chandra, i'd like to begin with you.s a child psychologist, what are your concerns aut separating children from their parents in this manner? >> so i want to take us all t that moment when that child is crying on the tape and think about how ha it is -- >> the propublica tape you're talking about. >>an mm-hmm. how hard it is for us to listen to that. then take those sounds and imagine that they continue. they continue for way longer than seven minutes. and they're inside this child. and you'll feel that child's sense of alarm and desperation. and you'll see that there is nobody who is able to comfort this child. and let's all thinkbout the long-term damage that does to that child. there's the short-term damage anderthen there's the long damage in terms of fears that other people will leave them even after they're reunited with their loved ones. in terms of symptoms of ptsd, depression, anxiety. as they grow older, even as they're parents worrying that their own children might be them.ated from this is long-term damage, a

and chandra gauche ippin, childt psycholognd associate

i'm emma chandra. this is bloomberg. i cannot tell you how much of my day was then reading about the -- was spent reading about the swiss vote. i went down the rabbit hole. david: that was further than i went. alix: the bank of america is calling this the most important week of the year for the global economy. a series of central-bank meetings. argentina comes out with a decision to bar, fed, wednesday, thursday, japan and russia on friday. a central-bank policy divergence. the fed is continuing to hike is that yellow line. will that continue or is convergence of the theme? megan greene and neil dwane are back with us. what is the most important central-bank meeting of the week? >> it is the fed. seenthe problems we have in turkey, brazil, and argentina, the fed will be raising rates. it depends how hawkish they are. i think the most important thing the fed is doing is the quantitative tightening. ins is going to happen more an accelerated fashion in the second half of this year, which underpins the dollar and we see fur

for that, we turn to emma chandra.de dispute between the two largest economies is escalating. china has got to retaliate after president trump written terrace on another $250 billion in import. move extremed the blackmail. the chinese benchmark stock index fell 4% and u.s. futures are lower. on capitol hill, lawmakers from both parties are calling on the trump administration to end the separation of families caught trying to enter the country illegally. democrats have seized on the issue, families be kept together. president trump meets with house republicans later today. in the u.k., british prime minister theresa may is trying to head of a humiliating defeat over brexit. we have learned that may will not be offering any more concessions. the house of commons votes tomorrow on an amendment that would give parliament the power to stop a messy brexit. global news 24 hours a day, on-air, and @tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i am emma chandra. this is bloom

emma chandra is here with first word news.mp and vladimir putin will hold the first bilateral summit july 16th. talkpence says he expects to include russian interference in u.s. elections and the kremlin's military incursions into the ukraine and syria. euro area arehe growing concerned about the economic outlook. the european commission index of household sentiment fell to an 8 month low. aboard a measure of confidence that includes businesses also fell for 6 straight months. e.u. leaders are meeting in brussels as part of a two-day summit. immigration is part of the agenda. the prime minister of greece alexis tsipras told bloomberg it requires an european solution. >> we need to consider whether the crisis and other -- at any other big crisis and challenges felt by europe will be dealt collective spirit. dealer each country will with it separately tilting fences and only looking in their own front yard. emma: global news 24 hours a day, on air and tictoc at twitter, powered by more 2700 journalists and analysts in more than

emma chandra is here.u are discussing, opec moving closer to an agreement to boost oil outputs. oil minister is not pessimistic, a reversal from last night. saudi arabia is leading the charge for an increase. the countries have been drafting language for a deal. they split in the trump administration on how to handle the trade fight with china. some officials are trying to restart talks with china, before u.s. tariffs take effect july 6, setting up a battle with other officials who take a hard line. one of america's best-known conservative commentators has died. forles wrote speeches democrats before turning to the right. he was a passionate advocate for invading iraq in 2003. he belittled barack obama and his columns won him a pulitzer prize. he died yesterday of cancer at 68. global news 24 hours a day on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i'm emma chandra, this is bloomberg. alix: trade with china, trade with greece. david: pretty s

i am emma chandra. >> the u.s.escalated over the weekend when beijing retaliated president trump's announcement that he would put tariffs on $35 billion of chinese imports. details of chinese restrictions on u.s. imports will follow next week. joining us now is carlos gutierrez, the cochairman of albright stonebridge. he served astly u.s. commerce secretary under president george w. bush and was the former ceo of kellogg company. a guy who knows about both sides of this. secretary gutierrez, good to have you with us. >> thank you, good to be here. >> you are, what does this look like? you get this order from the president to make some historic decisions and put them into action, how does this work? deal.s is a very big whetherre talking about we are going to be in a trade whether a trade war is coming. make no doubt, the trade war is here. we are in a trade war. i am surprised it has taken the market so long to recognize that. this has started and it is going to continue. we have the tariffs on aluminum and steel,

emma chandra is here. discussing, euro area inflation hit the symbolic 2% level in june, the first time in more than a year, supported by higher oil prices. the pickup in the rate of price growth was in line with forecasts. core inflation which excludes food and energy, slowed to 1%. andda is targeting whiskey toilet paper in response to the tariffs on steel and aluminum. the prime minister will mark the 151st earth day sunday by imposing $615 billion worth of terrorists on u.s. -- tariffs on u.s. imports. launched itssfully resupply mission to the international space station. it is carrying equipment, for nasa. it is now in good orbit and is -- and ai robot is traveling on board. global news 24 hours a day on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i am emma chandra. this is bloomberg. david: european leaders way toted to find some deal with the flow of migrants into the bloc, and what happens once they get in. we welcome maria tadeo. mr.

i am emma chandra. this is bloomberg.ly may prove to be a critical opportunity for the ecb to show confidence in the euro area economy as the market priced in a deposit rate hike in july of 2019. the estimated months until a rate hike is between 15 and 16. we are getting closer and closer into market repricing because of this. sheets.h us is andrew this goes to your overall call that in general we see tighter monetary conditions across the globe. how does that affect asset allocation? andrew: i think it means investors should be reducing risk into the summer. i think this is a trend in europe, in the u.s., and japan and china. all of these regions are going to be facing decelerating growth and tightening policy and i think it he difference versus last year is as the central banks consider their next decision, inflation will be rising. i think that will make it harder for central banks to back off the gas pedal and be more dovish , which was the pattern we have seen for prior years. david: i want to bring in marty schenker

i'm emma chandra. this is bloomberg.nk they already know the federal reserve will rise -- announce a rise in rates. what they are not sure about is what comes after that. this chart will show you what the markets are projecting. you got this. david: anyways, what it shows is g for rkets are year it is much 50/50. next year, a little bit better than 50/50. two rather than one. joining us now is david donabedian and michael mckee. david, what do you expect, three or four? it will be for rex hikes. we continue to see the economy strengthening. you look at what has happened since the last fomc meeting, st of the economic data has suggested accelerating growth over the next few quarters. when it comes to inftion, the core pce data that the fed focuses on, that is about the only inflation indicator that is slightly below 2%. and employment cost, already about 2%. the fed tot lee's averaging one rate hike a quarter this year because they don't want to get behind the curve or when they inevitably need to react to a weaker econom

emma chandra is here with first word news. house press secretary sarah sanders was told relieve of virginia restaurant, the president tweeted his response. the restaurant should focus more on cleaning its doors and windows, badly needs a paint job, rather than refusing to serve a fine person like sarah sanders. i'll is had a role, if restaurant is dirty on the outside, it is dirty on the inside. last week, homeland security secretary christi nielsen was heckled at a homeland -- and a restaurant in washington, d.c. the month-long anti-u.s. imperialism rally is designed to strengthen unity, ending with a national holiday on july 27. north korea has softened its criticism on the u.s. and state media has been allowed to report on the june 12 summit between kim jong-un and donald trump, many times many new -- the first time a north koreans have seen the u.s. president. in turkey, the president has won a victory to govern after a double victory and president terry and parliamentary -- and president and parliamentary elections. the c

emma: emma chandra for bloomberg news. does it for this edition of "bloomberg technology." from san francisco i am emily chang. this is bloomberg. ♪ >> u.s. stocks jumped the most in three weeks as tech rebounds, but it is another miserable day for emerging markets. >> the fed forces six u.s. banks to scale back shareholder payout, while at deutsche bank unit fails the test entirely. continues,uan slide authorities intervening at a key psychological level. >> and president trump praises foxconn as he tours the new wisconsin point. -- plant.

shery: emma chandra, thank you for that.morrow on balance of power, goldman sachs chairman and ceo joining bloomberg editor-in-chief john nicollet live from the economic hub of new york. that is 12:00 p.m. eastern. if he missed on any of our charts, gtv go is your function. this is bloomberg. ♪ ♪ mark: i'm mark crumpton with first word news. comes immigration policies under criticism from democrats and republicans, president trump is it again defending his administration's actions. pres. trump: the united states will not be a migrant camp, and it will not be a refugee holding facility. it won't be. you look at what is happening in europe, what is happening in other places, we can't allow that to happen to the united states. not on my watch. homeland security secretary kirstjen nielsen also discussed the policy, telling a law enforcement congress in new orleans that order agents are not the rule by separating some children from their parents. iraqi shiite forces and a syria are accusing the united states of targeting their tr

emma: emma chandra for bloomberg news. for this edition of "bloomberg technology." from san francisco, i am emily chang. this is bloomberg. ♪ what's a gig of data? well, it's a whole day's worth of love songs. 300 minutes of baby videos. or, it's a million chat messages. a gig goes a long way. that's why xfinity mobile lets you pay for data one gig at a time. and with millions of wifi hotspots included, you'll pay less for data. it's a new kind of network designed to save you money. click, call or visit a store today. announcer: the following is a paid program and do not reflect the views of bloomberg lp, its affiliates, or its employees. announcer: the following is a paid presentation for the teeter, a natural, simple in-home solution to back pain that has helped millions of people get real relief for over 35 years. if back pain has been keeping you from enjoying an active life, if you're missing out on time with family and doing the things you love, now there's an easy way to finally get the relief you need. with teeter.

emma chandra has first word news.arabia and other opec members to boost their production. the trump administration wants another million barrels a day to be pumped. gasoline prices have hit their highest in three years. meanwhile, president trump has publicly complained that rising oil prices. president trump is once again blasting his own attorney general jeff sessions. russianthe martian -- witchhunt continues all because jeff sessions did not tell me that he was going to recuse himself. in the u.k., the government has announced plans on the long debated expansion of heathrow airport. a third runway will be built. it will be the first new runway in the london area in decades. parliament still needs to sign up on the plan and opponents have warned that expanding will damage the environment. global news 24 hours a day, on-air, and @tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i am emma chandra. this is bloomberg. david: investors should stay in the market but hedgin

i'm emma chandra. this is bloomberg.al reserve begins its two-day meeting today and it will only take one member to bump up the median. this year to four. the white line is for 2018, almost 3.5 hikes. the yellow is next year, 1.5 hikes. joining us now is stephen stanley, one of the most hawkish on the street, calling for four this year and three next year. bob browne is calling for only one this year and one in 2019. stephen, make your case for four this year, three next year. >> you have been on implement rate below 4%, growth will be strong in the second quarter. the fed needs to get to neutral pretty quickly. they have been very easy for a long time and it is time to get back to neutral. i don't think they would accelerate beyond what they have called gradual. i think four is the cap for this year and next. alix: bob, make your case. bob: we think the economic growth we are seeing over the next year it is the strongest over the next five. we acknowledge the strength in the data today but we look at where the environme

in emma chandra.xt hour, the energy word. ♪ >> now to your bloomberg business flash. investors and analysts are puzzled by nintendo's biggest two-day selloff in 18 months. the japanese company fell more than 6% after losing 4% on friday. volatility in nintendo shares jumped in april. investors are trying to gauge whether the company can maintain sales momentum of its popular switch games console. the media company that brings you shark week on's to become a global source. discovery has agreed to pay $2 billion among the national ranks for the pga tour. it includes online rights for the u.s. based men's golf circuit. movie could end up with a dubious distinction -- the first movie in the star wars franchise to lose money. north american box office receipts fell 65% in its second weekend of release. one analyst estimated it could lose $50 million. >> thanks, i didn't even see that one. now we turn to wall street. rogue,fiat chrysler goes taking steps to form its own finance arm as automakers seek to rec

i am emma chandra in the hewlett-packard enterprise green room.up next, enterprise capital. ♪ alix: we are seconds away from the latest ecb decision. let's take away -- look at the way that the markets are moving very pretty much flattening equity markets here in the u.s. little softer over in europe. in the asset classes, you want to watch the bond market, the currency market, euro-dollar picking up .2%, the euro kind of winning out on the talks of the ecb yesterday. will mario draghi be able to walk the tightrope? two questions the currency market will have to decide for us. a selloff in the bond market. 10-year up about 10 basis points. german bondr yield, over about three basis points as well. 38 basis points here in the u.s., watch for the continuing pressure on the ecb. no expectations for a rate hike, but it is a color we continue to wait for purely the composite facility rate down about 40 basis points. also taking a look at any changes in the bond buying program, if they will wind up paring it at all, will we learn about it now or in july

i am emma chandra.up in the next hour, scott sheffield, prior me -- pioneer natural resources chairman. david: we turn now to wall street to beat. wild day.deutsche's a major trading loss adds more fuel to the regulatory fire. guggenheim ways a deal. the boutique firm selling stake in its $250 billion asset management unit to global insurers. the world biggest shipping company appoints a female ceo in its first time in the 100 14 year history. about time now. alix: woohoo. t's talk about deutsche bank for a second because this is the u.s. unit that suffered a one-day loss in the first quarter that was 12 times what internal risk officers estimated for regulatory purposes. end ofote the ceo at the this story, many of you are second tired of bad news -- sick and tired of bad news. this is bad news. this is the kind of thing you just do not want to see. david: it is not just losing money, but knowing how much money you have at risk. the bar was way up there. alix: that is the whole point of doing -- deutsc

a lot of school knows you want to figure out when chandra was. going to get through to her youngest pushed me into one of the morning sun jammed on women now i don't know. who she for most women would feel. more than me and turned her back to the cool jerk. who never joined so. it. was. with us. but but. the . the youngest face depicted in the book. and lets photos of her as a child he says there have been. i heard gunshots and screaming and then of but it struck me in the leg. me. awful small but vocal. couple of them among. the victims who when. you look for example one of. the sefl of one. penny continued to both of them. it took until the spring of twenty twelve to get all the documents together. all that flew to germany to have a new york operators on. whether the pain would ever let the child that was unclear send them to us a but instead a tape was present because pain in the brains itself in the brain. for the long day she spent in hospital the nurses gave arlette a kalar. in the wind that pains the homesick child left opaque trace his th

chandra has three big tips.be on track with what your intentions are. >> reporter: preplan meals including snacks. >> we buy all our favorite snacks. we put them in little baggies or containers. >> reporter: try to stay active. >> for us that means taking our running shoes along with us on vacation. >> and the redwines say don't skip the treats entirely. while you're away pick two meals that are an indulgence, after all, it is vacation. >> makes a lot of sense. thanks. >> gotta have fun, too. >>> let's go over to lara. >> thank you so much, george. we'll go now to our series, "get the job." it's all about helping you get ahead in the workplace. earlier this week, our friends at "shark tank" helped two women get raises. now this morning one of the most successful working mothers tory burch is helping other moms get back to work, and our chief business correspondent, re jarvis, is here to explain how. >> reporter: hey, lara, good morning. we know so many moms who are going through this right now. it can feel like

i'm emma chandra. this is bloomberg. david?: after the fed raised rates on wednesday, the ecb said yesterday that their own qe would be coming to an end. yesterday, a warning about the consequences, saying the liquidity with the tightening could be leading to global recession by 2020. the with us is steven wieting of citigroup. i will ask you about this. let's pull up a chart. it shows qe in the united states, pink, yellow and blue. and what is happening with the balance sheet, and global inflation, that is before the ecb coming up, so should we be worried about global liquidity with the banks dialing back? steven wieting they are dialing -- steven: they are dialing back and asset purchases will mean that real savings will be required to fund governments. that is a shift in asset allocations. the u.s. treasury will be financed. that is why we when i have years as strong as 2017, where we had 20% or so returns on the equities. these are baby steps. we have to remember in those qe periods you showed, at first the fed was purchasi

emma chandra has first word news. london's heathrow $16 billion expansion plan has won the banking of data backing of the u.k. parliament. customers biggest called the price of expansion to state. trade tensions between the u.s. and china are put in several projects at risk. china energy investment pledged $84 billion in shale and chemical manufacturing projects following president trump's trip to beijing last summer, but the escorting trade issues are causing problems. special counsel robert mueller is preparing to accelerate his promise into possible collusion between donald trump presidential campaign and russians interfering in the 2016 presidential elections. a source says mueller and his team has an eye toward producing conclusions and possible indictments related to collusion in the fall. global news 24 hours a day, on-air, and @tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i'm emma chandra. this is bloomberg. alix: quantifying the real is first andiffs foremo

chandra. alix: thank you so much.moments ago before he aborted marine want to air force one. pres. trump: we will see what the report says. it just got announced coming out onto 14, that will be, maybe a nice birthday president, who knows. bloomberg.co[indiscernible] pres. trump: we are going to do with the unfair trade practices. if you see what canada, mexico some of european union have been doing to us for many, many decades, we have to change and they understand it will happen. >> will you do is a form an agreement without you? pres. trump: we will do very well. if we are unable to make a deal, we will terminate that and get a better deal. if you are unable to make a deal, we will be better off. by now, we are not going to live with the deals the way they are. european union, theresa treats us very unfairly, mexico unfairly. with that being said, we will easily make a deal. >> were you serious about the tariffs? pres. trump: i said i was preparing all my life. i always believe in preparation. you know, these one w

well there we can speak to dave chandra his assistant professor of government at georgetown university here in doha and he's here in the studio with me. this farmers comprise such a huge. number of the population in india more than a billion people it's about seventeen eighteen percent and yet they seem constantly to be ignored by him ever is empower yes it's a structural problem in agriculture and truly india in general are being neglected for the last twenty twenty five years and it's not clear which government or which party actually cares about these issues beyond the immediate the next election cycle in a particular state or nationally family was of kind of become a political football there when you're in opposition this is a card you want to play once you're in power it's not like you actually coming up with the national farm policy on minimum support prices or debt or anything and given that with outlined how many how many the huge proportion of indians who are either farmers or who are dependent upon farming for their livelihoods presumably any political party ignores them at t

rescue efforts are being slowed down by constant rainfall scott hired as more from our tag the cave in chandra. heavy rain overnight between wednesday and thursday brought the water level in the cave system to its highest level yet but now that on thursday morning the rain has lightened so the water level has retreated a bit but the pumping systems are still sitting idle you can see a lot of the hosing over my shoulder now on wednesday morning they're putting hundreds of meters of a hose in there trying to go deeper into this cave system that has stopped that is halted because of that heavy rain overnight on wednesday and now they're waiting to see how the conditions go here on thursday even though the rain has stopped now part of the problem is yes the water level but also the water is very muddy now this is turned in through the international operation we have a team from the united states and from the united kingdom here as well as from laos they're going to provide their expertise to try to push further into the cave system no right now they're about three kilometers in they believe there'

emma chandra is here. what has changed? bit of if you scratch my back, i will scratch yours. a quid pro quo between the u.s. and china. both an xp and qualcomm stocks doing pretty well this morning. the background is that early this morning, we heard the u.s. made a deal to let chinese telecom in a fracture his resume their purchases from american suppliers. back in april, they were blocked. they were said to have violated sanctions on north korea and iran. they thought then that the index nxp deal would get blocked. , as soon as we heard of the zte deal, china is likely to approve the nxp qualcomm deal soon. a bit of a quid pro quo seems to be happening. suppliers in the u.s. falling back today. of 18% of the revenue from nxp -- we have a graph that shows that. zte's rivals in device making are not doing so well. it seems like zte is back in business. vonnie: that is our stock of the hour. mark: time for the bloomberg business flash. biggesticial -- the farm chemicals maker in the world. they closed their acquisition of mo

vonnie: emma chandra with our stock of the hour, thank you. , we look at how -- is using his real estate this is bloomberg. ♪ caroline: london, i'm caroline hyde. vonnie: this is "bloomberg markets." trading hedgecly fund trades at a 22% discount. to boost that price, ackman is turning to his real estate ventures. let's turn to jason kelly. first let's show the discounts now which shows 22% discounts. ackmanthe problems, promised it would never trade is a discount. jason: it's widened dramatically. it's not unusual for there to be 2% really one he should -- but 22% shows how wide it has gotten. he is movsome of his own money to try and bolster that. vonnie: he's always been involved in real estate in a profitable way, is it for sure he is moving money from their into this vehicle to shore it up? jason: that's what we think is going on based on regulatory filings. ackmanhas been up for -- has been upfront saying a going to use proceeds from a personal in toing to go essentially fund this endeavor. it's an interesting move, there is a lot to unpack here. part of it is he obviously vonn of

i am emma chandra, this is bloomberg.eel remains at the center of some contentious trade issues with reports that canada is considering imposing its own tariffs and quotas in response to the united states. to remain how -- explain how steel and iron or are being affected, lourenco goncalves. of cash cliffs -- cleveland cliffs. welcome both, good to have you here. this. -- take me through in some sense, it will help domestic steel manufacturers. what does it do to iron ore manufacturers? more steel produced in the united states is positive for cleveland cliffs. we were up before the impact of all these things. demand and demand and the economy is doing very well. david: that is good news. at the time, need these tariffs? why do we need to protect an industry growing already? lourenco: we don't need to protect, we need to level the playing field. china has been the perpetrator of a lot of different actions in terms of making trade not a level playing field throughout the world, particularly in the united states. tariffs hav

emma chandra is here with more.sident tweeted a lot this morning, including on immigration and trade but i'm guessing it is the auto tariffs that is having an impact. emma: he said based on the tariffs and trade barriers placed on american workers by the european trade union, it these are not removed, we will be placing a 20% tariff on all of their cars coming to the u.s.. build them here. interestingly, if you look at the bloomberg, you can see german carmakers as a whole produce more cars in the u.s. than they actually export. so the last part of that sweet did not make a huge amount of sense. nevertheless, we saw bmw paul, volkswagen and i'm there also. done right issued a profit morning because they were worried about the impact of tariffs between the u.s. and china. could looks like tariffs be coming directly to them in europe. david: we spoke to the european union officials before this came out. be put onffs were to autos and auto parts, this would be a huge escalation. the volume of trade is much higher and t

vonnie: emma chandra with our stock of the hour. ge is up 8% in today's trading.a peek at where u.s. markets are trading, where europe closed the tuesday section -- session. in europe, we saw the biggest selloff in march. ftse up on the day. a quick peek at the currency board, today has been another day dominated by trade and the assessment of the trade position and the situation between the u.s. and china. sterling is down against the dollar. we had comments from an outgoing member and it seems the incoming member is on the dovish side. the dollar.ainst ♪ what's a gig of data? well, it's a whole day's rth of love songs. 300 minutes of baby videos. or, it's a million chat messages. a gig goes a long way. that's why xfinity mobile lets you pay for data one gig at a time. and with millions of wifi hotspots included, you'll pay less for data. it's a new kind of network designed to save you money. click, call or visit a store today. is noon in washington and midnight in hong kong. from bloomberg's world headquarters, i am david westin. lisa: i am lisa abramowicz in fo

emma chandra is here with more and even though john flannery has said we are not cutting it, a lot of expecting it. emma: they were expecting it and ge doesn't usually change the dividend midyear. andlowing cash generation shrinking asset base, they kept the dividend at 12%. take a look at my bloomberg. this shows how ge -- the ge has paid. john flannery cut it back in november and he sort of cut it in half and cap it at that -- kept it at that same level. the last time they cut below was after the financial crisis. there were some real concerns it would go again. flannery hasn't ruled out it could be cut again in the future. he is saying it depends on market conditions. julie: ge's troubles have been well documented. are there any great spots right now? emma: they did not cut the dividend? were not huge bright spot sprayed investors are reeling over the fact of the slump that wiped out $120 billion from the market value this past year and they are contending with troubles with financial liabilities and with an accounting investigation by u.s. regulators and a weak market for the gas

great e you back, emma chandra.ou when a fiscal emergency is not really an emergency in california. this is bloomberg. ♪ ♪ david: this is "bloomberg markets: balance of power ," i am david westin. shery: and i'm shery ahn. this has been invoking risks for investors who purchase bonds as income.to fixed for many cities like california, a fiscal emergency can signal a golden opportunity. here to explain is an author who wrote about this story. she joins us from san francisco. a golden opportunity to raise taxes, tell us about this loophole? >> it is really interesting. when you hear fiscal emergency, you think, oh, the is the brink o solvency -- insolvency. the city of california has so much restrictions on where they can ask for tax increases. a new text, and theask for a tax governing body is not up for election it, they can declare a fiscal emergency and get it before the voters. that is what a couple of cities at least, have done for tomorrow's elections? david: if they declare a fiscal emergency, do they have to

shery: chandra speaking with omar saad.theet a quick check majors now come up about one third of a percent apiece, sempra energy is the best performer in the s&p 500 after activists called for an overhaul. explore how to win 70% tariffs set president trump off of the g7. this is bloomberg. ♪ mark: i'm mark crumpton, this is first word news. the world is watching the events in singapore and gutierrez discussed the upcoming summit with reporters today in new york, he committed both leaders were trying to find a diplomatic solution to what has been in his words a dangerous cycle of global concern. >> i believe the two leaders need to be credited for the courage with which they decided to move forward with the summit and to engage in constructive negotiation to reach objective is vital for us all. the peaceful and verifiable mark: goodyear is conceded there will be does rim is on both sides with during tough negotiations, he says the united nations stands ready to support the process in any way, including verification if reques

emma chandra is here with more. what has apple said? emma: nothing specifically from apple.om nikkei is from industry insiders and the report says apple told suppliers that iphone orders will fall by 20%. it's a number that demand will fall. apple falling today and we are seeing suppliers also falling. we see the likes of sky works and broadcom also heading lower. apple apparently specifically referenced low shipments of the iphone debuting later this year. they have three phones coming out this fall. if you take a look at a bloomberg, i have the function pulled up. what you can see here is that in the green bars, that is how iphone is essentially the majority of apple's revenue. we know that. the iphone is essentially apple. what is quite interesting is that if you look at the yellow bars, you see the services. we spoke to dan ives and he dismissed this report. he said look at services. that is the second leg of the growth school for apple. that was interesting this morning. caroline: fascinating stuff. all this slightly taking away from that $1 trillion valuation. emma, we

emma chandra, thank you so much.rgy partners ceo with the first u.s. company to export shale gas overseas. he will join us from washington. that is where the aforementioned world gas conference is taking place. a reminder you can catch all of our interviews with the function tv . you can also find breaking news, live events, and become part of the conversation by interacting with us directly. you can see our interview earlier with mike wilson, the chief u.s. equity strategist at morgan stanley. interesting talk about getting more defensive in this market by going long on utility. from new york, this is bloomberg. ♪ ♪ is "bloomberg markets." julia: i'm julia chatterley. it is i'm really bloomberg business flash, a snapshot of the business stories in the news today. as itsis going with amex choice to issue cobranded credit cards to small businesses are the deal follows the data sharing agreements both reached earlier this year. it won issue rights for sweeter cards and exclusive rights to issue credit cards settled

oarlet: that was evercore's mar saad speaking with bloomberg's emma chandra.with vincent deluard of international fcstone financial next. this is bloomberg. ♪ mberg. ♪ retail. under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. mark crumpton. bloomberg has learned the kim set a time deadline and definite plans for departure. trump. has talk aboutberlin to ending fighting between the ukrainian troops and the russian-backed separatists in ukraine. they have considered the possibility of sending u.n. peacekeepers to the region where the armed conflict has killed -- since 2014. it is the first meeting of the so-called "normandy group" in a year. unilateral action on trade after a difficult summit i

julia: time for stock of the hour with emma chandra.: today we are looking at the xrt, the retail sector on spider etf. it is popping up on the screen, and we can show it to you there. retail,ialty is apparel pulling this etf down today. it is around about one percentage point. interesting, given what is happening in the wider consumer discretionary sector. let's take a look at the imap function on the s&p 500. we will pull that up, and you continuingt discretionary is one of the best performers, better performers of the day, and media stocks are pulling and driving those gains. we watched comcast and disney duke it out for fox. what is bugging retailers? in sales, retail sales rose may, but bloomberg intelligence told us the consumer is still under pressure and we are getting to an ever more competitive environment when it comes to retail, which is highlighted by a number of the name smocks -- named stocks, fred,iffany, sally, and down a lot lower today, 10% earlier in the day. this kind of shows us a cross-section of retail, from luxu

let's check in with em chandra on how the stocksng. . good to be back.e talk about the headwinds, we are looking at the naesh >> green across theeen with the stocks extending their advance, s&p is pushing higher for the fourth consecutive day, and being led by financials and health care. let's also take a look at u.s. stocks more broadly, take a look at the chart. linee have the blue showing the growth companies, white line is the value and disparity between the two of them is wider since the tech bubble. this from our equity strategist tina martin ada kelly. that large-cap growth dominance is unlikely to fade. now looking at individual stocks, a bit of a rally in the media companies today. we have dish, comcast, time warner, there it is, and at&t. this on a note from an analyst saying that the at&t and time warner deal will likely be accepted with manageable remedies. the decision on the deal is ude june -- due. june 12 deale optimism about playing well for other media players today. finally, taking a look at the 10 year, yield climate above 2.95. and j

julie: thank you so much, emma chandra. we appreciate it. still ahead, back to gm's warning. cut u.s. jobs because of import tariffs. this is bloomberg. ♪ >> 12:00 in san francisco 8:00 in london, i'm julie hyman. julia: welcome to bloomberg markets. julie: live in new york over the next hour who are the top .tories we are covering a close watch on trade tensions. canada fighting back with tariffs on u.s. goods. we speak to a key analyst. and why the u.s. will soon producer ofargest natural gas. not slowing because of it. >> they are shrugging it off. i am taking a look at the nasdaq, the tech heavy indices .allying after a volatile week that makes you want to jump in .ere performers, the why -- the right bar, they have been positive for the last straight corners. citigroup came up with the stress test. other three the jpmorgan, they had to pare back some of those distribution plans. $170 billion being returned to investors. i want to let you know what is going on tonight. it may be affecting u.s. jobs dragging down forward as well with it. julie: a stock reaction there. the

we turn to emma chandra with the "first word news."he trump a is ramping up the pressure on china. in q -- they are accusing beijing of stealing intellectual properties and threatening national security. the report was released while the u.s. continues to consider imposing tariffs. the trump ministration has carried out its threat leave the united nations human rights council. ambassador nikki haley called the group a protector of human rights abusers. the u.s. has also singled out the human rights council for being biased against israel. opec is having for a battle in vienna. iran has rejected the compromise that would raise oil production a small amount to appease members of the cartel. that sets them on a collision course with saudi arabia which backs and increased output. an increased output. >> and very strong supporter of the declaration of cooperation and therefore the issue does not arise. we have confidence in the wisdom ministerbility of our who is the most senior minister in the opec family. emma: global news, 24 hours a day