that is where this will is going.at betrayal is donald trump ran for president saying he is a different type of republican. he said everybody would be covered, insurance would be better, deductibles would be lower, pre-existing conditions would be protected. every single one of these, this bill is breaking his promise. not arguable, just breaking a promise. not going to cover everybody, deductibles are going to go up. there is a real betrayal that people thought they were voting for an economic populist. the more this gets obscured, i think it is bad. i think it is important to get clear about what is happening. charlie: at the same time, the polls show that up until this time that those people who supported him and will be damaged by this will lose insurance and lots of other things are still supporting him at the same level. it may change over months and months when the impact of things are felt, what am i right or wrong? ezra: more or less he is at 38%. that is not great. he has lost some support among those folks,

it is not yet clear that is the case. what is clear is that the u.k. market to use your agitator has been buoyant, very strong. is more people employed in this country than ever before. employment growth continues to be strong. average hours growth is not just jobs, but the amount of hours people working has also picked up. in terms of the pickup and wage -- yes, it is faster wage growth than we have been seeing. it is not especially fast wage growth. i would keep that in mind as well. your question is on point. it is the type of thing we think about, but i would not say we are in a period of time, and you can see that from the employment numbers, where there is widescale displacement of work as a consequence of these bigger trends. governor, it sounds healthy about prospects for global growth. risksu talk about the around that, the way markets are responding, also the balance between tighter monetary policy and stronger global growth around the world? >> sure. in terms of risk to global a slight skew to the downside. that is starting from a position w

it is a commodities story. so the risk is up aversion trade is on. the australian dollar is under pressure. in some ways, you would expect this to be more under pressure. we're going to talk t about that with mark cudmore. let's show you the column that really highlights it all. there are a bunch of contracts that you can use for iron ore. this is one of them. this is the deli at contract. it is down at the moment. entire energy the complex, trading softer. is not just iron ore and copper. agriculture on the move as well. there's a bunch of factors moving the commodities market around aggressively at the moment. what does this mean for inflation, policy, equities? we're going to talk about that. let's get the bloomberg first word news. here's juliette saly. juliette: in the u.s. house, republicans have mustered just enough votes to pass their health care bill. the vote sends the american health care act to the senate. that salvages what at times appeared to be a doomed mission to repeal and replace obamacare under intense pressure from president dona

that is what it is today is a given. are incredibly flexible in adapting to new circumstances. you know, markets will adapt if we end up having a very hard brexit, the notion that it is impossible to imagine a big change in terms of the city relocation to europe is a false subject. it is true that london has an external -- an extraordinary -- chose, we want to stay here. it is also true if a hard situation emerges where you cannot serve your clients from here, then you have to a depth and financial institutions will adapt. francine: do you think london will keep the clearing businesses? again, crucial to keep them here, but impossible to know given the tough talks. >> the clearing is a complicated matter, and most people frank we do not understand what it is. i would give you a very simple answer. i do not see any possibility that in the long term the directlythat is associated with the conduct of monetary policy would reside outside of the eurozone. i think that's a, that's a starting point we should all be clear on. as

the dow is up 0.2%. the s&p 500 is up 0.1%.asdaq is climbing higher than zero, less than 0.1%. let's get to abigail doolittle. abigail: there may not be a whole lot of action, but take a look at the stoxx for the philadelphia chip index. it is down 1%, dragged on by amd. that is down 18% on the day. that is its worst day since 2005. this after the company put up an in-line quarter, but it was really price to perfection. this stock was up in a huge way over the last 12 months. going into that quarter, expectations were high. the guidance for the current order disappointed. -- quarter disappointed. goldman are seeing weakness for the other chip stocks. let's look at stocks that are leading on the day. ng higher afteri his cuban said he has added shares of twitter as an artificial intelligence play. it is up 10% over the last few days. bloomberg is now among twitter's video partners. the big stock is apple. they report their march quarter after the bell. they are getting another record high. investors are looking for two dollars a

that is exactly what theresa may is focusing on here. that is who she is trying to go for.i am election exhausted here as we go nation to nation. svenja o'donnell and charles w. calomiris, it seems ages ago, we were younger and searching for economic growth. we are still searching. all the political links that she is talking about in the united kingdom about i want my fair share of growth, it isn't fair, is it? charles: the search for growth is the reason conservatives won the last election. 1981, they pioneered and they did another study showing their paper was right, which is when growth gets low enough, loaders shift from favoring redistribution toward favoring growth. a lot of what is propelling the conservative big three's recently in the u.k. has been slow growth and the question is, can she deliver on it? tom: you mentioned the late, melzer.. metzler -- dr. explain what he did. charles: he was one of the great late 20th andthe early 21st-century. he did a lot of different things. the study i mentioned was a revolutionary study in the theory of political economy. he w

we will break down what is at stake live from tehran. ♪ anna: this is this is bloomberg.bloomberg daybreak: europe." manus: there is one market in the world that is not have a good friday fielding, and it is does not have a grid friday feeling, and it is the brazilian real. there is chaos in the markets. we thought we would try but put this in context for you. there was a close on dollar-real. if you want to understand volatility, it is down to the real. it has trumped the peso. this is the peso in yellow. it was a walk in the park, because what you have in the brazilian real, volatility is ratcheting up to 22%. stocks are in a tailspin, country risk is in a tailspin, but that rise in the real. what happens next from tehran? that is the debate. anna: we have plenty of politics to talk about. is earlyis downgrading in stocks. we have a great story on the bloomberg talking about those investors who feel brave enough that this is the time to buy some of those brazilian assets. we will talk about that during the program. on at the risk radar, let's have a look at where we are

the bottom line is it is a regular army person. when you do world war i genealogy you can never figure this out. going from corporal to sergeant major overnight. and national guard units. the national guard units and pull them regionally into divisions. and regular army officer on top of that division. the hardest fighting divisions of world war i, the sixth division. it is from this area, created a national guard unit from massachusetts, connecticut, maine, new hampshire, they put a guy named clarence edwards in charge of it, to the congressional delegation up here. they going to combat, the office into 100 series offense but they are very much linked to the national guard heritage. you can supplement them with draftees and the core of the national guard, people who have been starving -- serving in the state militia. national armies moved the new deal, 76-99, that is drafting and the office -- those people from a new program in new york, harrison, that would produce offices quickly and candidate school program and other college gr

the we would say is question is if it is facially legitimate. the question you would ask under rational basis review was, was it irrational for the president to decide, i want a 90 day pause to look at these procedures? as long as the arguments are framed in that context, was this an irrational judgment? we have no objection to it. most of them they are framing under far more stringent standards. >> how did bona fide get collapsed into rational basis? it seems to talk about what is facially rational, and if it is bona fide. those are two different things. mr. wall: it will be an interesting debate over what that means. >> was there any evidence in mandel, an official statement that called into question the purported rationale for the decision? mr. wall: two quick things on the. one, after the court said facially legitimate and bona fide -- what they meant by bona fide has to be there in a rational relationship to the conduct. dissent saidall in if the court will take "just the briefest peek," you will see that the attorney general did not deny m

is.f you go back, once they beheaded jim foley and other american hostages, the united states amped up the pressure on isis. the turkish army invaded syria. the turkish army is not a ragtag militia group. they have support. they have a strategy that is in conflict. they want to have a caliphate, but by encouraging these attacks in the west, they have much amplified military pressure, which is diminishing the geographical caliphate everyday. charlie: my impression is they are no longer recruiting people to make the journey to syria, but asking them to do things wherever they are now living. peter: we've seen a huge drop of recruitment of people going to syria, for instance in the , united states, where six people attempted to go to syria every month to join isis, that is down to one or zero per month. the same picture is also true writ large. ,2000 westerners at one point were joining every month. the number has slowed to a trickle. no one wants to join a losing organization. isis is makin

who is us now is wade, typically based in hong kong, but is in new york today because he is on a bitf a tour. you were in chicago yesterday, you have been to a couple other places. what are investors saying about this political climate in the u.s.? never mind china and asia where you are based. >> i think my time between london and hong kong so i have a nice view of the world around the world as we look. from an investor's perspective, one of the things we have been focusing on with the geopolitical risk not just from the u.s. perspective but with greece, brexit, and the u.k. as well. investors need their hands held in terms of the effects political change can have on market and the economics. vonnie: what are you telling them about geopolitical risk in the u.s. now? your money is supposed to the be safe. wayne: good levels of growth. not stellar or only a in terms of -- or omega it terms of some events. it could provide some valuation support for u.s. markets. i think where we are seeing a ironically from u.s. investors that are looking to perhaps more globalized that portfolio exec

it is the opposite. there is this statement that it is going to be too expensive. damages of climate change are already being felt. they are not looking at some model about predicting the future they are looking at real impact of their value chain today. it is costing them. is going tot what be most profitable core business. they are looking at the cost of business or not doing something. is a far better economic proposition for all the reasons you say, it lowers costs but it also tries to business and innovation. there are huge markets and clean energy, clean transportation, we can play in all of that. joe: earlier today the united nations tweeted that climate change is undeniable, climate action is unstoppable. let's say the u.s. where to pull out of the paris agreement, could pressure-- build on those economies to start to pull back on some of their commitments as well? >> i don't think so, it goes back to what i just said that the pressure is actually towards action. it is getting cheaper and cheaper to do something about it. china cannot that has been the excu

this is where a lot of the story is. i think is probably one of the most significant trades entity's session -- in today's session. euro-pound. #to touch yesterday. -- the pound strengthening a touch yesterday. notable for the fed. we get onto the french presidential election this sunday. let's get to first word news. u.s.nordisk in the president trump has tweeted "the government needs a good shot down" in september after congress agrees a budget deal that denies him his wish list. it includes no money for his although iter wall, is full funding for planned parenthood. democrats call his threat to shut down the government after a successful bipartisan deal sour and shameful. fell after reporting slumping iphone sales. 50.8 milliont sold phones in the first quarter. it highlights the need for apple to deliver blockbuster new features in the next addition of this device defend off samsung. >> we're seeing what we believe to be a pause in purchases on iphones, which we believe are due to the earlier and much more frequent r

maybe that is what is going on.tock markets have held up nicely between do have these economic surprises turning down. when the fundamentals come, how concerned are you? >> well, again, michael mentioned we are entering into the seasonally slow period in terms of forecast with respect to orderly earnings. they look to us like we are starting to see some semblance of physical response earnings potentially peaking in the fourth quarter of 2017. we believe we need to see some answers and we don't disagree that the market rally due to increased confidence. and now we need to see some of those measures actually occur. again, the citigroup surprise index is a decent index. we look at it all the time. but near-term, we are not going to overreact with normal seasonal patterns slowing down from a long-term perspective as trends improve. >> here's a question for the fed and for you as an investor. we saw last month a disappointing cpi report and a disappointing cpe report. inflation just not taking hold. one way to get corpor

the side is the yuan is on a tear.glad you mentioned china because we are talking about pmi figures at length. we will also see strengthening of the chinese currency. however, my story of the day, the pound is climbing up with projections showing that theresa may's conservative party may fall short of the majority in next week's election. this is a study. it is based on a new model. it is not actually a poll. euro-pounds,he 0.8748. 1.28.n see it is below the vix index, nothing. tom: i want to show a chart that stunned me. inflation-adjusted german exports to the united states. this is a big deal with mr. trump yesterday. bob nardelli joining us later. here is jfk. and here is the boom in the german exports, inflation-adjusted, a little bit of an 80's rollover, and then where we are now. price adjusted is flat, back to 2005. right there. i did not expect this. german exports are a big deal to the united states but they have been flat since before the financial crisis. francine: i like that. that is the erik nielsen char

it is not a goal, that this is my -- this is what we might end up with. both have a lot of problems. freezing has a lot of problems. we don't know where all the things are. similar over, but there are a lot of covert facilities. -- some are over, that there are a lot of covert facilities. we have many deals with north korea. there is a lot of consensus with both options. >> we obviously need to go for another hour, but we only have five minutes. let's take three 22nd questions. three 20 second questions. >> is there a way to take the strategic importance of north korea away from china so it is devalued in the eyes of china's own agreement could come forward -- as of china, so an agreement could come forward? >> right in the back. withe question i have is regards to a possible regime change or collapse of the regime , nobody predicted the soviet union would collapse. should we be putting in plans or thinking about how to secure the nuclear program elements that are there, loose materials, missiles, command and control in terms of a collapse -- in case of a

real or imagined. >> that is just how it is.k robber robs banks. a nurse helps patients. gang members shoot each other. >> 22-year-old delshaun bloodworth has been one of boston's oldest street gangs. >> i got older, and i really liked the lifestyle. i liked the lifestyle. it is easier. it is easier than just showing up to work every day, and you know what i mean, and seeing the same people, and even though you don't like them, mad at them and you don't want to ever see them again, you have to come back to work and still handle your job and all of this other stuff. >> bloodworth is currently housed at the jail on nashua street, and one of the two jails that currently comprises the suffolk county jail system. most of the inmates have not been convicted of a crime, but waiting sentence for their crime, and if they are convict and given a sentence of two-and-a-half years or less, they could wind up four and a half miles away at the other suffolk county jail. and bloodworth has been at nashua street for 2 1/2 months after pleading n

it is not lost on investor that eem is doing good this year. it is that it is taking $20 billion.we have a chart that shows some of the inflows into eem. >> this is a shocker. is looking good with a good valuation of about 15. crucial point here, if you are ig willto invest in em, give you south korea and no china shares while bwo will have no south korea and big china shares. those are two allocation differences the people sometimes miss. julie: it is always important to look inside those etf's. i want to read a quote from his presentation. he said passive investing does not even exist. it is just rules-based investing. the s&p is not rules-based, it is run by a committee. people are blindly having the money over to an investment committee that they know nothing about. >> i think he is right. i think he is onto something here. ae s&p is picked by committee. academics will to you that a true path is to take product to market cap. it is picked by a committee good if you look at the s&p and breakdown the holdings, it is 25% tech. and stocks went from 2% to 7%. you have momentum big

julie: this is bloomberg. ♪ ♪ this is "bloomberg best."tinue our global tour of the top business stories. in washington, where an 11th hour agreement on a spending bill averted a government shutdown. >> let's find out if we still have a government functioning in washington. it looks like they will not shut down. they have agreed on a plan. what happened? >> they did not shut down. they kicked the can down the road all the way to friday and i can tell you that those with -- on capitol hill to just they can only get by doing the one-week extensions for about 2-3 more weeks. they will have to pass a longer deal at some point. what is in the budget? on15 billion down payment the military, which the president called for. also $2 billion increase for health research, something that the president said he wanted to get rid of. also $1.5 billion for border security. that is not in increase on the u.s. mexico border. this is more of a bipartisan deal than perhaps several folks anticipated. >> the democrats scored a victory here, they took out a limi

where the attention is focused is who did this.here is reporting by security firms that may be linked to north korea. this becomes a state operation, a couple of things that might affirm that diagnosis is the timing. the attack was released around the same time north korea did a new missile launch. some of the things it might cut against that is so far we know the ransomware that struck 100 countries is only netted $50,000 in bitcoin. so if this is a nationstate trying to fill its coffers because it suffering from sanctions, it's not very effective. emily: there is a blame game going on. microsoft is blaming the government and the government is blaming companies like microsoft. who is to blame for how it got so out of control? mike: microsoft is not going to come out of this looking good. there was a patch issued when the initial vulnerability was leaked by the shadow brokers. everybody knows that not everybody does patches the way microsoft would like them to. they might've shipped the operating system in a way that is much safer

in whose court is the ball? is a republicans?itch mcconnell just said democrats are getting what they have wanted for a wild. but on the democratic side, we saw calls for action. chuck schumer wanting a special senate hearing and a special counsel. marty: the most important thing this admission needs to do -- administration needs to do is find a successor to james comey and do it quickly. there is some talk that donald trump would not interview any candidates until after his european trip. i think everybody, and you heard lindsey graham before, talk about they need to appoint someone who clearly has the confidence of the senate on both sides of the i/o. democrats and republicans. frankly, donald has shown the capacity to do that on some critical appointments. not eliminates the questions on timing. vonnie: right. for now, the acting fbi director, andrew mccabe, is taking over. say it is him or anyone else. what kind of grief do they get landed with? do they continue with the staff they have, do they clean house? marty: that is a

london is the biggest tech hub. but there is a concern, there is brexit.aying, go to berlin? where is the key city they should reside? ilya: for example, when we expanded drop box, we had a great opportunity because we had a lot of customers in europe. we want to support those customers. and customer support was really the key driver. so, based on that we went with dublin. other companies may use london because it is great for financial services, enterprise companies. and really, just a great talent hub. we see berlin and amsterdam's as as great destinations and paris as well. caroline: i've got a great question from a viewer and they are asking about valuations. we're looking at technology valuations on the s&p 500 being at elevated levels, the highest spread versus the rest of the s&p since 2008. 4 times2 price-to-earnings. does that mean is it a great time to start an ipo? ilya: we are pretty bullish on this window. if you look at the recent huge popsyou see after these companies went public. that is a lot of pent-up consumer demand and demand for tech.

this is who she is. and she is going to be, i think one the most prominent spokespersons in the world for exactly that question. which is how do you see a life, how do you imagine life this integrated so that everything you do is actually for yourself, for those you love, those you served, those you don't know, who you want to help and serve. and the planet itself, because they're all the same thing. and so i just want to-- just acknowledge that. how do i do it? i do it by the same way which is to try to learn. have i taken care of pie body in the same way, eaten a plant riched diet since i was 20 years old. i had maz asthma from six months until i was 20 and i changed my diet and went away and i was actually kind of pissed off because i liked my junk food, wait a minute, this is actually the cause. doctors tried to cure me and they didn't so i went back to natural food, went away, went back to beer and hamburgers, came back did it several times i'm going wow, if can i get this, i think maybe i'm slow, t

the question is how big is it going to be, not whether she is going to win. to the eu 27, that is a different story. mark: on the refrain, strong and stable leadership. a man who was hiding in the echelons of government but now seems to be the editor of the newspaper i keep my eye on in the london underground. he is digging today. >> we're talking about the former chancellor of the exchequer george osborne who lost his job when theresa may came in. he was david cameron's chancellor. he is now the editor of the evening standard. this is his first day on the job, his first lead editorial. he didn't twist the knife a little bit, having fun with the strong and steady line. the same way the sunday shows did yesterday, trying to get her to say something other than that talking point. it was tough. mark: thank you for joining us. everything we need to know about brexit. vonnie: president trump is expected to speak shortly at a ceremony honoring air force football. he will be participating in the ceremony at the rose garden. people waiting eagerly for that. let's che

it is file. once you file yet the report every six months about your activities. unlike the lda is much much more specific.it is not how senate executive office of the president, it is specific to the date of the contact. the individual you contacted, we talked about. all of those need to be disclosed. the other big misconception about farah fara is it is not simply about lobbying it also covers public relations activities. so if the statute refers to public relations counsel but that really means public relations so if you're hired by country to do public relations for example you still need to register your fara and report technically every contact you have with journalists. now the fara office again recognizes there are some first amendment concerns here. working with the fara office they can sometimes be more lenient about the specificity of the contacts. limiting more to the media outlets rather than the individual journalists or not being as precise. but generally they will want to see the

france is very important to us, germany is important to us.kers and sales people all across europe. continuing to engage with europe is important for us. i think, just like having to set up holding companies and the united states, the european union is going to require us to set up structures across europe that make it more robust and more -- and reithin the fo of europe. erik: you know what i am getting at. does the hardness of brexit determine the impact of a bank like barclays? >> you know, there could be decisions taken that might not be in the best interest of the free flow of capital, but one of if tenants -- you know, there are a couple of things that came out of the financial crisis as a positive, one is the coronation of the g-20. one of the things the g-20 stuck to that we regulate the financial institution. --'s not put of the areas let's not put up barriers to free flow capital. london will remain a very important source of capital for continental europe. erik: relative to some of your peers on the subject, you are an optimist. at

there is the em is resilient.e haven't really seen the conditions that would warrant us to say that the em is resilient. last year was really an oil recovery story and this year we haven't really seen the type of environment that tests the em. perhaps we are starting to in china little bit, but i think generally the expectation is that china will be dormant until the national conference in the fall. jonathan: greg davis, is em resilient? greg: we think the fundamentals in em still look pretty attractive. when you look at valuations, though, we are not from a place where we feel like em with the place to be relative to the broader market. from a fundamental standpoint, we think em could continue to hold in for some time at least given what we are seeing. oksana: since i seem to be the contrarian here today, em is at its tightest five-year level right now. and about maybe 100 basis points wider than the all-time high. this is hardly a valuation. i am not saying there are no pockets in em that may look good because f

but there is a moment in the summer of 1864 were lincoln is pretty sure he is going to lose. what are the things he does in the summer of 1864 is called frederick douglass to the white house and in a private conversation talks over this momentous scheme to have douglas head a network of recruiters or messengers, black men whose job it would be to go into the south, behind confederate lines and give news of the emancipation proclamation to slaves far from the scenes of battle and far from the lines of the union army and encourage them to make for federal lines, to run away. in 1864, abraham lincoln talking over a plan of mass slave runoffs that is not so dissimilar with what frederick douglass had talked about. lincoln is thinking he is going to live in 1864 and he sees most slaves remain enslaved. upwards of 500,000 enslaved men and women run away to union lines during the war but the vast majority remained behind confederate lines. the vast majority did not come within union lines as they extended south. lincoln sees the emancipation proclamation is not going to be enough an

he is just being terrible. that is not saying i don't like the man. it is saying what he really is.obody wants to admit a professional liar. thank you. host: kyle is up next in centreville, virginia. caller: thanks for taking my call, can you hear me ok? host: yes sir. caller: i wanted to touch on these articles. i first heard about this yesterday. i saw in the new york times. said that it was citing the washington post but cannot confirm with the post had written. i decided to check the post article and the only cited sources were anonymous. these sources -- i can understand try to keep the sources safe, but when you release something this big in this important, there needs to be some backing. if you cannot release the name, you need to do some investigative journalism to try and find more evidence. issue withbiggest this. people are latching onto this idea donald trump is some sort of russian agent. any bit of evidence that comes out, they are going to try and latch on. host: just one thing on the new york times reporting on this, they did independently report this citing, a forme

the first is that jared cukushn is a moderate voice, and the second narrative is that ivanka trump is a present voice in the ear, and the greatest influence in the west wing, but what we are seeing now is that not the influence is waning, but the narratives are incorrect. jared kushner is very much in support of the president firing james coney and the muslim ban from what my sources say, so the notion of the moderate influence is becoming not so true, and the notion of e -- ivanka trump being so close of an adviser is not as close to the reality as we thought. >> and so, he would have been wanted the u.s. to pull out of the paris accord, but the president meeting at the vatican with the pope, and pope would like him to remain, and is steve bannon in the president's eyes more important, more influential than the pope? >> i think that he is, and although i heard from the few sources that i have in the vatican that they thought that trump was teachable. that is the word that came back to me. that he is someone who can be brought along and i am not sure that is the case on this issue, an

she is not. she is a total wimp.anted to get this picture on there to have the shock value, create a firestorm, then do the apology so that she can get a ton of attention. i do not believe her at all. and i'm a pretty nice person. >> you are. >> i would be lying. >> she is very mean behind the scenes, i want everybody to know that. >> you cannot look at her in the eye when she is in the green room. she puts little labels on all the food. so, -- >> prescheduled apology? >> yes, exactly. >> she is trying to be shocking, but it feels so sad that you have to resort to this. it was preplanned. this is what, she already knew what she was doing. >> it seemed desperate. she wanted the attention. she got it. we don't know if she will pay the price for it. do people want to watch new year's on cnn and think of kathy griffin holding a bloodied trump head, cnn will have to make that decision. >> no, watch fox instead. >> watch her ring in the new year. >> now you are committed. >> may be that was kathy griffin's way of getting o

is were the flexibility we think is necessary. to be able to take those national standards and say, while that may work in that state, in this other area where it is more rural or the mix of demographics, or because of the structure things, i need to be able to change things up a little bit so they can get actual carriers participating and can get affordable coverage to people. that is the balance that will be made at the state level. while that can create some concern about the impact on certain populations, it is something that if we are going to make it work, it is a discussion that has to be made. and since you are involving state legislatures and governors and even some elected state regulators, people will have a say in this. we are just try to work with insurance carriers, consumer groups, stakeholders, providers to figure out, this is the way it is working or not now, how can we make it better, and that will work required tweaking at the state level. ms. dash: if anybody wants to comment on that, and then we will open it u

what it is using is innovation. they are issuing bonds, the city or local governments, to capitalize themself. in using that capital to pay up-front money for property owners for renewable energy or energy efficiency or energy resilience. the innovation here is that the property owner doesn't have to pay back as a traditional loan. the way that it works is that, thanks to that retro fit, the value of the property increases so they have to pay more tax. i mean it is only fair. they good a retro fit. but the thing is that even though they have to pay more tax, it is less than the actual benefits and savings that they're getting to be energy efficient. so it is a win-win, win situation for the environment. that's just the countries where, nath nathan, we are advising all of these issues that i mentioned and we will be happy to help any of you if you have any questions. thank you. [ applause ] >> thanks so much, mariana. we are now going to turn to jeremy marcus, who is the deputy chief of staff in tand legislat directo

is a big if.the event banks might need to pull out of london, and i know the deutsche bundesbank is not promoting a plan b, but as a former banker when you look across the continent, is there one european which you see that offers the same sort of infrastructure, legal framework, even the capacity to match what and and can offer? >> no. and i expect london to maintain the financial center of the region for a long time. singleworking under a rulebook, so it should be very much make no difference whether the banks will partially relocate to dublin, amsterdam, paris, or frankfurt. when you say we are not promoting frankfurt as a financial center, we are not working against frankfurt as a financial center, but do not see it as the job of the central bank to promote one single center over the other, but to make sure we don't have a race to the bottom in regulation and supervision, and that we all work from the same, from the same platform. if should the banks relocate from london, or relocate to paris,

to know is be outside your lyft is on the way. the professional would worked in the senior community is scheduling the ride for them using the platform. >> and payment as well. >> it is done through the partner. so they have a master agreement with us, a master portal and all of the rides are billed to the portal and they pass the cost and we do a lot of work for medicaid, and here in medi cal and we work with the brokers and those that facility through the concierge. >> and do you have any concern where lyft and uber drivers don't want to pick up people in african-american neighborhoods. if you are in a big senior center, do you worry about drivers not wanting to pick up that fare? >> so at the core of how we treat our drivers and the ones that are on the lyft platform, we make it very important that if we treat everybody the same. they have full visibility into the passengers when they pick somebody up. we provide this information. an it is really important that they treat everybody exactly the same. that is where the ratings co

london is the biggest tech hub. but there is a concern, there is brexit.ing, go to berlin? ya: for example, when we expanded drop box, we had a great opportunity because we had a lot of customers in europe. and customer support was really the key driver. so, based on that we went with doubling. -- dublin. use londonnies may because it is great for financial services, enterprise company and a great talent hub. we see berlin and amsterdam's as great destinations and paris as well. a great: i;'ve got question from a viewer and they are asking about valuations. looking at technology valuations on the s&p 500 being at elevated levels, the highest in, since 2008. earnings.times the does that mean is it a great time to start an ipo? ilya: we are pretty bullish on this window. if you look at the recent outcomes, whether it is snap we just talked about, you see huge -- pops after these companies went public. that is a lot of pent-up consumer demand and demand for tech. tech's never been stronger and will continue to increase. we are quite bullish on encouraging our

is here. sustainable is this increase we have been seeing when it comes the foreign-exchange reserves held their? -- there? castor i back to january when there was a lot of pressing -- come. a sign of things to an inevitable unraveling of reserves. that has not happened and we have seen those three straight months of gains in the reserves. in april of around $20 billion. in terms of sustainability it is worth looking at the things propping up the reserves. the capital controls is the key to this as is the stability of the yuan. antigrowth picture overall and what that means for sentiment and positivity. thand that stronger expected gdp number in 2016. first quarter also beating expectations in 2017. setting the stage for what seems to be a stronger economy. how much strength is left. whether we will see a slowdown. and what that means for the pboc's role in matching the fed in hiking rates. if it refrains from doing that does that cause more pressure on the one? more pressure -- on the yuan? s

is that accurate? paul: that is reasonably accurate.fake news problem without any doubt, but what we like to do is try to quantify how about the problem is. when we are talking about fake news, we are talking about the stories that are out now and very partisan reporting. so, a lot of websites specialize in doing that. when we looked at data from the last two months leading up to the french presidential election, we see they can news is a problem, but not a huge problem. the most top 200 shared stories -- 20 of those are the partisan-type sites. 72 out of the top 200 stories last year were fake. almost 40% of the stories were fake in that instance third but only 20% and the -- in that instance, but only 20% in the french instance. emily: but you don't want any of the news stories you read to be fake. what is facebook doing about this? what is twitter and google doing about this? they have one big lesson under their belt. sara: the first thing they did since november was it meant that they had a problem, right? they saw it happening and

it is tuesday. >> wednesday. >> it is wednesday. >> it is wednesday. >> it is wednesday. >> may 3rd.a mikaelian. >> it feels like the week has been forever because of the warm weather. >> you're already on wednesday. that's rights. >> i'm dave clark. steve paulson has been right about our forecast all along. >> one more hot day. >> yeah. >> then we will start to cool counsel. >> then we will cool down. happy thursday, everybody [laughter] >> on this wednesday, it is still out there. not much of a breeze in. it will be a warm one. in fact, the fog is out there but so pharaoh owe i think it is parts of the mendocino coast. i have seen a little bit near the point. that's about it. good morning from monterey. it is looking real good down here. how soon for the change? tonight? yes, i would think so. i used to work in monterey. i miss it dearly. that whole area right there. i'll reel it back in here. frederick says it hasn't been this warm at 7:30 in the sunset district for a while. it is as hot as the warriors win last night. it will be close to the record. if the west wind doesn't kick

in part because the house is so big, 435 members, it is rowdy. the house rules committee is given that authority to determine how will the debate go on the house floor. the senate, not necessarily peaceful and passive either, but the senate has the filibuster rule. andne can stop that vote abate forever until the -- the rules committee determines those open and close rules. >> let's clarify, we don't write the test, and we don't know if it will be on there, but one of the concepts that citizens should know is the legislative process in the house and senate is quite different. the house is always a much faster process. they limit debate. that is something the rules committee does. the senate process is slower because one of the rules is more unlimited debate for the potential for filibuster and they also allow amendments. that is one of our first -- favorite that affords in political science come of the cup and the saucer, the house acting as the cup, hot, elected every two years, passing bills quickly -- the senate as the cooling saucer. the cool

so the pressure is all wrong day have to choose petrie's what is best for science doing what is best for their careers and the people they are supporting. that incentive system is out of whack for science and i talk about that. and some of the things that could be done. so i just want to read a little bit more because i thought he was very thoughtful so boils down to human nature to let go of the notion of what is right and fair people see how others are being as a clue to their own behavior. i am paraphrasing. if you perceive to have a fair shot you're less likely to bend the rules but if you think justice has been violated then you will say i will cheat also been they are more likely to engage is less than ideal behavior and actually he was on a recent national academy of sciences committee looking at the issue of scientific integrity and they wrestled with this. twenty-five years the first time the academy has gone back to let these issues their perception in 1992 and they're looking at a bad apples that when they reconsider the views of scientific integrity the real problem it is

is highest level in decade. it is now 700. that is often cut off point who get as car loan or mortgage and who doesn't. what could be related note, consumer spending is up. household purchases from everything to groceries to medical care on the rise in april, .4 of a percent. that is the fastest pace since december. david: and a significant threat, the department of homeland security considering tough new rules on what you can and can not bring on a plane. it could affect thousands of flights every day. melissa: west coast defense, the first time, the first-ever intercontinental ballistic missile test happening this afternoon to help combat new threats from the likes of north korea. we are live at the california test site. the president back from his whirlwind trip abroad to face fresh new controversies on reports of attempts at russian back channels to a shake-up in his own staff. how the white house responds to all of this coming next. >> the very first time i was ever asked about somebody being pushed out of the white house

our is that a sense where that is the peak we are seeing? reporter: depending on the way you look at it, economists are saying this is indicating there will be a good period of consumption in the second quarter.other people see it falling off . equal, if being there's not a huge shock to the economy, you will probably see growth extending to a sixth quarter. whether that is as strong as it was in the first quarter are not, it remains to be seen. we have to watch what happens in may and june. haidi: and a 2% inflation target, the boj has all that said whatever it takes, but what else can be done? for inflation to pick more a matter is of what happens elsewhere than what happens in japan. the third arrow of structural reform, there's no way that -- it hasn't had the effects on inflation it was supposed to. it will not have an immediate effect in the next year, which is when the boj says they will get to 2%. looking at what happens with inflation, the biggest question is what happens with iron ore price and the currency, and what happens with w

the problem is, what is in the bill. the problem is that we have a very rickety health care system as a result of obamacare. it is very hard to predict what the effects are going to be. by the one thing we know is that this is like the economy. you come in office, you on the economy whether it is your work or not, whether anything as a result of what you do. you come into office, you own the health care system. particularly when you pass something like this. if you have an appointment with your doctor that gets canceled, they will blame donald trump and paul ryan, no matter whether it has direct effect or not. that is where they are now. they are hostage to the future of american health care. >> tucker: what they have been anyway? you heard some republican strategists in washington saying, do nothing, allow obamacare to collapse, stand back warm your hands on the embers and felt something in its place. was that possible? >> no, it's not possible. the moment the president is sworn in, he owns the health care system. it is

that is a fact, it is not a myth. it is a fact.ll of a sudden he fires the guy that after the hearing said he might reveal trumps taxes? come on. two plus two is for. host: up next, we will be joined eleanor clift to discuss this issue further and take your calls on the topic of the fbi director's firing yesterday. later, the heritage foundation stephen moore will join us on the republican effort on health care and tax reform. that is coming up this morning on the "washington journal." ♪ >> sunday night on

is where the ftse is as you can see barely budging.ving a little more softly in just a moment's time. we will see what happened -- what happens there. but no sense of direction in european stocks today. let's what happens in the elsewhere. a steady.t not see up 1.0t market opening 3% on that 10-year gilts yield, so we are down one basis point. a little bit of a move there, the big focus is sterling back below 1.29. when you take a look at the stoxx 600 we will see how it is shaking out with the industry groups as we look at the open here. we are seeing energy stocks underperforming again as they work at the end of yesterday's session, down 9/10 of a percent. last i checked the crude price was stabilizing after the biggest lost in three weeks yesterday, but still the energy stocks underperforming. health care on the upside and overall the stoxx 600 much unchanged get back to sterling, the fact we have seen drop on the latest poll ahead of the u.k. election, i wanted to show the correlation between the ftse 100 and the pound because this

is.ia: i like the chart. joe: we have some interesting data from the optimism survey. they always ask interesting questions about the nature of small business. one of them is are you raising prices right now -- what inflation is more or less. the white line is the percentage of companies out raising prices. that is the highest level since 2014. you can see at the end, the blue line's core pce. it lives up pretty closely with this measure with nfib. if more companies are raising prices per the survey, it is a good sign that more official measures of inflation will probably rise upward as well. scarlet: i feel like we have been waiting for a long time. joe: we keep waiting. the beginning of 2016 -- how much hired as any to go to register? scarlet: we are not going higher right now when it comes to equities. we just came off session lows. the s&p 500 earlier touching a record high. it is currently down by about four points. the nasdaq still at a record high, up by 12, 6115 for the nasdaq. fr

is not a family problem it is a crime. and this is how you recognize the issue and what is going on and why we need to be the advocate for that family. there are tons of great organizations you can be involved and globally and locally there are workers out there doing incredible work with lots of opportunities to engage very broadly in this effort. but i would say it is important that you become educated for instance a lot of people get involved but then you think why did i do that? you cannot give up on her because then you give up one everybody that comes behind her that is a constant frustration for those who feel marginalized or who have been thrown away or have the structure in their life and we have to be vigilant and stick up for the victims of matter what. it is not always easy. working with the runaway program in north dakota with the whole job is to get them off the street and be. there are recognized as full verbal. slipped some clients there is no request left so the recovery process is so difficult and we have