guy: let's talk about atlantia. kevin: you could say all eyes are on atlantia right now.remarket trading shows the stock may be down 47%. if that holds at the opening, that could wipe about 9.5 billion euros off the company's market capitalization. atlantia is the parent company of the operator of the genoa bridge that collapsed coming killing about 39 people. guy: is it just atlantia or other companies implicated in this is well? >> all eyes are on atlantia. other companies do not seem to be in trouble. once a bad mood sets in, other companies could be affected. guy: it was a national holiday yesterday. that is why we have to open today. -- have the open today. oliver: reporting second-quarter earnings and they cut their if he is the full year. they are blaming currency headwinds, these are the same problems they saw on the first quarter and they did not tell us what it was this time, last quarter it was the euro strength and the weakness of the russian ruble and especially the euro strength as compared to the u.s. dollar and the eps guidance is something the market will

atlantia has many important international shareholders ranging from hsbc to blackrock to the singapore wealth fund and then the bennaton family the representative of these shareholders want to know what is the cleanup strategy the company devised after the jen ra bridge collapse. they will also talk about the latest from prime minister giuseppe conte he is planning on perhaps taking over the company the finance minister has ruled out this option, but we know they don't have that much power within the cabinet but this move using assets to take over autostrade would happen in financial terms. what is the equity value of autostrade the most important italian investment bank, which advised atlantia in its merger with the spanish operator attributes an equity value of 40.8 billion the book value of autostrade in atlantia's balance sheet is 12.2 billion. so these sums will be lower compared with the penalty that the state would have to pay if it presses ahead with plans to strip the toll road operator of its concession whatever the outcome, atlantia's convinced it can prove its innocence and

still struggling to get a price for atlantia. matt: we will continue to watch that on atlantia.n for emerging markets is not over either. cutey's credit rating was further after a chaotic week for developing economies, but especially for turkey. venezuela, over the weekend, devalued its currency by more than 95%. this wasn't the only drastic measure president nicolas maduro made. he has linked the new bolivar value to a cryptocurrency, and that is a worldwide first. joining us is managing editor for global markets, justin carrigan. let's start with the turkey story. the credit downgrades clearly aren't going to move the needle. they are not really ahead of the curve here. they are sort of chasing this ambulance. but we do see moves being made with qatar for turkey to try and salvage things to some extent here, right? justin: that's right. this is kind of the next stage in the story that appeared last week, when we heard the qataris and the turks came to an agreement, whereby the qataris would help them with $50 billion of cash. and this is kind of a swath agreement. it might hel

atlantia something to watch on that down 20% in the last few minutes.nology performing well today. >>> some of the numbers we've been watching today from corporates, carlsberg shares have risen after the company posted a strong set of numbers in the second quarter as it upped its full-year profit outlook. it's up nearly 3.7%. the danish brewer cited strong sales in russia during the world cup. the second quarter beer volumes rose 10% compared with a 11% decline in the first quarter carlsberg had been losing ground to rivals in russia which accounts for a fifth of its overall sales. we will later on today be talking to the ceo of carlsberg, that's at 11:00 a.m. central european time. shares in nn group are headed for their best day in 16 months. they posted a 25% rise in second quarter profit as the feel-good effects from its acquisition of delta lloyd continued. the take oversaw costs at the dutch firm fall by 62 million euros. nn group is forecasting cost savings of 400 million euros by 2020.cnbc, the ceo said he was encouraged by this growth >> we had

atlantia has many important international shareholders ranging from hsbc to blackrock to the singapore wealth fund and then the bennaton family the representative of these

atlantia is controlled, 32% is controlled by the holding company for the bennaton family. those businesses most well known for their retailing and clothing brand. they are also in transportation, telecoms, finance. so they are in the eye of this cyclone. the family being criticized for having negotiated this concession they had that lasts until 2038 if this concession were to be revoked by the government this would mean unless there is some severe nengligence proven, they would have to pay out about 15 billion euros and then the question of who would rebuild the bridge so it is a tug of war. it needs to be seen and we'll get more information on tuesday and wednesday when autostrade and atlantia have their board meetings on whether the ceo will be stepping down or not. lots of numbers that need to be analyzed as far as the investment part of this situation is concerned to better understand what kind of impact this tragedy is going to have on the stock, on atlantia right now it's trading in positive territory back to you. >> claudia, thank you very much. >>> speaking of the

increase the shower shares atlantia down. that's european markets. >> here in the u.s.e seeing the sentiment over those trade talks restarting between the u.s. and china. also give a risk assets a list the dow getting a lift. you can see outpacing gains on the s&p 500. that is the walmart effect. again in the shares of the company after earnings and sales the estimates. we are also seeing cisco on the rise. another dow component after its numbers be estimates. then it is the phenomenon that we just heard mark talking about created that is a weakness that we have been seeing in commodities and metals in particular. that has flipped at least for today. with the u.s. dollar weakening by a third of 1% against a basket of currencies. the bloomberg commodity index showing really brought strength across commodities. energy, agriculture, and metals as well bouncing a little bit today. when you dig a little bit more into what we are seeing in the broughtcks, it is strength. everything in this field is green today. we're seeing gains across all of the groups. top ofr staples are

atlantia gaining 1.9%.have bloomberg reporting the italian government is considering involving the state takeoverp in a public of the highway concession now held by atlantia. this is one potential future for the company. reporting in the last few minutes that cdp may buy a 5% to 10%. dansk a bank, gaining. it has been raised to overweight at morgan stanley, now preferring it over dmv. bands got on the front foot, too. bank on the front foot, too. matt: now to trade and mexico is said to deny a handshake agreement with the u.s.. had previously reported the u.s. was planning dealveil the nafta tomorrow but mexico says it is working to resolve trade differences with its northern neighbor. still with us, simon french at penn mayor gordon. how much attention our markets paying to this? ,learly, the u.s.-china talks the u.s.-europe meeting was interesting to watch with juncker, but it doesn't -- this one seems to be on the back burner until today. simon french good morning, matt -- simon: good morning, matt. abou

what is likely to happen to atlantia now?have seen criticism from the government, these moves to remove the contract. what's going to happen? >> yesterday, atlantia closed down 22% after a while day on the market. there were all sorts of conflicting statements from the government ministers as to exactly what would happen to atlantia. the latest we have is a report in a newspaper that says the italian market regulator has gone directly to the prime minister to say that the ministers should watch what they are saying regarding this company because there are legal steps involved. kevin, we have had the benefit and family going to attempts to take with the road concession. how strongly is atlantia likely to defend their interests? >> i think quite strongly. we had a statement yesterday morning that made it clear that atlantia will defend the interests of its bondholders and shareholders. they really mean to put out some opposition to any precipitous government measures. anna: what is the government's latest position? which part o

other parts of the story is the future of atlantia. atlantia issuing a statement.omething that has been talked about by the italian government and some talking about the possibility of atlantia losing the contract. revocation requires early and the statement comes after the jenna would is -- disaster. we will see if we get any further moves. manus, you have a market check for us. manus: a lot of this is based around the yuan. the biggest one day, the biggest moves in seven years on the yuan forward so this gives you a sense of what is going on from the political ground, even though it is an evident. -- ex-dividend a. the yuan is moving, the dollar retraces its steps, it is the first drop for the dollar in a number of days area the risk sentiment is turning ever so slightly. we have the turkish lira rallying and that is because of pressure being exerted by the authorities in terms of the ability to short the currency. the qataris are stepping up in billion, and they have rallied for three days in a row. have not seen that since july 6. the lira rallies, the dollar d

that's why the stock, atlantia stock is bouncing.k you very much for bringing us the latest from there >>> the spanish government has declined to comment on whether the genoa bridge collapse would affect a deal between acs and atlantia earlier this year they acquired spain's autocrest to create the longest toll operator in the world. >>> moody's says it needs better visibility on italy's policy direction. they had launched the review for a potential downgrade of italy's ratings last may saying the f fiscal strength could crumble under the new government. >>> the ecb fined credi credit agricole almost 5 mile onyou'o million euros. >>> persimmon has posted a 13% jump in first half profits after the uk firm sold more houses at higher prices. the second largest home builder in britain forecast more growth going forward. the company reiterated a commitment to returning surplus cash to shareholders by setting capital return targets through 2021 >>> the world's biggest minor has missed earnings expectations bhp full-year underlying profit w

the eu has a more pragmatic approach with atlantia to get a ticket00 million euros atlantia to rebuilde are seeing atlantia shares rebound from yesterday. people also telling us that the government is thinking of a noty fine for atlantia, but the revoking of concession. they're saying we need to revoke the concession because the bridge is not there and people are missing. guy: how will this affect the budget discussion? did we get more clarity on that? >> it is still unclear at this point. and nationally attacked the european union saying we need more flexibility to do maintenance. now they say they have all the money they need to rebuild the bridge and maintain the highways. on the other side, the focus is more on the company. they are probably saying they need more flexibility for investment in the country. they would probably use the necessity to build the bridge and do more public work. guy: thank you. joining us on the story in genoa. get more details on it. next, we continue our conversation with david riley. around.l stick we will carry on talking about geopolitics. ♪ guy: guy j

this is operated by a private company called atlantia.nsibility of the government, hurt by austerity or a private company that has not been doing its job well? >> it is hard to say at this stage. it will be a matter for the prosecutors. for sure, the latest is that the government called on the manager of atlantia, the operator of the highway, to resign. the licensed that to operate the highway could be withdrawn with a possible fine to the company. if they are not able to manage our highways, the state -- the transport minister said on facebook, the level of confrontation is serious. francine: what does this mean for the budget? the deputy prime minister heading the euro skeptic league says, if external constraints prevent us from spending to have safe roads and schools, it calls into question whether it makes sense to follow these rules. this is being politicized. does he have the backing of the italian people and what does it mean for the budget law? >> this is very complex. one needs to separate the level of the political rhetoric and

that is despite atlantia offering $5 billion in aid.y will still cancel the highway contract because the victims of the collapse deserve justice. elon musk sees no option but to keep working at his current pace. board members and investors are growing more concerned about his health. musk tweeted he had just gotten home from the tesla factory. he appears determined to lead the car company through the turmoil that erupted when he suggested taking it private. that is your bloomberg business flash. guy: thank you very much, indeed. let's talk about europe. greece may be out of the woods but that seems to be a myriad of risks to contend with. italian bonds, fears around the budget. the 10 year yield spread over germany touched the highest level since formation of the new government. with us is anthanasios vamvakidis to talk through all of this. let's talk about what is happening with the euro-dollar. i want to throw this chart up there to see if you are technically interested. , a head andows shoulders formation. it takes us down to around

atlantia shares opened sharply lower. good morning, everyone, and welcome to bloomberg surveillance. these are your markets. i'm looking at the stoxx 600, pretty much flat. they were rising a few minutes ago, but overall, the dollar has been falling overnight. u.s. futures are gaining, but the big story is about china. you can see what the offshore yuan is doing. let's take a look at carlsberg shares, we will be speaking to a chief executive in the next hour. they reported earnings, of course, this is an emergent market story. gaining some 3.5%. coming up, our weekly brexit show, we speak to the former conservative party leader and ask him about boris johnson, asked him about what kind of brexit he sees coming up. first, let's get straight to bloomberg first word news. specifiesill do commerce ministers to the u.s. for trade talks. the chinese delegation will meet with an american group, led by the undersecretary for the department of the treasury. exchangeark the first since negotiations broke down two months ago. chines

atlantia loses its toll road license.akes steps to -- pepsi announces its $3 billion deal to buy soda stream. what does it mean for the rest of the industry? julie: let's start with jpmorgan and a big surge in etf assets. this is an interesting trend. peggy collins is with us. etf's,e huge increase in the big banks are saying to their financial advisors, why don't you use our etf? >> this is a trend to watch. it feels a little deja vuey. if these are going to go to zero, and we saw fidelity do this, let's create our own and push our own so we can swallow up a lot of assets. the one thing i would caution in terms of what to watch, it does bring up the whole idea of conflict of interest. david: if it is your money you are managing, you want them to put up the best -- you want them to put it the best possible place. >> we have the fiduciary role that does not have the most exciting name. it is an important role for investors. david: the sec has a new role about to come in. >> the idea is are you putting your investors in the

atlantia is picking up despite the comments.w you what is happening at the bottom end of the market, and give you a heads up on what is falling this morning. 1.9%.lliton down by you might expect pressure today, but it is causing crosscurrents that are moving around. we spoke to analysts from australia earlier on. dividend this morning. down by 1.4%. that's get a bloomberg update here is juliette saly. juliette: president trump said -- heected jerome powell said his nominee has raised interest rates. the federal reserve has raise rates five times since trump took office including twice this year under powell. the president named the fed chairman, but he is independent, and he has frustrated the president. revealed a group of cyber attackers from the russian grommet -- russian government. created sixgroup web domains that minnick organizations. mic organizations. australia's prime minister malcolm turnbull has survived a leadership vote. turnbull defeated peter dutton ballot of liberal party makers. the size of the vote against hi

and atlantia getting a bounce, 4.5%.s out, the transportation ministry is saying a report must be produced in 15 days, detailing what they did to ensure function. watchdog gotarket in touch with the government and warned it against consequences of revoking concessions. we will be watching everything out of the italian government in related to the gentler bridge -- the genoa bridge. matt i will pick it up here with in copenhagen. you are in charge of dealing with the legacy energy asset. you sold off the tanker and oil business last year. now you announced you are selling off the drilling unit. one unit left. let's focus on the drilling unit? concentrating on oil, and we are concentrating and analyzing and studying the solutions that we know and thought were available. the conclusion from this is the opportunity for our shareholders is a separate listing on the nasdaq stock exchange. matt it is interesting when there is so much cash globally, looking for assets, and this unit was profitable and has a bright future. why co

today, the board of atlantia will take a different look on its domestic implications.nter of the situation now, there is the indemnity that the state would be forced to pay atlantia if they decide to go ahead with the concession. it is about 22 billion euros. francine: what exactly is, for , the companydience and what role could they take on? wantsso: the government to resolve the concessions and have a business from atlantia. doing this through the normal way, through the concession, may cost the government 20 billion euros. the government is trying to find creative ways for doing this. one option would be a state lender owned by the government to buy a stake in the company. in that way, you would have the state being a shareholder or controlling shareholder. could tell the public that the highways are safe. obviously, this also depends on the willingness to sell the stake. francine: also, which measures is italy actually considering to take against atlantia? o: the deputy prime minister has said very clearly, we are not going to pay any penalties. yesterday, the prim

would atlantia be a company being looked at or is it too early? victor: it is too early.pany has 10 plus billion euros of equity market value. it is fallen, but even after that. up, way toodes early to think of it distressed. >> you have made a lot of investments in toll roads. what is this about those particular assets that attract so much attention? victor: we love toll roads. monopoly or a duopoly years onave 45, 50, 60 how long it lasts. there is a predictability about cash flows and a defensiveness about cash flows. when we can find those investments, we find them attractive. >> i remember covering infrastructure at the beginning of the recovery. toll roads are supposed to be the darling early cycle investment. they all seem to be owned by distressed guys. what went wrong? victor: that is not quite right. roads,have got 100 toll 5% of them are distressed. a small proportion of them which will go wrong. , the deals we focused on and what we have invested in, there are a few things that made it happen. one is leverage. they are predictable, the banks lend them money an

the company whose tollroad license includes the bridge atlantia is in talks to pay a fine to the italiant. there are talks to company would million.$570 they would also have to replace apartment buildings that were under the span. learned the ceo of google told workers at a staff meeting the china plans are exploratory and in the early stages. there are reports google is developing a search engine that would censor results in compliance with the chinese government. bloomberg learned pierre on run lost more than 16% in july when -- his hedge fund is in the red for the year. he has almost $1 billion under management. that is your business flash update. our stock of the hour is a company indicating it may be ready to return to the top. nordstrom stumbled in recent quarters, but may be back after reporting the best sales in years. quarter comps were up well past estimates. you can see how nordstrom sales have been performing in recent quarters, fairly sluggish and now up 4%. they raised their four-year guidance for sales by a full percentage point. we saw sales grew across the full price sto

some of the individual stocks, atlantia had dropped earlier in the week that now up, the biggest gainere euro stoxx 600 by more than 5%. air france, their new ceo, concerns about that, he is canadian and shares down by 3.5%. ersk up nearly 2%, they are spinning off their energy unit and investors like that. they want to see them confident -- concentrate on infrastructure. the biggest sort of the week is commodities, copper staging a rally, not too much of, just three basis points. this is not enough to wipe out the lawsuit. a relief rally. zinc lower by .3%. shery: let's get a check of the bloomberg first word news with courtney donohoe. >> turkey could be in for more turmoil as the appeals court refused to release a pastor who is accused of having a role in the 2016 failed coup. the threat -- the trump administration already threatened more sanctions if they did not release him. president trump has canceled his military parades and look for later this year because of what he calls the ridiculously high cost. the associated press reported the event what cost about 92 billion -- $92 mill

i want to go to the individual stock bloomberg and that is because atlantia has been one of the big storyas been one of the biggest decliners, down by more than 1%. italy in process of removing its confession after eight told disaster. two other decliners out of the u.k.. is sufferingerry with the issues at the house of fraser word sells good. . 4s, sharesve g$s declining by more than 2%. i want to start us off with the euro treading water, alternating gains and losses. a large short position weighing on it. we have the cable moving higher despite some of the losses it had earlier. we are also getting hints we may be approaching a no deal brexit. is not a not -- that enough to shake investor confidence. the lira declining, the u.s. dollar gaining against the currency. continuing to see turmoil. this is the second day of declines. that is a look a european markets. the u.s., where keeping an eye on currencies. our index now at $96.12. the trend is toward continuing strength. $66.02,l futures awaiting inventories and the results of chinese talks later this week. the jackson hole meeting has

human tragedy on a tragic loss of life so we can't forget that, but if you look at the markets, atlantiaas down some 25% on this license revoking concern. 10 the government unilaterally revoke it? will they have to pay damages to them? >> they can revoke it and according to the terms, they do have to pay damages. if there is no penalty reason that would allow them to revoke it. at this point, we don't know what the entire parameter of what the government is talking about is, but there is no rest in the company will strongly defend its interests. shares plunged by the most in 15 years. investors weighing the costs of a legal battle after -- was hit with $259 million in damages. this on the news that roundup causes cancer. do investors expect this to hit the bottom line? are worried about uncertainty and potential legal liabilities. they are concerned this could lead to a wave of other lawsuits, and that even if this bayer mayesn't stand, need to pay settlement costs for other suits. >> donald trump has asked the exchange commission to and quarterly reporting in order to he's regulations a

the concession lasts until 2038 for atlantia.oks like the populist government that is considering other ways. they are not trying to revoke the concessions. they may do a new low and a new low would overrule the concession. essentially, they are going to let the concession expire. it is still unclear if this is something that can be done on a constitutional basis in this country. >> venezuelan president nicolas maduro carried out one of the greatest currency devaluations in history over the weekend. inflation is forecast to reach 1,000,000% this year. how bad is it? these measures are just drops in the bucket, right? >> essentially what he has done is recognize that the black market exchange rate was really setting the prices in the country, so they had this overvalued fisher rate and he has let that go and every thing will be in line with where the black market was. clearly, even as they explained, minimum wages will rise from one dollar a month to about $30. as more money is printed and the measures play out, that minimum wage

italy's prime minister has called atlantia's offer of 500 million euros modest compared to profits it has made over the years. speaking to the newspaper, the company should raise it to 2.5 billion euros. the bridge collapsed last week killed 43 people. global news, 24 hours a day on air and at tic-toc on twitter, powered by 2700 journalists and analysts in more than 120 countries. this is bloomberg. fed.ine: trump versus the president trump has said he expected jerome powell to be a chief money chairman. he complained to republican donors, and the dollar moved lower on the comments. the president nominates the chairman, but he is independent and has historically frustrated residents. let's keep the conversation on central banks and president trump's view on jay powell. now neville hill, chief european economist, credit ,uisse and nicholas gartside cio, jpmorgan chase. does this tilt the fed into hiking more than they want to? >> i do not think so. the fed has a crystal clear mandate set down in law. in terms of employment and in terms of inflation, and so the fed look at interest rate

. >>> and atlantia rejected the idea of nationalizing autostrade the ceo said the company would not rule out cooperation with state-controlled funds but that nationalization would be a return to the past >>> deutsche bank's ceo says europe needs strong banks not more banks christian sewing says he expects consolidation in the sector to increase considerably and drew a line under deutsche bank's international position saying global ambitions are not up for debate under his leadership. annette is live on the ground in frank fort what did he say about the future of the bank >> actually, he's confident that deutsche bank is turning itself around he's saying the legacy aspect like all the legal costs have been settled, now it's all about profitability. the second quarter, he was admitting morale at the bank was not great. but with the third quarter it has turned around. that also the move inside the investment bank is improving substantially. he even mentioned the word pride. people are again proud of being members of deutsche bank's investment banking so he seems to be confident, but he's al

. >>> shares in atlantia are lower after the italian deputy prime minister said that nationalizations "the only solution to fix the country's motorway system in the wake of that awful genoa bridge collapse." separately italy's transport minister said it would reject the company's plans responsible for rebuilding the bridge. the board of the toll road operator, autostrade is set to meet again on friday to prepare a document defending its investments in the italian motorway network >>> luigi dimaio said the company may breach it's 3% deficit next year. he said the public deficit would exceed the eu level if the government keeps spending promises made during the election campaign this year. if you look at the italian bonds on the news of this, they have hit a ten-year high. significant amount of movement there on the ten-year and the 30-year there. >>> peter shaffrick is still with us. i want to ask you about italy. when we have the election campaign, when we heard from five star in terms of spending plans, we heard from the likes of liga on their plans to drarsicaldrars drars drastical

atlantia is trading a little higher out of italy. shire is trading a little higher.s, swedish match. matt: -- guy: we await the arrival of jackson hole a little bit later on. the speech will be delivered by the fed chair, people will be paying attention to that. a great number of ways to follow it on your bloomberg. one is listening to our own kathleen hays. to say?he going what message will be communicated here? the u.s. economy is charging along, but the rest of the world is not. yousef interesting dichotomy. friday morning is the first session to begin. in the past, it is important to remember, the fed chair has used this speech to deliver a message to the markets. of 2012,le, in august august 30, ben bernanke gave a strong delivery of a message that the economy was performing well. signaled that qe3 was coming on september 13 barely two weeks later. do we expect anything dramatic like that? probably not. hike is appropriate soon, that sounds like the september meeting. it sounds like they will be hiking in december. they made an explicit statement yesterday. if t

at one point in morning trading, shares in its holding company, atlantia, fell almost 30%.st toda, but italy's deputy prime minister has accused the company of being disrespectful to the victims. he was talking tough about it today. translation: permit me to say this, politically, that while we are still trying to ascertain the number of victims to check on the health of those injured, help businesses under the bridge was damaged, while all of this is happening, the company is telling us that they are still entitled to the revenue that they will lose when we end their contracts. and this is so shameful. could they spare a word for the victims? on a day like today, of all days, still thinking of their profit and their numbers on the stock market. today, the chief prosecutor in genoa said there are still up to 20 people missing, so we're expecting the number of dead to rise further. and that means the search mission continued all night, and into its third day. sniffer dogs are still being used. i want to show you this — because while there's a lot of activity under the bridge

i the italian government is considering a public takeover of the highway concession now held by atlantia'sg understands that the role for the company which manages over 400 20 billion euros in assets is one potential option being weighed by the government. another option is to revoke the confession following the collapse of the bridge in general what which killed 43 people last week, and hand the contractor the governments road operator. glaxosmithkline has requested by -- bloomberg has learned that the sale by the u.k. pharmaceutical giant has attracted interest from potential bidders including cap sicko and others. representatives for glaxosmithkline refused to comment. facebook has for the first time named a country other than russia, that has been using fake accounts to manipulate local politics. very social network said it removed 622 pages, groups and accounts for in behavior that originated from iran, targeting people in the u.s., middle east and latin america. it also removed a consonant to previous identified as russian y intelligence services. youecurity is not something ever hav

atlantia dropped over 10%, the biggest one-day fall since 2008.ws 24 hours a day, on air and at tictoc on twitter powered by more than 2700 journalists and analysts in more than 120 countries. i'm jessica summers. this is bloomberg. yvonne: thank you, jessica. we are counting down to some of the market opens in the asia-pacific. are in for a quiet session, a pretty welcoming sign. sophie: south korea closed for a holiday, so they will be left out of this. when you jump to the terminal for the market snapshot, asia futures pointing to a mixed session. japan potentially seeing some positive sentiment. the yen back above 111 against the dollar. front, waiting on august consumer confidence and wage data from australia. futures lower by 0.8%. 10 yearcould hit a high if sentiment improves. on the agenda, chinese home prices later this morning. chinese tech stocks will be in focus, and we have tencent earnings coming up, as revenue growth has slowed and they face regulatory setbacks. since hitting a peak in january, tencent has wiped out about $150 billi

. ♪ david: this is what i'm watching, italy's atlantia.hat has the license to run the motorway is under a lot of scrutiny. they blew out the cost of insuring their bonds and are now down 88%. the stock opened briefly today down 24% and has been suspended. the prime minister said we will terminate their license to run. the company is saying did not go so fast. company says you are going prematurely. the benetton family says he may be right, they own it. it involves the overall on market in europe. -- bond market in europe as italian corporate bonds have dropped. see they have come down because of politics but down again because of the bridge disaster. the government says the problem u. the you -- e italy has been a beneficiary of the corporate bond buying program. david: the populist government says you should let us spend more money and we could keep our bridges up. alix: it is not us and our physical spending. coming up, he is a dartmouth college professor of economics. and we breakdown the retail half and have-nots with walmart stock up