scarlet: let's talk about cost.services -- $50 an hour for a video session -- seem kind of steep. how much are we talking about if someone signs up when they are a freshman in high school? mr. beaton: crimson is very informal. people are often paying upward .f $60,000 a year our services typically cost between $5,000 to $10,000 for an annual program with us which involves typically 100 hours of immersive support. we have seen many families opting to leave private schools and join public schools and use our services or use our service in addition to their current education program, so we are focused on return on investment. torlet: i need to ask you give me one free tip for this kids applying to school. what's the best you can offer? >> take more subject tests. many students only do two, math and biology. many actually do more than that and we find it works quite well. scarlet: you took six. should you prioritize stem subjects or is humanity's just as good? at beaton: we find having least one humidity subject goes a

i am scarlet fu. scarlet: -- scarlet: i am scarlet fu.isman predicted the collapse of subprime mortgages. he spoke at a conference in hong kong. haseutsche bank responsibility issues are they have not spent money on technology in a very long time. they're probably undercapitalized. they will probably raise capital again next week. deutsche bank is a problem bank. >> d.c. more consolidation and some of the european thinks? -- do you see more consolidation in some of the european banks? you look at how much is being spent per year on technology in the u.s. versus the regional banks. >> i know you don't look too much into china now, but we talk about excessive leverage -- is that where we are going to see the root of it now, in this time in the cycle? where do you think china is? >> i am not going to comment on china. i do not think it would be appropriate for me to talk about it. >> talk more about the biggest long opportunities right now. you are positive about the banks, and tech is one of your big sectors. what do you think is the bigges

scarlet: i'm scarlet fu. >> and i'm joe wisen that will.a: we were 340 minutes from the close of trading here in the u.s. scarlet: just 24 hours after president trump called off his summit with kim jung un, the meeting could still be on. and more mixed messages from the white house. ey're trying to strike a controversial deal for z.t. effort to stay in business. and colombia is heading to the polls this weekend to elect a new president. lisa: amanda lang sat down with fair fax chairman and chief exec active officer. take a listen. >> canada is a wonderful country. i came here 46 years ago and anything i've done would not have happened if i didn't come to canada. so canada, fantastic country. a country that -- i didn't nope anyone. i came with almost no money and people supported me for my future, for the money to fund fairfax when we began so canada is a wonderful country. but we have to be careful because we have the united states as our partners next to us and when they get very business-friendly policies then by comparison ours are less

this is bloomberg. ♪ ♪ scarlet: i'm scarlet fu.ation the president trump would pull out of the iranian nuclear deal in yesterday's announcement confirming that move has thrown the oil market for a loop. this is crude oil. on monday, it was at a four-year high. it pulled back as much as four point 4% yesterday on the announcement. -- 4.4% yesterday. $71 a barrel again. if you look at how that has impacted energy stocks, investors have piled into u.s. funds tracking oil companies. this is trading activities. it is not a percentage gain or the price or anything like that. you're looking at xo p. you did not see a similar bump for xle which is a broader spider sector etf which tracks companies. you can credit just good luck. at the end of april, he recommended investors go long. evenwould it be reasonable to et the same for earnings? i can tell you, that appears to be how it is playing out for the smaller companies. what he isted out showing here, the russell 2000 index tracking the national federation of independent businesses actual

scarlet: i'm scarlet fu. we are back with the jason trennert.ur recent note, you talk about how you have a couple of out of consensus ideas. is of them is that the u.s. closer to the middle of the economic cycle than the end. for peopleshback saying, all we are two years away from an economic downturn. jason: i may not necessarily disagree, but a lot can happen in two years. are latee saying, we in the cycle and therefore the market cannot go up, but in my experience with cycles, that as the time where it is much more dangerous to be sure to be short. the very end of the business cycle. a lot of times, you will have a credit of events which will force the fed to stop or pause. then the market takes off. this is very different as well i've had nine years of financial suppression and then you have is very large fiscal stimulus package coming down the road. it is probably going to be unlike any other cycle we have seen. -- notmally do not towards the end of the business cycle when the fed funds rate is still negative, usually the fed is slamming on

scarlet which which -- scarlet: and i'm scarlet fu.relli, perspective of market mentoring. thanks for joining us. we brought up the chart a while ago to show the s&p 500. anything else to tell that is all we're going to have a breakout in either direction anytime soon? >> no, technically it looks like e might have one at some point but even when the market pulls back a little bit, we don't really see that rise that one would expect is the -- if the markets is truly expecting a breakout. >> everyone has been watching the back and forth on a potential trailed dispute between the u.s. and china. you're looking at ford as one of those proxies. what are the implications for formed? even this week there was a back and forth to whether we would see a benefit for u.s. auto make,. >> yeah, we used to talk look risk on-risk off, trade war on/trade war off and it could be back on. we're looking at this really close limit what we're looking amount is trump suggests we might initiate tariffs and foreign cars being imimportanted into the u.s. that l

scarlet: finally. this is bloomberg. ♪ scarlet: this is "bloomberg markets."ulia: the central bank of turkey raised rates today after lows forof recordd the lira. benjamin, explain house and advocate this move -- how significant this move is. what is the liquidity window into what does raising this mean in practice? benjamin: the liquidity window was originally to be an emergency rate. the turkish central bank has been innovative in its rate policy and has been funding the market from only that rate. today, they raised the rate of that really matters by 300 basis points. the question i pose is whether it will be enough. the initial reaction is probably not. julia: what does it mean for the president? we heard him say to bloomberg tv, the central bank have to take the signal from the -- so i we assuming there was a single given and the central bank, after being prevented from raising rates, has been given the nod to do so? benjamin: the assumption that is under such political pressure that they could not have done this without a nod from the president. we do no

scarlet: which one?kes the six to one horse, and another one, my boy jack, just 30 to one, and i like the name. julia: perfect for a friday afternoon. scarlet: you have to go with the names. julia: i am strategic and they go to the names as well. bettors, the other that is their problem. [laughter] scarlet: thank you so much. it is time for the business flash and the biggest news right now. deutsche bank is moving from wall street to midtown. but just says the move is an investment in its market presence in the u.s. and a place will start moving in the third quarter of 2021 and budget bank as indicated is retreating from u.s. markets. best cbs and viacom merger could be getting closer after a concessionsrt that will be right in the deal and reston will drop or demand that the seal become the second in command as long as he sits on the board. coo tould set up the cbs oversee les moonves. dubai's white city ventures and shareity landlord will the hotel for mesenteric group, unless the remaining owners exer

scarlet: diane?tt: they are -- diane: they are no longer refinancing, but home equity lines of credit are different and you do not point out the equity, you are usually just trying to lower your rate with refi. we have record equity in homes right now and inability to tap into it -- and an ability to tap into it. i think we will see the push swapped out for the refi business and the home equity lines of credit will pull the equity out, and that always shows up as a reduction, because you are liquidating your wealth to spend. that is where i think the pivot it, where michael is talking about, no more refi, need to get revenues so do it on home equity lines of credit. scarlet: either way, it is going lower. thank you so much, diane swonk. scott, give us your final thoughts. scott: i think that the fed is being very clear. they have filled their mandate and they are going to have to shift their policy more toward a restrictive policy. i think that we will find that out at the next meeting. scarlet: ok,

scarlet: i am scarlet fu. joe: i am joe weisenthal. julia: we are minutes from the closing of trading in the u.s.. joe: the question is, "what'd you miss?" president trump will meet with kim jong-un june 12. goldman sachs head of commodities research joins us live from the leverage finance conference in california. nothing to compelling, according to our next guest. investors were awarded with a strong earnings season but it has not repulsed down to equity markets. the earnings ratio down 7% from january highs. equities u.s. strategist at citigroup has not been moved. he joins us now. valuations just not compelling. great to have you with us. >> thanks for having me. this seems more emotional. i could cry about they don't market but i won't. earnings are down, one of the biggest questions we get from investors, the have been a couple different factors driving that. the first one relates to the notion that people expected earnings to be strong says a function of them coming through, they were strong, they got to what i wanted but they w

scarlet: are we allowed just -- julia: are we allowed to say bs? scarlet: we are like hbo.ctivision'st, earnings surprise everyone. why earlier than expected results actually caused some confusion. activision's earnings were supposed to come out after the bell but they are actually out already. here to explain what happened is julie hyman. julie: this usually happens to somebody each earnings season. a computer fires or somebody pushes the wrong button. the numbers came out a little bit early. the stock went down, then activision halted it and decided to release the numbers themselves. they did so after 3:00 p.m. earnings beatter estimates but the forecasts are below estimates. 304 millioney had active users in the first quarter, down from 384 million last year. what is hovering over not just activision but the other -- ogame makers is scarlet: the bane of every teenage parent's existence. julie: do your kids play fortnite? my kids are not yet teenage level. is this fortnite we are looking at here? you can plant across different platforms, and it is one of the first games t

scarlet: i'm scarlet fu. joe: i'm joe weisenthal.ning in on twitter, we want to welcome you. scarlet: we begin with our market minutes. modest gains, i should say losses, for the major indexes. bouncing around a little bit, but it has been a narrow range of trading for the most part, especially getting toward the last 90 minutes of trade. joe: a more quiet day than we have seen in the past come a little bit red, but not much of a move bed scarlet: i am looking at the industry groups. it really was a very split day. you have five industry groups higher, led by energy and industrials, energy up by 1.45%. six groups lower, utilities, telecoms. the bond sensitive stocks, they are leading the declines. in terms of ended your names -- individual names, williams is one catching our attention, but by 2.4%. wham! says it -- williams says it will purchase an all stock deal. and we are keeping our eye on retailers. tail end of earnings season, jcpenney cutting their earnings forecast after sales have seen a cold spell. reviving concerns about d

scarlet: "what'd you miss?"oday, he discussed what it takes to turnaround around a big company like general electric. >> don't go with the guys that got you in the ditch. there is a problem. capitalism isof there is no room for cronyism or favorites. is, you have to make tough decisions. a good example, i had the getune to be invited on the board by jack welch at the end of the last century. hasll tell you how far ge fallen. when jack asked me, i could not believe i would be invited to serve on this company. if there was a cherry on the that was it.dae, and look what happened to general electric. this nonsense that jack's success was dealt a bad hand is nonsense. look at the first six or seven years coasting on jack's record. the board has got to take some of the responsibility. >> exactly right. ge ceo spoke yesterday here is what he had to say about the company he inherited. into this newng era, there are certain things we can do and we will. we will take time, we have a lot of interaction and interwoven activ

scarlet: in 7:00 p.m. in london. i'm scarlet fu. lisa: i'm in for julia chatterley.loomberg markets." ♪ scarlet: we are live in bloomberg world headquarters in new york over the next hour. here at the stories we are covering on the bloomberg and around the world. cook on the record. tim cook opens up about his recent meeting with president trump at the white house. miss. the long and brutal winter didn't just ruin your all fresco spring flan -- plans, a chilled home depot sales. the one, the central banker in a bloomberg exclusive. he says he will tighten his grip on the policy including monetary policy if he wins an election next month. we have u.s. markets closing into ours. abigail doolittle is tracking the moves. we got a late lower. abigail: we're looking at a selloff. near session lows. the dow, s&p 500 and nasdaq lower by 1% or more. scarlet's point, a small leg lower to those session lows. the worst day in three weeks for the major averages following last week's big rally. lots of volatility. let's take a look at the 10 year yield. this chart is remarkable. u

scarlet: i'm scarlet fu. joe: i'm joe weisenthal.are tuning in live on twitter, welcome to our closing bell coverage every weekday from 4:00 to 5:00 eastern. we begin with markets minutes. u.s. stocks rallied into the close. this was not a wide range in terms of the moves. by have the indexes closing 3/10 of 1% for the s&p and dow. the nasdaq faring better. up by 6/10 of 1%. this coming after the federal reserve meeting minutes show the central bank, not really in any rush to pick up the rate -- the past -- the pace of rate hikes. even though it looks like the economy is doing well. they basically confirmed they are going in jim. joe: a little bit of dovishness in the mention of willingness to have and overshoot. it seemed to help the market. overall, i don't think people thought there were many surprises. scarlet: in terms of the industry groups, utilities rose the most. 9/10 of 1%. a little bit of the defenses and rate sensitive companies and the growth companies as well as financials and telecoms leading the decline. in terms of i

scarlet: i'm scarlet fu. joe: stocks and oil losing ground. julia: the president tweets he will announce a decision on the iranian deal tomorrow. scarlet: what'd you miss? the waiting game is over. president trump will get verdict on the iranian nuclear deal tomorrow. the oil rally takes a breather following his surprise announcement. crude takes a leg lower. the next round of negotiations begin today in washington. the clock is ticking to get an agreement before lawmakers turned their attention to midterms. limbo over the nuclear deal ins tomorrow. president trump tweeting i will be announcing my decision on the iran deal tomorrow from the white house. crude oil took a leg lower on the news pushing past $70 a barrel for the first time in three years earlier in the session. joining us, david. great to have you with us. i can understand about the news flow, that oil would be under pressure. why is oil soft? is it taking the uncertainty out? >> there were a few headlines. the u.s. and european negotiators may be close to a deal that would allow

scarlet: and i'm scarlet fu. welcome to "bloomberg markets." are live in bloomberg world 10 quarters in new york. over the next hour, here -- bloomberg world headquarters in new york. here are the top stories we are covering. 3%.ear yields top m&a lashout. vodafone's planned acquisition of liberty global is, quote, "totally unacceptable." pompeo in pyongyang. flies totary of state koreakorea -- to north and comes back with three released prisoners. >> stocks near the highs of the session. energy stocks are the best performers. it is a cyclically-led rally in today's session a lot of tech -- in today's session. a lot of tech out performers. some breaking news. california become the first state to require that most new homes will have to have solar panels on them and have some aspect of solar power. that's effective on homes, that are built after january 1 2010 -- on homes that are built after january 1, 2020. if you look at the various solar power providers, also this down here is a solar etf, you are seeing a lot of gains. also, not just the ut

scarlet: and i am scarlet fu. joe: and i am joe weisenthal. "what'd you miss?" scarlet: the 10-year lead is pushing up. joe: but the question is "what'd , you miss?" scarlet: protesting a decision for tariffs. now, targeting wall street. the crypto exchange has new institutional products. we have the details up ahead. anchor "what'd you miss?" :north korea's threatening to cancel a meeting. ,or now, we have michael hirson with eurasia. you came in to talk about china and zte and trade. we will get to that in a minute, but in your time spent covering the region, is it typical to have this sort of fits and starts, and should we take it as a dead and now or that this is all part of the negotiation, if -- as a dead end now or that this is all part of the negotiation, if you will? could be an emotional or rhetorical response by north korea, and now there will probably be some behind the scenes diplomacy. obviously, president trump wants to make this happen. kim jong-un has strong incentives to have this summit toohrough, so i think it is early to w

scarlet: what would you avoid? >> consumer staples. scarlet: thank you so much.ski joining us in new york. next, making companies colorblind. we speak with the founder of colorblind -- founder of black lives matter. this is bloomberg. ♪ scarlet: that was reporting on to talk -- on tictoc. julia: let's give first word news update from mark crumpton. mark: present trump is as president trump is thinking kim jong-un for releasing three americans who were detained. the president was there when their plane landed. mr. trump was optimistic about the chances of a successful meeting next month. >> i really think we have a good chance of doing something meaningful. thatybody would have said five years ago, 10 years ago, even a year ago, you would have said that's not possible. mark: president trump and kim jong-un will meet june 12 in singapore. benjamin netanyahu is accusing iran of crossing what he calls a redline after it launched rockets against israel he positions.- israeli minister netanyahu called upon the international community to stop iran from getting a foothol

scarlet: live from bloomberg world headquarters, i'm scarlet fu. joe: i'm joe weisenthal. scarlet: 30 miss from the close of trading, modest gains for u.s. stocks and the 10 year yield. joe: what'd you miss? a question hangs over the proposed summit with president trump and kim jong-un. north korea threatened to pull out of talks. yields are near the high watermark seeing treasuries gaining steam. turkey's erdogan wants to hand in the country's monetary policy. investors look to intervention from policymakers. president trump responding after north korea threatened to pull out of his june 7 summit. and comets is national security adviser made. fulton has invoked libya as the ministrations model for dealing with the regime. , he warned it is absurd to do their compare the dprk to libya, which had been at the initial stage of nuclear development. if the u.s. is trying to force our unilateral abandonment we will no longer be interested in such dialogue. the president addressed this during a meeting say north korea had not raised concerns directly. as for the summit president

scarlet: not repeated next year. timothy: that is right. scarlet: thank you for joining us.id: thank you very much. scarlet fu will be back with more from commerce secretary wilbur ross. this is bloomberg. ♪ . ♪ ♪ welcome back. it is time for our stock of the hour. that is tapestry. plunging on pace for the worst day since august of 2017. what went wrong? julie: they had these brands, c had, and kate spade, they this idea to put these brands together and create a turnaround. they are not discounted anymore. you have to these brands with weakness. coach hit same-store sales. downthey -- kate spade 6.9%. hopped into the bloomberg, we will see just how bad the selling activity is on the day. you see this massive gap lower on the day right through that 50 day, 100 day. the 200 day holding up. the longer-term buyers are hanging in for now. david: are these just growing pains? >> they had production delays and lower sellthrough carryover of styles. i don't know what that means. older styles they are not selling? this is a brand that is struggling more. it weighed on the margins. t

scarlet: and i'm scarlet fu. now with cowen ceo jeff solomon, and bloomberg reporter and hammond -- ed hammond. what do you make of all the activist campaigns we have seen of late? julia and i spoke with someone who teamed up with carl i can to chan to push i back against fujifilm. jeff: they are doing things a lot more active and engaged around being changing. jeff has been a good friend and longtime partner of ours. most of what happens in those -- campaignsare are engaging with management and boards before it gets to the media. historically, most of the success in that fund has been through constructive engagement. at the end of the day, activism is -- you see when it does not always work friendly, because that is more news for you. the reality is that most of the alpha that comes from those strategies is engaging with management, agreeing on a strategy forward, and having them execute on that. scarlet: we are looking at a headline crossing right now. goldman sachs ceo lloyd blankfein is likely to set down in

scarlet: and i am scarlet fu. joe: and i am joe weisenthal. julia: some up trading in the u.s., some giving up earlier gains. truce perhaps overshadowed by questions about north korea. joe: the question is "what'd you , miss?" the president saying there is a substantial chance the meeting with north korean leader kim jong-un will not wake -- workout. and the commerce department cut off a company from its u.s. supplier. and carrying to medication satellites. we will bring it to you live, later this hour -- and carrying communications satellites. we will bring it to you live. about thenking strength of the u.s. economy with the release of the fomc minutes. any are expecting it to raise rates next month to stay ahead -- many are expecting it to raise rates next month to stay ahead. saying do not panic about inflation. really, do not panic. yes. i have been trying to push that with clients this year. demand, andggregate you have had the fed folks talking about that. the trade war, which was a trade truce, that is stagflationary, and then the wage

this is bloomberg. ♪ scarlet: i am scarlet who with francine lacqua.kets. longesthe losing streak since february. ianning us is jul lee. even with this change from saudi arabia and russia to start boosting supplies later this year, have goldman sachs maintaining their bullish view. the demand picture is still very robust is that out of consensus? at then't think it is moment, nobody really knows what size this output increase is going to be. total sees it as being a abandoning of the output deal. we are already losing half a million barrels a day venezuelan output. more expected. the sanctions on iran could take another half a million by the end of this year. that is one million barrels a day less production than the world was expecting. we still have white request oil demand growth -- quite robust oil demand growth. there is a strong argument that this is just taking back or replacing some of the oil that is lost. francine: should we be targeting a price? is there an optimal rise that russia,ale producers, and opec happy? >> the one-word answer is no.

scarlet: i'm scarlet fu.nd i am joe weisenthal in san francisco, and if you are tuning in live on twitter, i went to welcome you to our coverage every day. -- i want to welcome you to our coverage every day. stock market little changed, slipping after donald trump decided to scrap a nuclear iran, causing concern about tensions, and you can see is off -- actually, it is up a little, and the s&p little changed, and the nasdaq -- basically all three of them little changed, julia. yes, and it was so well telegraphed ahead of the event, and equities, stocks very much in focus. scarlet: stocks did rally on the announcement, but we are also looking at a couple of individual names, comcast among them. they are lining up a run at 21st century fox, according to a person with knowledge of the situation. the move would counter the tooky revia's bid, which the form of an all stock effort, previousr the disney bid, which took the form of an all stock effort. anythey said not to expect and the partnerships, long-term strate

scarlet: i'm scarlet: i'm scarlet fu. welcome to bloomberg markets.ive in bloomberg world headquarters in new york over the next hour. regainingkets assets in italy encouraging economic data help steady nerves. around the world, pushing back against the president posits tariff -- proposal. influentialhe most figures in central banker -- banking is not a central banker. from trading, let's check on julie hyman. >> exactly. briefly after facebook and saw heading sideways on their. very slight upward trajectory is taking them to highs after they indicated the fed was seeing more strengthening in the economy, particularly in manufacturing. yesterday, weling have four stocks falling for everyone rising in the s&p 500. 31 stocks in the s&p at the moment. you look at the imap and see the groups higher today, tech is up the lease and still gaining. pretty substantial here financials, health care, real estate, cymer staples, all of those up by at least 1% in today's session. is the interplay between assets calling some of the gains today. if you take a look ac

scarlet: "what'd you miss?"ognizing investment agencies.ies across betty liu is standing by with more. of age cq head holdings, great to see you again. it's been about a year since i think we last spoke. you have greatly diversified your portfolio and you just had a very big transaction here. over a billion dollars here. oures, that was part of life sciences into tea were we made an investment in the , a virus in the immunotherapy phase. we've been working on it for a while. betty: event $8 million into it? >> yes. we cut a deal to sell it to janssen, a pharmaceutical ,ivision of johnson & johnson the total all in could be over a billion dollars, so it's a nice deal. betty: certainly it had a big return. he's a guarantee you will get the billion dollars? philip: we will get $140 billion upfront and then there will be milestone payments which is typical for transactions like this in the pharmaceutical space. but the fact that johnson & johnson is putting a tremendous amount of effort around it, we feel for you co

scarlet: i'm scarlet fu. to bloomberg markets. ♪ julia: we are live in new york over the next hour. here are the top stories. steel or no still? the -- steel or no steel? speak with david o'sullivan. the battle over self driving cars, soft tank making an investment -- softbank making an investment in gm. boulevardteady, james -- james bullard says the fed should go big or not at all when it comes to raising rates. check on the markets. julie: if there were a crisis in the making, this is not the trading pattern we would say. downward pressure to be sure, but the selling is not much hotter now than when we came in this morning. before, we heard confirmation of all of these retaliatory actions, it had already been teased that, handheld at, by both the eu and canada and mexico in response to the steel and aluminum tariffs. this was perhaps expected on looks like nowt a trade war or the early stages of it. other major averages are down. we see some areas of the market where the response and the reaction is mark s

scarlet: an increasing proportion. julia: 36%. scarlet: they are probably moving to the suburbs.ia: leaving the basements of their parents. scarlet: coming up, brent crude is breaking above $80 a barrel, a four-year height. hgih.ur year what does this mean for or related equities? whereead over to gtv you will find a lot of charts including plenty on commodities. here is one in inflation and commodities, something that we look at a lot. the bloombergis commodities index trending higher but not as much as that 10-year breakeven rate at 2.18%. chartsse, you have other that ran crude exports to china, india and italy. this will come under discussion. julia: from new york, this is bloomberg. ♪ julia: that is some of the tocrting from tic streaming live from bloomberg headquarters. this is bloomberg markets. scarlet: let's get the first word news with mark crumpton. mark: the european union is calling on president trump to stop threatening the e.u. with tariffs on steel and aluminum. the european council president leaders aresaid prepared to discuss trade but not at gunpoint. >>

scarlet: you can consider walmart in a different way.s of things .n life i am impressed. scarlet: let's get some first word news with mark crumpton. mark: friends and relatives of the 70 to pick comes of last year's inferno at london's tower have been paying tribute to their loved ones. the public inquiry seeks to establish the facts about what led to the fire and make recommendations to prevent similar tragedies. one man said his son died when he was born two months prematurely after his wife was left in a coma. she recovered and was with her husband today. what you areknow .ade of and tell you are broken , my wife isou this made of the hardest material i know. without her strength encourage, i would not be here. one of the criticisms following the fire was the that the building's exterior was retrofitted with insulation. thefirst elections in host-robert moog oblique era. inwas forced to step down november. the election will feature european union monitors for the first time since moog gabi expelled western observers. the constitutiona

scarlet: and i am scarlet fu. welcome to bloomberg markets.ld headquarters in new york over the next hour. here are the top stories we are covering on the bloomberg and around the world. driving down tensions -- u.s. stocks fluctuating often is china plans to cut card tariffs by 15%. going after a german giants -- elliott management is said to be building a stake in -- aiming to oust the ceo. countdown to left off. we have live coverage of the spacex falcon nine launch coming up this hour. one hour from the close of trading, let's get a check on the market and beyond. julie: a failure to launch, as it were. we have socks and a narrow range as we consider the ramifications of trade negotiations as well as the president's meeting with the president of south korea and the prospect for a meeting with north korea. the dow pulling back. weakness in energy, industrials, and materials in the s&p. we are questioning whether what we see in the market is concern about a trade war. he looked at an index. the purple line is the total return index. exporter

scarlet: ooh.ila: if the judge does not rule today on that, the judge can say to "do not have the meeting," and unless the judge says that, they think they should have the meeting, even though sherry redstone today -- shari redstone -- redstone today has change the bylaws. lisa: we need to hit the other medianews, which is fox, locked the new headll be to read where are we with the drama? nabila: june 12, the at&t-time warner decision is expected, and we think comcast will make its play. we are expecting a bit of a bidding war. the question will be a regulatory issue, because they have already said no to a comcast bid, because they were worried about regulatory issues. lisa: we await that decision as they get their ducks in a row. scarlet: the would star as shari redstone and les moonves? thank you so much. media ahmed covers mood for bloomberg. jacker and square ceo dorsey says the internet deserves a native currency, and he hopes it will be bitcoin. dorsey was speaking at a conference consensus i

scarlet: what more needs to be done?if you look at the environmental governance and social, environmental is pretty well developed. people pretty well understand the effect on a company. i think that governance has worked and you see increasingly asset management leading into issues, one of the things we are particularly focused on. the part that is least developed is the social part. there's no standardization, that's part of the problem. jay: exactly. one of the gentlemen who runs the superannuation fund has received the integrated package that evaluates in six different dimensions how sustainable a company's investment and return is. we need more standardized reporting. one of the things that we are trying to bring to our asset manager clients at state street. so that there is a way to look at companies through a more sustained lens. scarlet: you are a pioneer in passive investing, still with the biggest and most liquid exchange traded products. but looking at blackrock and vanguard, they have a clips to you when it c

scarlet: and i'm scarlet fu. u.s.ining their biggest amounts in a week as investors react well to a healthy jobs report. to below 4%,fell but how long can the good times roll? standing by with more is jason kelly, bloomberg editor for global television. with lincolnre ellis, the senior investment strategist at global trust. nice to see you. lincoln: good to be with you. jason: as they run up there, a lot of data this week, jobs report.is what are they to make of this? lincoln: it is a bit of a goldilocks report. we saw the anomaly last month in -- and the the data data, and we are seeing that transfer to the broader part of the survey in the 3.9% number. i think you will see that pick back up, but the real interesting component of this is the wage numbers were soft and revised downward from the previous month. a kindally does provide of goldilocks scenario. i think you are seeing markets 4 rateto that as the 3- , it comes in a little bit. june is 100% surety, and then to september and december both, or one or the othe

i'm julia chatterley permit scarlet: i'm scarlet fu.ant to welcome you to the closing bell coverage from 4:00 to 5:00 eastern time. we begin with our markets minutes and start with the stoxx. higher.is closing the s&p 500 and nasdaq is selling off on the day. isappointing earnings that will get to in a moment. financials are doing the worst on the session. after we see a rally in bond prices coming down a little bit today. long --ld off with a along with oil prices. but get to the disappointing earnings reports and related news. campbell soup is dragging down consumer staples after the ceo --exit of longtime the longtime ceo. a strategicouncing review even before a new leader is in place. quite a lot of news for people to digest permit you can see the shares down 12%. nordstrom is also selling off. the company's sales beat estimates, however, comparable sales missed the rise analysts expecting. applied materials is also selling off a percent -- 8%. we have seen this rally of semi conductor equipment which is what they make. now we are s

scarlet?et: thank you president trump's newest lawyer is leaning against having him sit for an interview with robert mueller. really -- rudy giuliani told abc news that such an interview would be a trap. said trump would not have to apply if one were issued. trump plans to pull the u.s. out of the iran nuclear agreement. we are joined by the white house editor for bloomberg news. before we even get into the rudy giuliani'specific comments, didn't he say he will get his facts straight and he should , which isre he speaks casting down on whatever rudy giuliani says. >> the president did take his newest lead attorney, i guess that is what he is now, to task. the bizarre hannity interview on wednesday were giuliani for the , the time this post present repaid -- it is difficult to know what to make of those statements now. i know a lot of trump's's lawyers and probably all of them have advised him not to speak with the special counsel. i do not think it is extraordinary that they would think it is

this is bloomberg. ♪ scarlet: this is "bloomberg markets," i'm scarlet fu.ia: i'm julia chatterley. listts getting a list -- a -- a lift from the trade tension easing. u.k. inflation data to. barton, eatonyana vance management. assuming de-escalation of the tensions between china and the united states, and being optimistic, are you equally optimistic or is it early days? optimistic on are the companies that we own and the prospect of the earnings trajectory, irrespective of the backdrop, but you are absolutely right. every day we seem to wake up with another economic data point for monitoring -- monetary fiscal policy decision or decision in deciphering every word and trying to figure out what am i mean for the investing landscape and i think now more than ever, investors really need to focus on fundamentals and that's what we do that eaton vance and our focus growth strategies, focus on this prospect of the companies we own and measure the inputs for the model and one constant input is change. that's the one thing they have to count on really focus on funda

scarlet: is this country agnostic?health care sector and it doesn't matter which country? afsaneh: looking at africa, lower income areas, or middle income areas in india, this would affect some of the health issues that are there and that are really attracting a lot of envelopes, private and public. you also like emerging managers, in large part because of the early investment on the front. talk about the specific criteria that you used and which is the highest. world bank was the first investor in bridgewater. identifying early is not a bad ink. very involved was in finding other, new emerging managers. what happens is that when people ideaa very specific, niche , you might be able to generate more out to them when you are part of the bigger organization, where you might not be able to generate enough ideas. by definition, the emerging managers are doing really well. specifically in 2008, when there was an incredible market correction. the emerging market managers in our portfolios hugely outperformed the traditional.

scarlet: there have been some missteps along the way.con nine had a couple of missteps where there were some issues with fueling. talk us through what happened in the past. sean: one of the things about this series of the falcon nine is that it uses a sub cool liquid oxygen fuel. liquid oxygen is at 90 degrees kelvin. 90 degrees above absolute zero. the density increases and you can pack more fuel in the tanks of the first stage. more fuel provides improved boost -- thrust for the engine. a percent increase over previous versions and gives you more margin for getting to orbit and returning back to earth later on. scarlet: on the left-hand side the link went down for a little bit but we are looking at the landing of stage one, is that right? sean: this is coming down to the platform, of course i love you. look at that. that appears to be a successful landing. lisa: can you give us a sense of what this means and how quickly spacex could parlay this into a more commercialized and consistent program that would carry satellites and astronauts

scarlet: live in bloomberg world headquarters. the top stories we are covering on the bloomberg around the world. summit canceled. president trump scrubs a meeting with kim jong-un sending markets reeling. accelerates the push to revamp germany's biggest lender. crypto underscore new. the justice department opened a criminal probe into whether traders are manipulating the price of bitcoin and other currencies. u.s. markets closing in two hours. stocks were tumbling. >> the dow was down 1%. ashave seen volatility traders have been watching washington. now perhaps backing off a little bit. you see one line that is green. the dow jones transportation average. it is getting a lift from oil prices. .e have the airlines rising they move inversely when there are large moves. then we have the trucking and logistics companies on the rise as we see oil prices tumble. they have not come back today. this decline has to do with russia. russia and opec will discuss whether it is appropriate to scale back output. decline here. transports up, ene

this is bloomberg tv. ♪ ♪ scarlet: i'm scarlet fu, this is bloomberg's "etf iq," where we focus on theards offered by exchange traded funds. ♪ scarlet: it is a bond bonanza, debt etf's have more than doubled assets 2013. we dive into the rapid growth. the annual milken institute global conference trust a large crowd of investors and influencers. the debate over possible dangers surrounding etf's a hot topic at the summit. and we drill down into an etf trying to do

scarlet: i'm not sure that is the one that will happen. we will keep an eye on that.eck as we look ahead to the fed decision due out at 2:00 p.m. eastern time. equities all over the place right now. you can see the s&p is a little bit lower. the nasdaq is higher by 1/10 of 1% when you look at apple results. you see prices moving down, so yields are moving higher. now michael mckee. michael: it is a decision from the fed, the benchmark rate range unchanged at 1.5%-three .25%, and a minor tweak to the language come although it could be an important one. with the pce price index now at 2%, policymakers say "both inflation and inflation for items other than food and energy have moved close to 2%." they drop their pledge to monitor inflation developments on aly and say, "inflation 12 month basis is expected to run near the committee's symmetric 2% objective over the medium-term." the fed is telling you that the inflation is no longer a concern,

scarlet: thank you, julie.wait the president to begin his speech, let's go to first word news with mark crumpton. mark: health and human secretaries -- services secretary alex lazar says some of the policies president trump will announce today will be very disruptive. secretary a czar told bloomberg television we need to bring what we pay down for our drugs because we are overpaying now. the system is very broken because every incentive is it is toward higher list prices over and over again, higher out-of-pocket for patients. we are looking at a fundamental shift in this entire system. it will not be overnight but the president is rolling out the most comprehensive approach to prescription drug price affordability of any president in history. according to recent polling, a majority of americans say passing laws to bring down prescription drug prices should be a top priority for president trump and congress. we are awaiting those remarks from the president. as soon as he becomes available, we will bring them to

live from new york and toronto, this is bloomberg. ♪ scarlet: i'm scarlet fu.a: welcome to bloomberg markets. scarlet: live in bloomberg world headquarters over the next hour. here on the top stories. tracking treasuries. three .1% with some investors warnings it is higher still. cutting apple. investors have not been the skeptical since 2008. and summit snag. a meeting with president trump saying demands are one-sided. beenbigail doolittle has tracking this. .> we have some solid gains s&p 500 and the nasdaq, and we have haven bonds selling off once again traded to levels seen in

scarlet: julie hyman, thanks so much. emerging-market currencies are feeling the burn payment we will explore, next. this is bloomberg. ♪ scarlet: "what'd you miss?" it has been a challenging run for emerging-market currencies. diverting fundamentals played a role. now by phone.us great to speak with you, thank you for taking the time. cannoted and of course we see this on the bloomberg that every emerging market currency down so far in the second quarter. is there unifying theme across the board or are these isolated stories that have combined to scare off investors at a time when they see the dollars prospects better than any of the individual emerging-market currencies can offer? >> there's a two-part answer to that. rates,me is higher u.s. the dollar is up across the board for the year. with that said, there's deftly some idiosyncrasies end of urgencies, argentina, turkey, have some clear underperformers both in equities and fx and we have some stronger currencies holding up better that are outperforming, mostly in as

scarlets say the burns happened on glasgow warriors‘ artificial pitch.th the pitch, but one scarlets player says such surfaces should be illegal. british number three cameron norrie will play in the singles at queen's after being awarded a wildcard. six of the world's top ten are due to play in the tournament this year. and a mammoth task faces great britain's ice hockey players at next year's world championship — the draw has been announced today. they'll face canada, the usa and finland in the group stages, world heavyweights of the sport and teams packed with superstars. gb were only promoted to the world group for the first time last month, and given this draw, they've been given little chance of staying up. however, they say they'll travel to slovakia for the tournament aiming to surprise people once again. that's all the sport for now. you can find more on all those stories on the bbc sport website. that's bbc.co.uk/sport. i'm ben bland. in the business news — marks and spencer has announced that it will close 100 stores by 2022, speeding up a reor

scarlets scored four tries in all.r or european champions leinster in the final. some of the world's greatest athletes and para athletes are in manchester tonight for the great city games. the world indoor 60m hurdles champion andrew pozzi came third in the 110 metre hurdles, which took place on deansgate in manchester city centre. he finished behind fellow briton david king and poland's damian czykier who won the race. meanwhile, mo farah will take part in sunday's great manchester run. and, after winning double gold on the track at the 2012 and 2016 olympics, farah's now targetting similar success on the road in 2020. turkey olympics. that is the aim. if ican run turkey olympics. that is the aim. if i can run at least two marathons a year and two runs in a marathons as ican year and two runs in a marathons as i can before the olympics that would nice be and give a good confidence and a boost. obviously to try and work something out that works for you and that is what i have done over the years. i've never had that be

glasgow on friday with a slight hamstring tear although could be fit for the final if scarlets get theres still off the pace at the giro d'italia — after stage 10, he's tenth, two and a half minutes behind the leader. but the man in the pinkjersey is still britain's simon yates, for the fourth stage in a row. he finished safely in the main pack to extend his lead to 41 seconds with 11 stages left. british number one kyle edmund will face world number 16 lucas pouille in the second round of the rome masters. the frenchmen beat italy's andreas seppi in three sets. brighton manager chris hughton has signed a new contract that will keep him at the club until 2021. the seagulls finished 15th this season, seven points clear of the relegation zone, in their first season in the premier league. bbc sport has revealed its line—up for next month's world cup in russia, joining gary lineker will be jurgen klinsmann, didier drogba and pablo zabaleta alongside pundits alan shearer, rio ferdinand, phil neville, jermainejenas and alex scott and frank lampard. you can see the full launch video on the bbc

scarlet colson -- scarlet: it sounds like you are closer to a deal than farther away from it.ourse of the next month to reach an agreement with the europeans? sec. ross: i have been having discussions with the commissioner, my counterpart there, almost every day since we first came up with the tariffs. so those will continue. scarlet: earlier today, you said the u.s. trade deficit with china was due partly to what you called "evil practices." what do you mean by that? sec. ross: sure. technology transfers, forced joint venture agreements with intellectual property, cyber breaches, artificial barriers to trade and regulatory approval, high tariff barriers. china, as you probably know, talks a lot about free trade. in fact, their behavior is highly protectionist, much more protectionist than the u.s. scarlet: is it productive to use that characterization of evil practices before you meet with their counterparts? sec. ross: those are not characterizations. those are facts. scarlet: how have they responded to those facts? >> those are facts. ♪ nejra: now for another bloomberg excl

scarlet: i am scarlet fu.is "bloomberg etf iq," where we focus on the assets, risks, and rewards offered by exchange traded funds. ♪ scarlet: life, liberty, and emerging markets. one index provider explains how screening four measures of freedom leads to more sustainable growth. as such, she has no exposure to china. the world's biggest portfolio manager that no one has ever heard of -- gerry o'rilley of vanguard. he oversees more than a trillion dollars and his only mission is to match the s&p 500. millennials are a generation