david westin is with us remotely from d.c. david: president trump is meeting with his business council, a group put together by steve schwarzman. they come together every so often to talk about things like the tax plan. they also speak about immigration and trade. we will go over to the white house and speak with steve schwarzman and some other ceos to find out exactly what they spoke with the president about, and can they get this thing back on track. alix: what is one thing they will be pushing for? david: i think taxes is clearly the answer. they really want tax reform. if you go around the table with all those ceos, every single one has a part of taxes that they want or do not want. -- you put it all together that is the big question on the agenda today. as we just mentioned, secretary of state rex tillerson is on the way to moscow. the stakes could not be higher missiles atlaunched a syrian air force base last week. summit in italy, rex tillerson spoke out against russia. next they have allied themselves with -- >> they ha

i am david westin.ven mnuchin spoke to the financial times yesterday, and he did his best to clarify what the trump administration policy is on the u.s. dollar. although he said that president trump's words that a strong u.s. dollar hurt u.s. exports, he said that the. mean they would do anything about it. he said that the president was making a factual statement about the dollar in the short-term. he said there is a big difference between talk and action. simon smiles is still with us. how important is this back-and-forth about how the dollar is doing around the world? is clearlyink it macro. it is very short-term. fundamentals determine the direction of currencies in particular. the strength of the global economy and consumer confidence over 16 years is the key driver in terms of dollar strength. dollaryou saw the climbed after the election. it has come down off of that high now. is that some kind of dubious -- is that because of some dubious reaction to part -- to government? the health care reform d

coming up, david westin will speak to omb director mick mulvaney. that is coming up at 2:00 p.m. stern time. this is bloomberg. ♪ david: this is bloomberg markets -- trump's first hundred days of the focus on policy and politics under the new administration. i am david gura. house republicans will host a committee hearing on their dodd-frank overhaul bill on wednesday. we are still waiting for a revamped obamacare replacement bill. that is at the top of the triangle. carlos returns next week and --es a government shutdown congress returns next week and faces a government shutdown on saturday if they fail to pass a new budget or a stopgap bill. president trump no matter how much i accomplish during the theculous standards of first hundred days, there has been a lot, including the supreme court, media will kill. we have been talking about the first 100 days. do we have a sense of how the white house will mark the date, if at all? kevin: get ready. to be busy week. they will kickstarter health care discussions. i am told by sources on the house free does -- freedom caucus, they will

david westin asked her about the timetable for reform.nk you seen a management of expectations by the white house by gary cohn on friday and sean spicer yesterday's adjusting that august was a lofty goal. i think that the most important thing is that it's going to be hard. we have not done it since 1986, but we have to stay at the table. this is going to die a thousand deaths. everybody has to stay at the table. it's going to be hard, but you absolutely have to stay in the game. david: when you talk about copperheads of tax reform and progrowth -- comprehensive tax reform and progrowth, what are the colors of that from your view? caroline: lower rates. internationally competitive system, a system that looks more like our global competitors that only welcomes capital here but allows copies to deploy capital overseas. david: a territorial approach, which we have not had. caroline: we want to see people g and business is writing off their expenses faster so they can put money back in their pockets. david: to encourage capital investment. car

out today, but david westin is in d.c. nd trent lott will have a roundtable together. jonathan, back to the market. jonathan: futures up 23 on the .ow stocks head for a week of gains. what a month it has been for treasuries. yields up three basis points. eurozone -- it is a big eurozone cpi read. it takes the euro higher as well. ofth of a dollar -- north 1.09. let's get you to some movers now prepares abigail. abigail: lots of earnings movers this morning. shares are higher premarket as gm beat on the top and bottom 15%.earnings by gm is being driven by a boost in truck and suv sales. the internet giants beat top and bottom line estimates per for amazon, the strength is coming commerce unit. investors dohat not seem to be that concerned by the youtube ad issue. turning to some tech losers -- shares of qualcomm are down after apple says it is cutting off its licensing payment. our team was just told it is a little bit worse than expected and qualcomm has cut the forecast. beat, but it is interesting the shares are lower. a

i'm david westin. ustry where jab holdings agreed to live in arab red. -- in arab red. nera bread. you add this as a topic for you. congratulations. >> thank you very much. david: it was $315 a share that this deal was for. it was trading for as low as 186 last november. did they overpay for panera? >> it is getting close to the top ends of the recent valuation range now. there been some transactions in the space since the beginning of 2017. the big example was the purchase of popeyes for 19 times its holding. this purchase price represents over 17 times. the interesting thing with this high valuation even though this company owns 44% of their locations, which you would think would press the multiples, but still this would tend to deter from a strategic public company that might want to pursue panera at this point. david: is this hot area right now? are there other deals like this we should be looking for? stephen: it's an interesting question. the fast casual space has seen some maturation. it has not

let's head over to david westin at the new york international auto show. th the president and ceo of volkswagen group of america. david? david: we are here with henry coogan. welcome to bloomberg. >> thanks, david. david: let's start with suvs. the story of volkswagen. tell us where you are. >> we are more known as the small car company with the golf. we just recently had the thought -- the pissat. we are shifting towards a family-friendly drive country. , thethe all new t-1 hottest segment of the industry have been great opportunities to generate additional business and additional customer bases. david: you have two models right now. we believe that by the end of the decade, the plan to have four suvs in the market. it has not been before. ago, we talked about the data and now we are ending up in an american family life with lots of kids and animals. we didn't have much to offer. atlas, theh the concept is, let me show this to you. here, if you believe this is really one of the best, you have a great entry position. in the third seating row in a comfortabl

of top ceos.er david westin has been following it all. he joins us from the white house. have a very special interview,. you might be of the glean some insights the in his ministry -- ministration will go on. david: we are down here at the white house on a beautiful spring day. toht now, we will be talking steve schwarzman about what went on in the meeting and what messages that he take away from the present. what messages the leadership trying to's that -- send on taxes. he said he is going to cut their taxes lot. he said there might be some good surprises coming on nafta. there may be some trade news going on. what will be different about this meeting? we did hear from these ceos the last time around. are we just getting closer to policy framework? david: i think it's fair to say that time is wasting. he has only been in office 80 days. as we can see with syria and north korea, how fast can they get the tax plan put together? he wants it by the end of the calendar year. real question is how much time as he have? how fast can he move? five secretaries and agency heads, o

coming up on bloomberg markets david westin will be speaking to the -- welcome to bloomberg markets with a focus on politics and policy during president trump's first 100 days in office. that will direct treasury secretary steven mnuchin from any significant tax regulations last year. the president will sign a memo related to the designation process. lawmakers return from spring break facing a looming funding deadline. the pressures on leadership to avoid a politically risky shutdown, that would coincide with president trump's 100th day in office. we are looking for a possible revival of a republican health care measure. and francine locke global speak with -- at the imf spring meetings in washington dc.

we are joined by david westin. wn at the new york auto show and joined by a very special guest from the bmw board, in fact. david: exactly, vonnie. it is yen robertson, a bmw board member. you have news out today about sales. ian: we announced quarter results, up 5.5%. very importantly, 254,000 sales in march, an all-time high. cowboy years ago it would have been almost unimaginable in one sickle months. -- a couple years ago it would have been almost unimaginable in one single month. david: are you fighting the trend, and how? ian: when i came in last year the market had peaked and we took steps last year to reduce our inventory and we kept things pretty tight during the year. reasonable.is being we are not releasing much growth in the markets. relatively flat. maybe a push by some manufacturers. we will see how it goes. david: part of the strategies behind us here. tell us what this is. ian: this is the next member of our plug-in hybrid family. this has just gone into the marketplace. having great sales all around

i'm david westin.lier today, kevin's really spoke with mark meadows, the freedom caucus who is key to health care reform. kevin began by asking if they have the votes to pass either saturday. >> if the vote is held on saturday, certainly the votes will be there. but as late as last night and this morning, some ofthose undecided mbers ofcongss, primarily on the republican side, that is all we are counting on our so close to yes that i'm optimistic that whether the vote is tomorrow or saturday or next week, the will be there to pass the senate and make sure it becomes better. it's not necessarily a more conservative bill, but it is a bill that lowers rhenium's to the american people and hopefully allows us to get on to tax reform in a quick fashion in the coming days. kevin: i want to be clear, the votes are there from the freedom caucus -- web for the entire gop conference, so i appreciate you clarifying that. intook an official position the freedom caucus which means more than 80% of our members on boa

come up this hour, david westin will be speaking with steve schwarzman and jack welch from the white house after their meeting with donald trump. later, we will have the north american debut of the lamborghini. it just smashed the record. foroes on sale this summer $250,000. we're halfway into the trading day. taylor: we are improving a little bit. as you see, the nasdaq is down 1%. of course, .7% in the dow jones, i am going to stick with the transportation index. we've been talking about that united airlines story. the video went viral. that's not the only thing that is pulling down that sector. the fedex freight she came out. they want to look at an aviation style standard for self driving trucks and automation. that is something pulling down the shares. i want to go back to the financials. we've been talking about some of those i.t. companies. we are heading into bank earnings thursday. take a look at how the financials are doing there. fargo is continuing with the fallout from that bank accounts scandal. as we head into bank earnings, analysts are saying yields should be helping

coming up later today, david westin interviews mark rice, executive vice president of global product david westin. jamie dimon will release his annual letter to shareholders today. last year he took the opportunity to warn about emerging political risks, and explaining why he is standing by certain types of trading. joining us now to take us through what we think we can and stillura keller with us is gina martin adams. let's speculate together, what will we get from jamie? i think it comes out at 10:00. gina: we think it will be a little later. in this letter, which was last year about 50 pages, we are thinking about tech, policy, regulation. jamie dimon has been a big complainer about certain things on the regulation front, so maybe he will talk about those. maybe he will talk a little bit more about president donald trump. there could be some things he talks about on taxes and regulation changes. he willoes that mean pull his punches when it comes to donald trump? the expectations are somewhat less than they were 50 days ago. laura: he could use his pulpit as the premier banking to

some confetti, david westin. let's get to the market open.terday's down move. at one point, a 113 drop on the dow. the fact that we are getting better earnings from morgan stanley and the yields are back up on the tenure is helping the dow jones. the s&p 500 up seven points. the nasdaq up about 0.4%. surgical up 6%. a big earnings move. earnings eased -- earnings beat outlooks. it is the first report after it acquired its heart device maker, saint jude medical. it boosted earnings above consensus. pharmaceuticals up most 8%. they got fda approval for a blood and kidney drug that could help with anemia and alcohol. popsve those biotech stock on the fda. getting into earnings, the five big banks are done. here's how we stack up with earnings surprise. the bottom panel is average surprise on earnings. in terms of average sales apply, we are up just about 0.5%. in terms of earning supply, we are up about 5%. what is interesting here is that we did not see the big time earnings revision into the quarter that we typically do. that makes this surpri

i am david westin. economic team was led by steve mnuchin, who was bullish on tax return. the mostill be significant change to the tax code since reagan. david: to take us through what we learned, we are joined by our chief washington correspondent, kevin cirilli. it was mnuchin, mulvaney, they were laying it out. it was big and bold. kevin: they are out. scum of but no direct statement on where they will weigh in on the more -- but there was no direct statement on where they will weigh in on the more direct sides. this is a walk back of sorts. originally they wanted this done by the august recess. now they are pushing it to the end of the first calendar year. it will take a minute or two for them to get this done. their legislative priority list continues to grow. next week alone, the white house is bullish on health care reform and taxing a partial government spending bill to keep the government open one day before the 100-day marker of president trump's first 100 days on april 29. there is a meeting o

david westin might be. david: i will buy you one. jonathan: done. binky chadha is with us.ch has been made about 18 times earnings. 16 times forward earnings of the s&p 500 next year. the story in the earnings, it validates the price? michael: once you have a high multiples are veterans are continuing to get better. s&p sensitive groups of the , it looks as if the strength in global economic data, i would focus on the global part of that , is turning into a better earnings season not just in the u.s. but in global equity markets as well. jonathan: looking at the same numbers? binky: absolutely. we are pretty constructive. some pretty good expectations. i would say so far earnings are coming in better than we expect. jonathan: we talk about this disconnect between what happening with treasuries and what's happening in equities. equities are not -- treasuries are not pricing in the kinds of numbers caterpillar is bringing in. michael: i think the bond market at the end of a long bull market and bull markets take a long time to die. takes an awful lot of bad news to really sha

in an interview with david westin, mick mulvaney says president trump's infrastructure plan would be ady in the fall. one way to fund it is the border adjusted tax. david asked if the white house has taken a position on that tax. >> not yet. it is at the center of our discussions for the past several weeks. over ary mnuchin treasury, gary cohn has been leading the team on tax reform and the border adjustment tax. forms of the tax proposal have been part of our discussion. it is fair to say we have not settled yet but my guess is you will know by next week. david: that would be great, to get the plan. can, a real supporter of president trump. he was on yesterday and thought that the border adjustment tax would be a great thing for america. it would be part of a plan to get growth going again in this country and it would help, including his own home depot. -- why not have border adjusted tax? mick: he is right and consistent with what we are coming from at the white house. everything is key to growth. we're not starting with a tax plan, we are starting with a goal of economic growth at

bloomberg economic adviser gary cohn gave his testament of the jobs report to bloomberg's david westin>> i had an opportunity to talk to the president. we are pretty please with the jobs numbers. when you look at the unemployment numbers going down, both the 4.7 number and down as well as the higher the -- number we spend a lot of time looking at the number coming down by 3/10 of a percent. we are pretty please with what is going on in the unemployment picture. you take that and put on top of jobs.ll the we talked to moving manufacturing back in the united states. we are excited about what is going on in the future here. number, is that perhaps one of the most important things you look at as you look at this report card every month the? >> the president and i have spent a lot of time talking about that number. the underemployed people, the people working in jobs, that they could work in a better job, and that number coming down 3/10 of a percent is very exciting for us. we are happy to see that number below 9%. we would love to get that number lower. what do you and the president think

coming up, mark roos to speak to david westin live.loomberg interview, next. ♪ "what'd you miss?" general motors, looking to boost of the premium auto brand of its buick. david westin is standing by to interview mark royce, the executive vp of product development, live from the product revealed in michigan. >> will come back to bloomberg tv. i know it is a good day for you. what is that behind you? >> first of all, david, nice to see you. secondly, we missed you here in detroit. you have got to come back here. >> i miss you, too. >> it's a soft spot for us. truewe've got here is a cross over here. something that is not in the market and it has got a great cargo capacity here. more than the volvo and subaru. this is a very nice, long wheelbase, elegant approach to a touring type crossover. car, twoeat handling beautiful,, sculpture design with quiet and elegance that you get, it's all here. >> i would like to try it out. what about the sport back? >> looking at auto sales over the last month, sales figures continue to shift to the tradi

i am david westin.enate judiciary committee will today send judge neil gorsuch's name to the senate. publicans either have to come up with the 60 votes for confirmation or exercise the so-called nuclear option and change the way the senate does it business. knows the business like no one else. centerhe has been at the of more cases than anyone you can name. anyone from preventatives of the united states government to vice president gore in the infamous election, totial successfully challenging california's ban on same-sex marriage in the supreme court. welcome to the program. let's start with neil gorsuch. you have argued before him. if you are running a business, or if you are a leader on wall street, why did you care whether neil gorsuch is on the court or not? >> one of the reasons you care is because more and more cases are going to the supreme court. not just on constitutional issues but on statutory interpretation issues. one of the things you are looking for is what is the court going to be doing

i am david westin.rday i got to speak with blackstone group chairman and ceo, cofounder stephen schwarzman about his expectation on tax reform from the company administration. and the president's recent meetings with china's president she. here is what he had to say. >> i am not sure about that because it is very complicated. if the numbers were easy, somebody would have printed it and sent it to you. but to a compass something in that area, there has to be something taken away. for other people to have the revenue to finance the tax cuts. there are a lot of different ideas, a lot of different people on capitol hill as well as in the white house. they are all thinking about what the trade-offs are. so i expected much more approache, logical than trying to pass health care in 17 days. david: so you have spent time with the president more than once. the you come away with this meeting with a sense of optimism? we talked to gary cohn and he said at the end of the calendar year, maybe not august, we could g

jon ferro, alix steel, and really front and center, the vice president, david westin, will meet with he is in south korea where of course kim jong-un, the really mysterious man and a mysterious country, we have one of the very few real experts on north korea. .is name is marcus nolan he was actually in the council of economic advisers. not one but two books on north korea, so we will try to figure out exactly what kim jong-un is up to and how he is likely to react with what the u.s. is doing and what china is doing as well. tom: it is interesting to see that when you look at the showing of the flag, if you will, david, and again, i guess it all goes back to china, doesn't it? david: it does, tom. we have heard for years that china has the ability to influence north korea. it looks like we are about to find out because they have gone in and talked to north korea, and they say, "no thanks." tom: we will continue that on "daybreak" in a moment. right now, a single best chart. was with a small company called america online, became part of our financial and technology history, and i am an

i am jonathan ferro alongside david westin and alix steel. weekend, we continue to do that. in the markets this morning, futures in the united states largely stable. down two points on the fed. muted price action friday, monday, tuesday, likewise today. looking at the fx market, stable on the euro-dollar. risen by that yen stretch and that bid we have seen the last

david westin is here with us now. d: we are joined by bob carter in los angeles, executive vice president, tell us about this big vehicle behind you? >> good morning and thank you for having me. i'm here to introduce our new concept, a hydrogen fuel-cell heavy-duty truck, a >> a truck that is at work here in the port. we think this is an important step to demonstrate the stability as well as our next step and just behind me, i will ask my friend to open up the truck and give viewers an open up inside. a fuel-cell technology which basically uses hydrogen and oxygen to generate electricity, is that correct? >> yes. we introduced this technology last year in a local business -- basis in southern california. it is an electric vehicle. a difficulty with the electric vehicle is the batteries have to be very large and heavy and it gives you a limited range. on the fuel-cell, think of it as an electric vehicle. it is actually producing the electricity it needs. for not it is critical only mobility and consumers but heavy-duty

i am jonathan ferro alongside david westin and alix steel.action to the payrolls report. futures softer, down 45 on the dow. negative four points in the s&p 500. we come in by about .2%. switch of the board --treasuries caught a huge bid after the initial reaction, then we have come back a little bit. 2.31 is the yield on the u.s. 10-year. the euro weaker, the pound weaker, the dollar stronger on the session following an initial bid on the dollar. and we rolled over and came back. can you came up -- keep up to speed, alex to a question mark -- alix steel alix: i can. the tomahawks responsible for the bombing of syria -- they cost about 1.6 million dollars, and raytheon says it is about 20% of its revenue, and the u.s. government except 66% of raytheon's revenue. banks are little bit lower. part of that is yields. down.r walmart up. raise from outperform to market perform. they have an increased physical store dominance, new digital prowess, but i should point out retail jobs were down two months in a row. an amazon trend, or we're consumer sp

i'm david westin.ing the world more industries in north korea. since the division of the north and south, it has separate itself building a unique ideology. is that we are expert on north korea having written books on the subject and serving in the white house on the consul of economic advisers and is now in exhibit a vice president of the institute from washington. welcome to the program, washington -- welcome to the program, marcus. what is the likelihood of a true armed conflict at this point with north korea? marcus: it is very low right now. what is happening is a game of nerves in which the target is not so much north korea as it is china. the united states is trying to demonstrate to china that there is real danger here, in china should act more forcefully to bring north korea to the negotiating table. --id: what does cam jong un what is kym johnson -- what is cashohnson really want -- what does kim jong un really want? marcus: the development of nuclear weapons and development -- delivery syste

what about that, david westin? david: they just pass forward and now they are passing gm as well.ind up last week where they did pretty well? david: it got to produce the automobiles actually. the model three is that they claim to fame. jonathan: you think about the future any bring up the consumer. i would never thought i would see a market when risk off on the back of auto sales. what does that tell you? gina: auto sales are one of the leading indicators of consumer sales at large. you typically see a cycle in the consumer housin. housing leads the trend, housing slowdown. after the auto slowdown, then the broad consumer slowdown starts. it is a trigger point. the question is whether or not we may have overreacted to a one-month number, which is certainly a possibility always with the equity market. in general, autos is a pretty good indication of consumer appetite for loans, consumer thatite for spending, and deterioration in auto sales could be a signal of slower consumer than we were hoping for for the year. david: we talk about that deterioration in auto sales, we have to be

bloomberg's david westin spoke with britta seeger.ritta: in the u.s., you have a different market, different situation on the west coast and east coast. it's a trend we have to monitor very closely. i think a big portion is that we have to create the request by the customer by delivering much more, more different product portfolio. this is why we still truly believe in growth. we will deliver 10 additional battery-electric driven vehicles. we continue to believe in this trend. >> you raise a very important point. how much of it is customer demand? how much of it is governments encouraging people to move into electric vehicles? britta: government helps, at the moment. there is a market. but we truly believe this will change over time. >> the customer will ultimately drive this. >> because it is not only incentive driven. there are many countries where we have the discussion that they will shut down cities. people and customer are looking for how can i be mobile in the future. the battery-electric driven vehicle will be one of the big a

coming up at 12:00 new york times, david westin will be speaking with stephen schwarzman after he meetsesident. the u.s. secretary of state rex tillerson just arriving in russia, set to be in for some tough talks about the u.s. initial launch -- missile launch against syria last week. allerson continued to hold hard line about russia's role in syria. >> to have aligned themselves with an unreliable partner in bashar al-assad. they signed the chemical weapons accord themselves. the russian government sign that accord and now assad has made the russians look not so good. mark: joining us on tillerson's challenges, john fraher. he clearly has a message and it is a clear message, you are aligning yourself with an unreliable partner. how open is russia to this commentary which is backed up by the u.s. and european allies? ton: russia is not very open public criticism from g7 countries. there is evidence that suggests this will not be different. the foreign minister earlier on saying the u.s. was obviously making no effort whatsoever to improve u.s.-russia relations so tillerson meeting with

was white house economic adviser gary cohn speaking with david westin. the u.s.ains in march were well below consensus expectations. however, bloomberg view columnist mohamed el-erian said one should be careful calling this a week jobs report. thiswould not extrapolate to say it is a week jobs report. if you look at the three-month average, we're probably going to settle around 150,000 in event shall he. wage growth is expected. the co-ceo at capricorn fund managers joins us to discuss further. i have to ask for your take on the perils number. turning into a were socked test -- a rorschach test. >> it came in a bit weaker. there is a lot of noise that comes around when you have a big change in the u.s. economy. waiting to see will his deregulation and fiscal stimulus actually push through. until then, take a little bit of a step back. tracy: had easy that playing out in markets? said heious guest thought trump trade was fading if not dying out altogether. >> i think that is fair. certain element of trump trade are starting to wind down. the high tax companies sta

i'm david westin in for david gura.pecial edition of bloomberg focusing on the politics and policy of the trump in their first 100 days. yesterday, we got at least an outline of what president trump wants to do with your tax code. the question is where we go from here. what's go to our chief washington correspondent. so we have an outline of what is going on with taxes and a lot of details yet to come. tell us what the next steps are as is outlined. kevin: this has been a fight between house speaker paul ryan and members of the more conservative faction of the republican party led by the house freedom caucus and representative mark meadows. all week long, they have been ofting behind the scene to art what happened last go round

david westin will bring you that interview in just a few hours. check in with courtney donohoe. courtney: president trump and exit the attack in paris will have an effect on the french presidential election sunday. the president tweeted the people of france will not take more of this. a gunman killed a police officer. three other people were wounded and police killed the gunman. islamic state claims responsibility. theresa may says holding an election now would give the country a time of stability and uncertainty through the brexit process. she spoke in a factory. >> i recognize that i will be asking people to put their trust in me as prime minister so i can get the best possible deal for britain. courtney: she also said the election is about leadership, stability, and strengthening the uk's hand with the negotiating table. bashar all aside said he is not considering asking russia to send in troops to help fight islamic state. russia has been providing air cover since 2015. they have not provided boots on the ground. troops might be needed in the

haidi: that was the former fed chair alan greenspan speaking to david westin.aybreak australia. and what an eventful 100 days it has been. betty: absolutely, and we have been using a lot of goodies in order to get some things done. it will have to be the next 100 days where we see results coming for investors to feel confident. we will have an update and all of the top stories in a few moments. this is bloomberg. ♪ >> it is a 7:00 a.m. in hong kong. ishington says it considering several options from deeper sanctions to military action. a white house official said saturday's failed missile launch was not to be tolerated, coming hours after rex tillerson urged the united nations security council to raise pressure on pyongyang. president trump has threatened to act alone if china does not rein in its ally. the first official economic indicators

is our very own david westin. tut -- what it means it could get done as a practical matter on capitol hill. share -- $.39 per substantially less than last year, but they guided to that. their revenue was up some. we will be interviewing mark

today, we speak to bloomberg's david westin live from the gm tech center and worn, michigan on a firstterview and 4:45 p.m. wall street time. this is bloomberg. ♪ ♪ "bloomberg is markets trump: first 100 days." with a focus on policy and politics under the new administration. isg of della -- king abdulla set to meet president trump. in minutes, the march fomc meeting is expected to be released tomorrow. we are joined by kevin cirilli joining us from the washington bureau. let's talk why the visit of the king of jordan. it will be a press conference in the east room with the president and the king of jordan. what can we expect? a lot of this i expect will settle on security the middle east? kevin: people say this is going to be the main topic of discussion. we don't have word yet whether there will be that official press conference tomorrow but it will ca off's series of international business with foreign leaders president trump is doing this week. and the big one on everyone's to-do list, china's president xi inping, and will arrive florida on thursday and friday after he finishes his

i am alongside david westin and alix steel. this is how the market is set up this morning.is morning. i'm looking to safety trade after the u.s. bombed syria. the vix is jumping 5% and gold is getting a nice bid, the highest level since november. crude is

david westin. we caught up with him in washington on friday.ar french in brussels. thank you for joining us. a quick comment. how surprised were you by the outcome? there is no recognizable party in the second round of the french national elections. is a shock. in 2002.ady happened this time i was not surprised. we have a clear choice between a pro-european candidate and the anti-eu marine le pen. you, she will be defeated. she is not going to be the next president of france. i think macron meets the strongest possible support because we need populism to get back. i would like him to have a large victory. i will bring him mindful support -- my full support as a frenchman and european. those in favor of open societies, open economies, strong europe, and a society , and is closed, xenophobic anti-your game. meanine: what does macron for negotiations with the u.k. on brexit and with germany? macron has been the economic advisor for fillon. he is a pro-european. i imagine he will have the intention to make strong deepening the economic and monetary

i am david westin.ets with president xi jinping, congress at the center with the fights over the confirmation of neil gorsuch. speaker ryan that as hard as health care was, tax reform could be harder. on the phone is john farrell. thank you. -- thune. speaker ryanbout and where you think things are with health care and tax reform. we were focused on those two subjects. where do think we are headed and what is the timetable for these initiatives? >> it depends entirely on how quickly the house can get the health care debate to restart sprint it had discussion at this week that the vice president was involved with as they did not lead to a result. it sounds like they are getting closer. the house will have to figure out what they want to do with that and how to get to 216. does the health care debate is important for many reasons and one is in excess of tax reform. we want to do health care reform first because it frees up about $1 trillion and the baseline to do tax reform. as for the ryan pointed out, i

abigail: that was stephen schwarzman with david westin.row, a conversation with christine lagarde live from brussels. look for that at 6:30 a.m. in new york, 11:30 a.m. in london, and 6:30 a.m. in hong kong. as it inches back andrd trading about $42 $.60 per stock today. this is bloomberg. ♪ abigail: this is "bloomberg markets." joining me is kevin kelly. great to have you here. we finally have something really to discuss here. the return of volatility. the vix at its highest level volatilityyear, high on the rise, what is going on? kevin: you can see tech is the in the sector in s&p -- last 30 days with s&p 500, we have seen it go from applied volatility at 10 all the way to 15.4. earnings coming up with that, and you are seeing the second largest sector in the s&p 500, the financials next week, we will see bank of america, jp morgan come out. the implied volatility, so we have the two largest sectors of the s&p 500 implied volatility going up in earnings. aspects,e fascinating people focusing on those sectors, if you look at the 93 xv, i

mick mulvaney said to david westin on friday that he would like to see health care go first, so i wantith secretary mnuchin said earlier today about some of the goals and objectives of tax reform. take a listen. >> we have been clear on what the president's objectives are for tax reform, middle income tax-cut is a priority of the .resident, simplification the average american should be able to do their taxes on a large postcard. business tax reform. we need to make business taxes we willive and expect bring back trillions of dollars from offshore. the key part there that you can bold underline is that they would do a middle income tax break as well. there was some rumblings on capitol hill and k street that that would potentially be a situation where they will handle corporate tax reform separate reform.dle income tax they will be advocating according to secretary motion for copperheads of tax reform. not get specific details, but some sort of broad outline principles. do you think those principles will line up with the principles that we know kevin brady and paul ryan in the house hav

david westin asked stephen schwarzman, when you expect a plan from the administration on tax reform? because his is very complicated. if the number was easy someone would print it and send it to you, but to accomplish some thing in that area, there has to be something taken away from other people to have the revenue to finance the tax cuts, and there are a lot of different ideas, a lot of different people both on capitol hill as well as in the white house and they are all thinking about what the trade-offs are. so i expect a much more approach thanical trying to pass health care in 17 days. >> you have spent time with the president more than once. do you come away with a sense of optimism? we talked with gary on friday and he said the end of the calendar year for tax reform. do you have a sense of confidence by the end of the calendar year we will have some tax reform? >> you will probably have something. it is just a handicap of knowing how comprehensive and aggressive that would be as opposed to just a tax cut. so we will see when we see. us, francescoth gazarelli. if there islier

on bloomberg,ow blackstone ceo steve schwarzman, speaking with david westin after meeting with president trump and other ceos. that interview at noon tomorrow. coming up, mexico's deputy energy minister says there is a lot of interest for deepwater oil and shale exploration in the gulf of mexico. we will hear from him next. this is bloomberg. ♪ joe: a deepwater shale option will be taking place this december and investors want to know where exploration stands in the gulf of mexico. the policy correspondent set down with the mexican deputy energy minister and asked whether this option will be the biggest ever. >> it might be. it depends. a we did was, for the first time, what we have for upcoming options. what we're asking the industry is to nominate in three months, those blocks or areas where we think it has more potential. it might be interested in that information. we will decide which will be going for auction in december in the deep waters and the onshore unconventional areas. youhat kind of reaction are getting in the reception so far? >> it is very good. we went to the innovation

scarlet: that was david boies speaking with david westin earlier today.time for a look at some of the biggest business stories in the news right now. panera bread exploring a range of strategic options after receiving interest about a potential takeover according to people of knowledge of the matter who say one option is a potential sale. the bakery chain is said to be working with advisors. it is not guaranteed any deal will close. shares climbed 20% the last 12 months closing friday at an all-time high. another setback for j.crew. the president and executive creative director will step down when her contract expires in december. provided the creative vision behind the brand for years. it is dealing with heavy debt and a shift from mall-based retail. same the -- same-store sales fell. imagine plunged as much as 70% after apple notified the company it will phase out using its graphics technology within two years. it is the latest example of the tech giant's affect on smaller providers with apple providing over half of its revenue. from finding fresh suppo

i am david westin. spoke to the wall street journal late yesterday and in one interview he managed to reverse or's several aspects of his economic plan. among other things he said "i think our dollar is getting too strong and partially that is my fault because people have confidence in me. but that is hurting. that will hurt ultimately. there are some very good things about a strong dollar but usually speaking the best thing about it is that it sounds good." you're with us to sort through it all is mike mckee, economics and policy correspondent. sort through it for us. this is unusual. he is changing his position but also the president of the united states is speaking out on currency. >> this is not necessarily a good idea. the past history of leaders talking about currency has not been a successful one because what ends up happening is the markets take it as, we are going to do something about this feeling. the famous impact in 1994 when lloyd bentsen said, "i want a weaker yen" and bill clinton said o

today, david westin will be speaking to the u.s.e of management and budget director nick mulvaney. you want to keep your eye on bloomberg for that. investors are concerned with the first round of votes. even portfolios that manage risk could be in for a surprise. turning us is president of capital fund management. a quantitative hedge fund with $6.9 billion in assets under management. the worst-case scenario for markets is moving into the final round. there are different ways to slice and dice the outcome. i wonder from where you sit, give us a sense of how investors are positioned heading into the first round vote. >> it is hard to position anything if the staff is evenly split to the candidates. they will win the second round. i don't think is a lot of consensus. in position number one. they catch up on the protest vote. jumping to the terminal real quick, the function eu go. you can see the news related to the french election. after that, it does get pretty crowded. what i wanted is a quantitative strategy. and event driven tradi

is our very own david westin. david: it's about that plan that , whatut -- what it means it could get done as a practical matter on capitol hill. share -- $.39 per substantially less than last year, but they guided to that. their revenue was up some. we will be interviewing mark fields in just a few minutes about exactly what it tells about where they are in the first quarter and with the rest of the year is going to look like. you the ecb bring a.m.y decision at 7:45 eastern time. futures be stable out there. s&p 500 futures up marginally. we've pulled further back from --se highs alix: time for the morning brief. weekly initial jobless claims in the wholesale inventory the durable goods and the trade balance from march. the treasury will auction $20 billion in seven-year notes. finally, today is the busiest day of first-quarter earnings season with 65 companies reporting. we've got alphabet, amazon and starbucks all reporting. emma: president trump one people pulling the u.s. out of nafta immediately. the white h

i am jonathan ferro alongside david westin and alix steel. risk,rkets this morning, buy. the euro is firmer. core government bonds selling off. alix: where they are buying, they are buying peripheries and france. rally, dollar-yen off of highs on the session. crude is getting a bit as risk on continues. david: the top story is the first round of presidential elections in france. been ringingua has as the news throughout the weekend. we see her in paris. i watched the special yesterday. the question i came back to was how could we get to a world where the two established parties in france did not even make it to the second round? francine: this is significant. there will be a lot of introspection and navelgazing today from the candidates who did not make it. there are two lines of thought. first is that france is ready to reform. they want growth and a more market friendly economy. that is why they voted for a 39-year-old the wants to shake things up but is not too scary. how does that explain 40% of the votes going to extreme candidates, marine le pen and jean-luc melench

david westin, jonathan ferro, alix steel. maybe a quiet day in some places.one of them is neil gorsuch. that judge is going to be voted on in the senate. we will be joined by david boys. he is the one you go to when you are betting or company. for the case of al gore, your entire presidency. why should the business community care about neil gorsuch? more broadly, what donald trump is going to mean for litigation and regulation. tom: what is so important about this interview is the focus is on justice kennedy, a centrist on the court. i would suggest justice breyer. se never gets enough attention. i would like to think about the corporate tone of this next supreme court. david: the supreme court is actually quite light on people who know america. he came out of that world but even neil gorsuch really doesn't know corporate america. it is a real challenge. tom: i am really looking forward to this. look for that here in a bit. right now, sebastien galy has been here. and on the single charts, maybe this is a litmus paper for 22. it very much works as well. here

i am jonathan ferro alongside david westin.is set up. futures here in the united states, just a little bit firmer on the dow, up by seven points, the s&p 500 goes nowhere. war for ar trading solid pmi print that does not surprise. david: and goldman sachs is having an asset management conference downtown today. that is where alix steel is. let's bring you in now. what are you bringing to us? alix: all of this is about alternative