >> i have a chart on my terminal . they move in sync but it is clearly linked they are not in sync. guest: the oil crash crystallized this. they mean more to canada's economy than they do to the states. is reason for this breakup starting around the u.s. housing boom. we are already losing manufacturing shares to mexico but we are getting the oil boost. unemployment is going down. ie have a mending -- min housing boom. we are not cashing in with much growth. flat and theto u.s. continuing to go down. we have a chart here of the the canadian dollar. 129.s gone to that is a

you need people to take the fidelity's of the world and the youk rocks of the world -- will need themo take a couple of percentage points of any deal. it's going to be key that you are able to have a good roadshow through july and into early august to get a deal this size done. >> this is a big rock in the middle of the pond. i wonder what the other ripples are and how we see other deals affected by this. where it really plays a role is not just in the ipo landscape, but also the m&a deal --e because this softbank has a big stake here. you will see alibaba doing its own acquisitions. it has done a number already. they arently hear that on the prowl looking to do others. once they have the ipo and they shares, that sell will make it easier for them to pursue deals. the impacts of this ipo is not just in the ecm space or textbased. you need to think more broadly about the trillion dollar m&a landscape as well. >> interesting stuff. we appreciate it. thanks. speaking of chinese tech giants, insure to tune xiaomi rising. a special "bloomberg west." ♪ giantis the latest tech trying to get

with concerns over global growth , are youking hold hedging against that in any way by for example consideringduction. if you look at the share price, it really moves with the silver price. that's why people buy pan american's overstock. no -- pan american's overstock. there's no reason to slow growth. the world is one reason, picking up as investors are worried about it. that's the reason. in the end, the big peaks that you see in the silver price, the last one must really be pushed up and save haven. >> do you see silver outperforming gold and that continuing in 2017? >> it is on front -- unfortunately underperforming on the way down. that's what they like in a company like that. with a bigger chance to be exposed to our great results. successful with the exploration. >> you are based in vancouver, british columbia. with operating mines in places like mexico, peru. them affecting our operations in the near future? working in america for a long time now. our operations have always been in latin america. for a long time in argentina. overall we are very happy with the jurisdictions we have bee

youks relatively weak, but are looking at a triple digit loss for the dow.ng at its biggest weekly loss since the end of may. two words for you: inflation and that expectations. -- bad expectations. that was three words for you, i am not going to live for you. basically a risk off day because of problems across the board. treasury prices were down, the dollar was selling off, it was all across the board. >>

about -- youk would have seen the result of almost 98% were for the appointment.ll ballots were pro-staley. is that enough of a stamp of approval for staley or not? >> i think that is enough for now. there has obviously been some serious discontent registered. i think he will have to continue to respond to allegations about whistleblowing and respond to shareholder concerns in the coming months, especially as the investigations are wrapped up pending the outcome. mark: are you guessing or projecting that staley will remain? andrew: for now, it seems he is safe. who can say what will happen in the future. we were not calling for him to be ousted from the board or from his role as ceo. in fact, he seems to have brought support from shareholders from a strategic threshold. the concerns about his -- the concerns are about his judgment and the was a blowing under investigation. did not call for shareholders to abstain. why not? andrew: we thought the strategic rationale for leading the leadership are barclays is sound. there has been an error of judgment, or there seem

goal is a registry and youkes on anyone raise her hand and say i want to help get the cure.ant to help with plasma blood donation, so what we do is push it through a questionnaire and it matches you with all of the .ovid research going on they agreed to take a subset and make it three -- make it free so it is related to anything that is not covid. also, plasma donation links and those trials need about 270,000 volunteers. this process of getting people into trials is a process. 65% of people who comment do not leave and don't do it because it is too complicated, so we are hopefully going to compress the time frame. >> you are also the chief lyftegy officer at lift -- . ridership has plummeted. we know the economy is going into a recession. can lift ride this out? lyft ride this out. >> the utmost importance is ,afety and first and foremost supporting the shelter-in-place that we have. with is an essential service. -- list is anng essential -- lyft is an essential service so we are operating. it is not just about moving people, it is about essential goods, but we have the whe

over monthsag it and years, that could actually lead to a rebalancing, and i youk we can see that ifk at employment growth and job creation, it is heading in the right direction. the demographics are changing, they don't need as much new chops going forward as they have in the past. angie: so should we be looking more to social services? the government is obviously trying to do reforms, and with the yen, as well, there is not much clarity. >> i would disagree. a lot of hedge funds are basically taking a short position within cnh and cny. we're actually stronger today than the beginning of the year. the fears are misplaced. we have actually regained control of the currency, which was lost at the beginning of the year, creating problems for the european market. now they are fairly on top of things, and the market seems to understand that they are managing against the baskets. it is not just a one-way trade, but a two-way trade. the fear for now has been taken away from the market, and are still a few investors at a 30% evaluation. at the moment, cnh is improving. angie: coming up, when

area youk that is one should really keep your eye on, because there is an investigation going on.hey are only now starting to get the documents from volkswagen. i think this will be something they really press on in the future. joining us from washington, d.c., covering the volkswagen scandal. thanks, jeff. coming up next, volatility in the u.s. markets eases by the most in 20 months. is it the end of the ride, or merely the calm before the storm? more on that when first up returns. ♪ ♪ checking the stories making headlines. russia is denying the pentagon's claims of landing in iran. rockets at 11 targets and claims to have them all. the flight path would've taken over northern iran and iraq. defense officials -- u.s. defense officials say at least four of those missiles went off course. moscow says 26 missiles were fired targeting syria, but has made no mention of them going astray. new reports from amnesty international says that prisoners of from two inas risen 2013 to more than 90 now. and the top player in world football will stand trial for tax fraud. the decision on barcelo

. -- youk to a guy from know what they do?jonathan ferro, one of the smartly dressed people in knowewsroom, i want to where you buy your things from. so i have a picture on my iphone and it tells me where you shop. this is the future of retail. we speak to the man who came up with the technology. >> i'm kind of concerned about that. japan september 14. that is the election date. questioning abenomics. effectively questioning the politics behind abenomics and his ability to strive through those reforms. way, you look at it this i'm still trying to get to the bottom of it, it is whether the moody's downgrade will have an impact on the elections or just on the way people think. times, thesee agencies are backward looking. a lot of people will brush it off and say, they are always two steps behind. does it really make a difference to japanese policy? we are right in the middle of this. we don't really know. they pushed back the tax hike but we don't know the effect of this big financial experiment. whether that has an impact on fu

. -- youk low the surface. have to look below the surface.to see those recover over the next few months as people within the industry. -- francine: richard jeffrey, chief investment officer. we have plenty coming up including stabilization in china. factor great deflation easing good are we seeing steady in the world's second-largest economy. the reserve bank of india's governor holds rates before his september departure. we break down his legacy. the pound sinks for a fifth day as the u.k. continues yields. you can catch my exclusive interview with tidjane thiam in this month addition of bloomberg markets and on bloomberg.com. this is bloomberg. ♪ francine: i am francine lacqua, london. let's get straight to the idiot with nejra cehic. -- straight to that bloomberg business flash with nejra cehic. nejra: the walls second-largest itnsurer -- that is even as got claims of natural disasters and restructuring charges. munich re shares are trading higher. legal in general shares are lower after reported first-half that missed analyst estimates --

athlete, youke an cannot simply go right to sleep. have finished a tough day , you come home at 11:00 or 12:00 and you can't just go to sleep. eric: again, that is time for myself. read, i watch your show. [laughter] charlie: you are also a buddhist. does that help? eric: it doesn't help to go to bed. charlie: in terms of peace of mind? eric: for sure. you have a different understanding of life. for me, it has been essential. charlie: how did it happen? actually happens at the end of this book. i at the airport in choosing a magazine about that. and then i will be interested in buddhism and i will find another ofup with the speech acceptance from the dalai lama that inspired me so much. then i went to his teachings. he was the primary inspiration. i went to his teachings in new york. , it'spart of my lifestyle part of my spirituality, and i apply what i learn in a very secular way to people around me and to the family of course. it gives me peace of mind. inbrings tremendous pleasure helping people to find happiness anythingght stress

about how youk process that information by folks?pect the decision of voters matter what happens but economically, it would make more sense to remain in the eu. once the referendum was passed, what happened afterward? >> right now, the focus is on the u.k. in the eu, working out with the process is going forward. london and brussels and ,lsewhere in the european union we want to make sure we encourage them to move forward. >> there are those who say this just opens up the door for agreements. that the u.k. would begin of the line, negotiating a new trade you with the u.s. how difficult will it be to work out a deal with the u.k.? theye practical reality is are focused as they have to be on the negotiation with the eu itself. that will be consuming for some time. it is hard to think about negotiating a treaty agreement until you know the relationship with the eu will be. whether they will have sovereignty over regulation or tariffs or not. it depends on what model they pursue. we will want to do whatever we can to deepen the relations

youk: in the last two years have seen a dramatic increase in the use of gas, no question.ou've also seen an increase in renewable energy. but this year, you will have the we've evere fuel mix had, and here, you will have the next 20erse out to the years. the inclusion of natural gas into the fuel supply has increased our diversity. about the price in btus, is anyone making money? frank: it is a challenge right now, but also an opportunity, because you see natural gas not only penetrating electricity markets, but also bringing in manufacturing jobs act to the u.s. natural gas is being used in transportation. the price environment is a challenge. the story is a positive one for natural gas. and the opportunity is brighter than ever. matt: i can see that is a challenge for producers. but obviously, that is no challenge for consumers. the price higher? why isn't it growing faster? and cleanercheap than coal, is it a production issue that is stopping you from getting to the end user? frank: markets take time to adjust. we have seen a tremendous increase in production, 40% in th

youk you appearing -- thank for appearing with us hourly on "surveillance." when i watched the video yesterday, it seemed it was almost 40 or 50 white people straggling after the president and he made after -- he made up his mind he was walking over to st. john's. those advisors of many different opinions at the white house, do they have his ear, or is he completely removed from his advisors? your point, i to think that if you -- part of reporting in this moment is, i think, looking at all of the ideology.bubbles of i think last night in particular, the conservative media landscape was increasingly theical of this moment of president. i would anticipate that that would continue this morning. because the one thing that people want right now is for also an be reform but immediate stop to the violence. i think that those shouts will continue until the president listens to them and this violence stops. kevin cirilli, thank you so much, and particularly for working your sources in washington this morning for our global audience. i put out on tweed -- on twitter, j

youking of, we will show what is happening to the price of oil.falling again today, actually, down by -- about one --rd of 1%, trading just 39. $39 per barrel. hard to believe. the last hope for oil bulls right now. juneas been dropping for -- since june. next will be important to , danarket to explain why patterson joins us from denmark. thank you for joining us. spending all of our time on slowing economic growth, slowing demand, and searching supply to what you think action on the market should be following what the fed is doing? so far this year, but talk of the oil market has been this positive supply shock, with opec changing a strategy market share, and the reason we have first, the shots, iran nuclear deal, and recently over the past couple of weeks, demand has hit the oil market as well. . demand,se this week and below market will lose the fed because it might take a postponement of a fed hike for the oil markets to really gain some confidence. olivia: what specifically are you listening for coming out of jackson hall? dan: for any commen

youked her, does that mean think that america is not being led well now?ot want to go there. she talked about climate, syria, as where america has to lead. it seems to me that she and the president are at the same place. interesting about that point, i talked to someone today that knows that arena very well. women are at risk and they will be doing things that have not been done before. do you think the answers she gave you were from the heart and the head or based on political cancellations -- political calculations? charlie: for someone running for president, it is always tinged with political considerations. i think she is more engaged in this interview than she is often an interview. she likes the long form. i have known her for a long time. we have talked about many subjects along the way. she clearly is a politician and she clearly wants to be president and she clearly is trying to create the narrative that will propel her there. that means some political calculation, how she frames her answers. she will not criticize the president. she will find dis

what youk about highlighted, the second assembly line, they made about 1000 cars on that last week, give. if they are working 24/7 which they have seem to be doing, that equates to about one car to every 10 minutes. that is nowhere near what you need to be getting for a profitable carmaker. brad: liam, tesla was so focused goal,s 5000 cars per week it really came to define what observers of tesla were looking for. what is the next milestone or benchmark that people will be looking for to grade elon's performance at tesla? two things will be interesting, one will be the results that come out in a month. we will see with the cost has been in terms of profitability and cash flow. the other big one now is the company insists that it will get to gap rapid debility and some form of cash flow later this year. that is the key for this company. it needs to show it can turn a profit, produce a mass-market car, and become self funding. becoming self funding is the key here. brad: profitability and self funding, liam denning, thank you so much for joining us. ramle cofounder exhibit of newibabaram i

-- once youked be look below the hood, it is not as clear. these are the closers, the daily closes. going up and up your the problem with that is volume has been going down and down and down. last year, the back end of last daily, prettyion average. this year, it has been hard to make 100. basically, you have to ask yourself whether or not the market believes in this rally. plenty of people are the heart the rally and that could be a factor -- are behind the rally and that could be a factor. if you look on a daily basis, the average volume, you clearly see the volumes have been falling. i'm not convinced this is a convincing rally and the market is not convinced either because you take a look at what is been going on, the volumes have been like. vonnie: for a moment i thought em with douoting emin you believe. i am tempted by your chart, it is a good one. i think today i'm going to have to award the prize, not that there is any, to to alix .teel remember to watch "commodities edge" at 1:00 new york time, 6:00 london time, 1:00 hong kong. coming up on balance of power, we will be hea

youking other headlines for right now -- adobe fell as much as 13% in extended trading after its forecastell short of estimates. adobe said sales for the year ending in november 2015 will be profit5.7 billion in excluding certain costs, while forecast at 2.70 a share. slightlywere expecting more. stock is up 70% so far this year. in plunged in after-hours trading after cutting third-quarter sales forecast. they had predicted revenue of up to 620 million dollars, but now say that revenue of about $573 million is more likely. foreign currency headwinds are slower than expected, which is the region -- the reason for the revision. star board value says yahoo!'s stock drop is a terrific opportunity, because the price taxed separated. they encouraged yahoo! to spin off alibaba, still awaiting approval. yahoos shares have fallen by 30% since the move was announced. after the alibaba ipo. alibaba was going up, and andaba is going back down, it moves on the green line with alibaba. as a relates to the expectations the stockpinoff, trades today, yahoo! less the portion of alibaba, is not reflecting

that means that the oil you can why should youk care about this?t actually may be harder to hurt the exploration and production company than you think. there is no single oil price that will shut in oil production , meaning that a turnaround could take longer than we think. something for saudi arabia to keep in mind. coming up, the race for first place between out of that and apple. that is next. ♪ alix: alphabet, the company formerly known as google, surpassing apple yesterday. now they are back in their place. scarlet: those are still massive numbers. that was long before they were two biggest companies by market value. i wanted to take a deep dive into the bloomberg to look at the top five companies by market. facebook soaring in the top five, really catapulting higher, mainstays, the other like microsoft, berkshire hathaway, google, microsoft, all thatof trading neutral there are no industrialists because more than anything it is just a reflection of war and buffett and his investing powers. wonder, if you look over time, how will these perform

emily: [laughter] if youk is saying deleted it, that does not necessarily inspire trust even everythingpening over the last year. thank you both for stopping by. ,oming up, tesla board member larry ellison, increases his stake in the carmaker. that makes in the second biggest investor after elon musk. "bloomberg technology" is livestreaming on twitter. check us out @technology, and be sure to follow our global news network, @tictoc, on twitter. this is bloomberg. ♪ oomberg. ♪ emily: the founder of oracle has taken a billion dollars stake in tesla. larry ellison revealed the investment in a filing with regulators. he's a longtime friend of the ceo, elon musk. a heavy duty truck will be released that steers on its own. that's will stoke competition at a time when demand in north america is expected to soften. sales of the ps4 gaming console are slowing down as the product nears its end of its life cycle. soldreported the company 5.6 million ps4's between november 19 and the end of the year during the crucial holiday season. the numbers imply it may miss its annual target. coming up, more

. -- than youk for joining us. governor kuroodda is in a race with mario draghi. are you confident he will get it right? >> well, no, not really. i think what really this is is a bondon that large yield purchases are not as effective as we thought they were going to be. we have had to go down into the negative -- francine: they are not effective. i call thewhat tricky trinity in terms of thinking about, we still have the deterioration of economic activity. that is clear in terms of our leading indicators. fairly pervasive. at the same time we have a very offset thato weakness from a monetary policy perspective. that puts us an extremely conservative position. i kn that has not necessarily been a popular viewow in the last year. it is more of a popular view today. francine: this is the problem. the vote was 5-4. some members saying they did not negative rate because it would make people think that the asset purchase program had reached its limits. >> it was a close call. bank of japan officials a number of times in the past -- were voting against a negative deposit

chart, youk out this can go all the way back to 2007.penings are greater now than they were in 2007. hiring and job quits are lower. interesting perspective. >> stocks rebounded, oil did too. now at a one month high. su: the dollar citing played a role. when you see the dollar dropped that will reduce the games -- gains. even though we had a buildup in the u.s. supply it was offset by the opec cuts. there is a correlation between oil and energy companies that -- there is a disconnect. a lot of the earnings from these companies, exxon yesterday, chevron two days ago have been a big disappointment which shows perhaps some of the pressures on the market. both stocks have been under pressure in the final months of 2016. sentiment was driven back by the close. what did that mean for the next session? su: that is a positive going into thursday trading. let's see where the bears were in control. they started off in a big downdraft and then you saw --,ks, for low yesterday off the low yesterday until finally in today's trade we ended with a posi

and they will have the materials on hand and they will have a that youke restaurant don't see.l walk by and see this restaurant that only exists on ubereats. they are crowdsourcing what people are hungry for. literally. in some cases, they can change how the restaurant is facing out to the world. so if a place that did not serve brunch, if tons of people are requesting brunch, they'll start serving. it's changing the face of dining. carol: so these virtual restaurants, uber will take a piece of their kitchen and devote it to the other food? >> if people are requesting wings at a pizza place, a little part of their kitchen will only make wings for people and sell through uber eats. it's actually a real department within uber it's. uber eats.ts -- carol: and this is seeing a lot of growth? >> yes, and it is all over the world. it is in india, thailand, montana area it is everywhere. carol: bloomberg businessweek is available on newsstands now. jason: must-read? carol: tom barrack, the guy from the financial community that came out first to endorse then candidate donald trump. it'

this, youk to all of talk about deflation being the greatest risk. >> inflation in the euro area has quickly as possible to what is considered the equilibrium value, 2%. the ecb is doing a great job. my view is they should continue to do so. and on the side of the countries, we should do our best to facilitate the transmission of qe towards the economy, which in the case of italy, includes dealing with the banking system. >> when you take a look at the investment climate, what is your assessment? evenve seen ford, chevron, harley davidson pulling out of indonesia. it doesn't look optimistic. >> it's true. we have fallen somewhat behind where we should be with respect to the regulatory regime investment climate him up permitting licensing, all of these things. but the important thing is, as a big effort was admitted, to have all of us admit the problems and want to change them. i think that's the first step. thoughtful about the reforms and not overreact to individual cases. i think in aggregate, we are still ok. although i would admit that we still have a long way to go. >> negative

g youk to martin: what we are seeing is an industry, two big trends in industry, active to passive, althougha place for both in the business, and again, a move from public markets to alternativ you have really got to try and be on both sides of that, of those moves. that is what we have been really doing. is investment management arm really trying to provide to our clients globally, and we are the largest independent asset manager outside the.s. we are trying to provide our clients that, both of those capabilities. if they want passive, we can give passive and if they want alternatives, we have 100 billion in alternatives that we can manage. vonnie: where in alternatives? what is becoming popular? it feels like there has been a shift. martin: the big ass class is still real estate, and you can .ust see that with blackstone certainly from our point of view, that is where we see it. you are seeing liquid alternatives, fund of hedge funds, fund of property managers. you are giving up a bit of liquidity for an enhanced yield. vonnie: why hedge funds? in a down market, they do really well and the

and they come back, they don't did youk who got them forget to send them to a republican or democrata? you take a look at all of the unbelievable fraud that has been involved with mail-in voting, look at that. it was a massive miscalculation and there was incredible fraud. look at the city council. this is one place but you have many places. yes, please. >> thank you, sir. i want to know what is the last time you spoke with president xi of china and you plan to speak with him in the near future? >> no, i don't. >> follow-up? ok. bader ginsburg was hospitalized today with an infection i want you to -- i want to know if there's any reaction to that. >> i wish you the best. i did not hear that. i wish her the best. she's actually giving me some good rulings. you know that, right? no, i wish are the absolute best. -- her the excellent best. >> mentioned the travel ban's and i want to know when you plan to resume. on the european continent situation is under control -- >> we will return right after this break. this is bloomberg. ♪ shery: president trump giving a press conference of the wh

youking the u.s. markets, can see that we have a nice rally today.ntinues this is bloomberg. ♪ bloomberg real yield starts right now. coming up, risk asset mounting up higher. -- test fence the patients ahead of next week's meeting. we begin with the big issues. >> goldilocks. >> goldilocks moment.

you have a good idea you can --e ilion's just on the idea make billions just on the idea. 1800 and youksonably strong and willing to work hard, you were worth 90% on a farm as much as the best guy. the market system will push it in that direction and government is there to -- charlie: what would you change? warren: i would change the earned income tax credit, big-time. i am where i am not i myself at all. millions of americans out there, and a lot of crossover. it just -- i benefit enormously by having come along when i came along and where i came along your some people did and some people didn't. there is nothing wrong with the market system that makes life better for millions of people, they ought to get rewarded, but you have to take care of the people that just don't fit well in that. in this country paid based on athletic ability, i've could -- i could study eight hours a day and i'm still going to -- i will get the ring or something like that and 10 minutes later i'm on my back. the talents that get rewarded our import, because they bring us more that the country wants and they ma

it, if youk about segment advertisers, they look at branding.re advertisers that use google and facebook for performance, to drive specific sales. apart from google and facebook, those are two of the most important ways in which advertisers are driving sales online. to be int is going important part of what advertisers do, and it will continue to be. go ahead. emily: i want to ask you from a reputational perspective. users mighttrust, opt in to this, but even when they opt in or check a box, they do not understand how their data is being used. facebook is not done a good job about being clear about how the data is being used. will this and -- undermined trust? >> yes. there is a lot that facebook can do to reestablish that trust. it is more about control. this book needs to be explicit in allowing people to have control. facebook needs to be clear to its users what information they have on them and how that information is being used. the last couple of days, there has been news that facebook has been using data from conversations on facebook mes

back, ireak iran's youk that region -- if bring iran back to the global economy, i thing that regione in a much better place. jonathan: thank you for your time. tom keene, i am not sure what the daylight is like between former president obama and former vice president joe biden, but i think it is fair to say there's a lot of difference between the approach of biden and president trump. tom: i will say, i wish there was a lot more depth on actual policy in china. i go back to the bloomberg headline, which just had all of that back and forth. you've done bad things, i've done bad things. i just don't know if the electorate is truly engaged in that. jonathan: i think a lot of the electorate has already decided. the undecided this time around, is anyone still left to decide? who hasn't decided? tom: lisa and i have decided we need more promotion of mr. kudlow's interview here. lisa: please, yes. jonathan: absolutely. the open is coming up in about one hour and 20 minutes time, and on that show will be larry el-erian, justin bieber i heard. [laughter] tom: harry styles. gigi. lisa: debuti

nvidia, youking of also have a graphics system. wondering what your plans are given that google is now also in on the action. bob: yeah, we have a strong position with integrated graphics. it has been a core part of our product portfolio for a long time. more recently, we have announced our intention is to begin to leverage that strength in integrated graphics to build to solverete graphics some of the emerging opportunities and problems with our customer base. so, great, integrated graphics position -- trying to leverage that and extend that into new markets. jon: can you tell us about the pc market, the context for 2018 -- have we bottomed? it seems we have. is it stable, though? bob: you know, it is a great question. what we have experienced in the second half of last year in the first quarter of this year is a stabilization. has beenow, the pc declining for a while, but those have somewhat stabilize the last couple of quarters and our sense, in the first quarter, the market was relatively flat, which for us is good news. our vo

of japan, youk push,ther options, fiscal destructive reforms. we won't obligated.ve what is on the left flank, the aggressive marketing stimulus. here is today's. range, 14irly wide hours. the yen has gone to one of 5.50. dollar-yen as high as 107, 40.107. little bit above it. but a lot of this has to do with the dollar value overnight, it gained against the yen, also major things in puberty market currency. this comes down to -- major things in emerging market currency. don't overlook the possibility that the fed moves in june. , itn stay the way they are gives real options. that is the key take away. dollar-yen also up, but not as much as the japanese policymakers want. how to the nikkei newspaper, pointing a finger on the amount that japanese exporters may have to take as a hit of profits this year the jets of the divers -- adverse move in the yen. ¥1 trillion. currency be a stronger domestically. aussie dollar's, back below $.75, and that is where it has held, 7487. ,his move if you look at it downtrend seems to be intact. you have the rba bringing race down to

florida, youk of have to understand, its unemployment system was one of the worst in the country.into the pandemic, cast members had exhausted unemployment resources. that remains the case for those that remained out of work. back to the comments i made earlier, the tourism industry in central florida makes up the bulk of the business. tragedy for a thousands of workers, floridians who are in desperate need of help, and are unable to find work. hopefully, a vaccine is rolled out and hopefully the traveling public can pick up, business can resume to a normal level at disney world. until then, there are tens of thousands of workers in central florida that are being very drastically impacted by the current pandemic. of course, that is in the context of no stimulus package. government support that had been available to americans not available at the moment. businesses seeking support not getting it now. lawmakers are still presumably going to wrestle through something. how important is it for the folks that you represent that some form fiscal stimulus is brought about? matt: not just

-- are youk that still bullish and do you expect to make more investment given the volatility in theybody was excited about blockchain but let's talk about the values. cyan: as a team, we are still bullish and personally, i am still bullish. i hold on for dear life. it is incredibly valuable, basically digital gold. it is not the best way to transact so i think there will be other types of currencies that are good for that and different infrastructures, but it is good for store value. emily: a lot was talked about when peter teal backed donald backed donald trump and i am can -- i am wondering if your experience at founders fund changed? cyan: i think it made us closer at the firm, mostly because we like to celebrate diversity of thought. not everybody there agrees with everyone. we have people who voted for bernie sanders and trump. it is a personal decision. we talk about a lot of things that have nothing to do with politics, like the future of the world and what exciting things we can invest in. politics has very little to do with what we do, but if anything, i think it made a str

youk: leverage is, can raise the level of pain enough on assad, or the fear by russia that assad is goingo go in their interests will be in jeopardy in syria, that they either force assad to come to a deal or assad himself will come to a deal. it is difficult to create leverage is much actually. -- is difficult to create leverage. it is easy to talk about. 2013,: in the spring of were falling back rapidly. he lost control of the border areas and loss control of provinces. charlie: is that when the russians came incharlie:? robert: no, that's when the iranians came in. rebel forces, including those at were backing, again had assad forces falling back in the bedrock of his political base. the mediterranean coast was coming under artillery fire. that is when the iranians and the revolutionary guard general went to moscow to beg them to help. that is when putin sent in fighter-bombers. charlie: secretary of state tillerson said yesterday that he thought the strategy should be to finish off isis and then get engaged with the civil war. robert: i think that will be hard to do in a conclusive ma

youked what kind of advice would give those kids, and he says i have a law degree.uy who has a law degree in business law he is always one to fall back on. given that, i wanted to ask him about the blurred lines verdict. >> i think the results is really bad for business. if copying a stylus infringement of copyright, then we have a major problem. i'm constantly copying other people styles. the idea of copyright law is that you cannot copy ability. you cannot steal a melody from somebody else. but a melody, in order to have copyright, it needs to have a certain character. i think in the blurred lines case, i want to defend for rail. i don't think he copied the melody. he copied the style of marvin gaye. willlly hope that they refer the case and that pharrell will win. if this case extends, it's really bad for business. mark: thanks so much for that. have fun this weekend. olivia: i look forward to it. i will send you an instagram video. mark: i will be in jersey. next half hour, venture capitalist funding for drone related companies. ♪ mark: it's 11:00 in san francis

if they remain in the doldrums, we could see spillover. , if youking backwards take the trade deal, brexita whole lot of other factors into consideration, do you think that will give the confidence to industrial companies come of the ceos, the guys at the helm to turn around and start to invest money? is a factor next year? bilal: i think the big impact of the trade war is more in terms of how inventory will be built up and so on. there's a larger structural issue around investment, where investments in general have been incredibly weak over the past few years. i think part of that is to do with the structure of economies now, where companies are growing without much capital to build a platform. you just need to have good marketing to increase your network, and as a result, you end up with big tangible assets. guy: are we midcycle or light cycle? bilal: -- or late cycle? bilal: i think certainly we are late cycle. if you look at the levels of unemployment, capacity utilization, and some balance sheet measures, whether it is government or corporate balance sheets, they all look on the stret

youking of the bond market, mentioned energy, with an investment grade and high yield, what cyclical or value or growth sectors -- you mentioned energy -- are you looking to outperform? george: as you know, as many of the viewers would know, the corporate bond market, the structure is slightly different from the equity market. growth is very hard to achieve in the cohort of basically the entire corporate bond market. not impossible but challenging. what we need to look for our recovering sectors, rather than simply growth sectors. these are sectors that may be have bad balance sheets, heavy debt load, but are still in a functioning sector where you are likely to see improvement going forward. energy is one. industrials, that is the value trade on the equities side. when we look at both investment-grade and high-yield, we see industrials as kind of a core opportunity set. companies may have bad balance sheets but in good sectors. those other types of strategies that we like to work into our portfolios. there is a fine tuning message there. our market gets very segmented quickly, so hi

he and his wife taking their seats in front of the capital. , over youk listening for? some controversies about dollar policy on of the trump administration. city set things straight yesterday? >> there is been a lot of back and forth on what the policy on the dollar off to be. -- all to be. the -- ought to be. the administration can talk about the dollar but the market in the fed will have more impact on the dollar initially. over a period of time the fed is on the path of raising rates. the economy is strengthening. the vigor issue -- the bigger issue is what the deficit is going to be. if the deposition gets too far out of line, the government will have to borrow more money. interest rates will go up further. the dollar will go up even higher. of time willeriod slow growth because it weakens exports but it will attract more foreign money into the dollar and it will go stronger. david: we are watching the motorcade down pennsylvania avenue being saluted as the limousines drive-by. we see the flags. d.c. dresses up well for events like these. we await the arrival of pr

a look at the most actively top -- youks, the don't have any financials until number six and you don'tr kind of countries until november -- until the 13th, which is going. let's get you to julie hyman. >> as we watch the selloff theing steam, we have trading barton picking up today. it is already above average today. volatility picking up as well. i know we have a fixed curve -- showing on the bloomberg. has us how the fixed curve been changing. >> things are starting to sort themselves out. by last week, all was hunky-dory. we have a nice, sloping curve which is the green line and it seems like everything is fine. at the top is the life curve in you can see how we have gone to backwardation. when you get a surprise like we have gotten between facebook and trade war talk, people go running. >> scarlet and julie were talking about this. how much perception is there that something fundamental is changing? i think people are coming around to the realization. if you talk to most people, they will to you that the valuations and earnings are still ok, but i think there is a psychological cha

he said, perhaps he will come perhaps, youks -- will come back with books.that was a stimulus with what you were doing. john: i went back a year later. my father was my right hand man. we sat there and talked about it. the kids had never seen brightly colored children's books. these kids were stage diving onto the books, they were so excited. my father said, you should be proud you have helped a lot of kids. i said, one library is not enough. 100 won't be enough. that is my have the point of saying, if i stay at microsoft, this will be a hobby. the only way to scale is to go full-time. so i jumped out of the microsoft airplane and prayed my parachute would deploy. literacy is a huge issue in low income countries. 98% of illiterate people live in low income countries. they are to -- to poor to afford it but unless you can afford it, you will remain poor. if you have to have -- if you have to build a tall building, you need a deep foundation. we are proud to have worked in 20,000 communities. 11.5 million children accessing our libraries and programs. baseline