in regards to ems week, i have a huge appreciation for what ems does. and i just want to congratulate anybody who has anything to do with ems. i guess that includes alas and what's the acronym? >> els. >> commissioner veronese: e will,s. >> i highlighted station 49 because i think sometimes their work is not as highlighted as the great work that happens in the stations, the fire houses. but it is really everyone. it touches everyone. everyone since 1989 has been part -- minimum requirement is that they are emts and they work at every station. i'm an emt and anybody who has been hired since '89 has to keep up their emt certification. and we have the subset that provides life support. so, ems week should be appreciated by all because it's the firefighters, emts in the stations and the paramedics that work at some at the stations and some at station 49. everyone on the command staff that i'm looking at, including chief ollie, who is the senior member, is an emt. [laughter] >> senior member in terms of seniority. senior member too i think as i'm looking out

em fundamentals are strong but em is a beta to global growth and also to the dollar.those factors are actually posing headwinds to the em story right now. we think the current selloff has resulted in some value being created in selective pockets, so we think now is the time to be very selective in where to take em positions rather than writing the em data -- beta. david: if emerging market tied toes are a beta, projections of overall growth, does that mean the fx market is telling us these trade disputes will curtail level growth? >> what we are seeing from the markets is increased concerns not just about trade tensions but also in terms of a potential for the fed to be a lot more hawkish than the market is pricing. essentially, this is a strong dollar story, which is affecting the rest of e.m. valuation. julia: if we go back to the imf meeting a few months ago, there was consensus that argentina, egypt offered great value. this time would be different and emerging market fundamentals were stronger than in the past. what went wrong here, where you just caught offguard

what i read and see for most people is they like em.are still leaning into it and still say it is cheap. to the extent that that is not the case can we get more fundamental weakness and outflows, i think it is too early to call the all clear there. priya: as long as real rates keep rising, ust near real rates closer to 1%, it is a big headwind for em. the biggest macro for the next few months is how does european data improve? first quarter weakness was supposed to be easter. easter is long gone. we have not seen that improvement. if that doesn't happen and the dollar continues to strengthen, why put money in em? jonathan: i mentioned to someone that you were coming in the program, and they said that priya misra nailed this this year. priya: as the fed ended qe, the rates most significantly. i don't get the sense that productivity is picking up. my sense of what equilibrium real rates that the economy can handle, or risk assets can handle, has not really changed, despite all of the positive data. i think 10-year real rates will be cap a

in regards to ems week, i have a huge appreciation for what ems does. and i just want to congratulate anybody who has anything to do with ems. i guess that includes alas and what's the acronym? >> els. >> commissioner veronese: e will,s. >> i highlighted station 49 because i think sometimes their work is not as highlighted as the great work that happens in the stations, the fire houses. but it is really everyone. it touches everyone. everyone since 1989 has been part -- minimum requirement is that they are emts and they work at every station. i'm an emt and anybody who has been hired since '89 has

ohh, they got 'em. - they got 'em. it's over. - it's over. - that means they'll never be free to rape again. - it's over, it's over! - justice! [group sobbing] - they got 'em, - it's over! - i love you. - i love you, too! [all crying] - so wait, that's it? what about the chinese invasion? - i really don't care anymore, butters. you see, i've learned something today. as americans, our fear of seeing another country become powerful can turn us into monsters. watching how crazy you went, watching you just shoot people in the dick like that, it made me realize that i want america to be safe, but not at the cost of losing its dignity. i'd rather us be chinese than a nation of unethical dick-shooters. you think about it. - i can't believe they put 'em in jail. i thought that movie was pretty good. captioning by captionmax www.captionmax.com >> from comedy central's world news headquarters in new york, this is "the daily show" with trevor noah. ( cheers and applause ) ♪ >> trevor: welcome to "the daily show"! thank you so muc

the bigger question -- the rest of em?hey are getting out of that low value added manufacturing/commodity universe. that is where the bigger problems are. the bigger issue in medium-term, you make stuff the world does not consume anymore. nejra: fascinating. bhanu, staying with us. vladimir putin taking questions from across russia in a live television phone in. have you managed to get through, tom? wish i got that many calls. tom: we have our team in the control room calling. they are doing it. we will get through. nejra: [applause] [laughter] tom: what about ovechkin? please comment, mr. putin. a big deal. a gasoline tax, sales tax, domestic issues for the people of russia. please stay with us worldwide and in moscow. this is bloomberg. ♪ ♪ taylor: this is "bloomberg surveillance," let's get the bloomberg business flash. positionn has built a in a drugmaker. what is not known is the size or motivation. preparing to spin off antibiotics division, the company is best known for botox. a grim forecast for china's auto indust

if we turn to em, what we look at carefully, if em is going to go badly wrong, it will go badly wrongchina. .the fact that the chinese yuan is so well behaved leaves us a little more sanguine. this is what you get compensated for in em, spread widening. typically, we are not in full crisis, but typically you want to look at info during these times. as i said before, it is amazing how quickly the market can go for fears and a certain narrative, and a couple of months later, where can i get that decent income? jonathan: can i tempt you in an argentinian bond that matures in 2117, and about 99 years? it's got a nine percent yield. would that tempt you? alan: argentina, no, but there's a behavioral aspect to 100 year bonds. everyone here is very good at their bond math. 100 year bonds only have a duration of slightly longer han 30-year bonds in the u.k. because we are so long dated. buyers were talking about 10-year breakevens on argentina. from memory, when people first went to argentina, the 10-year breakeven needed to trade at 40. it's on its way there, which is somewhat worrying. you

they appreciate during those periods, and em markets outperform em during that period of driven growth over the next 12 or 18 or even 36 months and perhaps three to five years remains positive. internal and external balances have improved. andal growth is picking up, the em growth premium is widening and that environment for us is very attractive for the medium-term. 17.75 come at that is a 125 basis point rate hike for the turkish central bank. 17.75%, i want to look at the immediate reaction of the lira. you can see the dropping like a stone as the turkish lira bounces higher. will this be enough and will it last? we see central banks will back currency, but at the same time bankers have sustained credibility. >> especially true in turkey. responds is going to be the key about this market. a week ago and his campaign speech sounded like he believes in the independence of the central bank. >> it not just turkey we are dealing with. argentina and brazil are also front and center and take a look at what has happened, four is potentially what we are looking at. is there a broader story?

we like em, not brought em, you need to look for the right opportunities, but the fundamentals continue to be supportive and we continue to like em in the portfolio. vonnie: i want to bring you to tomorrow and the ecb because you just recently neutralized your local on the euro. many announcing the euro could go higher by 7%. we are getting a slight do you agree? that the move -- for the dollar versus the euro between now and 2019. we have a target of 1.22 for the year. we are of that view. nearerm, the level of political uncertainty in europe will likely prevent the ecbrom overhing to the hawkish the next meeting or even in july. structurally we like a bearish dollar view, but near-term we see consolidation around these levels. caroline: when do you see any sort of rate hike coming from the ecb? i'm looking at a chart that says we have 14 months to go. there seems to be some expectation of september 2019? bruno: i think that is reasonable. the marketmove quickly from and pushing these 2020.ations to the first hike is still likely in mid to third quarter of 2019. bruno, thank you. globa

and china, it makes it a tough backdrop for em.ow it has been a positive story, the likes of great economic growth story, way into the cycle, across many emerging markets that have good economic fundamentals, at this point people are moving that fundamental story to the side and it is being replaced by other worries. julie: when it comes to the other worries, this be the first day in several sessions that chinese traders have to react to that. see, what are we likely to the reaction to the latest escalation in the trade tensions? adam: i think what we saw over the last 24 hours is a marginal risk off tone. we saw certain moves in some commodities, soft and hard, and some equity markets did retrace. but fisher markets in hong kong and china are pointing slightly weaker this morning. we are not expecting any large declines, but as people the point of from chinese currencies and bonds, potentially what you could have, if we do get a follow through with the tariffs, in the next wave toward china, that the authorities in china will have

i am walking a blended em -- watching a blended em index.tical front, germany and angela merkel, and in the united states, perspective from james hertling in london but has met many a year in his united states as we look at the issue of migration, immigration. max kettner of commerzbank is with us. country uses that phrase migration, maybe they say immigrants, one says immigration and there are the different keys. in thehe same as germany united states as this debate? >> good morning, tom. the dynamics are different. the political contours are similar but in the united states , what is happening, donald trump has broken a lot of china -- shattered norms. where he is going and what has a lot of people -- not i large people -- non-ideological people, first ladies, you look at the words of the statue of liberty, huddled masses yearning to be free, he is messing with that. that gets under people's skin in fundamental ways. across party lines. remains more of a partisan battle. tom: in germany, there seems to be a timeline, where are we through t

now seeing em currencies -- saying em currencies are a bright spot. and that they were outperform.still stand by that call? >> yes, we do. in aggregate, we believe emerging-market currencies are a attractively -- are attractively valued. we had a significant drawdown from 2012 to 2015. we have had a bounce since then. that was 22016 and 17, and now we are correcting that bounce, in our view. with in em currencies we think , somewhere in the region of 15% to 20% undervalued in aggregate. within that, there are significant dispersion and we would suggest there are some countries and currencies that are less attractive. it would not surprise you to hear that by various metrics you get countries like in brazil and south africa and in some instances turkey. fiscal positions have improved, internal balances have improved since the taper tantrum. the external balances have improved significantly. all of that in aggregate. within that, there are indeed pockets. as u.s. rates rise we have to remind ourselves that the growth driven rise in u.s. rates is typically very positive for em currenc

>> these cost me about--i think they're $2.30 and i sell 'em for $3.25.hese are $4.50 and i sell 'em for $5.50. >> the retail margins on these products are not great. they're between 20% and 25%, but they take up the vast majority of the floor space in the store, which is supposed to be a specialty pie shop. can i try the pie? >> sure. >> this is just a--this is the basic deal? >> just basic slice of key lime pie. >> what are the ingredients? >> we have the sweetened condensed milk. second ingredient would be the key lime juice. comes in 1-gallon pails. it's already reconstituted, and we put a wet topping in there, which gives it the creaminess. it's actually the same topping that's on top of the pie. we put that in there and it fluffs-- >> in the actual-- >> in the actual pie itself, yes. >> and what is that made of? >> that is a powdered product. >> i was really surprised to find out that jim's pie is made with a pie filling from powder. i would have thought that an award-winning pie would have natural ingredients. >> our retail price for the pie is $18

apparently you are either alone -- along em or long u.s. dollar? which is it? andy: dollar.: dollar. jay: dollar. jonathan: there we go. that was a struggle. [laughter] jonathan: traditional complainers of emerging markets, one is india and one is brazil. do you buy india or do you buy brazil? the two complainers of emerging markets. andy? andrew: brazil. kathy: brazil. jay: i think we are in different between the two. [laughter] jonathan: final question. treasury has acted as a shock absorber. is treasury still the ultimate fixed income haven? yes or no answer. andrew: 100% percent. kathy: yes. jay: absolutely. jonathan: guys, it has been great to catch up with you. thank you very much. really interesting stuff. from new york city, that does it for us, i will see you next friday at 1:00 p.m. new york time, 6:00 p.m. in london ahead of a massive week ahead and i'm looking forward to it. this was "bloomberg real yield." this is bloomberg tv. ♪ jonathan: -- alex: buyback or by soybeans? trade partners take different tactics with the u.s. turn offers to buy billions more of u.s

seoul futures, south korea continues to be in the front of this em selloff. stocks poised to lose 4/10th of 1%. u.s.s ticking higher, the 10 year at 294. 0.40.ollar-yen 11 the pound raised slightly after theresa may won the brexit vote. continuing to watch the offshore yen at 6.48. in the meantime, let's get you caught up with first word news. >> economist say u.s. threats to impose tariffs on another 200 billion dollars of chinese imports could cut half a percentage point from the nation's economic growth. the first round of tariffs on $50 billion of chinese goods by --lower trade gdp escalated to an all-out trade war, there would the implications on market activity, on investment, on activity vote in china and u.s. clients. people are interested in seeing how this unfolds. everyone is hopeful there will be a constructive solution. >> the eu in the first phase of retaliation against the u.s. in tariff imports. a duty of more than $3 billion of u.s. products, including kentucky bourbon and levi jeans. the key measures will hit republican constituencies ahead

chinese stocks, looking cheap, trading below those of em peers.also seeing this being the case for the south african rand. it has lost nearly 10% since late february, and morgan stanley say it is probably oversold. this indicator is flagging that to be the case. with this backdrop, let's check in on futures in asia, stocks in the region. in the u.s., treasuries rallied and tech stocks fell. the gdp report, expected to improve but remain in ory territory. ever core, enthusiasm for chip equipment makers. this a bit on the plate friday. yvonne: a busy day before we get to the weekend. sophie kamaruddin, thank you for checking the markets. ramy: the imf is throwing a lifeline to argentina. another emerging market economy whose currency has been pummeled, as traders react to inflation, rising budget deficits, and the certainty of more federal rate hikes. our global economics and policy editor kathleen hays is here. what is true in this argentine a deal with the imf? : the currency is just getting destroyed. this is a $50 billion standby arrangement to

vonnie: talk about em.en ripples that could turn into tremors ndm countries em countries.in where are the red flags? , the the fed raises rates impact on high debt emerging markets is very consequential. i expect that trend to continue of weakening. vonnie: once the fed moves higher, more dangerous territory, or is it price dan? >> markets are efficient but with employment at the level it is, historical lows, increase tensions around trade, those are things that can contribute to increased volatility going forward. vonnie: i want to ask you about the code of conduct. you have been working on this for a long time and done about one year ago. the code of conduct is like the hippocratic oath. fixed traders should abide by -- are the settlements all done? >> i would not be able to comment. there are major cases in the press today. they may continue. these are historic cases, not things that have arisen since the code was undertaken. vonnie: talk to us about the code and how it is being implemented and the react

thank you so much for that, kathleen hays, with all the em action overnight.a look at how it is playing through what it comes to the asian markets getting underway. trade in new zealand is getting started pretty flat at the moment when it comes to kiwi stocks. .7072. mostly a lower u.s. dollar overnight. quite a bit of haven demand. sydney futures lower going into the citi open this morning. the aussie dollar, .7626, i had of a heavy -- ahead. imports expected to ease in may. the yen holding below the 110 122.e and at the u.s. 10 year moving as much .s nine basis points u.s. stocks mostly lower, turning risks off as we have a great deal of macro risk and geopolitical risk, g-7, and that trump-kim summit. let's get more with james thornhill. pretty big day today. james: yes, that is true. chinese trade will be the key focus. we are expecting a slight slowdown in export growth. i think the markets are looking after thatumber rampant 12.7% we saw on april. imports likely to come up a little bit. seeing, theeally u.s. trade tensions feeding through just yet. econo

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is it idiosyncratic, or is there a broader story in em. >> across e.m.ber of countries saying to the fed, we need more communication about where you are going. for example this week, indonesian and indian central bankers said think of us when you are moving forward because it is affecting our currencies. we have seen argentina, mexico, brazil, all of those currencies take a hit. >> you have this backdrop of the central banks around the world taking the punch bowl away. a lot of people looking to see how this will impact on some of the weaker emerging markets. what we saw a few weeks ago in argentina played out again in turkey. we saw the big selloff in the reality -- real in brazil and now we are seeing the same kind of phenomenon kicking in in south africa. this is about the fed and the possibility of the ecb next week will announce the first stages of the steps to removing stimulus. ♪ >> the president keeps coming back about drug prices. how is that affecting the industry? >> that is absolutely right. we had another tweet from the president this mornin

and if you can't beat em join em which k- d did. another guy who can't win for losin..r for leading the raptors to a record 59 wins.. but not good enough to save his job. they fired him. welcome to the world of coaching. remember mark jackson? he was fired in 2014 despite leading the warriors to consecutive playoff appearances for the first time in over 20 years. or how about jim harbaugh: the 49ers cut him loose cuz he got em close but no cigar. no ring, no marriage. it's like beyonce says: if you like it then you shoulda put a ring on it. ( darya )( darya ) from a guy who can't win to a guy who can't lose: kevin durant. he already has his second consecutive nba championship and finals mvp award.. what more could he possibly win? k-d got the nba award for caring! he was recognized for his various charitable contributions in the bay area, his former college (university of texas) and his native prince george's county in maryland. k-d helps kids pay for college.. he's built basketball courts for kids, he's given money to hurricane victims, and has treated breast cancer su

all these toys, you can take 'em home. importance of a focus group is having people tell you if they like your product before you launch it in the marketplace. if they had done it with aero flixx, they would have saved themselves a lot of money. these are the consumers that are going down the aisles. for this company to get profitable, we got to listen. i want these guys to understand, the consumer is telling us one thing. they like our cars, but that's about it. so you have to focus on your core competency, which is cars. we can do a lot better. all right, come on. let's go. hey, guys! awesome news. i called the head guy at nascar, the chief marketing officer, and we have a meeting. and so we're gonna pitch him on licensing the nascar brand on one of our toys. >> really? >> anytime you can have a chance to take your toy car and partner with somebody like nascar, well, that's a huge opportunity. we want these big box retailers to take us seriously, and this gives us that shot. and those 75 million nascar fans, well, they n

this is what you get compensated for in em, spread widening.ally, we are not in full crisis but typically you want to look at info during these times. it is amazing how quickly the market can go for fears and a certain narrative, when a couple of months later, where can i get that decent income? jonathan: can i tempt you in an argentine bond that matures in about 99 years? it's got a nine percent yield. would that tempt you? alan: argentina, no, but there's a behavioral aspect to 100 year bonds. everyone here is very good at their bond math. 100 year have a duration of slightly longer than 30 year bonds in the u k because we have such a long dated -- because we are so long dated. buyers were talking about tenure -- 10 year breakeven on argentina. from memory, when people first went to argentina, the 10 year breakeven needed to trade at 40. it's on its way there, which is worrying. you've got to see it in that context. but no, we aren't in 100 year argentina. but we could look to buy dollar debt more generally, more likely to be a customer of th

em is we were talking about the ugly.ing markets stock index, 50 day moving average across the 200 day moving average. 50 day is down and the 200 day isup. when that happens, maybe things do not portend armageddon. 2010, we saw theing. it was the 50 day down and the 200 day was moving up. guess what happened in the next six months, the index rallied by 28% through may of 2011. a similar story in 2013-2014. up and down moves with a minimum of a 6% gain in the dex. ve months. electiont donald trump , similar story with 50 day down and 200 it up and the stock gauge rose 38% over the next 12 months. traditionally, that is very sporty the em space. when the 50 day moving average is moving down, it is a200 day , you can still see the stock market rise and the time after that. vonnie: excellent stuff, mark. i like judgi competitions. the winner is matt in the u.s. for his jobs data chart, phenomenally important. mark, we will use that chart again. thank you. this is bloomberg. ♪ vonnie: a great interview for you and let us get t

tom: let's go to the continued acceleration in em em depreciation. convexity and acceleration. when you look at that, it comes back to the estimate that the have.banks the em's is the piggy bank enough to help them with u.s. dollar appreciation? in 1997-1998 that was all about asia. this time will not be about asia. it will be turkey, argentina, turke countries that are very vulnerable. rand.so, the the mexican peso looks cheap, but then you have trade headwinds, elections. it is possible to see against the backdrop of dollar strength, some em currencies weaker. in asia, big trade surplus countries, that is different. strong fx reserves, current account surpluses. tom: the piggy bank they have now, these are surveillance adverbs, radically different the 1998? >> certainly. fx reserves way higher and stronger. wasresponse to 1997-1988 run large external surpluses and build up buffers. francine, this is terrible. i'm only allowed to use eight adverbs a month. that was only one of them. francine: the year, or maybe every six months. capital economics an

at the top of the chart is em stocks and bonds. the one that gained the most was oil. as ridiculous as this

taylor, em, it is all about em this week. i will vouch for taylor. julie, what do you think?am going to say it is all about tariffs. i like learning something i did not know as well. control room, what do you say? joe, joe gets it. well played guys. mark: this is bloomberg. well done. ♪ julie: live from new york, i am julie hyman. mark: i am mark barton in london. this is the european close on bloomberg markets. time for the bloomberg business flash, a look at the business stories in the news right now. a new challenge for the american rival, boeing. the european playmaker has control of the barnier series jet program. shakeup at the top of bt group. will stepexecutive down later this year after a strategy reset failed to win over investors. patterson has cut thousands of jobs and overhauled management, but the stock has fallen roughly 36% since last august. the payment giant controlled by chinese billionaire jack ma raised about $14 million in italy's latest funding round and at $150to be valued billion. investors in the latest round including singapore's sovereign wealth fu

you can choose signature moves that you don't normally find in beat ‘em up games.ou very much. in yourface. i was let down by the hedgehog. seriously, sonic, could do better. and that is it for the shortcut of click this week. the full version is on iplayer. it is a lot of fun if you have not guess. next week we will stay in the us with a special look at the brand—new sustainable technology. in the meantime, you can follow us on facebook and twitter. thank you for watching. and if you don't mind, you should get out of my way. hello and welcome to newswatch, with me, samira ahmed. the leaders of the united states and north korea meet. historic, certainly, but did this get carried away by president trump's gameshow—style approach? and was coverage of the anniversary of the grenfell tower fire excessive and maudlin? it's been a bumper week for news, with president trump's meeting with kimjong—un, a crucial vote on brexit, the one—year anniversary of the grenfell tower and the start of the world cup, all vying for attention from editors. we'll be hearing your reactions

is em currencies. they appreciate during those currencies and em markets during that time.hink the backdrop over 12-18 months, even 36 months, and even three-five years, remains positive. valuations are positive. internal and external values have improved. the premium is widening. veryenvironment for us is attractive. michael: very quickly, is this different? we think it may be different but in a positive way. within emerging-market over the last 5-10 years, we have seen a build of domestic demand and we think that is something that investors are under exposed to and underappreciated. alix: top picks? neill: seven asia. alix: -- neill: southern asia. neill nuttall and michael mckee. southody likes em but not america. coming up, the latest call for the 10 year turning less bullish. this is bloomberg. ♪ bullish. this is bloomberg. ♪ alix: this is "bloomberg daybreak." happy friday in the modestly risk off feel. points.by 11 it feels like an orderly selloff but thenegative -- negativity from yesterday is spreading. .6%.ax is down more disappointing news out of the eurozone wit

em can't get a break. tolds not long ago we were they were immune. >> one thing i would distinguish between is on the currency front. it is widespread and a product of broad u.s. dollar strength. you can see the oil effect come performer,o the best and the indian rupee is trailing. on stocks, a lot of this is all china. index look at the msci em the index has been outperforming u.s. stocks. that is surprising and suggests these idiosyncratic stories like brazil are out there, but trade has not broken the camels back to me yet. david: what about em debt? >> it has been underperforming pretty dramatically. i went to bring something a said security's analyst yesterday, emerging market weakness is the first sign of the credit cycle turning globally. he thinks this is the beginning of something larger. while you have central banks that aren't withdrawing completely, they are starting to not accelerate their stimulus. even if we don't see interest rates rise, you could see credit spreads rise rapidly. you are se

slide 'em up or slide 'em down. so let's see. for most of you, it's lower a1c.ly a few of you are thinking about your heart. fact is, even though it helps to manage a1c, type 2 diabetes still increases your risk of a fatal heart attack or stroke. jardiance is the only type 2 diabetes pill with a lifesaving cardiovascular benefit for adults who have type 2 diabetes and heart disease, significantly reducing the risk of dying from a cardiovascular event and lowering a1c, along with diet and exercise. this really changes things. jardiance can cause serious side effects including dehydration. this may cause you to feel dizzy, faint, or lightheaded, or weak upon standing. ketoacidosis is a serious side effect that may be fatal. symptoms include nausea, vomiting, stomach pain, tiredness, and trouble breathing. stop taking jardiance and call your doctor right away if you have symptoms of ketoacidosis or an allergic reaction. symptoms of an allergic reaction include rash, swelling, and difficulty breathing or swallowing. do not take jardiance if you are on dialysis or ha

slide 'em up or slide 'em down. so let's see. for most of you, it's lower a1c.of you are thinking about your heart. fact is, even though it helps to manage a1c, type 2 diabetes still increases your risk of a fatal heart attack or stroke. jardiance is the only type 2 diabetes pill with a lifesaving cardiovascular benefit for adults who have type 2 diabetes and heart disease, significantly reducing the risk of dying from a cardiovascular event and lowering a1c, along with diet and exercise. this really changes things. jardiance can cause serious side effects including dehydration. this may cause you to feel dizzy, faint, or lightheaded, or weak upon standing. ketoacidosis is a serious side effect that may be fatal. symptoms include nausea, vomiting, stomach pain, tiredness, and trouble breathing. stop taking jardiance and call your doctor right away if you have symptoms of ketoacidosis or an allergic reaction. symptoms of an allergic reaction include rash, swelling, and difficulty breathing or swallowing. do not take jardiance if you are on dialysis or have severe

let 'em die. let 'em cheat. let 'em steal, and if anyone asks pretend that it was a good thing. now, does that sound a little by the harsh? >> well,arpedncia services indu. remember all those tough rules that fdr put in place after the great depression, the ones that worked to make our economy safer for half a century? when reagan began his systematic campaign of deregulation those rules came under attack and t sted under attack year after year after year, president after president, regardlessf party. for decades the fed and other bank regulators just looked the institutions found new to trick theirustome the s.e.c. was badly outdone. credit rating agencies signed off on the safety of pools of mortgages that were like boxes of grenades with the pins already pulle out, and the wall between high-risk trading and boring bank is wag knocked down as glass/sagall was repealed. the result should have surprised exactly no one. after aer our economy came crashing to the ground, dragging along tens of millions of americans who lost their homes, who lost their jobs, who lost their savings,

pressure on the broader em space?id: we will see ithe is a continuation of the downward trend. in the emerging market currencies, and equities, we certainly saw overnight argentina's peso fall. etf's decline as well, as well as equities in the markets and the two-day rally. one of the key indicators we saw is an index tracking emerging market currency. it fell below the moving average which is the first time since 2016. many analysts see that is a signal of for the loss. we can certainly see an illustration if we look at the chart.gtb this why to the cost of servicing external debt an to the pressure of emerging economies. whether that is rising inflation, potentially rising political risk. the outlook isn't great for some analysts. they see the decision by the european central bank as a greater risk. there is a chance that any tearing back of bond buying will and those days of easy money. you see flows moving into emerging markets after the financial crisis. bright spot for em, i understand the world bank is looking

slide 'em up or slide 'em down. so let's see. for most of you, it's lower a1c.y a few of you are thinking about your heart. fact is, even though it helps to manage a1c, type 2 diabetes still increases your risk of a fatal heart attack or stroke. jardiance is the only type 2 diabetes pill with a lifesaving cardiovascular benefit for adults who have type 2 diabetes and heart disease, significantly reducing the risk of dying from a cardiovascular event and lowering a1c, along with diet and exercise. this really changes things. jardiance can cause serious side effects including dehydration. this may cause you to feel dizzy, faint, or lightheaded, or weak upon standing. ketoacidosis is a serious side effect that may be fatal. symptoms include nausea, vomiting, stomach pain, tiredness, and trouble breathing. stop taking jardiance and call your doctor right away if you have symptoms of ketoacidosis or an allergic reaction. symptoms of an allergic reaction include rash, swelling, and difficulty breathing or swallowing. do not take jardiance if you are on dialysis or hav

whammy witha double respect to em financing. you could've had the situation where emerging markets tried not to follow this idea. once we have our own idiosyncratic thing, we will not follow it. i am not sure that a lot of countries with money due in 2019, that is an option any longer. in just a moment. he will be back to discuss the outlook on the rupiah. onting closer analysis indonesia's central bank governor, telling bloomberg he stands ready to hike again, if that is what needed. rishaad: a look at india's state owned lenders. the very moment when most need a firm hand. why the chief executives are coming under pressure. ♪ rishaad: this is bloomberg markets. i am rishaad salamat in hong kong. indonesia's central-bank chief calling on the india reserve for more mindful repercussions of policy tightening. amin, what did he have to say in his first interview with international media? shabby, he says tapering is an issue for central banks and especially emerging markets. to perhapsg the fed ease the pace at which stimulus is wi