>> john currence: 22 years. come to mississippi. and opened first one, then many more restaurants and businesses in the town of oxford. >> john currence: i've stayed busy. >> anthony: and this is doe's eat place in greenville. >> julia reed: this is the great florence signa. >> anthony: oh, it's so good to meet you. >> julia reed: florence is in charge of the salad bowl and has been for -- this is -- florence is doe senior's sister-in-law. uh, when did y'all open up for us? 1930? >> florence signa: 1941. >> julia reed: '41. close enough. >> anthony: like a lot of folks around here, dominick "big doe" signa got his start selling hot tamales to go. in the beginning, the place catered to the black community. but after word got out how good the food was, white people started coming. which led to a kind of weird accommodation to the segregation of the day. blacks came in the front, white people snuck in the back. the menu expanded with the clientele. what human qualities are unique or marked in the native of mississi

each currency can offer different value propositions. john bought some is because i don't trust the people who print these things. with bit coin there is a limit to how many are out there. >> there is nobody in charge it that can print it whenever they like. john: when i bought them for $112, people mocked me. but compared to these, it has gown four times that. >> it was the best performing currency and it's gone up by 8%. john: because the fed makes these out of thin air. >> they do. john: there is criticism saying bit coin causes crime and terrorism. guns, drugs. >> it's not good for illicit activity. if you want to launder money you don't want to use bit coins. most people i know are using bit coins for legal services. you can use it to get discounts at amazon and starbucks. there are all sorts of ways to use bit coins legal are you. next how private companies are more likely than government to fly us to mars. private companies are picking up where the government left off in the race for space. sweetheart, think about your future. jeff ove

tensions over at the japanese currency dominate the g-7 talks. johns talks about the chances of a rate rise, saying he central bank will not cave in. and a recession, david cameron and george osborne say britain will be plunged into a crisis of its own making if the country both for a brexit -- votes for a brexit. it is exactly one month until the referendum. will come to "countdown." i'm manus crannyi in dubai. anna: and i'm anna edwards. let's talk about where we are expecting to go. it looks like things are expected to be sluggish with the the stoxx 600 down .3%. because the markets japanese market was sluggish, but elsewhere, china is doing ok. is south korean market is doing ok. we will get a glimpse of how some of the other asset classes are moving around. ourse, a real hot potato at the most recent g-7 meeting. that will continue to be the case with the u.s. and japan divided over the merits of the intervention. and we have got the aussie dollar against the u.s. dollar, showing a boost to the aussie. biggest in the dollar index on the back. peo

john: i have given up trying to predict currencies. end of thep at the data at strong economies tend to have strong currencies. and they get too strong and sort of weaken. it is not perfectly efficient, but it tends to wash up. , it sort of washes out anything more than a month or two. david: the degree to which you pay attention to when the fed will raise rates again, that is a conversation we have over and over again. is that the key question when it comes to monetary policy? john: no, i think the real question is whether they will try to restrain the economy. i think they will raise rates when they can do so without adversely affecting the economy. they will be data dependent, but they will not try to tighten at the end of the day, week, or month. shery ahn: thank you for that. next, mexico up approves the extradition of alleged drug kingpin el chapo guzman to the united states. we're live with the latest details, next. ♪ . david: "bloomberg markets this is." a quick check of the markets. all the major indexes in the green to nasdaq

concerns over the japanese comment -- currency dominate finance minister talks. the fed president johnlks over the chance of a rate rise saying the central bank will not caved to pressure to hold off during an election year. the diy recession. david cameron george osborne said that they will be plunged into a crisis of its own making if they vote for the brexit.

currency policies going back to when he took office. the idea of creating an international block of nations nations recurrences of that are rich can ensure prosperity going forward. of john the ideas maynard keynes and the brecon which conference was -- brecke nwoods conference was an affirmation of those into international agreements. the united nations was not institutionalized, as we now know. they were nations united against fascism. it was the allies. britain, the soviets, and the united states, as well as occupied countries and scandinavian countries will stop also, latin american countries worthy single biggest block. some middle eastern countries were participants. most important contribution? it was achieving the agreement with the nations that they would go forward in peace time with the idea of allowing governments the discretion to manage economies. it is a big difference from the .ra that had expired it institutionalized a lot of practices and emergency measures. there may have been ongoing peacetime practices. >> was this hammered out during the conference? to formalize agreements that had been reached before. went backof arguments to 1930 or earlier and th

states but is more expensive nearly everywhere else when you factor in currency fluctuations, local taxes and everything else. johnone is about $700 equivalent in india. the average income is 1400. you're talking about a device that is half the average annual income of a worker in india, but what can apple do about that? >> what it could do is come out with the iphone se, that starts at 400 bucks. >> 30% of the annual income. >> you're talking about -- which model is he talking about when he says too high? >> i think they're both too high. >> okay. >> that's why apple is trying to figure out how to bring in cheaper phones. they want to bring in pre-owned phones to put it delicately, used phones, and india's spent a lot of time trying to build up a local manufacturing base. the local manufacturers say, no, we don't want that. you would just flood the market with all of these cheap phones, destroy this market that we've tried to create. apple, meanwhile, trying to start software development there, trying to show that it's a friend of local innovation. it's different from china in that china it's more of a -- histori

currency, a dominant story. oil elevated. cold through 1300, a unit. stronger today. the dollar index, 94 as well. the pmi statistic, we will get that today with an interesting number. you heard johnitsubishi in the last hour talk about isn being a great indicator on. -- optimism. kyle, and bring in with may day a perfect annual degraff.h jeff jeff, let me begin with you. should we sell in may, and go away? early to do too that. that is across the board. our work shows you need to work on the handicap starting in about august. you get into earnings in july. if you want to play it purely seasonally, that is the point. tom: carl weinberg, japan, you out front with immense caution on the japanese experiment. >> they are deep populating -- depopulating. monetary policy can fix that. -- cannot fix that. they need more people. they need to accept the fact that the compilation is decreasing or open the doors to immigration. vonnie: we had this argument play out for so long now. i mean, is there nothing of that can be done short of importing babies? >> we can accept that puerto rico will default. we have accepted this for 6-7 years, why can we not accept that japan will contract. vonnie:

currency markets. david: let's get a check of the headlines. mark crumpton has more on the newsroom. mark: u.s. secretary of state john kerry says intense work is underway to try and restore the truth in syria, -- truce in syria, specifically aleppo. secretary kerry said the government and opposition have, in his words, contributed to the chaos. john kerry: they need to go back to the table with the minute of cessation in place, appropriately. with these new mechanisms and the minute the humanitarian blockade is opened up. mark: secretary kerry the syrian government for releasing what he called a killing machine on its own people. michigan governor rick snyder requesting a meeting with president obama and the mayor of flint in hopes of discussing the water contamination crisis. governor snyder is drinking filtered flint water to demonstrate it is safe. president obama will visit on wednesday. the white house is there are no plans for the president to sample the cities drinking water during the visit. the judge has barred the city of louisville from removing a 70 foot tall confederate monument from the campus of the co

currency. david: this is bloomberg "" i'm david westin in the hewlett-packard enterprise green room. next, johnie: you are watching bloomberg "" i am vonnie quinn with the latest news flash. the chemical industry, temporary oversight from the eca. president obama will be sent the biggest overhaul of rules governing chemicals in for decades to give the eta more power. companies like how chemicals push for the bill because they want consistent rules. amazon opening a new front in the cloud computing that'll with google. for are making it easier businesses to run artificial intelligence software and computers rented from amazon. that is according to those familiar with the situation. deal with has to workers wanting higher pay. many of them demonstrated outside of the mcdonald's corporate headquarters on the eve of the annual meeting. mcdonald's was once the -- mcdonald's, they want them to pay a minimum of $15 an hour. jon: i want to get the g7 headlines. bloomberg news has obtained a copy of the communique. it is not final and could change, but it does not reference the brexit and the econo

currencies, those were all big worries. there was worries about the strength of the dollar against the emerging markets. >> right. i guess, john i guess my point is that, yes, i mean, i know what those assets have done. but the point is, they haven't done it on any fundamental change. they've done it on technical moves, or for whatever other reason they have reversed course. the bearish case is, though, they have to reverse again. the dollar is done going down. and that oil's done going up. >> i disagree with you. i think what we have here is not so much that oil will go back up, or the dollar will start back on an upward trend, but i think what we're really looking at at this point is we get a little bit of stability in here, the biggest problem you have is when the equity markets and bond markets have been taken hostage by the commodities market, or currencies market, you get the type of volatility, the trading on feel versus fundamentals that takes over a market and creates volatility for a while. but when things settle back in, and you've still got the fed highly accommodative, q-e in europe, the chinese genuinely trying t

john did a great interview with the deputy crown prince. they can't really stomach this free idea for currenciess right. the currency is pegged and is going to stay pegged for the foreseeable future. their major product is oil and that is in dollars. 2030,time down the road, perhaps they will revisit that. for the time being, no prospect of changing the pay. there are mitchell fiscal strains, economic strains, a budget deficit ballooning out. francine: john, how do we need to look at saudi arabia? because there is a new man in charge, do we need to start taking that into account? john: there might be economic pressure. i think it is interesting that saudi arabia is an amazing experiment. you have this guy who was 30 years old who is coming in, arguing within his family that they have to deal with the world where they are less dependent on oil. he wants to open it up, he wants to change it. it is one of those moments when you look at a country and despite everything we have been talking about, where politicians are not doing something, here in this inherited, not the person you expect to change t

john: it's relative strength is what we would say. we have been proponents of the euro through the 2010-2012 -- all of the problems europe has been dealing with. it is a great reserve currency with great support. when you consider the euro did not get to the parity point people were looking for last year, we think in an area of $1.13 to $1.16, you are looking good on the euro. your competitive with the dollar, but the dollar gets a break. it is more fair for multinationals on both sides. betty: i want to get back to talking about the idea that we are in a calm before the storm. mark was showing you the trailing pe chart. i want to bring up another chart . you can see on the right, viewers on your screen -- it shows the average s&p targets among the strategists. it is resting at 21.52. what is interesting is how they have come down. you can see the blue line has come down as the markets are going up. what is that telling you? --n: it is contrar contrarian. the markets have shown resilience in the face of last august. resilience in the face of january where we saw the markets come back nicely from february forward. we are glad we did not lower our targets. we stuck with the 2

currency at this particular moment. i just don't think that there's a lot of juice in that attack. >> john harwood and betsy woodrow, we had to cut it a little short because the president gave such a great commencement address there. we're going to have much more on the democratic race ahead and be joined by san francisco's former mayor and whether bernie sanders has a chance to win next month and whether the state will be the deciding factor in the race for the democratic nomination. you live life your way. we can help you retire your way, too. financial guidance while you're mastering life. from chase. so you can. as long as you love me, it's alright bend me shape me, any way you want me... shape the best sleep of your life. sleep number beds with sleepiq technology adjust any way you want it. >> john harwood and betsy the deciding factor in the race only at a sleep number store. allergies. and i'm doing just fine. clarin provide 24-hour relief of symptoms that can be triggered by over 200 allergens. ah, over 200 allergens! with clarin my allergies don't come between me and victory. live claritin clear. if you have a

msci currency index down 1.8% this month; and this is again about a stronger dollar and weaker oil prices, among other things. caroline: thank you very much. up next, we will speak exclusively to johnson. he's walked across the street in berlin to our studio. ♪ guy: 30 minutes into the trading session. how are things shaping up? miners up in london, down in australia. let's take a look at the way markets are going. this is the picture; up around 1%. dax up, cac up. a number of stock stories we need to focus on; one of those is credit suisse. the numbers out this morning seem to be pulling it up, what you have to be aware of the context of what you are looking at. yes, we are getting a very nice pop, but let me show you the chart. the stock has been trending lower into these numbers. you saw what happened when we had the ubs figures come out, and that had a massive impact. today, it could have been worse, the cost-cutting story is going to be absolutely front and center. let's get into the top stock stories; nejra cehic has the details. nejra: thanks. i'm starting with pandora, the biggest gainer on the stoxx 600 so far. this morning, the danish maker of charm bracelets and other je

john mentioned the two most famous names. not just their positions, but the language they used. said gold is his biggest currency allocation. at odds with every fed chairman since we've had fed chairmen. saying central banks around the world are doing their best to debase their own currencies. that is why he is piling into gold. we know this from a letter at the end of april. this is a look at the morgan stanley implied pace of rate hikes. yesterday, i was talking about months. what it really shows you is how many rate hikes they think we will have any year. wasas at 2.5 when the fed saying they will have four this year. to one.ome down now this is the price of gold. as the implied pace of rate hikes falls, you see the price of gold going higher. everything else is negative. that makes gold a precious metal with no yield a more attractive investment. amanda: the gold bulls believe central banks will virtually collapsed. -- goldmanold call not quite going there. what is your take? you like gold. a great point. when interest rates are presumed to be zero, what is the risk of holding gold? i would remove myself from the argume

currencies when we run the strategy. haidi: how do you get visibility and what you do when it comes to markets like japan and china? john vanguard. we are an index fund provider. we are proud of that. indexing, was low-cost. we started with active shops. part of the reason why i am here today, on a holiday back home, is to try to get the word out that vanguard does do active strategies, we have a great track record in delivering this. most of this is founded on discipline and very low costs. haidi: thank you for joining us on memorial day weekend. up, selling stakes in a parts business. ♪ haidi: welcome to the stock exchange. let's see what the reporters are keeping an eye on. >> i can feel the competition. connor's in japan is going to buy back 3.8 million shares in japan. share buyback is always good news. today,not done that well down 6.24%. they manufacture electron tubes, semiconductors, and image processors. has [indiscernible] they on the bloomberg, but are feeding orders, suggesting it should go up today. >> i'm looking at an older parts maker in japan. it is actually an auto maker in korea, but looking into jap

currency moves. not only that goldman call on the dollar but also yen. tom: yen to watch out for as well. but i like how you mentioned brazil. to john for air and 10 minutes in brazil but between brazil and the philippines, a lot of emerging-market politics going on within the student of economics and finance. of economics stew and finance. francine: now, let's get to the bloomberg first word news. nejra: bernie sanders is not going away. he says he will fight for every last vote. night, he defeated democratic front-runner hillary clinton and the west virginia primary. lead inlinton has a big delegates, closing in on the number she needs for the nomination. meanwhile, presumptive republican nominee donald trump won in both west virginia and nebraska. he faced voters for the first time since rival ted cruz dropped out. british prime mr. david cameron may have an awkward time and ofrat's when the leaders nigeria at afghanistan visit this week or he told queen elizabeth the two countries are extremely corrupt. prime minister cameron: nigerians, the leader is fantastically corrupt. nigeria and afghanistan -- corrupt.ctually not nejra: a

currency. tom: from australia, to lay lay and paul bloxham with us -- from and paul, atul lele bloxham with us. we will continue the conversation later today from san francisco. williams,ident, john:00 p.m. london and worldwide. ♪ francine: this is "bloomberg surveillance," where we focus on markets and the economy. tom, this is what i am looking at today. european stocks under pressure. first of all, we have ups -- we have ubs profits missing estimates. we have the e.u. once again cutting the inflation forecast and warning off a lot of nations on this. you see the pound still recouping some of the declines we saw at the beginning of the year, but stocks are under pressure. let's get to the bloomberg business flash. >> shares of ubs are falling today as the first-quarter profit plunged 64% to market turbulence. ceo,berg spoke with the sergio ermotti. sergio: the kind of market conditions that we have been operating, that is the result of and achieving profitability in those environments is not easy. '> he has been shifting ubs focus away from investment banking in space -- in favor of wealth management bp has thrown in the towel in a fight over the 2010 gulf of mexico oil spill.

currency getting too strong. the problem is a going to the g7, which is dominated by politics, and 1/10 is stable. david: thanks, johnours from the opening bell on wall street. the g7 meeting begins in japan, the world's most industrialized to adopte expect practical measures to improve the international fight against terrorism. equipmentt farm producer has reduced sales of tractors and combines as farmers have a decline in income. the wall street journal is reporting bids for the core business of yahoo! may fall that had originally been projected. we will go to vonnie quinn. investigators now have their first clues in the case of the missing egypt jetliner. some of the wreckage has been found. the egyptian army says they discovered debris from the plane 180passenger's belongings miles of the coast of alexandria. investigators say they will look at the degree. -- debrief. salam say they hope they will give him information about islamic states. today, he has nothing to say. he was arrested in belgium after four month on the run. he was excited to france. in his study says more than half a british university students d

john: i'm looking forward to this. with is a big conundrum how to reconcile the strong japanese yen was an all-time low-year-old. that rateearn differentials matter. behind that yield, the strongest currencyugh the manger. how to explain what is happening in japan? this is the all-time low yield in japan. you're looking for a nominal yield. the reason is that the fx market is a reasonable yield. that is especially for the u.s. yield in japan, it has narrowed. so, to pick up the u.s. versus japan has come down. you can see that, right here on the white line. as that spread narrows, the pickup, when you look at a real starts with a favorite the yen. that is where received a japanese yen. you can see the relationship quite clearly. the gap has spread for u.s. versus japan. as the spread narrows, the dollar yen comes down. when you try to reconcile the all-time low yield with the is onlyapanese yen, it nominal. matt: that is a clear chart. i will tell viewers that at ecb 63, you might have a hard time understanding it. hear something easy to had the s&p 500 and blue, and the bloomberg dollar index in white. we have seen that a falling dollar has been boost in the commodity prices. i thought i

currency available to it and increase it by an order of , magnitude. mark desaulnier: and they were doing that before. that's why we went into iraq, is what you're saying. yes, no? john hannah: no, i'm say -- mark desaulnier: seems like tradition is whispering -- john hannah: -- you're trying to blame a narrative on the fact that iran has been the leading state sponsor of terrorism according to the u.s. department of state since 1984. and to try to somehow distract from that and distract from a a narrative of false moderation , is counterproductive i would argue. mark desaulnier: i just have to tell in all honestly, i feel like i'm a replay or sequel of dr. strangelove here, and it would nice to have a balanced discussion about this. thank you, mr. chairman. jason chaffetz: i would agree with the gentleman. it would nice to have a balanced discussion. that's why we invited mr. rhodes and we invited the participation , of senator cotton who's on the other end of the spectrum, but when the white house refuses to make them available and democrats call no witnesses, we can't have that discussion. that's what's a shame about today's hearing. now i recognize the gentleman