you look at markets right now, they were not doing anything here. say something to wake me up. i don't know up i can do that. we are seeing adjustment of risk exposure. above 12.56.ng we have the yen climbing for a second day at 1/10 spot. are at a two day rise, down a percent on the nikkei 225. from thest and coming chinese shares on the mainland, as in hong kong. assets are getting -- korean assets are getting whacked today, falling for a six straight day. also on the rise there, almost five basis points. we are seeing some bright spots in the region. take a look at what is moving. when it comes to jakarta, mumbai and sydney. australian shares are trading at a two-year high. thursday's job report could be the trigger to push the asx 202 above 6000 points. take a look at what is moving. the euro is on a decline. treading water above a one-month low. when we take a look at some of the gainers so far, we do have the pound and the rand, as well as the ruble on the up. the rand gaining some ground after the reserve bank governor said it may take five to

at yir, you can look out to september, by the9 calls, you can spend $2.40 for. that we have spoken about this afternoon. we have this week talking about having three more hikes this year. when the shortened of the curve rises, that actually helps keep a lid on the long end of the curve. what you are trying to do is control inflation. also, these real estate companies are big borrowers, so they will benefit from lower long-term rates, even if there is some degree of inflation, assets, in general, they will be net beneficiaries. >> there are ones that are terrible. the ones using the malls or outlets, those have structural problems. as an assess class, reits are a good payer. >> in the re its, is there a concern there are more pockets more trouble than other pockets? >> which is interesting, this is a philosophical question. what these instruments allows to you do, it hides, it has a masking effect. >> weaker things. >> for weaker things. it can be a devastating thing. but we haven't seen that yet. >> if you have the, basically, th

it makes you look better, feel better and on average it takes 16 years off your life, but you look better today. so, the question is what is your metric? do you want to look good today or play with your grandchildren tomorrow? there's a population in that door that are short stature and they have a mutation under growth hormone and there's almost no cancer and no diabetes in a population yet we try to be bigger. so, the key thing is identify each of you what you want your goal to be. of the other big topic, things like testosterone, we here on the radio every day ads, so in the largest study done looking at people with low tea and giving them testosterone they found something interesting. when they did that no increase in muscle mass, no increase in libido, no increase of how they felt, but dramatic increase in cardiovascular events and death hurt by the way, death is a bad side effect toward a good. so again, i challenge you, whenever you do something and that will be the resounding message over and over is ask why and to say where's the data in what we are doing because testosterone for

you look at a shack. you believe there's no way on god's earth that anyone would live in that shack. a conclusion that a judge later concludes was unreasonable but credits that was a firmly held belief but these deputies. you move a curtain back. in broad daylight but in the darkness you see the silhouette of a gun pointed at and you it's only a foot away from your face. you think it's odell, the armed and dangerous person who you think is hiding in the shack. you reasonably think this is where i'm going to die and you have only a second to decide what to do. any rule that says that you can't fire in that circumstance is an untenable rule whether you look at it from the perspective of proximate cause going forward or you look at it from the perspective of the provocation doctrine moving backwards. when this court talks about the totality of the circumstances, yes, an officer should be on absorbing the totality of the circumstances but when you talk about the seizure, only whiff -- only with the understandi

you can look at the lineup on bloomberg and search for a fixed income and you can look at the lineup.here are a wide variety of products and a wide variety of spaces. you can get longer duration or shorter duration via etf's just and i diversified -- in a diversified portfolio. you hit shorter duration yield, emerging markets, etc.. you can make asset allocation decisions using etf's . that's a big way that fixed income etf's are being used. they are being used actively to set up an income portfolio. jonathan: carl, what is your response? carl: i really believe an active management and fixed income space. we just have too many built-in advantages. the bond indexes about 75% government or government related low yielding securities. if i put together a portfolio that yields more than the benchmark, i went ouin three ouf the four cases. spreads widen a little bit, which is a compensate for the kerry, i still in. win. when securities are taken out of the index, i don't have to sell at that price. a great example is november 2015 a very large high-yield issue r was in the high-yield index.

lookno regard to where you , volatility looks low. estion is how do you take advantage of that? it is very difficult to time. we are more in the camp of investing. you can use market pullbacks to purchase assets. there are many more domestically-oriented markets. both goodronments are and bad. we are looking to be bargain-hunting. what form does the bargain-hunting come in? i have a bloomberg chart. everyone likes china. now. just very expensive both on a current and projected basis, we are back to levels last seen several years ago. guest: if you look at the index level, it is a diverse mix of industries. china andeout the old focus much more on what we call the new china, technology, consumer driven. spentality is valuations time at average. we are much more focused on which way earnings are going at the moment. yousef: you mentioned volatility. i put together a chart that tells the story. we have crusted with [indiscernible] slumbering and waking up to you see that upward slope? that tells the story. ideas?e your top idea is to focu

these kinds of things happen, and it looks all piecemeal, but when you are a historian and look at it across time and space, you can see these huge patterns build up. people are not aware that the big reason is really about our feelings towards government and society. bill: in tracking these trends, what about the scope of domestic violence? that seems a more recent issue that we have been able to at least quantify, issues like spousal abuse, rape, murder between men and women? prof. roth: domestic violence follows a different pattern. from the kind of mass violence we're talking about. bill: why? prof. roth: it is a very different relationship. it has to do with general feelings about society and government, it has to do with the way gender roles play out, the balance of power between men and women. in the colonial era, there is a great deal of domestic violence. if you look at the court records, people are being battered and beaten. you will see a case of a wife abusing a husband, and you will see another case of mutual ombat. but what is interesting is that it almost always stops b

when you look at a company like tesla, you think of it as a carmaker or a tech company? y a look at it as a car company. simply that they are manufacturing vehicles. from the perspective of what costs,st, what capacity what distribution will cost, a lot of the things they do are of thetter in terms automobile industry and in car content. they are certainly progressive in that way but at the end of the day it is a very capital-intensive industry. they did not have distribution or capacity. as we have seen through the capital raises, while market cap is the only measure you can compare them or call them an automaker, there is virtually no other metric you would be able to compare tesla's 25,000 units globally in a quarter to general annually, fordon 6 million annually. i was looking up adjusted net 2010-2016,ugh general motors and ford both 40 million each -- tesla has lost billions. you cannot compare on the volume side or the capacity side but it is only on that cap number. joe: let's go back to the general state of the automotive sector because it is more than peopleweak

in you look at it from the u.s. perspective, you have syria, russia, north korea, a lot of hostility at the moment. you don't want to tickle any of those hostile areas. >> you would expect that an official statement in this would be as conciliatory. >>> this comes after the white house hit at russia for its staunch defense of bashar al assad saying it was covering up for his alleged use of chemical weapons. speaking to fox business, donald trump said he had no plans to escalate the conflict further by entering syria. he added his russian counterpart was supporting the wrong side. >> putin is backing a person that's truly an evil person. i think it's very bad for russia. very bad for mankind. very bad for this world. but when you drop gas or bombs or barrel bombs, massive bombs with dynamite and drop them in front of a group of people, and in all fairness you see kids with no arms no leg, no face, this is an animal. >>> russian president vladimir putin dug in his heels on the issue saying assad's opponents carried out

>> the thing you have to be careful of is uncertainty. look at the yield level you have. look at the conviction level people have. is it going to be a moderate? if you bring for people in the room, they're going to be four different answers. this set you up for a very high price risk, either of which is difficult to go out my winner or loser? jonathan: when you wake up monday morning, let's assume macron gets through. the markets will risk, that's what it needs. the spread is 70 basis. how narrow is the spread going to become? >> the thing about the election is we are talking about it compared to the markets. this is a four round race. this is like attornment. the next election after sunday is may 7. i think you will see the real volatility. >> if you look at my screen on here. i am looking at the european high-yield credit index on the bloomberg. it's amazing. reallyrisks haven't reacted to le pen. still banking on the draghi field. we are scooping up bonds obviously. credit markets are at risk here i. think we have had record issuances for every year for the last six yea

you look at the hedges out there on a bearish strike. >> it looks like our time has expired. i'm >>> my mission is simple. to make you money. i'm here to level the playing field for all investors. there's always a bull market somewhere. and i promise to help you find it. "mad money" starts now. >>> hey, i'm cramer. welcome to "mad money." welcome to cramerica. other people want to make friends, i'm just trying to help you make money. my desire is to train and also to educate and teach. tweet me @jimcramer. >>> the u.s. launches surprise missile strike against syria in response to a

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you don't provide this data but if you look at it compared to other countries it is striking how poorpared with the soaring costs. again, what do you see in that data? >> i think that's couple of things i will note i think it's interesting that the government has mentioned it. we looked at the average age of death as opposed to the average lie life expectancy. it should better be reflected in the average age which people die than almost anything. it moved up but moved up maybe .8 years. if you look at public health statistics, people with diabetes, depression and other sort of public health characteristics, those numbers other than smoking have not come down. at least as i look at the numbers those public health statistics to me seem very material and very interesting as it relates to health care in this country. >> another sad statistic, in some ways the one that should worry us all the most is lack of economic and social mobility. you have this plot which shows essentially what is the chance of a child exceeding the income of the family, the parents he was born to. and it looks much

interestingly enough if you look at our nation's history dating back to the birth of our country, there had never been a traditional of filibustering judges and as many have pointed out, even people like clarence thomas were confirmed with 52 votes. any one senator would have been able to require 60 votes to close off debate to get to that vote. so you see my point. but i think it's really important for people to realize that what the democrats are proposing isn't for the first time in american history to have a partisan filibuster of supreme court justice. you'll recall not even in 2013 were they willing to suggest that that was appropriate. they carved out the supreme court all together. but it really is up to them in how we should proceed, but one way or the other we will confirm judge gorsuch and perhaps end up just returning us to the status quo before the george w. bush administration when the senate had had 200 year plus traditional of not filibustering judges. >> let me just add that if you look at the arguments that are being made by the democrats on gorsuch most of them are ar

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you look awful. >> thank you. >> i grew up loving her so much.laugh so much. i cannot believe i'm in a movie with goldie hawn. >> these two cracked each other up all during their shoot in hawaii. >> action. >> mom, i think it's hot. >> it's hard to keep a straight face because she's so damn funny. >> we have to fight, mom. >> we got this. >> mom. that was awesome. >> i climbed on tops of roofs and ledges. i love it. it's the best. >> i actually kind of -- could you lean out a little bit? >> amy and goldie go on a south american vacation and end up kidnapped. it's 71-year-old goldie's first film in years. >> it's out there and the stuff we're doing, you look at it and you go, it works. >> you know she's not coming back unless it's damn good, so her choosing this project and saying yes, i feel really honored that she trusted me. >> i'm going to countdown, i'm gonna do it. 100. 99. >> for me to get up there and be funny with maybe the funniest woman in e worldaybe the greatest thing ever. >> let's n forget goldie has made some funny movies during he

you are not denying that you look at the states lines. it's just that they're not determinative. >> mr. chief justice, may i add to the question? >> he wanted one word. >> yes. [laughing] >> yes. yes. >> thank you, counsel. ms. prelogar. >> mr. chief justice, and may it please the court. i'd like to begin with your question, is to chief justice, about why it wouldn't be sensible to just look at lot lines as a starting point. as justice breyer just noted we think the lot lines are certainly relevant especially insofar as they might shape reasonable expectations about how property owners expect use the property o and what they expect to remain separate and distinct. we urge this court not to adopt a presumption or a bright line rule that focuses on lot lines in isolation. we see two principal problems with that, what of which is practical and the other is legal. i'm sorry. go ahead. >> turning to the practical point first, especially when you look at contiguous, and owned property which is a situation the court is confronting you. we think l

you can look at break said and london or uk when we talk about theresa may. you think this will continue tore spark because of the trend we're seeing all of a sudden seeing things come back the other way. >> no, i think look i think fear and anxiety i mentioned earlier mopping workers is there. and you know we know what's happening with automation for example. i don't think these things will just go away overnight. the same thing with what we're seeing with islamic state. and i mean these are thorny issues and they're going to be people politicians will exploit that and to get to power. >> good to see you tonight. thanks for joining us. >> thank you. >> vacation is over for former president barack obama. he returned to the public spotlight at special event with students eight university of chicago today. in fact he talked to them about civic engagement, community organizing withdrawaling from the challenges facing society and talked politics of course specifically how hard it is now to find common ground. >> what i said in 2004 this were no red states or blue

i guess that looks to be sensible, when you think about how sluggish the inflation story is. s national agreement on wages in japan. it will keep them suppressed for a little bit of time. unemployment is low. 1.5 jobs for every person looking. -- anna: 2.8% is low. luke: and anywhere in the world you can can -- can see that come true -- but not seeing that in japan. it is the aging population problem they have. aroundvery conversation japan seems to feature wages, aging population, the structural change to address it. i pulled up this chart to address the factors. here in the blue we have the move in wages. we did see some pickup in 2016 in wages. perhaps that can came down again. it is not enough to get the japanese consumers spending. the international climate keeps lifting things. luke: in a sense, the yen performs as a safe haven currency. the geopolitical noise is keeping pressure on the upside. that is just suppressing inflation as well. inflation,y did have with the wage situation now, it would not be good for them. it would suppress growth as real wages come under pres

so if you are looking for a place in retail. they get in. >> skechers, tanger is a name 4.2% dividend yield. this is a company with 95% occupancy. they're considered strip malls, if you will. people are going to those and their value, people go to those, so they're home runs. i love that stock. >> one major retail stock bucking the trend, wal-mart make it a top former on the dow. it comes after advisers upgraded the stock to outperform. joe feldman joins us now. joe, great to have you with us. >> thanks for having me. >> >> are we to believe wal-mart invested into escaping the fate of the other retailers that are being squeezed by amazon? >> we do. and we think they've repositioned quite nicely and are on a path to greener pastures. really, they've invested a lot over the past several years, they've cleaned up the stores a little bit. it's invisible when you are in the stores, you really see that. and they've tran six towards this omni channel model with internet and digital better than most people gave them credit for doing. i t

when you look at amazon, you take a look at it, i said, wow, 40 bucks, that's an unbelievable move. but you know what, you look at capital as return on your capital. percentage returns. so, i'm looking at that up 4% last night, i'm look iing at western digital up 10%. it is which is a lot more than, even though it was only up $8, so the only thing that's got to be owned is a bid for jim while he's watching all this stuff and druling as intel and qualcomm are getting squashed. he's the value guy watching old tech. >> listen. we're going to -- >> are you going to let him talk to you like that? >> how about alphabet. hey, steve, you're right. i am not going to throw in towel as a value investor and a buy amazon. and any value investor out there who's owning amazon is fooling themselves it's a value stock. google, alphabet or apple chrks reports next week, are priced like value stocks. you can be a value owner and yes, mel, you have to own this stock as a value investor, can't not be in this. it's gone up 4% today. it's been a leader this year, over the last three years and it's easily a

you look awful. >> thank you.ch and having her make me ugh so much, i cannot believe i'm in a movie with goldie hawn. >> these two cracked each other up all during their shoot? hawaii. >> action! >> the doctor is hot! fire is hot! >> amy goes off. it's hard to keep a straight face. she's so damn funny. >> we have to fight, mom. >> we've got this. >> mom, this was awesome. >> i climbed on tops of roofs and ledges. i mean, i love it! it's the best. >> arrrrrr... >> you lean out a little bit. >> they go on a south american vacation and end up kidnapped. it's 71-year-old goldie's first film in 14 years. >> where are we? every seen looks a little insane and out there. the stuff we're doing, you look at it and go, it works. [ cheers and applause ] >> you know she's not coming back unless it's damn good, so her choosing this project and saying yes, i feel really honored that she trusted me. >> i'm going to count down. i'm going to do it. 100, 99... >> for me to get up there and be funny with maybe the funniest woman in t

you saw it tightening of that. take a look at what is happening there. three months, you have seen what could be interpreted as a reversal of that trend. where is he going to go, and how confident are you that these corporate and sovereigns will come to market and they will come with a big appetite? >> the key story is the development of the capital market. i wrote about this and said they should be using a much bigger use of the bond and sukuk market. has beenf the market very underdeveloped. if you look at their debt to gdp, it is starting to get quite low. now that the oil prices have stabilized that lower average, and it is a new norm, i would expect to see the sovereigns using the bond market any significant way going forward, and for it to be part of its balance and structural rate. ownef: -- you create your demand. i expect the spread to be solid. yousef: in terms of foreign capital being put to work, you expect that demand to be strong? and how are the geopolitical risk? more importantly for the gulf is a serious story. how will that the writ --

you. take a look at tv on the bloomberg. and ask us a question. anthe right-hand side, amazing array of data and charts free to peru's at your leisure. that is that tv on the bloomberg. this is bloomberg. ♪ taylor: this is "bloomberg surveillance." you're looking at euro weakness against yen strength. lower byis driven rising uncertainty around the politicalction and uncertainty. it is translating into dollar weakness against the ruble ahead of rex tillerson's meeting with russian officials. moving to asia, the south korean recordcording of fungus -- longest record of losses. shortly, coming up "bloomberg daybreak." what do you have on the show today? alix: we're hunkering down covering markets in new york. front and center will be ed morse, the commodities team at citigroup. you oil at $52 a barrel, gold barely getting a bit. what does that say about the geopolitical risks? does the commodity market tell you? what does that mean about the over supply inventory overhang we continue to see globally? nerd talk.netary the

you look at the index, 4.6%. out the u.s. dollar denominated bonds, it is close to three .5%. to us, that does not sound like high-yield. when you look at the investment grade space, the index trades less than 1%. less about that. is 2%.10 year treasury european corporis less than 1%. what is more than likely to default? we're looking for opportunities, shorter duration, less correlated things, smaller and under followed capital structures and staying idiosyncratic. to do related to that data and technical trade. >> it feels like to some extent em is more stable than developed. they want a little more of safety? >> there are a number of investors who say they feel more stable. they are looking for the pickups and yields and in many cases, e.m. s decoupling from dm. not how much china trade with the u.s., they also trade with europe and around asia. india is almost purely a domestic story you look at the biggest returns. that is why you see people investing and the eye mtf. taking a step back every deploring the mo

you? >> look. i tell you why, everything that went well to the banks in q1 was backward looking. it had to do with this idea that this new equation would come, wait a second. kind of. >> okay. >> activity picked up dramatically in all banks. rates rise, we saw consumer confidence go higher we saw interest rate go higher. there were things getting in place for this inflation trade. for this new program agenda. none of it's happening. >> hold on a second, dan, first of all. we got two fed hikes, it has nothing to do with trump. the fourth quarter had in ug to do with trump. the facts that they're saying better mortgage business started nine or 12 months ago. the fact that banks have comps that are easy and banks have balance sheets getting better for eight years. nothing happened. >> j.p. morgan. everyone says their growth wasn't there. how about the growth year over year being up 9 ',? it's a really interesting. >> so sequentially it was down? >> and before that? and year over year, it was up 17% and the prior q1. so we go back and forth on this sort of stuff. >> you cannot argue

the way you look to measure that, are they intervening in order to devalue their currency? china has been intervening to prevent the devaluation. to support the r&b. that makes it challenging to look at the current situation and reach a conclusion that there is currency manipulation. clearly, there is a transition underway from a very managed exchange rate to a more market oriented exchange rate, but it is not a pure market oriented exchange rate. right now, the interventions are in the opposite direction from what you look at in terms of measuring manipulation. david: you have a president very keen on implementing tax reforms. the white house is adamant that they are driving the train. how much of that would fall under treasury department? you have heard the reports that offices are empty, positions are unfilled and names have not been named. how handicapped is the treasury department at this point with going forward with tax reform? >> what you do not have is your policy leaders, your emissaries who can go and represent you the way you would if you had a full complement of

yousef: if you look at -- ali: if you look at what we do, it is truly commercial.go where we think we will have value and where we will have profit. it goes with asset location, currencies. we like what we see. lastrform very well in the two years. the market has been very good for us. hopefully we can to desk can continue the same chatterjee in the u.s.. diversification? the it is not about short-term strategy. our investments are very much long-term strategy. this is the way we would like to look at it in the u.s.. anyre not here to flip gains. we have seen the markets and we are very happy with it. we will continue investing here. >> when you are putting money to work for infrastructure with private lenders, how do you avoid reinventing the wheel? do you look at venture firms and look to partner with them as they go through those startups and joint ventures? our investors here is through partnerships. i just came from washington d c and they have the best investments there. when we started this, it was a very difficult project. nobody wanted it. it was one of th

you look at the results of the state legislators, you look at the results of the executive branch, you look at results of who is in control of elections have consequences. maurice, do you want to give a final word. >> spencer, he's comparing apples and oranges. you talk about democrats being dissatisfied with our party, that's the one thing we're dealing with, but when 63 percent of all americans are dissatisfied with the performance of this presidency according to another recent poll that spencer failed to mention, i think that speaks to the broader concern of h this president not delivering. that may be 63 percent, but in that same poll the democrats or american voters in that same poll, 66 percent said the democratic party was out of touch. so i'll 66 over 63. if you let republicans comment on their thoughts on the democratic party i'm sure the number is a little higher. we can keep this going on and on and on, certainly when we have a democrat and a republican in here. thanks so much, guys. we appreciate it. a lot has been said about the first 100 but after getting the attention, t

you're not denying that you look at the state's lines. it is just that they're not determinative. >> mr. chief justice, may i answer the question? >> he wanted one word. >> yes. >> thank you, counsel. >> mr. chief justice, and may it please the court. i would like the begin with your question about why it wouldn't be sensible to just look at lot lines. as justice breyer just noted. as far as expect bagss how property owners expect to use the property and what they expect to remain separate. we urge them not to focus lot lines and isolation and really see two principle problems. one which of is practical and the other is will he. >> i'm sorry. go ahead. >> turning to the practical point first. especially when you look at contiguous commonly owned property, the situation is court is confronting here. beth lot lines will not be an accurate figure. and that's because when you have the contiguous commonly owned lots, there's a physical unity that frequently opens the potential for linked use, reciprocity and shared value. when thinking about ho

when you look at the cash rate, the white line, and your aussie dollar, it is not apples to apples, buthere is a slight versions. you have a strong currency, and you have seen it moved to weaken the currency, or soften the currency. something to consider as we look to the details of that decision out of the rba. it will be an interesting week ahead, and tomorrow, the rba decision. that's right. lots of central-bank action, a lot of fed speak and fomc minutes for the market to digest. let's get caught up to date with first word news with rosalind chin in hong kong. rosalind: china's central bank has raised interest rates aimed at small and medium-size financial institutions. the rate byreased 20 basis points to 3.3%. a stable economy and rising factory take prices have given a scope to tighten policy to keep up with the fed. china has seen the most corporate bond defaults ever with seven companies failing on nine onshore bonds this year, compared with 29 for last year according to data compiled by bloomberg. most of the defaulters work in heavy industry and construction, and the situatio

you look like you are somebody looking for compromise. why?g way just in going through the process he went through. but, look, i do think that something like health care is best done in a bipartisan way. it's likely that that's not going to be the avenue that's taken at first. obviously it wasn't in the very beginning. the president went through quite an experience back home we would call it a goat roping in trying to work with just republicans and obviously there's a lot of ideological differences. becky, i sat at a lunch, i was asked to come over, to a luncheon with the president, small one, at freedom caucus members there and i appreciate the views of both the president, and the freedom caucus. but when it comes to affording people the real opportunity to have health care, there's really not much overlap there. so it seems that one side is going to have to really give for this to happen on the republican side. so, i do hope in the interim we can do some things like lamar alexander and i have proposed where people who don't have the ability

is he looking to turn that around by taking more power? akyan: if you take a look at the correlation between good governance and erdogan's performance, in his early days in office, he had the best economic performance. that is when he was more and a governing mode, where he did allow some opposition input, where he did spent some time building consensus. the moment he started centralizing his powers, first around his own party and then his own persona come at turkey's economy prospects started coming down. it's less about erdogan's ability to dictate his will and more about turkey's severe deficiency in governance. i think a centralized presidential system would make 's innerorse as erdogan circle is narrowing and he's closing himself to critics within his own party. foreign investment in turkey's bond market is at a five year low. what makes you think that fdi won't return in massive amounts now that erdogan is going to probably install himself as a leader with much greater power? we had an investor this morning who said it's only now that turkey looks

if you look at the comments on youtube, they are not kind. ou doing to get that under control? susan: i think that is a really important area that we are putting a lot of energy into. we have community guidelines. anything that promotes violence, anything that promotes hate -- that would violate the community guidelines. so, if there's something on our platform that violates the community guidelines or that a user feels uncomfortable with, they can flag it, and it goes to a queue, it is reviewed by a youtube employee, and they can decide if it meets the community guidelines. if it does not, we will take it down. we are trying to do more. one of the things we just did that i think is really impactful is -- we created this program called "creators for change." they are creators that are taking these tough topics, and they are doing a great job to encourage understanding, to encourage empathy. we give them additional funding, a fund of $1 billion in promoting them on social media. so the idea is -- how do we get creators, who are so influential t

you have to look overseas to compliment a global growth. >> is that why you think u.s.nies can profit because they'll make more money off of foreign growth. >> if the dollar doesn't get stronger and it hasn't yet, that won't serve as a head wind to that type of earning momentum. >> does all of that overtake -- what if we don't get corporate tax reform, is earnings enough or do we deflate here? >> if we get a 10% plus rate for the first quarter, that's enough, but there's a trump expectati expectati expectation syndrome where we anticipate that the items are going to come to fruition. >> tes. >> yes. >> there will be a drug for that. >> dave, your view is small cap over large cap and u.s. over international so you differ from kevin. why? >> they agree the economic trends look better in europe and japan, but we have seen so many economic false dawns in that region over time. we have a higher degree of confidence in the growth trajectory and think it's worth paying up for that. in terms of small cap versus large cap, small cap und underperformed. >> thanks. appreciate it.

when you look at it, how has it evolved through the years, what are you most proud of, and what it's become for new york? mr. de niro: i'm proud it lasted this long, a tradition that will last forever. i'm very excited, proud, it's just there. ms. rosenthal: you think after that first year, we opened the film festival that first year on the steps of city hall with bob, the mayor, president clinton, and nelson mandela. basically gave us the commission -- permission to go watch some movies. you couldn't just go from being a recovery operation to suddenly -- in lower manhattan, to screening movies. mandela came and blessed the opportunity and said you've got to celebrate community. megan: now so much of the festival is about exploring these boundaries of other things, gaming, for example. i didn't know you produced a video game in 1996 with a cast, if i'm correct, jim belushi, cher, ellen degeneres, and steven tyler. it was a game called the last resort. it's no long-term obsession of yours and it's going to be a big part of the festival this year. ms. rosenthal: yes. we have always bee

you. inst: if we look back history, the capital was action built by slaves. none of their names are on the capital. the dome itself was cast from saved fromwas president lincoln from cannonballs during the civil war. of course, the workers who modernized it now, their names are not there either. we are indebted to them. they know who they are. they have done such a good job of preserving america's seat of the legislative branch which is article one of the constitution. host: harry from pennsylvania. caller: in the 1970's, i worked steel mills.ls -- it is sad that we lost these jobs. it is amusing that you are a democrat. democrat started with regulations. you people are doing everything you can to stop him from doing this. now you're asking for more help. you don't find anything hypocritical about this? i certainly do. i stoed -- i lost two jobs. you started it. guest: how did you lose your job? caller: first of all, carter was in office. he put regulations on steel mills, refineries, and oil plants. i worked in that business. year.working 1300 hrs a then, in

personify what you hope from macron? around your,u look of the most difficult markets to make adjustments. it helps you to understand the competitiveness of labor markets. if you look at how much we ,harge our clients for one hour it is just north of 20 euros. in poland, it is north of four euros. a good underlying mix. in portugal, it is eight euros. is clear.ition france needs to respond to that. i don't think it is going to go fast. if you look at any restructuring we went through in the past, it goes slowly in the french market. i am hopeful, but it is going to take time. anna: break to get your thoughts this money. we appreciate your time. rand's debt cfo joining us on the line from amsterdam. that will do it for "bloomberg: daybreak europe. manus: stocks are bid. we have a feast of conversations. ♪ ♪ guy: welcome. you are watching "bloomberg markets: the european open." i'm guy johnson in london. matt miller in berlin. let's talk about what we're talking about. dl ident trump wants to slash corporate rates 15%. the emmanuel macron ra

if you look at construction, though, in this kuptd, it's doing just fine. y and slightly resurge in having this sector. i don't think you went out the door. >> now to the autos, carmageddon is rising, toyota lost auto sales in nearly three decades. phil lebeau with this story. >> reporter: thanks mellissa with a wet and windy shanghai auto show is whether or not we will see negative auto sales here in china. take a look at china and u.s. annual auto sales over the last six years. can you see china is equally way ahead of the united states, selling more than $23 million last year. but this year, sales are up just 2% a. couple of things are weighing on the industry here. first of all, you got a higher vehicle tax hurting demand, meanwhile the auto makers continue the supply, in fact, inventory is building umm. there is a price for that it's broken out along the entry level suv maker. that's cutting into profitability. here's one country to take a look at. ford. its sales down 21% in march. ford is playing in that mass market, especially when it comes to suvs.

when you look at congresspeople when you look at presidents, when you look at senators acros the board. unfortunately, this is what donald trump has brought us. alternative universes of fax and those kinds of fake news. unfortunately, white supremacy unconscious white privilege and white innocence has been the ultimate big news in america and i would ask you, even if youar don't buy my book, borrow it or go to the library and see that i'm deeply and only empathetichf to the working-class white people.e fact martin luther king jr. was in jail and his white dealer came to him and with an alternative back like your suggested. to what he said to doctor king, his warden and his jailers segregation is right and integration is wrong and your movement is wrong. doctor king said no, that's not true. then doctor king asked the white people how much money do you make? my god, you need to be out there marching with us. why? because you are just as poor as we are. you have more in common with working-class black and brown people than you have in common with the white overlords and captains of indus

because if you go back and look at the stats, did you take off on time? yes. did you fly your sortie? yes. right? but did you do that on the backs of those young men and women who were out there turning wrenches of the airplanes? yeah. we've got to get more people and make sure we've got -- again, that cultural family approach to this business. the other thing -- i don't know. i'm going to try to be quick on this one and help you out. but it's changed a political bit since you and i flew. we've got to acknowledge the fact that when you and i flew, we went to the simulator to do basic work. and then we got in the airplane to do advanced work. fifth generation aircraft, we're starting to already see a reversal in that. and i see that simulation in the environment we're building and the virtual space is actually becoming some of our most high-end training. and we're already counting that as part of the number of sorties. >> well, thank you. really a great answer. and i want you to know, there's been a big transition since i've sat on the stage. i went from, you k

when you look at return equity and expanded out precrisis, it's interesting to look at how these returns arguably a good quarter from jpmorgan, citi, and on the downside today. when you look at those in aggregate and compare where they were precrisis, it's the new normal investors need to get to. what's interesting about the analyst activity, you didn't see a lot of price target drops. i thought that was interesting. analysts reiterated their price targets. even for citi, it's up a bit in terms of return potential. julie: one of the other groups that had been in focus following the election the last attention because it hasn't been doing as well is the small caps. rty, which is right here -- you are looking at the 2 and 10 spread, the proxy, tracking the small caps. here, it's not just the white line tracking the small caps, but it's normalized against the russell 1000. it was normalized against those large cap peers. when the white line is increasing, it's actually outperforming its large cap here. surrounding that trump trade, had a really big slide in small caps. we talked about how f

>> i'm looking at the june $33-$30 put spread. you could spend 80 cents for that. the catalyst takes us out to june. this is a technical trade more than based on the historical fundamentals, because based on those, many of these stocks look cheap, but we're talking about a big secular shift going on. >> and this is a short that feels like it should be pressed. look at ford, down 10% almost in the last month. i think the long-term trend line that you drew, gm had that little bounce earlier in the year. it's come back to that. a bit of fundamental news is going to take it right through there. >> and you've got trouble spilling over. so, aap has been bad, carmax has had trouble, great winners like autozone, meaning there is something going on and the notion of cheaper expense. we saw this trade at 2% -- >> and you definitely want to use options to make a short, though. looking at stocks trading about four times free cash flow or six times forward earnings. this is one of those situations where you could, just based on those cheap valuations, get some kind of a spike. b