if we go into the bloomberg, you can view this chart on the bloomberg. over the last six months, a sideways pattern below 50 day moving average. it shows near-term buyers moving away 2200 day moving average in blue. if the area of support could be riding, abearish battle between the bold and the bears, if the bears take it and push stocks below levels, it could suggest bigger declines ahead. it's wait and see if that happens. something to keep an eye on. some of the look at names pushing the stocks down. ubs is saying they have fears of possible share losses. he had a bullish and positive call on macron ahead of its 500% move since 2015-2016 low. that shareso be will fall. we will see suppliers down around apple down. all this pressuring stocks. there are some deal recommendation news on health care. on the news that it is spreading up its animal health business. analysts setting a $73 price target. analysts like the companie and the animal health unit. s investors watching the march to 3%, 10 year yield. it hit 2.9 nine 757% for the first time since 201

this is bloomberg. ♪ shery: this is bloomberg markets. stocks are higher in the u.s.the credit markets having slight concerns on syria, and they focus on earnings. buying, with number $70 billion in asset management, what has changed the that we start into earning season has the market come less distracted the other issues? brian: i hope so, we needed earnings season to begin because market focused on second and third order issues in terms of importance. the political headlines ultimately take to the noise around trade -- that is no longer at least the primary part of the headlines. and the reading is better than expected off its and better-than-expected results those numbers. be arket news tends to first order of importance for what drives markets over a peri od of a few weeks. shery: the chart on gtv , and you can see that is surging in 2018. are we going to see markets disappointed given that expectations are so high? brian: this is an unusual trend. at the beginning of the year you see analysts down their expectations and become take on the year to optimistic,

from new york, this is bloomberg. bloomberg. julia: this is bloomberg markets.ight. me, it has been an unusual day. lower.stocks take a leg >> we think we have a new baseline that is higher. we have come to a five-year of --, the second lowest since the 1920's. we think this is where the baseline is breed if you come 1950's the mid to late -- it was established. part of that is we think we should go lower. that is the repricing of risk. >> let's get back to earnings. semiconductors are having a hard time gaining traction ahead of the numbers this week. we trade this week has to do -- talk of the marvel me through your thinking about that. this morning effectively for us, weaker worst-performing s&p's. that falls on weakness for last week. situations, mark ballas poised to -- marvel is is to purchase capital. a lot going on here. this is a deal that requires -- ministryster he of commerce to approve on the antitrust front. julia: that has been tricky. qualcomm, this is the ministry responding to the u.s. a lot happening here. does not pose competitive risk in chi

this is bloomberg. ♪ vonnie: this is the european close on bloomberg markets.rgy's global summit hosted by bloomberg new energy finance is going on right now at the grand hyatt in new power,ringing leaders in transportation, and energy finance. alix steel is with a special guest at the summit. alix: thank you. i'm here with the ceo -- you have got to learn about it. the first company, only the second currently, we will do the same thing, essentially. upstream and terminal assets. great to see you. i love catching up with you guys. so what kind of trade war would actually wind up hurting your business? what would you have to see? >> anything geopolitical policy. other countries limiting the free for -- the free flow of natural gas could really impact in the end. perspective, it really hurts the partnership natural gas has to further all the decarbonization and continue to the war on climate change. >> at what point economically does it not make sense for china to buy natural gas or they just don't want to buy it because they want to hurt us? >> as far as we can

from new york, this is bloomberg. ♪ bloomberg. ♪ ♪ julia: this is "bloomberg markets." is time for the bloomberg business flash come a look at the biggest business stories in the news. mark attanasio says this year could become a memorable one for a credit. he shared some of his thoughts on investing today on bloomberg television. , the time itig in will take for all of those things to take place, interest rate hikes to really take hold, the credit cycle that is still a long dating, and a couple things are still showing growth, you recognize that 2018 is still probably going to be a good year for credit. there.: mark attanasio shares of drug companies and providers are trending higher as investors welcomed the news that amazon has shelved plans to sell and distribute pharmaceutical products. america's biggest e-commerce company decided to scrap the plan after considering it last year. shares of cbs, walgreens, and others are all higher on the news. afterx reports earnings the close today. the world's biggest online tv network posted big numbers last quarter adding more

joining us now in london is bloomberg steel reporter -- bloombergs deal reporter -- bloomberg's dealoining us in new york is the editor of business week. bring us up-to-date with where allergan is. suddenly it is back again, making this huge offer or so we believe. >> allergan have been tending to its own for a while after making a series of deals and then over the last six months or so, we have seen them under some pressure from investors. people thinking they might have to selloffs of assets or do something to get their business under control. all of a sudden they are interested in what could be a $60 billion plus deal. it seems like they may be looking at a way out of this situation as doing another big deal and snap up big potential assets. vonnie: fascinating. the size of the offer is massive. can they carry that on their balance sheet? i think both of the bidders -- keep in mind takeda is coming in to make an offer bigger than takeda itself. they will have to take on a ton of new debt. both of these companies are going to have to come in and itvince shire shareholders is worth

this is bloomberg. ♪ shery: this is "bloomberg markets." follow-up toys "r" us shows how much the retail landscape has changed in the last decade. we have a reporter to explain the rise of "zombie malls" from seattle. this is having a big impact on real estate. >> that was what we wanted to take a look at. among the regional and national retail chains, the announced store closures this year, the square footage, is on the pace to eclipse last year, which was already at a record. vonnie: given that private it, itowns a lot of seems like private equity is happier to have an empty storefront than to lease a building under the true value. noah: there are a lot of dynamics going on. one of the things we found rather interesting was if you look at toys "r" us, part of the deals that took toys "r" us private back in 2005 was predicated on the idea they had valuable real estate. in a relatively short amount of that wholears, premise has looked a lot shakier. as we have seen more retail chains go out, the real estate -- the idea of the real estate th

this is bloomberg. ♪ shery: this is "bloomberg markets."onnie: a shakeup at deutsche bank, the ceo out after three years on the job. --eteran taken his place taking his place. the head of the german bank only answered one question hanging over the struggling institution. here to explain is michael moore, the head of u.s. finance for bloomberg. isivided board, chairman still at odds with probably at least half of the board, but we have a new ceo, is that enough of a fix? >> it depends on what the ceo does, his background would indicate a focus on germany and a focus on retail. but until he goes through the actual work to shrink the investment bank, then it is unclear what that means, because john cryan wanted to shrink the investment bank, but the problem was it took too long and it did not provide the expected results. shery: given that savings was on his management team, there is skepticism about what he can do that is any different than mr. cryan? >> there was the interview earlier this year where he was on board with the strategy, but on

this is bloomberg. ♪ ♪ welcome back to the european open on bloomberg markets.rd.down across the i want to get over to anne-marie to get some of your mid-cap movers wrapped up. >> good morning. then in alstom up 2.75%. a very good strong quarter revenue growth, bp highest analysts estimate. -- revenue growth, beat the highest analysts estimate. m&s down 3%, along with another stock. both retailers, downgraded by city, but on top of that, we had the report saying sales heavy second-worst month on record. one of the worst they have seen since the financial crisis. that is as big snowstorms hit u.k. certainly, you came retailers, one to look at today. norwegian air shuttle, up 3.5%. for march was positive. the company saying the airlines unit revenue rose for the first time in 11 months. for everything they are selling, they are bringing in more money, about 4% more for march. that stopped liking those numbers this morning. matt: thanks very much. i came across this story this morning and immediately forwarded it to everybody. general motors workers in south korea

this is bloomberg. ♪ ♪ this is bloomberg surveillance. let's get the bloomberg business flash. headed for an ipo. it is in talks with investment banks about a public offering in the u.s. according to people familiar with the matter, the startup could be valued at about $4 billion. it is backed by $.10. the pentagon has decided boeing documents ando pentagon officials, problems involve production in a boeing f-15 jet, but says it is working to fix the issues raised. allegiant airlines is pushing back against a critical television reports. says.s. discount carrier it emphasizes safety and meets all federal requirements. 60 minutes reported that allegiant had more than several incidents in one year. that is your bloomberg business flash. francine: thanks so much. sonali basak with us. bring up the chart. we are going to show you the chart in a bit. bank of america just out. francine, what is the first look at uc? francine: it looks below estimates. it comes at about $4.1 billion in 4.1 billion -- the earnings 6.2%.at looking for three things, a little bit more on how they are plan

this is bloomberg. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i'm kailey leinz. ♪ >> it is 1:00 p.m. in new york, 6:00 p.m. in london and 1:00 a.m. in hong kong. >> welcome to bloomberg markets. ♪ vonnie: from bloomberg world headquarters, the top stories on the bloomberg and from around the world. a sea of red come the u.s. stocks stink starting the second quarter after a fresh attack on amazon from the president, among other catalysts. the trade battle intensifies, this is beijing plans higher tariffs on u.s. products, what is next? and april fool's. the worst month for tesla, elon musk joking that the company has gone bankrupt, but do they have real troubles ahead? abigail doolittle is with us and were halfway into the first official trading day of q2, does it look pretty? abigail: it does not look auspicious considering the selloff, the nasdaq, s&p 500, down. 3%, oner the lows, down pace for its worst day since february, so i'll doing t

this is bloomberg.: thank you very much. let's talk about the breaking news we are just getting, confirmation of what we already knew. the timing is a factor in all of this as it relates to wpp, which will be opening in 23 minutes time. this is the allegations that have been rebuffed. allegations did not evolve -- involve material and probe of misconduct has been concluded. there are questions about the transparency about what is happening but we want to that he has denied the allegations made against him. matt: and it just to be clear, for viewers wondering what he did, it isn't clear. the company hasn't said, only to say it involves a significant amount of money. asian stocks are mixed. asian equity futures have paired games but they are still up. the yen has reversed losses. thinking it could be contained. joining us from singapore's mark cudmore, bloomberg's mliv strategist. mark, let me first ask the obvious question about the syrian bombing. how quickly can the market rush this off? is it already

this is bloomberg. ♪ >> from bloomberg world headquarters in new york, this is "bloomberg markets." to the first word news. president trump says the u.s. lost a trade war with china years ago. the president tweeted today after china announced a list of u.s. products that might be subjected to a 25% tariffs. he said it was lost by "the foolish or incompetent people representing the united states." 150a has imposed tariffs billion dollars worth of american products, including soybeans and cars. comments are's being questioned, which seems to confirm russians -- russia's foreignent on a former intelligence officer and his daughter. he said he could not pinpoint the exact source of the poison. my secretary has information he is not sharing, or there has been an exaggeration. but we need a responsible approach to this. we need to get to the source of this to prevent this from happening again. mark: russia has denied any involvement in the attack. a fire inficials say a moscow shopping center today killed one person and injured six others. authorities are not sure what caused the blaze th

this is bloomberg. ♪ francine: this is "bloomberg surveillance."cine lacqua here in london. let's get straight to the bloomberg first word news with nejra cehic. nejra: deutsche bank's new chief executive says the lender's should be faster at making decisions. christian sewing, a deutsche lifer, became ceo yesterday, replacing john cryan. the investment bank has seen three top leadership appointments and six years amid pressure from investors to increase stability. minister shinzo abe has apologized for the second scandal in a month, this time for a failure to report the discovery of missing records regarding deploying troops in iraq. he called it "extremely regrettable." the failure to disclose throws --lts over control of the those doubts over the control of the military. one person we spoke to said he could help the traits that between the u.s. and china. atainen: we have it replacing, and this is always the reverse scenario. to -- when the eu tries stabilize the current situation. almost ready for the saudi arabia ipo. on ao is ready to go list

this is bloomberg. ♪ is bloomberg. ♪ ♪ vonnie: this is "bloomberg markets." i'm vonnie quinn.shery ahn. the fed shares tumbling as much as 10% in march, facebook is said to report results after the bells today. wall street investors are looking to see if there were any losses in users and had sales for what we can expect from facebook. head of technology research and chief strategy officer daniel ives joining us in the studio. . want to show you this chart do tv is the function. facebook users can check their facebook as much as before in the -- on a weekly basis. i don't. i think i haven't entered my account in quite a while. are we going to see this criticism on facebook and the scandal just worsening things when it comes to facebook actively engaging with the platform? daniel: engagement is the key. advertising, $50 billion advertising per year, it's about engagement. we have done surveys post cambridge we have seen 15% decrease any in engagement. which could translate into one billion to 2 billion advertising revenue lost for the year. i think so far, i would call it

this is bloomberg. ♪ ♪ taylor: this is "bloomberg surveillance."od let's get the bloomberg business flash . in china, alibaba is buying up delivery start up elem.me. it,s nothing how much of but the value isn't about 9.5 billion dollars. alibaba had previously owned a . itm is trying to enter the fast-growing market ofe. food and other delivery services. walmart, duquesne solutions. acquainted person with the matter, they are considering a closer relationship to provide care to consumers at or near their homes. amazon has taken aim at walmart by taking customers out of it stores. meanwhile, humana's rival is in talks to create one-stop health superstores. the smallest energy producer in ahrain,sian gulf, whilb set oil and gas was discovered off its west coast. elon musk still has a sense of humor after the worst month for tesla shares in more than seven years. ceoelectric carmaker's jokingn april fools joke about going bankrupt. tesla's shares fell 22% into march. moody's cut the credit rating farther into junk status. that is your bloomberg busine

this is bloomberg. ♪ . this is bloomberg. ♪ ♪ ." am yvonne man in hong kong. julie: i am julie hyman in new york. taiwan semiconductor forecast will be $1 billion less than analysts projected. that is raising concern iphone demand is continuing to wane. ian joins us from san francisco. report this taiwan semi have such importance and such a big ripple effect? smc is not just a low-cost manufacturer, they make something important to apple. they are the key makers of the processes, they have a leading position. --is not an issue of them they are doing something fundamental and that gives them a clear picture of where demand is going. yvonne: you have to read between the lines. is this an indication the smartphone boom is over? ian: there is a huge debate. when you look at the numbers, there are only so many people in the world. quite a high percentage of them have a smartphones. it is easy to be a naysayer and say we are not seeing much more of a growth opportunity here. at the same time, the replacement in developed markets has slowe

this is bloomberg.etty: we are getting a piece of breaking news coming out of house democrats the energy and commerce committee. shareholders of facebook are quite satisfied with the results, however the house democrats are not satisfied and they are saying they sent hundreds of follow-up questions to facebook ceo mark zuckerberg. denoted has been the weeks since the hearing and they have heard nothing yet from the facebook founder. a headline coming out in response possibly after the results cannot from facebook. frenchmeantime, president emmanuel macron sink protectionism holds major threats, addressing congress, he made a plea for free and fair trade. >> a commercial war is not consistent with our missions, history, with our current commitments for the global security. at the end of the day, it will destroy jobs, increase prices, and the middle class will have to pay for it. betty: let's cross over to washington with joe sobczyk. the president wasn't shy of what he says is the wrong way for the u.s.

this is bloomberg. ♪ abigail: this is "bloomberg best."'s continue our global tour of the week's business story with china shaking up the oil futures market. rishaad: the global oil market getting a bit of a shakeup, china futures as the world's largest oil consumers. offering yuan denominated contracts to be bought and sold. it is a first for chinese commodities. the question we are asking, does is mean china will get a bigger say in pricing? >> this is a massive win for china, but very much a long-term one. we can't expect this to implicate features in the market in the short-term horizon. i am not even talking about weeks, saying the next few months or first year or so. it helps validate the yuan as a up and coming, serious currency. indirectly, it will helps chinese bond market. it helps the entire financial system in china. it is a very big win. they have taken a long time to get there. they want to wait to the right moment, until they have full support from the gcc countries. they have now got that. this is big news, even though it i

this is bloomberg. ♪ ♪ >> this is bloomberg surveillance. let's get the bloomberg business flash.rate sales as they agreed to buy a company. the premium dog and cat food maker is backed by celebrity chef rachael ray. it is has got barclays debt rating one level above junk. barclays may not be the only one as movie says the credit rating for some of the biggest british banks. those regulations fourth barclays two separate investment banking activities from retail operations designed to protect consumers cash. the head of ubs investment bank says he has a very aggressive plan for the u.s. he is doubling down on a pledge to ramp up the president and wall street go making and tells bloomberg he wants to assemble leading teams for sectors such as retail and software. a person briefed on the strategy says ubs will double the number of senior level of bankers within the americas within 3-5 years. tom: thank you. guy johnson, the story she just did is to me the most fascinating story in banking this month so far. we have a european bank that cannot leave america. ubs stepping up again --

this is bloomberg. ♪ emily: i am emily chang, and this is bloomberg technology. amazon declares we will crunch first quarter numbers. the e-commerce king closes out earnings season for the biggest tech companies. the other big tech support cards -- report cards, intact from intel and microsoft. slam.k. officials testimony from facebook cbo. what british lawmakers are fed up with with the social network. but first to our lead, amazon shares are soaring as recording first quarter results, a profit that topped analyst estimates. this is swelling ranks of time subscribers and a profitable cloud computing division winning more and more corporate customers. here to break down all the numbers, the chief research officer at idc and also the senior executive editor brent stone. so to give you a good idea, jeff bezos has risen $12 billion just today. one of the highlights? >> i have the same feeling i had to say with facebook which was what was all the noise about? the talk about amazon captured by president trum

on the see this bloomberg.he increase in american exports , which has come down with this talk, but what we see with areeans is u.s. farm goods very much affected by the potential retaliation by china in that china is the largest buyer of american soybeans, worth $14 billion annually. the concern on hold with the talks that this is about proposals, not an actual trade war. startingybe just a point. thank you for that. on our newsoybeans show focused on risks and things across resources. you thebe bringing voices and insights in today's commodities markets. let's look at markets in asia. it is a holiday. chinaong, mainland shuttered today. the kiwi dollar was the outperform are in the g10 space. australia, the trade balance number out at 9:30. sydney looking to pop at the open. the aussie dollar sustaining some of that momentum. futures, a bid down there. new york crude seeing gains after a better-than-expected result when it comes to u.s. stockpiles, a bigger than expected drop, still weakness across industrial

this is bloomberg. ♪ mark: this is "bloomberg markets ." i'm mark barton.e: in new york, i'm vonnie quinn. it is time for etf friday. as it gets tough to tell where the market will go, you can look at how some etf investors are feeling. eric balchunas is with us. >> we track the s&p 500, inflows come out lows, and then inflows again. some are used by institutions, some by retail. this market is interesting. a couple matchup to watch. you can see the flows there. spy is all over the map. institutions don't know what to do. vu has been a steady inflow getter, that is a vanguard run it. vanguard is good at taking inflows the matter what is going on. voo saw $160 million in outflows last week. that is almost as shocking as spy taking 115 million out. voo is mom and pop. right now it is holding on and spy is coming back after a rough last week. has both and sometimes the crosscurrents get lost in the numbers. i don't use that anymore. spy and voo are for your general market sentiment. >> you have another chart that has three straight weeks of inflows, so people

this is bloomberg.esla takes off after ceo elon musk claims electric car company won't need to raise more money this year. plus, the bitcoin bounce. massive gains made this week by the world's most valuable cryptocurrency, and if it can be sustained. and after mark zuckerberg's double date with congress in d.c., we recap a all week for facebook, and what lies ahead. nd the u.s. treasury department released its report just a few moments ago. but to the nation's currency outlook has are made the same, but the u.s. maintains the line that no nation is a currency manipulator, but adds india to the watchlist. we are seeing the likes of china, switzerland, in japan remaining on the watchlist as well, but notably india being added. after taking a beating in recent weeks, our top story of tesla shares, climbing in friday's session after a tweet by the ceo rebuking a report from "the economist," saying "it used to be boring but smart with a dry wit. now it is just boring." tesla will be comfortable and cash flow

joel: that's what makes bloomberg bloomberg.r data to the forefront, let that drive the conversation and the way we tell the story. also, we love some shirts. carol: reporter claire has been looking into this issue. we got more from herbal he sat down with her. claire: i looked at the pay gap figures coming out in the u.k. by april 4, all companies that have at least 250 people working in the u.k., they just have to have an office in britain with that many people, will have to report their salary data broken down by gender. so how much man are paid versus how much women are paid on average. carol: for all jobs? for all positions. claire: for all positions, all of their employees. the figures are not looking good. companies are not enjoined the publicity they are getting. i understand it was voluntary a few years ago. nobody did it and now it's mandatory. claire: yeah, so britain nationally has a pay gap of about 18%. it's on par with the u.s., we are about 20%. all women and men make about 20% less than men. it's across the econ

this is bloomberg. ♪ taylor: this is a bloomberg business flash. as part focus resources on biotech and new medicine. netflix is proving they can raise prices without losing customers. strongestd the subscriber growth. they raised prices for most customers. millionadded 7.4 subscribers in the first quarter. sales soared 40%. will meet with one of the eu's top regulators. he is scheduled to meet the vice president during a two-day trip to san francisco that starts today. zuckerberg has been called to appear in the european parliament to explain how user data was passed along to cambridge analytica. that's your bloomberg business flash. francine: let's turn to oil, it is little changed. join us for an exclusive interview is the executive director. thank you so much for joining us. when does the market rebound? i think we are seeing oil stocks and oil markets are being eroded. we are seeing a market that is stronger than previous years. it's a reflection of that. francine: i know you hate talking about price. what needs to happen for oil to reach $80?

this is bloomberg. ♪ >> this is "bloomberg markets."h mark zuckerberg's congressional testimony out of the way, we thought it would be smart to check in on the overhang of uncertainty. has had its best week since early march, and before the outbreak of the cambridge analytica data crisis. investors and traders are saying that mr. zuckerberg's comments were good enough. on the air, the shares are down, but that is not holding back more than 15% on the year. you can see the influence of the data crisis on this index, on the fears that big tex will be regulated. regulated. will be look at the chart we showed a few weeks ago. a longer chart of the front month contract. the last time we show this chart -- showed this chart, we were talking about the likelihood this would move down. move towardd see a the top of the range, at 7000. this, if theree is some sort of a bounce for the nasdaq 100 mini-futures? margin of ainitial little less than $5,400, and a possible move from current thans could gross more 7000. there are some risks there on the

this is bloomberg. ♪ manus: it is about 9:20 here in dubai. tech.y ride for a bumpy ride from trump in regards to trade tariffs between the u.s. and china. there is no call in the market storm on trump's audit decision-making. markets remain chuck -- choppy. i love to find a bull's-eye. anna: interesting though that we have seen this selloff in asia continuing trade equity futures are pointing just a little bit higher. this is the picture across asia right now. certainly see some weakness humming through the shanghai market. uilette: apple is said to be planning to use its own chips and matt -- mac computers beginning as early as 2020 replacing and tell. the initiative is still in the early developmental stages. that comes as part of a larger strategy to make all of apple's max, -- macs,ding ipads more efficient. tweeten must's bankruptcy came with cash reserves under pressure. tesla may need to raise up to $3 billion because the slow build has learned returns on investments at the company has made. tes

michael regan of bloomberg markets. you can find his commentary on the bloomberg. let's check in on "first word news." withwhite house summit russians president vladimir putin according to a kremlin policy ap are he says the offer was made in a phone call between the two leaders earlier this month. there has been no confirmation. meanwhile, north korea will be on the agenda when president .rump means with the president they will travel to mar-a-lago. the white house says they will discuss the international campaign to maintain pressure on kim jong-un's regime. china says that previously an tariffs took affect today. beijing targeted about $3 billion worth of american products, including pork, wine, and certain fruits. this was in response to the u.s. tariffs on steel and aluminum. in costa rica, pro-gay marriage it was rejected that there was campaigns for same-sex marriage. ony pledged to take action costa rica's deficit. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i'm taylor riggs. this is bloomberg.

bloomberg's julie hyman is here.e have had a couple of weeks in april that have been -- day soit is early in the we shall see. of s&p 500 is only of a half 1%, but it is a broad rally with all 11 sectors in the s&p on the rise. i am looking at utilities, telecom, health care, and industrials -- they are up the most in the s&p 500. there is a lot of anticipation for the earnings season. we had the banks on friday. not behaving well in the wake of their earnings' report. the lofty expectations are not limited to the u.s. if you take a look at the bloomberg, we have the global earnings expectations for the all-country index. they had fallen throughout 2016, started to rise in 2017, and now you see the big upgrade, the big increases to estimates we're getting some analysts. that just let you know that expectations are riding high going into this season. our company's meeting, let's take bank of america. bank of america did fall sharply on friday in the wake of some of its competitor's earnings, and the shares are not rec

coming up, this is bloomberg. scarlet: this is bloomberg markets.other bloomberg exclusive. home depot is the largest home improvement retailer. they could lose a lot if the trade spat with china turns into a trade war. we have been speaking about headwinds facing the economy. >> we used gdp as a foundation base for growth. that is projected to pay 2.7%. thatok at housing and add on. that has been worth a couple of points of growth. we see that continuing. formation, household appreciation those are positive aspects that are drivers for our business. we feel good overall. >> in terms of markets what we worried about his trade. i know you don't have an international business but what is your sense of the headwinds from d.c. that could stop the growth? when you think about the trade situation, we obviously, 20% of goods come from offshore somewhere in the world. most trade is local in terms of live goods, mulch, lumber. a lot of that is domestic u.s. product. rise, whichtinue to they will, we will have to find offsets to drive value for our customer.

i'm looking at my bloomberg index -- at my bloomberg and will explain to you what i see. can look at how spotify is trailing his peers. it rallied a little bit at the end of trade. pandora, serious today. what about the direct listing and the volatility we see in the share? do you feel a direct listing was the best way to go rather than a public offering? toi think it's a really really draw any firm conclusions about that. it's clear that the company may be decision to do a direct listing because there was little point in having the cost of an underwriter to rate capital or sell secondary shares were there was no interest in either raising capital or selling secondaries in a more conventional matter. i think the downside is that you don't have the kind of investment banking methodology propping up the share price a anddays after the listing, i think that was a part of the expectations with them, including us, that there would be and will probably be some volatility going forward until the market has fully understood the qualities on the company and another quarter oh so,

this is bloomberg. ♪ this is bloomberg. ♪ haidi: this is "bloomberg markets: asia."lun in sydney. pro-the noble shareholder they shouldays renegotiate its restructuring plan with creditors. it says it and other investors are prepared to offer additional working capital as the group struggles with $3 billion of debt. the wall street journal says wells fargo could agreed to a fine of $1 billion to settle claims related to its risk management. they includeys failure to prevent improper charges to customers. we are counting down to the open of markets in hong kong. rish is taking a look at the open. rishaad: shaping down at the moment. ,he auction coming to an end .2% down, futures lower. , awfulhinese chipmakers fallout from tsmc affecting global tech stocks. look at the performance in recent days with chinese chipmakers. the band has benefited these chipmakers. all of those outperforming the hang seng. they have done well on the basis that beijing will support these companies should there be a trade war. we are looking at that. sayingtandard chartered regulators have e

this is bloomberg. ♪ anna: this is "bloomberg daybreak: europe."n tokyo. the asian session has been mixed. dip, a lovelys a line, asian traders are waking up. navarro advises the president. nasdaq, down. we have a huge recovering rally in amazon, which is a cracking story. amazon, we will talk about that later this hour. get data and we the inflation story in the eurozone shortly. we move on to politics. manus: this is about the formation of the government. i wonder to what extent this could be the pivotal moment for italy. or isere more elections there appetite to form a decent government? what does that mean for reform? what does that mean for italian banks? we will have to watch the choreography of who talks to the president when. in the u k, 250 employees have until tonight to report their gender pay gap. how has the data change the conversation. let's check in on them market action with nejra cehic. searchingan equities for direction. investors waiting to see how the trade row will develop between the u.s. and china. we have yet to see what re

this is bloomberg. ♪ ♪ this is bloomberg. i'm mark barton. let's go to a bloomberg business flash.apple is said to be plenty use its own chips and mac computers as early as 2020, replacing processors from intel. according to people familiar, the initiative is still in the early development of stages but comes as part of a larger strategy to make all of apple's devices including max, iphones, and ipads with more similarly and seamlessly together. ande declined to comment said, quote, we don't comment on speculation about our customers. 20 century fox's offer to sell sky news to of disney as it seeks to win over u.k. regulators. foxx said disney had expressed an" -- interest in acquiring sky news. said it had proposed the news channels sale to guarantee the editorial independence of the operation. ceo linda cook says she would seek to expand santos in asia and africa have a making a 10.3 forion u.s. dollar offer australia's third-largest energy company. the plant in the northern territory and papa new guinea. indicative ofhe herschel. santos shares jumped. the world's biggest music s

this is bloomberg. anna: good morning, everybody. this is "bloomberg daybreak: europe." this is the picture on the currency markets. remember that many markets and japan are closed and in china. we see gains elsewhere in the hung saying -- in the hang seng. let's check in with nejra cehic. nejra: we are seeing gains in asia. the pacific index is up more than 1%. we are seeing japan and chinese markets closed, so they are not shown on this map, but the hang upg is leading the gains, more than 1%, and the kospi up. we have seen the jump in south korean equities, but also the won. the prospect of peace on the korean peninsula and the nuclearization of north korea is giving a list to the equity markets -- is giving a lift to the equity markets. let's switch the chart reflected in cds. south korean five-year default credit swaps falling. you see that decline in the risk, and more risk appetite in the cds market as well. i talked about the koran won against the dollar. the dollar had a good week against its peers last week. we saw it track the 10 year treasury yield higher, an

this is bloomberg. ♪ taylor: this is "bloomberg surveillance." the bloomberg business flash.its profit forecast. was helped by an overseas sales push and a demand at home for winter clothing. they are spending heavily to expand through china and southeast asia. offering more than $1 billion for the toys "r" us asia business. the offers are for the 85% stake that toys "r" us owns of the unit. they are in the middle of winding down u.s. operations after an attempt to restructure failed.uptcy mark zuckerberg emerged mostly unruffled from two days of congressional hearings. the cofounder of facebook stock closely to his claims that the social network did not do enough to keep tools from being misused. still, some lawmakers are calling for new regulations of social media. boosts itsways market share in intensifying competition from low-cost carriers. that is your bloomberg business flash. blackrock,ews out of share price hit a record high in january. first quarter revenues in line with estimates, a little better than expected with earnings per share also better than expected. but

this is bloomberg. ♪ francine: this is "bloomberg surveillance."e from washington, d.c. for the imf. steve mnuchin says trump has delivered a warning shot on the yuan on the same day that china adopted a care and stick approach with trade talks with america. beijing promised carmakers greater freedom on their market and on the other left anti-dumping duties on imports of u.s. sort of. ghum. bob, you are a little bit of a china expert. break, youing the take issue with the fact that the u.s. administration is now saying something that the chinese currency did, which has intervened to weaken it, which it clearly hasn't. robert: i been going to china since 1972. the currency has always been a big issue -- not always recently at least -- in terms of the american rhetoric about china. let me make two points. -- it is overblown in terms of what we should be focusing on. we are going to focus on it, we've got to get it right. the chinese are not pushing the value of the currency down. they have been allowing it to rise for two reasons -- not just to placa

this is "bloomberg best."r weekly review of the most important business news analysis and interviews from bloomberg television around the world. the world's two largest economies spent much of the last month circling the ring and the world's one true heavyweight battle over trade. the latest round began monday with a jab from china. >> china hits back. the country's previously announced tariffs on 128 u.s. goods take effect today. that is in response to the trump administration's tariffs on steel and aluminum. china is urging more trade talks to prevent greater damage to relations and the white house just said that china should not target fairly traded u.s. goods. >> this is china's response to steel and aluminum tariffs. we are waiting on the u.s. publication of what the u.s. is going to single out for tariffs in terms of intellectual property. the chinese did, along with the tariffs that they put into effect today say that we would rather do this through negotiation than through confrontation. >> we certainl

this is "bloomberg markets."heck in on "first word news." the latestna made move in trade over u.s.. beijing filed a complaint with presidenthallenging trump's tariffs on steel and aluminum. the companies have -- countries have 60 days to settle the matter on their own. china's president is trying to defuse the dispute. today, he reiterated promises to open sectors in beijing to carmaking. the trump administration wants congress to cut massive programs that were part of a spending plan that he signed last month. democrats degrees to -- agreed to boost the military budget. may blow up one of the few bipartisan deals that have made it through. saudi arabia is pushing for $80 oil. that is according to those having private discussions with these saudis. they want the higher price to taper government spending and support the valuation of oil jim -- oil giant aramco. one of the two russians portion by a nerve agent -- poisoned by a nerve agent has been released from the hospital. her father remains hospitalized. that -

this is bloomberg. caroline: the global conference underway in california, a watering hole for those in technology and policy. one of the themes is tighter manager he -- tighter monetary policy. >> thank you. one of the reasons to come to milk is to talk to some of the world's greatest credit investors. our next guest happens to be one of those people. josh friedman. those $26 billion being in hedge funds. drexel background. ,ack in january, when we spoke you made a scary prediction. financial markets could look 1994, where a lot of people lost a lot of money. what do you think now? josh: that could still happen. i think we have the same benefit of a relatively good earnings outlook with taxes lower, with capital expenditures accelerated, with unemployment decreasing. the business outlook is good. you have the fed raising rates. we started to see volatility since our meeting and davos. down 5% since then. you have sources of volatility going forward as well between korea, trade, tariffs, the trump inves

this is bloomberg markets. time for the bloomberg business flash. much better month than expected for the troy's big three automakers. fiat chrysler, gm and ford reported march sales that trounced estimates. aggressiveboosted by discounting. more model three cars than expected last month. it expect model three production will increase rapidly toward the second quarter and hit 5000 week in about three months. disney is willing to help rupert murdoch's 21st century fox win british realtor approval to buy sky -- regulator approval to buy sky. interested in the news unit, regardless of whether it's larger $52 billion takeover of most of fox does not go through. that is the bloomberg business flash. on the 20ill ahead year anniversary of the good friday agreement, we catch up with the agreement's architect, george mitchell. this is bloomberg. ♪ mark: this is bloomberg markets. i am mark barton from london. vonnie: and in new york, i am vonnie quinn. fears of a potential trade war eased monday. peso, a bellwether talks istalks -- nafta a little stronger t

"bloomberg technology" is next. ♪ emily: i'm emily chang, and this is "bloomberg technology."r's -- semiconductors. we will put the forecast that rattled investors into focus. fbi, and the pentagon, other law enforcement agencies tapped feeder teal -- peter teal for help with -- peter thiel for help with -- amazon's underpaid army. our look at the other story buried inside the letter and the window it opened into the company's rank and file. to our lede, apple and a slew of chipmakers fell thursday after rekindled concerns that the handset boom is waning. sales will be $1 billion less than projected. smartphone shipments declined for the first time, a reminder that the best days may be in the past. mark gurman, who covers all things apple, and bloomberg's ian king, who covers all the major chipmakers for us, join us now. why is this having such a big impact on apple shares? . >> it's a good question. this is more than just a low-cost contract manufacturer. they are a leader in this new wave in technology of outsourcing chips. if you are a smart phone maker, it is quite likely

up next on bloomberg television, it's bloomberg surveillance. down as we count you well. the surveillance hours, can't you down to those jpmorgan hours, which will break at 11:45 in l ondon. we break those for you here on bloomberg. european markets going nowhere, but fascinating stock stories out there this morning. hammerson, as we look at the london property sector. this is bloomberg. ♪ francine: tpp turnaround. president trump floats rejoining the trade pact. .ejoining vw, herbert diess and a big day for the banks. jpmorgan, wells fargo and citigroup you governing season for financials. volatility will be in focus. ♪ good morning, everyone and welcome to bloomberg surveillance. i am francine lacqua in london.

this is bloomberg. ♪ julia: this is "bloomberg markets." it is time for a bloomberg exclusive.fed president of says he believes inflation in the united states is trending toward 2%. we spoke with him from the university of florida. bostic: inflation will be a bit higher, year-over-year. we had a low rates this time last year. i think we will see an increase. was initiale expectation about inflation at the beginning of this year. we have backed off of that a little. i think the markets are doing the same thing we are. we are trying to see what the numbers come in at to make sense about where inflation is. >> headlines last month were already at 1.8%. how soon do we get to or go over 2%, and for how long? raphael: the trend is going in the right direction. we are going to hit 2% sometime in the next two quarters. i am comfortable going over 2% to some amount. i don't think that is a crisis of overheating. we takeit is important a stance so everyone understands the 2% level is an average, not a feeling. we have been below for so long but if we go to 2% -- low for long, if we goso

this is bloomberg. ♪ ♪ >> this is bloomberg daybreak. i'm here with your bloomberg business flash.ier has agreed to sell cancer unit. scheier wants to focus more on treatments for rare diseases. meanwhile, japan pharmaceutical is considering making a bid for shire. says that all options are open. interview, he said he wants to find solutions by 2022. those comments follow a bloomberg report that the automakers are in talks to merge. for the first time, the world's largest advertising company is searching for a chief executive. the resignation followed allegations of personal misconduct while it is searching a newceo, it is named executive chairman into operating chiefs. that is your bloomberg business flash. david: thanks so much. bloombergtime for the first take, we are joined by gina martin adams, bloomberg intelligence chief equity strategist, and david kelly, jpmorgan chief global strategist. where the u.s. ambassador to the u.n. say there are more sanctions coming against russia related to this. see that russian sanctions will be coming down. secretary mnuchin kobe announcing

this is bloomberg. ♪ ♪ >> this is bloomberg best. i am ramy. continue our global tour of the week's top business stories with a look to europe, where some of the world's biggest banks reported global earnings. that started monday with ubs. >> ups's investment bank, what went wrong and what went right? >> the investment bank has done fantastically, equities trading is up, and the mma advisory business is not a -- has had a fantastic quarter. 's feels vindicated in strategy and not using too much of the balance sheet. a smaller banking is parts and wealth management is a bigger bit. wealth management people have been scratching their head today wondering what went wrong. earnings were a sliver underestimates but that created a negative market reaction. >> the pivotal wealth management. attracting in the first quarter, why do credit suisse investors have a smile on their face today? >> it is not just the investors, it is the president himself. down onosts, he scaled the volatile trading units, and he is been saying to focus on wealth management an

this is bloomberg. ♪ this is bloomberg. ♪ ♪ taylor: this is "bloomberg surveillance."upermarket business in the u k, sainsbury's k., sainsbury could create a supermarket giant to rival tesco in market share by acquiring asda. rising gas prices to the highest on record. gasolineat a time when futures are the highest since august. inventories are covering lower since january. danish electric vehicle sales fell dramatically after the government faced out subsidies. bloomberg spoke to the prime minister. >> we have a tax incentive for electric cars. you can discuss whether it should be bigger. i will not exclude that. today's paper is about the supply side so to speak. i have announced today that will summer break, we introduce a package on the demand side. a dedicated webpage that features the best reporting on transport from across the number news -- bloomberg news universe. tom: we are launching into a discussion that drives us to may 2 and the fed meeting. vasileios gkianakis with us of unicredit and christopher pissarides of the london school of economics. this is the

this is bloomberg. ♪ this is bloomberg. ♪ ♪ ."etty: much more ahead in the next hour. in just a moment we will be live from the beijing auto show to speak with hakkan samuelsson. yvonne: looking for to that, and thoughts on hour, the u.s. 10 year yields reaching 3%. can we hold to those levels or break above that? more from him in a moment. this is bloomberg. ♪ this is bloomberg. ♪ yvonne: it a.m. in hong kong, i'm yvonne man. welcome to daybreak asia. set to fall.stocks industrial zantac under pressure. the 10 year yield reached 3%. the biggest to climb into two weeks and bellwether caterpillar fell as it described the high watermark. globalbloomberg's headquarters, i'm betty liu after 8 p.m. on this tuesday. steve mnuchin prepares to head to china to begin direct negotiations. tonected cars and elect drivers with luxury crossovers, we will be live at the beijing auto show. yvonne: and we've been hearing as good as it gets, does that hold true when it comes to economic growth or earnings growth? , when it of these comes to chips.