paul sweeney, bloomberg intelligence. i will watch them both. don't miss the conversation.nnie: -- jonathan: this is "bloomberg real yield." ♪ jonathan: coming up, global reflation shows signs of life. price pressures grind higher. central banks react. the bank of england gives off its first in a decade. the reach reveals shows no sign of ending. austria with a yield of just 2.1%. global reflation showing signs of a comeback.

joining me to discuss bloomberg's intelligence of director of north american research, paul sweeney. nference in beverly hills, put them into context for us. what were the big takeaways from your perspective? paul: the bank of america merrill lynch media conference in l.a. today with a lot of news coming out of this conference, causing the media stock sector to underperform led by disney and comcast. in the case of disney, the key in the case of disney, the key issue for investors for the walt disney company is the cable networks business, principally espn. as we think about the cost cutting across the industry, the biggest loser pound-for-pound is espn because espn gets about $7.50 per subscriber per month for espn so to the extent they're losing subscribers as consumers cut the cord or go to skinny bundles, that impacts disney in a big way. that's the headwind the walt disney company is dealing with the past year or two, still impacting them. emily: talk to us about espn. this has long been the crown jewel but there have been problems. what do you think is the future of espn? paul:

joining us now, paul sweeney, bloomberg intelligence director. what is going on? is it sequelitis? f all these big budget retreads? paul: i think what we are seeing this summer are bad movies. there are not that many movies that people went out to see multiple times. this summer has been a disappointment. looks like it will be down 20% year-over-year summer box office. that takes a big hole -- digs the industry a big hole. 2015 and 2016 were record years. people will go to the theaters if there is good content to see. we just did not have many hit films. too many flops. mark: well franchise fatigue deter hollywood in churning out more franchises? paul: that is a good question. we have certainly had sequelitis. some of the franchises are not playing as strong as they used to. them't think we'll see backing away from building franchises. when you look to 2018, there's a lot more franchises and sequels. we will get more star wars and marvel movies. we will have all kinds of d.c. comics films coming back. it looks like hollywood is on franchises. even though they do not play as well in

paul sweeney, director of north american researcher at bloomberg says these names tend to selloff more on risk off days. we are having that kind of day and we are seeing it here for technology. julia: president donald trump is defending his decision to phase out obama era program protecting young immigrants from deportation. the statement issued by the white house, trump says i do not favor punishing children, most of whom are now adults for the actions of their parents. we must also recognize we are a nation of opportunity, because we are a nation of laws. trump goes on to say he will delay the end of the daca to givefor six months congress a window of opportunity to act. companies from a broad range of industries, including technology, and finance condemning the trump administration's decision. for. get to seleka talkeds been widely about. just given what we have seen in the past of immigration and try to pass legislation, how likely is it that congress can do something in the six-month window? >> it's a great question. it is important to know this is likely to immediately fall to th

we do that with paul sweeney. great team around him. you know i am driven by the chipset.se things. there will be another ramp-up here in technology. applewhat you will see at is a lot of features, bells and whistles. you have to support a thousand dollar price point here. the technology allows it to drive the simultaneous use of apps. the phone controls everything in your home, whether it is tethered to your watch, your computer, your tv. or two ago, the surprise has been ipads and computers and other stuff. don't they continue to do pretty well? it is two thirds of the revenue is the phone. another one third is the products growing well and they get some investment by the company. if you are an investor, you are in it for the phone and what services can be layered on top of the phone. focuss where the investor has been. where can apple take its services business? do they need to get into entertainment, other tech technologies? francine: the components of this phone are getting more and spence of -- getting more expensive. who is there main competitor? the largestg is com

joining us is paul sweeney. we have talked about the president and the nfl. tv networks have invested $7 billion a year. what is the possible risk for then? paul: there is a big risk here. we will find out what the ratings were for the weekend games later today. generally speaking, the networks and the nfl like to separate their product from anything controversial, including politics. the simple as this model is the networks want the biggest possible audience they can for nfl programming, because that allows them to sell lots of advertising and make money. generally speaking, they like to stay out of controversial issues. david: this does not, out of a vacuum. there were already questions of rating. the ratings for the nfl have been soft over the last several years. the primary driver is simply because, like all programming across broadcast and cable tell -- cable television, they are facing increased competition from the internet. audience for all programming, including live sports, has been under pressure. at the nfl, that has been a challenge. and the coli