abigail: this is bloomberg. ♪ abigail: you're watching "bloomberg best." i am abigail doolittle.days since president trump announced tariffs against china, business leaders have been waiting the consequences of a potential trade war with china. it was a topic throughout the week on bloomberg television. let us start with sergio ermotti. he spoke with us at the china development forum in beijing. >> i think they start to get concerned. i think for the time being, the numbers are modest in respect of the impacts. we see the proliferation of these tensions on a bilateral basis. one will be good for growth 14 geopolitical reasons. so, while at this point in time, we do not see financial markets of being overly impacted by this protectionism waves, although i think if it keeps going on, it it could be very disturbing. >> the market selloff on friday was pretty severe. why wasn't it priced in? this has been flagged by the trump administration? >> at the end of the day, you look at this and how it is difficult to understand the corrections that are coming as a consequence of those annou

abigail: actually, we have the dax and nikkei. day: the nikkei closed the down.et change was down today. if you look at what the market did on opening and close basis, it was up to we look at the world as a global relay race. we are the european markets, and the u.s. markets. the pacific rim markets were telling us the s&p wanted to go higher. there was no confirmation in europe with that. the s&p tested lower. there was no confirmation. the s&p rallied back above its open. without performing the energy product -- it brought crude oil. that is the reason why we have seen the chop and it bounced over 1% off today's lows. abigail: great insight. i can't wait for you to join us again. eric dugan, great to have you here. lonnie, back to you. vonnie: thank you. shares were already down 21% so far in the year before today. news that the federal trade commission was suing the company for allegedly deceiving customers over hidden fees and charging borrowers even when they paid off their loans, sank the company shares as much as 10%. they are coming back a little bit. rig

abigail spencer!. >> jimmy: i read this about you and is it true that you -- were you on "all my children"? >> oh yes, is that how you remember me? >> jimmy: yes, yes. i used to watch "all my children" with my mom growing up. >> did you really? yeah. >> jimmy: yeah. >> yeah, a lot of people watched those stories. it was my first job when i moved to new york. i moved here when i was 17 and it's like -- it's like boot camp for acting. and i felt like i kind of like got a handle on it except for there was one thing that i was just the worst at. >> jimmy: what? >> that long stare at the end of every scene. [ laughter ] where they like -- >> jimmy: oh, of course. >> where they like -- where it's like the cameras and -- i was so green, i had never been on camera before, so i, you know, i would finish the scene and they'd say, "okay, that was great." and then i'd walked and they're like, "no, no, no, come back. come back. you have to stay there." and i'm like, "for what?" they're like, "for the final moment.

hello and welcome, i'm abigail doolittle. this is your weekly review of the most important business news, analysis, and interviews. let's start with a day by day the top headlines. western allies uniting to punish russia for the nerve agent attack on the spike in the u.k.. u.s. coming down on russia in response to that -- the european council president said that 14 eu countries will expel russian diplomats. house has taken action to retaliate to the poisoning of a former russian spy in great britain, ordering russian diplomats to leave the u.s.. -- been looking forward to seeing positive corporation. instead, they got these expulsions. i think the kremlin is going to respond in kind. at the same time, i think it has lost more hope that they can find a way to work with donald trump after so much hope was expressed after his election. there is no shortage of superlatives for the game today. s&p 500 making its biggest one-day gain of august since 2015. -- biggest weekly selloff in two years. >> the trade issues, broadening of tr

abigail doolittle has the latest. abigail: u.s. traders are selling stock. the dow, s&p 500, and the nasdaq, and the nasdaq 100 down in a big way. coming underperformance from the tech heavy nasdaq and nasdaq 100. interesting is the fact that the dow earlier had been slightly higher. we are already seeing some the intraday volatility that has characterized so much of the trading action more recently. and therter, the dow s&p 500 putting their first quarterly decline since 2015. investors and traders are on edge with lots of uncertainty. jonathan krinsky at and a.m. says the technical conditions are oversold but it doesn't mean there's likely to be a pop for the technicals in the european market or so week, it suggests more sideways chop and possibly bearish action as we are seeing today. let's see what's playing on the nasdaq and nasdaq 100. it is not actually tech, it's the second worst sector, but it is consumer discretionary. -- andamazon, network netflix are discretionary. tesla down more than 30% since its last high at the end of february and continued

shira: i think abigail is right.ook, none of the privacy and misinformation scandals facebook has been embroiled in the last 18 months have affected its advertising business yet. that is the big question. it was pretty stunning to see a company of facebook's size with more than $40 billion of annual revenue, the revenue growth rate accelerated in the fourth quarter, which is not some thing that is easy to do when you are a company the size of facebook. that shows advertisers, despite the noise around facebook, they find that buying ads on facebook works -- it delivers more business, finds them customers. hards that changes, it is to imagine that the facebook story starts to break down. the thing that i worry about is on the user side. if you look at sentiment on the user side about facebook, it is bad. people generally do not trust facebook in user service. again, that is not necessarily showing up in usage or facebook yet, but i feel like the scandals have a cumulative effect where people, they don't feel like they

abigail, thank you so much.at down [inaudible] it is not marginal on anything, and there is a very good economic perspective. we are in a safe harbor in terms of the position. we are committed with the european project. we are a very little member of the group, and we work together. we build those countries to clear this subject. incentives, the tax what kind of impact does that have on real estate? it centeno: as i mentioned, is really marginal at the big stage. the country is improving very much in terms of its economic conditions. to the been committed program that is staying up in terms of the results. an includedis now growth trajectory. it is very important to count on everybody. tom: where is the appropriate gallo for the -- value for the euro? we follow each country, each stories. thestraddle not only responsibility to support your goal, but for the rest of europe as well. in your head, do you have a right value for the euro? mr. centeno: we believe the value of the euro reflects the fundamentals. the ec

abigail: a great question.erated a panel on private equity last year and the question was where did they put the dry powder and the focus over the next couple of years will certainly be the prudent deployment of that capital in the u.s.. if we take a look at what the market is telling us and pop back into the bloomberg, we see that blackstone moving higher in this range right now coming off the bottom of the range, buyers supporting shares suggest the stock may pop near the top of the range. vonnie: abigail doolittle with the stock of the hour. mark, breaking news. set to be inn is talks to acquire shire. for has been made. it confirms the early stages of considering an author -- considering an offer. offered six and a half pounds per share. the board and its advisors found the offer significantly undervalues the company. we will keep an eye on shire. ♪ vonnie: that is one of our highlights from tic toc by bloomberg streaming on twitter. live from bloomberg's world headquarters in new york, i am vonnie quinn. m

since then, both abigail and lincoln have gained a few new followers online.and a ton of new support."some people so sweet we've had some ladies reach out and they said you just got yourself a new prayer warrior and there are definitely some hard moments and definitely some lows but hope isn't contingent on that. that's what lincoln's taught us." (pam) as was (pam) (pam) as was mentioned.. that song is called " never enough"... it's from the movie "the greatest showman" (steve) it's also been shared more than 26 hundred times and liked by nearly four thousand people. all of a sudden, i heard this loud bang and glass came flying out of the side of the window there."(steve)many new drivers fear making a mistake on the driving test. caught on camera: but if you plow through a window at the d-m-v building, it's not likely you'll pass. it's not likely d-m-v building, it's not likely you'll pass. (pam) stella artois is recalling some of its beer. coming up :what beer the company says may have gotten glass in it. (steve) happening now-- stella artois is recalling some of its beer. the compan

abigail: frank cappelleri, thank you for joining us. julia: abigail, great interview.ctor mike pompeo secretly visited north korea to meet with kim jong-un, and president trump's tweets about the summit being worked out between the two leaders. we will have the latest, next. this is bloomberg. ♪ mark: president trump says he is seeking free, fair, and reciprocal trade in discussions with japanese prime minister, shinzo abe. during the second day of meetings at mar-a-lago, the president said japan is ordering large numbers of airplanes from u.s. companies that will help with the process of equalization of trade. officials from the state department testified before the house foreign affairs committee, today outlining u.s. policy in syria. >> a syria in which assad remains leader in this regime is not a syria which would predict to be meaningfully secure are stable, and that a source of violent extremism and whatever name in the future. mark: secretary acknowledged that the state reduced geography but the iraqi border area still have to be confronted and destroyed. funera

abigail: let's get back into the bloomberg.a look at this chart that shows the outperformance of the russell 2000. dan: we can see sense the downtrend -- since the downtrend in october, this relative to the s&p 500, the russell 2000 made a double bottom in the march timeframe the held august lows, and since then we have been going higher, the russell 2000 -- this?l: how do you trade dan: you can look at the russell 2000, the contract table, you can see in the june front month at 1490 and i think a long position in the russell 2000 futures contract with a stop at around 1470, that is just below the recent lows, there could be potential upside to the 1560 level, which would be a retracement of the move down from 1600. abigail: would you hedge this in any sort of way? dan: i think investors could short the futures. abigail: short s&p 500. thank you so much. vonnie: ok, thank you. down now with about two hours to go, not a pretty picture. the dow, s&p 500 and the nasdaq all down 3% or more. this is bloomberg. ♪ york, 11p.m. in new

abigail: a possible rigid shift. dennis gartman, the queue for tracking futures.nie: time for the stock of the hour. the company reported strong first-quarter results, boosting, sales and its new ceo has more. -- he to the position came to the position. >> investors are taking this as a sign that he is up to the jump and you can carry on the legacy of hunter harrison, who passed away last year. harrison was somewhat of a relation led to the turnaround of the company in improving margins. we can show you that shares have outperformed since harrison came, and it is up now 63% when you include foote at the helm. operating ratio, analyst calling this a perfect start to the year, and one saint harrison himself will be proud of these results. footprintthat the harrison set forth when we use at the how will be carried forward by foote. vonnie: kailey leinz the stock of the hour. calls for friction. this is bloomberg. ♪ vonnie: to the biggest names in wall street sat down for a meal, and tensions of their firms ratcheted up. bloomberg deals reporter is here to escort us t

abigail doolittle joins us.e was lots of pressure on whether they would be a look to put up a solid model three reduction number. they produce 2020 model 3's, a little less than expected but less bad than feared. they put up more than 8000 cars for the quarter. overall, production numbers for all of the model 3's and others are very strong. if we hopped into the bloomberg and look at g #btv 243 one, this was best quarter ever. they produce 30,000 vehicles. , andis really strong looking forward, elon musk promising accelerated growth for the model 3, promising that within three months they may produce 5000 vehicles per week, even though they haven't quite hit the 2500 per week production number. nonetheless, it is about vision and growth. theie: great story on bloomberg on him sleeping at the factory. maybe that was behind some tweets. create energyn there. they talked about how they managed to get through. stock'saround the sentiment. you hear about the ceo sleeping there to get it done, but the stocks moved in

abigail: is there a point where you be less bearish?it will test three and a quarter percent and 3%. you will look for stabilization and the market will normalize. abigail: great and else's on bonds and yields. thank you so much for joining us. julie: thank you, abigail: time for the "stock of the hour." an opinion of facebook. it is not likely to be approved i mark zuckerberg. -- by mark zuckerberg. speaking today they were giving recommendations. he has been known for being right about a lot of things, particularly in the bond market. this is outside of his comfort zone. he does say it is a risky short. he does say that equity bubbles by regulation, building on the expectation that more government oversight of social media that firms would eat into the earnings, which is interesting. facebook did share some gains they've seen today. there did not seem to be a massive market response. julie: regulations usually helping the big one. would this help facebook against smaller competitors? lisa: this is an important point. 19% of the globe

abigail: we are looking at a slight miss. the survey had been calling for a move up 7/10 of 1%. this compares to february, up 3.1%. this was revised down. a little bit of weakness. small misses. pending home sales are forward-looking. ahead.ests weakness in terms of the influence on the major averages, not much. the king at the solid gains for the dow. s&p 500, into that. this comes after last week's declines for the major averages. for thepoint boost major averages, let's take a look.

he writes abigail and he gets everything right in the letters abigail. -- the reason it is the fourth has nothing to do with anything said in the congress. it is the fact that the printer puts on top of the document july 4. [laughter] it's been wrong for all these years. [laughter] cleverly say that adams and jefferson reason allies -- realized that the country had made a bad choice. onto make a right decision, july 4, they both died. almost to the same hour. you cannot make this thing up. and if you did, nobody would believe it. jefferson dies at 12:30. his last words are is it the fourth? [laughter] and adams dies about 4:30 in the afternoon and his last words are is thomas jefferson still with us? which, of course, he isn't. so they make it right. lee retreats from gettysburg on july 4. on sabbatical on july 4. independencefrom and the creation of the 15 states of the new state constitutions constitute a very sever founding from the one that appeared a decade later in 1787. for many generations, historians would argue which was more important, and was the founding of 1787 a repudia

abigail adams who was president -- present at the creation. from the white house to camp david to walker's point, in hours of war and peace, the bushes governed in a spirit of congeniality, civility, and grace. instinctively generous, barbara and george bush put country above party, the common good of

this is her restaurant, where abigail has been grinding corn by hand, making masa, and moles like this, the ridiculously faithful time-consuming, difficult traditional way, she was taught to make these things. and the way she's been making them since she was 6 years old. look at her hands by the way. small, surprisingly delicate given all the hard work, all the pushing, kneading, grinding, stone against stone over the years. then look at her forearms. the power there. it's impressive, and beautiful. >> alejandro: every time you enter a house in oaxaca, especially in small villages, they always offer you a shot of mescal. >> anthony: mm, so good. seguesa. a mole and chicken dish. this mole sauce, like a lot of the real old-school moles made

abigail: you're really getting to the heart of the matter.he stoxx, down more than 4% and taking a big hit as less of the chipmakers slide. taiwan, semiconductors, broadcom, qualcomm, lots of weakness there and those are apple suppliers. midweek, taiwan semiconductor came up with its earnings report. the guide disappointing. they are a supplier to apple. jpmorgan saying the weakness for taiwan semiconductor definitely has to do with weaker demand for the iphone and many analysts coming out this week with similar goals on apple suggesting that either the march quarter could be a little bit weak, based on china checks fall most analysts are focused on the guidance for the june quarter including morgan stanley which cut iphone shipments and analysts saying this likely the consensus for the third quarter will have to come down so the stock correcting. pulling back on these reports. it will be interesting to see what comes out of their earnings report. not next week but the following week on may 1. jitters around the upcoming, pressuring on these

markets are falling today, here is abigail doolittle with more. >> we do have declined for the major averages on this friday. dow, s&p 500, nasdaq off roughly lower with the s&p 500 and the dow down 1% or more. the nasdaq is outperforming a little bit but still with a decline. lots of fears around the possibility of a trade war as rhetoric steps up between president trump and china. a disappointing jobs report, not helping the picture. on the week, looking at weekly declines for the s&p 500 and the nasdaq, the dow is on pace for a small weekly gain. a few more hours of trading. p, s&p 500,the ima

abigail: take a look, the dow underperforming with other major averages.n the day, the industrials the worst sector, but on the year we want to take a look at this function. this is the group return function on the s&p 500 year to date and we have two points, connecting caterpillar with industrial weakness. right now we have the major averages back in correction territory. and on the year, none of the 11 s&p 500 sectors are lower and tech is no longer on top. until recently it had been on top, now consumer discretionary. industrials in the middle, down 4.4%, but if the rhetoric worsens and the industrial sector weakens even more committed could be a bearish tell on what could be ahead. julie: tech has been leading, so - - abigail: all of a sudden you could have a slide. julia: so i keep bringing it back to earnings season, let's see what they can come out with because if they give some mmph to the market perhaps, we will see. julie: thank you. it is time for our bloomberg deals report. supervalu said to be working with an adviser on a possible sale. it ope

abigail, i want to start with you.here we ended up today after a rocky few weeks. >> it was an interesting day, because we started off very strong. nasdaqlly with the opening around 1% and only finishing a fraction higher. despite the rebound rally yesterday led by facebook and some other cap winners, today, obviously, amazon a huge point. enough.t the other stocks actually finishing lower. behind this is apple. apple started off about flats and then at session lows around 2%. apple reports next tuesday. we have had some strong reports from these big internet names but the crowd report is apple. lots of chatter that the iphone demand is weaker than demanded. investors are nervous. what we are going to see around the march quarter could be a mess there. thathe june guide, is going to come in at less than is expected. there are some jitters from apple. despite these big tech reports, i think a lot of it reflects apple. you have an excellent peace out today that makes the point that these companies together spent more tha

abigail doolittle has more for us.bigail: it turned out to be a bearish day for the major averages. all shedding quite a bit today. down whiteavy nasdaq and more. underperforming down 1.3% and that points to the big drag, tech. funny enough, that was the worst sector from a percentage standpoint, but technology is a 20% weight and 50% weighting to the nasdaq. with tech down, that has really caused the major averages to slide. still higher on the wii, but really paring those gains in a big way. behind this, it appears jittery ahead of next week's slew of earnings for some of the big tech companies including microsoft, paypal, intel, facebook, pretty big declines there. investors nervous about what all of this could bring your dive was mentioning the weekly moves for the major averages, if we hop in, we can take a look at how this appears on a weekly basis. this can be used in the gtb library. we are looking at the weekly moods for the averages. the dow in blue and the s&p 500 in green. this is the second of we can erode

bush, only one other woman apart from abigail adams, who was wife and mother of a president. her grandchildren and great grandchildren. our entire prayers go to the entire bush family. we want them to know that so many share in their grief, pray for them at this sad time and grateful to them for sharing

thank you, abigail.et to first word news. >> iran's representative to the united nations told the conference that iran's landmark nuclear deal, "will not to be altered." ed or he told a u.s. in his words that they will be responsible for any consequence. sins ands. policy on and big -- an u.s. message that the u.s. is not a reliable party in any lateral agreement and cannot be trusted. mark: earlier today, president trump said that at the iranians restart their nuclear program they will have bigger problems than they ever have before. ian prime minister justin said that his citizens should not live in fear after a van to kill people. at this time, we have no reason to suspect that there is any national security element to this attack. obviously, the investigation is not complete. mark: a judge in canada has ordered that the 25-year-old suspect have 10 counts of first degree murder. according to a person familiar with the matter, the attorney general says he will consider stepping back from specific quest

outte, 1811, luisa finds from abigail that her sister died in childbirth. abigail wrote three letters because january, 1811, because she kept finding out news like this, and so she would write a letter thinking this was her only a letter that she would send come and then something happened and she found out about luisa sister, so there was definitely a good strong relationship, and one thing that helped the we so was that she knew her children were in good hands under abigail. wouldote that nothing console me other than the fact that i know they are in your hands. anybody else? go to the mic. that would be helpful. >> you talked about the fact the british and the american spoke differently. i'm curious about whether that of accents or pronunciation, or manner in terms of bluntness in that manner of speaking? jane: it could be, i don't know for sure. i am assuming that some of it is accident. madison was a fifth generation american. that is how far back his family went at this stage. probably your language and morect has evolved to southern, what we consider

bush, and abigail tracy, staff writer for "vanity fair."s a powerful punch you're going to give us, so let's get to it. morris, you have the democrats who have been divided on impeachment talks, partly because republicans could use it to rally their own voter turnout. should democrats agree to at this point stop calling for impeachment? >> i don't think so. i think it's a rallying cry for their base, just as trump is using it to energize his people. i'm not sure how many people in washington, michigan, know who maxine watters is. certainly it's a rallying cry on both sides. he's doubling down on it. i'm sure that the democrats will do it for the progressive. if you're in a moderate state or a moderate district, you're certainly not seeing that. for the democrats, to rally the progressives, this is going to work and energize the base. >> okay. lauren, is it risky for republicans to use the threat of impeachment to rally their voters? >> no, it's a smart move on the republican side. i'm actually surprised to hear morris' answer. i think overa

for more, abigail doolittle joins us from new york.t is always an extraordinary day when we go to you. walk us through the session. abigail: it stands out that each they stepped out for tremendous trade action, and today is no exception. it started down modestly. the dow traded higher briefly, and then by midmorning strong selling pressure that built into the close. you can see big declines for the major averages. putting each major average in that official correction territory. continued uncertainty for investors. the possible trade war is a piece of that, and the bigger piece right now is that tech unwind. investors fearing regulation is ahead for some of the big tech and internet companies. not wanting to be a part of it, this was the best sector last year up more than 35% last year and valuations are skyhigh. they're coming back down to earth but investors not looking that overhang. on the date the trigger appeared to be amazon with president trump going after amazon over the weekend and those shares are down or than 5%. -- more th

abigail adams, many yea rs us president.gail adams, many years ago, the wife ofjohn adams, the second us president. barbara bush quite a unique character and i think she certainly epitomised the notion of a family matriarch, a strong woman at the heart of the bush family. she was really a rock in that family, advising her husband, her son, other in that family, advising her husband, herson, other members in that family, advising her husband, her son, other members of theirfamily. and husband, her son, other members of their family. and i husband, her son, other members of theirfamily. and i think i many accounts, getting her own way, often times she was the person who laid the law down in that family and was very much respected for it. family inside is reporting that she decided to decline further treatment and spend her last bit of time at home. she was still having conversations and urban, apparently on sunday night. yes, she had a finaltip and urban, apparently on sunday night. yes, she had a final tip of —— tipple. she d

abigail, how is it looking. abigail: it is looking risk on. averages higher.ll three are higher by three quarters of 1% or more. check out the die, -- dow, up after jitters. investors are taking charge could take a look at bonds, trading well. this is a risk off picture after yesterday's selloff. bonds rallied slightly yesterday . that might have been a tell that we could have a rebound rally. let's look at the volatility. by zero pointgher 5%. dipping midmorning. amazon opened higher by more than 2%, and then fell on a president trump tweet. now we have the s&p 500 at session highs up 0.8%. instead of a rebound, we have a bit of a technical recovery. if we look at g #btv -- if we look at the map, the sectors are -- excuse me, will see a lack of strength. the sectors higher. rates in trading higher and bonds lower, that is helping financials, up 1%. consumer discretionary by amazon and netflix. utilities not doing well as rates go higher. we have a technical recovery very this is g #btv 339. the s&p 500 went beyond. of the members above the 200 day moving aver

abigail doolittle has the latest.

abigail mendoza and her sister refina are zapotecan -- original people from mexico before the spanish, where abigail has been grinding corn by hand, making masa, and moles like this, the ridiculously faithful time-consuming, difficult traditional way, she was taught to make these things. and the way she's been making them since she was 6 years old. look at her hands by the way. small, surprisingly delicate given all the hard work, all the pushing, kneading, grinding, stone against stone over the years. then look at her forearms. the power there. it's impressive, and beautiful. >> alejandro: every time you enter a house in oaxaca, especially in small villages, they always offer you a shot of mescal. >> anthony: mm, so good. seguesa. a mole and chicken dish. this mole sauce, like a lot of the real old-school moles made by masters like abigail, uses 35 different kinds of chile peppers and takes more than two weeks to make. do you think that, until recently, until guys like you, that mexicans were not looking back at their own food culture, they were looking elsewhere? what was going on?

abigail: it has been all over the place.: from new york, this is bloomberg. ♪ scarlet: 3:00 in new york. lisa: welcome to bloomberg markets. scarlet: live in bloomberg world headquarters over the next hour. here are the top stories we're covering. dispelling doubts. results from tech such as amazon and facebook proving naysayers of wrong. up the pattern? hergermany's leader got turn to sway president trump on the iran nuclear deal. we had lied to the white house for a gauge of whether or not she was successful. we are in search of direction. >> a man during session. meanderingre -- session. you have elements pushing and pulling in either direction. for the week we came full circle , finishing with little changed over the past five sessions. you can look at the s&p 500 versus the moving averages. we tested yet again and bounced above it. that is the third time we've seen that happen. the balancing act, to take a snapshot, the two big contributors to gains, amazon and microsoft, to dating a record today. there has been talk ab

there.ot of confidence david: thank you so much, abigail.e will continue to monitor that and information as it develops. one thing affecting markets is china and china made its next move over the weekend, increasing tariffs on 128 u.s. products in response to washington's action on aluminum and steel. for a sense of where this may aldon, who is ed also the author of the book,." failure to adjust." with us, for being let's start with the basic question, china has imposed tariffs on 128 products, is a total of $3 billion of products. is not actually that much money. is it enough to balance the trade deficit? clearlyi think this is an opening salvo from the chinese to send a message to the trump administration that if you hit us with tariffs we are going to hit back in kind. so far the trump administration hasn't done much with respect to china -- just fairly small tariffs on steel and aluminum and this is a proportional response from the chinese. whereestion is if this is it stops or this is the beginning of a series of sanctions. david: we he

abigail doolittle joins us with more.ally nervous about the upcoming first-quarter they are going to report on may 1. nervous around that. out aboutlysts coming that with cautious comments. they guide just one quarter in advance. we have global action mixedading shares from deposit. asia, various wireless carriers, even one electronic thatler in asia suggestion the actual quarter that march could come in weak. we are looking at possible weakness for the march and june quarter. we can see why china is such a big deal. this is the sa function. in orange, you can see the overall revenue from the americas. in green you see china. that has been steadily declining. that is a concern that the chinese are not adopting the iphone x or upgrading to the 8 and 8 plus. that could be a negative for the company. vonnie: we see winning icon demand coming up periodically. abigail: you are right about that. we have been seeing this on and off for a few months. i think it is the proximity to the upcoming earnings report. semiconductor,an wh

abigail: overall a cautious tone. thank you very much, cody.dent trump hasn't settled on a plan to retaliate against the syrian president over an alleged chemical weapons attack over the weekend. will have the latest. this is bloomberg. ♪ mark: i am mark first world news. ryan is notr paul seeking we election and the focus turns to other republicans will run for his seat. the leader of rights campaign can says he has no plans to make an endorsement if there is a republican i married in the race to replace him. he says speaker ryan is committed to keeping the seat that he held for 20 years in republican hands. connecticut senator richard blumenthal says the u.s. should crackdown on foreign money being pumped to the u.s. from russia. spoke today on bloomberg television. >> the sanctions have to be strictly enforced and tightened so that assets in this country that are headed in real estate or bank accounts are exposed. the funding of money from russia by putin and his inner circle has to be stopped. senator blumenthal also weighed in president tr

abigail: a dark cloud. it only grew 14%, compared to 27% of growth last year. look at the stock and there is a 3.6% dividend yield. valuation is attractive. down today, trading between the range of 130 and 175. four large-cap value investor, shares of ibm might make sense but right now, dinged on the day in the lack of sales growth. vonnie: abigail doolittle, thank you. mark: check it out what is happening ahead of the close. it is next. we are less than 35 minutes away from the end of the wednesday session. it is quickly jumping as the level of sterling declines. the close is next. this is bloomberg. ♪ . mark: 11:00 a.m. in new york and 4:00 p.m. in london. 30 minutes left in the trading day in europe. from our european headquarters, i am mark barton. vonnie: from new york, i am vonnie quinn and this is the european close on bloomberg markets. ♪ mark: here are the stories we are covering from the bloomberg and around the world, geopolitics softening today as president trump reveals the cia director mark -- mike pompeo travel to north korea to meet kim jong-un.

abigail: amazing, isn't it? shery: thank you. tug-of-war between the old and the new in china. for squibber gdp data showing steady expansion for the country. highlighting the economic struggle it is facing between oil industries and the booming new economy sectors. as china focuses on expansion some of the country is extending an olive branch to automakers, allowing carmakers to pay full ownership of local ventures. that announcement coming at the same time it is dumping deposits imports. let's bring in our chief asia economic correspondent. great to have you back in new york. his the consolation in china that basically the tariff on -- is it going to balance out with the foreign ownership measure that they just apply? look, we have a huge market here with huge potential. we can make concessions and openings further, but at the same time, we can retaliate andid -- and widen projections. one of the issues on china's detailsthey often lack and do not follow up on execution. there is no doubt that this is a concrete move on the aut

abigail: happy friday, dan. thank you for taking the time.we td toward the close -- head oward the close. what do you make of all of this? do you think a new low was ahead -- is ahead? watching,the markets and what is a focused -- mostly affecting the equities market is this idea of protectionism. everything coming out of washington is one of the biggest drivers. it is all about the headline risk. what do you expect for the earnings season and guidance? dan: earnings have been strong. we are watching the banks. the fed is in charage of regulation the volcker rule. bank of america has earnings coming out monday morning before market opens. this could have a positive volatility, on the merrill lynch unit. lower,: these stocks are according to reports. there were some weakness for the other big banks that reported. could this earnings season somehow disappoint even if companies to hit numbers? always have systemic risk. volatility could be moving us to the downside. that can affect earnings. this could put of a little bit of a wage on everything

richard abigail doolittle.bigail: we do have investigators waffling, only the dow higher of the s&p 500 and the nasdaq are lower as you can see. the tech heavy nasdaq really underperforming, down .5% and earlier today, the nasdaq had been up about .7%. some intraday volatility that was foretold possibly by the dow transfers turning down earlier. if we take a look chart of the s&p 500, we are going to see the fact that the s&p 500 is near session lows but last tuesday we had a big drop on capital or comments that some investors took for the first quarter being as good as it gets and then up last thursday and friday about flat, we have been higher for the s&p 500, but now down your session lows as investors are again a little uncertain. lots of factors to contend with, including big earnings reports, apple tomorrow after the bell. on the day, let's take a look at some of the booze and the drags as far as the boost, take a look upthe oil refining company on the news that marathon petroleum is buying them for $23.3

vonnie: abigail doolittle, thank you for that. let's get straight back to the west coast and an open institute global conference. -- annualnteral watering hole for executives, the davos of the west. erik schatzker is there with a key voice and finance. erik: i'm here with my gary --ty -- michael a righetti michael arougheti. good morning. mr. arougheti: great to see you. you are enormous players in private credit industry. private credit is no longer a cottage industry like it once was. there's an awful lot of capital trying to originate loans. how competitive is it today? mr. arougheti: it's gotten more competitive over the years, but when you think about why private credit is going, you have big demand from credit coming from middle-market companies across the globe. you have global private equity business which is driving demand , and an increased institutional investor appetite for the asset class itself, given the fact that it is floating rate, senior secured, short duration and not correlated to other fixed income instrument

joining us is abigail doolittle.one for three days in a row so investors are not taking coming to this. at the end of the day, investors and traders are worried about the incoming earnings report. mentioned morgan stanley, that is bearish, and morgan stanley is saying after the corridor, by the depth -- after the quarter, buy the dip. and china is a big deal, you look at an annual basis of china and green come and over the last couple of years china is coming down. europe and purple is beating china, and that is not what investors are looking for. the chinese adapting to the iphone x and the upgrade cycle as they hoped. joe: and this dovetails with the warning from wednesday night of a taiwan semi conductor that does business with the iphone, and that is when it started. abigail: their guidance from the second quarter coming in less than expected. thatgan analysis saying has to do with the iphone, and if we hop onto the work we have a chart showing why that matters. apple is a direct customer of taiwan's semiconducto

abigail: it is higher on this upgrade today, which is interesting.ck before, the and it is about the student loan crisis. they do have a bad rap around the idea if they are a part of it. but they're are not a piece of the student loan crisis. what they do is the loans they service, they have collection agencies to go after students who are in default, so they can collect loans there. thosevernment is backing lawns, and some people are saying that is not entirely fair. overall this company put up a strong quarter in january, valuations are good, and they are diversifying into health care. may be an interesting stock to look at. abigail, thank you for that. will april snow showers bring may flowers? new york is gearing up for more snow. this is bloomberg. joe: seriously? ♪ julie: what you missed? sharon sandberg joining mark zuckerberg saying the come when the companyted -- is committed to increase privacy and she did say some advertisers have pulled back a little bit, the question is, is it going to matter? this chart i find incredible. the percentage

abigail: it is a real business and their future is bright. whether this task force will affect their business. but the perception right now is negative. shery: thank you. president trump's tax overhaul is taking a bite out of wall street's wine and dine affirms. -- wine and dine firms. why some mainstay practices could be changed. this is bloomberg. ♪ david: we come back in on a beautiful shot of the capitol dome in washington dc. this is "bloomberg markets: balance of power." shery: president trump's new tax law is making enemies on wall street. for more, we are joined by bloomberg national group -- political reporter sahil kapur. sahil: bankers will not be happy. firms investment firms that like to take potential clients out for things like expensive meals and golf outings to try to them over. that is a common thing that you were able to deduct up to 50% of mrs. -- expenses for things like that. it looks like the new law will not allow that anymore. there has been no specific but the exactly which in the bot is that entertainment, amusement

abigail doolittle has details live.ing up with why the stock is down so much, a kit -- a terrible first quarter. let's hop into the bloomberg to see what the revenue growth looks like. you can see this chart, revenue growth for the first quarter off in a big way, down more than 15%. milliont a hundred $12 relative to last year's $68 million profit. toys "r" us bankruptcy having a lot to do with it. we have weakness out of europe, but with the stock trading higher, one piece of that could be the fact that the company reiterated their profit operating margin for 2018 despite the fact that segment after segment for the first quarter was lower. bloomberg intelligence analyst merriam is saying it looks like a near-term left. vonnie: how to they work their way out of this and work passed the toys "r" us bankruptcy? the ceo said they are going to be able to fill that distribution hole with walmart and target. both of those companies may pick up more, also pharmacies in dollar stores. when we separate the fundamentals from the

abigail bank it's -- abigail: it's time for charting futures. as a can see oil is lower.r the last five days, up over 5%. weekend's theast tension continued to escalate between the u.s., syria and russia. military actions are limited in scope. a range from the chart. -- a longer-term chart with f function in the bloomberg. we see that oil has been trading steadily higher up and down. we can see on these rising geopolitical tensions oil is starting to move higher out of the range. will it break down or will it move back down. i would like to bring in a former trader. bloomberg's commodity strategist. >> the markets are becoming oversupplied. it stretches very much above good resistance. 70 is key. that's what copper held last year. you have a great chart of production you can use the btv function again. >> take the markets were in for it. shortreen light is market . they are not shorting unless they supply the white line as estimates from the department of energy of production. productionte that should increase about 10% from current levels to almost about 12%. if you look

historians compare her to abigail adams but there is a big difference. abigail adams died in 1818. son became president in 1825. she never saw it happen, she married 3 children, one an alcoholic, barbara bush was surrounded by success and that is not an accident. she reacted to some of the pain her mother pauline went through and decided i'm not going to ruin my life. not going to be bitter, not going to let defeat or hurt weight me down and she became the fountainhead, the source and inspiration for the success of the family. heather: i look at the images of her coming out with pearls, i wish i had worn pearls today in her honor. thank you so much for joining us, appreciate it. the public is invited to pay their respects to former first lady barbara bush this friday between 12:00 pm and midnight at st. martin's up this couple church in houston was a private funeral service will be held saturday before she laid to rest at george bush presidential library. barbara bush passing away at the age of 92. .. .. heather: investigators getting a first look at the chemical attacks in syria a

abigail: you're right about that.the news today, there was a report by buzzfeed saying they temporarily recalled production and last week, it was higher after elon musk put up 2000 cars per week and that would actually triple by the end of the quarter and we had sales numbers up and down today and before we came on., people hate to put tesla down. let's take a look and we see a produce aboutthey 25,000 cars overall. about 1500 of those or model three. for q1, that was a record number for them, 35,000 cars and a lot -- 8200 cars, so they are pacing and out. a longer-term investor and you really need to figure out whether or not they will sustainably be able to produce these electric vehicles in a sustainable way for the markets. >> something else investors obviously like -- pay close attention to -- >> that is a big piece of the story. i read a report that they burn cash more than $6,000 per cash per minute. that is extraordinary if the figure is correct. thinks they will have to raise capital again. elon musk tweeted