stay with us through the day on bloomberg radio and bloomberg television.on end of a $28 merger with halliburton, and what it can mean. david: warren buffett calls out wall street thieves. >> david: welcome to "bloomberg ." we are particularly happy to have you with us, megan murphy, our washington bureau chief. bastian in a few minutes, taking over the chief executive role today. everyhe first monday of may, it meant a holiday at a bank holiday in london, meaning the ftse is closed. not me completing has not me complaining, i'm just informing. pointsures up about 26

they will be on bloomberg television, "bloomberg surveillance."to speak with adam posen. ♪ david: ubs shares are plunging. the ceo warns of paralyzing volatility affecting the markets. jonathan: the aussie dollar drops as the bank of australia cuts interest rates to a record low. stephanie: hedge funds under attack. more investors are weighing in on why they are such a bad bet. ♪ david: welcome to bloomberg . i'm david westin here with jonathan ferro and megan murphy. megan: i'm lucky to be here. jonathan: she is very happy because she picked one team. megan: i'm very happy. it's not even my club. jonathan:

this is "bloomberg markets" on bloomberg television. betty: let's kick it out stick to the markets. julie hyman has the latest on more economic numbers. julie: it has been a busy morning. the i.s. service report coming out at 55.7. that is higher than what was estimated. services is the largest part of the u.s. the economy. factories up 1.1%. a little a revision bit lower in the prior month in february of 1.9 percent decline. i am looking at durable goods orders with a gain of .801%, in line with estimates and transportation falling .2 of 1%, which is worse than had been themated, but it looks like numbers are coming out better than analysts had anticipated. the other big economic report of the morning has been next. adp employment report showing a smaller than estimated gain in employment. perhaps the precursor to friday's report but there is not always correlation between the two. productivity falling 1%, even as the unit labor cost rose by 3.1%, so there has been a lot to digest this morning for investors. overall, we are still seeing this concern over global growth with a scenar

future of business p or bloomberg best weekdays on bloomberg television. up on bloomberg best, top stories that shape the week in business around the world. saudi arabia prepares to move beyond oil. the fed and the bank of japan issue new policy statements and earnings come fast and fear from a slew of major companies. >> they partially solved one problem we gave us another >> one. this is a serious realignment going on in the smartphone market and apple is suffering from it. >> this machine is working, stay out of the way because we will not stop. ramy: from nobel laureates to leaders in sports, there is plenty of food for thought in the best interviews. >> the eurozone has been a failure. a dismal failure. >> we think they can handle a franchise. >> we have a rate increase, i fully expect will have another and maybe two more. ramy: and brexit, the date of decision draws near. experts forecast the fallout. >> it will be a shock if we were to leave. i think there is consensus on that. >> there is the freedom to find new markets in the world and take back c

bloomberg business flash.et's go to the market desk where julie hyman is looking at the corporate movers. julie: a lot of them having to do with earnings. : minera earnings after the close of trading. --: minera earnings after the close of trading's pretty can see shares plunging by 12%. by 7%.ore sales fell old navy was down 10% incomparable terms in april, 2.6% increase is what analysts estimated. i used our bloomberg intelligence tools to look at comparable sales for the three chains, banana republic in blue am in orange, gap in white. old navy was the only one holding of well for a while. that has changed as the lowest price of the three chains has turned to the downside. speaking of declines, solar city shares almost 25% as the company pulled back its installation time ins for the third seven months, and announced a new loan program for residential solar customers. it led one estimate to say "what is solar city?" confusing. is you are changing your business model, what are you doing as the company has int

scarlet: welcome to bloomberg markets.om bloomberg world had quarters in new york, good alix: afternoon. i'm scarlet fu. alix:i'm alix steel. don't fear the fed is the new mantra from global markets, rallying as investors price in, -- as global economy can withstand higher rates. scarlet: oil maintaining its showingnths high after continuing declines in the u.s.. we will look at outages in venezuela and nigeria. alix: and tutor is just one of many getting burned by a lack of hedge fund investments. where do investors go? will get those answers in this hour. halfway through the trading day. let's head to the markets where julie hyman has been tracking the moves.

bloomberg surveillance. ♪ morning, everyone. bloomberg surveillance worldwide.l of you this morning. i am tom keene. right now, on bloomberg is the/. flash.mberg business vonnie: prices were posted earlier this year from a surge of rental investors trying to beat a tax hike on rental properties. the irs is warning of a real estate bubble in denmark. they have had almost four years of negative interest rates. no country has done that longer. apartment prices in denmark are 2009. since the ceo of the world's biggest should remind say that interest rates are hurting that industry. they tell bloomberg that the shipping interest-rate needs consolidation, -- shipping industry needs consolidation, but that is delayed. that is our bloomberg is this flash -- business flash. tom: there it is. our for you.ed h now, we go to dubai. the old minister out, the new minister in. we are honored to be joined by ad in dubai. how do the neighbors react? is thatnk what it means the vision 2030 that saudi arabia has announced, which is looking to really turn around the saudi arabian e

alix: from bloomberg world headquarters in new york, you are watching bloomberg markets.rlet: i'm scarlet fu. let's go to mark crumpton. mark: north carolina is suing act room so-called " law." nce doj had given the government until the end of the day to scrappy lot. rory: they send letters to the department of justice and to the university system, suggesting having government employees use the bathroom, locker room, or shower facility that corresponds to their biological sex is in conflict with federal policy. mark: u.s. attorney general thetta lynch will discuss action in a news conference scheduled for 3:30 p.m. washington time. senator bernie sanders is telling supporters in new jersey to keep fighting, despite his long odds. he said "don't let anybody tell you this campaign is over." win 66% ofld have to the remaining pledged delegates -- so far he is just winning 45% partyails even more with insiders known as super delegates. treasury secretary jack lew is headed to her puerto rico to deal with the effects of the island's $70 billion debt crisis. house republicans a

bloomberg middle east launched.gave his viewpoint on what it would take to sustain current inflows in emerging markets. >> first of all, continuing deterioration of the u.s. economy, which means the fed will not make moves to raise rates. that is number one. continued weakness in the u.s. equity market. what you are saying after three years of underperformance of emerging markets, now you are seeing a flow back away from the u.s., poison the u.s. dollar, and you are seeing that with the currencies getting stronger. i believe we are at a turning point for emerging markets. >> let's tighten that up a little bit. no more hikes for the fed fisher? the fed told us to. it was only to the end of the year that they had to fulfill their promise. >> no more hikes? >> it is possible, yes. >> a softer dollar? >> yes. terms of the oil story, you mentioned brazil. the impeachment threat that more.s, stocks have had a my question is is impeachment priced into brazil? >> no. however, we have seen a big rise in the low point. when y

t on the bloomberg. t on the bloomberg. an increase of two percentage began since before she talking. at one point, it was fluctuating a little bit above that level. shery: what about individual stocks? telecome are looking at because verizon, for example, in , reached anr agreement, in principle, on a new labor contract. we saw those shares spike a little on these headlines. that is a stock we have been watching in the wake of that. we have other telecom and tech stocks we have been watching. rallied more than 2% and is getting ever closer to fordeadline for yahoos business. we tend to watch alibaba as well, not always in tandem with yahoo!, but there is correlation there. they are surging by 3% today. shery: mark crumpton has more from the newsroom. u.s. national oc and again atmospheric association says the emergency beacon was detected from egyptair when the crash occurred on may 19. found smallve only pieces of the plane. president obama became the first sitting american president to visit to the city destroyed by an a

we will have more when bloomberg markets is back. ♪ shery: this is bloomberg markets.ahn, standing in for betty liu. the markets close in about 10 minutes. julie hyman has your market check. julie, what are we looking at? julie: we are still looking at this rally, and i've been looking at the metrics over the last two days we have seen stocks higher. here is today, stocks holding steady repetition, with the dow leading, a gain of 150 points. if you look at the two days, you will see two it as more than 2% -- the largest two-day gain for the you -- the largest two-day gain for the s&p 500 going back to march 2. as we going to the bloomberg, what i have done is look at the s&p 500 and look at the return by thee past two days individual stocks. here's what you have, chesapeake energy, transocean, southwestern -- you have a lot of the energy names that come at least a percentage terms, have done the best of the past couple of days. anadarko, murphy, dimon off-shore, also on that list. we have not seen as much of the decline. good breath over the past couple of days. i look

a great piece on bloomberg view. i want to read part of the two-year where he said interest differentials can move their effectiveness in driving exchange rates. even if this were not the case, the hope for impact on growth would be defeated by the more pervasive problem of insufficient structural growth engines, aggregate demand efficiency, alarming and equality, and pockets of excessive indebtedness. anyone tried to bet on currency based on the interest rate differentials around the world are going to be sorely losing. is that right? is the you are seeing way things you think things worked in the early part of the cycle. a central bank is easing by whatever means, in the u.s., it was by mortgage bonds. the impact on the currency was clear to see. when you got to the zero lower that you got through in some instance, the impact on the currency is so different. we are getting that in dollar and euro. japan is the extreme of that. the currency forecast, the yen has been one of the hardest to forecast. they seemed to ge

when "bloomberg " returns. ♪ is "bloomberg ." will speak at harvard. will she give any clues about the rate hike? jon: welcome to "bloomberg ." oil this morning retreating from its third weekly advance as canadian producers moved to resume operation. you saw the big headline, crude at $50 for the first time this year. oil off the lows of this year, 85% rally since february. joining us now is michael cohen of barclays. prices, theil return of 50, is it here to stay? given the amount of disruption we have come a we see very little downside risk in the next month or so. clearly macro scenarios of exit that's brexit that could drag us lower, there is sentiment associated with rig count increasing again. the issue as we see it, at the end of the summer mother there's likely to be some kind of demand downturn. we don't think we are out of the woods yet. on an average basis for the remainder of the year. however, we think prices to move higher into the end of 2016 and into 2017 just because so much supply has been taken off the mar

and hong kong. >> welcome to bloomberg markets -- "bloomberg markets." >> from bloomberg's world headquartersura. >> i am shery ahn. >>>> stocks rally on as traders worry about a federal rate hike. today,is still rising but it paired some of its gains after a government report showed that u.s. gasoline inventories unexpectedly increased last week. we will look at whether now is a good time to buy some of the big oil stocks. david: hillary clinton violated rules by using a private e-mail server while secretary of state, that conclusion from the state department inspector general. there is hillary clinton in blowing a park, california. park, california. let's head to the markets desk with julie hyman. julie: second day of a bump for u.s. stocks. we are looking at a 2%

more when "bloomberg markets" return. ♪ ♪ david: this is "bloomberg markets."time now for the bloomberg business flash. looking for the biggest business stories in the news right now. the sec investigating whether deutsche bank inflated the value of securities around 2013 according to people with knowledge of the matter. delayedhether the bank losses on u.s. backed mortgage bonds over an extended. of time. deutsche bank is cooperating with the investigation. --ry: the federal occur federal appeals court has reversed the finding about bank of america and negated a $1.2 billion penalty imposed after the trial. the court said there was insufficient evidence that mail fraud and wire fraud were committed by the bank units in late 2007 and 2008. bank of america acquired countrywide in 2008. david: open-door trading as president, grillo at bank of america will start on june 1 and report to susan este. he left in march. that is your business flash update. back to the markets now, where stocks are more or less flash -- short on volume. materials are the big gainer, tech

bloomberg has more from hiroshima. japan prime minister sounding a warning of a lehman crisis at the g7 leaders summit. resenting data to his fellow g-7 spiraling into a crisis if appropriate policy measures are not taken. abe cited the fall in commodity early from 2014 to the start of this year. a similar move that we saw eight .ears ago the comparison could play into shinzo abe's slant of domestic policies. we heard the prime minister saying he would delay the sales tax hike if there is a lehman event or earthquake. there was doubt coming from the other g-7 leaders about abe's reference to this high risk crisis. we heard from president barack productivity about on thursday night and stressing the need to ramp up economic growth. president obama: we have discussed issues of the global economy and the need to continue to accelerate growth. to use all of the tools at our disposal to make sure that we are not only putting people back to work, but also helping lift wages. yvonne: other topics on the agenda was the risk of

more bloomberg -- "bloomberg markets," coming up. ♪ david: this is "bloomberg markets."s time for the bloomberg business flash, looking at some of the biggest business stories in the news. at&t has joined the bidding war for yahoo! at&t has made an offer for yahoo!'s internet assets and remains a contender. verizon has long been considered a front-runner for yahoo!, but fries and did not submit one of the highest first-round bids. can financial is exploring a sale. people familiar with the matter say the lender is working with sandler o'neil to solicit offers . is the largest community bank based in north carolina. david: wells fargo will pay a 70 million dollar penalty to end its five-year fight over foreclosure missteps. regulators say the fine freeze the mortgage lender from restrictions imposed last year. the was accused wells fargo of not fixing problems fast enough, but regulators say the bank is now in compliance. that is your business flash update. shery: let's head to our markets desk were julie hyman has a check on company movers. julie: we are looking at biote

the debt we should all be worried about, in a bloomberg exclusive. larry think warns of a chinese credit crisis. george soros cuts his investment in u.s. stocks end goes for gold. and frances strikes. trapped train and metro workers walk out after president francois hollande forces labor law changes through parliament. welcome to "the pulse." this is the markets we are looking at in terms of global equities. this is a second straight day of rallying, s&p 500, futures advancing, crude oil's advancing to levels we saw back in october. jumping,'s dollar also and the nation's bond following after the nationsbank released minutes of the latest meeting. let's get straight to the bloomberg first word with nejra cehic. nejra: thanks. broad-based a weakening of inflation pressures was behind this month's surprise interest rate cut. the australian central banks first reduction in a year came after cpi fell on the first quarter for the first time since 2008, even as the growth outlook remains steady. still, the aussie dollar jumped, as they said the deal wasn't

this is bloomberg markets on bloomberg television. vonnie quinn is in the news room. a new report from the imf underscores the differences it has over greece. it says greece should not make payments on its european ballot until 2040. the plan was included in documents obtained by bloomberg news. the world health organization is concerned that the zika virus is in the katy perry islands. -- islands. 4500 have been more than cases reported in cato verde. sending mixed signals about how to increase economic growth, japan and canada want a plan that includes more fiscal the newest. germany is pushing back against calls for more spending. president obama will meet with the indian prime minister in washington next month. the leaders are expected to discuss climate change and clean energy partnership obama announced on his last trip to india. global news 24 hours a day powered by our 2400 journalists in more than 150 news bureaus around the world. i am vonnie quinn. shery: thank you. it is time to get you caught up on market action around the world. let's start in asia. we a

you're watching "bloomberg best." ♪ ♪ this is "bloomberg best."place the week's most interesting interviews and we'll start with my colleagues exclusive conversation with the chiefs rolled asset manager. >> i believe what is happening in spain with the lack of governance sunday lack of governor, they're going to push new elections in june, so there is no real government there. you have the fear and the u.k. phenomenon of new party leaders in the united states with donald trump and bernie sanders, and i think all is an issue around how many people in these democracies feel like they are being left behind and they are worried about their children's future. i believe all of these elements, this political instability, will force whoever are the leaders of spain, the u.k., and the united states, we're going to see a greater emphasis towards fiscal policy. and if this will be key, there was a major increase in fiscal policy -- i do believe the candidates and the united states are trump and clinton, and both will be talking about fiscal policy stimulus i

this is "bloomberg markets." ♪ varney: welcome to bloomberg markets. ♪ we are at world headquarters ine is what we are watching at this hour. stocks are in the red giving of gains. but the expectation of tomorrow's jobs report is w eighing with weakness. clemens miles of ubs gives his perspective'. ferro calling an offer opportunistic. we are one hour from the close of trading. julie hyman has a latest. julie: we might be three in a row down. that is what we could be looking at today. we have stocks little changed here. but they opened up higher and

much more ahead on bloomberg markets. as we go to break, look at the dollar against the russian ruble. the russian gdp contracted by 1.2% in the first quarter which was better than estimated. the ruble gained more than 13% against the dollar since january and that was the best performance globally so far for the ruble this year. ♪ betty: it's the end of the year at american airlines. it will no more make in-flight gate announcements. they won't call me when i'm late? betty: i think so. matt: matt miller, please get to the gate immediately. we e moving on to the bloomberg business flash. we're going to pfizer. for the new deal is a 55% premium to the anacor closing price on friesian it would gain control of an experimental drug to treat eczema. for the new deal is a 55% premium tothere is a pr battle for tribune advertising from gannett. the new bid is almost twice what tribune was trading for before the first offer was made. tribune publishes a number of newspapers. resume between verizon's and union representing 35,000 s

is on bloomberg television. vonnie: we are going to take you from new york to london to louisville in the next hour. jobs report showing u.s. payrolls climbing by the lowest amount in seven months, 160,000 positions. what does it mean for the economy and the fed rate decision? volatility spelling trouble for goldman sachs. extending job cuts in fixed income operations to 10%. vonnie: it has been called the most exciting two minutes in sports. we look at the kentucky derby and who the favorites are. desk head to the markets where julie hyman has been watching the jobs numbers. julie: let's take a look at what is going on right now. a little bit of a poll -- we are not seeing anything because we had technical difficulties. vonnie: this is where we need your hat. i can get it up on my terminals. julie: we are seeing sacks down in the wake of the jobs report which on balance is being seen as mixed to negative overall in terms of its indication of what it means for economic growth in the u.s. and interest rates. if y

this is "bloomberg markets." ♪ scarlet: you are watching bloomberg.s is your global business report. scarlet: what kind of returns can you expect from the market? this is a bloomberg exclusive. alix: and uber is expanding in africa. it will begin accepting cash payments in south africa with a new option to track writers concerned about credit card fraud. scarlet: vladimir putin, the man and the myth. bill gross, fund manager of janus capital had cautious words about the investment environment. he spoke exclusively to erik schatzker at the fixed income event in california. his thesis -- get used to lower returns. janusour objective with and the unconstrained fund is a 3.5% return. much better than the stock market so far. so i think that is a realistic objective, but it has to be done recognizing that the credit and the yields and the yield curves and the stock pes are artificially elevated. everyone is uncertain. europe, british consumers remained resilient. spending was up the most in a most a year and it helped to offset scarlet: falling export and

bloomberg television.et's begin with the top headlines. warren buffett has never shown much of a taste for tech investment but on monday we learned his company has taken a billion-dollar bite of apple. >> warren buffett has shunned technology companies, staying on the sidelines through two internet booms but berkshire hathaway has discovered a stake for his holding of 9.8 million shares at the end of march. he is also said to be backing a group bidding for yahoo!'s assets. are we reading too much into this? is he changing his tune? >> that is the great question. i am sure we would all love to know the answer, but i think we need to put these things in perspective so when it comes to apple, we are talking about a billion dollars, which in the grand scheme would be a lot of money for you or i, but for berkshire hathaway, not as much. they have stakes in wells fargo that it worth more than $20 billion, so $1 billion is relatively small for berkshire. when it comes to yahoo!, what we are talking about is finan

mark: this is a bloomberg markets on bloomberg television. let's go straight to our markets desk. julie hyman is standing by to break some numbers. julie: they're surprisingly good. we are seeing this coming in at 19,000. print it also meets the month over month again. new home sales have been lagging. this is aike surprisingly strong month for these numbers. something to note, it's a much smaller orton of the housing market than existing home sales. this is something we've been watching lag to some degree. i've got a chart from bloomberg intelligence from the economist over there. i'm just going to get rid of this on the bottom. this is looking at existing home sales. this the outpacing we were talking about. you were talking about typically new homes being pricier than existing homes. that's been driving that particular trend. something else i wanted to mention it, this is the largest luxury homebuilder in the united states and toll brothers is beating estimates. the market for costlier home is holding up. company says its deliveries were up 9% and the average $855,000 is aof si

bloomberg users, i urge you to go to tliv. the latest log on that egyptair flight that vanished. a lot of the stocks in egypt are under a little bit of pressure. 1.7% for the egyptian stock market. we are seeing pressure under travel and leisure. 50 minutes ago, we had breaking news from afp that they've been speaking to people on the ground in greece and they think the plane crashed off one of the greek islands. this has not been confirmed. we have been talking to officials in egypt. we spoke to our managing editor for the region and he said the situation is very fluid. what we know so far is that -- we lost radar, lost contact with the plane at 2:45 a.m. cairo time. since we know that a lot of naval ships have been deployed to the area they've lost contact with. this is a graphic of the ships closing in on the last reported position of the plane. i'm counting some of the ships and there are at least seven or eight that we know of. it is a joint operation between the egyptian air force, the navy, and the french government. we

"bloomberg surveillance." ♪ francine: this is "bloomberg surveillance."ua in tom keene is in new york. if you look at the msci world index, it is actually climbing, on the back of oil prices. base metals are also climbing back from the losses we saw yesterday. the end declining after the finance minister says they have scope to intervene. banks are pushing the european stocks higher. tom: six days of the in reversal, stronger yen to a finally weaker yen. still a long way to go to abenomics. , 1.03.ures a stronger dollar this morning. we need to get to our bloomberg first word news with vonnie quinn. vonnie: a reversal in the middle brazilnight with possible impeachment process, putting it back on track. -- with brazil's impeachment process, putting it back on track. dilma rousseff is accused of illegally using safe banks to plug the hole in the budget. the u.s. conga's capacity bill to help puerto rico with a $70 billion of debt by july 1. create a control board to improve puerto rico's spending and to restructure its debt. bank defaulted on a $370 millio

betty bloomberg -- mark: bloomberg news' tarek el-tablawy on the phone from cairo. we are hearing conflicting reports about whether plastics or location devices according to egyptian authorities have been found the greek authorities say it is not visible that type of debris which would have been from the plane. we will continue to follow this story and bring you more developments as warranted. betty, back over to. betty: mark, thank you so much for that update. i want to hit you mountain view, california. my colleague emily chang is sitting down with xiaomi global vice president hugo barra. emily: hey there, betty, thank you so much. we are likely at google headquarters, where hugo barra has unveiled a new set-top box for the u.s. market. you have already gotten your line of tvs. how does the box fit into the bigger vision? here so is right everybody sees it. it is a tv streaming device. we have been making tv devices for a while now in china could we make big tv sets, up to 70 inches now, but we also make these boxes. these are incredibly popular because they are a

from bloomberg world david: from -- bloomberg world headquarters, good afternoon. last rally. -- track00 is on it for its biggest gain in nearly two weeks. twitter is giving users more say. they will no longer account -- count me attachments as characters. can they do anything to help a stock with an all-time low? monsanto reportedly ready to reject a takeover offer from , but it leaves the door open for more negotiations. we are one hour from the close of trading. julie hyman has the latest. do we continue to see the momentum we saw in this morning? julie: we have. thee was more velocity to momentum earlier. stocks have been hovering at the highs of the session for most of the day with an aspect in the day. the dow up more than 200 point, the biggest one-day gain for the major averages going back to march 11. it looks like it has to do with evolving views on what the federal reserve is going -- is going to do, even though there was not news to change the perception here we have seen a risk-on tonight. look at the interest rate possibility using that fund futures -

more "bloomberg markets" coming up on bloomberg television. ♪ david: this is "bloomberg markets."ederal elections are scheduled for us to really a -- for australia july 2. earlier today, i spoke with victoria.rews from here's his take on the election. daniel: it will be a close contest. we can be proud that we've had 23 years of consecutive economic growth. we had to deal with a transition in our economy moving beyond that. skills and education are critically important after the mining boom. we have to plan around those things. that growth is something to be proud of, but to sustain it, how you invest the proceeds, those are the dominating issues. labor have a positive plan. david: why has there been six prime ministers and eight years? trend i hope not a will continue. circumstances change from time to time. personality is less important than good policy. good plans from listening to people. that is what the labour party offers. explain,t difficult to but hopefully people will make a choice that is an optimistic one, they choose labor and we will have a continued period of econom

guy: up next, the bloomberg exclusive.y as spoken to kuwait's finance and acting oil minister by the budget gap caused by the oil from. -- oil slump. ♪ guy: 8:40 in london. bloombergthe business flash. reporter: shares in technit have jumped this morning. it could merge with a $13 billion tie up. the deal will be shareholders with technip tgget two shares, while fomc investors will get one share. they will deliver the $4 million in annual pretax savings in 2019. first-quarter profit be analyst estimates. andings before taxes, excluding rose 27% to 1.1 billion euros. and a suzuki has recovered some of the losses it severed yesterday over its admission of improper fue economy testing methods. the carmaker issued a statement saying it retested models using appropriate method and found the data to be within acceptable range of deviation. felt little the government had found no evidence of data. little conservative have accused facebook of liberal moves. big loop included tea party figures. -- the group included tea party figur

scarlet: welcome to "bloomberg markets." ♪ scarlet: from bloomberg world headquarters in new york, goodscarlet fu. alix: i'm alix steel and here's what we are watching at this hour. the yellen countdown begins. stocks coming to a high in three weeks. in an hour, she will speak at cambridge. will she give away the timing of the next rate hike? scarlet: the need for transparency and biotech firms. we explore the issue with an extreme academic from stanford and my most published findings are false. alix: getting out of town this weekend? get ready to wait. airport are expected to spend millions the summer to avoid long security lines, but will it be enough? we will look at the tsa solution and what that means for your travel season. scarlet: you are not going away, are you? alix: i drive.

we will bring that to you live on bloomberg television. ♪ david: this is bloomberg markets.he fx market has a new code of conduct. policymakers are trying to reestablish conduct after it has been rocked by scandal. standards.or high thank you for being here. i think it is important to note the timing surrounding this. i wonder if there is a crisis of trust in the forex industry i would not call it a crisis of trust, i would call it a lack of trust from the public markets in every way. if you go back to the global financial crisis, the public's trust was shaken during that time. while the foreign exchange market has had several experiences, this has been meant to address conduct overall. intervals were drafted, give a sense of what they were like. for folks in favor of having standards like these? without question. we read through every single one of them. the comments were mostly in support of the code, in support of specific behaviors in the code. what did you hear from central banks? the most important thing to highlight was it was truly a public-private harder ship. we wo

"bloomberg surveillance." morning, everyone. "bloomberg surveillance." francie labonte is in brussels today after a conversation with jes staley. -- francine likewise in brussels today after a conversation with jes staley. there is nejra cehic. nejra: the bank by seeming unsecured debt rating was two levels from junk. moody's says scioscia bank faces mounting challenges in carrying out its turnaround. theeo tells bloomberg news bank is disappointed by the cut and the bank could easily repay its debt many times over. banks may have been targeted by hackers than previously reported. hackers exploited weaknesses in how banks connect to swift to steal $81 million from bangladesh's central bank in february. swift is boosting security members for -- security measures from member banks. facebook is fighting allegations of bias when it comes to selecting news stories for trending topics. the social network will no longer require stories to appear on sites considered news leaders like "the new york times." facebook is

bloomberg surveillance from london. let's get to the bloomberg business flash.es in the united kingdom rebounding this month. $442,000 improvement. the prices jumped by 6%. shareholders will not like corporate america's latest attempt to offset the slump in profits. months,ast four announced fallbacks have fallen by 38%. that is the biggest decline since 2009. france once to reclassify uber drivers as employees. to legal cases have been filed. if they are classified as employees, that would force the employee pay -- employer to pay millions into the french welfare system. tom: thank you so much. of bloomberg gadfly is a huge success for bloomberg. mr. o'brien, out of georgetown. he is the actual only person that knows donald trump. he has written a book on truck nation, "the art of being donald." he has raised a firestorm over the last week with two essays on mr. trump. congratulations on the impact. did you expect it? you never know. i have written about four collins, and that one blowout. tom: did he respond to your? timothy: he didn't. he has responded in the

tom: let me go to the bloomberg. the u.s. to mistake bloomberg , a median price. have adjusted for inflation. it is a very different chart. the median price of a new home. the shock of a much higher median price in two days. in 2008.cores we have cheaper prices off the trend, touching off where we were in the 1980's. just for a moment, housing was cheaper. in america, it is a have story. it is about the bigger homes and the fancier homes. to thee: it goes back inequality story. this is one of the top stories of the day. in lieu, you have the china remained the price. i circled what happened in january and what happened a couple of days ago. what this shows us is that china's currency fixing is weaker. , burnt orangeange circle, the fixing was stronger during the january turmoil. now at the lowest since march 2011. for more on china and possible kamalation, let's get to sharma. what do you think of this chart? we keep talking about china devaluation. this makes life so much more difficult. kamal: what we are looking at here is that the move by the chinese authoriti

we will be right back with more bloomberg markets. ♪ scarlet: this is bloomberg markets. up with xiaomi to launch a tv device, google introduced us to a digital assistant. for more on how this technology is creating big economic shifts, let's go to cory johnson and carol massar. carol: thank you so much. this is bloomberg advantage on bloomberg radio and karen harris is with us at rain and company. -- at bain and company. talk to us about spatial economics. >> what we've noticed is over the last decade, the cost of moving goods and people and information have collapsed particularly information. you can think about the cost of a postage stamp and how often you read letter today or send a bill by mail versus what you do online, that cost has gone away. for those of us who live in new york city, we know if you forget something on your way to work, you can order it on the subway and amazon will have it to you in 12 hours. that's just one small example. we see more and more that the cost of moving people is going down. transportation costs but also being transformed. when you

that's coming up on "bloomberg markets." ♪ david: this is bloomberg markets, i'm david gura.ime for the bloomberg business flash. american express is putting more money to track card molders -- tracking cardholders. amex is working with a sense of urgency to cheap improved results. it's trying to achieve its worst slot -- stock slump. they have todering be, for 72 hours starting today. the company field comply to an order to turn over data in a criminal investigation. the parent of usa today is stepping up its takeover fight for tribune publishing, saying it will withhold votes for eight nominees to the company's board. was$815 million offer unsuccessful. tribune owns the chicago tribune and the los angeles times. and that is the bloomberg business flash. julie hyman has a check on the latest. julie: we see a little bit of a recovery after last week's declines in with the steepest since february. major averages are now at the highs of the session, even the nasdaq which is been a laggard today with little changed earlier and had been labored throughout the session. if you look

.his is bloomberg surveillance i am francine

>> lung -- from bloomberg headquarters in new york, welcome to bloomberg markets. >> fed officials are promoting a case to raise interest rates as the markets await for the direction, crude falls for a fourth day. german pharma giant bayer looking at a huge cash offer for monsanto. >> fight for control of redstone's media empire heats up. we are halfway through the u.s. trading day, let's head over to the markets were julie my kit -- julie hyman has been tracking. the game we saw last week in changing perceptions about the fed and its interest rate increases, people bringing up the expectations for the fed to raise rates in june, but losing a little bit of steam in today's session as investors await a lot of economic data from durable goods to new home sales. groups on the the move, materials l strongly but besides that, some materials at 1.2% and energy as the biggest drag, even though if you look at the individual groups, the point or the percentage moves are not that significant, not many groups moving 1% except for that material group. individually in terms of the biggest gains on

bloomberg . -- this is bloomberg .resd, futures, dow down a quarter of 1%. fed rate expectations starting to rise a little bit on the margin. futures negative four points on the s&p 500. over in europe, the ftse down by 6/10. -- advancing his crude. 1% on theup 1/10 of session. brent, on $50 watch. with thellar story exception of cable with the -- the pound at 1.45. julie, about 30 seconds into the session. julie: over the past couple of days oil and stocks, the correlation is not there. we should mention we are looking ahead to 10:30 when the weekly oil inventories numbers come out in the u.s. we might get clarity as to how the wildfires in canada are affecting supply and the united states. we could see changes in oil and perhaps in stocks at that point. we're seeing a selloff not as big as yesterday. down about 2/10 across the board . some of it does have to do with retail. we can lay it at the feet of target. the stock is plunging a .5% today. comparable sales coming in with a rise of 1.2% but analysts had been pred

we are back more in a minute with bloomberg markets. ♪ scarlet: you are watching bloomberg.rlet fu. i'm alix steel. this is your global business report. scarlet: more bad news for the british economy -- construction growing at the weakest pace in almost three years. adidas,bunker shot for the company looks to sell the gulf business. scarlet: and poland is open for business on a scoring a $574 billion deal -- $574 million deal with mercedes-benz. in the u k, construction grew at the slowest pace with homebuilding bouncing back after hitting a 38 month low in march. scarlet: adidas may be giving up on golf. they are in talks for potential buyers of its golf unit, abandoning a business that is dragging down profitability. the ceo is cleaning up operations as he prepares to step down in october. he says the gulf market is not growing. >> we are not looking for the fastest solution, we are looking for the best solution. talksl start getting into with interested parties and we will see what the best fit for our company is. scarlet: nissan is recalling more than 108 thousand rogue

now more bloomberg markets. alix: this is bloomberg markets. i am alix steel.i am scarlet fu. let's turn to the growing online art auction market. two leaders in the field are joining forces. backers, theyable sales.ade a few big c alix: the only copy of wu-tang album sold for $2 million last year. joining us now is the chairman paddle8, as well as the cofounder. congratulations on the merger. you are focused more on the u.s., not as much europe. what do you get out of this? expanding ourt category mix. the combined company will have the best of both worlds. lifestreamncredible video technology which i think will be quite critical going forward. scarlet: tell us a little bit about how you make money? is there a difference in your revenue model? >> we make money in exactly the same way and similar to auction houses, but we take much less money and cut out fees. quites how we are different from the traditional model. alix: when you say you will have a combined revenue of 140 early dollars, is that sales from last year? 2016.es through alix: what are you expecting

us on bloomberg television.nuing to rage through alberta, wildfires. ♪ [ soft music ] e.t. phone home. when you find something you love, you can never get enough of it. change the way you experience tv with xfinity x1. betty: live from bloomberg in new york i am betty liu. mark: and i am mark barton, you are watching bloomberg markets. let's check in with vonnie quinn. vonnie: iran has testfired another ballistic missile. the test took place two weeks ago. it had a range of almost 1300 miles. they set off international outcry by testfiring two missiles. they say the test do not violate the terms of the nuclear agreement with the west. firefighters battling the wildfire in canada may get a break as a cold front in the area may bring rain. the fire -- lead to 80,000 people fleeing the city of fort mcmurray. three spanish journalists have returned home after being held captive in syria for almost 10 months. spain and turkey and cut her celebrated their release. treasury secretary -- heading to puerto rico trying to

this is "bloomberg markets," on bloomberg television. vonnie: we will take you from new york to london to qatar. here is what we are watching. oil rises over $50 a barrel for the first time in months. shares of energy and mining companies are gaining, as well as the currencies of oil-producing countries. mark: bill gross is trying to go short on credit, a position he says runs contrary to his instincts and training as an investor. vonnie: and a preview of the grande pre-where some of the world's wealthiest most gather. much more than a formula one race. all right, before we get to that. let's head to the markets desk. have the three major averages trading slightly lower. this includes the dow, the s&p 500 and the nasdaq. the best sectors are energy, consumer staples and consumer discretionary as for the consumer being back today, relatively to the consumer staples sector, we have cost go -- cosco up on stronger levels. again, it appears that the consumer is back today, at least in some areas. well-knownook at two stocks trading higher, n

carol: we welcome everyone from bloomberg tv, this is bloomberg radio.ere with chris from arc investment management. i want to talk about amazon. you think it could be the first trillion dollar market cap company. they do seem to be growing rapidly in terms of market cap. what is your thinking behind it? >> i think amazon is out to be the world's most incredible injustice company. when you think about amazon they are a logistic company for adams and bits. the goods they sell on their platform. they use planes, boats, drones all kinds of things, to deliver those adams. their bits is their computer architecture. that is where they are 10 times larger than their 14 competitors combined. we are talking about mastiff logistics scale where they can capitalize on all kinds of efficiencies of scale. that is why we see this trillion dollar opportunity for them. cory: what do you mean larger than their competitors combined? microsoft is admittedly one/tent of amazon services, but that is still a fast-growing business gronk after than amazon services. >> good point

this is bloomberg "surveillance." tom, a little bit of movement on currency, a lot of earnings in europe. of course, we are never bored by what the fed may or may not do. tom: i have to admit america wakes up to the shock and awe of two candidates for president this morning. address that you both hours of "surveillance." there is the reality, you wonder how brexit will be the morning after. maybe that is the same kind of feeling. francine: it is extremely difficult to make political productions. why the markets are interested in it. let's get to bloomberg first word news. the rules rewrote of how to run for president and now donald jim is the presumptive nominee. he won 52% of the vote in indiana -- and now donald trump is the presumptive nominee. ted cruz has dropped out of the race. we are going after hillary clinton. she will not be a great president. she would not be a good president or she will be a poor president. vonnie: victory has almost certainly allowed trump to get the delegates he needs that would prevent