the dollar drops, and u.s. equity futures point to a triple digit decline at opening bell. >>> trump versus comey. a memo by the fired fbi director claims the president urged him to drop the investigation into former national security adviser michael flynn. we take you to washington live straight ahead. >>> plus jumping jack. the parent company of cordoba surging amid reports of a spinoff. ♪ >>> good morning. welcome to "worldwide exchange." i'm sara eisen. >> i'm wilfred frost. good morning to you from me as well. great to hear coldplay as we come in. >> i thought you were going to say great news cycle. means we can't sleep. >> that, too. >> one of your favorites. >> i'm booked to see them in los angeles in october. >> better than elton john. right to the markets this morning. we are starting to see a reaction to what is happening in washington. we're off the worst levels of the session, but check out dow futures, pointing to a lower open by 95 points. about an hour ago that was more than a triple digit declin

if we do see dollar strength against the korean won and taiwan dollar, we would look to fade that andfor stronger levels for the korean won and taiwan dollar over the coming quarters. rishaad: thank you a lot for that. right, coming up, not once but twice, i look at how a hong kong listed company managed to fend off attacks by short-sellers. details on the way. ♪ rishaad: we are counting down to the start of the trading day in china and hong kong. let's look at the premarket auction. confirmingutures there. inare watching fullshare hong kong targeted by another short seller, the stock jumping 17% when it resumed trading. they have managed to fend it off to some extent last week, and another one this week. short-sellers don't like this. >> that's correct. a lot of the short-sellers have been looking at fullshare for a while. itself,ook at the stock since december 2013 when the stock listed in hong kong, the shares have risen a lot, more than 2000%. rishaad: we got that actually pick you can see the run up on this chart going back four years. walk us through it briefly. the shares have

dollar.hat's been in the eye of the storm with the political developments. we did see a bounce back yesterday in the dollar, only late in trade. that's a point i bring up in terms of this tepid rebound we saw yesterday. only when the dollar started rebounding that we didn't see equity markets extend gains. at one point yesterday the dollar was markedly weaker. the euro hit a high of 1.11. sterling, 1.35, and the yen, 111.50. the dollar down 1.3% for the week as a whole, over 4% year to date, and giving up all its post election gains. today we're back to the dollar weakness trend, not against the yen but the euro gaining almost a half percent, the pound back above the 1.30 level. >> yen trading at or around six-month highs, given the safe haven buy which we have seen pick up on this u.s. policy uncertainty. >>> look at gold. a similar story there. political drama not only in washington, brazil helping gold for yesterday. we did see gold buying. today down by $2. trading at 1,250. a quick look

dollar. oil of course surged. in the 200 barely moved last session, but when it comes to futures, they are pointing upwards .3%. the aussie dollar not doing much at the moment, but keep an eye iba.he the -- on the iva. the nikkei barely moved in the last session. the japanese yen was the only g10 currencies to weaken against the dollar overnight. we are seeing some strength now. 113.65. what wean early look at can expect in the regions this morning. betty. how did it look this morning and the u.s. with that first half of the s&p 500? betty: as you mentioned, the new high for the s&p and for the nasdaq. let us take a closer look at how we got to these records. su keenan standing by with more. su: we got a big boost with oil and we will get more for the optimism over the opec in a moment. if we go to the closing numbers, what we saw is not a big jump. there is a lot of green on the screen and fresh records. behind that, a combination of factors. earnings are still a driver. ae cyber attacks now

weaker dollar. it has to be a weaker dollar. overnight, you mentioned dollar-yen.dollar-yen always retreat a bit so the yen goes up a bit in this environment. look at the euro. there was too much emphasis in our view on interest rate differentials, that old, you know, interest rates are going up in the u.s., the dollar must arise. no, there are other factors to currencies, as you know, otherwise the swiss franc would be the lowest currency, many times. we are positive on sterling. that is a separate discussion. that is a rocky road. we are positive on the euro. anna: we will talk about both of those in the program. alan higgins stays with us on the program. we have a host of big an exclusive interviews for you today. we were talking to the international transport association and the bank of finland's board member. anna: coming up, we get a look into the health of the banking in be with the ceo of amro.- anb this is bloomberg. ♪ anna: it is just gone 6:15 in london. juliette saly standing by with a business flash. juliette. you.tte: manus, thank sorry aramco plans t

a six-month high against the dollar. the dollar is reversing this morning.ould be a better sign for stocks. even though cramer said the weak dollar is such a positive for stocks, certainly multinationals, they've been hoping to see that in earnings, right now the correlation has been strong dollar, strong stocks. whether it's the trump trade, the u.s. growth trade, the fed hiking rates trade, whatever it is, the economy is on firm ground so you buy u.s. assets. >> more to the point, that had been the correlation until about six weeks ago. then the dollar moved south but not equities follow. yesterday was an important day for the bulls to realize, look, maybe this negative move could be correlated as well. those people that hold on to that point that it's good for earnings, earnings have been good, this is a buying opportunity, fair point for most things, but this was a big single day move down. you saw volatility pick up and volumes pick up. i think in the short-term today, those people can wake up with a sense of reassurance because of futures markets, euro

this is our public dollars going to the schools. would you send your kids to a school where they have a 93% of the students aren't english proficient? >> would i? thank you for the question. and i'm really glad to hear you're from wisconsin and you've had some of the experiences in wisconsin. i was just recalling the history of the program -- >> since i only have five minutes -- >> i know, but i want to remind you that polly williams a democrat city council woman was the one who first introduced -- >> who now says it's not lived up -- >> it's now longer living -- >> before she passed away -- >> students -- >> you're dplar wifamiliar with >> 28,000 students -- >> the question is would you send your -- >> 28,000 students in the city of milwaukee -- >> i guess you're not going to answer that question either. let me can, if i can take my time back. let me ask a different question you might be willing to answer. so the last expansion in wisconsin of this program 75% of the kids, the parents who got this money, their kids already attended

dollar?the preference should be here actually to play both currencies probably against other ones which have more clear disadvantages against hese two currencies. matt: what do you think about the pound? in the midst of the brexit negotiations next week, the pound has shown some real resilience and why does it hold here at 1.28? david: because the whole negative factors out of the brexit have not materialized. the pound has weakened considerably since june of last year, since the brexit decision was taken. what has not happened, what has not materialized yet is indeed that foreign investments, probably the strongest factor which supports the pound at these levels has not dried up into the u.k., so everybody seems to wait before he withdraws or slows foreign investment flows into the u.k., we think this would be the deciding factor when the pound can weaken. again so far we've seen very resilient flows and that's real money flows into the u.k. and as long as this persists, this can stay with t

versus the dollar yeert -- year-to-date has ripped against the dollar.an that performance keep up 2017? >> it's tough. you wonder if this kind of price thin? you've go. a commodity cycle that is turning up against them. and that global growth story is going to be key. because europe's been fine. the u.s. has been fine. let's see if china is headed to the real boom in money supply growth. that slows, we've got a bit more problems in the economy but right now, you can clip coupons. you can effectively buy brazil. you're not going to get much from the currency side but you can get something from the rate differential style. jonathan: if you ask many investors why it was so long this year, it wasn't because that thought that treasury yields were stable. they had a fundamental view on global growth and china was at the epicenter of that. if you have reservations about china through 2017 now, how do you stay long emerging markets? >> for us, it's not necessarily entirely being built op a commodity story. food prices globally have been extremely weak which is g

the dollar and u.s. the ecb the taper president may face pressure from lawmakers in the hague when he answers questions on policy. how much detail will mario draghi give about his plans? american ipo. it intends to take its u.s. operations public and by back shares. back shares. good morning and welcome to bloomberg markets, the european up and. imf miller in our berlin bureau, i amside manus cranny -- matt miller at our berlin bureau, alongside manus cranny. manus: are they really reacting to donald trump? i ask myself. we are not lurching any lower in the market. we are much more focused on what mario draghi has to say here in the united kingdom. 2391.5, unclenched. there is not a movement in the market. they are digesting donald trump firing the head of the fbi. very much in their stride. yields rising ever so slightly in the u.s. and the dollar index down by .2%. i think that has to do more with the dallas fed president, who is saying he is questioning growth and questioning the proclivity for inflat

i just -- the dollar has been sideways for a long time. and it's going to stay that way. >> comments on the dollar, it has been sideways, right? he's saying donald trump does not want a strong dollar. >> we've got details, plus the telecom space is on fire. what could be the next big deal? later, the oracle of omaha, what they are and why he's so bullish. much more "fast money" still ahead. [vo] when it comes to investing, looking from a fresh perspective can make all the difference. it can provide what we call an unlock: a realization that often reveals a better path forward. at wells fargo, it's our expertise in finding this kind of insight that has lead us to become one of the largest investment and wealth management firms in the country. discover how we can help find your unlock. dearthere's no other way to say this. it's over. i've found a permanent escape from monotony. together, we are perfectly balanced, our senses awake, our hearts racing as one. i know this is sudden, but they say: if you love something... set it free. see you ar

possible the dollar bot onlied last week. if it goes from 97 where it is now to 105, which would be a pretty substantial mover for a country even if it sounded like not very much, and would cause a slew of international cuts for the companies located in the u.s. how about the shorter term daily chart of the dollar index. broden spotted another cycle here that reinforced her view it is probably headed hire. look at data for the past year. it takes the dollar 37 to 40 trading days from one low to the next. 37 days, employee. 40 days, low. 37 days, low. if we assume the bottom index was finished going down, as long as the key sport levels we mentioned earlier are not getting violated she is willing to be patient. given you the bottom line. on this very contemporary view, as much as i like the focus on the fundamentals of big issue companies, big issues like currency matter to the stock market. if you thought the horrible freaking super strong of golf has gone away, she says, not so fad and will resume in a minute. programs it is

euro-dollar. level being pierced and we're holding above that at 1.1021. you can see it is a big move there for the euro-dollar. newly elected french president emmanuel macron met with end of the merkel in office. the two vowed to work together to strengthen the european union and the region's economy. >> i am today in front of you, happy to be able to represent france, but with a daunting task to accomplish. am -- it 1 -- and i reminded the chancellor, did implement reforms prance needs. the french agenda will be an agenda of reform the next few months. economic, social and educational reforms, like i said during the and campaign. not because the european union asked for it, but because france needs it. matt: macron also named's prime minister, a center-right mayor and relative unknown, but formerly a republican. for more, caroline joins us from paris. macron, marital and presented a united front, but what are the points of contention that we know between these two? >> there are many points of co

the dollar is the mover last night.his is where we saw reaction to the report from the "washington post" and the "new york times" that the president shared some highly sensitive intelligence data with the russians. you saw the dollar weaken sharply. the biggest move was against the euro. it soared to 110.41. the dollar wiped out all of its post election gains. the dollar shot up on this idea of all of his pro growth policies and confidence, it wiped all of that out this morning. the dollar weaker against the yen and the pound. but the big move is the euro. >> indeed. big move, 1.10. asian equities, let's look at them. we have seen some gains in china mainly, propping up most of the region. hong kong lower. china up 0.75%. we did have further confirmation the capital outflows is less of an issue once again. we saw the smallest sale of the fx reserves since june 2015. they sold around $6 billion worth in april. that was down from 60 billion or 50 billion the month before improving signs out of china. let's look at europea

the dollar is big and the yen is weakening.f you markets that are open are starting to rise a little bit. also prettyere excited about australia this morning, especially when it comes to the pmi prints. we had inflation data out this morning. why were you excited? australianxtra -- pmi data was the second highest print in almost five years. it was a great number. there was not enough people around paying attention to the markets to care. i think they will say this is a strong number. you saw melbourne inflation data and that was very high. it is hard to see the rba being devilish over the next couple of much. that said, still base expectations for the rba, they will not be hiking oil cut. yousef: i am looking at some of the initial details on this latest fiscal package. donald trump and being able to point at a $15 billion boost for the pentagon. he got $1.5 billion in border security, that he cannot use that for actually building that wall. in terms of moves of asset classes, we have not seen a lot of euphoria off the back of

seeing the dollar decline against the major currencies. euro against the dollar.inst the euro. the close is four minutes away. this is bloomberg. ♪ ♪ live from london and new york, this is the european close. i am mark barton with vonnie quinn. let's take you through the action. we saw a day of gains. basic resources leading the advance. wednesday seems to have been forgotten. that is something we will talk about in just a second. down for the week, first weekly drop in four. biggest drop since november. this is another chart. this is the euro stoxx 50 technical. the euro stoxx 50 is approaching a golden cross on its weekly basis. that is when its weekly average moves above its 200 day moving average. extraordinary, you have the 50 day there, the 200 day, and they are converging with the 100 week line, which is the closest they have gone since 1993. the power of the bloomberg. what a fantastic chart. let's look at the euro, heading for its best week against the dollar since that you're a last year. -- february last year. calculating 1.08 in the second quarter. in

dollar. we expect the u.s. dollar to continue to weaken from here. throughout the end of the year. >> which markets are you looking at? is it the bond markets, the equity markets, to get a gauge of true market sentiment? particularly as relates to what is going on in washington. difficult to get the same signal from different markets. the stock market rallied in the u.s. massively in the wake of the trump election on the expectation of this goal easing, tax reform. and now it continues to rally despite those tax reform prospects diminishing or the u.s. dollar, for those same reasons is falling. what we are seeing is different signals from different markets. >> that is what i mean though. we have seen this before when it comes to views on the. in their rate hikes. is whom trying to dig at has it right in which market? if you are going to look at markets as a predictive mechanism or tool, who has it right? >> our expectation is in the u.s., most likely it will not happen this year. it will be a q1 story. if that is right, u.s. stocks look somewhat expe

the dollar fell. manus: crude is on its longest rising streak in more than one month after energy ministers from saudi arabia and russia proposed either cuts into next year. anna: macron's first 48 hours. in a meeting with angela merkel, he resists economic reform in france. ♪ anna: welcome to bloomberg daybreak. i'm anna edwards. manus: i'm manus cranny. another day and another momentous moment from the white house. we are talking about the washington post article which has been denied by the white house that the president classified information to the russian foreign minister and ambassador. how are markets taking this second big political punch? the dollar has dropped. it started pretty much in the middle of last week. poor sales, cpi data so the dollar fell in the fifth day in a row, the longest losing streak since march. the dollar is back at level when president trump came to our. this is the second political punch the dollar is lower. there is no aggressive market reaction to the story which ha

dollar long. these are the long positions in the u.s. dollar. now seeing them at the lowest since last august. the latest investor survey found 23% of the folks they surveyed say the u.s. dollar is overvalued. that figure was 21% in april. mark: records in london and frankfurt today. the stoxx 600 when just below that 20 month high. -- went just below that 20 month high. ere we getting pricey on th european stocks? members of the stoxx 600 trading at their highest valuations in the year relative to those on sci country index. equity funds seeing record inflows into europe today amid relief over the outcome of the french presidential election. equitiesan chase says will continue to pick up materially over the medium-term. this could drive a significant re-rating of the region. two mobile number phone carriers vodafone. shares of hypersensitive. -- carrier is vodafone. shares are up today. whilee a forecast releasing fourth-quarter results which were in line with analyst estimates. upwardon continuing movement -- the blue line from 2013. weak ster

and a huge win for negotiating standpoint. >> think about that, with one dollar for dollar to a dollar $.20 plus part of that 4 and a half $5 billion was stuff that we like. so minors help is included so even some of the stuff we gave away supposedly to get the defense spending is stuff that we like in the first place. what did the democrats get? >> the new obamacare bailout money in the package, that favors a couple different times i've seen in the news, go find it for me. it is not there. the democrats are telling you about that. it's false. >> there's absolutely no language in this bill that requires us to make any bailout payments for csr payments in any way shape or form. as a result of this deal. why are the democrats saying that, because it's told what they told their base they would deliver and failed to do that. that is not in the bill. >> the new money for puerto rico, the democrats trying out got $295 million for puerto rico, not a penny of it is new money. all that money was already spent as far as obamacare under a previous agreement, that money sitting there on spent and

the dollar.is what we will continue to see. rishad: if you're hunting for yield and you're getting less of 42, i the u.s., chart 86 will bring that up for you. yields have been falling. this has been compounded by both of these markets being affected by what is going on politically speaking in the u.s., right? >> a bit. the data set in the united states have been surprisingly muted. the u.s. is growing, just not robustly. crucially, inflation is still very low. unless we can core inflation inbers have been the lowest decades. because been the extent the fed has been more aggressive. beyond that, markets are uncertain. that holds the dollar back. in a world in which growth is pretty good, and the dollar is fueling-week, that is tremendous flows into equities and emerging markets. had, china, and japan has over $26 billion of net flow in equities. that is a lot of what is arriving currency. haidi: i want to take a step back and look at where we have gone in six months. we have been talking about th

dollar. it is only down 5.1% against the dollar at the moment off yesterday's close.f i switch it out to the three day chart. selling goingis through quite quickly into the markets. in terms of the yen, up by .3%, and bonds higher as well. markets there'll as steven mnuchin, pretty muted. of news like lot this, investors do seem to take a lot of it in stride and focus more on what is happening locally in the markets, so the asx 200 up by .1% on the back of crude, and what we saw in iron ore. zealand pretty flat, and the nikkei affected by the japanese yen. the south korean kospi flat. ton you switch the gmm the americas function, most equities in the u.s. starting to sell down. that is probably where you will get most of the reaction later in asian trade as we start to see how europe and u.s. may respond to these attacks. >> coming up, sony slashing costs to turn the company around. we assess the progress and look at the challenges ahead. this is bloomberg. ♪ >> i am betty liu in new york. this is "daybreak asia." yvonne: apple's remarkable success story passing

the dollar is clearly a factor.have seen over this administration has been the reflation is the agenda that has led to expectation of a stronger dollar. a lot of the actions have resulted in a weaker dollar. does that mean the trump premium is only in the currency market as of this week? or is it too extreme to make that read it? a very: that's interesting question. we can look at devon futures to get a read. right after the election, we saw the outperformance of these futures relative to s&p. that was the expectation of tax reform and infrastructure spending. of the market.ut that does not exist in the current form. the market has gotten to this part on some of these expectations. treasuries are the last -- and. -- bastion. david: we went from the stock market being up to one that's up despite the fact that he is president? is that the shift we've seen? stewart: it's analogous to what happened last year. the stock market rally don some of the more defensive sectors. from there, the cyclicals took off. now we have t

dollar-yen.are getting a bit wary at the moment. it is not happening at the time frame they expected it to. they're waiting for more information from president trump and the tax plan before initiating new positions. haidi: we had a nice move in the commodities petrol currencies overnight. is it going to be the oil story driving through, are you looking at the fundamentals of uncertainties over china, or where iron ore is continuing to go? reporter: i think iron ore is a big commodity currency. it's not the only one, but it is an main one. 660,on ore does push below you have to assume it will weigh on the aussie. we have to wait for employment data this week. that should add to fueling to push the lower trade. haidi: thank you for that. up, where health meets biotech. of, medicine and why samsung wants to be at the forefront of what's to come. this is bloomberg. ♪ haidi: a quick check of the latest business flash headlines. panasonic planning to reorganize the european and north american sales org

the dollar has been trying to push through the 115 level, dollar-yen.is subdued today, but has rallied 3%. it last three occasions happened, it was not able to sustain those gains. markets are expecting is fed rate hike next month, could we see a difference this time around from the last three times? is not fully pricing again. bond yields are low. the market is very slow over here. the driver of the dollar, relative one pricing -- one country egg and see other is accelerating relative to the rest of the world, and it is not. numbersectations and are steady. it is a mature recovery. the european recovery is accelerating, better numbers in emerging markets, so there is nothing wrong about the u.s.. it is simply more exciting opportunities elsewhere in emerging and europe, that's why the dollar should not go very far here. shery: with the next global catalyst be china? look at what is happening in the equities and bonds market right now. >> there is something going on within china. the government is trying to clamp down on the shadow banking world, but th

we will talk more about the dollar ina like. we will talk more about the dollar in a moment.he nasdaq fell this much was when the nasdaq fell this much was when the uk voted for brexit. this is the us dollar against ten leading currencies over the last year put up it has lost all of its game since donald trump became president and is now back to where it was last november. look at the spike and fall away again. 0ur economics editor kamal ahmed is here. thank you for being with us in the studio. we were anticipating this rally would not go on and on but the political turmoil has really intensified in the last 48 hours with regards to president trump. that was the trigger. what has been happening is there have been some headwinds growing against this exuberance that was in place after donald trump was elected with this big promise about tax reform, appropriateness agenda, doubling gross in america. —— a pro business agenda. there was inability in the white house to drive through legislation in the houses in congress. they were both run by republicans. that reform failed. there

, trillion dollars in cuts to medicaid. the president promised in terms of clean air and clean water to make sure we have clean air and clean water. instead he is ransacking the epa slashing funding for cleaning up hazardous substances. the president's budget is short-sighted based on loss assumptions and a plan that perfectly reflects what the republicans and commerce have been trying to inflict on america for years. it's important to note this. members are saying it's dead on arrival. in the house this budget is stepping down the same road and mr. yarmuth can attest to this the same road to ruin advance by years of house republicans budget under speaker ryan and chairman price. budgets which ransack their investment jobs education hard-working families of budget to hand massive tax breaks to the rich by stealing from food stamps and slashing medicaid. all of this to give a tax break to the wealthiest people in our country. the national budget is a statement of her national value so it's important we reflect that and how w

her lawsuit against oakland seeks 66- million dollars... the one-million dollar amount oakland is offering ... is clearly considerably lower. there is still no word on whether the council will accept the recommended settlement.. nor whether she will ultimately accept it .. (steve) a couple has been convicted in the murder and torture of a 3-year-old girl in napa. 27-year-old sarah krueger and her boyfriend- ryan warner- face 25 years to life in prison for each of the murder and assault charges. kayleigh slusher's body, which had been placed in a freezer, was found in february of 2014 in a suitcase on a bed in an apartment. krueger and warner were arrested the next day at a bart station in el cerrito. the napa county district attorney's office is not seeking the death penalty in this case. (pam) the same jury that found antolin garcia -torres guilty for the murder of sierra lamar.... will now decide his fate... whether he will receive the death penalty.. or life in prison. in san jose, the jury listened to closing arguments today. attorneys

than ruble-dollar.looks in the longer term. it looked like it has found it kind of stability level for the moment. and ruble has been consistently stable over the past six months. even more stable than we would like it to be. lated fromwhat decorre oil. i would love to see their correlation returning back. it makes things much more predictable. guy: you talk about the risk. but this is the straight up dollar-ruble chart, and the ruble has been gaining quite significantly. how much pressure does that put on you to look more aggressively at the cost picture? clearly, you gain an advantage when the ruble is weak thomas are you guys are thinking more and more about how you take costs out of the business, drive efficiency into the business? maxim: i cannot think it should be triggered by the market performance. the parts for efficiency has always been there. we tend to think that these are efficient enough, which is our cost both by levels and our reserves. in the meantime, we do have quite a bit of sensitiv

it was amazing, hundreds of billions of dollars.s is always a goal for saudi arabia, to modernize its economy and diversify itself from oil. here, thisald trump is one step over the next 10 years in terms of hundreds of billions of dollars. let's look at donald trump saying this. donald trump: we signed historic agreements with the kingdom that will invest almost for hundred billion dollars in our two countries and create many hundreds of thousands of jobs in america and saudi arabia. ramy: $400 billion according to donald trump. these are some of the companies that are involved, ge, exxon mobil, lockheed martin. going across, materials, industrials, energy, a plethora of defense stocks. let me look through some of these most important ones. general electric, $15 billion deal, part of the kingdom's effort to diversify away from oil, improving the power grid is what they are trying to do as well as energy capabilities. billion ist $7 coming from specific goods and services from general electric itself. you saw lockheed martin. the nu

dollar from but when you have renminbi and u.s.eater volatility and the exchange rate of a recent fewite weeks, it has been relatively stable and calm, so the differential will always be there. the next catalyst i guess could be msci and inclusion for a-shares. you think it will be fourth time lucky? >> i wish i knew. think some of the issues that might have been a consideration a while back -- hopefully, they going to get over that and it will be a good thing for a-shares to be in the msci china index. this one you think step forward, two steps back type policy maneuvers coming out of beijing that they are on the right track to gradually open up the markets? there have been some concerns come in the ticket when it comes to some of these companies listing in hong kong, a lack of transparency and actual information about what is going on. a chinese derek company has been making negative headlines as well. do think there is more that could have been done on the regulatory front? --both the exchange here obviously aware of what is goi

how does a guy with a 1 1/2 million-dollar toy company tell a multi-billion-dollar company that no one their product? who does steve think he is? >> so, you know, where do you go from that? if you can come up with a good idea, i would love to do it. >> why do i have to come up with the idea? >> 'cause you're part of the company. >> i'm a minority shareholder that just paid off your debt. >> that's bull[bleep]. that is complete crap. hi i'm jo. >> i just met with toys "r" us, walgreens, and k-mart... >> yep. >> and they didn't think nascar was a good idea. >> listen, the reason why you guys are here is because of this man. >> definitely. >> and marcus, in his other businesses, uses nascar to move product, and it works for him. >> steve is about to lose a multi-million-dollar opportunity if he doesn't shut his mouth. i need to step in here, or we're gonna get kicked out of this meeting. you know, after spending some time in their business, there are plenty of really good, educational products. i know we can satisfy and hit the mark. >> it is an area that is very, very important for us. >

he is being held on 750-thousand dollars bail. (mark) happening today... another appeals court is going to weigh in on president trump's travel ban. for the second time in a week... government lawyers will try to persuade a federal appeals court to reinstate the travel ban. the court of appeals in seattle will hear the arguments over hawaii's lawsuit challenging the travel ban that they say discriminates against muslims. the ban would suspend the nation's refugee program and temporarily bar new visas for citizens of lybia, iran, yemen, somalia, sudan, and syria. (darya) a group of teens have been cited at a bart station.. accused of beating a man on a train. this happened around 3:45 saturday afternoon at the colma bart station. police say the teens ran to a nearby neighborhood but were quickly found and detained by officers. the victim identified them as his attackers. four of them were cited for battery and released to their parents. bart riders we spoke with say they still feel safe on the trains even after the attack. <(tolone

dollar situation worsening and the negativity around the dollar worsening to see it above 130.now, a test of 135i think would need -- i see that 135 level is key when you look back decades at the charts. you would need to see the u.s. situation worsening. guy: when do you expect the u.k. data to start softening? john: all this uncertainty, lack of investments and real wages is not helping the u.k. gross numbers here. as well, you wonder whether it is the european tactic? are they going to try to sweat the decay as much as possible -- as much as.k. possible until we see a more friendly package worked out? that is the key uncertainty for the pound is of course -- matt: john, is there a particular outcome that would be horrible for the pound in the u.k.? a massivendeed wins victory in these elections -- not saying a complete victory -- but if they do quite well, that would that be bad for the pound? john: i would say it is bad for the pound, yes. guy: but what happens if theresa may does not win the big majority people are predicting? labor is on a bit of a third at the moment. th

dollar that the balance sheet is huge, 4.5 trillion u.s. dollars. there are some fed officials who indicated it should be a 2 trillion handle. now, if that happens, that could be a big draw of liquidity of dollars out of the global system. we do need to start thinking about and need to know what the fed are planning from that balance sheet, when they want to start draining those dollars out of the system. and hopefully there may be a signal with that in these minutes. >> to be honest, yesterday that fed official i was talking about said that the reduction of the balance sheet by the fed would be like watching paint dry. maybe it won't be as unsettling to the market if we only get two hikes from the fed this year, do you think it's enough to kick start the dollar bull run again? >> probably not. i think that there's a different dynamic. certainly when we had the dollar bull run in the final weeks of last year, the market was so caught up with the reflationary trend, we had a different set of -- very different environment for the euro. at the end of l

dollars. that is above estimates of 845 million noninterest income. course, we are waiting for more details on the company or the bank about their energy loans. the lending they have given to the oil and gas industry and how much that has affected the earnings here for the bank, so ocbc, first quarter net income, $973 million. that is above the estimate of $845 million. you mention the u.s. market. let us pull up the board to give you a sense of the numbers here. we did close the highs of the session, but cannot really tell. much unchanged. ow unchanged. the nasdaq basically flat as well as the s&p. it might change this week with earnings coming out as well as retail sales numbers on friday, yvonne. yvonne: that is right. let us get to our top story in asia this money. south korea in the election spotlight today after a campaign dominated by political and business scandal, potential trade disruption with the u.s., and growing worries about its neighbor to the north. shery ahn is in seoul. give

dollars.ey that helped fund the farm's wind turbine and a system of filters. it could be rolled out across china. >> initiating ventures as organic farming. not only a stand-alone business as a model for other farms so this can be replicated in other provinces. other varieties of food. it is something we have seen in other industries that the government has invested in. seesthe chinese government organic mega-farms like this as part of the solution to producing large quantities of food consumers trust. the food safety scandals est it is a change that cannot come soon enough. yvonne: a great story. give us a sense of the size of challenge china is facing. feeding so many increasingly demanding people. tom: it is a huge challenge. part of the warehouse, the huge structure in beijing, supplying food to the capital. there are 200 tons of papaya. kindss an example of the of foods the middle class are demanding. as well as meats. they now consume half the world's poor. we have seen a 19% increase in

the dollar moved. certainly, everybody is weak the dollar. everybody is saying sell the dollar.t's the same people that were bullish on the dollar t. dollar is probably oversold here. if anything, i think you step in and buy a little dollar. the max is at 100. >> gold is interesting. gow to that in a political crisis. when you have a political crisis in the world reserve country, where you want to be. what concerns me is exactly what tim said is the dollar. we've had this weakness in the dollar. it's been going on a while. we have been flat-to-down. now all of a sudden everybody is saying it's cracking. it's over, this is it. to me, it simply look also like a correction within a larger up trends. we are up 31% from 20 23r50e7b percent /*% on -- 20% on the dollar. i'm concerned about a dhar rip. how i'm playing it, you get that dollar rip and gold sells up a. >> i will raise tim's all due respect, i do respect that. >> wow. >> 13 days gdx is up 13%. so you will be hard pressed -- i'm not saying it's a long term. if you look at the trends line, it's definitely down. it's definitel

dollar.at now. there is a slight bias toward the yen. that thursday's bounce in the dollar has not fully cleared the risk aversion mood. it is still below a breakdown level that is above 112, just north of 112, that is the blue line. and the chart gap below one time left over could be the last major support. keep an eye on this trade. there is thes, curve on the treasury. the 10 year yield is stable. this curve continues to flatten. it is heading for its first weekly close below 100 basis points since early november. some say that could reduce the chances of a broad-based dollar rally. but it is bullish on the dollar in the short term. where we will see dollar strength most clearly in the short term. i have cable a. we saw it go above 130 of the first time since september on those better than expected retail sales data. anna, manus. anna: we are getting some breaking news coming through. they are giving us our revenue numbers. coming in for the first quarter at $70.5 million. a lot going on i

a billion dollar businessman. >> all right, jay-z.nd also trending this morning, a 15-year-old entrepreneur inks a seven figure deal with the nba. >> all right. here's a live look outside across the dmv right now. we're celebrating mother's day this morning on fox5. so here's the deal t be sure to include fox5 in your mother's day celebrations on social media. use the #fox5 moms when you post your mother's day picture on line and we're going to share them all morning long. all morning. >> all morning. >> show mom some life. time is 53. back in a moment. >> got to share a pic, wisdom. we just got the keys to our new house! we got the keys! ahhh! wooo! this is exciting we've got our own house! yeah! i'm sorry do you like it here maddie? i love you. i love you too. >> the arrests were part of a six week initiative to combat gang violence. >> if you have a bmw you better listen up. a new report has found you spend -- there's been more than 40 cases of bmws catching fire. all the cars were parked. none of these cars have be

medium term, the dollar is close to peak. strong levels to g 10 currencies and emerging markets. >> thomas, we will continue this discussion after this short break. we're also going to talk about the euro and what we should be doing with the common currency in the run up to the second round of the french elections this sunday. thomas harr from ficc research at danske bank sticking around. get your e-mails in. your questions are always welcome. streetsignseurope@cnbc.com and you can find us on twitter, streetsignseurope@cnbc and tweet me directly @carolincnbc. i love reading your tweets as always. >>> still coming up on the show, as mateo renzi wins back the leadership of the democratic party, we'll have the latest on his return to the front line of italian politics. >>> all right. let's get to some corporate news. marks and spencer and owecado a considering a tieup. marks and spencer could be launching a grocer delivery service. look at ocado. it is soaring on the back of this. up by 8.73%. >>> bp's key earnings measure, repl

the dollar-yen is down 5%, the worst year since 2011. the dollar is declining.ht be more declines ahead for the dollar and strength of the yen. the 50 day moving average goes below the 200 day moving average. last year, the yen went all the way down to 100, the dollar-yen went all the way to 100. there is reason to think we could see the dollar-yen go back to 100 as we have a haven bid for the yen on uncertainty in d.c.. so much going on that there are smart early investors going to be haven class. vonnie: let's go to mark barton. his piece today is inspired -- and spire today's battle. a lovely piece about volatility, or the lack of it. he cites a 90 day volatility, the lowest level since november 2014. this is gold running at levels almost unseen. what is going on, the sheer volume of information out there about supply and demand means there are fewer surprises. one industry executive says everything is transparent, everyone knows everything and has access to information. fundamentals, you remember until the financial crisis we had a big demand from china push

we have had a weaker dollar view. risks to this view are that trump will come through with a lot of stimulus, which we are doubtful of. the other risk is he will announce a border deficit tax. indications are that this will probably not happen either. that removes some of the risk to the strong dollar view. certainly, if the fed had this june interest rate hike, clearly -- manus: why are you dubious if the market is at 80%? >> the skepticism about what trump can do. the one page cuts that wasx produced last week, that does not give you a lot of confidence that he has got the detail right and that he will have the support to push that through soon. anna: is that built into the dollar? if we see further signs he is not pushing through his agenda, the dollar weakens. some investors have said, the run-up in stocks has much more to do with earnings coming in strongly and expectations about global growth, rather than an expectation of what trump delivers fiscally. >> global growth right now is good. at the beginning of japa

the base engine request is 574.5 by in dollars. contingency, 64 point $6 billion for a total of $639.1 billion. request is budget $52 billion about the defense department share of the fy 2018 budget cap in the current law. the budget and control act. it is essential for us to achieve the goals in order to meet the strategy. we must increase the defense budget cap. we have to reverse defense sequestration in order to adequately attacked u.s. national security. since an act met in 2011, the world is becoming a more dangerous place with rising terrorism and more aggressive potential adversaries. under the budget control act, the military has during that same time become smaller. readiness has eroded and modernization has been deferred. that is not a good place to be. is this budget begins to balance the defense program and establishes a foundation to rebalance it into a more capable force. here are some of the major themes that informs the holding of this budget. as i continue to emphasize, improving readiness has been priority one fo

dollar. this is the europe circumstance, not a dollar circumstance. the yen is that.tually somewhat weak irrelevanttive to the u.s. dollar. most other currencies are at stable or even, in fact, weakening. so again, this is a european circumstance. this is a euro-driven event zpli was surprised to see it at the end is down one-and-a-half percent against the dollar so far in the month of may. do you expect this dollar weakening to continue and what does that do to your outlook to crude which hit a two-week high, but down a percent in the last hour or so? >> i'm afraid, though, we will end up seeing the dollar continue to get weak against the euro. this is a change for me. i have been on balance deleterious to this, you know, but the political circumstances are, in fact, getting calmer, getting more stable. we are getting less calm, more unstable. >> that will always draw money in one direction. as far as crude oil is concerned, for the first time in quite some period of time, i started selling crude oil again, in fact this morning, i put out a recommendation to be short

companies sign multibillion-dollar deals and riyadh.xtending wall street close, oil rises, giving energy companies a lift. betty: the saudi energy minister says oil producers on board with new output cuts. khalid al-falih expects a nine-month extension. nowne: the softbank boss has almost $100 billion to make his dreams happen. this is the second hour of "daybreak asia" live from bloomberg's asia headquarters. i am betty liu. we are getting the week started. lots of questions on what else we are going to hear from trump. it seems like pretty smooth sailing over the weekend, specifically for the companies there, but also markets. worth for 11illion companies, quite sizable. we will get to that later. a goldilocksre in situation when it comes to equities, a modest rebound on friday, strong earnings season, low yields, commodities cheap, cash looking for some returns. let's get to the market open. sorry, i meant first word news with paul allen. good morning. paul: good morning. ministersic trade issued a diluted statement in hanoi, suggest

the indian rupee weakening slightly as are most emerging-market currencies against the dollar, the dollarwell, but also on its own accord. , now downk shares more than 5% after the company reported its first full year net loss amidst signs it is struggling to repay its debt. shery: the stock sank to a record low on monday, down 5.4%. tell us, what is the issue here with this company? investors are concerned that reliance communications may not be able to pay off its debt, about $7 billion of debt, and so far the indications are the company may struggle to service that debt. angie: what did the management say about it? >> the management had an investor call where they said they were seeking lender approval for two asset sale projects where they have plans to sell their tower business to brookfield, and their wireless business will be combined with a smaller carrier, so they are seeking lender approval for these transactions as it will help them to pay their debt, and that is why they want to get these transactions off the ground quickly. shery: this is not only about reliance. ll market in

dollars in the third decade.nd put that in perspective the entire net private asset base of the united states all asset held by business and households is equal to 128 trillion. this by the way, would be tacked on top of our $20 trillion of debt for every man, woman, child in america. what is unfortunate is it seems like nobody is really paying attention to this. we're not addressing here in congress, obviously, from the change from 103 to 109 over next, i want to put that in context and one other chart here which also puts in context with 75 billion dollars and, you know, just -- in no way shape or form do i want this -- detracting from your efforts here which i think are but same seven year period g arntion o with great work 20-1 save $75 billion. we have spent $25,000 billion we borrowed 6.6 trillion dollars of that about 26%. so 26 cents for every dollar we spent we borrowed just to show magnitude of the problem here. so again i want to thank all of the witnesses we're going to have pretty good discussion wit

illegal border crossings down 70% without spending a dollar, without laying down a brick? that ought to make you hoip. >> i'll tell you why. >> and wait, wait, by the way, richard, mercy says that the democrats care about open border and don't care about the infrastructure project. >> not true. >> wrong, blue collar democrats in the district where i live are happy about the infrastructure programs and also about the border crossings being-- >> let me make a couple of points. eric: there's so much more, i have more donald trump than we can hash over in the next block. coming up, a big surprise from my sit-down with president trump, the big piece of legislation he expects in the next week or so with support from both republicans and democrats. when heartburn hits, fight back fast with tums smoothies. it starts dissolving the instant it touches your tongue. and neutralizes stomach acid at the source. ♪ tum -tum -tum -tum smoothies! only from tums now back to cashin' in. eric: so what's next on president trump's agenda? here is something no one has seen or heard yet. president

illegal border crossings down 70% without spending a dollar, without laying down a brick?ou why. >> and wait, wait, by the way, richard, mercy says that the democrats care about open border and don't care about the infrastructure project. >> not true. >> wrong, blue collar democrats in the district where i live are happy about the infrastructure programs and also about the border crossings being-- >> let me make a couple of points. eric: there's so much more, i have more donald trump than we can hash over in the next block. coming up, a big surprise from my sit-down with president trump, the big piece of legislation he expects in the next week or so with support from both republicans and democrats. ways wins. especially in my business. with slow internet from the phone company, you can't keep up. you're stuck, watching spinning wheels and progress bars until someone else scoops your story. switch to comcast business. with high-speed internet up to 10 gigabits per second. you wouldn't pick a slow race car. then why settle for slow internet? comcast business. built for speed