the latterforward to half of the year, you are a public company now and some of the macro trends willndoubtedly impact how your stock trades, whether it is tech earnings for the group or political tensions with the likes of china. what are the biggest risks for your business in the second half of 2018 looking forward? patrick: i really feel after 20 years in the tech space, i feel it is more about what you are doing and executing in your own business. i realize and unrealistic about watching tariffs and things like that, but it is more where we are in the market with a huge opportunity in front of us. i am more focused on how we execute the products we need to bring to market, the countries feel at ourng and i scale, some of those macro trends, we will be mindful of, but it is also the opportunity ahead so big and we are so early in the game that we could maneuver around. ' ceo. that was sonos coming up, a big backer of facebook and despite its last quarter, he is only buying more. that is next. bloomberg tech's live streaming on twitter. check us out and follow our global network at

the overall macro backdrop looks really positive.ittle bit concerning why their forecast seeing a little bit of a lighter quarter given the trends seem to be going in their favor. riggs with our stock of the hour. thank you. caroline: of course it's the european close coming up. less than 35 minutes until the end of trading. it has been a mixed today in europe. oil and gas sector really hurting after china retaliate with tariffs. dax on the up. all eyes on russia and turkey. this is bloomberg. ♪ mark: it is 11 a.m. in new york and 11 p.m. in hong kong. there is hurting at let -- 30 minutes left in the trading day. vonnie: in new york i am vonnie quinn. the european close on bloomberg markets." mark: here are the top stories we are covering from the bloomberg and around the world. with moreit russia sanctions, tensions rise with turkey and china retaliates on trade. take on the moves on the dollar, ruble and lira. we will hear from our interviews with the chief executive of bloomberghecking with after saying he is leaving the world's

but the danger in a 5, 10, 15 year macro, i don't see it because the reality is we are only heading inirection. technology does not care about our feelings or short-term judgment or wall street. it just continues to advance, and humans are engaging deeper and deeper and deeper and will continue to in perpetuity. emily: that was vaynermedia ceo gary vaynerchuk. coming up, square's stock has doubled this year but spending on new businesses and growth is tempering profits. are investors expecting too much? our interview with square cfo sarah frier is next. this is bloomberg. ♪ emily: when it comes to square, investors expect a lot. shares have doubled after a 154% gain last year. that means pressure to outperform expectations, but instead they got a rare miss. the company spending on new products and growth tempered profits. we caught up with square cfo sarah friar on thursday. sarah: great quarter, 60% topline growth. we are super impressed. it is really speaking of our strategy of investing to grow so we think the right balance with all the opportunity in front of us, we want to put mon

ralf: neither has the macro backdrop. of the things we have been hoping for is some stabilization, sign of a pickup but the numbers we had out of germany this week unfortunately didn't corroborate that so far. ultimately, we need to adjust our expectations a little bit that 2% plus growth rates in q4 are not sustainable from a european perspective. 1.5 to 2% environment seems to still be decent so from there, it is resetting expectations to something more sustainable. oft: from the rates point view as well as the equity's of view, is the ecb out of the picture through summer of 2019? ralf: what does summer mean? matt: that has been the question for mario draghi, but is the ecb -- you don't have to bring it in your calculations for the foreseeable future? ralf: i wouldn't go that far. what is the ecb? as such, it does not exist. a bunch of individuals collectively come up with a decision on a regular basis. not all those individuals have the same views. we have fairly strong comments in the last week or so. from that persp

i think as i mentioned, the macro. again, 5% gdp here and looking at unemployment below 4% these are decade best numbers. so i think it's a combination of macro underlying, but also micro initiatives as you live company by company what we're trying to do. take a selective look at the space. not just buy a basket. because there's a lot of head winds. there are companies going bankrupt in the retail sector. you look at toys "r" us. it's not a rosy picture, but those that are spending, those that have put the initiatives in place, i think there is room with the underlying consumer backdr backdrop >> so glad you're on because your piece today which spoke about how macy's could be the outlier, positive. but you mentioned jc penney. is something going on there that actually benefits like a shared owner the way sears used to be >> i think one thing we've been uncovering is that the consumer with a few extra dollars is trail trading up to national brands so i think you're seeing it in the results you know, we favor v vf core.

alix: a lot of macro events taking place but still the m&a.ian basis, contrary buying rsp, agent resources, yesterday, energ. who will be the next buyers and sellers? >> difficult to predict the timing but i think the company that have been consolidating the permian basin will continue to do so. over the last couple of years, key buyers in the space, i think, occidental has been a large consolidator in the permian and i would not be surprised to see them do something in the near future. you cannot rule out a major, exxon mobil made a significant acquisition about 18 months ago. there will be more buyers. , still aof sellers plethora of small to mid-cap out there and some of those could be consolidated. since any resources, -- centennial resources, resolute energy, and a number of other ones that could be acquired over the next couple of years. alix: thank you very much. the other thing companies are doing to capitalize on the oil market is spinning on their assets -- spinning off their assets. apache is partnering to create a midstream asset,

on getting macro stability.mportant that all of the emerging markets try their best to look as good as possible. kathleen: the release of this unofficial data shows the previous administration much higher than it was under prime minister modi. he is now -- how is that going to play out? >> what we have to do right now is move forward. india is recovering from a slowdown in the last couple years. most countries would kill for 7.5% growth rate. that is in india's favor. they need to make sure that the deficit does not -- it needs to remain stable. it gives a picture of strong growth but reasonable macro. that is a good thing to have at this point. kathleen: latest ability report showed banks piling on more losses. can they come out of the rut on their own will they -- or will they need more help from the government? that we do need to improve the governance of the banks. this is a major reform and it has to be done. whatever new administration comes in, this will be one for them. kathleen: he will have to leave it

right now from a macro standpoint, things are quite benign.mily: how about the trump, trade war, tariffs? is that concerning small business owners or any of your customers? they are not all small. sarah: they aren't. that is a great point that you make. we are serving sellers of all sizes. we are bringing on sellers that are quite large at this point. at the end of the day, people are focused on what can i do to make my business grow and not spending too much time on the noise coming across the transom. emily: what's the biggest upside trend? sarah: where we are focused. omnichannel is a massive unlock. if you are starting to see small businesses meet customers in online ways. food is often not talked about as omnichannel. with caviar, you can get a customer who walks into your full-service restaurant, but if they are sitting on their couch and want to make an order, you get to take that sale as well. omnichannel is massive. i think there's a lot in this financial services for individuals. we know there are 25 million households in the united

very very clear from french officials and from briefings of record in the least say that a man your macro is one perhaps of the hardest line leaders out of the twenty seven members of the e.u. on the on the other side of the channel now he is made europe his ideal he campaigned for it he got elected on it and he's very very clear that the united kingdom will not get a back door deal what they're calling here a semi detached deal where they will get a customs union but have none of the obligations that are at the heart of the european union also he's very clear that the negotiations will not be handled between political leaders it's the michel barnier a main negotiator for the european commission who will deal with this macro is very clear he does not want to undermine him opposition leader morsi khatami has been barred from returning home to return run in democratic republic of congo's presidential elections it comes as another rival of president joseph kabila former rebel leader and ex vice president john pierre bemba also returned home to launch his own bid catherine sawyer has more fro

david: we will talk about the other macro event -- european politics.e business world. kailey leinz is here. kailey: the white house says president trump and canada's prime minister justin trudeau continue to have productive conversations on trade. this after a new agreement was announced with mexico that would replace nafta. the president called on canada to join soon or risk being left out. north korea warned the u.s. that denuclearization talks may fall apart. a letter was sent to mike pompeo hours before he was scheduled to leave for pyongyang last friday. he canceled the trip. british prime minister theresa may signaling that a no deal brexit is not the end of the world. she told reporters on a plane heading to africa that the u.k. can still make a successful brexit. week, philip hammond said a no deal brexit woodcut economic output and add government borrowing. 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 kailey leinz, this is bloomberg. thanks. let's t

let's get back to the macro market we're further than halfway through the year federal reserve likelyo raise rates. you have apple you have this trade fight. the chinese collapse what is the most important thing for you and your clients to watch over the next number of months >> i think the big thing is -- i will say together, so one is the economy. you know, the economy completely falls apart, that meanings earnings do. in the end i'll say earnings but you have to sometimes look through some other prisms to try to get to those earnings and in that sense i think it can make you feel better yes, the global economy is losing momentum. you know, some of these pmi numbers, we have some weaker ones out of china. some of that related to the trade spat but that being said, nothing is really flashing yet close to any sort of recessionary levels. then you look at second quarter earnings, they've been phenomenal i know that's backwards looking. but at least it tells you that certainly companies have been making good money. if we continue along this path it will continue to look good on the earn

we just think it will be difficult to do in the current macro backdrop.di: it is difficult to call a bottom to this, right? we have been talking about the tepid impacts of a surprise move from the bank indonesia. policy not being terribly effective in this environment where sentiment and momentum is deteriorating so quickly. think the mandate for currencyal bank is -- stability, and that is what the policymakers are doing. from the medium-term perspective, that is a constructive and positive outcome, but as i said, the short-term challenges are around where do earnings go in the second half of the year? we already had a relatively weak earnings print. the numbers are tracking around 4% growth. consensus expects 12% growth for the full year. the policymakers are doing what they can under the circumstances but at the corporate level, that is where a lot of equity investors are focused at this stage. havensare there any within southeast asia that would look appealing right now? we do think that singapore filing the recent selloff evaluations are more attract

but that's because of micro economics of those companies. >> so back to macro a second, mike, the other these chinese internet names trade is with u.s. internet names and growth stock trade which was hot through the longest ever bull market the jury is out whether there's an opportunity for value and different type of leadership position that i assume would hit companies like alibaba growing revenues 60%. >> if there was global flight from mega cap technology growth, they would be hit again. right now, these chinese counter parts to our faang have vastly underperformed, they're not getting the benefit of the same general long term secular growth premium we're getting here i feel as if you're looking for these to come back together and trade as one globally, if trade tensions cool, you get a deal, capitulation in emerging markets in general and bounce, chinese internet stocks even if they shouldn't trade as a block, probably will, and probably would snap back more. >> i want to ask, something you said about jd.com. interesting parallel between jd, versus alibaba, amazon versus i would sa

the macro public senior reporter talks about covering mexico and the u.s. government immigration policy. sunday night at 8:00 eastern on c-span's q&a. >> coming up on both tv, recent books on social media. computer scientist and philosopher argues against the use of social media in his book 10 arguments for deleting your social and media account right now.

think he's testing this out on the american public don't forget that this is a very important for macro who is preparing the next european elections i don't think it means that it's going to be the end of nato but definitely do see that nato as an institution and dating back to nine hundred forty nine is cracking from different different places from the u.s. that's where it started off a number of you france is going into my next trip in the dark and so this could this could maybe be some sort of rethinking of what the defense of europe and then i've seen the u.s. and europe could be. two u.s. nationals in vietnam have been sentenced to fourteen years in prison over an attempted coup they were among the twelve people sentenced all of the members of the provisional national government of vietnam which was the cloud a terrorist organization by the country's authorities back in january the war in vietnam ended more than four decades ago apparently for some of those the struggle continues. the vietnam war one of the world's bloodiest conflicts and the american army's biggest defeat to you i

they pivot into a challenging macro position it is macro markets. a hard pivot to pull off easily and they're not pulling it off easily. >> so mark, it sounds like this whole move, the fact they could be holding these homes in inventory, not could be, will be in essence for months and months at a time when the housing market and rental market may be peaking is the reason for your hold how do you see this playing out. what gets you out of this position back into a buy for them is it limiting the risk here is it the overall real estate market stabilizing them somehow proving they can execute better than they have thus far >> i think it is a combination of all those things plus obviously a lower share price. this thing is trading roughly 25 times cash flow. the core business is probably worth that we think. it is a good core business, built it over a decade, over 12 years now, so they've got a good position, core real estate advertising market whether the next pivot works, it is not a pivot, it is add on business, whether it works or not, it will be a

to break it all down >> we think mining and fundamental factors really drive bitcoin's value, but macro factors have an effect on network value. the chart we have here shows you two lines. the orange line shows outemerging markets index relative to the s&p and the other one is bitcoin's price, as you can see as em actually rallied into the end of the year we had a huge bitcoin rally and since em has fallen it has fallen why do you think they're connected. the first is a hedge fund -- see, hedge funds typically respond bitcoin also suffers because of wristoff. the second ran has to do with soefl effect and if you're living in an emerging market, you see the stock market has a lot less money to buy bitcoin and you can't buy bitcoin and there are reasons why emerging market indexes actually influence bitcoin. >> i think tom will come over. >> yeah. >> come on over, tom, walk on over we can't wheel you over. >> i thought there was a string attached >> come on in. this implies that the greatest percentage of bitcoin trading and bitcoin buying are crypto buying, and crypto trading comes from

evan: we look at value versus growth really on a big picture macro perspective. tend to see value up from growth when the yield curve steepening. right now the yield curve this flattening. we expect it to continue to flatten as the fed hikes rates at policy easy outside in europe, japan is getting down long-term yield. if that is case, and this macro environment, growth can continue to outperform. alix: if you look inside the number, that seems to be the market -- you can see that for the month of august, health care , the biggest rally at record high. to playthe way you need it? evan: we don't have a strong growth bias versus value. fairly neutral. we are more sector specific. we do like tech and energy here. we do like industrials. i think that reflects the general optimism on the economy and the idea that there is enough upward momentum, particularly in the u.s. to withstand some of the headwinds that are out there. alix: do you need a weaker dollar call for that? evan: a weaker dollar would help. the strong dollar is really about imbalance growth. it is about

, global macro may be no more important than it is now in the last decade michael purvepurves, thankill ahead on "worldwide exchange," as dow futures are down 200 points, we'll give you all the business headlines you need to know, three stocks to watch. a lot going on on a urthsday morning. ch may cause trouble with recall. - learning from him is great... when i can keep up! - anncr: thankfully, prevagen helps your brain and improves memory. - dad's got all the answers. - anncr: prevagen is now the number-one-selling brain health supplement in drug stores nationwide. - she outsmarts me every single time. - checkmate! you wanna play again? - anncr: prevagen. healthier brain. better life. >>> we are seeing the markets react to trade fears the dow down 188 points. the nasdaq and the s&p are also down as well the european markets are down across the board more than 1% drops there overseas in asia, asia markets, particularly china falling big the hang seng and shanghai down more than 2% a lot of moves in the global markets. bonds getting a bit of a push up we're seeing the yield come just

i think these are non-macro related issues for these companies.re specifically where they are in their own product cycle rather than what's happening in china, turkey, or elsewhere. yvonne: given how heavily weighted the stocks are, especially in the emerging-market complex and tencent in particular? >> it could not have come at a worse time. that is where everyone has been hiding. vstoxx have been producing stellar results over the last 18 months. you have been seeing the deterioration in em over the last excellence -- six months. unfortunately, everyone is clustered there. that's why you have sharp drops. i think it has been more the breadtht actually the in em has been deteriorating, forcing investors into very small groups of stocks. yvonne: do you think this is just a correction in an overly crowded trade, or that things are in a downward spiral? >> i think it is more of a really.on, i think a lot of these companies have a platform model which allows them to make very high which in ascale, disinflation environment we are in, actually still do

. >>> here's how the macro money markets and investments look now.tures are up 50 on the dow, nasdaq and s&p 500 are up as well. trying to make it seven of the last eight weeks to the upside for the dow. your top story this morning, president trump sounding off on the fed saying he's not thrilled with jay powell. he also took aim at china and the eurozone over their currencies let's get to eamon javers live in washington with more on just another story that continues to amaze. >> that's right. this came in an interview the president did yesterday with reuters. it was a wide-ranging interview covering topics around the world. he focused in on the fed here. i'm told by sarah huckabee sanders that the president was not senisending a drieliberate l but that not thrilled quote he used, he said he was not thrilled with jay powell for raising rates. he said the fed should be more accommodating and he said i should be given help by the federal reserve. he said he'll continue to criticize the fed if it continues to raise rates he also talked about twitter and

i'm just looking at it in macro economic terms it is sending a positive story of global confidence in the usa. >>> we're still joined by jeffrey sachs. quite aggressive comments from mr. kudlow. >> yes two things were positive the first was the announcement between the eu and japan that tariffs would be reduced for car parts, cars. and going the other way, wine and cheese then an important statement two weeks ago after the meeting between trump and mr. juncker, that the eu and u.s. would be renegotiating the tar rif iffs had already been imposed and they would look at engaging on topics like the wto, energy. we think that will be positive we think that agreement will ultimately be followed through and most importantly it's likely to result in the out toe taria not being imposed by the u.s that would be positive for european economies and markets which have been held back. >> for those looking to invest in specific european sectors with exposure to these trade spats. it strikes me how quickly things can turn for the worse and how long it takes for the long-term changes to be enacted. b

very very clear from french officials and from briefings of record in the least say that a man your macro is one perhaps of the hardest line leaders out of the twenty seven members of the e.u. on the on the other side of the channel now he has made europe his ideal he campaigned for it he got elected on it and he's very very clear that the united kingdom will not get a backdoor deal what they're calling here a semi-detached deal where they will get a customs union but have none of the obligations that are at the heart of the european union also he's very clear journo that the negotiations will not be handled between political leaders it's the michel barnier a main negotiator for the european commission who will deal with this macro is very clear he does not want to undermine him to government has condemned one of the country's top medical universities for its systematic descriptor discrimination against female students tokio medical university is accused of deliberately slashing the entrance exam scores of female applicants japanese newspaper says the school wanted to keep female numbers

you got poor investor sentiment, poor macro sentiment. think this company, the stock in particular, is banging up against a really key technical support level. i'll let carter speak to that. over the last 18 months it's bounced on of that pretty effectively. the trade i want to look out to, being a bit contrarian, looking at october expectations, getting this to buy a little bit, i want a call spread and i want to target a move back to the 200 level where it broke down. today when the stock was trading about 173, you could buy the october 175-205 call spread paying $8 buying one of the october 175 for 970 and selling one of the 205 calls in october at $1.70 it cost 8 bucks. you break even at 183 you can make $2. eight is that risk eight is an important number that gets you down to $165 to my eye and your eye, carter, look at that 18-month chart, 165 is the level it has to hold. >> in this case you're hoping for a super bowl, something that's been pulled down so extremely, 210 to 170 down 20% that you'll get some sort of mean reversion eve

that was macro. little things happen to people where they are not waited on in stores. where people look around them and say, who is next? those kind of things. that is what you want to disrupt with employees so your brand is protected. >> so, it is the first step to understand there are two kinds, conscious bites and unconscious. we need to attack both. if we want our companies to succeed as well as our humanity to succeed, we need to think about this. >> i know this is a show about business, but reverse that and say humanity. then the business follows. >> thank you for all the work you do. it is important there are people out there like you who are thinking about this and talking to people and getting it out there. i'm so happy you stopped by to talk to us. >> thanks so much. >>> on and off the runway, model turned ak dress, brooklyn decker does not shy away from leading with her fashion sense. now, she is using technology to help other women be efficient and sustainable putting together their outfit of the day. she's a model and actress. wife to tennis player, andy r

if it goes slower from here, the growing macro consequences are quite negative.ot likely to recover. i cannot predict the bad side, so i think it is most likely to come back. alix: you will see the chart that shows that copper looks like oil did last year. it could be bottom and then grind its way higher. the other commodity that really has been interesting is wheat. you have a heatwave globally, and you have stocks being revised lower, and really outperforming. is that sustainable, you think? mike: it looks like it finally is. one thing you can do about the weather, and predicting weather, is that you can predict volatility. it is going to change. add in the global warming kicker and we have seen the drought. and the drought is extreme, most notably in europe. but there has been a bit of normalization. we had a significant period of real stable weather. and now, it is switched the other way. but wheat going up, you can see from the chart, relative to the overall agricultural index, winter wheat will be planted sooner in the u.s. and guess what they're not going

the british government said that macro on “— british government said that macro on —— elsheikh likeds going to happen to them in the future and whether they will face trial and that's because of a number of complicating factors. first of all, they have been held by kurdish militia. secondly, despite what they say, the british government has stripped these two men of their citizenship and their alleged victims were international and various victims families say they should be tried in different parts of the world. the british government believes they should be tried in the united states and ministers believe there would be a more successful chancellor prosecution in the united states. at the moment, the americans haven't made up their mind as to whether they are going to do that andi whether they are going to do that and i think the problem is this, the fear within the british government is the longer this goes on, the more legal limbo, other options may come into play. temperatures across the uk, are expected to return to normal for this time of year, by the end of the week. but acro

so we say that growth will slow, we have a rising downside to the outlook but the current macro numberstay on the bbc. still to come on the programme, pray that a away. we take a look at a new film tackling the controversial issue of gay conversion therapy. he is doing a wonderful thing for the country in the world and i cannot find anything wrong with him. wheezes that the republican stronghold of staton island in new york to assess how solid the support is for donald trump. —— staten island. washington, the world's most political city, is today assessing the political health of the world's most powerful man. indeed, i did have a relationship with miss lewinsky that was not appropriate. in fact, it was wrong. in south africa, 97 people have been killed today, in one of the worst days of violence between rival black groups. over the last ten days, 500 have died. chanting: czechoslovakia must be free! russia is observing a national day of mourning for the 118 submariners who died on board the kursk. we're all with them now, within our hearts. the pope has celebrated mass before a congreg

why did think mr macro “— assassinate him.o you think nicolas maduro is making these accusations against columbia? you lachie does have a point in the point is, the president—elect, ten days after he was elected, he travelled to washington dc to meet with a number of trump administration members such as marco rubio, but he also met with michael pompeo and the vice president michael —— mike pence. after that, he mentioned the united states and the colombians are going to align strategies. as we all have heard, the trump administration has actually put on the table the military ‘s solution. i assume the president is some sort of claims to that but we would not expect anything like that to occur. thank you very much. the former brazilian president, luiz inacio lula da silva, has been nominated by the workers party to run in october's presidential elections. he's leading in the opinion polls, but there's a bit of a snag: he's actually serving a jail sentence for corruption. gail maclellan reports. some 2,000 members of the workers

-- is crossed the ts and dotted the macro —— is and justin trudeau has had a point there.resa may, from our prime minister, then he took a line from donald trump, saying it needs to be good for canada, for our country, for everybody. they are probably going to get there. they will meet the friday deadline, in your view, then? maybe it slips a little, but they will get there. it is an artificial deadline set by president trump. what i'm really interested m, trump. what i'm really interested in, whichi trump. what i'm really interested in, which i have no clarity over, will trump step back on tariffs on steel and aluminium? that's not clear. on canada? on canada and mexico, and canada is the largest importer of aluminium and steel, so i guess there is something there. we talk agriculture, but there is also... yes, milk is agriculture. dairy. but that's certainly something that is very important for canada. all right, thank you for now, cornelia. go and have a strong coffee. and cornelia will be back in about half an hour to review the main stories being covered by the global

name—macro has had huge growth since they first launched. —— didi.re going to reinvigorate their business model entirely. it has been called for by the chinese transport ministry. they say they need better driver vetting and perhaps a system whereby passengers can call police through the app. they may be able to share their itineraries with friends and family. it is part a of wider call for tighter regulation of these right hailing services. thank you. keeping an eye on those stories. let's look at the markets. a flat day. investors looking for a new direction. they are keeping in mind the fact that although deals are being done on trade between the likes of the us and mexico, the big issue of china and the us is a stalemate. let's look at the european markets really quickly. london up slightly. one of the big stories from london markets is the aston martin flotation story. confirming plans to list on the london stock exchange. we have the boss with us in the studio. we will talk to him very soon. but first, here is more on what donald trump had to s

you might have a film, like, for example, macro a two, that's a hugely popularfilm example, macro a two a lot of critics like it and a lot of white critics like it and a lot of white critics liked it, but it was really the black critics, the few, who championed that film, who said, for example, daniel kaluuya was an outstanding chance for an oscar nomination. i remember when i first said that a few people laugh but on the kind of films where you're seeing a lot more black characters, they're the more arthouse films, 0scar films, and they need a lot of help and a lot of nurturing and they need people to support them. for example, moonlight would never have been a success unless it was a big group of african american critics in america who really got behind it and from that it created a snowball movement and a crescendo and grew. idris elba may be hotly tipped as the next james bond, idris elba may be hotly tipped as the nextjames bond, but this is his directing debut, yard yardie. were i was a boy my brother asked me what we was going to go. it premiered at the sundance film festival thi

a macro impact, and increasingly becoming a micro.he last earnings season, there was a limited impact. into the second half, there is likely to be more impact on cost. there is going to be more question marks about. -- capx. it is a cost which is not been anticipated previously. those are the things we are looking at. it is in industrials, consumer discretionary. ate areas are also looking the tech sector as the biggest driver of returns. to see where the risks are. can you see any countertrend rallies? i think the fish are all going to swim together. if the situation gets worse, the contagion of broadens out. we are seeing it across the em space and creeping into the g10 currency. maybe from a position a angle, if one phrase more popularly than the other. but, no, when the heat is on, correlations are very difficult to escape. francine: what does it mean for the yuan? everyday, we talk about it. but today, we are not. this is a welcome respite? john: last i looked, if we close at current levels, that would be the highest close of the

carlos: hay algo que no le guste macro como es posible? esto es "despierta amÉrica", el show que te hace la vida mÁs feliz. ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ karla: vÁmonos hasta mi mÉxico lindo y querido porque allÁ estÁn dos personas que yo quiero mucho y estÁn disfrutando de la manteconcha. adis: estoy enseÑÁndole adelante lo del chisme. alan: adis ya se vino directo para acÁ porque estuvo en ciudad juÁrez con todo lo acontecido con juan gabriel. adis: muy buenos dÍas, quÉ bonito que estemos aquÍ. alan: yo no lo conocÍa maluma personalmente, super bien ubicado, super con los pies en la tierra, super educado, es un profesional. adis: o sea que -- ademÁs nos platicÓ quÉ le gusta y no le gusta tanto de mÉxico. reportero: maluma quien es considerado uno de los artistas mÁs importantes de la mÚsica urbana nos platicÓ que representa cada vez que tiene la oportunidad de visitar mÉxico. maluma:el tema cultural es muy parecido a colombia, me siento como en casa, siempre lo he dicho. el cariÑo de la gente para mi es algo incomparable. reportero: el cantante no

when it interacts with the's daily—macro earth's magnetic field. astronauts and do damage on the earth's surface as well. we need to understand the sun if we are to depend upon it and make predictions when it will do stuff to affect us. you are putting your faith in a piece of equipment that is just 11.5 inches thick, yet somehow it will protect this probe from the power of the sun, it sounds unimaginable?m does and the reason we waited so long for this mission, we didn't have the technology. it is a very high technology mission. the heat shield on the front is high technology and the front a it will get to about 1300 celsius, which is unimaginable. the spacecraft that hides behind the heat shield and the spacecraft is only about the height ofan spacecraft is only about the height of an adult and weighs about 600 kilograms. it is a tiny little space cla p we kilograms. it is a tiny little space clap we are sending and plunging it into the sun's atmosphere. the technology is important and they have spent a lot of time getting it right. a man's appea

but what would a no—deal brexit macro look like for you and me?ing it could prove more expensive for brits to shop within the eu. whether you are going there on holiday or shopping here online, if you use your card to make a payment, the chances are the bill could go up. at the moment there is a ban which stops you being stung with a surcharge for using your cards. but that would stop. if you are receiving a parcel from the eu, there could be further costs because goods will no longer be eligible for vat relief. what if you have decided to escape this weather and move abroad? there are warnings for ex pats abroad? there are warnings for expats who live in the eu but do their banking or have pensions and financial products in the uk. under ano financial products in the uk. under a no deal scenario, moving their money, getting access to funds, would even harder. adam lives between london and provence in france. my concerns would be savings, accessing savings from the uk whilst in france. i will also be using my credit card in france. can ido using m

is tariffs so far have had a small impact on the big macro numbers but we are worried about the sentimentg manager indices and confident those indicators are starting to soften so we have not seen the big pressure yet. where will the big pressure coming? it is $16 billion right now. the first was $34 billion. the next big one is $200 billion in september. yet. the us is a $20 trillion economy. this is less than 196 trillion economy. this is less than 1% of the us economy. but if it sta rts 1% of the us economy. but if it starts to spill over and firms are saying that they don't know how long this will last or will intensify? will maybe i will pull back on capital expenditure and consumers will pull back on their spending then the gross number starts to sink. then we get the pressure. it may not have a severe impact on the us economy however on china it would. the other economies around asia that are dependent on the chinese economy. singapore, malaysia, thailand... again, the chinese economy is bigger. 12 or 13 trillion and they are not trade driven any more. we are looking at some of the

i think yes, this is wider and possible about the macro of a sugar tax. they have made huge strides to sit us on to diet drinks and what is the point of this? it is just a way of attacking them and they point to the fact that there is no sugar tax on dairy products, some of which, milkshakes and other items are full of as much sugar, but probably not the caffeine, which is one of the issues. i am not sure how this will work. these kids will go into the shop and the shopkeepers will not be able to sell them. the la st will not be able to sell them. the last time we were on about ten years ago or whenever it was, that, you know, there is a much larger number fortunately of under 10—year—olds in the uk why these drinks and others, which i didn't know. —— by a. —— buy. you can't buy cigarettes, supposedly under a certain age, you be able to get the string. to ban' work? they do, toa get the string. to ban' work? they do, to a certain extent. i didn't know this was a huge issue until camilla said there was a huge gap. at some hate —— at some point an agency ha

it's not a macro market. i want to go back to walmart because walmart is a name that i've owned and traded around it's similar to the amazon story in the sense who's amazon's customer amazon's customer is everyone. when you look at department stores you say are they catering to the affluent consumer what kind of consumer are they the same thing you can categorize with walmart which has become obvious, similar to amaz amazon, walmart has a universal customer base. when you see that walmart is selling fresh foods. that's the consumer. that's a real story for walmart, when you're expanding your customer base to be more universities along when you're seeing the online sales up 40% that's an incredibly positive story. and it's a story that we all talked about them potentially having and i think it all began when they bought jet.com a couple years ago >> up to 100 bucks a share talk to me about the amazon position that you have >> yeah, just talking about online shopping, online sales up 40%. again, if you look at

you guys do some really big macro strategy work.resting stuff you look overall at the market what is the fidelity macro research take? >> we don't have a fidelity macro, but -- >> fair enough >> i think investors have forgotten we merged from a global corporate recession in 2016 where u.s. profits anywhere you want to measure them were down 15%. so this has sort of a reset effect on the business cycle if you will you just pay tax cuts out of it for a second step back and say what does a normal profit cycle look at to the point of which it changes your performance that cycle lasts on average four years and what coincides or correlating the duration of that enters the fed or anything you might think. the starting point of bank credit which means statistics suggest we may be in the middle of year two of what could be a four to six-year profit recovery from a sector perspective now is the time to lean in. >> we're a lot there let's unpack it. two questions. number one is are you seeing signs of bank credit is easing and two, how much ha

they are bringing up the macro number. if you look across the rest of going down, jobs are and businesses are not being created in most counties, about two thirds of the counties in the country. that was not the case in the 10 years prior. government needs to be able to help make sure that opportunity is spreading to people and places throughout the country. host: our guest will join us for half an hour. you can call the line. it is (202) 748-8000 for democrats. republicans, (202) 748-8001. independents,-- (202) 748-8002. one takes a look at inequality of opportunity. 44% saying inequality of opportunity exists. 36 present says income inequality exists. -- 36% said income inequality exists. guest: income and equality is a moral outrage when you look at the numbers and how things up and spread apart. it is not the economic problem most people experience in their day-to-day lives. we ended up going out and doing visits to 12 different places in the country that are politically mixed to understand what is going on and how do

you will not see the breakthrough until you get one oi’ the breakthrough until you get one or two macronic success of guys coming through. really successful to talk to him. he gave us a lot of his time. you can read more in his first hand account of life growing up in peck on the bbc sport website. —— in peckham. a student from hull, who has cerebral palsy, is being flown to the other side of the world by his sporting hero in a bid to fulfil his dream job. commonwealth boxing champion tommy coyle is flying connor sweeney and his family out to the united states this autumn — when he fights in boston — for a once in lifetime opportunity. matt dean has the story. here's a boxer known for fighting with heart in the ring. tommy coyle has been showing heels has a heart out of it. conor sweeney is one of his biggest fanciful to recently he got to meet his hero but nobody could predict what was to follow. we started talking. he had never been on an aeroplane. he wanted to be a sports journalist. i thought, on an aeroplane. he wanted to be a sportsjournalist. ithought, hang ona minute, sportsjou

be it through macro taxes, or be it through other such as tariffs.ou have to look at those tail risks. head to the way you can. it is not cheap to do. as i said before, you have to start looking more individually. label tax stocks as one thing. they are very different animals. very different things. you have to look where the potential growth is. where the risks are. for the good news is priced in. price foro much perfection. if we have a stumble on the macro backdrop, which one is the most honorable. >> coming back to where you started, how much of it is the overall -- it is not global tightening coming off of a global easing. be mindful of the fed this afternoon. >> i think it is huge. it is a big risk in the market. you look atwhen performance, this year has been somewhat more mixed. we had a good june. if you look at the snp this year, last year, there were only four days with the s&p was down by 1% or more. since 1964. lowest so far come of this year, we have had 17 days like that. the difference is the liquidity. it last year, the central banks