five before the majority opinion upheld the provision of amex's contracts with vendors that prohibits vendors from encouraging the use of competing cards to amex with discounts for promotions the majority opinion written by justice clarence thomas found part platforms are quote two sided platforms and quote that interact with both customers and vendors and that it is a unique feature that justifies what would seem to be an eye competitive practice justice thomas wrote that in the absence of restrictive cause vendors could effectively capture sales from amex card holders while evading the fees by simply encouraging them to use different cards with a lower swipe fee at the time of purchase the decision expected have major consequences for retail and the race to capture market share in the growing cashless transactions sector and.

five before the majority opinion upheld the provision of amex's contracts with vendors that prohibits vendors from encouraging the use of competing cards to amex with discounts for promotions the majority opinion written by justice clarence thomas found part payment platforms are quote two sided platforms and quote that interact with both customers and vendors and that it is a unique feature that justifies what would seem to be an eye competitive practice justice thomas wrote that in the absence of restrictive clause vendors could effectively capture sales from amex card holders while evading the fees by simply encouraging them to use different cards with a lower swipe fee at the time of purchase the decision expected have major consequences for retail and the race to capture market share in the growing cashless transactions sector along american express to retain a tactic that has given them a major foothold. jumping over the atlantic it looks as if some businesses operating in the united kingdom are preparing to jump over to the continent bank of america or be. vay says they will mo

discount ratege that is the measure of fees that amex charges its merchants.oking to increase the merchant acceptance rate. that will be key. u.s.illion active merchants. sort of the post-poll -- push -pull dynamic for fees and the acceptance rate. caroline: discover card services got a little bit of a blow. it would undercut, therefore, the ability to compete. taylor: really worried about their ability to compete as well. you can see that shares of fees and mastercard are falling interaction to the announcement. near-term negative for them, the dichotomy in the push-pull of the acceptance vs. having the lower-discount rate. vonnie: taylor riggs with the stock of the hour. best performer in the s&p right now. spreads between debbie g.i. and brent crude narrow -- wti and brent crude narrowing. productionsing could impact to this. let's get to scott bauer, our guest for "futures in focus." great to have you from cme. this opec deal that we finally got on the weekend -- how are the traders taking it? scott: it was definitely a bit of a surprise. everyone expected

five before the majority opinion up held the provision of amex's contracts with vendors that prohibits vendors.

in particular obviously a big story was the supreme court decision on amex and for those who don't auge amount about this, essentially the judges decided that amex was able to enforcagreements with vendors. they should not steer kocustome to less expensive cards. aid that's not acceptable. fees are high in the u.s. for credit cards lot of other options out there is that world going to come to an end >> with the supreme court decision the trend among cost acceptance among interchange to is down. at the united states, four, five years, they passed the durbin amendment, in context of debit, capped the fees at two-thirds below from where they were previously competition over time will tend to lower those fees as you see new entrance come into the market come into acquiring new markets. fees will come down due to the competition. there's more competition today in the united states and most of our payments markets than there has ever been. >> you mentioned ali payment there, foreign currency exchange fees what does new technology have to offer them all of these brands that are getting in t

>> amex was up, but will it hurt their business >> no. i think it was a background concern.e overhang on the stock it's been running a very long time, this litigation, seemed like they were in the clear years ago. now this ends it i don't think it necessarily changes that much of the overall market shares. >> i'm surprised they charge high fees that they do, frankly, in this day and age. what about shares of campbell's? another big story today closing higher by nearly 10% in fact they are interested in buying the food company, and they ra y rallied a bit on the heels of the tstrategic review the stock is down 12% this year, and, you know, for camp bell's, mike, you know, if they are -- you know, i guess they basically signalled this was coming. >> yes >> and kraft has to keep buying things - >> lacking a permanent ceo right now, and it's forever been put together by investment bankers from the outside, management in grilled cheese merger that would be, you know, everybody's favorite lunch, so i do think it makes sense on paper listen, this is going to happen. doesn't mean ca

back to you. >> see a big spike on amex shares there diana olick outside the court today. >>> startingday, amazon prime members will get discounts on a wide rachbnge of products at whole foods. the biggest boost could come from the ad business according to rbc's mark mahaney who says the ad platform could rival google and facebook within five years. mark, good to see you again. >> good morning, carl. we've spent the past year or two getting used to the power of aws but now it's time to pay attention to amw, the marketing services >> there's been new disclosure that essentially implies they are at around the $7 billion revenue run rate for advertising based on a bunch of checks we've done 125 advertisers survey report. we think this business is on track, probably not to get up to facebook and google levels any time soon but to get about $25 billion in avenue revenue within five years and it's a highly profitable business. that's one of the most interesting takeaways from this which amazon is two great revenue makeshift stories. aws. but then ams not capital intensive. so as a bull, a lo

oflet's talk about some these new businesses that amazon pairing up with amex, the health care initiativehich we know is going to run but we do not know exactly what they are going to do, how big of a piece of a pie are these businesses? business is a multiyear efforts to sell office furniture, artwork, power tools companies. just like they do with credit cards to consumers, they are going to give it to small businesses that use amazon business to buy more so it is a logical step in that breed health care, this is a not-for-profit business. he is their that she is the -- he is there to experiment, i think he is going to have a pretty clear, blank sheet to go and try new things -- ont down on i n unneed businesses. >> germany want amazon and ebay to be liable for a vendor sales tax. do you think this will hurt amazon overseas? anthony: i really do not think so. if you look at amazon past history in the u.s., amazon was originally very resistant to collecting a sales tax, but at some point they acquiesced, and their business did not skip a beat. they are already the low-price leader and whe

amex did part ways in 2016 with cobranded biggest partner. brightening. a survey showed 57% of staff remained committed to the struggling lender after declining morale. the number of staff is proud to wear their deutsche badges is reportedly stable. employees have been depressed following years of restructuring and three straight annual losses. richard restored and boosted the misses his ear. agreedbuffett hathaway to a deal with lee enterprises to manage its newspapers in 30 markets. in exchange for $5 million annual fee, and a percentage of profits above benchmarks. the change comes months after buffett admitted a shareholder meeting that he failed to find a way to overcome the decline in recent years. that is your business flash update. bloomberg scoop. canada is preparing new measures to prevent a flood of steel imports from producers trying to avoid u.s. tariffs. that is according to people familiar with the plan. broke the story. our porter is joining us. explain to us what you learned, josh? josh: this is part b and -- part defense and

ultimately overheat which is the point at which the fed has to over tighten to deal with inflation rate in amextwo deal with inflationary dynamics. it has to come back down again. before we finish on this one, will wages data for you a good thing? is it just not strong enough? getting there. again, we can have comparisons with other markets. in the u.k. we have a problem. in the u.s., it is responding. it will keep the fed on track, i think. anna: thank you so much. he stays with us. up next, talking about europe. a new phase of european risk. he will have the latest on italy's new government. an update form rome. -- from rome. ♪ manus: live pictures of tokyo there. ins just gone 7:30 a.m. here zero. zurich. end.p in the the dollar itself is working around the world. a nice risk on indicator. in with nejra cehic. as you say, the demand is wilting and risk is on if you look at equity markets in asia. you can see some pretty broad-based gains across the region. it seems asian markets are reacting slightly belatedly to the jobs data. see this risk on playing out in the fx space as well. the aussie

mentioned, are taking a particularly on the chin, but then, you know, ibm is not >> i would also note amexing the trend after the supreme court ruling that came out earlier today >> when we come back, i'll cover a lot more of the action today on a busy monday >>> lots of different threads to watch today. even beyond the moving averages. you have the ten-year fall below 2.87 the vix went to 18 semis had their worst day since april at least and micron, the worst performer on the ndx, where there's just a handful of winners and even those names are like henry shine and express scripps. >> it's also worth noting where the dow is concerned is sort of the end of anige the last day ge trades in the dow industrials. stock is down, you have trade woes playing out they also announced a deal for their industrial gas engines i think investors are mulling over that as well. another name to keep an eye on today. >> speaking of trade woes, alibaba down 6% at this hour we'll see how that shapes up whether that's being blamed for a general skepticism around chinese stocks, jd not faring as poorly that's do

hopefully this will not happen again on this scale that yes, it seems to make sense to have a visa, amex shouldn't happen again but if you are concerned, potentially spread the risk by getting a number of different cards in your wallet. all banking under your mattress. it's interesting because visa are saying, we should stress if you have woken up we should stress if you have woken up and wondering if you can spend money, visa say they are back to capacity. you do wonder what would have happened if this went on to many more hours or if it happened at the beginning of the day and we had a whole day and night of it what would have happened. think indeed for now and hopefully we don't have to talk about this again with you in the future. i would love to do with the future. i would love to do with the financial cost has been to the country and all of us and i'm sure we will find out in coming days. do get in touch and let us know, if you are waiting in line and needed to get petrol or to be or a train or anything like that, you couldn't pay anything like that, you couldn't pay a hotel bill,

wheres sarat owns this >> yes, it's an overhang the stock had a lot of things against these cards, amexthe stock has done well. >> american airlines trading at lows not seen since march of 2017 >> rub it in, mel. rub it in. >> just stating facts. >> i have tried to catch this falling knife a couple times and each time i have got exactly what i deserved, i guess this one continues to fall because the price of crude oil continues to rise. after the opec meeting last week going into it, we were right around $65 for crude now $68. that's, of course, horrible for any of the big consumers >> why do you hold on to this then >> i have calls. but in all likelihood, i'm going to have to dump those calls. >> estee lauder lower today after the stock was downgraded to equal weight at morgan stanley. >> they had a great call they have been on since 2012 you can never fault an analyst for taking profits i like it long term. a pretty unique franchise, great company, but unquestionably, had it a great run i think if you own it, it's a point of conversation we had, you don't sell it. >> this is one of th

amex shares jumped in new york while visa and mastercard fell.hey assigned a settlement with brazilian prosecutors over the dam disaster at their samarco mining venture. a greater say in cleanup and reparations through a foundation created by the companies. it is races outstanding lawsuits worth $46 billion lifting samarco's chances of resuming operations. global news 24 hours a day, on-air, taikiktak and on twitter, powered by more than 2400 journalists in 120 countries, this is bloomberg. for thewe are waiting major market open here in the asia-pacific. ofan markets brace for more the pain that we saw on wall street, it seems like you are wearing the red color to work. your matching nicely with -- the right color to work, you are matching nicely with the map. >> didn't mean to do this. -- most stocks, asian stocks excepted are continuing this three-year decline -- a move below might be in the offing. let's pull up the futures board and check the mood. a lower open could be shipping. tos might prompt investors buy in. ubs looking for a big emerg

given the 5-4 decision by the court, in terms of ruling in favor of amex.fit for companies that are in two-sided platforms. facebook, google, uber to avoid anti-trust action. two-sided platform would have to demonstrate on both sides. that's what the court said and that could make it easier for them to avoid. and that's a big deal. that drum beat has been ongoing for some time. would there be an anti-trust taken for the biggest names in technology yesterday's court decision should not be overruled. >> it was a conservative vote in favor of american express. we saw that in the share price reaction you're saying broader implications for anyone worried about anti-trust. >> right the argument being they have undue power is unfounded in the the court's opinion. >> the debate rages on regarding semis which has been lacking some leadership. ubs does take micron to neutral. a target of 60, they say producers are taking more cautious stance regarding deramp supply going into the back half of the year. but intel bernseen cuts to underperform mira cut it yesterday to

the high court in a fire before decision sided with an amex polyp did that prevents retailers from offeredncentives for customers to use cheaper cars. they have higher site feeds another card. america next breath down 2% so far this year. instagram is now worth more than $100 billion. that's according to bloomberg estimates. $1 billion back in 2012. do valuation comes less than a week after instagram launched its video platform. to reach the milestone of a billion monthly active users. shares of face that trading higher in the premarket at fractionally. just a fraction of maria as you can see. buy low, keep it at a higher level. way to go, facebook. good investment. maria: obvious companies within the in the social media space has skyrocketed. >> so much for confidentiality and privacy concerns about those facebook earrings and ring in the stock down for 150 to 200. they do have a long-term problem in terms of censorship, especially among conservatives. they feel the left more than the right and i think that is a mistake. they've got to cover other bases. maria: that the kevin mccarthy kee

there are some -- conflicts over classified material going to be a classified amex or classified portion effort to just to delay the unbelievab inevitable leak stories get as much positive coverage as they can on the other hand pretty bad news for a number of people involved apparently they can put off a while longer but still going to be bad news. >> we know peter strzok could be one of those people we know his infamous text we need shurn policy obama wants to know governoringing on new report fbi agent peter strzok was yanked from robert mueller's team reportedly had larger role in russia and clinton probes than previously thought his give's picture next to him lisa page two exchanging techss awaiting report from inspector general about overly conduct in clinton investigation what is your take. >> i would expect peter strzok to play a fairly large role in this inspector general report he does have a lot to do with these things and remember, not really a surprise, because, the -- as in cautious as text between strzok and page appeared to us just things they thought safe to talk about vi