i'm david westin. continue our global tour of the week's top business stories in italy, where the e.u., the government, and monte dei paschi have agreed on a new rescue plan for the troubled lender. banca monte dei paschi has laid out the five-year restructuring plan, including cutting jobs. the announcement came after the e.u. said the lender could receive 5.4 billion euros in state aid but only after shareholders and junior creditors have contributed to the rescue. are we now at the end of the troubles? >> i think they will be clearly getting rid of a large kyl of pile ofloans -- a large the bad loans that have weighed on the capital. they are addressing the inefficiencies that have burdened the bank as well, but going forward the key will be to maintain those efficiencies, particularly with lending. the theme that has weighed on them generally is lending practices that should not have been getting them into the situation in the first place. >> prime minister shinzo abe's ruling party was well beaten

i am david westin.s is "bloomberg best," your weekly review of the most important business news, analysis, and interviews from bloomberg television around the world. geopolitical tensions sent the dominant tone this week leading up to the g-20 meeting on friday, but the week began on a hopeful note for investors with the opening of a new bond link to mainland china. ♪ >> the long-awaited bond connector between china and hong kong has finally gone live, it is the third link and gives offshore investors access to the mainland's market. >> at 9:20 is when the gong -- at 9:20 a.m. is when the gong banged. no timetable according to the dignitaries today for southbound, but it is inevitable , it is going to happen. right now market conditions favor going northbound for foreign investors, only going into china. as you said, a merely $10 trillion bond market, but less than 2% about 1.5% of that is in , the hands of foreigners. though there is a lot of potential. a lot of risk as well in a lot of questions about

i'm david westin.rastructure -- everyone talks about it, but few people seem to do anything about it. jim berry is the exception. he is the global head of real assets at black rock and manages $17 billion specifically targeting infrastructure investment. earlier today, alix steel and i talked with barry about the giant maintenance project that promises to disrupt hundreds of thousands of commuters lives over the next eight weeks. that is called new york city's penn station. all institutional investors are invested in project like that. is the poster child for the state of american and for structure and you are seeing a patchwork activity this summer to see it safe. it has been under investment for decades now. commuters deal with it on a daily basis. challenge to deal with it requires tough political decisions. the cost is typically born in a very diffuse and non-cash way by commuters that allows you long finger decisions. isis only when safety crisis really extreme and there are consumer events that y

i'm david westin in today for david gura.tart with headlines on bloomberg first word news this afternoon. mark crumpton is here with more. mark: the data and digital director for president trump's campaign says he will speak with the house intelligence committee later this month as part of the russia investigation. he said in a statement today that he is unaware of any russian involvement in the data and digital operations of the campaign. he said he's voluntarily appearing before the panel and looks forward to sharing with them everything i know. a federal judge has weakened the president's temporary travel ban. the judges expanding the list of family relationships such as grandparents with u.s. citizens. visa applicants can use to get to the united states. the supreme court hears the case in october. qatar's foreign ministry says it would be unfair to describe secretary of state rec ellison after finding a solution to the persian gulf as a failure. but it cannot be solved in a day. speaking with the turkish they also said q

i am david westin.ssia to health care, this is another busy one in washington. kevin cirilli is up on capitol hill and he is ready to give it all to us. start with jared kushner. we know it is behind closed doors. we won't see it on tv. how long does it take before we know what was said? kevin: we have a bit of a preview coming from the 11 page statement i've got right here put forth by jared kushner, the president's son in law about what he is saying is a response to the accusations. he is trying to defend himself. he says "i did not collude nor know of anyone in the campaign who colluded with any foreign government. ihad no improper contact, have not relied on russian funds to finance my business activities in the private sector. i try to be fully transparent." he also went on to write he has "nothing to hide." democrats and republicans are trying to focus on that meeting from july of last year in which pault with, along with manafort and donald trump jr. a russian attorney. also with data and social

live from new york, this is bloomberg. ♪ david: i'm david westin.inistration is entering round two of trade associations with china as senior officials meet with steve mnuchin in washington. this is part of the u.s. china comprehensive economic dialogue. or international policy and economics reporter mike mckee is there. what can we expect coming out of these talks? >> in about 10 minutes we will have opening statements from the chinese vice premier and we will see whether or not they make plane going in the differences between them. the biggest difference from the u.s. point of view is the trade which actually narrowed a bit last year but has widened about 5% compared with a year ago. act on thatts to and get the chinese to open up their markets. the chinese looking for more stability ahead of their party congress this far. do they promised us lots of cooperation and happy talk. on the other hand opening markets. theaw coming out of discussions in mar-a-lago that they did come up with some openete decisions to markets and specific albeit modest way

i'm david westin.s is bloomberg best, your weekly review of the most important business news, analysis, and interviews from around the world. geopolitical tensions set the dominant tone this week leading up to the g-20 meeting and hamburg friday. hopeful began with a note for investors with the opening of a new bond link to mainland china. the bond connects between china and hong kong has finally gone live, the third that gives new access to the mainland's $10 trillion debt market. live atond connect went least in one direction, heading north into china. no timetable according to dignitaries today for southbound, but it is an inevitability. is going to happen -- it is going to happen. nearly $10 trillion bond market, but less than 2% of that is in the hands of foreigners. there's lots of potential. a lot of risks, as well. a lot of questions about transparency in china's corporate bond market, and the issuing of ratings, whether they are a true representation of the risks. -- thechinese market chinese

he was speaking with david westin.xt, more on the historic g-20 meeting that kicks off tomorrow. you're looking at live pictures of protesters outside those meetings. more to come. this will work. -- this is bloomberg. ♪ ♪ david: this is bloomberg markets: the trump economy. let's start with the headlines on the bloomberg first word news this afternoon with mark trumped in. -- crumpton. led by new york, these states are suing the environmental protection the's decision to keep this pesticide on the market, despite studies showing it can harm children's brains. the epa says this -- they will review the lawsuit. german chancellor angela merkel met with south korea's president moon jae-in after north korea launched its first icbm. they discussed how to force kim jong-un's regime to change its behavior. we recognize that north korea is a big danger to global peace. the danger is that they continue their nuclear weapons program and we have to find how to uphold the pressure on the north korean regime. president moon says th

david: that is daniel tarullo earlier today talking to my colleague david westin. will be trying for standing bills passed this week, including measures that would boost defense and fund a wall on the u.s. mexico border. this is bloomberg. ♪ david: let's get a check on notable movers this afternoon with taylor riggs. we have at&t and time warner. at&t is lower. that bid for time warner looks like it can be making progress. withypically see this acquired lower and target shares moving up higher and progress being made here with u.s. antitrust officials. we have some other merger news that is not so good. money gram and alibaba. see -- here you see the u.s. taking a little bit of an upper stance. alibaba not going through as much for money gram. a little more scrutiny for some of these chinese companies. finally, you and i talked a lot about the retail sector. it looks like it might be filtering into be sorting goods -- in the sporting goods sector. almost 32% today. down the most in over 18 years. the company said it is facing very challenging trends and it could se

i'm david westin in for david gura. welcome to bloomberg markets, the trump economy.e top stories we're watching this hour. getting their act together, senate republicans calling for a health care plan and immediately start losing votes. politicallk to a strategist that thinks the odds are still better than 50-50. donald trump has a big problem with foreign company selling their steal in the u.s.. how will the world reacts? and paying our bills. the trump white house may be gearing up to use a once secret obama plan to avoid what would be the first time ever the united states defaulting on its debt. ♪ trump came tont office with a big agenda for growth. delivering all of those harder than markets had hoped.

i am david westin.e is due to vote on whether it would move ahead with its extended health care session. we are joined by richard durbin. thank you for joining us. plate out from your point of view, what is likely to happen d today. we have senator mccain coming back and they will try to have a vote on whether they will go forward on the senate floor, what do you expect? richard: i can surmise you would not ask senator mccain to travel 2000 miles unless you had the votes. i am assuming it is some are close to that, so we will go forward with the debate. that is my conclusion. david: what will you be debating because there are two different bills. which are you going to debate? richard: the question. we are in the united states senate deliberating on the basic fundamental changes to the health care system of america. we are talking about 1/6 of the american economy. i stand before you completely unaware of what it is about. we do not know what republicans are going to offer. the have not produced a bill,

that was dan tarullo speaking with a david westin.o not miss our special coverage of the fed decision on wednesday. that is at 2:00 p.m. new york time on wednesday. still ahead, web m.d. growing investors and health-care firms. we will discuss the private equity firm strategy. from new york, this is bloomberg. ♪ julie: i am julie hyman. julia: i am julia chatterly. it is time for the bloomberg business flash. flagship should be contingent on its 20 claim $8.7 billion deal with everett. that is according to people familiar with the matter who says they are struggling to secure orders by november. more potential sales could be in jeopardy. medical websites web m.d. has agreed to sell its side -- sell itself. that represents a 20% premium. web m.d. is used by 75 million customers. that is your business flash update. growingor more on kkr's investments, we're joined by melissa. let us start from what m.d.'s -- web ms's perspective. >> it has a volatile history. wet md went public in 2005 -- md went public in 2005 and tried to find a buyer

. ♪ david: i'm david westin. dilemma surrounding donald trump junior's meeting with a russian lawyer comes against a backdrop of russian attempt to interfere in the 2016 presidential election, at least according to the unanimous view of the u.s. intelligence agencies. to learn about russia's strategy and the potential threat it poses to the united states, we turn to a retired brigadier general. he was the nation's first ever chief information officer appointed by president obama. he's just been named president of the newly reformed federal division of the cybersecurity company. he joins us today from washington. general, thank you for being with us. without going into details about what exactly is going on with donald trump junior, tell us about more broadly what you know and can tell us about the threat to the united states from cyberattacks, whether they are state actors or nonstate actors. the opportunity to share some of the discussion on cybersecurity which i view as a risk management issue. as we take a loo

i am david westin with alix steel. jonathan ferro is off today. alix: here are the markets. s&p futures relatively flat, although the high for the assion, sterling getting boost. it was lower earlier and then we got those job numbers out of the u.k. with the 10 year treasury pocket , that is supply later today as markets handle that as they move lower. crude is getting a big relief rally by over 1.5%. they lowered the estimate for production in the u.s. for next year but this feels like a call before potential more storms. david: time for our morning briefs. it is a big day for the federal reserve. at a: 30 this morning, 8:30 this annual monetary policy report delivered to the house financial services committee. she will appear in front of congress at 10:00 a.m. to deliver remarks and answer weston's. we will watch for indications on how fast they will raise rates or when they will start reducing the fed's balance sheet. in the afternoon, they will release its beige book and in the afternoon, we will hear from esther george in denver on the economic outlook of the balance sh

i'm david westin.n up 14%, but the tech sector is up even more, 21.6%. recently, there is been selling of tech stocks, and some companies have been hit worse than others. snap has fallen below it $17 ipo price this week and was downgraded by morgan stanley and , who were both underwriters of the company's ipo. joining us now is caroline hyde in london. here in new york, michael regan. the news keeps coming in for snap. not very good. caroline: not very good when two of your underwriters have decided to downgrade you. morgan stanley and kalman doing it for similar reasons. we are seeing some concerns on competition, monetization of its advertising products. saying.what cowen is competition in digital advertising, will take longer to monetize. the stock is down more than 40% off of its peak in march. meanwhile, the nasdaq has rally 7% in the same amount of time. i think there's a lot of selling pressure going into the so-called lockup expertly. that is those initial shares, the initial investors in snap,

i am david westin.annual gathering of media moguls is getting underway in sun valley, idaho. our colleague is out there commingle with the moguls. we go out to sun valley, idaho. wait to see you, even in the chile cold. tell us, first of all, who are you seeing? secondly, what are the themes that you expect to discuss at this conference? >> you have a lot of people from media and technology. it's is fundamentally a media and technology conference that has grown bigger over the years and brought in more sectors and companies to the mix. but we have leaders from silicon valley come as well, executives from smaller companies and bigger companies. the themes vary by year and there is always a focus on foreign policy. david petraeus is here. there is a focus on ai this year. we talked about the magically. he is here to talk about the future of ai. as they arrived at the a lot, that is something all kinds of companies are interested in going forward. health care is a big issue here. there are executives from

i am david westin.nister met on saturday in germany seeking to overcome years of rocky ties as they figure out how to deal with the threat of a nuclear north korea. joining us to take us through authorions is a prolific having written to the books on north korea. welcome back to the program. give us some insight into north korea and what might move them when it comes to this quest for nuclear weapons and the ability to deliver them on an icbm. regardnorth koreans nuclear weapons and the delivery systems as a guarantee for their political survival. it is highly unlikely there will ever give these up. i think the best we can hope for is some kind of freeze where they do not develop any more proliferatedo not beyond the peninsula. david: there has been a lot of talk and or have been a lot of sanctions on north korea. it is not apparent it has dissuaded them at all. since north korea was founded after world war ii been able to influence north korea? >> because north korea is its own internal political econo

david westin is a way. we're 30 minutes from the opening bell.r up and it is a weaker dollar story. treasuries just off of the margin. we are up one basis point. some earnings that are coming out will not be helping what is happening with equity markets. myth, but it was really the fact that they saw a third-quarter operating loss, up 400 million versus 300 million operating loss. that, but care about tomorrow it is about how awesome amazon is. exxon mobil taking a little bit of a hit. $7.1 billion is that cash flow from operations. light -- capex was also a bit light. chevron had a pretty boring quarter. that stock goes nowhere. you had sales and operating revenue in the second quarter coming in at 33 billion. by 0.7%.own sales coming in at 4%, alesica come sales -- com s also a bit light. this first starbucks made up i meal -- made up by meal and snack sales. >> the republican attempt to scrap obamacare has collapsed in an early-morning vote. otherccain joined immigrants to block a scrip -- stripped down repeal bill. russia is striking back at

i'm david westin. alongside alix steel.opening bell here in new york. , prettye equity markets flat across the board. a little bit of weakness over in europe and not a lot of volume as traders taking advantage of that summer tuesday. s&p futures flat. the pound, an interesting story. have higher earlier in the day. bank of england deputy governor spoke in scotland and he warned about trade risks between europe and the u.k. it seemed like the market interpreted that as a more dovish communique from members of the boe and the pound took a leg lower because of it. fascinating story that unfolded. weakness on the margins here with the margins here with yield backing up by one basis point. crude off the lows of the session despite some downgrades from barclays. abigail doolittle is looking at some of the individual stocks on the move ahead of today's open. >> first we have pepsi co. not moving so much, modest declines, shares slipping between small losses and gains. out, they we pointed are kicking off the second quarter earning

david westin in conversation with a former fed governor.ry quickly futures at negative three and oil not really moving all that much. i would note, currencies dollar weaker against yen this morning. there is the dxy, 93.92 is a surprise. ♪ you can see the opec and non-opec presser, the news conference is still ongoing in st. petersburg. we heard from the saudi oil minister and now from russia and this is what we are hearing from mr. novak. he says saudis would support the opec deal extension beyond march if needed. we are also hearing him say there is big potential for oil markets in the third quarter. i imagine he is talking about rebalancing. i think that is mr. novak. if not, mr. novak just finished speaking. what was interesting is with us and our interview with the uae oil minister, -- energy minister, he mentioned they are not looking at increasing the amount of production cuts, but they may look at the time links these -- timeline these are in place for. we will have plenty more from opec. this is a picture of rent. if you are a bloo

live from new york, this is bloomberg. ♪ david: i am david westin.ts latest numbers just reinforced that dominance with global subscribers estimated to reach 108 million by the end of the third order. it is about the original content on netflix and it is inspected to continue with more analysts raising their subscriber estimates and price targets. to be are surging on pace trading at fresh record highs. for more, paul sweeney, bloomberg intelligence senior industry analyst with us. good news? >> investors continue to focus on subscriber growth. companies are trying to get to focus more on revenue and profits and things like that. more traditional metrics. but this is a momentum stock and a momentum stock tied to subscribers of that is the focus. they blew out the numbers on domestic and international subscribers so i think more importantly for the stock, your third quarter as well, it is not like they pulled into the second quarter because they are forecasting subscriber growth in the third quarter is also very strong. david: great news, they've got

talking earlier with my bloomberg colleague david westin. ajority leader mitch mcconnell vowing to have a new health care bill to replace obamacare. the latest, up next. this is bloomberg. ♪ david: this is bloomberg markets, the trump economy. president trump's pick to lead the fbi and republicans fighting to save their health care bill. kevin, let's start with the mood in washington. home talking to constituents about health care. what do they face when they get back to washington? >> it was a slow couple of days but we are recharged. to head the fbi. same day, mind you, that federal reserve chairwoman janet yellen will be testifying in the house financial services committee and will head to the upper chamber before the senate banking on thursday. a lot of questions she will be facing about her own future and whether or not she wants to remain as fed chair. serve out the remainder of her term and she wants to do that. of course, there will be a lot of talk about the health care legislation. mitch mcconnell saying he will be able to produce s

i am jonathan ferro alongside david westin and alix steel. it is been five years since mario draghi said he would do whatever it takes good the euro-dollar -- would do whatever it takes. we are sitting at a record high today. seeing somee earnings coming out right on time should -- right on time. ford is above estimates from last year. they also beat on the revenues. pre-check profits though felt a bit short. short.about $5 million that is because of commodities such as steel and engineering costs. we will be talking with bob shanks, the cfo, and about 29 minutes time. alix: the stock seeing a nice move in premarket. coming up, we will have home sales. then, we have the weekly crude inventory report. at 1:00 come at the u.s. treasury will sell five-year notes. yesterday, the two-year was solid. what will be five-year be? bloomberg will have special coverage later today. david: the senate voted yesterday to move health care forward. this is despite the fact that there does not yet seem to be majority for any particular approach. we are joined

i'm david westin. the birthday of the united states and last night the united states celebrated with one of the most honored traditions, fireworks on the charles river accompanied by the boston pops orchestra. for the first time, bloomberg but the festivities on air and online. alix steel was front and stage with carol massar and matt miller. she joins us now to take us through some of the highlights. quite a night you had up there. alix: it was an unbelievable night. at the esplanade at the charles river, behind me is the hatch shell where all the action took place last night. we had stars and music. carol and matt and i were there. behind me were tens of thousands of people who had lined up to watch this. there were some people who watched the show monday night and stayed overnight to get that front row seat. it was very special. with the partnering boston pops was also a pretty special moment as well. bloomberg the company is all about new ideas, innovation, working together, and that's what the bos

i'm david westin.gs president trump is seeking to bring to washington is a new sense of nationalism the new administration is dubbing this week america week. president trump stormed into office promising he would put american interests first. the commerce department is weighing broader things on steel. worries about a trade war. boardrooms, ceos, are they feeling this new nationalism? is it affecting their decisions? affecting their decisions, absolutely not. companies for the most part are as ambitious in bringing business globally as ever. most companies in the s&p 500 i would say, you talk to the person who works for them in europe and he thinks they are european domicile company. these companies have gotten very good at figuring out how to operate against a current headwind of trade issues. fundamentally, what they are doing is instead of having exports from this country, they are manufacturing locally. fundamentally, what the administration discusses and what anyone in congress discusses is a goal

thank you, david westin, for the interview. ahead, an interview with ireland's new foreign minister of trade. what he is saying about brexit after a meeting with david davis. , weick check of the markets are down but off our lows and the dow down between .5% and .3%. this is bloomberg. ♪ vonnie: live from bloomberg world headquarters in new york and london, i am vonnie quinn. mark: i am mark barton. this is bloomberg markets. let's check in on bloomberg first word news. president trump has acknowledged russia meddled in last year's presidential election. he spoke after meeting with:'s president -- he spoke after meeting with poland's president. president trump: i think it was russia, but i think it was probably other people and/or countries and i see nothing wrong with that statement. nobody really knows. nobody really knows pressure. says president trump president obama was told about russian interference last august but did nothing about it, ensuring hillary clinton would win. president trump says he is considering what he con

earlier today, david westin spoke with nicholas burns, the former ambassador who talked about what pathg this friday. david: a visit to poland and the reset --it, yet never he needs to have a reset with his relationship with angela merkel. the true meaning is with vladimir putin. nicholas: the european union recently reaffirmed economic sanctions against russia for its invasion of crimea and annexation of crimea. i think it's important that president trump reaffirm american sanctions. there's been doubts about that over the last year or so secondly, there's the issue of russian interference in the american elections. our intelligence community is 100% sure that russia launched a major cyber attack to try to get into the databases of 21 american states. our president needs to push back and tell putin that is acceptable. there's a bill in the senate, 97-to vote in favor of the bill to put additional american economic sanctions on russia over this interference, and the trump administration is trying to water it down or even stop it altogether. i think of the president goes into these meeti

i'm david westin and welcome to "bloomberg markets: the trump economy."stories we're watching at this hour. fact to work -- congress returns from the fourth of july parade and they face a logjam on tax reform, the budget and infrastructure and they only have three weeks to go before the next recess. doors, donald trump junior secret meeting with the russian lawyer to get damaging information on hillary clinton during the 2016 election. this as president trump's ideas of teaming with russia for cybersecurity gets panned. some are upheld. that is what the new york governor says commuters are facing when the work is underway for repairs on penn station, the busiest train station and the united states of america. what to tell us about the trump administration's infrastructure plans. vonnie: let's get right to politics now. david:

i'm jonathan ferro with david westin and alix steel. futures are positive. the s&p 500 begins another day in 2017 for the 27th time at a record high. the euro falls further back from 1.1505.h at alix: in the currency market, the u.k., butn that isn't helping sterling. it is all about brexit. john cryan warning about a heart brexit. -- about a hard brexit. the boj has to push back its inflation target one more year. selling on the margin when it comes to the german 10 yield bund. morning,ming up this 7:45, the important ecb rate decision followed by mario draghi's news conference 45 minutes after that. initial jobless claims and the fed survey. at 10 a.m. we will get the indicators. after the bell we will have fourth-quarter results from microsoft. now, let's get an update on headlines outside the business world. emma: a startling admission from the president about jeff sessions. the president tells the new york times he would not have appointed sessions if he knew that he would recuse himself from the russia investigation. he called sessions' decision unfair

i am jonathan ferro alongside david westin. 1/10 of the s&p 500 after a high on yesterday's session. euro-dollar retreating down .2%. yields up on the 10 year. at 8:30 a.m. we will get u.s. economic data for jobless claims in the consumer price index.

this is bloomberg. ♪ bloomberg, i am david westin.resident trump is in poland and will shortly address the people of poland. we are joined from warsaw. what we know about what the address will save from the president to the polish people? >> the white house is billing this as a major speech to the polish people, europe, and the west. the president will ask if the west has the will to survive. he will cast the challenges facing europe in the western community as an existential crisis. immigration,om trade, and a number of challenges facing the west at this time in history. the president will side with the polish people. the polish government has taken a much more populist tone and type of government as they have tried to restrict immigration, cracked down on the free press hear the president will not side with other countries in europe who have criticized that. with theesident trump first lady taking the stage in krasinski square with the president by his side. there is talk about a war for the soul of the west. who is the war with. to

let's begin with blair effron of centerview partners, who told david westin that business optimism mayfade. >> there is a rising level of frustration. we had optimism early in the year and now we are sitting in july and there is recognition that a lot of the promise of what we wanted to get done -- tax reform, infrastructure -- just isn't gathering appropriate momentum. yet you have the market at an all-time high, three points on multiples higher than the year average. you have growth according to cbo at 2%. fundamentally, that optimism needs to be turned into something real for that to be sustained. clearly the frustration that has been expressed on friday really is quite broad. david: the frustration is broader than just jamie dimon, how is it affecting business decisions? investment decisions? decisions to buy and sell, things like that. is it having real effect in the real world? >> it absolutely is. today, you would have expected -- for example, in my world, m&a, we went into the year with certain projections, saying it would be a record year. over $4 trillion of m&a. fact is, it

a warm welcome to bloomberg daybreak arid david westin is off today.t hour, lisa abramowitz will be joining us. let's get up to speed on the market reaction. futures are up. europe is a little bit softer, even with that upside on the core inflation. treasuries are stable and have been through the session so far. 329 is your yield. crude is not doing much arid we have some crucial levels and we went to them briefly. alix: brent is over $50 a barrel. it's holding that level. dow 22,000?ng at as the fix continues to become sure. we are still under 11. the conversation continues, complacency or not it -- not. lisa: the title was please stop talking about the fix so much. this is not an indication of future volatility. relies it has been low. rotation that is the important part. d.c., yesterday donald trump set on twitter don't give up republican senators. the world is watching. repeal and replace. paul ryan statement, emphasized the importance of tax reform. we can grow our economy and help middle-class and get ahead and broke our -- fix our broken tax cod

i am jonathan ferro alongside david westin and alix steel.r 30 minutes away from the payroll report. treasuries high by two basis points. selloff, yields continue to grind higher. a weaker euro story. crude continues to roll over, this time by 2.5%. morningme for your brief. at the bottom of the hour, 8:30, we get june's payroll report. then the fed will publish its monetary policy report to congress so locker -- so lawmakers can have the weekend to go over the report. at 1:00, the figure the crude market will be paying attention to -- baker hughes. interesting to see how it plays out today. david: now an update on headlines outside the business world. emma chandra is here. emma: in hamburg, protests resume before the start of the g-20 summit. police used water cannons to clear the block streets -- blocked streets. melania trump was unable to leave the play she was staying for security reasons. meanwhile, trump is being urged to get tough with vladimir putin when they meet later today. yesterday, trump said it could be russia's move metal, bu

i'm david westin. u.s.ford and toyota just came in with a jew numbers that top estimates. , which thisis gm month disappointed, down 4.7% in sales, which is more than predicted. here to give us the report card is david welch. what is the report card? far, everyone has been estimates except for gm. gm and ford are down about 5%. ford is better than expected. the market like this because we are seeing a pullback in rental sales by ford and gm, which means they are selling less of the lower margin stuff. the big sales are in the pickup trucks and suvs. in a market like this, that spells a lot of profitability. gm has been up 1%. fiat chrysler, which is not reported, looks to be up about 3%. not bad, but continuation of a theme. are still seeing sales of the things that make real money. david: it is softer, which is the headline, but on the other hand, i saw a report that they are on track to have the fourth highest year of sales in history. so it is not bad. is a: no it's not, this solid sales level, everyone

david westin is off this morning. futures go nowhere on the s&p 500. straight week of gains. the euro, a two-year high. alix: look at how that is doing in the bond market. the german 10-year blinged -- 10-year bund down to basis points. the loser is the dax. now off by 1%. it little off the lows of the session. it was down to its lowest level since the end of april. the vix still under 10. get an update to what is making headlines. here is emma chandra. emma: thank you. is makinggal team headlines. according to the "washington post," some of his legal team is trying to undercut special -- special counsel robert mueller. a spokesperson for the president's legal team has designed. the u.s. will ban citizens from traveling to north korea in the wake of the death of an american student who had been imprisoned there. otto warmbier was in a coma when he was released and flown back to the u.s. and up for discussion in st. withsburg, opec is meeting russia. oil is in a bear market. inventories are still high. there is little chance they will come up with a mor

i am david westin and we heard from the federal reserve yesterday and pretty much confirmed everythinge thought. the fedss the path that is on, lewis alexander and mislav matejka is still with us. , let'sg with you lew start with the balance sheet. they set relatively soon they will roll back the balance sheet and people think september, what to do you think? i thinkexander: september. janet yellen and her testimony made it known they are not particularly worried about the the economy. david: go to what it means. it will be gradual and not abrupt. how does that change the tenor of knows people will be holding?'lewis alexander: they will put out more securities into the market over time as they stop purchasing of those things. moreover, the reserves which the bank hold which has been very large, are going to start shrink. means the, that private market has more duration and the price of duration will go up and a steeper yield curve over time. david: in addition to the risk of private market? lewis alexander: yes. david: what does it mean in the bond market? mislav matejka: in terms of t

i'm jonathan ferro alongside david westin and alix steel. here's the market action.e lowest since august of last year. the euro-dollar showing some strength. up 7/10 of 1%. treasuries with a marginal build. alix: the equity market will all be about banks and netflix. surging up over 11%, and are -- netflix, a little light after

on jonathan ferro alongside david westin. alix steel will be joining us from boston. the dollar showing some strength. the euro weakness for a fourth straight session. treasuries unchanged. 235 is your yield on the 10 year. and thengela merkel chinese president

i am jonathan ferro alongside david westin. we get you up to speed. 1% ons up a by 1/10 of the s&p 500 after a high on yesterday's session. euro-dollar retreating down .2%. yields up on the 10 year. at 8:30 a.m. we will get u.s. economic data for jobless claims in the consumer price index. of janet second day yellen testimony, this time to banking committee. at 11:00, the u.s. congressional budget office will announce the fiscal year 2018 urgent in washington. president trump will hold a joint news conference with president macron in paris. jonathan: from talk to dove. -- hawk to dove. committeden: we are to obtaining our 2% objective and are aware for a number of years we have been running under that and recognize there are dangers that would be associated with persistent undershoots of our inflation objective. it is 2% is not a ceiling, it is a metric objective. the msci old country index and douse it at record highs. the stoxx 600 following the best day in 11 weeks. the bloomberg dollar index falling to the lowest in 10 mont

i'm jonathan ferro with david westin and alix steel. futures are positive.ime at a record high. the euro falls further back from 1.1505.h at alix: in the currency market, the u.k., butn that isn't helping sterling. it is all about brexit. john cryan warning about a heart brexit.

david westin is off. alix: if anybody listens on the radio on thursday, and heirs in london.ogether. we look f

oomberg i am jonathan ferro alongside david westin and a special welcome back to alix steel. .5%. a 17 month high on the german 10 year yield. taking the euro with it. oat: in

i warm welcome to bloomberg daybreak, i am jonathan ferro with david -- alix steel, david westin is offrd of 1%, euro-dollar is still firmer, north of 1.17 and euro strength carrying through the week for a third straight week and treasuries choppy. between -- movers,ighting the amazon premarket, down 3%.