barton confidence and as december war on. heat is navy patients listened nightly to the radio as it don bell somberly detailed the manila bound progress of tens of thousands of japanese soldiers. wave after wave of m-- enemy troops had come ashore 32 record 5 miles to the north. they'll reported this in a tone is so grave, it retired-- require little interpretation. on christmas eve several macarthur ordered a military backed region of the manila and declared the philippine capital an open city meaning all ally defensive efforts had been abandoned. open city investigation was intended to trigger the 1907 invention-- convention regulating land warfare that forbade a taxon undefended localities, but it was ignored by japan and they continue to bomb manilla including city hall and other buildings close to the hospital. by christmas day macarthur had completed his own retreat to the island fortress near the entrance to manila bay. the more than 70000 american and filipino crews had also evacuated to either corregidor or the baton

this is bloomberg. ♪ mark: live from london and new york, i mark barton. -- i'm mark barton.ine vonnie quinn. this is bloomberg markets. most of the top telik continues to pick california over michigan in self driving cars. keith naughton, auto reporter for bloomberg news joins us from detroit. give us a look at what some of the carmakers are doing. keith: they are trying to reach out to this young tech talent. they are doing completely -- complete makeovers of their campuses to make detroit look more like silicon valley. they are loosening up on their old rigid work practices and you can work from home, can come in late, you could leave early. they are trying to match the pay of silicon valley, but that is a stretch. vonnie: obviously, pay is a major contribute factor. nonetheless, it is a -- it is detroit, so it might be cheaper to live in. tell us about victoria shine and how she made her decision. keith: she is a young engineer from california. she had two very good offers from silicon valley and chose to come to detroit because she says she is a car girl and also likes t

this is bloomberg. ♪ mark: i am mark barton.nie: i am vonnie quinn and this is bloomberg markets. in brazil the prospect of back to back impeachment is running tread across -- is spreading tread across the country. ms. miller of congresses accuses hush money to the former speaker. he said he did nothing wrong and will not resign. in index down as much as 17% dollar terms. we check out this on the bloomberg. the stock fell below the latin american peers, including colombia and mexico. but it more from sao paulo. -- let's get more from sao paulo. julia, how much does this surprise regular, everyday brazilians? it seems like impeachment is par for the course these days. >> a carwash probe has been going on for three years. over the last three years, it is every other week or every other month. it is getting -- if you speak to people on the street, they are tired of so much corruption. mark: what our money managers saying. it shows the massive move that we saw yesterday in the real. run uply, we saw a big in the real in the last yea

joining us now from sicily is andrew barton.e hearing that some of the draft communique is leaking. what do we know so far? andrew: what we're hearing is quite interesting is that the leaders are focusing on a condensed draft. last year the final communique was 32 pages. people are telling us that this draft maybe 12 pages. some may be as few a six pages. but that really tells us is two things. on one side there is a lot of daylight between the positions of some of the countries including the u.s.. it is trumps first visit here. on issues such as climate change, he remains quite far from some of the other leaders. one thing they might be doing here is by reducing the length of the statement, they can at least agree on some positions. meeting, itcky nato is fair to say it did not go as well as most people hoped. coming to the g7, and they may want to finish on a strong note and at least agree on the six pages and come out united. mark: whether there is disagreement is donald trump's opinion of exports and hounded cars germany exp

from london, on mark barton.new york, i'm vonnie quinn and this is the european close on "bloomberg markets." ♪ mark: in markets, european stocks struggling for direction today, nordstrom becomes the latest retailer to miss earnings estimates. the bloomberg commodity indexes rising for a third day, .ecovering from a 16 month low in m&a news, sprint has started preliminary conversations to merge with t-mobile. we talk about the potential tieups and the $2.2 trillion in deals proposed so far this year. and barclays chief executive falls victim to an email hoax just days after surviving a bruising shareholder bump. aboutmine what that says security at big lenders.

mark: and i mark barton. this is "bloomberg markets." the u.s. more jobs than expected in april -- 211,000. the reaction from the white -- david is joined by a special guest. david: we are joined by gary cohn. good to have you. jobs day. tell us about your reaction. it has been a big week for us. when you think about where this week started, people were questioning whether we would have a budget. we got a budget done over the weekend and a budget approved, but funded many of the president's real qiagen diamonds, including $21 billion for defense. after that, we got health care done. we got health care bill through the house yesterday. we will have -- we are excited to have the senate look at that. get -- we have the jobs' report today with interesting data. we are down to pre-financial crisis levels. that is encouraging that we are starting to put people back to work. the less encouraging news is the wage inflation. we are still not seeing wage inflation in the united states. we are seeing 2.5% year-over-year with corsi pif 2.4%. we are not creat

mark: from london, i am mark barton. fluctuated between small gains despite saudi and russia outputs and metals continuing to drop today. thank you for joining us today. why haven't we seen a bigger boost on the back of that pledge from saudi and russia to not only extend output, but possibly extended into 2018? things.ple of number one, it has been talked about, so you'd don't keep discounting the same piece of information over and over. bank, the market is three dollars off the lows it was friday ay, so washout in the market or is this the beginning of a momentum change where if the market can keep gains towards 47 dollars or higher today, will that add to kicking wtiart brent towards the $49 or $50 mark. the russians say they are on board and everyone is saying they will go for the end of 2017 and possibly beyond. where do we get the math, that will be part of it. china is the largest importer of oil at eight point 5 million barrels a day. the u.s. is producing nine point 3 million barrels a day, so we are looking for

mark: i'm mark barton. this is "bloomberg markets." jes staley faced shareholders at the bank's annual shareholder meeting, first public meeting with investors since then whistleblower ganda put his tenure at risk. we just learned most are backing him at the top. joining me now is a u.k. finance reporter stephen morris. he said, i have written a story on the numbers. them.go through staley, 2.8% against. if you include those who them are for% of staley. a good number if you are jes staley and the board? >> in the sense that if it was below 50, he would be out of a job. there will be a slight sense of relief. i don't everyone -- anyone thought there was a legitimate butce of him going today, 14% of shareholders abstaining from your reelection as they await the regulation from the whistleblower scandal is certainly not a great result. last year, he got 99%. the body'sf recommended shareholders abstaining until we get the results of those regulatory investigations. that is the key, he still may lose his job. came from the agm earlier in l

i am mark barton in london. quinn in newvonnie york.s time for the latest bloomberg business flash. insurance giant american international group has named its seventh ceo since 2005. he is stepping down as ceo of hamilton insurance. is succeeding peter hang cake because of lack of support from investors. aig is suffering from higher-than-expected costs and 4 losses and seven quarters. buymo fisher has agreed to a dutch maker. to $7.2 billion. thermo fisher is one of the roles largest makers of diagnostic and testing equipment. it has spent on to $2 billion and acquisitions over the past five years. the benetton company has agreed to by its spanish competitor that would create the world's largest operator of toll roads. the price tag was $17.9 billion. that is your bloomberg business flash. still ahead, four years, democrats and republicans have admitted the u.s. tax code needs to be rewritten and we will look at the biggest sticking points. how are things looking in european trading? mark: it's little changed and we were up to 21 month

this is bloomberg. ♪ mark: live from london and new york, i am mark barton. i am vonnie quinn. the "european" quote on markets." the communications director in the white house has resigned and speculations are swirling around jared kushner. our correspondent at the white house. he is not leaving with the same problems that he left with, although they are still there. an fbil needs to appoint director. the jared kushner problem, he has been tweeting about it today. with the enveloped other russian investigation, or does it take on a life of its own? >> this inquiry has escalated as kushner,ached jerod the president's son-in-law and senior adviser. investigationthe has gotten steps away from the oval office. presidentcause the and the white house to try to find a communications strategy .o get through this issue we saw the communications director of the white house has decided to step down. with all of the other positions the white house needs to fill, that is an important communications position that needs to be filled as soon as possible as they figure out ho

mark: i'm mark barton. this is "bloomberg markets."ields on treasuries jumping after steve mnuchin made this comment at the milton institute global conference yesterday. >> we are studying ultralong bonds. that is something we are considering at treasury. we have a working group looking at it. we think it is something that could absolutely make sense. ,onnie: joining us from the cme bill baruch. do ultralong bonds make sense? bill: i'm still trying to wrap my head around it right now. doesn't make sense to some degree? yes. interest rates are low and locking in this debt, that makes sense. ultimately come i don't know if this is something they will get done anytime soon. i'm looking at the market in regards to 10 year. the yield jumped on those comments yesterday. there's a lot of support in the prices, the inverse and yields. -- inverse in yields. onk: hedge funds are bullish treasuries across the curve for the first time since july. what does that tell us? --l: we can a lot of bearish we have seen a lot of bearish feds pullback. i th

mark: i am mark barton.ord news with emma chandra with more from new york. >> consumer spending in the u.s. signals a second quarter rebound is on track. purchases reached 4/10 of 1% in april. the most since december. still, the fed's preferred gauge of inflation did slow down and it is below the 2% annual target. state isd, the islamic claiming responsibility for a deadly car bomb attack. eckstein people were killed and 20 people wounded in the midnight explosion outside a popular ice cream shop. it comes during the holy month of ramadan where muslims fast during daylight hours. another car bomb exploded at a public office. 12 people were killed. in the u.k. prime minister theresa may is battling complacency just a week before the election. one poll shows the conservative's lead over labor has slipped to just five points. they argue that jeremy corbyn can't be navigated -- be trusted to navigate the right to negotiations. in recent days, may has backed health social care and insurance. economic sentiment in

i'm mark barton. vonnie: i'm vonnie quinn. friday.or julie hyman joins us for a look at whether etf ticker names make a difference. names for etf's have been getting more and more creative, more evocative. to talk about it is rachel evans, our bloomberg etf reporter. recently wrote about this. the one that caught your eye that i think would catch anyone's is a new one from ,isdom tree, the ticker is shag mary austin powers evocative here. what exactly is this etf? rachel: it certainly caught my eye and others attention as well. a ticker name for a new etf from wisdom tree investments. enhancedname is the yield u.s. short-term aggregate bond fund. a bit of a mouthful. as a way toth shag capture the imagination. it comes from short-term aggregates, but they knew what they were doing their. is no accident that you come up with a ticker like that. why do you do that, especially when it is not very descriptive of what the underlying etf is, so why the motivation? rachel: the etf market has become increasingly crowded in recent year

from london, i am mark barton.onnie quinn and this is the european close on bloomberg markets. ♪ mark: here are the top stories from the bloomberg and around today, president trump in brussels meeting with the belgian prime minister ahead of the nato summit. from terrorism to trade, we will look at critical issues for investors. big day for central banks, the fed minutes coming in just three hours and two ecb leaders showing a desire to avoid market volatility. they will move slowly towards unwinding the eurozone stimulus. vienna and all signs point to a formal extension of production cuts, will it be enough to sustain the oil rally as opec continues to battle record u.s. shale production?

mark: i'm mark barton. this is "bloomberg markets." said het had an absolute right to disclose information to russian diplomat's. the president responded to a washington post report that he revealed highly classified information about an islamic state plot. the president says he shared the information with the russians for humanitarian reasons. that they would step up their fight against islamic state. turkey's president meets today with president trump. this friction between the two decideds since the u.s. to arm kurdish fighters that turkey considers terrorists. president erdogan is likely to renew turkey's request -- they're blinged for last year's failed coup. rebels and government officials are meeting separately with a united nations envoy. the talks have been overshadowed by u.s. actions, but the syrian government built a crematorium in one of their most famous prisons. macron putsmanuel -- behind the time their bid for the olympics. the ioc will decide whether paris or los angeles will host the games. global news 24 hours a day

matt: mark: i am mark barton and this is bloomberg markets. futures are in focus in oil prices are rising and all signs point to an extension of opec production cuts. spokeudi energy minister to bloomberg over the weekend. >> i have not spoken or heard any country that is against the extension. everybody wants the extension because we realize we have not foreved our objective bringing global inventories were they need to be. mark: joining us for more it is the head of the kissick group. it seems like an extension is very much in the cards this week. involvest a cut that more deeper production cuts? is that what we need to send oil higher? >> yes, most definitely. not only the extension which they have been telegraphing for a couple of weeks with russia and saudi arabia and now iraq this morning saying they would commit to six months at least. the bottom line is that it looks like that's what everybody's waiting for. go deeper thanto the 1.8 million barrels per day? that will be the catalyst to the upside because right now, the dollar weakness

this is bloomberg. ♪ mark: live from london, i mark barton.uick takes, where we provide background to issues of interest. continuing to be at the center of swirling corruption allegations. when african national congress swept the power out of mandela in the first multiracial elections of 1994, the campaign slogan was a better life for all. segregation has ended but more than a quarter of the workforce remains unemployed and 20% still does not get enough to eat. six times as households that are discontent ing union strikes. meanwhile, holding onto power internationally. charges of corruption and it competence. he from crisis to crisis in march. pressure to appoint him to the polls. the only cabinet member -- it followed a november attempt by some to convince the national executive committee to oust over corruption. by topek, another bid leaders to force him from office. here is the background. the constitution can -- disenfranchised blacks to the national party took power in .948 denied them decent education and health care under policy known a

ink: i am mark barton london.'s get to south africa because we will focus on the nation now, president zuma is facing pressure to resign following a cabinet reshuffling and march, which led to the country's credit rating being cut to junk status. then you finance minister malusi gigaba joins us from the world economic forum. thank you for joining us. do you think president zuma well last through his term in 2019? i think the president is stand determined in 2019. as a democratic country, we untilthe president and they change their minds, the president will remain the president. this morning, the president said this is a democratic country and people have the right to protest. those who protest must continue protesting but we have a country to run and an economy to build and we're going to focus on doing business for the government. minister, some voices in the business community have been critical of the president following that cabinet reshuffle and the ratings downgrade that took place after. how are you winning

this is bloomberg. ♪ mark: i'm mark barton. vonnie: i'm vonnie quinn. european the white is confident in passing the health care bill. kevin cirilli has been speaking with members of the house. what changed? representatives including representative often and long, conservatives in the house of representatives who had concerns about the legislation regarding health care said they met with president trump and they emerged and said they would be able to support this deal. representative upton telling reporters he anticipates a vote could come as soon as tomorrow. think it is likely to pass in the house. we will see what happens. then it goes to the senate and there will be a conference. this bill will change from where it is today and likely from my percent of and others probably for the better. >> the ongoing battle continues with representative upton introducing an amendment late last evening that has garnered the support of prominent republicans including the house freedom caucus. this is all centered around the issue of pre-existing conditions and high

mark: i am mark barton. this is the european close on bloomberg markets. focus on the second-most populous country in the world. india. they have the achievement of pushing for a less cash economy, pursuing a goods and services tax reform. how smoothly will this transition unfold? at the panel is the chief .inister of the state he joins us from stanford, california. becky for joining us today. one recommendation -- what recommendation will be panel put forward to ensure a smooth transition towards the cashless society in india? >> it is going on well. after demonetization, our cashlessare promoted a society. all transitions will be cashless. -- we are studying all of these things and we are doing an interim report. now we are studying further the best practices available all over the world. you know very well, india is very strong in information technology. indians, my state is dominating. mark: what constraints are you facing? there must be difficulties, given constraints and infrastructure and skills and financial literacy. >> it is very interesting. lit

mark: in london, i am mark barton.nings news, hsbc shares are jumping posting a surprise increase in first-quarter revenue. sheer repurchases held to push the stock of with a 50% the last year. cfo toldhat the bloomberg's anna edwards earlier today. >> we just finished a $1 billion buyback on april 12. when you add that to what we did at the end of last are, that is $3.5 billion. i would encourage investors to think we will dubai -- i would not encourage investors we will do buybacks every quarter. he said hsbc is seeing it truly strong performance across virtually every product line. ,onnie: staying on banks yesterday at the bloomberg discussing thet, current state of american business. president trump's comic this week that his administration is actively considering splitting big banks. >> i think it is not in america's biggest -- best interest. it would be against america's interest to break up the large banks because what you would end up with this a couple of possibilities. one, a system that was in place when we

mark: i am mark barton. this is bloomberg markets.hecking in on first word news, emma chandra has more from new york. islamic state is claiming responsibility for the terrorist attack in manchester. 22 people were killed and 59 wounded in a suicide bombing in a concert arena. thousands again people were there for performance fight every on the ground. -- therefore a pop performance. theresa may called it an act of ism.lling sickening terrori he called the mass murder of jews history's darkest hour and the president called for an end to extremism. >> we must build a coalition of partners who share the aim of stamping out extremists and violence, and providing our children a peaceful and hopeful future. emma: president trump met the palestinian authority president earlier. and theit is real palestinians could forge an agreement, it could begin a process of peace about the middle east. washington, lawmakers have looked over the president's first budget proposal and some republican allies are calling it dead on the arrival. it calls for t

mark: and i am mark barton. european close in roughly 60 minutes time.'s get to the latest on brexit. eu tops its demand for a divorce ministerand brexit david davis says even one billion would be a lot of money. the chief brexit negotiator spoke about who is to blame for this dispute. >> the only cause of uncertainty is brexit. the only way to remove uncertainty and to protect r ights properly is through an article 50 agreement. we go to brussels. it seems like the eu and the u.k. are on a big collision course over this brexit bill. ra: yeah, absolutely, mark. as you outlined, we had comments in an interview over the weekend from brexit tech rick perry david davis that there is a possibility could -- brexit secretary david davis that there is a possibility that a bad deal would equal no deal. what we understand is that the eu is united in wanting certain hurdles to clear before any negotiations can go forward on any free-trade deal. first of all committees about the brexit bill, estimates of 5 billion pounds to 100 billion euros. the eu stipulates that

mark: live from london, i'm mark barton.ounting down to the european close, roughly 15 minutes left. oil falling on the news from opec. manus cranny is in vienna where we have been all day. as we have heard from delegates and heard from kuwait -- is it confirmed we have this nine-month extension? : i have it on good authority from a variety of sources that we are at the point where when they hit this podium in the next couple of minutes that they will confirm a nine-month extension at 1.24 opec. what does in different look like? -- indifference look like. our senior correspondent over there is saying in 20 years of covering opec, he's never seen as muted a reaction when you saying we will take this market by the scruff of the neck and try to give it a shake. he made the point that it is about cooperation. using,guage kuwaitis are talking about a monitoring committee, when you start to use language like that, read this. we're going to look at the data, we are going to look at the data on a continual basis, and if we think it'

mark: i am mark barton. we are minutes away from the european close. let's get reaction from the u.s. april jobs report. payrolls increasing by 211,000. the jobless rate dropping 24.4%. cohn, he told bloomberg a while ago it was a great jobs report, but he still wants to see an improvement in wages. proving news is wage inflation. we have not seen wages improve in the u.s. we have seen wages grow year-over-year. we are not creating purchasing power. we want to create purchasing power for american citizens. vonnie: he also talked about tax reform, saying a 15% business tax would give the u.s. a huge bandage globally. mark: let's take a look at where european equities are. we are four minutes away from the end of friday's session. it has been a day of gains, a week of gains. the second consecutive week of gains. 0.6%.oxx 600 is up we are heading to the best levels is august of 2015. i will leave you with the currencies. this is bloomberg. ♪ ♪ mark: this is the european close. stocks are finishing up. they are led by basic resources. this is a different p

mark: i am mark barton with the european close.cial industry is bracing for impact as theresa may moves forward with plans for what many are saying is hard brexit. andpoke about the costs implications of the looming divorce. >> brexit means brexit. >> that is theresa may's line. >> that is the point. markets have to realize there associatedsequences with brexit, and those consequences will probably be much stronger and go much deeper than anticipated or many people would like it to be. the reality we are experiencing today where the single currency of the eurozone is one of the european continent, 40% to 70% of trading done in london, is fine. where the finances in wall street, the technology in palo hollywood,ndustry in in a world where london has decided to move away from the andicit federal ambition strong regulatory convergence is an anomaly. things will be different going forward. >> well that fragmentation result in higher costs, and will that be ok? >> there will be costs associated to the consequences in the financial marke

i mark barton with the european close just minutes away.e: elian's is confirming its commitment to pimco, saying it has no plans to put its u.s. money-management business for sale. bloomberg talked to their ceo, dieter wemmer, about performance. >> we are $200 million ahead of our outlook for the year. insurance is always a volatile business. it's too early to address the outlook. is really that pimco great term for recovery. we had already a great last quarter in q4 and now q1 continues and i think q2 will also continue with the success story of pimco. >> how sustainable do you see that success at pimco? clients flocking two-year pimco income funds. how sustainable are the inflows? what do you see in the crystal ball? mr. wemmer: the crystal ball is that pimco is really doing nicely and is recovering. i think we should also understand that we are in a very volatile world and i think we enjoy the quarters as they come and we hope we can surprise more often in the coming quarters. >> we will take the surprises as they come. tell us about you

mark: and i'm mark barton. let's get to crude oil.ctionextend cuts doubling down efforts to eliminate supply glut. joining me is julie. there was talk that they had to double down, or cut by more, or extend. it seems as if they will extend in 2018. >> they are talking about it. there seems to be a growing swell a momentum behind that. the problem is, this isn't doing anything to solve the problem. a massiveen oil up $.10 today on the back of both saudi arabia and russia, the two biggest producers of these groups of countries saying they will extend cuts into 2018. and it has done nothing. the problem is, contrary to what the russian energy minister says , is that this extension will speed up the balancing, it will not. what it means is the rebalancing will go on into 2018. it will not make it any faster. the only way to make it faster is to cut more supply, and the problem is if you look at the initial forecasts for 2018, the u.s. department of energy forecast, they are consistently month after month, cutting their estimate on the amo

. ♪ this is the european on mark barton. let's see how fast i can speak.er rising to a 21 month high yesterday. the date was some native yesterday by the bank of england. -- 7-1 was theit split. ofsequently, we saw a fall sterling. lifting soon. slightly weaker path before celebrating -- accelerating. wages won't keep up with prices for goods and services. the boe may need to raise rates faster. the market suggests he is going for a smooth brexit. today the quarterly report. this is a really important chart. the real earnings growth versus savings rates very important. ratio ishold savings at its simple since 1960. that matters because it is living inflation and that is putting a squeeze on real earnings growth. we're down 2.1% so inflation keeps rising. investors don't have a savings pull to dip into. that is one of the big themes out of the quarterly report. things will pick up towards the end of the horizon. blessede known as the index. that is the white line. the blue line is the economic surprise index. minde drawn a zero. agree across the chart. toda

. ♪ mark: i am mark barton and this is bloomberg markets. taylor riggs has more from new york.: angela merkel says germany and the u.s. must remain partners despite their differences. she signaled that in the donald trump era, europe must shape its own destiny. donald trump called germany's trade surplus very bad and blasted nato allies for not spending enough on defense. president trump has said he will decide this week whether to pull the u.s. out of that landmark paris accord. the u.s. took the unprecedented step of breaking with the other six nations saying that america is reviewing its climate policies. presidentfrica, the has survived an attempt by some south african leaders to remove him from office. according to the executive committee them of the panel decided not to vote on a no confidence measure. has been more pressure on him to quit since march. francisco, the fed president expects the central bank to have a much smaller balance sheet in five years. view of theown economy, i would expect us to start normalization of the balance sheet toward later this year. it will

this is bloomberg. ♪ mark: i'm mark barton in london.or direction today after opec underwhelmed investors with its projection. net long positions on wti have risen the most this year. chart, 41s is that 79, hedge funds resuming bets on the oil rally. you said to me, there is a better chart. your favorite chart right now is? harry: i like looking at the december spreads. really, if you think about where opec would like to be, to get that backwardation moving to the front of the curve, it is going to achieve that when it reduces oil inventories somewhere toward that five-year average. int is when investors come and buy into that backwardation. as they roll forward their positions, they are making a gain. marketost opec, the commentary was disappointing. no exit strategy, could have gone deeper, oil sank 4%. harry: what is our assessment now? harry: we had to struggle given how well telegraphed the outcome of this meeting was. the commentary on disappointment, while opec delivered what it said it would deliver, a nine-month extension, russi

. ♪ mark: i am mark barton. onto the european closing.me minister theresa may campaigning in south london, ahead of snap elections, as the u.k. negotiates parameters for a brexit. this is my favorite chart of the day. this is the conservative-implied majority. so many wonderful functions. what is interesting is that the implied majority is that the tories will win a majority of 12 . the implied majority a month ago was 200. it shows how things can change in the space of a few days. the trend is right. it is maybe a bit dramatic to be down at 12. frenchls got the u.k.ion right, but in the and brexit election, they underestimated the conservatives. mark: if they get a majority of 12, how do markets react? corbyn is viewed as anti-business, anti-markets. theresa may would still be in power, but let's say it is a weaker majority. how does that play out? >> a lot depends on where sterling is beforehand. now,ey are where they are 128 or when hundred 27, they may not have -- or 127, they may not have as much a downside. i member they were talkin

this is bloomberg. ♪ mark: i am mark barton with vonnie quinn.pean close" on bloomberg. vonnie: the magical world of disney is losing the magic. it fell short on revenue largely contributed to a fall off of subscribers for espn channel. bob iger said he is not worried. franklin, more is being made than it deserves. espn is a very, very healthy and very, very profitable business double one of our more profitable businesses. it has a stable of live sports that are licensed or a long period of time that will serve it well and is serving it will today on the traditional platform and starting to serve it well on new platforms and for the foreseeable future. a product that is in demand and the fact there is a lot of competition for live sports rights only points out just how valuable this product is a nobody has more of it than espn. what is happening is what we thought would happen and that is there is a decrease in the number of traditional platforms and that has happened for a few reason. the expanded basic product is relatively, certainly, more exp

david: that is emma ross thomas with my colleague, mark barton, earlier today on "bloomberg markets."ng at sterling at 12801. not a whole lot of trading as we approach the three-day weekend in the u.s.. the s&p 500 right now pretty much flat. the dow industrial average unchanged as was the nasdaq. not a lot of movement on this friday afternoon. the leaders at the g7 at a concert and outdoor venue in sicily. listen to the philharmonic as we go to break. we will be back in just a moment with more "bloomberg markets." ♪ >> this is bloomberg markets. let's start with the headlines with the bloomberg first word news. >> a british trained company says a station will stay closed. victoria station suffered structural damage that needs to be properly assessed and repairs. a suicide vomit killed 22 people and injured scores of others. is living the market guess about it strategy. the cuts will stand place through next march. bloomberg spoke with russia's energy minister. the th this agreement of expanded its mandate. it is taking a close look at the market and what is happening there. if it is

mark: and i am mark barton. this is "bloomberg markets."l macron will announce his full cabinet soon. does nott change if he get his parliamentary majority in the next election. we now have a look at some of his picks. caroline.ned by requirement tohe speak german is impossible -- is important for some picks. >> yes, considering he will have to go to brussels to renegotiate the future of the eu. his choice is a surprise, and it is a masterstroke trump -- masterstroke from macron. he is a republican who ran in the primary back in november. become a spokesperson for a republican minority, but he decided to quit the field for his wife and children. to get this job at the economy ministry is also revenge, because he wanted to get that job a long time ago. at the time, the former president promised and he would -- promised that he would get it, but now that he finally is it is a revenge for him. mark: any other surprises with his picks? >> there is a good mix between republicans, socialists, centrists. faces,an see their number one the internal

mark: i am mark barton. ons is the european close "bloomberg markets."urn to our top story, islamic state claiming responsibility for the suicide bombing that killed 22 people, the worst terrorist attack in 12 years in this country. gallon.ing back in a -- nick allen. do you think the security level should be changed? >> it certainly could be changed, although it has not been changed at the moment. it remains severe. that means security services believe an attack is likely but not imminent. the fact they have not changed that yet i believe means this is an attack that is not linked to a wide network. we will see if this develops over the coming hours and days. mark: the nature of the attack was different from the low-tech attacks we have seen in recent years, here and abroad, which involve knives and vehicles. how much of a concern will that be to police, that the centerpiece of this attack was a bomb? nick: i think police and security services will be very concerned because, as you say, knives and vehicles are very easy, unfortunately, for people to per

mark: from london, i am mark barton. coming out to the european those in roughly 30 minutes.onnie: senator orrin hatch's play a crucial role in president pence economic policies. how will the latest reports on the james comey memo affect support for the president's agenda? joining us now from capitol hill is david westin. he has a special guest. david: thanks very much. as he said, senator orrin hatch from utah is the head of the finance committee. he is the vice chair of the committee. he is the most senior republican. thank you for being with us. we really want to talk about tax reform, would you have something to do about, but there have been developments over the last 24 to townurs consuming the . what should we make of this? is this something of the moment or something that last as an issue? sen. hatch: i will have to wait and see what really comes out. i personally feel it is overblown like everything they do against trump. there is so much bitterness that he won the election against the favorite hillary clinton. a lot of the media makes a lot of effort to pick on donal

mark barton is in london. quite a night. >> quite a night. i was at the champs-elysees having a beverage of my choice. it was a champagne. it was fabulous and the excitement, it was not packed streets but there is busy streets with the usual celebration that you would expect in paris. it went well over 90% for mr. macron. guy: it is going to be a fascinating story. it does not run out of momentum because people are already talking about kind of how he turns this victory and consolidated into the national assembly. the challenge is by no means done. timothy: we will have much of that coverage -- tom: we will have much of that coverage. he has to go to june 11 and the beginning of the monetary and elections to see if a macron-led government, or if it is a coalition. guy: we'll see what the next five years will look like in france. in many ways, this has been better to travel than arrive when it comes to the markets. we saw a huge pop that was delivered after the first round. that is not being repeated up to the second round. mark barton, back t

barton: thank you. mr. speaker, i ask unanimous consent to revise and extend. the speaker pro tempore: without objection. mr. barton: let me say how proud i am to see you in this chair on a historic day. you are doing a fine job. mr. speaker, members of the house of representatives, mandates seldom work. markets do work. my friends on the democratic side of the aisle haven't pointed out that 19 million americans have chosen to pay the tax penalty to the i.r.s. rather than be forced into one of these obamacare plans. they talk about all the people that have gotten coverage, most of them got coverage when the bill that's now called obamacare expanded medicaid to healthy adults and paid 100% of the cost to cover those individuals. at a cost right now of about $70 billion a year. mandates don't work. markets do. i choose less government mandate, more personal freedom. vote for the rule. vote for the bill. let's restore markets and freedom to health care in america. the speaker pro tempore: the gentleman yields back the balance of his time. the gentleman from georgi

on my maps a lot for fog but i am having one this morning on the beltway between gw parkway, clara barton parkway. watch out in that area. we looked to that traffic lane camera before. you can get by, not heavy traffic yet. it's just going to be kind of that ugly commute. we'll let you know if more fog sets into the area. 395 northbound we did have an accident. it has cleared by duke street and little river turnpike. we have some delays as you come toward 395 as you're heading west. on the beltway, branch avenue, reports of construction there. that's pretty standard. i also saw an additional alert in that area. once i zoomed in here, i'm not seeing actually very slow traffic on the beltway or branch avenue. maybe watch out as you pass through that area. >>> north korea confirming details of its

congressmen barton of texas said texas would take a waiver. if you're calculating all of this, you don't even know how the states will respond if the bill becomes law and i'd like to say if you have a healthcare story you'd like to share, send us an email. the address is on the screen. healthcare was not the only issue this week. president trump signed a $1.1 trillion spending bill today that will keep federal agencies funded through september. congress passed the budget earlier this week after intense negotiations between democratic and republican lawmakers. to no one's surprise, both sides claimed victory. pointing to additional funding for border security and the military. democrats blocked the g.o.p. efforts to secure funding for the president's famous promise, his border wall with mexico. peter, because the president did not get the border wall in this round of funding for the government, does that mean we'll have a shutdown in september when it expires? peter: he said so almost in a tweet that came out afterwards. he said, well, we have

they recently suspended joey barton for 18 months for breaking rules on gambling. a dependence on betting companies. the chairman of the fa told the times that he had raised theissue told the times that he had raised the issue when he took over at the start of the season. a report is expected in the summer. novak djokovic has sacked his entire coaching team, including marian vajda who has been with him for most of professional career. djokovic was knocked off the top of the world rankings by andy murray last year. he says "i am a hunter and my biggest goal spark on the court again." he'll tour alone until he finds a new head coach. england are 2 is—1. —— 21—1. they need 127 to win the first match of the summer. follow that on the bbc news website. i'll be back with a little bit more later on bbc news. let's go live to merseyside. we will get the results of the city regional mayoral election. i remember when i was first elect as a councillor for faza kerley ward. was first elect as a councillor for fazakerley ward. then i was elected to represent our city during the

mark: i am mark barton. the u.k.ary will guard music and sports events as manchester police investigating network associated with the suicide bomber who killed 22 people at a concert on monday. theresa may announcing the u.k. terror threat level has been raised. >> the threat level should be increased for the time being from severe to critical. this means that their assessment is not only that an attack remains highly likely, but a further attack may be imminent. our u.k. government editor joins us with the latest labor has said it will start campaigning. what do we know about the restarting of campaigning following the manchester bombing? >> labour will campaign on friday but no details of that. the u.k. independence party will launch its manifesto tomorrow. that will be in the morning and probably the real restart of things. the scottish national party has announced it will start with low-level campaigning. we have not heard from the conservatives and do not know how long they will be carrying on with this. mark: w

mark: live from london, i am mark barton.ly 60 minutes away from the european let's get back to the milken institute mobile conference where leaders from business, politics, entertainment, and sports are standing by. erik schatzker is with the head of the brookfield asset management. erik: thank you. that would be bruce flatt kate here is -- that would be bruce flatt. like every professional investor, you have to balance the need to deploy capital against the need to harvest capital. how are you thinking about that with valuations where they are now? is brookfield a buyer or seller? we are always buying and we are always selling, just as a precursor statement. generally in the united states and in the developed economies, while we are always buying something because we have a big deploy asset base and are finding opportunities all of the sign -- time, we are a net seller of all of those businesses. where we have been putting a lot of money is in the emerging markets outside of the united states. europe. and australia. we have

wall street analysts have 39 buys on the stock and gina barton adams, chief, equity strategy that bloomberg earnings,en watching up 27% here today. -- year two day. reporter: i guess investors are willing to pay for it. it is one of the strongest performers in the tech sector and broader markets. it's interesting because investors seem to be looking forward to better times ahead. when you look at apple's results over the last couple of quarters, they actually seem to be losing a bit of their punch on traditional earnings and revenue. if we look at apple's share of the index, and actually peaked several years ago. it has been on a comeback as investors have piled back into the stock, but i think the company has a lot to prove with earnings. emily: let's go into the bloomberg and show a 10 year chart. just how heavily weighted apple is within the nasdaq. it is such a massive company. could have such a big impact on the market. talk to us about that. within the s&p 500, it is the largest stock and holds the most cash. from a number of angles, when moves.oves, the market we saw that a little bi

jason crab, barton mill lard and yo less than today adams happy about all of the due we said.ave to say myself. it's a hot album >> i got to imagine it is, you know, we can't have you here and let you go without hearing a little bit of this song i will survive sort of have any idea how big it was going to become? when records were big, this was on side b. it wasn't even a main hit single >> i knew when i read the lyrics. i said to the producers, that says timeless lyric. this is something that everybody can relate to and i'm certainly will relate to. so what are you stupid you're putting this on the b side? and they said well, if it's anything to do with me >> i think gwen is having a little bit with the music. we were talking a little bit ago, i will survive. and just real quick. tomorrow's event, 7:00 p.m. to 12:30 at the library of congress, tickets are gone. but we want to get a chance to sing a little bit of i will survive. you know this is a big karaoke song. what are your out there if they're going to get out and sing >> just have fun, let it all hang out and have fun.

mark barton has more.ark: senate republicans are warning that the health-care bill will not survive a senate vote in tech. hatch says that republicans want to "manage expectations" and focus on what he calls doable. energy projects worth at least $50 billion are in limbo as they wait fors president trump to fill key vacancies. projects include pipelines, new liquid natural gas terminals, and contested utility mergers. theresa may conservatives are cruising toward a landslide in local voting. according to a bbc tally, the won more than 1200 council seats in england, scotland, and wales, and gained overall control of 10 councils. than 100 to the lost control of five councils. german chancellor angela merkel is standing tough against president trump's demand that germany pay more for nato defense. nato countries are expected to contribute 2 percent of their gross national product on defense. germany includes foreign aid in the total. said sher merkel stands by her countries spending approach. global news 24 h

[applause] >> we will reconvene in may at the clara barton missing soldiers home. thank you all for coming. [captioning performed by the national captioning institute, which is responsible for its caption content and accuracy. visit ncicap.org] announcer: you are watching american history tv. >> follow us on twitter at c-span history for information on our schedule and to keep up with the latest history news. 20 17, marchril 6, the with hundreds anniversary of the united states entry into world war i. next, a panel of historians discuss what motivated the united states declared war on germany and they discuss how u.s. diplomacy was transformed after world war i and the influence the great war is having on complex -- on confli cts.