bridgewater will operate in the city's free-trade zone. expectations that china might lift the moratorium on new investment management friends the have been post over concerns. posedms that have been over concerns. the government plans to step up pressure for the largest mobile phone carrier to offer cheaper prices. surging profits show the company can reduce costs. twitter is going to give people more freedom to express themselves. the message will now count 140tos and links within the character limit. this is part of a larger plan by the ceo to give the site more flexibility. that is your bloomberg business flash. manus: thank you for that. the ceo of the u.k.'s biggest fund management company said that he would bring severe ut --ility to markets, b of course, we are talking about brexit. but not another lehman's moment. the aberdeen asset management ceo spoke about all of the risks. >> no, i don't think so. i think it will be very uncomfortable for a few days. currency will be volatile. the share market will be try toe while people work

apple management exited its stake entirely in bridgewater. cut its exposure. bridgewater cut holdings in embattled retailers including bed, bath & beyond. macy's increase in position, apologies for that. finally, interesting note on the beaten down pharma stock valeant, they had a filing of nearly 1 million shares in the first quarter. it turns out that according to someone familiar with the matter, he has already sold those, melissa. a short-lived burst of enthusiasm. >> kay kelly, thanks for that. this is on top of developments we learned earlier today. >> yeah, i mean -- >> where are you in terms of these trades? >> in general, what it tells you some of the biggest players are at least taking profits. maybe they're not as bearish as b.k. i think the apple exit is interesting. >> it tells you also that there's a lot of action together. i'm not saying the guys are doing the same thing. frankly, if i get a lot of news that people like appaloosa is out of the names like apple, it's not because people are worried about the release of the i-7. we've seen that. th

i also noticed in the past two moments where starting to get headlines on bridgewater.dgewater cutting its stake entirely and companies like coke and viacom and fossil, increasing stakes in other companies like intel. we will keep looking at these filings that are coming out and give you any update. it varies in terms of the reaction that we get. it is also a snapshot in time. the holdings on the last day of does not necessarily mean they are doing it today. you do see reactions were investors follow along with the strategy of some of these big names. carol: thank you. now to it was presidential politics. as hilly clinton and donald trump become likely to face each other. there are growing calls for donald trump to release his taxes while the wall street journal reports that profits from a clinton charity went for a four profit company partly owned by friends of hers. -- now recordings have popped up. i love the story. what is going on? >> it has been reported for years that he occasionally on the phone would impersonate his own spokes worsen, a fictitious spokesperson.

the shanghai-based consultant says that bridgewater won permission to operate in the free trade zoneack in march. it raises expectations that china may lift the moratorium on new investment management firms imposed over concern about activities such as peer-to-peer lending. corporate loan issuance in town has slumped to the lowest in 16 years, as private equity firms slow mergers and acquisitions while the u.k. decides whether to stay in the european union. leverage sales this year totaled 2.3 billion pounds; 59% down from the same. when 2015, and the lowest since 2015 and that is the bloomberg business flash. francine: gold is up for a third day, and george soros joined the slew of investors piling into it. the move comes after he cut investments by more than 1/3 in the first quarter. gold has climbed a lot this year., the best quarter in three decades. joining us now is the sector head of global mining research a bloomberg intelligence. still with us is peter dixon from commerzbank. let's kick it off with you. we can show you 45 charts if not more that show you that golda miners ha

a couple years ago bridgewater wanted to move to stamford and the project was scuttled.ridgewater may not stay in the state if we can't figure out a way to make it more beneficial to themselves. they will make renovations and stay. >> it's more about the traders and jobs. >> when it comes to a policy perspective, there's all the talk you've got to broaden a base. when you're a state highly reliant on the state, the rich can move and by the way, the income. rich is highly volatile. >> yeah. >> capital gains, et cetera. california has very, very bumpy revenue because they rely on capital gains. >> and the most mobile. >> and it's the same with film production and lots of other industries. >> exactly. >> that can get state subsidies if they shop around so connecticut is trying to stay competitive and i think they are saying darn the optics right now. >> we need the money. >> thanks, guys, laid and gentleman, coming up next, why investors are loving dollar deals, work uniforms and perfume? a look at today's all-time high club when "power lunch" returns. the call just came in

bridgewater manages $150 billion.epartment store chains had a rough first quarter but some discounters are thriving. t.j. maxx and marshalls posted better-than-expected sales growth. they offer raised annual forecasts. macy and nordstrom cut their outlooks. that is your bloomberg business flash for this hour. let's head back to the markets desk where julie hyman has a deeper check into lending club shares which are nosediving. julie: we are looking at the broader markets as well. let me start there. all three major averages are pulling back by about one third of 1%. a consumer staple and more value stocks, perhaps, are doing a microsoft,worse so png, and coke are some of the worst performers with the biggest drag on major averages. another one that falls into that category is abbvie. the u.s. patent offers said the patent on humira may be invalid. this is their largest selling drug that accounts for about 60% of its revenue. the company that is challenging it is surging. this is something according to abbvie that was

looking at some of the filings of major investors, david tepper's shed his apple stock, while bridgewaterssociates cut its investment by two thirds. carl icahn exited stakes in six companies, including apple, last month. coming up, could didi chuxing be the first ride-hailer to go public yet go we will break down on how -- breakdown how apple's investment could pay off. our next guest discusses why one city could snatch the title of the world's most innovative tech hub in the near future. ♪ emily: to a story we are watching, facebook ceo mark zuckerberg has invited a group of conservative leaders for a meeting at the company's headquarters in menlo park. according to the associated press, attendees will include radio host glenn back, former white house press secretary dana perino, and donald trump campaign advisor barry bennett. this after reports that facebook employees are more involved in choosing stories for the trending topics section than we have been led to believe. next contractor claimed facebook would downplay conservative stories. facebook responded by saying the trending topic

bridgewater cut their stake in apple from 327,000 shares to about 106,000 shares. some interesting themes on the consumer side as well as that emerging markets holding, which remains an important one, bill and kelly. >> that's true. thank you, kate. we appreciate it. kate kelly there. we expect to get a lot more of these filings going into the weekend. a little more than 30 minutes to go in the session. dow down about 172 points. transports are off 106 and nasdaq is down 18. >>> a recent report says intrexon and zika virus cure may not be all its cracked up to be. when we come back, ceo randal kirk will join us exclusively to fight those accusations, among others. >>> and facebook ceo mark zuckerberg denying social news bias. larry kudlow weighs in on whether facebook is really politically neutral or whether it even has to be. stay tuned. [ soft music ] e.t. phone home. when you find something you love, you can never get enough of it. change the way you experience tv with xfinity x1. . >>> just about 30 minutes left in the trading session with the dow down about 18

a couple sprinkles near culpeper, bridgewater and la ray.he rain showers are inching toward the metro. nothing heavy just yet. heavier rain chances with thunderstorms now across southern parts of west virginia. most of that wave of energy will sink to the south of the d.c. metro. so higher thunderstorm chances today for places like fredericksburg and richmond as opposed to leesburg and frederick. otherwise a couple drops here moving off of southern st. mary's county. temperatures are in the low to mid-50s around town. a little milder near 60 and culpeper and charlottesville. planning out your day, here's a little good news. sun is up at 5:59. not that you'll get to see the sunshine much today. cloudy and wet off and on throughout most of the morning. here's the future weather carrying the first chance for a rain shower at 10:00 a.m. thundershowers likely fredericksburg down to parts of southern maryland. then hit and miss rain showers for the metro through lunchtime. then drying out a smidgen. if you are going to the baseball game tonight, j

bridgewater associates is headed to china. bridgewater has become the first foreign had monde -- hedge fund manager to set up an investment management business. bridgwater manages $154 billion. housing prices in the u.k. rose in march at the fastest rate in a year. home values increased at an annual rate of 9%, more evidence that investors rush to buy houses before a tax hike on second homes and investment property in april. twitter wants to make it easier for users to send longer messages. twitter will stop counting photos and links as part of the 140 character limiters -- character limit. links take up 23 characters even after twitter shortens them. as part of a longer term plan to give more flex ability to users. thethan: time for a look at influential personality in business and politics today. we are looking at the gaming industry. good bet for investors, outperforming the s&p over the past decade. is the international chairman and ceo and he is still with us alongside brian egger. let's start with what is happening in th

applied at bridgewater for two spots and to point72 for the big data analytics group but hasn't foundch yet. >> you go to school, you're supposedly doing the right thing and you hear about how good the economy is. you hear about the low unemployment rate and then when you see it, it's not all that it's cracked up to be so that -- that does give me some concern. >> he says that point72's roots as a hedge fund eventually indicted on insider trading are also a concern, but at the same time, scott, the job market is such that he for one feels like he can't be terribly picky. >> were you surprise that had you were allowed to have the kind of access that they gave you? >> you know, a little bit, just because they are historically very private closed firm. >> that's why i asked. >> part of this they are trying to turn over a new leaf. had this new mission. they want to operate above every single ethical standard they can, and there's this talent issue. they go trying to train people up so i think they are very much trying to train the image. inviting us in was part of that. i'm sure they see

and the considerate herself invoking taylor swift in her commencement address to brid bridgewater statesity's class of 2016. >> washington is filled with people who say no, it can't be done, never never never. these days they say it in nastier and nastier ways. knowing who you are will help you when it's time to fight, as one of the great foreign poliai of our time said, haters going to hate hate hate hate. knowing who you are helping you shake it off! >> nbc senimsnbc senior editor, joins us now. we have to come up with a taylor swift theme song now. elizabeth war enhas been the only democrat to take on donald trump as she had and to continue going at it. reading donald trump is a truly dangerous man and there is some risk he could be president. it is time for all of us to pay careful attention to him and issues he raised and start fi t fighting back. who benefits the most from her going on the attack? >> i have to say advantage, warren. i won't say clinton because she hasn't endorsed clinton. the only democratic senator not to have endorsed hillary clinton, as you know. this gives her

bridgewater associates has become the first foreign hedge fund to win approval to set up a wholly-ownednagement business in china. the shanghai-based consultant says bridgwater wants permission to operate the free trade in march. thatises expectations china may lift a moratorium on investment management firms that were imposed over concern about activities like peer-to-peer lending. twitter is planning to give its users a little more freedom to express themselves. a person familiar with the matter says they will stilart stop counting photos and links and their character limits. the move is part of a larger plan backed by jack dorsey, to give greater flexibility. that is your bloomberg business flash. matt: thanks. the saying goes that investors should sell in may and go away to avoid the annual market slowdown, but one strategist has been looking at the data and says selling in may might not be the best course of action this year. let's go to tillman gull ar. i'm looking at the bloomberg -- the seasonality chart, for the stoxx 600. i see that june, the last 10 years, nine of the last 10

bridgewater has become the first hedge fund manager to win chinese approval to set up an investment management that's according to a consulting firm in shanghai. -- $154age $154 billion. we are getting look at how much debt saudi arabia holds. the u.s. says the saudi's hold $117 billion in treasury. that's up from $83 billion two years ago. they are among the top 12 countries holding u.s. debt. -- freedom ofamer information request from bloomberg. what are once it to be easier for you to send longer messages. they will stop using photos and links as part of the 140 character limit. links take up three characters. plan to give more flexibility to users and a trending one. that's the bloomberg business flash. tom: all you need to know is if you have invested like michael mckee did 10 years ago, you would've made a 16% for year. apple is the only foot. michael: april was a good month retail trade home depot is different. their fortunes are tied to the housing market area it's not a question of whether home depot gets its shares rising. take a look at the chart you this is the percentage change ov

bridgewater associates is the biggest company for the sixth year running saw assets raise to $104 billionth $50 billion, that's a sharp dropoff lost $9 billion in assets year over year between 2014 and 2015. aqr capital management saw a modest gain whereas och-ziff saw a modest loss. overall there was a cumulative $1.66 trillion loss. a better showing than funds tracked by hfr that reported while 7500 funds added capital year over year the industry lost assets during the first quarter of this year. that's a more recent set of numbers. $15 billion in losses, marking the biggest outflows since the depths of the financial crisis in 2009. we are seeing evidence of losses in the market and/or redempti s redemptions. there could be more to come. late yesterday we reported on paul tudor jones cutting fees in response perhaps to redemptions. >> the fees from 25% for performance. i was like, you are kidding. you were getting away with that before? >> the model was 2.5% for expenses. it moves to like 2.25 and 25. which is still higher. >> than the industry average. >> how do you think the year will

if you look what the computer does in the case of bridgewater, basically you use the computer to monitorrying to find things that no one else can find, it's really -- it's trying to basically discern those macro economic factors how they're going to move markets. >> nearly half of the top 25 earners use computer to trade, is that right? >> yes, or rely on them. it's pretty remarkable. if you look at the activists, which is the polar opposite, they had a tough year in 2015. there was only one activist that made the list. chris hawn of tci. >> it's harder to be an activist, i guess in a more flatter, down, more volatile market. >> for sure. just ask david einhorn. >> what about this year? are we seeing a change in any trend? >> i think, they have done well so far this year. they're still positive. whereas, most managers have actually struggled a little bit. but you've seen in the last couple months there has been a turn. r renaissance are still up. >> i'm wondering if you think there would ever be -- >> because of fees? >> because of fees and certain positions making profits. overall perfo