above 3 has to come through that's a benefit to some uk insurers finally consumer this is the most unlovedof all but there has to be opportunities. if you can find a stock growing market share, it's well positioned you can buy those stocks now on single digit pes >> those stocks exist. >> they do >> all right thomas, thank you very much for joining me today >>> before we head out, let's look at sectors. we were talking about some sectors thomas likes food and beverages are leading the charge remi had some positive results in france. on the down side, big losses in autos. down 2.6%. on that topic we will be talking to the ceo of volvo when we come back after this break. there are also other earnings that have come out this morning as well. volvo i mentioned down 2.8%. michelin, big moves there, down%. bougues also down. as i mentioned we'll speak to the ceo of volvo martin lundstedt. that's a first on interview coming up after this break today is the day you're going to get motivated... get stronger... get closer. start listening today to the world's largest selection of audiobooks on audib

now she's given these unloved and damage sells a voice her protagonist layla is a strong and angry young girl who fights back against the constant humiliation and degradation. if you have experienced this kind of violence then even love functions through violence. that's normal for people who've experienced this and know anything. that's how they go through life. even if they know love. in western europe now in a teenage vili is best known as a filmmaker she started in germany but her stories are all set in georgia and women are always at the heart of them like my happy family. madonna is fifty two she and her husband children and siblings live with her parents just an average family at least in georgia here everyone metals in everyone else's business and everyone thinks they know better and faster than the system doesn't. have exact it's not just the image thing this tends to. be so hard to paint here because can i ask an economist do you confidential decided one day manana moves out without giving a reason it's a shock for the family and the start of a timid quest for self determinatio

do you go for unloved sectors or safety >> we've got to go for the unloved sectors here we continue tothink the multiples are becoming more attractive and when you think of technology, technology is right now we believe in a place where the automobile was where it to replace the horse.an to to replace the horse so we like industrials we continue to like that, very much the new technology. and we continue to like as value plays we'd say consider financials and health care as the defensive we'd like. >> we talked about the buying list earlier one of the things we've been buying with intech specifically is software. and if you look today at the capex spending in the gdp report, it was uninspiring except when you look at the software with labor markets getting tight, companies are forced to find productivity. they're spending that on software upgrades rather than factories. >> do you think tactically your buying opportunity lasts into year-end or do you fear missing a year-end run-up. >> i think expectations at this point and the sentiment indicators we look at have come down meaningfully.

market, like what >> so many things, like utilities and consumer staples, which really have been unloved this year, up until this month you know, one of the things about this market correction is there's been a really large amount of sector dispersion, things like technology down over 10% this month utilities are actually still positive for the month so, this is a real win for diversification. the problem is, after nine years of this rally, most investors are really underdiversified with these more defensive sectors >> mike, you know, they may be -- i'm talking about staples in particular -- they may be unloved in terms of the percentage losses, but on valuation terms, they are still very loved to the point where they are trading above the market multiple. do staples deserve that kind of premium to the overall markets at this point? >> yeah, i mean, looking at it from a forward perspective, that's certainly true. a trailing perspective, that's not quite true we still see some of them are trading at a discount. look, you can't be broad with this market. you have to look at it on a stock-b

on the horizon but who are these relatives on the other side of the wall in the east she commits unlovely but i'm. sure you can still have the bars and try to live off student loans until you die but nothing is as wild as this neighborhood courts back was in the eighty's. the literature of germany and its capital berlin lost divided rediscovered both loved and hated. that. it is not to be for lindsay also known internationally as the city with the wildest heaviest parties of time for the past not really not in frankfurt no way of the underlings been the party capital for a long time and it was also should be at the center of the twentieth century of european history. if you go to it's place where many authors live and many choose to stay there even though they could write for many words like genuine back for example you were born in berlin you live and work here and haven't felt the need to leave just berlin have the right climate for writers. managers of you think they know well it's certainly not an interesting city at any rate. i did take a five year side trip to austria but i came bac

yes, but this is a plan that do not —— dare not speak its name, that is how unloved it is.e of commons today and enthusiastically backed the proposals. there were lots of detailed questions about the backstop and the possible extension of what is called the transitional period, and i could cost us billions of pounds extra above and beyond the £39 billion that we have already promised to give to the eu. so there was lots of concern in the house about what are we really promising, and how much is it really going to cost us? because she did not seem to have any cost us? because she did not seem to have a ny a nswe i’s cost us? because she did not seem to have any answers for that, she just talked about this extension of the transition deal in order to try to prevent other backstop proposals from being needed, but she did not say an extension would necessarily rule out those demands, and she did not have any sense of how an extension might be brought to an end. in other words, extension might be brought to an end. in otherwords, it extension might be brought to an end. in other

they're unloved though, aren't they? why? >> i think there are many fundamental factors. one is the transparency people worry about in china. but to be honest, there's a more fundamental one and it relates to ownership. virtually all the chinese banks. spectacular the majority of them, these are government-controlled banks whose role ultimately is to support chinese economic growth and development. no. maximize shareholder rrnls. at times the interests of the two overlap and since the financial crisis, i think people have recognized that the quid pro quo of that very strong state support, particularly for the big banks is that the banks have to be to achieve the effectivest. yvonne: david, thank you. david marshall, asian banks senior analyst from singapore. our exclusive interview with the c.e.o. jean sebastian jacques next. note. ♪ yvonne: the heads of top mining firms have been speaking to bloomberg at the international conference in melbourne. rishaad: even amid slowing rowth and the ongoing -- haidi ? haidi: it comes as no surprise to anybody but the fist question on

rishaad: equity markets, everything is fine, no reason to go into a haven so gold is unloved.: isn't that what you think about when you are buying insurance? you don't buy insurance after the crash. that is the id here and if nobody loves it, futures positions are cleared, etf's are holding, that is the time to think about where expected return is highest. thank you. betweenhis major deal eric -- emirates and airbus is set to stall. that is coming up next. this is bloomberg. ♪ david: let's look at a story that airbus, latest order fresnillo s 36 a380 set to stall because of problems with the engine. rishaad: the deal is worth $16 billion, list price. airlines get discounts on that, but seen as a lifeline for the a380 project. emirates, by far the biggest area.er in the asia rolls-royce is the flying in all this, right? >> yes, it seems like the deal has been stalled because of talks with rolls-royce not going very well. rolls-royce is still going through a lot of troubles with the performance of their new engines. that has stalled some production for airbus a380 wheels. it see

. ♪ i will admit to a weird, frankly unlovely sense of "been here, done that."know. but there's a mischievous curiosity tucked away in some poisonous part of my brain that's dying to see how kamau handles the heat, the spice, the crowds, the overwhelming rush of a whole new world, because that's what it is, first time. this ain't berkeley. [ horns honking ] ♪ >> anthony: i'm already happy. >> kamau: i'm pretty happy because i've seen this scene so many times on your show. i finally get to be in this scene. this is going to be good. >> anthony: i mean, you have a kenyan name. >> kamau: yes. my parents met in east palo alto, california. you know, this is like the late '60s, starting to be the early '70s, so post the civil rights movement, at that point where black people are trying to really, like, want a connection to the motherland. and in east palo alto there was this push towards naming it nairobi -- nairobi, california. back then, there was people who were like, "we need to be associated with an example of african culture that is winning." and at that point,

. ♪ i will admit to a weird, frankly unlovely sense of "been here, done that."know. but there's a mischievous curiosity tucked away in some poisonous part of my brain that's dying to see how kamau handles the heat, the spice, the crowds, the overwhelming rush of a whole new world, because that's what it is, first time. this ain't berkeley. [ horns honking ] ♪ >> anthony: i'm already happy. >> kamau: i'm pretty happy because i've seen this scene so many times on your show. i finally get to be in this scene. this is going to be good. >> anthony: i mean, you have a kenyan name. >> kamau: yes. my parents met in east palo alto, california. you know, this is like the late '60s, starting to be the early '70s, so post the civil rights movement, at that point where black people are trying to really, like, want a connection to the motherland. and in east palo alto there was this push towards naming it nairobi -- nairobi, california. back then, there was people who were like, "we need to be associated with an example of african culture that is winning." and at that point,

. >> today in social, snap is way up a bit of a rally of the unloved there, up almost 5%. doing pretty well also up 2.5%. facebook one of the few tech stocks i'm looking at that is not higher that is off by two-thirds of a percent. >> the big cap stocks have been not hit as hard this week. >> let's hear what kudlow tells the judge. let's get to "the half." >>> thanks, carl i'm scott wapner stocks are bouncing back following the biggest two-day sell-off in eight months is the worst of the correction now over is it really safe to buy stocks? it's noon and this is "the halftime report. >>> larry kudlow is back on "the halftime report. on the agenda, fed fight, the trade battle, and how fast the economy is really growing. plus, market veteran liz ann sonders on whether or not it's time to buy stocks after this week's stocks. and a big call on beaten down netflix as we debate big tech after the beatdown "the

unloved.when my father finally came back for us, when i was nine the half, it was one of the happiest moments of my life. because i felt he hadn't forgotten me. he had come back for me. one of the things that i feel was very tragic was that once i got to the u.s., i realized the family we had in mexico no longer existed. my parents have split up, they had each remarried. we no longer had the family anymore. one of the biggest tragedies, probably the biggest irony in my family was that my parents immigrated to try to save the family and in the process, they ended up destroying our family. so we got here and we did the best we could to try to function as a family but we couldn't. eight years of separation had done a lot of damage. one of the discoveries that i i had as soon as i arrived, was that immigration had turned my parents and me into complete strangers. so these are some of the things that i dealt with in terms of family separation. i have written extensively on family separation from th

financials unloved throughout the year but particularly the last month has been ugly since jp morgan the reported most banks sold off after earnings in the last few weeks but there was a glimmer of hope. the recently nall banks, the zions, huping ton bank shayrat, fifth third reported decent earnings traded up that's a change. you throe in thes consumer skrergsary where auto appear and builder pushed 10% off the highs and the in youly formed kplungss sector twitter and facebook and alphabet in that group well off highs. the good news for the bulls today -- very obvious- there was clear sign he is of nibbling on the beaten up sectors i highlighted all day. semi conductor regional banks and the home builders all of which rallied off a significant selloff at the open. home build action stocks whopping 34% off semis weak as well we'll see if that continues tomorrow back to you, melissa. >> thanks, bob home builders, regionals, any of zblees well -- we talked about the bank of the ozacryes the other day. it's clear that regional banks you can't lump together. they are individual stories s

. >> it's been a great story it was terribly unloved then it had the nxpi acquisition nix bid china butthey announced buying back shares they're halfway through a buyback that will decrease their share count by 30% in the course of a year. that's huge. i never saw a buyback where a company stays public of that size the other thing is at some point i expect they'll settle with apple. who knows when the ceo thinks it happens by year end but that's a projection, not a certainty. but i think you get another 5% to 7% pop in the stock so future gains are ahead. >>ing a, -- amd, stocks up 63% since the end of july when you mentioned it this week has been rough so it's a good time to take the temperature of this thing. give it to us. >> i think one of the things you want to decide is whether or not you investor trade one of the ways i think about amd is that this is one of the highest names in all of chipland that contains very volatile stocks when you have company transitioning from an old business model to new and people are still unbelievers about that business model plus launching new produ

it has been an extremely unloved market all year. speaking, the way i see it, international markets looking at u.k. equities are saying i do not want to touch this because of the political risk. a sign of that is the fact that we have seen the reverse relation between u.k. equities and sterling. when sterling falls, that is good news for u.k. stocks. , theyeans when they sell convert that back to sterling, they get more pound back for their money. that seems to have been neglected by international investors. that tells us u.k. markets have been oversold. nejra: thank you so much. portfolio manager at coutts. good to have you. that is it for bloomberg europe. the european open is up next. manus: we are shaken in these markets. equity risk is rising. "the european open" is up next. ♪ comcast business built the nation's largest gig-speed network. then went beyond. beyond chasing down network problems. to knowing when and where there's an issue. beyond network complexity. to a zero-touch, one-box world. optimizing performance and budget.

up a bit of a rally of the unloved there, up almost 5%. twitter doing pretty well also up 2.5%. facebook one of the few tech stocks i'm looking at that is not higher that is off by two-thirds of a percent. >> the big cap stocks have been not hit as hard this week. >> let's hear what kudlow tells the judge. let's get to "the half." >>> thanks, carl i'm scott wapner stocks are bouncing back following the biggest two-day sell-off in eight months is the worst of the correction now over is it really safe to buy stocks? it's noon and this is "the halftime report. >>> larry kudlow is back on "the halftime report. on the agenda, fed fight, the trade battle, and how fast the economy is really growing. plus, market veteran liz ann sonders on whether or not it's time to buy stocks after this week's stocks. and a big call on beaten down netflix as we debate big tech after the beatdown "the halftime report" starts now. >>> on this friday we -- very good to have you with us on this friday. we look at the markets stocks are not at their best levels of the day, but there is green across the boa

often, if i feel a little bit unloved, to myself, then actually spreading love to someone else and askingo this message? i am being very specific. how receptive are they to this? i genuinely think we are investigating all types of ways of being. with a lot of minorities and oppressed demographics finally finding a place to speak out and be heard. i think men need to adjust to incredibly big and... you can't avoid the emotional world. it's a very important and integral part of your everyday life. that is something that... to be in touch with that is really important and benefits everybody, literally. that is ongoing for me. i have to manage myself every day. there is a specific set of challenges that i have. when we look at the kind of people who are supporting you, it is very impressive. yeah. it is remarkable in terms of that achievement as well. thank you. how did you go about building up that kind of support? line-up? they are my mates, most of them, which is a massive perk of having been in the spotlight, making music, having people listen to it. ed sheeran is like one of my favourite

that is a difficult thing for a child to feel, unwanted, to feel that fear of being abandoned and unloved. when my father came back for us when i was 91/2 it was one of the happiest moments of my life because i felt he hadn't forgotten me. he could come back for me and one of the things i feel was very tragic was once i got to the us, the family i had in mexico no longer existed. my parents had split up, they had each remarried. we no longer had the family anymore and one of the biggest tragedies and biggest ironies in my family is my parents immigrated to try to save the family and in the process they ended up destroying our family so we got here and did the best we could to function as a family, eight years of separation had done a lot of damage and one of the discoveries i had, arrived with that, immigration turned my parents and me into complete strangers. these are some of the things i dealt with in terms of family separation. i have written extensively on family separation from the perspective of a child, that is how i experienced it as a child as i write about the border and immigr

>> it is a really unloved group.up that people sell off the bat if things start to south. it has been out of tariffs for the last three months. it pulls back 25% of the reason. >> you had some big name stocks, marathon and mro down 11% in a week does that deserved to be whacked when $70 was high. now people are freaking out because we have gone down to 70. a lot of these stocks are down 15%. >> it is unwarranted these stocks are good buy. >> exploration of production >> we think it is going to be a great group to hold them over the next few years in terms offof capital issues it is something that people are not looking at right now it is a non-consensus call that's where we'll try to butter our bread over the next two years. >> all right, we'll put you on the spot here. oil playing around in the 40s and 50s for a long time. when do we see $100 again? >> he's got sothe market has moo the next couple of weeks we'll not be able to replace those barrels. the markets are not under supply as people think. >> so you this i

a good time if you're investing for th next five years, it might -- >> also on your list are two unlovedoned by you stocks. maybe they're unmentionable. ford and ibm ford first, quickly because i want to get the other guest back in. >> sure. i do like ford i've been increasing my exposure to ford very recently. the stock has been killed for a number of reasons, including higher raw material costs because of tariffs and their inability to sell cars in places like china because of tariffs. i think these tariff disputes will eventually be settled ford is focusing more on the more profitable areas such as suvs and pickup trucks from long-term perspective, i think it's a good time to start getting in. >> ford and financials are two areas that should do extremely well i want to go back to you, jim. you like citi. that falls into the financials group which has been underperforming the market, even at a time when the economy is very strong. the consumer is strong corporations have great balance sheets should be willing to take on loans, et cetera why do you think citi has had so many headwinds s

i think what's interesting is part of the reason why this has been largely an unloved bull market forf the most exciting stocks have remained private, so the most exciting companies, airbnb, uber, or so many companies and private markets have froep dramatically and any time there's a which have for making speculative gains people file in last year it was beconand this year it's can in a bice stock. the more important point it doesn't seem widespread. there's pockets of excess that's absolutely true. we're talking about the auto stocks before the ought oakes stocks were trading at five times earnings again, that might be a sign that you're getting closer to the end of a cycle but i'm not sure given what's happened economically. >> it's the sign of a hot and cold market. >> hot and cold, katy perry. >> thanks for joining us look forward to your return. >> speaking of automakers, they have seen the future and the future is driveless cars up next, two legends of the auto industry will be here to weigh in on where they see this heading. >> and stocks enjoying the best day since july the 9t

been lobbing in gains for the year have you been selling winners and rotating out into underloved, unlovedrying to balance what i've been doing over the last two, three weeks. effectively i'm looking at what has worked, trying to reunderwriting that that can continue to work to some extent i'm also taking losses and i think that is something that's part of the tape and the tape dynamic when you have about a third of the long only the mutual fund money having fiscal years that end next week. i do think portfolio managers are looking at things that haven't been working and a little bit more aggressive at exiting those positions and taking those losses to be somewhat tax-friendly for their investors. >> can you give us some examples of what you're ditching that hasn't been working? there's a lot, actually to pick from, jack financials, industrials, transports >> i do think you hit on a couple important points. if you look within the market, you certainly see the cheapest sectors, the sectors that trade currently cheaper than the s&p as a whole you see the financials, you see the industrials.

frank cap lettilerri is with ine and chad is here to address that look, these stocks are unloved they pes. are they worth a play for a comeback >> no, we would be cautious on the autos. they look cheap from a pe perspective, but when you include debt on the valuation, then they're not cheap you look at ford, for example, they have over $75 billion of debt as well as general motors the same, if not larger. so you want to be cautious on these kind of companies. when you're looking now in this stage of the market cycle, you want to find companies that have good-quality, consistent earnings growth. if you want industrials and you need that cyclical torque in your portfolio, look at 3m, look at stanley black and decker, but avoid companies that have a lot of debt on their balance sheet and if global growth decelerates, these companies are going to be quite impaired. >> frank, if you had to own one of the global auto stocks, is there any you'd pick >> well, i wouldn't call any of them particularly attractive right now, but if i had to pick one, it would be toyota. and i think to get an idea

we were talking a little bit about the fact that this was the most unloved bull market ever. time?ch what makes you worry about the u.s. economy? i keep your 2020 as the witching point. >> i think if you look at the main trends already pointing to a much weaker political environment because you see higher inflation and growth. if you look at what managers are , the equity markets are not too far away from an all-time high. there is this sense that something is going on. also political issues that are always there. there are a number of facts that will keep markets relatively within range. given what we have seen in the last few weeks, i really suspect we are going to see a year-end ready. francine: if you look at markets around the world, do you worry about china? i'm not sure whether we are talking about the next financial crisis. luca: i don't think the next crisis would come from china. there is achina, huge problem with the debt, but it is basically domestic owned. everybody expects china to slow down.i think the real risk is the u.s. or everybody expects gross margins to move

some will be unlovable or months from now. thank you.t was officially opened in 1928 by king george the fifth, and has since become a defining symbol of tyneside. fiona trott has been looking back on its history. over 7000 tonnes of teesside steel, and if you think the bridge looks tough, just watch the shipyard workers who built it. for the royal opening, thousands flocked to the quayside. king george v's carriage was the first to cross it. now, 90 years later, over 57,000 vehicles cross it everyday. and the red arrows fly over it, a celebrated moment. it is no surprise that visitors from all over the world photograph this tyneside landmark and that it has now become a grade two star listed structure. it is really a very special bridge. they had to build out from each side and meet in the middle. there are some historic photos of them actually building the bridge and there is no scaffolding, there is barely a rope, and it looks quite terrifying, to be honest. but i think it is really a reflection of that geordie steel attitude that they

the town o of cambridge, massachusetts, which was at that point called newtown, and was a rather unlovely place, not like the cambridge of today. martha's vineyard, is an island 7 miles off the coast of massachusetts, and i always wondered why english colonists went there as early as they did in the 1630s. why would you put seven mile of difficult ocean currents between yourself and the only other place where there was anybody the least bit like you on the mainland? so when i went to live on martha's vineyard, i started studying the history of the island and the answer was interesting. the answer was that these people wanted to get out from under the thumb of the massachusetts bay colony. because having been swept around the world on the winds of religious freedoms they got here and weren'td willing to extend that freedom to anybody else. so their view of what was arligiously correct became taliban-like in its their oness and ruthlessness. so these are settlers who lived in november were very much inspired by their own quest to do their own thing. i think they were very prototypical ameri