joining us is lucy macdonald, cio, global equities at allianz global investors.ing about what she wanted to start with. is it health care? tell me more about the bill they are trying to get through in they are trying to get through in the states. part of donald trump's plans to repeal obamacare. looks like they might have some issues, but what impact does it have on the stock markets? the health care sector has been very strong in the last couple of weeks but it's not actually to do with the health care bill as such. it's more to do with relief about pricing of drugs. that's because there has been a lea ked that's because there has been a leaked draft of a order that trump is preparing, that is much more lenient towards drug company pricing than he was saying even six months ago. that has created enormous amounts of relief in the market, so the biotech sector has been the strongest area in the last couple of weeks. we will watch and see that. it has been a complete u—turn as far as that's concerned. pointing more towards using deregulation to keep pricing under c

patrick armstrong, cio at plurimi wealth. the european open is next.miller live in brussels. the latest on theresa may's proposal around eu. a negativegesting start for european trade. that is it for me this morning. ♪ i've spent my life planting a size-six, non-slip shoe into that door. on this side, i want my customers to relax and enjoy themselves. but these days it's phones before forks. they want wifi out here. but behind that door, i need a private connection for my business. wifi pro from comcast business. public wifi for your customers. private wifi for your business. strong and secure. good for a door. and a network. comcast business. built for security. built for business. so we need tablets installed... with the menu app ready to roll. in 12 weeks. yeah. ♪ ♪ the world of fast food is being changed by faster networks. ♪ ♪ data, applications, customer experience. ♪ ♪ which is why comcast business delivers consistent network performance and speed across all your locations. fast connections everywhere. that's how you outmaneuver. ♪ guy: friday m

the cio was the first thing. the civil rights movement was another.any of us think of the civil rights movement of fighting attitudinal racism. buchanan understood if the civil rights movement succeeded andndf african-americans were able to vote and change public policy, it would be costly because people who have been held in poverty, whose schools were terrible, who were denied public health are g going to want chans and will vote for this changes and elect people who will bring themem. amy:y: that goes to the central issue of voter suppression. you say they recognize that would always be a minority, so then you have to suppress the will of the majority. >> absolutely. let me add german bring was a well-established practice in the south -- let me add gerrymandering was a well-established practice in the south. they grossly overrepresented rural districts and underrepresented not only cities, but the suburbs or the were more moderate white republicans. one historian who looked at this pointed out that if f the cities and suburbs have been able to vote

paul: i have a co-ceo and a co-cio. and hee is john pollock has been with me since 1989.reperiod of time, than just complete each other's sentences. there are two people running the firm at this point. as a money manager and executive, the founding impulse of the hedge fund idea is, independence of thinking. it is the opposite of committee. folksrliest hedge fund were by themselves. they were privateers. i never thought that the craft would be susceptible to an organizational approach, the team approach. i actually never really thought i would be able to be a good manager and a good team leader. but the way it actually works, it is a process by which we attempt to train people to accept responsibility to deliver trustworthy insights, inputs, to have done the work or commissioned the work. elliott is ang at matter of devolving responsibility as low as we can within the organization, within agreed boundaries, strategies, tactics. generally approve every meaningful position and certainly we have deep discussions about every large position. david: you are a mild-mannered, sof

minerd ofcott global cio partners will be sticking with us.m new york, this is bloomberg. ♪ mark: it's time now for first word news. president trump livered remarks at the unleashing energy event this afternoon. he said his administration is ushering in a new era of energy to unlock trillions of dollars in wealth. >> with these incredible resources, my administration will seek not only the american independence we have been looking for for so long, but american energy dominance. we are going to be an exporter. we will be dominant. we will export american energy all over the world all around the globe. mark: the president added his administration will revise and expand the nuclear sector and create a new offshore oil and gas leasing program. the house intelligence committee is again asking the white house to respond to its request for copies of tapes or memos of president trump has conversations with former fbi director james comey. the white house has referred the committee to the president cost tweets on june 22, which say mr. trump has no id

and the scott minerd, cio of guggenheim partners.l sales letter japan missing on all fronts. month on month numbers for may, down 1.6%. this is down from the 1.4% we saw the previous month, also short of estimates. retail trading numbers year on year, positive, at 2.2%. losing momentum from the previous month. stores, supermarket sales, may have been a contributor to the downside, down more than 0.5%, to 0.6%. we had four or five months of positive figures, but now it seems we are headed in the opposite direction. this brings us back to levels we saw last august. governory the boj and kuroda remain accommodative when it comes to qe. not joining in the chorus when you see. plenty more to come. this is bloomberg. ♪ betty: this is "daybreak asia," i am betty liu in new york. yvonne: i am yvonne man in hong kong. alibaba said to be close to buying zte's software on to strengthen its position in the cloud. they have been speaking to zte text for months. alibaba is investing heavily in the cloud to compete with amazon and microsoft. record

let's find out why investors are seeing feel and bring in the chairman and cio of montgomery don't likeentyou the aussie retail and it seems roger why? well, there is the specific problem with some retailers, you high proportion of the best-selling items are also sell by amazon, and amazon and amazon prime will be arriving in australia in december this year. they have brought for their expected arrival by almost 12 months. going to find is that the algorithms that amazon uses to price the same products that many retailers are selling are going to produce much more attractive to i guess offers to customers, and as a member of 52% of households have an amazon prime account in the united states, which is more than the number of people, households the go to church. it is the same trend, if it emerges in australia, we will find a lot of the volume growth that retail require and a lot of the margins that they have been earning will prove to have been wer earning, and so what look forward, we see the outlook a lot less attractive than it has been in the past. those april numbers look backward spi

custodia de ice el Último un hombre ecuatoriano, Él colapsÓ cuando jugaba un partido de fÚtbol y falle cioesiÓn arterial y para una hernia. el tps que beneficio a mÁs de 300 mil inmigrantes tendrÍa los dÍas contados lo dijo el secretario john kelly quien dijo que estos privilegios no deberÍan ser indefinidos la noticia llena de angustia a la comunidad centro aes a mu a m a >>> el tps ayuda a muchas familias en el paÍs >>> si no regresa al paÍs no pues continuar bien mis estudios >>> el secretario de seguridad nacional dijo que el tps es temporal, reiterando que su renovaciÓn no deberÍa ser automÁtico, porque para los haitianos el tps fue extendido por 6 meses >>> el programa es tela principal, pero las condiciones en los paÍses de origen no han cambiado los suficiente para que puedan hacerlo >>> el salvador, honduras y nicaragua estÁ entre los 10 paÍses que tienen ciudadanos protegidos por el tps luego de varios desastres naturales >>> estos compatriotas, estos 200 mil salvadoreÑos representan el 16% de las remesa del paÍs >>> el presidente de honduras no estÁ dispuesto de quedarse con los

he's the deputy cio. and it appeared from the conversation that we had that hud is actually in much better shape than perhaps the inspector general, you know, has portrayed in the report to congress. so i was encouraged by that meeting. it certainly was, you know, an hour long. i would need, you know, several hours with the cio and hopefully we will have a cio on board or nominated soon so it's area that i certainly will spend a lot of time researching and trying to understand the needs of hud but it was a very encouraging conversation. >> and just finally, very quickly, i am concerned about the cuts the cdbg. that's a refrain you have heard, i think, from many people. and it's a worthy endeavor to look for more efficient model but in the interim cutting a model that appears to work very well, i don't -- i have not heard a lot of complaints. in fact, i have heard lots of acclaim, particularly by local leaders, mayors, governors about how effective it is because basically it provides resources for local in

he's the deputy cio. and it appeared from the conversation that we had that hud is actually in much better shape than perhaps the inspector general, you know, has portrayed in the report to congress. so i was encouraged by that meeting. it certainly was, you know, an hour long. i would need, you know, several hours with the cio and hopefully we will have a cio on board or nominated soon so it's area that i certainly will spend a lot of time researching and trying to understand the needs of hud but it was a very encouraging conversation. >> and just finally, very quickly, i am concerned about the cuts the cdbg. that's a refrain you have heard, i think, from many people. and it's a worthy endeavor to look for more efficient model but in the interim cutting a model that appears to work very well, i don't -- i have not heard a lot of complaints. in fact, i have heard lots of acclaim, particularly by local leaders, mayors, governors about how effective it is because basically it provides resources for local in

bob michael, cio of global rgan.ortfolioffey, manager at eaton vance management, and mike collins, senior investment officer. great to have you on the desk with me this week. i just want to start here, the big chart. yields, spreads, and occurred that is flat. at, the otherook is 150, that's a to 10 spread. flat, flat, flat. i don't buy the inflation story anymore. what is it screaming to you? guest: the market is coming around to the view we have had. it's going to push the front end up. the long and is pricing in the slower growth. i think that is coming through in the treasury curve. i would argue there is more room to run in past cycles, i have charts of 230 spreads going back decades and typically, that gets to zero. typically when the fed is done hiking, let's say they get to 2% this cycle, you see yield around that level across the whole kurt. we will see if that plays out. jonathan: do you think we can go or get flat? guest: if they keep tightening and insist on hitting the 3%. they have, that's too much hiki

matt: piers hillier cio at royal london asset management is with us.erstandable that germans don't want to share risk without taking part in decision-making. i don't think anybody would want to do that. is that where we are headed with the eurozone? do we have to create these tools , it is just wolfgang schaeuble can't say it otherwise people think the germans want to take over? piers: you hit the nail on the head. they want to get individual nations to sort out their domestic problems. die and i were just talking about the issue in spain. popular problem has been resolved and bit i bit, the spanish banking market is tidying itself up. the next piece we move onto after the election in italy is how we address these long-term problem solving banks and the italian space? bit by bit, we are checking down political risk in europe. indoes seem the ecb conjunction with the rest of europe, are trying to find a way to manage the problem overtime. in some ways, that is the best result for the germans because it doesn't look overtly political, but what they have

we are joined by allen higgins, the cio of --.our thoughts after the high political drama of thursday into friday? has your view on u.k. assets changed in result of what we have seen here? >> good morning, anna. well, on the one hand, if you look at sterling, it seems to be more difficult than a harder brexit. on the one hand, that's positive sterling. but we haven't changed our view on sterling. the heavily shorted currency comes first. ilt is overseas investment and you can understand why there is nervousness. that.ore cautious on when it comes to u.k. equities we saw clearly for the ftse 100 in terms of the weaker currencies, it immediately rebounds. that playbook continues. equities.aith on but at the end of the day, whoever is in charge, it is a conservative minority government, so no big changes to otheration, it seems, and levels in terms of business. it may not feel like it, but it is business as usual. manus: the next thing is what happens with the democratic unionist party. they will meet tomorrow. the debate is that the

guy: steen jakobsen, the cio of saxo bank. open in the united kingdom, and they have been open for nearly two hours. they will close at 10:00 p.m. tonight. tune in for our special on the elections, tonight at 10:00 p.m. we will give you instant analysis. there is a great story on the bloomberg today talking about the eight professors that are going to be in a room today. they are going to produce the exit poll. these are the guys that are going to crunch the numbers and give us that number as a comes out at 10:00 when the polls closed your last time in the 2015 election, it had the tories 10 shive. it will be interesting to see how that works. we will talk about that -- 10 shy. it will be interesting to see how that works. up next is bloomberg "surveillance." it will be an a and mean. london dab digital radio. this is bloomberg. ♪ ♪ francine: crafting policy with language, with no inflationary pressure, markets look to mario draghi for a better outlook. the ecb meets in estonia. comeyfbi director james in washington after sayi

we have the public from jonathan barrett, cio of alliance in sydney. >> there is a more of a wash withivetime in the states picks up and see whether or not it consumes enough oil to keep passing at this level. >> it is really interesting to see the inventories climb and imports into major countries ,uch as the u.s., china, japan what does this tell you about the compliance? >> at we will always be suspicious about it. that was always an issue. is that effectiveness that we always find out that people really have to come with the goods. >> it comes to the key indicators. the market has abandoned hope of rebalancing anytime soon. oil prices for immediate delivery are lower than the other contract. look at december 2018. they are still hovering around the lowest level. where does this curb go from here? this is an that accurate reflection when it >> i to supply and demand? think that it is. it is a market that tells us that it hasn't worked the way they expected to. the economies are starting to pick up and hopefully start to absorb. we have the u.s. saying that they will hit 10 million b

let's pick up on our discussion with seth fisher, the founder and cio of oasis management company.ve been focusing on japanese corporate governance and reforms. activists funds come what more of april can they play in pushing this forward? >> activist funds can spend their time holding people's feet to the fire. inre are in almost tools japan in particular, proxies, voting, holding other people to vote, and fiduciary responsibility of directors, which directors have not been held accountable in the past. we have been holding people accountable with success, so i think other activists players can use the same playbook and hold people to account. been, people have suggesting better corporate governance come up but in our case, we have taken people to court, in the court system is extraordinarily effective for shareholders, so you've used the tools available. haidi: how does legal recourse work when you have to rely on it? when you go into these companies wanting to shake things up, what is the reception you get from japanese management? >> the best management, we get a warm hello. we

cio, capitol office -- and my money guy. the sergeant at arms is responsible for the safety and security of the senate, as you have pointed out. emergency preparedness and continuity, information technology, communication support, transportation, parking, mel security -- operations,amber furniture construction report -- repair and furnishing of offices, training and education, tv recording studios, media galleries, senate pages and intern programs, and finally, hair care. a diverseis organization. a lot of responsibility, a lot of moving parts. -- team is highly confident competent, and work behind the scenes every day for this institution. i have folks on the job from one week to over 40 years. quite a legacy of service within the senate.tion for they are innovative, they are constantly learning, forward leaning, they are responsive and very much customer focused. we are the problem solvers for the senate. we work in close partnership with julie adams and her deputy. our two organizations have submitted themselves to a nonp

hospital cios and ceos, members of congress and people at the white house to be able to talk to all the stakeholders to make this decision. at the white house, of course, we talk to the president's office but also working closely with the american office of innovation. all those are stakeholders that contributed to my thinking. yes. >> during the bush years when it came to medicaid and medicaid and the obamacare we knew -- [inaudible] >> no guarantees. high-risk process especially when you're doing in this and the largest integrated health system in the country. this is high-risk. it's one of the reasons why i made this decision. by going with the department of defense system we are lowering our risk because we have a federal partner is already gone through this process and that's why were taking their expertise and putting it into ba. again, with secretary matters to work with us closely we are lowering the risk. as a private-sector ceo, i've done this several times successfully but i've never done it on this scale so, the risks are there but we will make sure that we do this the right

deutsche bank wealth management cio there for us. plenty more ahead.is bloomberg. ♪ rishaad: you are back with bloomberg markets as we continue our conversation. , thatecurity millennials is one of your place. tell us about it. >> it is important because markets are price for perfection, so where to invest now at these levels? i think there is still room for investment they are pure we have identified four major themes, ,ybersecurity, millennials health care, and infrastructure. performance has already been nice this year. within those realms, you have geographic preferences? the themesy lots of are coming from the u.s., no themes arethese global. if you look at cybersecurity for example, we were reminded that this is a global team with global impact, so there are global companies around this and there is much more to come on investment if you look at company levels, private levels, there is much more that needs to be done. the same is true for health care in therastructure emerging markets space, and i think if it comes to health care s, they are taki

conversation with pimco's cio dan iversen. we will see how steve schwarzman is investing in this political environment. also, john winkle read on the landscape for private equity. all of those interviews from the bloomberg invest summit today. this is bloomberg. ♪ mark: you are watching "bloomberg markets." 17 minutes away from the end of the wednesday session. geopolitical risks abound these days. central bank risks as well. joining me now is bruce richards of marathon asset management. thanks for joining us. let's begin with what bill gross said earlier in the program, he talked about having a lot of cash in the portfolio, a years,, he -two believes a lot of positions will be liquidated and defaults may happen. are solvingieve we the seeds for those to come later but not right now today. you have a pretty perfect mix of stronger economic growth, capital markets open for companies. companies are risking a lot debt, weaker coverage. default will come on weaker economic activity, but not today. around 2% is what your viewer sho

we have blackstone chairman and ceo stephen schwarzman, the tpg ceo, and pimco group cio.omberg. ♪ emily: kumar headlights grabbing our attention. amazon prime will now be available to low income shoppers at a discount. those with a valid and electronic benefit card will pay $5.99 a month for perks like free shipping and unlimited streaming of movies and tv. some analysts say the move will help amazon better compete with walmart. 21st century fox is diving into videogame. it has acquired aftershock, a company designing mobile games based on the global blockbuster fox film "avatar." the avatar sequel is due to come out in 2012 -- 2020. the hp discover conference is currently underway. it is the second discover conference since hpe became its own company. we caught up with that enterprise executive president and asked about the company's progress since the split. >> i think we have made huge progress. obviously, if you think about the project -- progress hp ink has made, you can see the results, and the innovation they continue to bring on the market. on our side, we lay the

hsbc global asset management global chief cio joining us.eature on the bloomberg we would like to bring to your attention is the interactive tv function. you will not only be able to watch us live but also see previous interviews like the one we just did. dive into the securities or functions that we talk about. for bloomberg subscribers only. this is bloomberg. ♪ ♪ haidi: a quick check of the business flash headlines, australia's biggest insurer is putting more money into global bonds and infrastructure in a bid to get refuge from low yields. they see opportunities in securities outside australia. the head of investment said they are looking for high-quality debt from no financial companies. betty: amazon will try to keep whole foods reputation for premium quality while cutting process test rices are you they will change products to help with competition from walmart and big-box retailers. it has been in its worst sales slump since going public in 1992. hong kong's central bank said the dollar has served them well and should stay. germans a

lots more coming out of that raret, including a interview with dan i vision, cio of pimco.hat is coming up at 2 p.m. eastern. let's check in on the first word news with mark crumpton. mark: the senate intelligence committee today opened up two days appearing about russia's role in last fall's presidential election. one focus is whether president to influence the fbi's investigation. lawmakers got no help the director of national intelligence. >> i do not feel it is appropriate for me to, in a public session, in which --fidential contradiction conversation between the president and myself, i do not believe it is appropriate for me to address that in a public session. the star witness, former fbi director james comey, is scheduled to testify tomorrow. the president has picked a former federal prosecutor to replace mr. comey is fbi director.n a tweet -- in a tweet today, the president said he would nominate christopher wray, who ran the justice department under president george w. bush. he called him a "man of impeccable credentials." and the united nations says the united sta

our cio, our central office, capital ops, my general counsel keeps me out of the drink more times than not. and my money guy. the sergeant at arms is responsible for the safety and security of the senate. as you pointed out come emergency preparedness and continuity operations, information technology, telecommunications support access control, transportation of parking, printing of graphics, secure to come handling and delivery, the subdomains, chamber operations, state office support and readiness, furniture construction repair and furnishing of offices. human resources, employee assistance, contracting and finance support, training and education, tv recording studio, media galleries, senate pages and interim programs, photo studio and finally haircare. i can, it's a diverse organization, a lot of responsibility, a lot of moving parts. the silent team of highly competent professionals behind me and beyond this hearing worked behind the scenes every day for the institution. i have folks on the job from one week to over 40 years. what a legacy of service within our organization for this

manus: james, stay with us, the cio of ccla investment management.e will be talking to the cme group chairman, joining the team at 7:30 p.m. up next on "daybreak," draghi's defense. the stimulus program has benefited young people living in the eurozone. we have more on what we can expect from the central bankers this tuesday. ♪ >> it is daybreak. let's check in on the markets. this and it ise interesting to see how it will go today. we are a long way from impeachment and the market reaction may not as negative as you think. we will be keeping an ion that. eye on that. ore reacted well. let's show you europe, going nowhere. and we to focus on this will see this and continue to monitor how this goes. we talk about the outlook for u.s. equities and there are a number of contracts betting on thatecline and you can see line andts above the it continues to move down with the volatility surrounding the bomb markets. and we have been moving down. >> the calls aren't coming to wind down the program. speaking to students ahead of the forum, he argued that peop

in last week, what i always tell them is, here's a simple way to think about things, go back to your cioour chief security officer. think about the level of automation the adversary has, and ask how many people have to touch each attack that comes into your organization. if your answer is, you're not driving down people. you don't understand the nature of the problem. >> one of the things i learned yesterday. there were cyber security people who were saying, listen, in europe, not as involved. i know you have a great international quarter. some of the kbanks and some of the other people with ransom wear pay in bit coin. one of the reasons bit coin has gone up so much, are these institutions that want to hide from regulators and pay off. have you ever heard anything like that. >> there's going to be these new currencies. i think this is the reality for the future. they can become convenient when they're used in these directions. the things like ransom wear, which is how you pay for things. we have to deal with the fact that new currencies are here to stay you don't fall subject to ransomw

strategists, not one fundamental reason that they can pinpoint some people look at the goldman sachs cioote last week saying the tech stocks have had outsized gains it doesn't make sense. valuations are high. generally chocked up to healthy profit taking after a nice run the question is does it become more violent and worrisome to drag down the market for the summer this morning a bit of a reprieve >> either way, a bit of reprieve in tech stocks and asian tech names. but even before that the encouraging thing was that the rest of the market wasn't dragged down too much. two sectors were focused on. oil prices stopped their slide, so friday and monday we saw the energy sector perform. >> and the banks >> banks is interesting. banks had their selloff a month before now tech is having its profit taking banks on the other side have been able to rally off the back of that and had a great week last weekend and all eyes on the next couple of weeks for the banks. first of all we get stress test results on the 18th of june. that's a huge moment for all of them less than a week after, we get repor

now is with financial partner cio. welcome and good to have you here. what caused this now?ock prices. the ge stock prices underperform the market and dramatically underperformed its peer group since its low of 2009 and pretty much during jeff n.l.'s tenure. n.l jeff in melt immelt.melt - are hard to run. they focus on what's not doing well. when conglomerates were built in the safeties and 70's, it was designed to be recession resistant but now people want pure plays and focused companies and if you are in more than one business, they want all the business is doing well. david: so will i have to stop conglomerates? >> i think so. off of the the spin the aerospace business would be positive. it would get away from the oil is where oil prices are down and should continue to decline. jonathan: looking at the value of the company compared to other the multiple, applied to ge is not bad. it's actually pretty decent. what's the appropriate multiple? they're peer group is united technologies and honeywell. both of them are up significantly for the year. also for the past five year

>> well, not only the cio but the cfo candidate. if we're attracting a good viewing audience, we need help. we need people to want to come and to come and help. >> permanent cfo will be important to getting your financial planning in order and getting your financial processes and planning processes in order. >> yes. >> i think you've touched on something important, hopefully somebody can step forward. i know it's a sacrifice and you need somebody who highly skilled but we've got to get those positions filled. i think it will be one of the ways we get on track for the transformation effort. i'm not going to spend much more time because i'm going to get back to the other committee. but i'm going to echo again what i said in the last committee. i'm sure that there are various factors that led to the shortfall in one account versus another. but there are probably other things we need to day to make sure we're not giving you additional distractions or uncertainty. please, you know, speak candidly to the committee members to make sure whe

david: we have scott martin, an kevin kelly, recon capital cio. scott the market was up first when this came up. it was up because of insurers, it was way up because of fact there was a $50 billion bailout in the new senate bill. once that started to sink in, the rest of the market sundown. >> yeah, sure did. nice safety net out there wasn't it, david. another thing in the plan was no, no taxes on medical device providers at end of the year. that is another thing, etf, ihi, i-shares medical device index, that was rocketing higher. there are things growing on underneath the surface as a result of hype coming through on this bill being passed. as you get more into the details, melissa hit on it with representative jordan there, you're putting so much on states to get their acts together. david: i don't mind that as much, kevin. i kind of like the fact that states are going to be more accountable because further away people get from actual accountability, the more they obfuscate and get rid of things. they will have to account directly to the constit

scott martin, kingsview asset management, and fox newspapers contributor, kevin kelly recon capitol cio. scott, people thinking back to the late '90s, when we had the bubble burst. is this another redove that? >> i don't think, david. tech stocks continue to reprice. if you're long term investor, one, two, three years out, this is possible buying opportunity. tech stocks gotten pricier offer last few years. look at future growth a lot of companies have in front of them, googles, apples, microsofts, the trade in these names i can't think of better one when we traded dennis rodman for otto warmbier with north korea. david: kevin, future growth of these tech stocks depends on the future growth of the world economy. you have to have buyers out there who are willing to buy up all the stuff they have planned, all these tech companies have planned. today we have global stocks, we're down a full percentage point. there are signs, united states retail number was bad today. we had .3%. doesn't sound like much but going in the wrong direction. if the world economy is not stepping up to the plate,

bills, and i suspect these amendments, but they're aimed at the same thing, are opposed by the afl-cio, the american federation of state counties of employees, the american bar association, not exactly a liberal lion, the center for justice and democracy, the national conference of state legislatures. also because this is a foray into federalism, unheard of before, taking -- making this a federal issue, not a state issue, the consumer federation of america, the consumers union, public citizen and vietnam veterans of america. there are many other groups as well. this amendment does just more to see that folks don't get access to a jury. and the irony of it is that the seemsal republican effort to be to talk badly about washington and congress and drain the swamp and believe in the individual back home and folks at home. well, the most pure form of justice comes from a jury. where you've got a jury of your peers in your own community who are chosen to determine what happened. to determine the facts and determine the damages. instead they're proposing that the republicans in congress know

we are joined by nicholas garside, cio for international fixed income. good monday morning.et me first ask about the possibility of a softer brexit here. how much more likely is that and how does that change the way we are investing? >> on the face of it, it looks pretty unlikely. theresa may seems pretty clear that the u.k. will leave the union, leave the single market, so they haven't confirmed that in interviews, and the pound is also not telling you that. it's stuck just under 1.28. if there was a possibility of a significantly softer brexit, you would expect much stronger sterling, which we are not seeing. anna: last week, there was a theresa mayne, talking about the 1922 sound as, and it does if philip hammond is sticking to those policies, although he did say no deal would be a bad option. do you sense -- we hear from a theof investors saying, indecision over the u.k. general election means a softer brexit. you don't seem to believe that. there's a i think triumph of hope over reality. there might be some wiggle room with this idea of a transitional arrangement. you c

scarlet: coming up my franklin templeton multi-asset solutions cio ed perks will join us. he will discuss where he's investing now. this is bloomberg. ♪ julia: this is "bloomberg markets." scarlet: in markets, u.s. stocks are pulling back from all-time highs as treasuries are slipping as fed speakers reiterate plans to continue hiking this year. alix steel is joined by a special guest. alix: i'm joined by ed perks. you're looking for high-yield equities, leveraged loans, ig, he's the guy doing all the buying. what is your top investment right now? ed: we have a pretty diversified portfolio right now. we have a fair amount in high-yield bonds. that's generating a lot of attractive income for the portfolio. we are clearly taking a more selective and concentrated approach or very selective in the credit we want exposure to, but it's an area that is still quite healthy. even though we've seen very strong performance, we have a marketing new highsevery day -- virtually every day, there's been an increase in the overall dispersion not only among asset classes but within at t ass

joining us from london is the co -cio, i want to dig deeper into the roots of the isolation of qatar.nificance of donald trump's recent visit? how might that have catalyzed the intense this of the trip? >> the proximity of his visit cannot be underestimated. effectively he has gone to saudi arabia and outlined, this will be the u.s. role here, take the lead against the fight on terror. it seems a lot of the simmering issues that have gone into the fore. have come to the this is what we are seeing right now, an unprecedented move on the part of saudi arabia and other gulf members to blockade qatar. this is massive. they cannot even flyover, that cut the borders. a will survive, but this is major step from just trying to get along as they were in december. saying: president trump the america first -- i wonder if there is a catalyst in a recent kidnapping in iraq where a couple of qatar royals were kidnapped. this has to do with the amount of money that qatar has and how to use that to get what it wants. been trying to play a larger role in the region for the last decade or so. they back

speaker, i ask unanimous consent to enter into the record let frrts the united steel workers, the afl-cio and the international brotherhood of teamsters in opposition to this bill. the speaker pro tempore: without objection. mr. scott: thank you, mr. speaker. mr. speaker, i yield one minute to the gentlelady from illinois. the speaker pro tempore: the gentlelady is recognized for one minute. mr. boustany: thank you, mr. speaker. this is not -- mrs. bustos: thank you, mr. speaker. this is not how washington is pose -- supposed to work. we're supposed to improve the lives of hardworking people. instead this reckless and dangerous trumpcare bill would undermine the health and economic security of millions of americans. people like emily carlson. she's a small business owner and mother two of from rural illinois. she lives with m.s. a life-long and very expensive pre-existing condition. before health care reform, emily and her husband, kevin, a farmer, often had to sit around the table at night, go over their bills, and decide between sickness or debt from one month to the next. if this bill

here is bruce berkowitz, cio at fairhaven capital, on what he would do if the plan is passed. the supreme court, absolutely. if you go back and think about are issues of breach of contract, there are constitutional issues, how you create an agency that oversees fannie and freddie that does not answer to any branch of government. julia: joining us now is matt scully, who covers finance and consumer credit. we do have you on the show. my understanding is they rattled these mortgages up and issue bonds, and the beauty of these bonds is they are an effective and implicit backs off -- backstopped by the federal government, but that is why investors like them. this would lose that. >> the plan would do a few investors feeld like it is important to distinguish. it would create a distinction in the market and they would have to reprice the bonds which could raise prices for homeowners, which is something the bond market does not like. raise pricesuldn't for homeowners? they have to issue higher coupons because investors would demand more premium and therefore that would back up to the

associate cio of international act he.ed 98% of its peers in the top five holdings. always great to catch up with you. time begin with the the banking story. from your perspective, is this a good deal? deal believe it is a good and it is also a good deal for italian economy. it provides stability to the italian banking system. stuff skimmedd off. we are able to get these two banks in a way which enables them to continue to run the is good. that what is good for the economy of italy is the banks are -- they have not gone under and lenders have not lost money. it seems to be a win-win for the italian economy. jonathan: they were trying to cut the link between banking woes and involvement in europe. what you make of the involvement of the state and the involvement of the italian government? good news as an investor longer-term? >> sometimes in the short-term, government has to get involved and there is a lot of history of shoring up banking systems because of the importance of banking systems and the need to keep confidence i

scarlet: kirk hartman, let's bring you into this conversation, cio of wells fargo asset management.r a movement on health care to take a position on health care companies? >> health care has been a very strong performing sector this year. our institute called it right. we are up 11% in health care index and that is the second-best index versus technology. i think health care will continue to do well. it is very predicated on what comes out of the bill. there is anticipation that there will be some kind of measure that it will be more republican oriented, meaning that companies will have more pricing power which is one of the reasons the health care stocks are doing well. scarlet: you've got the repeal and replace obamacare effort along with the tax reform but perhaps more pressing and more immediate is the debt ceiling. we will come up against that this fall. how do you see this playing out with treasuries where they are? >> one of the big issues that people are not paying attention to is the debt ceiling is coming up sooner than people think. we are hitting the limit. the administr

public products, but we did put out products primarily leveraging connections to all 50 states. ' cio's. andngage with the election national associations that represent those individuals to ensure that we were able to reach. this is not a community that we had historically engaged with. we did print off multiple products prior -- >> you're not sure if the secretary of state's dispersed that information to put them on high alert? >> we believe they did, sir. inheld conference calls august, september, and again in october. both high-level engagement and network defense. question, asked this -- if i could ask this question, what was russia's intention, and you think they were successful in what they try to do, even though you could seek no alterations of the election results? do you believe it had an effect on the outcome of the 2016 election? >> yeah, as far as russia's broader to be undermined democracy. one way that it sought to do this was to undermine the legitimacy of -- >> where they successful on the outcome? >> the fbi does not look at that as far as did russia achieve its aims in

i know you will be staying with the hour.out cio of asia-pacific and hsbc global asset management.e ahead asia. hong kong losing more than $6 billion of value in one session. thedown to what is dubbed enigma network. enigma indeed. yvonne:look at the companies involved. a new cyber attack threatens the u.s. east coast. we are speaking to a security expert who says more effects our on the way. this is bloomberg. -- ♪ yvonne: this is daybreak asia. i am yvonne man in hong kong. liu in new betty york. a new cyber attack affecting companies to the east coast of the u.s.. the virus appearing to be last monththe one which affected hundreds of thousands of computers and more than 100 50 countries. -- 150 countries. we are joined by paul. expert on with us a couple of hours ago who said wanna cry wasy -- the test. we are watching what is happening. do you agree it or are we going to see -- is this the first of another string of attacks? paul: i agree with that. ass is the first of numerous you look at what is happening europes it rolled across and now is hitting the u.s.. i mean, we contin

he is pimco's cio of global fixed income. you will be talking to him on radio as well. worried about china. i found that really interesting. tom: thank you for the conversation. this is the optimism chart. you remember the gloom. 10% unemployment. the world coming to an end as we know it. a lot of people got this call right. what they didn't get right was the stunning persistency of improvement under 5% down to the unbelievable level of 4%. brian levitt, the help wanted sign is out in america. >> it has been a stunning decline. it's what we should expect now some eight years into an environment where the u.s. has grown 2%. been enough to please most everyone and wages have been generally modest. a lot of it has accrued to profits and shareholders. given where we were in december 2008 this is a sustained improvement and warns looking at. tom: bonus round. this is our single best chart. the amazing most optimistic chart of america. that is claims adjusted for population. what is the symbolism that we helpnever been with such a wanted america and yet so much of america is

we have the chamber of commerce, the manufacturers for the afl-cio. they saw what was happening and we took the statute of limitations from six years down to two years. that's a huge change right the there. they are able to see what the status is which is important. the effort is to make it more efficient and we set up the improvements during the counsel. we fought hard to get it because we believe they have leverage and i think that the senator will tell you we went back and forth quite a bit on this. we wanted to put it somewhere there was leverage over the agencies and the department because of the function that you will be involved in. the in the legislation that wass already past, are you aware of the fact that this organization has not been stood up and why that is and why we cannot get this going. >> i am aware of the permitting council. funding was included in the president's budget specifically in regards to the impact to leverage the type of reform and spending that we need to be able to guess $1 trillion of investments into the infrastructu

elections and with state systems is also happening in the hearing i'm also at including my own oklahoma cio that's there testifying today on this same issue. how are we protecting state systems, state elections and what's happening. i brought this with me today. y'all probably this group's very, very familiar with this e-mail. this is the famous e-mail that billy rhinehart got from the dnc while he happened to be on vacation. he was out in hawaii enjoying some quality time away from his work at the dnc and he gets an e-mail from google it appears that says someone has used your password, someone just tried to sign into your google account, sent it to him and told him someone tried to do it from the ukraine and recommended that he go in and change his password immediately. which as the "new york times" reported he groggily at 4:00 a.m. when he saw that e-mail was frustrated by it, went in, clicked on the link, changed his password and went back to bed. but what he actually did was just gave the russian government access to the dnc. and then it took off from there. multiple other staff member