gorman, holding forth on global trade. listen to james, come down on the side of this is an adult view. evenandscape was not that and it needs to be righted. is there merit in that? philip: i think there is. it is not so much looking at trade deficits or surplus, which gives you an idea of when the playing field is level. access is market probably a much better indicator. if you take tariffs on cars, areas where it doesn't have a trade treaty, around 2% -- 25%, theariffs are eu's are 10%, a clear givenlity, particularly the strength of the chinese economy over the past 15-20 years. the u.s. ministration has a point. -- administration has a point. but i agree, it is difficult to know what the u.s. ministration's policy is and where things are going to go. of people have speculated about the chinese going on a bond-buying strike. i see those things as being very extreme and perhaps a little bit un-chinese. will we go through more versions on trade before we find out what the policy is in the u.s.? philip: i think so. if chin

james gorman thinks the fed will raise rates three times. if oil stays at these levels. brent is 77.12 a barrel. the nikkei had a killer day in a good way. asian stocks up across the board. italian 10 year yields have come back a little bit. 9%, better than the 3.1 we saw yesterday. as the index is open up. the ftse, gaining .1% and the ftse as far as the futures trade looks the best. the cash trade, maybe the same thing. at thex bouncing up open, up .4% as the debate begins right now in parliament on rajoy's future in government. is going toe dax take longer to open up than the rest. we should see a bounce in the ftse, as well. you never know out of italy as the president is now saying he will put aside the technocrats and make room for a political government with five-star and the league. will those sue she get along? -- two get along? up .2%.e the cac it got hit the hardest yesterday and everything else bounced up. ftse ine a gain in the italy. up .4% right now in milan. let's take an industrial breakdown and see how the groups are moving

let's go live there where tom mackenzie is with james gorman. tom, take it away. ceo james gorman.me. as you have been taking to your clients and investors, what have you been getting from them about the market that we have seen over the last 24 to 48 hours? >> thank you for having us and thank you for being here. this is our fourth china conference. about 300 corporate, about 1000 other investors. it is a unique opportunity for the rest of the world to come to understand the tremendous stories coming to the market. people are very focused on the substance of what is going on here. there have been dislocations in the market. i'm sure we will talk about italy in a minute. what they are focused on is where is the growth coming the next decade out of china and how do we participate in that? tom: we are seeing some positive data out of germany around cpi and the jobless rate. are the political machinations in italy and spain distracting us from the fundamentals? is there a broader concern that you have? >> it has been interesting. the last couple years the things i have focused on -- w

james gorman dismissing george soros'warning on the eu and the economy.may be at hand and the eu is at risk of breaking up. >> that is ridiculous. i don't think we are facing annexes uncial threat. -- and existential threat. this has been playing out over 15 years. there is potentially in many countries around the world, a sense of the average performance of the economy is better than the individual performance of citizens in the country. that is what has given rise to the wave of populism. sebastian: he also predicted that that would raise interest rates three more times this year. global news 24 hours a day on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i'm sebastian salek, this is bloomberg. tom: data first. bring this up, posjose. curve flattening, a steeper yield curve. francine, go through your data check and then i want to go to sears roebuck. francine: european stocks higher following asian equities higher. investors trying to rebuild trust, confidence, even though the political outloo

james gorman says george soros warning of an eu breakup was unrealistic. he sees higher yields and four that hikes this year. mariano rajoy on the brink of being ousted by socialists while the italian president giving populist leaders one more chance to form government. hello inflation. upside with latest readings on u.s. prices on deck. david: welcome to "bloomberg markets," i'm david westin with alix steel. things have been better? alix: italy seems like a thing of the past. david: james gorman. alix: spanish politics is fascinating. it seems like no one is interesting. two-year yields in spain are negative versus italy now positive. huge move this week. fascinating. socialist government, no-confidence vote, no one seems to care. david: how many times have you overreacted to geopolitics? alix: 100%. david set it, things are looking better. s&p futures flat. euro-dollar at 1.17. dollar getting strength. we will have rebalancing in different classes. treasuryll a sell story, yields higher by two basis points. 2.86. crude down, perhaps we see more inventory

recently we came here to meet patrick gorman. >> my father was on the port authority.o be a cop. >> reporter: he joined the port authority police four years ago. he was just 11 years old when his father, officer thomas gorman, raced to lower manhattan on september 11th. >> call came over the airplane struck the tower, he jumped off the desk and jumped on the truck. came over here and, you know, entered the towers and began trying to evacuate the building as best they could. >> he died trying to save people? >> exactly. >> reporter: thomas gorman's name is etched here, among the other heroes and victims. now patrick rides with his fellow officers to honor the fallen and raise awareness of the national law enforcement memorial. >> the police memorial is open ended. unfortunately next year cops may be lost in the line of duty and the year after. unfortunately that's the way it is. that's why it is special down there too. >> reporter: they gave me a jersey and a bike and i got to partner up with officer gorman and his colleague. are we hitting the tunnel? >> yes. >> report

going back to officer gorman, one of the woman he saved showed up at the academy.ey're up to 160 riders this year. willing to bet it is more than double next year. what a great event. >> these are complicated times in which we live. a complicated time between the police and the policed. but there is still a whole lot to be said for people who put on a bullet proof vest every day, strap a gun to their side and go out to protect and serve. >> right. >> our thoughts and prayers as they make their way to d.c. >> thank you very much for that. we're back in a moment. first, in the "today" on nbc. >>> oh, the music. >> must be royal wedding news. don't forget, we are having our royal party on the plaza next wednesday. >> get a pen and write this down. we want you to come dressed in your royal best for a chance to win fabulous prize. two round trip tickets from new york to london courtesy of virgin atlantic. three-night hotel stay at a five-star hotel. and you'll join "today" in windsor the day of the royal wedding. >> man. >> head to today.com/royaltreatment. don't forget

ramy: later in daybreak asia, our exclusive interview with morgan stanley chairman and ceo, james gorman at 10 a.m. sydney time and 8:00 p.m. eastern. this is bloomberg. ♪ haidi: i am haidi lun in sydney. ramy: you are watching "daybreak australia". to is happening in italy as well as a long -- around the world. a lot of people saying nothing is on the table, and senior fellow at the peter institute for national economics joined us from washington dc. let's look at what is happening in italy. what a difference a day makes because there is a lot of optimism on the markets. under if you shared that optimism or if you think this is akin to a dead cat bounce on the markets. >> i don't think much has changed since yesterday. the ascending, political force in italy remains the league, and its leader -- i am skeptical that they will ofept to enter into any kind government respective of who is the finance minister. clear interest in having an early election, which they expect to win. am quite skeptical that the situation today is better than yesterday. they have a second chance of trying to form

. -- early 1890s under senator gorman. who is not considered the majority leader because of the simple fact that his party was not in the majority. blackburn remained active in public life including governor of the panama, is out days panama canal -- governor of the panama canal zone. he passed away following a heart attack. if blackburn was not the majority leader who was the first? there is no universal agreement to that question. was elected i senate democrats, in large part, because he shared governor wilson's progressive views and was thought capable of securing enactment of his legislative agenda. he was he was the inheritor of the responsibilities enjoyed by the democratic caucus chairman. the term majority leader until this time had almost never been used on the senate floor. in 1914 senators from both parties would use the expression majority leader to refer to mr. kern on the senate floor. by the time he left office in 1917 the use of the expression on the senate floor had become a more frequent occurrence. that

he was just 11 years old when his father officer thomas gorman raced to lower manhattan on septembere call came over and jumped off the desk and jumped on the truck. came over here and, you know, they entered the towers and began trying to evacuate the building as best they could. >> he died trying to save people? >> exactly. >> reporter: his name is etched here among the other heros and victims. patrick rides to honor the fallen and raise awareness of the national law enforcement memorial. >> police memorial is open ended. unfortunately next year cops may be lost in the line of duty and year after. that's why it's special down there. >> reporter: they gave me a jersey and a bike and i got to partner enough with officer gorman and his colleague officer paul. >> hitting it already? >> yes, it is. >> we plunge into the holland tunnel. it's not long before we hit the first snag. >> you have a flat? >> a flat tire. lucky for me, these officers bring backup. they were able to fix my flat and get me back biking. our first stop is at a memorial in jersey city, the first of several such stop

[laughter] in 1906, arthur gorman of maryland died. this led to the question of who would take his place as chairman. by that time, blackburn was a short timer, having been defeated to reelection after in -- engaging in an ill advised political battle with kentucky's governor. he was elected service caucus chairman. an indication of his personal popularity among his colleagues as well as his skill in debate. blackburn's elevation to democratic caucus chairman reflects an important marker in the evolution of the position of caucus chairman to that of formal senate floor leader. this is because blackburn became the first caucus chairman of either party to be hailed as party leader in official caucus records. prior to that, no one had been called leader. that was the first evolution of that term as applied, at that moment, to caucus chairman. this reflected the continuous trend of caucus chairman coming to be seen as formal senate leaders. formalization of party leadership did not develop consistently or uniformly. it began to take root o

conflicted by the grim situation in the vietnam war and with north korea.>> and elizabeth, frank gorman reading a lot of telegrams. but the one that stood out the most was from an american citizen congratulations to the crew of apollo 8. you saves 1968. >> i think that the cold war

conflicted by the grim situation in the vietnam war and with north korea.>> and elizabeth, frank gorman reading a lot of telegrams. but the one that stood out the most was from an american citizen congratulations to the crew of apollo 8. you saves 1968. >> i think that the cold war pushed america to examine itself and to try to define what was or, not just what was against, and apollo 8 -- what they said was here's a perspective on our world. here is our earth and i think the last words were merry christmas to the good earth. and the sense that we are all in this fragile little planet together and we need to work together.>> and that concludes our nine part series. we want to thank elizabeth cobbs and mark kramer from harvard. to you and all the guests that participated in the series, we thank you. >> madeleine albright

. >> 12-year-old dallas gorman found that bottle on the beach near his home in nova scotia.iend. i'm a visitor to gloucester. i hope you will let me know when or if you find this. cheers, rita. >> so dallas' mother tracked rita down in buffalo, new york. look at that. rita says that she hopes to meet dallas and his mom someday and bring me back my bottle. >> the days before social media. >> yeah. >>> and a cat's reaction to her pregnancy is going viral. >> an adoption agency in greenland posted the images. the first one shows the cat kind of looking at a sonogram. can you see it there? and then the look of complete shock when she gets a look at the litter. >> congratulations, kitty cat. >> you're having 20 kids. >> no big deal. >> 20 kittens. >> you'll be fine. >> more news after this. fine. >> more news after this. rheumatoid arthritis. before you and your rheumatologist move to another treatment, ask if xeljanz xr is right for you. xeljanz xr is a once-daily pill for adults with moderate to severe ra for whom methotrexate did not work well enough. it can reduce pain, swell

however telling bloomberg television it is a time -- type of political risk that could affect growth, gormante the geopolitical turmoil, he still sees the fed hiking four times this year. trying to dod is is get back to a normal rate, which gives monetary power when the next crisis occurs, that it is also right. the inflation target is something to hit. fed will raise rates four times this year. i might be wrong. is that the fed will raise rates four times this year. i might be wrong. it might be three. paul: it was said in paris by ross that they would act if they thought disputes could move faster. they were talking about new tariffs. >> i have yet to see an agenda for any of the multinational organizations that said here is a list of 10 things we must do right away. that kind of approach, as opposed to study group proliferating more study groups as the kind of thing that gives us their great concern. paul:: china is to lower tariffs on a wide range of insular goods from july 1, including clothing, footwear, washing machines, and beauty products. trump'slows president announcement that he

. >> reporter: grant gorman, who lived in the house directly behind deangelo's says his neighbor onceut threatening voice mail. >> it said, "if you don't shut that dog up, i'll deliver a load of death." >> reporter: perhaps the most alarming of revelations that deangelo, at one point, had actually been a police officer. in 1973, he was working at this small police department in exeter, california. >> well, i don't think anybody really got to know the guy. >> reporter: farrel ward says he worked patrol with deangelo for three years. >> and i told him, he was overeducated. so why would you wanna stay in exeter? he should be in the fbi. >> reporter: it was while he was a police officer authorities allege deangelo's reign of terror begins. >> now that we identified and he was a law enforcement officer, yeah, he understands all and he's using it to his advantage. >> reporter: deangelo would then move north -- working, here, at the auburn police department outside sacramento. >> he had a nickname on the department. it was "junk food joey." >> junk food joey? what was that about? >> he would

.>> and elizabeth, frank gorman reading a lot of telegrams. but the one that stood out the most was from an american citizen congratulations to the crew of apollo 8. you saves 1968. >> i think that the cold war pushed america to examine itself and to try to define what was or, not just what was against, and apollo 8 -- what they said was here's a perspective on our world. here is our earth and i think the last words were merry christmas to the good earth. and the sense that we are all in this fragile little planet together and we need to work together.>> and that concludes our nine part series. we want to thank elizabeth cobbs and mark kramer from harvard. to you and all the guests that participated in the series, we thank you. >> madeleine albright sits down with washington post columnist david ignatius to talk about the trump administration's one policy, including the current talks with north korea about a possible summit. then, at 10 pm, of form and how to use intelligence to assess cyber >>> cspan-3, where history unfolds daivment in 1979,

gorman's secret for success, morgan stanley taps blackrock for $2 trillion in assets.rbs, the cfo who was seen as next in line unexpectedly quit. now is theng us bloomberg opinion columnist. loser,alk about the field street capital management. they like betting on macro economic trends, headed for the worst month on record. if you bought long italian debt, that kind of hurt you. brooke: there is nothing you can do once you get stuck, because the problem has been lack of liquidity. some people are not even quoting prices on the spanish bond market or the italy bond market, so you are stuck with that position. david: it could hold to maturity. brooke: it depends on your time horizon. alix: and the fact that the ecb would buy it. in terms of capital, they are already buying more than they should. david: whatever it takes. alix: what is the winner? brooke: western asset management. they were short italian bonds. basically the opposite side of the coin. they are now taking profits on these short positions because they believe yields will stabilize and we will eventually see

the core reason for, you know, owning a company >> and, today, there's also a glowing profile of gormant he's done at morgan stanley. last word, goldman is mentioned, we think consumer is a place to win now because we have the technology is that a stras jtegy >> they are struggling with strategy in other words, they have right now a number of initiatives in the whole series of areas in the company to turn it around. they should have purchased a company like whole america ten years ago. they did not they should have moved into consumer oriented department generates businesses they did not now they are struggling to get back into all those areas. >> you have a buy on the stock, right? >> well, yes, if the market is going to go up, it's a broken stock, and broken stocks are going to do what the market does >> leaving it there, dick, pleasure to see you, thank you for joining us dick bove >> thank you >>> the dow now is up 1.4% or so the sdnaaq leads the charge at 1.6%, off the highs of the day, but a nice end to the week back in a couple minutes let's begin. yes or no? do you want the same

the year earlier so here are the top five, blackrock's larry fink, 27.7, morgan stanley 's james gormancant money. singapore airlines will launch the world's longest commercial flight from newark to singapore takes about 19 hours, non-stop by the way. that's about 9,500 miles and these flights begin in october. ashley: good news is it's quicker when you come back because of the prevailing winds it's only 18.5 on the way back. >>stuart: okay if you're in first class you've got a sleeping bed but in the back next to the bathroom -- ish good luck. >>stuart: warren buffett wanted to vast 3 billion in uber but the talks fell apart. he says he's a fan of uber's new ceo and in the past he's avoided technology companies he says they're out of his area of expertise but his interest in uber surely gives uber's ipo, when it comes a shot in the arm. tens of thousands of casino workers in vegas could be off the job at midnight tonight when the contract expires. the city's two largest resort operators, mgm and caesars could lose more than $10 million a day combined if those workers do go on strike. p