he spoke earlier today with erik schatzker. >> when mr.ook the reins eight years ago, the u.s. economy was not in good shape at all. almost a bankruptcy situation. i think he has taken it and made it in good shape somehow. >> he is a long-term investor in level. and the breakeven level. >> cutbacks are on the way out rolls-royce. best known for the jets think he it in engine. the company will close the bulk safe. the lower price of oil has her .emand for x duration target posted third-quarter estimates.at beat the strong back-to-back school season boosted revenue. same-store sales fell. bouncing back from a surprise drop off in traffic last quarter. newedes unveils a convertible. it has four seats. the roski crystals embedded in the headline. it will cost $323,000. production will start next year. now for the bloomberg take where we provide issues and background on of interest. the highest corporate tax rate in the u.s. at 35%. pay lessy, they often than half of that. have a to a box of tricks for skirting taxes. the most prominent, offsho

the going to erik schatzker cofound. going to erik schatzker now.insight on what he is learning. election victory last week, what else have executive been telling you about echo >> as it concerned saudi arabia, not much. threat that a donald trump administration could pull securityfunding for and military in this part of the world. of his effort to promote burden sharing. the conversation about the ceo ceoiemens with bob dudley, in more or results less the same answer. this may curtail spending. position -- nono what donald trump position. regardless of the administration, bp remains upportive. >> to early to make the big call on trump. >> let's not forget this is all transforming the economy. let's say a siemens or bp -- bp. saudi arabia will install. this plays very well. if all goes according to plan. that create partnership opportunities. to the saudi reserves. maybe they have not had it in past. why so many people chose to come here. this is not a business and conference. see siemens and bp and cisco. that is why you see so many entrepreneurs.

thank you so much, erik schatzker. shorting chicken wings.alk about what the markets did today. here,start the stocks here which closed about 20 minutes ago now. we saw a bit of an increase and it was a bit of a confounding day. we did get a last quarter gdp revision it was better than estimated with consumer confidence that was better than estimated. the bond market didn't necessarily follow. energy shares were the weakest, not surprising given opec. those groups have been beaten up recently as we saw the years -- yields turn lower. also held on to gains. not necessarily a lot of rhyme and reason on that. no. let's take a look at the two-year and 10 year yields. both lower today. you change the color scheme, it's blowing my mind. that's interesting, because we actually got strong economic data where it ended lower. italian yields are sort of a proxy for political risk. want to keep an eye on those, those ended solidly lower at the end of the day. there you go, president-elect trump talks tough on china, accusing the government of manipulatin

speaking of oil, erik schatzker joins us now from the conference.ood to see you. >> i am here with bob dudley, the ceo of bp. some people might find it curious to see bob dudley in saudi arabia. a country where oil is a sovereign resource. are there opportunities for bp to do more here? >> possibly. saudi aramco has many partners. we have a lubricant business year and we do trading here. we do some business here. the world is trading. erik: how might bp become more of a partner? >> one of the great things about these conferences are that you have a lot of meetings and they explore a lot of ideas. tomorrow, i will be going up to , we will seearan what happens. erik: what are they looking for from bp? the countries are going through their efficiencies and changing. i am interested to see some of the amazing things they have done with technology. we will meet and talk and we know them well. the ceo is on the oil and gas initiative for the climate with me. erik: this country is engaged with some delicate talks with its opec partners. what is going to ha

erik schatzker with sebastian thrun from riyadh.w, don't miss it, jim chanos on the fed, the election -- he was a big hillary clinton supporter and the pending tesla and solar city merger. that's 4:00 wall street time. the growing wealth divide in silicon valley and what we can learn from the nonprofits looking to fix it. this is bloomberg. ♪ cory: twitter making changes to harassmentdeal with and abuse. it has been a top complainers -- top complaint from users and one of the reasons twitter failed to find a buyer a few months back. now users can filter out certain words and there are tools that even block entire conversations. bigme inequality is a driver of u.s. election results and sadly, quietly, the income gap is extreme and the heart of technology, silicon valley. they have 76,000 millionaires and billionaires and many of them are giving great gobs to charity. at the same time, nearly 30% of silicon valley residents rely on public or private assistance to get by. studyst co-authored a that looks at these issues in silicon vall

erik schatzker sat down with sebastian thrun. about whether a trump presidency present a dark cloud for technology. sebastian: if you look at the stock and bond market, it has been moving away from bonds. for the tech industry, it is an opportunity. it is a great reminder. erik: peter thiel is part of donald trump's transition team. does he have silicon valley's back? sebastian: i think that is being debated. he's looking forward and silicon valley is a very democratic place. people are open to accept opinions all the time. >> what do you think he is open to considering your industry? >> i think what is going to happen -- we don't know what it means. he has not said very much, but i am optimistic. i think he has the nation at heart and i think he wants to bring us forward. erik: people know you best for being one of the chief developers behind google self driving cars. every day, it seems like the dream of autonomous vehicles are that much closer to reality. the question is how much closer? how long before we are there? sebastian

mark: saudi prince al-waleed bin erik schatzker.a look at where european markets are heading looks like stocks will finish lower today. they been in a 20 point range since july. investors digesting, wondering what the donald trump presidency means for stocks, bonds. look at the currency market today, the dollar's ascent continues. pound the best-performing currency against the dollar since the trump victory last tuesday. i believe you with the bond board as we approach the european close in 4 minutes. this is bloomberg. ♪ mark: live from london and new york, this is the european close. stocks ending their two-day gain . we have alternated between gains and losses, seven consecutive sessions. that is the longest stretch since december. the market has been little change for the last five days. the big gain came on wednesday, the day that trumps victory was confirmed. that day the stoxx 600 rose by 1.5% rate since then it has pretty much traded sideways. busy day for corporate's. chief executive michael spence says a trump presidency w

erik schatzker sat down with him. lobal investor, because that is what you are, are you more or less confident than you would have been had hillary clinton become president? prince al-waleed: i do not like to interfere with u.s. politics. i have a very good relationship with both administrations whether republican or democrat, , and what is important are the policies -- is the policy. erik schatzker that is what i am : getting at. are you more or less confident for the prospect of the u.s. economy, the global economy, for the returns you can generate with your investments? prince al-waleed: to be honest, when mr. obama took the reins eight years ago, the us economy was -- the u.s. economy was almost in a bankrupt situation, the banking industry was in shambles. i think the united states will be in good shape. erik: as you know, your highness, there is a lot of concern that the trump administration will be less concerned with the middle east, because of the cost of military support and immigration. in the cost of milita

he is here for a bloomberg exclusive with our own erik schatzker. erik: thank you so much. to see you. >> great to be here. what may's begin with be the biggest question for investors, and i am not just talking about macro managers or everyone. is the great bond rally over? >> i think so. i think the yields we saw across core markets into july, i think the lows we got to will be those lowse in our lifetime -- we see our lifetime. i think going forward, the propensity for that to continue diminishing. erik: why is the central bank buying over? you would not be the first person to call the end of the bond rally. those would have called it before were wrong. ben: sure. i think the outlook of the rate of change of bond buying going forward is diminishing. if you look at the policy goal considering now are that a formal policy mistake and how low and flat those goes up to. all the way of the curve, it makes it difficult for a financial firm with banks and pension funds to generate returns they need, which in turn feed them back into the economy. the fact that those policies did

david: that was bob dudley with erik schatzker and saudi arabia. all eyes on opec.ht we had opec underwriting crude prices. i thought the u.k. cpi figures from overnight, not quite overnight, they were quite interesting. the weak pound story that is not basted through headlines and a material way. david: i am surprised. butthan: fuel prices jumped the really interesting point from the inflation figures were in a put prices. they are surging and you're wondering to the shopping shelves. and the headline data, it is not there yet. lines.somebody's eating another data point on the health of the u.s. consumer. we will break down the retail sales numbers. this is bloomberg. ♪ david: this is bloomberg. time for morning meeting when we hear from key banks about what to they're looking at. october resells will be released -- retail sales will be released in a few minutes. we are joined by danny bender, welcome back to the program. start with the overall view on retail sales, what indications do we have? i expect it to be better than, worse than? >> maybe a little better. we

jobs.g assets and cutting erik schatzker has more from the new york stock exchange. erik: i am here with the ceo of aig. your shareholders are not happy, the stock is down almost 5%. we are strategic -- we are pleased on a strategic quarter, wasthe quarter in my mind characterized by five major transactions where we divested in non-core activities. one investment in a growth opportunity, but the earnings disappointment was centered around some legacy activities, which we discontinued doing, prior to 2010, where we had to take a write-down on what we called nonstandard structured settlements. if i look at the core earnings potential of our business, this quarter was very much on track to hitting long-term goals. erik: as much as you want them to, it is a challenge for some investors to look past the legacy numbers. the structured settlement costs was more than $600 million, one of the biggest reasons you pointed out why you missed analyst estimates. have you scrubbed the balance sheet, or is it possible that we will see more of those unpleasant surprises? ,> when we an

erik schatzker is talking to in the the biggest names investment and hedge fund industry. joined by special guest. erik: thank you. i am here with barry sternlicht, the man behind starwood capital, one of the most successful real estate and private equity investors. it is good to see you. you, just like everyone in your industry and finance, perhaps all of industry, trying to figure out what a trump presidency means for your business. what conclusions can you draw? change.t is a seat it is a republican senate, house, and a president who wants to do things like infrastructure spending. we are moving to a faster growing economy. determineill interest rates. the question is how much hope is there in the senate with tea party candidates that will let us increase the deficit before we see it in tax? that is the regulator on trump's fuel on the economic fire. we were going to do fine. in the economy with either president after the election. 4.8% unemployment with a wage increase, with walmart increasing minimum wage. we were seeing companies pass profits onto workers, listening

nejra: later today on bloomberg television, erik schatzker will be back with an interview from the robins conference. join us onson will his investment outlook at 3:45 p.m. eastern and 8:45 p.m. london time. do not miss it. do not miss the european close. let's see where european markets vanished the day. -- finished the day. we have seen banks rebound today and the stoxx 600 closed up slightly higher, up 3/10 of 1%. the ftse 100 down for tenths of 1%. let's see how fx markets are doing, a stronger sterling today. yendollar and the euro, the resuming its slide. let's check on the bond markets. if we had five and 10 year auctions today that went well -- this is bloomberg. ♪ ♪ nejra: there's vonnie: it is noon in new york. david: welcome to "bloomberg markets." ♪ david: covering stories from havana and washington and vienna. oil falling below $46 a barrel as opaque members have failed to bridge -- there views on production cuts. donald trump takes an obamacare opponent as secretary of the department of health and human services, what this means for health care in general. we speak to the c

siemens chief executive talk to erik schatzker and said why it is a good fit.ypes of software companies, they do not have the channels and are not able to transfer that no amount -- that knowhow to the investor world the weekend. -- but we can. mark: as for what he thinks about the u.s. election outcome, he believes resident elect donald trump might take a more moderate approach because of the way the u.s. presidency holds in the world. >> about the most powerful job in the world. eddie -- any impulse, anything from the united states would spread over the world's only world, so it matters because the whole world is looking at the united states and that is why i believe he will be mindful about what he does. we will see. mark: the siemens checklist -- chief executive speaking to us earlier. european equities finishing, five minutes away from the end of the european session, stocks higher, up by one third of 1%, look at the currency board today , the bloomberg dollar spot index which monitors the dollar against its peers. sterling is the best performing ther curr

powered by more than 2600 journalists and analysts the .lack man fatally i am mark crumpton. >> erik schatzkernterviewed his royal highness. he touted the long-term u.s. >>ship with the royal family and independent person. with both administrations. i have had good relationships what is important is the what is important is the policies. >> are you more or less the prospect for the u.s. economy, global economy generate withcan tooktments? >> mr. obama the reins eight years ago. the economy was a most and of situation. banking was in shambles. united states is in good shape somehow. >> if we look at hillary clinton , and mr. trumpuo represents something new, different, how do you accordingly? doubt this election was one-of-a-kind. trump is very independent. although he is republican. one-of-a-kind. the existing house speaker. that is very healthy. i think the united states wanted a change. this was allowed to collapse and disappear. mr. trump represents that. >> what you see and know now, fact you have known each other for 20 years, is that a growth?or the last six or seven days you see the mar

erik schatzker sat down with joe lonsdale, co-founder of palantir technologies.stion, what will peter thiel bring to president elect donald trump's transition team? >> he is one of the smartest people i know. what is unique about him is he is able to look at things from a contrary in perspective. the way he maps out the world is not the way people in the media talk about what matters. having peter there will give him a perspective. erik: what do you think his priorities will be? joe: i'm not sure what his priorities will be. i think he has a lot of common sense around things that matter for the tech sector. a lot of the regulatory reform. i think peter really believes in making america a place where you are continuing to advance and build new things and think about the future. he talks about how the 1960's were looking to the future and we don't have that anymore and i think he's going to try to figure how to put that back into place. >> do you think his role ensures a positive or at least an accommodative environment for technology and maybe even silicon valley

we are now going to tartu erik schatzker.ago he gave us those numbers and you have had a chance to look behind the top line numbers. what can you tell us about the blend of jobs that were created? .rik: i can tell you a lot i have been looking behind the headline numbers for several to see if there are interesting trends that might help explain why -- how americans are thinking as they head toward the poles. here is one thing i would draw attention to, a mix of job gains is increasingly skewed toward higher earning industries. you will recall back in february, march, april, most of the jobs being created were in low-paying industries like retail or hospitality. now we see those gains concentrated in business and professional services where earnings were incomes are about 15% higher than the national average in the private economy. more people are getting better paying jobs. that is one thing to point out. we see the same thing not just in business and professional services but financial activities, and fewer losses in high-pa

airships down -- erik schatzker sits down with very sternly.rg. ♪ francine: article 50 has not been triggered which means negotiations have not started with the e.u. when you speak to ceos us is a city that is 50.ing for an article . sunny but cold day late last night i sat down with the london mayor and we talked about brexit and what it means for the business community. >> i think it is important to recognize the british public did vote to leave the e.u. they voted to leave the structures of the e.u. and legal institutions. what they did not do was vote to lose jobs, have less growth and prosperity. the crucial thing for the government is to have a plan to make sure we do not lose jobs, growth, and prosperity. you got to make sure when it comes to doing a deal with the european union, you listen to what london's needs are. there are many businesses in london who think we have a future out side the fee you but we need access to the single market and the ability to attack -- attract talent. the government needs to take on board those concerns,

erik schatzker is with the billionaire investor and philanthropist prince al-waleed bin talal.. your royal highness, great to be back with you in riyadh. >> always a pleasure to be here with bloomberg. let's begin with the obvious, the u.s. election and donald trump. i say that because i know you want people to know something about your relationship with mr. trump. what is it? >> my relationship is more than 25 years. we were partners in the plaza hotel when i bought it from him. now he is out but we began with them. we also did by his boat in 1995. so we have a lot of indirect contact. lately, after he became president, i did congratulate him because we had a small spat before he was elected, but i think now it is over. i did send a message through his daughter, through a common friend, and also tom barrett, a common friend, is mediating, to find a suitable timeo we can meet together. as a your royal highness, global investor, because that is what you are., are you more or less confident........., had hillary clinton become president.? prince al-waleed: as a member of the roya

hancock will be speaking with erik schatzker.ve to attract companies in britain to france post-brexit. , he will talk to the fed and talk to be a way and talk big high court ruling in london. ceo of activate on facebook after it projected greater costs and a slowdown in ad sales. can't wait. david: coming up, the white house race parks a war. we will explain next. this is bloomberg. ♪ ♪ jon: from new york city, this is "bloomberg daybreak." i'm jonathan ferro. he will get september factory orders and drupal goods. ahead, the last major u.s. data point the for the presidential elections. it is payrolls friday and the october jobs report coming out 8:30 a.m. eastern time. if you are in london, a 12:30 anddifference, 91:30 as usual. david: next tuesday, talking about the election, five days away. market volatility is increasing and the vix has been rising for seven sessions in a row. dani burger, stock reporter joins us. you have a fascinating piece on the bloomberg today. two big groups taking big bets. >> these are both computer-b

distressed debt and is a member of president obama's economic recovery in his report and is here with erik schatzkermade multiple references to how financial markets are responding to donald trump's victory, the republicans holding onto both chambers in congress. from an investor's point of view, is it possible to price this in, even what we do and don't know? markets don't lie, so everyone is making a decision, right now. it is clear that overall for a time, and id of invest for a longer time, but for me, one of the core things is what is the likelihood that you will have some stability in the world and if you are on the side of the aisle that says volatility is going to increase, it is harder to price it in. for: this position is good both of your businesses, good for distressed debt investing and private equity. will we see dislocation? to hand it to donald trump. he has run the table. that is a major event for someone who has so little support from traditional republicans. you have to look at what he is going to be doing. his first couple of comments were somewhat more reassuring than the campai

economic --e barry sternlicht gives erik schatzker his take on the new, washington, d.c. do things like infrastructure spending. pace we question because the pace will determine interest rates. much, the question is how hope is there in the senate with the tea party candidates that will let us increase the deficit tax?e we actually that is the regulator on trump's fuel for his economic fire. i was bullish with either president because we reached 4.8% unemployment, he saw the huge wage increase. you are beginning to see companies past their profits on to their workers come a to the rhetoric of the nation. we will get wage increases, wage increases will lead to more spending and we will see higher interest rates regardless. now, you will see this infrastructure spending bill -- we don't have skilled workers. there are guides to build roads and bridges and tunnels -- it will take more time than the market thinks, but the direction is clear. rates are going higher. the question is, how fast? rates?r rents rise with that is more important than rates rising. if rates are rising

let's go to erik schatzker who has carl icahn on the phone. >> you were among donald trump's earliesters in the financial community. you have been within consistently through the campaign. if you will, to put a voice to what we are seeing in the stock market today. the dow is up 185 points. what do investors see here that they did not in the middle of the night? it wasally feel like tremendously overdone overnight. trade -- youively partyi was at the trump when i saw the market fall apart. sense. no damn i went home and i made a purchase, one of my best investments. i am saying it to you, not to boast about it, but to make a point. i do not think donald will be bad at all for the economy or the market. happened is an extremely important event in the history of our economy. trump thought that since started out and as you said, have been with him. the situation, in any economy, in a free enterprise system, you cannot have what we went through with obama, with eight years of gridlock. but more importantly, where the perception is that the government is at war with business. that was defi