debbie west and a jon ferro -- mr. farrow jobs the conversation to what do you have? n politics as the chancellor steps down. the longest serving leader in the -- more on the austrian politics as the chancellor steps down. the longest-serving leader in the european union. s far as the markets are concerned, i call it federal confusion. a lot of people do not expect the fed to do anything next month. big investors do. we will break that down. so: jon ferro, thank you much. francine lacqua on the austrian minister. francine? joncine: i was going to ask , but i will tell you, i think it is significant because we often talk about the fact that it is difficult to match up all this political uncertainty, and how we deal with the refugee crisis, so this, the austrian chancellor stepping down after a very middle ground governing party, social democrats have lost more and more votes to, frankly, anti-immigration freedom party candidates. this is one of the first situations that we have seen in europe leading -- leaning not only to the right but to anti-immigration. tom: lakshma

let's speak to jon ferro. he is in charge for all of our government reporting.reat to have you on the program. how worrying should this be? ohn: we saw the biggest drop in the currency since 2008. nearly if i present drop last night. that shows you how worried investors are. some of the contract that anyone dogan made --erg they have been happy with the policymakers that he has put in charge of the top jobs. some of his geopolitical conventions are not part of the world. that is what we're seeing here. we are seeing the contract coming undone. francine: what are we worried about? the rule of law? is this a number -- another symbol of that? sayinghe prime minister i expected to be my own man and this is not happening. you could argue what else the you expect? -- what else do you expect? gan is your boss, it is not in his nature to delegate. this is another example of him taking his grip and setting himself up of being the autocrat. .his is all perfectly legal no one is suggesting otherwise. there is more and more one person that matters in turkey and that person

we will also be carrying on the conversation on radio as well; jon ferro is up in new york. kick around all the big news of the day. we will talk about cs, china, and about what is to kashkari had to say. both onhat coming up, bloomberg television and on bloomberg radio. from caroline hyde and myself, in the gloomy london and a lovely berlin, we will see you tomorrow. ♪ show me top new artist. ah, ha ha. show me top male artist. my whole belieber fan group. it's not a competition, but if it was i won. xfinity x1 lets you access the greatest library of billboard music awards moments, simply by using your voice. the billboard music awards, live sunday may 22nd, 8/5 pacific, only on abc. click's cutting deep. credit suisse poses -- posts -- >> cutting the credit suisse posts -- miners lead the charge after yesterday's plunge. it is a green bay for european trading -- it is a green day for european trading. chinese consumer prices rise for a third straight month as the pboc gains reasons not to ease. ♪ >> welcome to the pulse.

jon ferro and i. ♪ francine: don't fight the fed.bank talk sunday june rate hike, global stocks rally. g7 finance ministers meeting japan. yen strength sharpens the debate about stimulus versus austerity. and a hunt for the missing egypt airplane with 66 passengers and crew enters a second day. greek authorities dismissed reports that debris from the jet had been found. welcome to

jon ferro and i are going to be on the radio with rich jones.nd what we think this week is going to look like and what europe should make up the numbers we are seeing this morning. all that on bloomberg television and bloomberg radio. ♪ francine: japan exports fall in april as g-7 leaders disagree on currency wars. a german company offers a $62 billion all-cash deal for monsanto as shareholders worry about overpay. recession.dum on a david cameron a george osborne say britain will be plunged into a crisis of its own making if they vote for brexit. welcome to "the pulse," live from

jon ferro and i are on the radio . ♪ +++

coming up on "bloomberg ," with david westin and jon ferro -- david, what is on cap -- what is onwill talk to the brand-new delta ceo, ed bastian. we also have richard clarida with us from pimco. puerto rico is expected to have a big default today. we will talk with richard about that. finally, with drew matus. a big week this week. jobs day coming up on friday. he will tell us what that means, coming up on bloomberg . very good. let's continue on economics now. krugman is always stirring up with lots of good writing over the weekend. in his "new york times" -- tom: carl weinberg is with us. if you are not going to provide stimulus in europe, you cannot provide it anywhere, can you? carl: i agree with that. it is not coming, though. there are problems and there are facts. the fact is that fiscal stimulus is not coming. monetary policy has either reached its limits or not addressed the problem. so we are stuck in an eight-year depression now. tom: how do you define euro sclerosis? carl: that is such an old phrase. i think we are beyond euro sclerosis. that is from the 1980's. b

jon ferro and i are on the radio.row. ♪ francine: a fed rate rise in june and that is not all, said lockhart and williams. they predict a two hike in 2016. government and consumer spending moves growth in japan. take a 10%ki shares hit after the company admits to fraud in efficiency testing. so, welcome to "the pulse" live here in

on the radio, jon ferro and i will be kicking around the foreign exchange atioction. ♪ francine: talkingive from bloomberg's european headquarters in london. i'm francine lacqua; these are your headlines. the debt we should all be worried about, in a bloomberg exclusive. larry think warns of a chinese credit crisis. george soros cuts his investment in u.s. stocks end goes for gold. and frances strikes. trapped train and metro workers walk out after president francois hollande forces labor law changes through parliament. welcome to "the ls

jon ferro and i will be on the radio, talking about all of these issues.that is coming up on the radio as well. as i said, "the pulse" is next. weekine is down at city and she will be covering that, giving you some great interviews throughout the day. ♪ saudi appoint a new oil chief. will they reach a new record for output? brexit baffled. david cameron says leaving the eu puts fundamental national interest at risk. we will hear from boris johnson later this morning. and thousands protest in athens after the national creditors meeting in brussels. in greece braces for another summer of discontent.

jon ferro and i will be on bloomberg radio next. ♪ francine: the slowdown stimulus cycle. estimates. the pboc says it will support the economy. the s&p 500 flirts with his highest readings since the internet bubble, but the fed model suggests it is still far from its 2007. and carney defends his warning about a brings it, saying the british economy faces 1990's era uncertainty. we talked to the cbi. welcome to "the pulse

coming up shortly, it is "bloomberg ," with david westin, megan murphy, and jon ferro.n, go to china. not only did the market have the biggest day of the month, but a bighigher, story, and a lot of conversation there. --the week ahead, a huge huge in vienna, hotels are sold out. the ecb, then payrolls friday. event risk dominating the week. tom: let's go to our single best chart. we brought it up earlier. carl weinberg is with us, from high frequency economics. nominal of real and gdp. this is real gdp, showing the frustrating decline in part of the last -- in the backdrop you can see the volatility. the nominal chart does not look all that much better because inflation has become narrow. talking about dynamism, we need to find new dynamic systems of economic growth. ,s that what this is all about frankly, the search for the new new? carl: we need something new in the world to drive our economies forward. we need something real, like the race for space, the way that it moved the economies forward in the 1850's and 1960's. that was a driver of investment. now we need to

wti.or brent and a ♪ jon: this is bloomberg "" i am jonathan ferro.e you on the markets. futures are firm, the dow of 38 points. feature of 1/10 of 1%. three points to be precise. the dax up 6/10 of 1%. you see that reflected on dollar-yen, down 1/10 of 1%, a stronger japanese yen. yield down one basis point. .oming up 3.4% a survey of 0.5%. , much higher,onth 1.9% from 0.8%. transportation, this is the preliminary number for april. 0.4%, we were looking for 0.3%. coming in at 0.1%, revised higher from -0.2%. 268,000, thes, previous claim to 78. solid on initial jobless claims. let's get your market reaction. i will with through some of this. three yields down two basis points, 0.89%. you jurors are firmer throughout most of this session. points stay firmer of 33 on the dow, up three points on the s&p 500. a decent set of data looking at initial jobless claims and durable goods. interesting to see when you look at the fx air, they dropped .8%. i can see why there is money flowing into treasuries. capital goods orders. that is potentially why there is

here with jon ferro. amanda lang is joining us. welcome, amanda. amanda: it is great to be here. i did not bring my hat. the kentucky derby was quite a raise. we have a number of guests coming up. in a rare and exclusive interview, jim coulter will weigh in on how the private equity market is changing. bank of america, head of global economics, ethan harris, will talk about how friday's jobs report affects the rate decision. and seth marion is here over worries about characterizing volatility. jon: let's get a check on the markets for you. futures positive, dow futures up 41 points. over in europe, after the --gest weekly drop since euro weakness, switching of the board, euro-dollar was on a five-day losing streak. 1.1389.in there at and then nymex crude, up two full percentage points. it is seen as a tussle between the news over the weekend, the new oil minister in saudi arabia, and what is happening in canada with the wildfires spreading over there. i want to go live to the city of london and get the latest with bloomberg's will kennedy. let's talk about the immediate -- the sp

amanda: i feel like jon ferro is doing his part. jonathan: i'm trying. thank you very much.o matt miller. if you are watching retail, you will see kohl's missed first-quarter earnings. had an-the-box disappointing first-quarter sales -- beat on first quarter sales and earnings subject jack-in-the-box is up 10.5% and finally, let's take a look at sun edison. the fx on the solar industry still being felt. see those shares? no, all right. i can pull them up right here. trading, while that is yesterday. now, down about 2.5% but the graphic is not look as cool. amanda: they are making you work , did you make hillary mad? matt: i don't think so. jonathan: thank you very much. the opening bell is up next, futures firming up going into the open. dow futures of 65 points, s&p 500 futures positive 11 and nasdaq futures of about a half of 1% -- up about half of 1%. matt: -- ♪ [ soft music ] e.t. phone home. when you find something you love, you can never get enough of it. change the way you experience tv with xfinity x1. jon: this is "bloomberg . moments away from the opening bell.

francine: coming up shortly, it is bloomberg with david west and a jonathan ferro. jonudying milken and it is all about the markets. jon: the real story was renewed dollar weakness in the european session. handle, a with a 1.05 euro-dollar with a 1.16 high. if it is a pain trade for corona, i will say it is a pain trade for draghi as well. i would say look at the wealth management unit. the down point -- look at this for a headline -- the gold standard for wealth management, ubs, the lowest transaction volumes recorded for a fourth quarter. -- for a first quarter. tom: i have no idea what you are talking about. i went away for a trip and came back and the red sox were in first place. miracles can happen, like licensed or -- like leicester. a very australian moment, which means it is about emerging markets. paul, used on me. you said mining is only 10% of australian? paul: it is only 10% of gdp. australia is in the process at the moment, having benefited a great deal from china upon demand for our resources and having a mining investment boom, now having ended, we are no

it a story featuring golf superstar phil mickelson. ♪ jon: welcome to the second hour of "bloomberg ." i'm jonathan ferro to cover this hour. jon: a lot of discussion about markets and a change over the last week. futures not softer, firmer, down by 49 points. futures positive around five. the snap back from the losses yesterday posted up one full percent. let's get to the commodity markets. oil rolling over just a touch a coming back a bit. the fx market, weaker dollar story. a weaker japanese yen ahead of the g7. the politics around that currency is fascinating. david? david: we want to go back to the egyptair story. there are details emerging on the disappearance of the flight. we will go to cairo, our north africa bureau chief on the phone. please bring us up to speed on the developments. >> there is a little bit of progress. they have located some degree 190 miles of the coast of alexandria, which they are saying is part of the missing airline. -- the aircraft. they have not clarified what they found. but it, this is a step forward in terms of something can oso to show that the plane went down in th

jon: experts call for yen strengthening. i am jonathan ferro, with vonnie quinn. david westin is

jon: experts call for yen strengthening. i am jonathan ferro, with vonnie quinn. david westin is on assignment for the week. vonnie: 1.5 million dollars worth of savings will help contribute because this is an all-cash deal. an exciting day for the industry, specifically when you consider that they have been trying to consolidate and there are so many unsolicited bids between companies, monsanto included, and now monsanto is on the receiving end. jon: and the potential of that deal is being reflected let's get you up to speed on markets. futures -- where are we? i'm not sure we are that saw on the dow. we will update you on that in a moment. s&p futures down. that is one year and not intraday. moves, theyraday are your one-year moved spirit let's switch up the board very quickly. hopefully they are intraday moves through they are one year moves once again with euro down. that is the reality today, down by 10% over the last year. around the's go world and check in with our bloomberg team for in-depth coverage of our top stories. matt miller is in berlin on buyers p

jon: "bloomberg ." this is -- this is "bloomberg ." i'm jonathan ferro. matt miller, you are up first.for him, if you want. wars. chart i am ready for it. tesla has been in the news. line is a look at the number of shorts we have seen on tesla's shares. the white line is the share price. the short position has been rising. pressure on the stock. the stock has had quite a rebound. you have seen a lot of short covering. i should point out the shorts are still 28% of float, which is fairly high. the question is, if you take a look at the share price, it is a little higher. people like what they got from tesla. what will happen to the short position whether or not we will see it higher or lower? some people argue having a high short position is healthy for the stock because it gives you a little cushion on the downside with shorts covering, right? carol: right. david: i have one that hillary handed to me a few seconds ago. the white line, emerging market marketla the -- emerging volatility. currency, nations' dollar, pound, euro. for the first time in the year, the volatility of g7 currenc

ferro. wonderfulu brought us material back from the conference in vegas. jonnings when journalists spent yesterday writing these stories. david: then the facts come in. you the official data tells another thing. here is your financial scorecard. theyes deep in the red and trim some of their losses and they are rolling back over again. dow futures -48 points. europe, ftse is poised to close for a fourth straight week of losses. the fx market, stronger dollar story on every cross. we stay there. the u.s. 10 year yield, going lower again. wti, the highest close since november. a little bit of a reach race meant. matt miller. matt: we are watching shake shack. they got a boost from adding more stores and sandwiches. 33% boost in locations. it has a new chicken shack sandwich that i intend to try today. that brought more buyers into the chain. same-store sales jumped by 10%. club, down 47% this week. in aounder resigned scandal. yesterday, jim chanos said he was sure the lender. like to hear that because they jump on board with jim. he has a great track record. cyb