bond. in the last nine months the 2012 program had over 24 million for the pool and playground and expects to encumber $36 million for other major improvements including the george christopher park and golden gate parks and others. the 2010 earthquake safety and emergency respond bonds have a total of six unique components. the program include three stand alone facilities, the public building and office of the chief medical examiner and other component the emergency fire fighting systems and police facilities. in the program the remaining work is valued at $232 million will be on two major projects so the fire department's fire boat headquarters at pier 22½ and forensic services division completing in 2020 and 2021. the small and medium projects and the compon s will continue in the next two fiscal years and the projects will be complete this year. in the transportation program area 2011 was a repaving streets bond, rode repaving managed by public works and five components with accessibilit

, 2012 parks bond. >> great. good morning. my name -- i'm the director of capital planning for the san francisco recreation and parks department. with me here today is anthony, our finance director. i was just informed moments ago that the port is not here this morning, but we will do our best to go through their slides this is a slide of the 2008 bond, all 12 projects from the bond is completed and open to the public. 99% of the fund is expended, the rest of the fund is being leveraged -- a really tiny amount has been leveraged for the 2012 bond trail project, which will be embarking -- we will be embarking upon later this summer. and some forestry money. this is a slide of the 2012 parks bond current schedule. with the opening of balboa paul in february, this year, eight of the 14 voter approved neighborhood park projects are complete and now open to the public. the rest of the projects are either in bed or construction. the only last part that will be going out to build -- bid is rossi and judge christopher. w

bonds of the future include the parks and open space bond and our transportation bond at $500 million. this was pulled forward and the last capital plan had a transportation bond in 2024. however, we know there's a cash flow need for the facilities side of m.t.a.'s capital program and june 22 is when we expect to need the dollars so we brought it forward. the next public health bond at $220 million where we tackle remaining needs on the zuckerberg campus and clinic. a water fund bond program that cycles through the needs and we had the seawall bond in 2018 and that was a need we know lies ahead when it comes to seismic safety and sea level rise adaptation and build the bond to begin the long-term need. then we return to parks and open space in the future. >> commissioner: excuse me one second. supervisor mandelman has a question. >> commissioner: when you say there's a need is that the downtown extension or what's the thought on what it's for? >> the city procured new light rail vehicles and they're larger than the ones before. if we act quickly and are able to fund facility improveme

the waterfront safety bond is a new addition to the bond program, so we just half -- had the bond, it is very exciting. we know that that is a multibillion-dollar need over the long term, and so the inclusion of this a hundred $50 million acknowledges that we will need to keep spending to fight the threats that encroach upon us at the waterfront, and then the cycle begins again, earthquake safety and parks, and so that is a total of $2.5 billion in planned spending since 2008. the zuckerberg bond, which is the first past since a capital plan was published, we have passed the $.9 billion, you are seeing the major portfolio that we all have to oversee and it continues to grow, and we hope it will continue to do so. last slide here, is just the geo- bond program against its constraint, which says that we will not raise property tax rates as a result of bonds that the city controls, so not represented here, for example, would be schools, bonds, city college bonds, these are things we have conversations about but they have their own decision-making body. you can see here that we program fu

shouldn't have to be bond. doesn't just need to be bond. to be written, good parts. >> let's be honest. daniel did help invigorate the bond franchise and he's been one of the best 007s ever. you can't have these movies without a bond girl. tomorrow i'll introduce you to all the ladies. that's tomorrow. than circumstances keltie? >>> let's talk about the new jersey version of bond. >> yes, "jersey shore" stars pauly d and vinny are hoping for a "double shot of love" with their hit mtv show. it actually set ratings records for mtv, and it's easy to see why. 20 women and two best friends looking for their ride-or-dies. "double shot at love" is pretty much what you get if "the bachelor" and "jersey shore" had a reality tv baby. but instead of rose ceremonies, contestants are sent home at cab ceremonies. >> cabs are here! >> it's a little different. i'm not yelling it. normally i'm like, cabs are here! >> this is a little more formal. not quite as formal. >> it's a really tense moment. >> allie, i'm sorry, but your cab is here. >> it gets heated

the bond controversy.and critics questioned whether a then relatively unknown actor was the wrong choice. critics complained he was a blond bond. >> did it bother you you were getting grief from people when the announcement was made? >> no. >> take it all in stride? >> i try. >> that changed. once bond emerged from the waves, fans were shaken more than ace iconic scene. that tiny blue swim trunk flew off the shelf faster than an as ton martin. >> how do you think the queen will like your litle bathing suit. >> >> i don't know. >> what does daniel see as the future of bond? >> there has been talk of a woman, an african-american, a black person. >> that's what it should be, for women and african-americans, there should be great parts any way. across the board. shouldn't have to ben' just nee. >> let's be honest. daniel did help invigorate the bond franchise and he's been one of the best 007s ever. you can't have these movies without a bond girl. tomorrow i'll introduce you to all the ladies. that's tomorrow.

of china'sership bonds is 3% compared to 30% of the u.s. bond market.anus: they expect another 100 to 150 basis points of triple ores to come.-- it is the world's largest oil company, saudi aramco, and it is the world's most profitable company. aside.on the ratings it is the first public assessment of a credit quality as it prepares for the international bond market. moody's has given the oil giant -1 plus.time rating of a good morning. aramco, the most profitable company on earth. we are starting to get some glimpses into aramco's account from what has been coming out of the ratings agencies. s&p expecting that later on today. we will all be on the lookout for the bond perspective itself and what further information we can get from there. what we know some far is aramco's income last year was $111 billion and that puts it far ahead of apple, which was about $59 billion and also far ahead of a lot of other oil majors like royal dutch shell and exxon mobil. the interesting thing in comparing to some of the other oil majors is the cause of aramco's massiv

dollar bond roadshow. already been raided a plus, with high production boasting low-cost and conservative financial profiles. they released a detailed financial statements for the first time since its nationalization in the late 1970's. ♪ look at thee a numbers over the weekend, data coming out, which looks at more estimates, it beat the pmi had its biggest leap up with the psi 300 as we head to the lunch break, the shenzhen composite also gaining. we do have some of these concerns about economic growth in china, using because of evidence picking up. awaito have one market to phase two in about 15 minutes. india should have a record high with the sensex, going up more than .6%. market action and a full roundup, next. ♪ ♪ it's almost 11:30 a.m. in singapore, and we are in the middle of the trading day. asian stocks are higher, trying to factor a rebound that bodes well for the global economy. new export orders, the highest in six months, but joan to conclusions. pmi doesn't mean easing is over. let's get th

stocks or bonds? the age-old wisdom you've heard is wrong and i'm about to rewrite the script >>> plus the game plan you need to follow when the bear market strikes and it's the most important piece of advice about financial health i could ever give you many of you will have to take action tomorrow. don't miss this. stick with cramer. >>> what's better than "mad money" how about more "mad money. follow "mad money" on facebook, twitter and instagram to go one on one with cramer >> what other questions do we have ah i always tell people you've got to start with an index fund because i need you to be diversified. >> get more with guests. >> how do you stay strong? >> and go behind the scenes with the most interactive show on television >> if you can't explain in three bullets why you're buying a certain stock, don't buy it. >> follow "mad money" today. at carvana, no matter what car you buy from us, you get the freedom of a 7-day return policy. this isn't some dealership test drive around the block. it's

bond. today i am asking the committee to support increasing the 2019 affordable housing bond amount to 500 million by reflecting this in the ten-year capital plan. i believe that in the controller identifies additional increases to capacity, that it should also be directed to the affordable hoddinaffordablehousing bond. the others are in the growing need that has no not reached a level of priority it deserves. 20% of sanfrancisco's population are senior and that map is projected to grow to 30% by 2030. nationally, in 1990, only 11% was 50 or older. today it's about 50%. i have serious concerns about how this population will be able to continue living in the city. they call home and to receive the type of care they need. some seniors are making the difficult decision to move and those who can't are at high risks of housing insecurity. this is really unacceptable. meantime, we know demand for assisted living with in-home caregivers continues to grow. and san francisco has been rapidly losing

but of course, there's no euro bond, euro area bond. those are all sovereign bonds. these are just denominated bills. there's a series of sovereign bonds from the euro area, japan, china. okay. but what is the foreign participation in china's stock and bond market. here we have them as a percentage of the market size. this is from 2012 or sorry, 2013 to 2017. here we have the bond market, stock market percentages around 1.5% of the total market. so foreign participation in these markets is i won't say trivial, but let's be generous and say minimal. there's very little. and this is unusual even for the region. here we have on the left stock market, bond market. here's as a guide, foreign participation in the u.s. stock market about one-third, u.s. bond market, about one-fourth, foreign ownership, and here we have, and this is comparison with the region, here in the stock market, that's korea, bond market much less, this is japan, 16% in the stock market, so 10% in the bond market, then we go down, here's china. so you can see by comparison even within the region, fore

of the bonds. joe: how weird is it to see in your view the shift away from greater transparency? brian: really weird. this is a big market of corporate bonds.

you can't have bond without the iconic bond girls. >> i love james bond.t of hanging with bond a little bit more. >> the iconic orange bikini. did you keep that? >> i have almost every costume of every movie i've ever done. i have the bond bikini. people most ask me about that bikini. >> halle berry may have lost her voice when we spoke to her today but the world lost its mind with this memorable bikini scene. what's in store for the next group of bond women? >> are you going to do that shot? >> the way that bond women have changed over the years, you know, there's always a twist. >> guaranteed. >> i'm guaranteed that twist? >> yeah. >> i didn't order anything. not even you. >> we're partners, not a damsel in distress. >> i don't have to teach you anything, do i? >> we're as smart and independent and strong and he is. >> ana is the newest bond girl. she joins lea seydoux . >> who's tougher? >> that's a tough one. >> they're both strong and sexy. >> the night king is coming. >> well this sunday a big night for tv. "game of thrones" fans are counting down to

the bonds that got the most demand were longer bonds, higher maturing bonds, and that is a play on crude it was clearly successful. the kingdom was really shocked by global wall street -- shunned by global wall street. this is welcome following the killing of jamal khashoggi. this was a blockbuster for the kingdom. nejra: what will they do with the money raised? >> they say they are doing this to help them fund the acquisition of a local petrochemical company. this is really moving funds from three different government entities, the sovereign wealth fund, aramco. visioned money to fund 2030. they are also testing the waters, seeing what appetite is like. nejra: great to have you with us. thank you so much. the imf has cut its outlook for global growth to the lowest since the financial crisis. it says the world economy will expand just 3.3% this year, down from the 3.5% it foresaw in january. it foresaw a bleaker outlook. the ecb releases its policy decision and the fed releases its minutes from its march meeting. jordan rochester is still with us. we got a surprisingly dovish ecb meeting

the bond market rally easing.re also seeing industrial metals a big benefit from this move, copper higher. we'll also see european futures higher, but not as big of again as we saw in asia. we're still getting earnings downgrades. is this rally in asia overdone? the market is going to open up. what will we see, especially in terms of u.k. market? brexit uncertainty isn't going anywhere. we're seeing the pound stronger. turkey, keep an eye at the bottom. political turmoil continues, markets fluctuating. u.k. higher by 1/10 of a percent. it seems the global growth story carrying over more than brexit uncertainty. the pound trades under range, making it difficult for anyone to place bets and for any differences to come. ibex, a lot of turkey exposed banks in there. the cac not surprising, up 8/10 of a percent. that said, let's look at the imap. that's where we'll see global growth benefit cyclical stocks. we're seeing a little bit of that. we have green across the board, but we have a lot of gray, so still some uncer

the new rule is basically if you buy into aaa rated municipal bonds, pretty much every bond except forou don't need to have any prior experience and the minimum subscription is only 100 yuan. if you have that, you can buy local government bonds. you can buy whatever as long as it is aaa rated. which they almost all are. yvonne: shuli ren, our bloomberg opinion communist joining us in hong kong -- columnist joining us in hong kong. david: look at these two stocks. some of the movers we are tracking today. yvonne: another leg lower here after dropping yesterday, as well. these were some of the top 2019 out performers that are now heading lower today. this dampening of the chinese equity market is being weighed by some of these big winners. brewery was mentioning after cost control of analysts looking more bullish. sa sa international was in earning story. david: same-store sales for the month of march, the market is not impressed. down 5% on the stock. fourth quarter. down 11% as far as those two markets. dongfang electric was moving up earlier. goode: it has been quite a couple of days

buting an impressive order for saudi aramco's debut bond sale. we begin with the big issue -- continues >> we are in a risk on environment. >> everything looks great in bonds. >> credit spreads are really tight. >> the fed is no longer your enemy. >> the fed has called a truce on us bond investors. >> it is allowing this reach for yield. >> reach for yield coming across all different asset classes. >> the market has maybe more upside. >> more juice that can be squeezed out. >> we think there is more room to run. jonathan: joining me is the head of u.s. rates strategy at societe generale, michael collins, senior portfolio manager, and bob miller. great to have you with me. let's talk about that support mechanism. low rates and why they can remain low for a whole lot longer. >> central banks wanted that way. it is not just in the u.s. but globally, the ecb and the other central banks are keen on providing accommodation. if you listen to the fed speak thatweek, the feeling is 2.5 is close to neutral, so we are -- they are pretty much happy keeping r

we definitely avoid the bonds.ther strolling number of the gcc moving from being very niche to the map of global equities. not only on the bond side. just on the equity side. saudi and kuwait. the two trends are getting together. that's very much developing the region. nejra: there's a couple of directions we could take this in. we'll would be an obvious one. the msci emerging market index, is the gcc one of your preferred selective regions in emerging markets? are there any others that match it? >> yes. it's not my favorite region. foreign participation is very low. it can only go up for it. that's one of the tailwinds we have for the region. beyond this, we like emerging asia. also for valuation regions. the main reason being what we discussed earlier. bes expected to disproportionately benefiting this region of the world. we are writing the reflation story. i had the bank of singapore in the same scene on sunday. he talked about the reflation propensity for china. how would that manifests itself? how soon will t

i think we have to think the on the bonds. -- beyond the bonds.ose the deal with sabic. manus: do you think if this one is successful adn we're all success -- speculating on how successful, will it be a curtain raiser on coming back to the bond market again? >> well, i think aramco will establish a permanent presence that will have both debt and capital instruments. so, i can assure you, and a couple of years, you can have your choice between investing your big savings from working for bloomberg and the aramco shares or commercial taper. so aramco, the world's largest company, will have all the tools at its disposal to access capital markets. i think in terms of paying the price for the seventh deal, -- sabic deal, it is the prospectus for the investors, it is not the primary reason. and the only reason for accessing the bond markets. it's a tool the company needs to have and we need to have some debt, some intermixed -- instruments on our balance sheets. manus: that's a clear yield curve. who's right? was it $26 billion demand or $30 billion? how

bond market, u.s. stocks. global stocks and global bonds.vely correlated they have been since 2016. this is bad for anyone who uses these asset classes to diversify. they are not very negatively correlated and i have an issue with correlations because they are so hard to calculate. change a few numbers here and there and the picture looks different. anne-marie, i will give it to you. anne-marie looking at the big bond issue out of aramco. maybellion in demand for 10 to $15 billion of debt. the hunt for return showing itself and we could see a company that has a lower yield than the sovereign in which it is located, which is pretty interesting. thanks for joining us. you can see all the charts on bloomberg by running g tv . losers of thend european open. next, "surveillance." this is bloomberg. ♪ >> the u.s. proposes retaliatory duties on european goods. tour.european short brexit delay. members of her party try to oust her yet again. globallyh bank cutting with investor solutions seeing three quarters of losses. ♪ francine: welcome to "b

revenue bonds have outperformed g.o. bonds.is one of the best-performing fixed income etf's in the market. taylor: i just had an interesting illinois pension conversation with fitch ratings, so i know what you mean talking about avoiding those g.o. problems and sticking with a revenue bond. eric: we are going to leave muni land and go to esg land. you guys made a big splash with ussg. you opened with $850 million, already the third biggest right off the bat. this is because of an institution that you lined up. talk about what happened here. fiona: we are hugely committed to the esg space. obviously being a european player by domicile, europe has been one of the areas leading the esg trend. for us to have the opportunity to work with the largest finnish pension fund, focused on esg's themselves, a natural marriage and partnership. we are building out a suite of core products that are really offered best in class exposures to esg across the fixed income and equity spectrum. we worked with them to bring this to market. it was real

on the bonds. not price the which wee one subject are going to discuss in a lot more detail is about the growth of the circular economy. the transformation. monopoly, bit of a but what i really want to understand as part of the transformation is what is your ambition and how do you make it work? >> there are two dimensions to gas. one is domestic where gas is the stock of choice for petrochemicals. we have been talking about sabic, and sabic is underpinned by its own internal capabilities from technology to operational excellence to management to governance. it is also supported by access to a gas stock that is fantastic. it is plentiful and reliable. we need to increase that. there is a second wave of development in the kingdom that over the last few years of developing our own unconventional resources. , but alsoe shale gas other formations that have been used to fuel mining and manufacturing development also, gas is the fuel of choice for a generation of course. natural gas will be used to liqui

from the senior housing bond work group. also, you may know that affordable housing is vanishing as rent decontrol brings a vacated unit up to lecture units [indiscernible] >> thank you very much. thank you. erica? >> hello, supervisors. i'm with some cam, south of market community action network. i'm here to support this action and others to emphasize the need for more truly, deeply affordable senior housing. as a service provider, i can say from experience that the current san francisco housing portal for below-market rate housing applications creates incredible false hope for the majority of the people who apply. there are seniors facing evictions every single day that are then forced into the pool of those looking for affordable housing, and not only is there a lack of affordable housing, there's a lack of deeply affordable housing. on top of that, there's a lack of deeply affordable senior housing that meets the needs of those making 30% a.m.i. or less. our city's senior population is continuing to grow, and we need to

shaping an unprecedented order book for saudi aramco's debut bond sale. we begin with the big issue. [inaudible] >> we are in a risk on environment. >> risk on trend. >> risk on within the income space. >> everything looks great in bonds. >> credit spreads are really tight. >> the fed is no longer your enemy. >> the fed has called a truce on us bond investors. >> it is a support system. >> support for risk assets. whether it be equities or high-yield credit. >> it is allowing this reach for yield. >> reach for yield. >> reach for yield coming across all different asset classes. >> the market has maybe more upside. >> a little bit more upside for equities. >> more juice that can be squeezed out. >> we think there is more room to run. jonathan: joining me is subadra rajappa, the head of u.s. rates strategy at societe generale, michael collins, senior portfolio manager, and bob miller, head of u.s. multisector fixed income at black rock. guys, great to have you with me. let's talk about that support mechanism. low rates and why low rates can remain low for a

house bonds -- how are bonds? michael: i am not a bond expert, but it seems like there's a lot of event risk for this. you've got the saudi prince trying to use this to redo the country. he's got a war in yemen, problems with iran, u.s. shale producers pressuring his oil price, and he literally got away with murder. everybody have's sort of forgotten about that. they have to make this work for 30 years, and still pay all the little princes and things like that? i wonder if this is pride for that risk -- is price for that risk. alix: no it is not. [laughter] alix: my question in the market is where does the money come from to buy this bond? does it come out of other assets, or is this new money on the side? peggy: investors have had a lot of cash for a while because people have gotten more and more concerned about valuations in the stock market and on the pe side. i think some of this is shifting from cash, but potentially some areas where investors think they are paying high valuations. david: let's go to our thir

the bond proceeds will fond of staff time required to issue the bonds. of the $18.7 million, 9.3 of it is for our existing staff salaries and benefits. we have 55 positions. and we have 3.9 million in return of obligations and five-point 4 million in nonlabour costs. of that five-point 14 nonlabour cost, the majority of it is work orders with city departments. the rest of it includes professional services, software licensing fees, insurance, and legal services. more detail on the work orders for city departments, the majority of it is with mocd for affordable housing services. we also have a work order with the city administrator for rent, we have funds for our audit accounting services and workforce development, i.t., and $50,000 for the city attorney's office. so this is just a summary of our budget by our cost center. the total is $641.1 million. you can see the different project areas laid out here and the projects encompass the operations, and just note that these figures in here incorporate the affordable housing and staffing cost into the differen

coming up, saudi remco big bond debut -- saudi aramco big bond debut.is bloomberg. >> it is very dynamic. the books have not been closed, but -- >> it is north of 30? >> i believe so. viviana: this is "bloomberg daybreak." coming up in the next hour, marcus glover. ♪ viviana: this is "bloomberg daybreak." shares of boeing taking a hit in premarket trading. a bank of america merrill lynch analyst downgraded the stock from buy to neutral, warning it will take more than a software fix for the 737 max to be recertified. the u.k. is set to crack down on facebook and other social media. prime minister theresa may's government is proposing a new industry funded watchdog. the regulator would enforce rules on removing online content that encourages terrorism and child abuse. companies could face heavy fines . individual managers could be held liable. out at the annual london metal of change gathering, playboy bunnies. the l.a. me is proposed -- the limitationssing new on the event held at the playboy club. the infamous strip club offered free entry and drinks. a

up go the stocks, down go the bonds. bond yields are dropping, moderately so.he bandwidth on bond yields this morning, this year, 2019, has been seven basis points on an average weekly basis. retestys you're going to the high and returned to the low level. cause,riod of said typically what you see -- pause, typically what you see is a drop of 100 basis points. i'm not saying right now, but 2.3%. the rollover for risk, let's look at the outplay. the south korean won moving the dollar down, the won higher .5%. steven mnuchin upping the ante and saying we're ready for the risks of implementation for both sides. it is a trade risk, also china data risk. oil giving back some of its gains on wti as the rigs are rising in the united states of america. and a six-week rally in oil and the shorts are dropping aggressively, down nearly 20%. are we over and done on the upside? good morning. nejra: good morning. talking risk, the s&p 500 john to -- punched through. we have a third week of gains and equities, within 1% of a record high in the s&p 500, game 7 tenths of a perc

and bond just seems an anachronism.ty, to leave it properly and firmly in the 21st century. lizo mzimba, bbc news, jamaica. well we can speak now to larushka ivan—zadeh, who's the chief film critic for the metro. thanks for coming in. what is your ta ke thanks for coming in. what is your take on the announcements today, first of all? well, they were quite anido first of all? well, they were quite an i do have to say even by bomb standards, which keeps everything kind of quiet. i don't think they we re kind of quiet. i don't think they were letting a lot through, it was quite disappointed, because i think this is a franchise that slightly hasn't lost its way, but it's been a troubleshoot this one, danny boyle fell out, he was meant to be directing the film, and he dropped out. so the release date has gone further and further away. and since the last film, spectre came out in 2015, it feels like the world is sort of changed underneath bond, as they were saying in that report. barbara was acknowledging it. the world has ch

head of global bonds appeared in fixed head of global bonds appeared in fixed the driver of that is relatively straightforward. lack of inflation. as long as we have no inflation, whether wage inflation or other sources, that is how things will be. jonathan: robert? robert: inflation is moderate, pce has been coming in solidly 1.6, 1.7 the last few , months. the job number is strong but there is no weighted celebration. unemployment has been stable for six months. many people coming into the workforce. that means maybe it can go faster. i think this is a signal to the fed that may be the president was right, which has to be guiling when you are doing your best to do your job, and then suddenly slams you, and they are right. we are growing at over 200,000 last year. we were not relating the economy. maybe if they had that hiked rates so much, we would be growing at a rapid rate and have inflation at target. jonathan: a couple of assumptions underlined in this conversation. a number of years ago, this idea that we must begin to the point where payroll decelerates, going back to 100,000. still a

bond market attractivehe most bond market in the world, the only one that is still in positive territoryeasuries trading around 0.6 real rates. if there is any positive resolution of brexit, i think that will lead the bank of startd to normalizing monetary policy, therefore, i see much upside. manus: let us look deeper into the potential. you talk about normalization from the bank of england. i wonder, will they go for normalization given that the fed pause and other central banks are on this stepping back pose, does this give mark carney the latitude to allow the economy to right foot itself? so, for thethink simple reason that the fed has in march ofalized last year. europe is in a different position, compared for example to the u.k.. so the u.k. economy is performing relatively well in hasicular, the consumer been quite resilient despite of the uncertainty in the market, and inflation is really high compared to the level of operation. so i think they could have room for normalization. nejra: indeed. tohave seen the pmi rising the highest since february, 2018 week. u.k. this stay with

they sold 6 billion bond, beating the $3 billion bond sale by china ever grant earlier this year.ore than $20 billion of cash on hand. why did they need this funding? >> the first part is tencent has about $3 billion in bonds coming due and using the new money to repay old money is very apparent option. and the funding costs overall is lower now because the treasury yields have come down. it is a good opportunity for tencent to sell. tranch,d their 10 year it paid about 30 basis points more than the 10 year sold last year. overall, it is a big deal for investors. other than the 10 year trench, which is about $3 billion, half of the overall sale, there is a for more, a five-year, seven year, and 30 year, and a five-year floater. >> another facebook fiasco, researchers at cybersecurity firm of guard found millions of user data accessible on the amazon cloud computing services. this comes a year after the social media giant came under fire for the cambridge analytica scandal claiming user information exposed. >> facebook user data was in a place it should not have been and they found

in the u.s., the treasury selling 3, 10, and 30-year bonds this week.ly in europe, banko bpm bringing at first at1 two market. seven steps below investment grade at 8.75%, getting over 600 million euros of bids. let's stick with europe. ecb president mario draghi emphasizing the balance of risk remains tilted to the downside. around the the risks euro area growth outlook remains tilted to the downside on account of the persistence of uncertainties related to geopolitical factors, the threat of protectionists and , vulnerabilities in emerging markets. jonathan: still with me is subadra rajappa, michael collins, and bob miller. subadra, the financial repression trade is back. subadra: absolutely. this is a classic financial repression trade. if the ecb is going to keep monetary policy accommodative we , know they will be introducing tro's in september, the trade, you want to be in the peripheries. you want to be in btp's. we have seen bund spreads narrow dramatically. end of last year, 300 basis points, now between 200 to 250. look at greek debt, the lowe

so interestingis about this, muni bond investors are not currently pricing in climate risk into the bondso what they are doing is looking at it, but that is not showing in the pricing they are demanding for the risk levels for different issuers. that could very well change, if there were multiple rating downgrades because of climate change. that could change if more data becomes available, investors start to become comfortable with the cup that possibility. demandow with such high for muni bonds, they are not pricing in the climate risk. amanda: of course, the real, catastrophic risk is that the municipality has to go away. in the interim, there is climate mitigation cost that could tax that economy. have you to see a bond or jurisdiction say there is a risk miami is underwater in 20 years and there is no source of revenue to back these bonds? danielle: we have not seen that yet. municipalities have been working diligently to assure investors they are mitigating the risks. but investors are also taking precautions. i heard from an investor who was interested in buying american samoa bond

and japanese bonds has narrowed. that would imply the yen should get stronger, but it has not. it shows there are other things at play. there is a general risk on sentiment. even with japanese investors, they have bought so far to date $170 billion worth of bonds. there are all these outflows impacting the dollar-yen, more like they are going unhedged, and you are seeing the dollar-yen rising even though the interest rate differentials are rising. you have leverage funds last six yens building a short net position. the sentiment seems to be for a weaker yen, at least in the near term. so guys, it is u.s. jobs day obviously, so i thought it would be interesting to look at one of the lesser noticed indicators of the job market. this is the labor force participation rate. charted theop, i u.s. rate, and on the bottom you can see japan's rate on the bottom. the u.s. labor force participation rate has been rising after being depressed levels for some time. this means you don't have to be so worried that the low unemployme

the operator sold a $6 billion bond, meeting that $3 billion bond sale earlier this year.ng? >> the reason is three parts. tencent has about $3 billion coming due, using the new money to repay old money is an option. and the funding costs overall are a bit lower because the treasury yields have come down, so it's an opportunity for tencent to sell. but in reality, it actually paid about 30 basis points more than , so10 year sold last year overall it is still a big deal for investors. other than the 10 year, which is about 3 billion, half of the overall sale, there are four more, of five-year, seven year, and 30 year trench. ♪ fiasco,another facebook research found millions of users data accessible on cloud computing services. this comes a year after the social media giant came under fire from became agenda political scandal, meaning user information is exposed. in acebook user data was place where it shouldn't have been, and they found trolls of user data publicly available on amazon server. and is one instance researchers also found a mexican media company that had 540 mi

offering in asia this year, they sold 6 billion bond beating the $3 billion bond sale by china earlier this funding? >> the first part is tencent has about $3 billion in bonds coming due and using the new money to rip a old money is very apparent option. and the funding costs overall is lower now because the treasury yields have come down. it is a good option for tencent to sell. it paid about 30 basis points more than the 10 year sold last year. overall, it is a big deal for investors. other than the 10 year trench, which is about $3 billion, half of the overall sale, there are more -- there is a five-year, seven year, and 30 year, and a five-year floater. ♪ >> another facebook fiasco, researches found millions of user data accessible on the amazon cloud computing services. this was after they were under fire for the cambridge analytical scandal claiming user information exposed. data was in aer place it should not have been of user found tropes data publicly available on amazon server. found a mexican media company which had 540 million different users, data exposed, you mail address

it is corporate bonds.hat is pretty big, but look at the year to date number. 2.5 billion, that is as big as anyone on there. this is the corporate bond area of the etf world. first number that sticks out is 22 billion. that is about one third of all the flows this year. that is massive. lqd is only the fourth on here. a lot of these funds have higher yield. the thirst for yield traded his back on. let's compare this to the past couple of years to show you how this differs from treasuries. normally, corporate taken more than treasuries because people want that yield. last year, rates went up a little bit and people abandon corporate and went to treasuries. this is like the off year. boom, we are back to normal where corporate's are taking more of the treasuries. exhibit number eight of us being back in a 2017 type environment. scarlet: you are out front and deserve that victory lap. dan egan of betterment joins us, and bloomberg's sarah ponczek. eric showed us how corporate are taking in more flows than tre

deflation once again emerging as the biggest threat to the world over ten trillion dollars and sovereign bonds yielding below zero percent and after a disastrous attempt at renormalizing monetary policy the market is convinced the fed will cut rates and the coming months so with this in this environment bank of america's michael hartnett has published its latest hitchhiker's guide to the investment universe and ok. you want to stimulate the economy do you say. increase wages or be you increase the price of fine art being sold at sotheby's that's the question the federal reserve bank and all central banks around the world choose b. they want to stimulate the economy by jacking up the price of fine art and other collectibles and other assets that are held by an extraordinarily small portion of the world's population who haven't worked in generations their raunchy days they are the nail futile class they are the club talkers say but the fed in the central banks around the world don't seem to understand either the economy works or b. that if they keep kowtow ing to a very small group of larcenous

of china's entire bond market.e into the charts. -- we have the white line showing yield on five-year aaa rated bonds and the turquoise line showing the yield on the cdb's. the yellow line shows the spread between the two which is near the highest in about five months showing the level for yield spread for corporate bonds are actually rather attractive as china's economy stabilizes. government bonds are more likely to take a hit because of the higher inflation than corporate bonds because corporate bonds have the yield threat curtain -- cushion over the cdb's. we have investors telling us it is time to buy the corporate bonds right now and they will outperform them in the first half. david: that's nice, actually. yvonne: chris? china's bond market is a hot topic, but what i want to was at is something i think underappreciated over the past few months. in the old days, we used to say that when the fed makes a dovish turn, emerging market stocks are among those that benefit. shows the g3e central bank balance sheets.