bannon-ism, 100%. i think that is really the thing have in common, trump ecognized wealthy guy who was just like him, i think there is awful lot about the two of them hat is very much the same, including that instinct to go after people, hit them when they down, winners and losers that trump got from his father back when he was a little boy. his father kept saying, dichotomy in the world, there winners and losers and you, donald are a winner, you have to much inner, that is very inside the steve bannon back story. them t is how the two of really got to know each other and enjoy each other and i think with bannon day nder the wraps, in some ways, bannon is there representing by my lights, the base. people we talked to, he breitbart people say bannon identified very early, first in sara palin, and then through breitbart and reader comments from breitbart, who that base was, trump was also identifying, iian, idea, e histore hat hadn't been seen by the republican establish sxment that b lained why bannon a

my question was in the very beginning you mentioned trump -ism. i think we look at bernie sanders on a platform, he is more moderate than some in finland and denmark and norway, iceland. he is more moderate than their politicians. i was wondering, do you think it's fair to compare this to trump -ism the politicians in europe are having trouble winning elections. they cannot pay for their welfare programs. they are in trouble. i think as a socialist in the u.s., it's a program he can put forward. there are political limits but there aren't in europe. i think the sign to me that he's one of them is when they say do people need 21 brands of deodorant. that is the 1930s socialism where why can't we just have one brand so there isn't so much competition. what are we doing with all this deodorant. there is a profound point. my colleague wrote a great piec piece. his sense of astonishment at what consumer society has achieved. this was in the early '90s or late '80s, and i think by suggesting that our dynamic capitalist system is producing too many deodo

that is pure bannon-ism 100%. i think that's really the thing they have in common trump says he recognized the wealthy guy i who was kind of like him. i think there's an awful lot about the two of them that is very much the same including that instincts to go after people, hit them when they are down. winners and losers in trump got it from his father back when he was a little boy. his father kept saying in the dichotomy of the world there are winners and losers in the donald r. winner. that's very much also the steve bannon back story. that's how the two of them really got to know each other and enjoy each other and even to this day when bannon under the craftsman in some way, bannon is there representing the base. a lot of the people we haveart p talked the breitbart people ande others say bannon identified early first and sarah palin and then through breitbart or the readers comments from breitbart who dat who that base was in trump was also identified as a nativist orientation and america first idea that hadn'

. is quite sensible to say there is no such thing as may - ism.e backward looking. it fixes into that. there is a little bit of that. when it comes to brexit, one of the important things in the manifesto is the fact that we will pay up. this isa the fact that we will pay up. this is a big thing in the tory party because they don't want the pay out. she is aiming for some kind of trade involvement which as a quid pro quo is for making payments. that suggests she thinks the manifesto is aimed at being able to take on the extreme brexiteer postelection. sean is more of an expert on this than i am. i know you can give your opinion but you cannot. if that's how you seeit? but you cannot. if that's how you see it? i am being delphic. i see theresa may clutching the manifesto and hitting tory mps on the head saying, you stood on this, you elected it. what about her personality? are we warming to theresa may now? has this election helped people to embrace her as an individual? no, i don't. i'm not sure she wants to be embraced and loved. all of a sudden,

and his readiness to defend britain. patro texas ism and his readiness to defend britain.ives nor labour are presenting an "honest set of choices" to the public over their tax and spending plans — that's according to an influential think tank. the institute for fiscal studies has criticised both parties' election manifestos, saying they fail to address the country's long term challenges. here's our economics correspondent andy verity. ina way, in a way, both parties are being honest. labour say that they want to raise taxes to pay for better public services, the conservatives wish to continue with existing plans but the institute for fiscal studies says that neither party is being honest about how those plans will play out. so take labour. they plan to raise £49 billion through tax measures but the institute for fiscal studies says that they reckon it will be a lot less. more like £40 billion. but what about the conservatives. they plan to continue with austerity. the institute for fiscal studies says there is a risk if they implement cuts there could be serious damage to

the assembled cabinet ministers clubbed dutifully as they were put on notice to avoid any talk of an ism plenty of what george bush senior memorably called the vision thing. sojoin me on thisjourney, come with me as i lead britain, strengthen my hand as i fight for britain and stand with me as i deliverfor britain. by inviting former sparring partner david davis to introduce the commission shows that she believes that brexit is the defining challenge of this generation. our future prosperity, place in the world, standard of living, the opportunities we want for our children and children's children, each and everyone depends on having the strongest possible hand as we enter those negotiations to get the best brexit steel for families across this country. my prime ministerial dressing down shows that theresa may abhors what she described in her little blue book as the caricaturist idea of placing people on the left or the right. but it would be remiss not to identify the clear lessons we learned about her today. she believes she is the only party leader who truly understands the cry of ang

the adp employment report at 8:15 eastern, followed by services pmi and ism manufacturing.ore the bell, time warner and yum brands and volkswagen. after the close, facebook, tesla, aig and fitbit will report. result also focus on nasdaq and facebook and tesla. >> since there is no yellen at that time -- >> we'll go to the bar and the french debate. >> mike santoli gave the french bar to me. maybe he'll come and join us. >> good morning, mike. >>> mcdonald's getting a premarket pop following an upgrade from goldman sachs. goldman upping the stock to buy from neutral. mcdonald's up 1% this morning at 14 142.8. etsy is down big after announ announcing the ceo will step down. >>> gilead's anti-viral treatments failed to meet analyst expectations. >>> and fireeye enjoying a nice pop after the third quarter beat. the company producing second year guidance that did top expectations. >>> hillary clinton opening up about her election loss for the first time at an event in new york. she gave her take on why she lost the 2016 election. >> do you take any personal responsibility? >> of

the third was the ism data.ll do suggest that the economy should see a rebound in growth in the second quarter of the year. i think something at 2.5% seems reasonable. if we get a bounce back in inventories, then it could be closer to 3. it would leave growth in the first half of the year at 2% or a bit better, but not much stronger than that heading into the second half of the year. >> that 2% trend line really is basically becoming familiar. it's already relatively friendly for markets. i wonder if you see that changing at all, because of where we are in the economic cycle. do you see certain late-cycle indicators popping up, whether it is labor tightness or some fraying around the edges on consumer credit, auto sales rolling over, things like that. >> there's a variety of measures when we look at the labor market data across the board, we look at estimates of the output gap, the bank lending data, on the cni lending and consumer loans. all of that suggests a fairly mature cycle. we think there's a significant

ism with the lead wto so you have to follow those.k, color >>guest: the uk has not actually left yet. those predict at that point in the market would collapse and it has not happened.at has n in those things that were about to happen that the ftse is that the all-time high, foreign investment, i think people like that fact of the stable government of teresa may. in to be collapsing from rex it. initially to make sure that they maintain the trade with the country one of the great things of course, from the way that they were. >> the independent line. >> caller: i don't understand that because it is this some kind of union that america is the richest country in the world. why you keep lying about that? is the poorest country in the world. >> when it comes to tradepoores you don't need a trade deal we can buy a american goods at the supermarket or the shops and that will make trading easier between countries. the tuesday it is a wealthy country so when it comes to the trade deals and there really drive prosperity on sorry. go ahead and restart. >> caller: hello. thank you very much for b

americans fought and died to the great europe from the evils of nazi-ism, and fascism.merican military power helped to free the world of the oppression of communism. today, you are battling the sinister forces of terrorism throughout the middle east, north africa, and the entire world. american history is rich with noble traditions, harrowing missions, and selfless heroes like your parents. the moral of the story is always the same. it is the story of good overcoming evil. you poured out your hearts, your souls, and your blood for this nation, and we will pour out our gratitude to you in return. we will show our gratitude especially this monday on memorial day when we pause to think god for the heroes who have laid down their lives for our freedom. [applause] pres. trump: among those heroes was a young navy sailor from omaha. ps name was john joseph arl. he listed in the navy after the attack on pearl harbor. he completed his training at notre dame, and he soon and that up not far from here on the waters of the mediterranean. he was among the tens of thousands of allied

i am particularly interested to .ee what the pmi and the ism do the ism seems to be more of a coincidencethey will be watching the chicago pmi and manufacturing ism. inflation will be important as well. we want to see how strong the consumers are on the weight side as well. david: give me directionally where you might expect this to head. we have first quarter gdp that came out terribly weak and that was advised last week. it is nothing to write home about. do you expect these to get us back on track? chris: i think we had our wobble.q1 gdp the latest i have seen for the sort of nowcast are running at the 4% number. at the moment, the numbers are at a good bounce back in q 2 -- q2 and i would expect that to be confirmed. some take up -- tick up in wage inflation. jonathan: you have done well in the past cutting through and ripping up economic on orthodoxy. when unemployment goes down, wages go up. what is happening there? a good point. the phillips curve is not doing terribly well at the moment i suppose is the point. is a really we had big rise in unemployment in the global financial cri

with those who suffered under nazi -ism and soviet communism. the wars that have continued and the divisions within humanity. and she comes as a messenger of god. she comes as a messenger of pea- sized. she comes to -- a messenger of pea-sized -- she brings us into that radiant circle of gods love. she directs us to her heart because that is a place where the lord's hart was born. and we have a union between the divine and the human. here we have, a means for the grace. won for us by christ, to be shared by the power of the spirit. our lady is, in a special way, a spirit bearer. they are her graces, the graces of god. but she listens to her children. and by bringing them to her heart, she brings them in a special way to that intimacy with the heart of god. with the graces that the world needs for peace, reconciliation, conversion and changing our lives from things that are self-destructing to things that are life-giving, especially spiritual for us. she tries to awaken us to the same message that begins the gospel and the lord's historical minis

wahhabi-ism and terrorism. am not sure why trump would do this, only because of the money that they are pouring into our country. host: when do you -- when it comes to the event in manchester, do you think these can be prevented? caller: as long as we stop support for saudi arabia and the ideology [indiscernible] i am sorry about this. host: theresa may going before cameras to talk about the incident and what our nation is doing. here is some of that. >> i just shared a meeting of the government emergency, cobra where we discuss the appalling events in manchester last night. our prayers are with the victims and the families and friends. that the people of manchester in this country have fallen victim of a terrorist attack. an attack that targeted some of the youngest people in our society with cold calculation. this was among the worst terrorist incidents we have ever experienced in the united kingdom. although it is not the first time manchester has suffered in this way, it is the worst attack the city has exp

festival ismes, the providing a major boost. here's the story.ter: a 2,000-year-old 130-million euro industry. dragon boat racing is the main attraction, held on the fifty month of the the fifth lunar calendar. craftsmen were hard at work making the boats. >> i sell at least 200 dragon boats a year. sales are always growin grow. i expect them to increase by 10%. reporter: the craftsman father when he washe art 19 years old. his factory is one of 14 in the city. produce between 3- and 4,000 vessels a year, an 10 millionh over euros. that's only a small slice of the booming industry. >> missionwide, the dragon-boat worth 130ustry is million euros. it posts annual sells of 30,000 rate of 10% growth to 20%. reporter: dragon boat racing has celebration of chinese culture. and with growing boat sales, not to mention billions of euros, the ancient tradition is becoming a bigger and bigger chinese economy. >> and finally, a new type of drone, and it could be the future of advertising. test-flown giant has its latest self-flying device bech has a display

it is an -ism, it is an ideology. it is may—ism what. care proposals today, which are seen by some supporters as being highly controversial, are they part of a modern set of proposals or a signal that she has moved significantly leftward ? that she has moved significantly leftward? i don't know if you would call it left but they are basically, i think you and iain duncan smith we re i think you and iain duncan smith were discussing, it is basically a kind of death tax. those who object not the people with dementia, they are those who are going to inherit. someone has to pay for all of this but it is a sensible proposal. the broad sense of what was unveiled today? i really think the rhetoric is irrelevant. it is the that counts. in terms of broadbrush, the tories have made it clear that you will vote for us whatever we do. we ta ke will vote for us whatever we do. we take you for granted and will introduce whatever policies we see fit. however they impact too. when it comes to the dementia tax, and it isa it comes to the dementia tax, and

meant by mayism but if you turn to page nine of your man mess city it says you reject the cult of self-ism individualism and you regard rigid dogma and ideology as dangerous. that sounds like the rejection of thatcherrism. is mayism a rejection of thatcher jim are you permanently rejecting the many comparisons between you and margaret thatch center. >> there is no mayism. i know you journalists like to write about it. [applause] >> there is good, solid conservatism which puts the interests of the country and the interests of ordinary working people the heart of everything we do in government. thank you. [applause] >> tonight on c-span 2, the communicators features at thing maybe sweeney on the recent ransom ware attack. then the december 2016 supreme court oral argentina in cooper v harris, case challenge log rae drawing of north carolina's congressional districts. later, care us u.s.a. hoses a discussion on global challenges facing women and girls.

>> have we ---ism a he sorry. >> have you reached out to the country that provided that intelligence? >> obviously i'm not going to get into that kind of discussion. what i will see is, as i mentioned earlier, that we appreciate the strong relationship that we have with israel with respect to intelligence sharing and hope to continue to grow that bond. but i'm not going to comment on specifically where it came from. veronica. >> sean, can we get a white house reaction or the president's reaction to the report that said -- >> i'm not aware. generally i don't get updates on former dnc staffers. >> it would certainly have a great influence on where the leaks came from. there are a lot of implications in the story, of course. >> i understand that. but for me to comment from here about an ongoing investigation, i believe it is still ongoing. i don't even know the status of it in terms of d.c. but it would be highly inappropriate to do that. >> thank you, sean. two questions. first, the nature of the information that the president is alleged to have shared are the kinds of things that the f

there is no may—ism, i know that you journalists like to write about it! the chancellor, borisjohnson, there, we have not seen much of him so far in this election campaign. amber rudd, home secretary, all in attendance. here it is, the new conservative manifesto. the slogan there inaudible the home secretary, all in attendance. the new conservative, if she is elected on the 8th ofjune. a lot of detail but much more to come, all of those journalists use or assembled in the room will be reading through this furiously. —— that you just saw. more reaction through the afternoon. this was a pitch to ordinary families. rules on executive pay and a good focus on generational fairness. executive pay and a good focus on generationalfairness. she talks about a generationalfairness. she talks aboutafair generationalfairness. she talks about a fair society and their worldly —— there will be losers when it comes to that. the triple lock for pensioners will go, and a number of conservative party policies under david cameron have now gone. this was, really, a nod to less

became first sitting president to pray at the western wall, western wall, among holiest sites in juda ism. >> so far president's trip has been successful, new deals on economic, military cooperation, and smoking new optimism for a middle east peace deal, only departure here in jerusalem. >> a shouted question from the press, when israeli prime minister netanyahu weighed in, president trump shared israeli intelligence with russia. president trump stopped his aides from suing press out of the room, demanding a moment to clear the air. >> so you understand, i never meant mentioned word or name, never mentioned it throughout the conversation. you have the story wrong, i never mentioned word israel. reporter: it was never reported that president trump told the russian that intelligence was from israel. it did not appear to derail his hard i welcome. >> mr. president we're happy to see that america is back in the area. america is back again. reporter: israel is pleased with the change in posture from the obama administration. >> i want you to know how much we appreciate the change in american p

trump is considered a president that is part of the aviation market is because of his -- unpredictable -ismre was speculation that the laptop ban was a backdoor measure aimed at attacking the gulf of model, do you share that view? diogenis: i do not believe that is the case. that is why many other countries have followed suit. i do not think the main reason has been the u.s. open skies with the carriers. it has been about security. tracy: setting aside the bad, we did have travel extractions -- trevor resurgence that have affected gulf carriers and etihad has cut back on flights to the u.s., right? diogenis: great. the problem right now is we do not have a common policy. you do not have joint operation in that and the widows companies actually represent themselves in the global space. yousef: that is all for this best of bloomberg markets, middle east. we will be here sunday at 8:00 a.m. on bloomberg television. i am yousef gamal el-din. please join me then. ♪ coming up on "bloomberg best," the stories that shaped the week in business around the world. meats but does not move. brexit talks

spending his radio commentary and his columns warning about the rising threat of adolf hitler and not the isms and most people in england at the time were ignoring. reagan spent his wilderness years doing radio commentary warning about the rising threat of the soviet union. there are a lot of parallels between churchill's wilderness years and reagan's wilderness years. there are many issues we could get into later, serendipitous but also because he forced them like proposition 13 in california, other issues you are covering i am involved with, that come forward to produce his election in 1980. douglas brinkley, terrific historian who edited the reagan diary said the realm of reagan scholarship is beginning to open up and every time i sit down to think about ronald reagan i think about a new aspect of his life and career and times that has been either underreporter hasn't been covered at all. >> let's get in friendly territory and talk about the elephant in the room which is donald trump. so when -- >> no. no. no is the answer to his question. >> you are -- here is the question. people say gosh

he wanted their ism -- aprobation. he keeps going them. it's a mistake.ress to like a dog rolled up in the corner. if it's growling, leave it be. >> neil: your campaign set the populous wave, too. >> the 1992, the america first was our slogan. >> neil: all right. then they went back to hating you. pat buchanan, "the nixon wars." an uncanny read at the time that set the stage for where we're at today. without that we probably wouldn't have donald trump. i could be wrong. more after this. at red lobster's seafood trios you don't have to choose just one thing. choose your trio with any 3 of 9 selections for $15.99. like new creamy lobster pasta toasted parmesan shrimp and southern-style crab cakes. come create your trio before it ends. >> neil: all right. disney and their latest quarter beating earnings, but not quite on sale. and concerns going forward about espn and those higher costs. the stock is down 2% in after-hours trading. more after this. >> the legislation should not have taken that long. hopefully it takes a month or two to get through the senate

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the manufacturing data, the ism which comes out at the beginning of the month will be things that thees on. you've had solid earnings, recessionary risks are super low. the fed is moving forward, but it's not going to shock the market with whatever they do. june is a done deal. i think grinding higher on low volatility. >> why then is the bond market have a yield curve that's low and flat given the rising rate environment and suggesting bearish outlook on the economy? >> you know, that's a question that we're debating with all of our clients. if you look at the move since last june, we were at about 1.35 on the ten-year, now close to 2.25. but i would be much happier to see that interest rate edging up as a sign of greater health. some of that has been that oil prices have flattened off. that's taken a bit of luster off of inflation expectations. but i think if you want to see really healthy markets continue through the remainder of the year, you want to see interest rates higher. you mentioned oil. oil has in recent years been a headwind for the overall market. now we're back below $

. >> the trump ism percent nation. >> from his funny presidential spoof to his fifth time as jack sparrowhe breaks katy perry news to ex orlando bloom. >> i didn't know she was doing that. >> yeah. >> taking a public swipe at taylor swift? >>> breaking couples news. jen garner's first interview since officially filing divorce from ben. >>> newly single amy schumer on a manhunt revealing who she wants to date now. >>sh

others believe strongly that it is in his head and all of this there ism whatever and in his head.nk it is a combination. good news on the physical front, the back fusion was quite invasive and probably a last resort as far as fixing his back. he is not in pain. he is saying that, and we take him at his word, but at the same time, others who have had similar surgeries save the pain disappears. maybe some mobility is lost, but if pain was the big issue with his golf swing and that is gone, i think physically, he is in position to play good golf again. it falls back on the mental challenge as to what happens in the future. charlie: what is it that he did here that is so bad, if in fact, as he said, he took medications that had an impact that he didn't foresee? >> i think just embarrassment. no damage was really done. nobody got hurt, fortunately. else wasno one involved. >> that we know of. it may be, worst-case scenario, it might show evidence of a drug dependency. that would certainly be a setback for him in terms of his public image and perhaps, but then again, it could end up bei

unlike most "ism"'s, populism does not mean left were right or even center.ialist in venezuela to the far right nationalist marine le pen in france, the uniting factor is how they conduct politics. according to one author, there are three requirements for politicians to be considered populists. one, they make an appeal to the people championing the cause against the despised elite. mr. trump: she will keep our rigged system in place. i alone can fix it. >> populists also use crises or manufacture them to justify the call to revolt. lastly, inflammatory language is used to shock the establishment and prove politicians as one of the people. >> it makes the streets unsafe. >> here is the argument. because populists make big promises to shake up society, they tend to bump up quickly against democratic checks and balances. in particular, the courts and media that were designed to limit what governments can do. the temptation becomes to declare these institutions as part of an elite conspiracy to block the people's will. pres. trump: i have a running war with the m

we have to get some good numbers starting today of course we have the april ism and will the q2 economicttle bit? the bulls are insisting that it will. that's going to power the market. we'll see about that. the fomc on wednesday. no chance of any rate hikes here, but the question is will they keep june on the table? how do they address the soft economic data in the first quarter is the big issue right now. let's move on, talk about fund flows. we had wonderful numbers in april. remember we have been getting about $40 billion a month. very consistent all this year. $42 billion in the etfs in april. we can do $500 billion. the money in the etfs has been going in steadily this year. we have seen the plain vanilla s&p 500 stuff. that's very big. and emerging markets very, very broad inflows. not one thing in particular. you want to look at one etf getting big inflows the eurozone. ezu. anything with europe is doing nicely. they increased their assets by 10%. look at ezu in the last few months here. primarily i think on elections in france, that was doing very well. so ezu the full -- put up

ism new york, this bloomberg. ♪ thee asked our guest about call for jpmorgan to remove venezuela fromnts emerging-market fund indexes. >> you do not want to have investors have to have moral qualms about what is happening to their savings, where the savings going, are they going to corrupt regimes where they are starving their people in order to pay you, who do not want to be rejoicing at the bad things happening to people in a country so that you get paid. you do not need that moral aggravation. it is easier to get venezuela out of the picture, get it out of the indices, have fund to get to- not need venezuela. bonds are yielding upwards of 25%, they represent a huge part of the yield and these managers cannot [indiscernible] they are asking themselves will the government be sufficiently capable of compressing imports even more, starving its people and repressing them so that there is enough cash flow to pay my bonds? you do not need that. you need your savings to support the growth of emerging markets and not to screw people around. investors should not like to feel their money is t

liz: ism what you're saying. dame students walk out as mike pence gives the commencement speech. this is first amendment displays. people support it. some people say they should have stayed and listened to the vice president out of respect. what do you say, gina? >> it's their loss. not that many got up and left, but i respect free speech. they did it peacefully. i respect that as well. probably the vice president has some real notes of inspiration for them and maybe if they would have stayed and listened, they not only would have spoken in volumes about the tolerance they always claim to espoused, but they might have learned something as well. liz: what do you think? >> this happened in obama in 2009, this happened to biden in 2016. this is their day. liz: it happened at notre dame to obama and biden? >> not the same thing but protests centered around pro-life. this is their day. this is how they wanted to do it, this is part of their own freedom of expression. i fully support it. liz: next up, we have this stor

. >> no because ism is short-term oscillator. so, it can rotate down again because expectations have increased so now the surveys start to roll over, doesn't mean you're going to see a deacceleration growth into a negative territory. you can still rest at a high level. >> do you pay this kind of multiple for that kind of situation? >> i'm on your side. i'm loaded on industrials. that's the thing i worry about we've seen peak pmis. >> sales growth is still quite good. the incremental margins are increasing broadly. i think this really speaks to that recovery. the one thing the next two quarters that's going to happen that will be a surprise, i think cap ex will happen. surveys suggest the tension is there. there's uncertainty around policy, then we'll see that cap ex pick up second thing, inventory build. supply chains have been drained. qi, we saw a big inventory draw down. >> what happens if the agenda of the president is delayed and the time frame pushes out further than you believe it will? >> depends on which part of it. >> i

he live up to that and understood that rather than calling mediaism like racism or whatever other "ism is the one, it's all of his own doing. ambassad and you can look back over everything that's happened, it's all his own doing. >> and he's not a conservative. >> by the way dennis, you are is conflating two different things. conflating people who are not trump supporters with necessarily being anti-right and that's not necessarily so >> no i'm conflating this, we have one attive. >> i got to go my prodeutschuce mad at me. we'll be right back. be the you who doesn't cover your moderate to severe plaque psoriasis. be the you who shows up in that dress. who hugs a friend. who is done with treatments that don't give you clearer skin. be the you who controls your psoriasis with stelara® just 4 doses a year after 2 starter doses. stelara® may lower your ability to fight infections and may increase your risk of infections and cancer. some serious infections require hospitalization. before treatment, get tested for tuberculosis. before starting stelara® tell your doctor if you think you have

. >> peticoat junction and the rural fantasies of mayberry-ism. >> the hillbilly shows were everywhere then they weren't. >> fred silverman who was running programming at cbs said we're going to get rid of the shows that are the most highly rated and replace them with shows that they thought would be more appealing to the younger audience. >> they changed the face of television. >> my name is norman leer. >> he was a very successful if largely unheralded producer/writer in hollywood. he burst upon the public consciousness when he took on bigotry with his "all in the family." >> norman lear and bud yorken created iconic shows. >> they revolutionized cbs and all of television. >> our world is crumbling down. the coons are coming. >> to use language on tv like that was unheard of. but it captured a certain moment. >> archie, 12% of the population is black. there should be a lot of black families living out here. >> i think it's wonderful. >> let's see how wonderful it is when watermelon rinds coming flying out the window. >> i thought they better be careful. >> there was no doubt in my mi

you mentioned the msci, you could point to the ism as well. at this point, things get more choppy.ess momentum. one of the issues in the market i have for the u.s. stock market, the trailing p/e bombed 2.5, three points after the election on the correct assumption that earnings would pick up, and they have. now the market has to grow into the earnings. i don't see any upward pressure and earnings have to come through so that the markets can come back to a more normal p/e of maybe 18 or so instead of 21, at least on a trailing basis. a lot is priced in, and that is one of the reasons why the markets have not made a lot of headway over the last couple of months. jonathan: gina, you agree? it is tough for valuation to expand when short-term interest rates are going higher. we did have this incredible commodity recovery over the last year, and in my view, that was a large reason for the s&p to recover as much as it did. oil prices had bottomed, oil prices have doubled, the metals complex bottomed and an improved. this improvement was a lot of what the index went through over the last y

issues i have raised, unemployment and integration and bringing them together, because the jihadi is di-ismand unemployment, they happen in the big cities where people feel trapped. i think if you will have job creating, that is where he needs to target it. he is certainly not going to do opponent was proposing, which is close friends's borders -- france's borders, get rid of the open border system operates across much of europe. i think it is an issue that fee on this -- that she focused and was able to get 11 million votes in the process, double what the party got in 2002. and i think she will carry on making the arguments. with every terrorist attack that occurs, the more nationalist strain of politics will be stronger. host: when does the president elect take office? week'sakes office in a time. there was a big ceremony this morning. where the current president, and the incoming presidents, went up for the ceremony marking me allied victory -- for the ceremony marking the allied victory from 1945. delighted that mcarcon is taking over for him and a huge amount of relief that france is s

impaired us, if you will with a discount. , so you look at the ftse 250, the average return on equity ismose companies about 13% over a similar period. but the average ftse company trades at multiples of that. we trade today at .58%. we are liquid. we operate like an investment holding company. we do not pay corporate level tax. francine: this is clearly what you think is a great idea. give me a sense of what you learned from valeant. bill: what i learned is that it can be very expensive. this is a strategy where historically, we bought a large stake in the company and joined the board of directors. presented ourselves as a significant influence had a yay nay over ther decisions the company made. in the case of valiant, in 2014, had a very successful transaction. he made a mistake with the path investment in the company. not being on the board, we could not see what was going on. that was a big mistake in our history. francine: does it mean that you will stay away from pharmaceutical companies? bill: probably stay away from pharmaceutical companies. julie: coming up, more conversations fr

even the ism trends you should be seeing higher industrial activities. you don't have to be a rocket scientist. >> tobias, thank you for stopping by. >> thank you. >> what's interesting about what tobias is saying, he's talking about positioning, also talking about some kind of reverse in the main trade. you can make an argument if you look at the global allocations which people think are way overdone, they're nowhere relative where they were historically. you've taken out the entire golden able of emerging markets. now here you are. if there's growth, all those things he said will come true. it's not an even trade. you've got to be in it for a longer haul. >> you have industrials, xlis, etf, and you've seen those year-to-date rally 7% already. is that front loaded to what was perceived to be future growth? and is energy the leading indicator right now, and maybe the market follows energy down instead of inversing and starting to rally? >> why would energy be going down? i think we know the answer. >> well, it's oversupplied. >> i also think that maybe t

. >> three big misses today on income and spending and then the ism and then construction spending asell. but a bunch of option aoptional. latest poll shows 6939. >> that's a big gap. >> some wonder if you want to be short going into a health care vote which has a better chance than the last month one. >> the fact that the u.s. government averted a shutdown and passed something early this morning and maybe given initial a boost to stocks. it's been a strong run. worth saying that we're in the beginning of may. five of the last six months have been positive for s&p and dow. nasdaq running higher six months in a row. >> yet dow can't put two back-to-back gains together except for one time since february. >> is that true? also record territory remains nasdaq moment only. dow and s&p have not set records since back on march 1st. >> mike is back at post nine. a lot to watch. we're left with the narrative of large tech outperforming and industrials barely moving. >> it's hard to get that macro justification for saying cyclical stocks should resume the lead here. not sure how long that will

ism mark crumpton this bloomberg. julia: thanks, mark.tic senators are asking to investigate carl icahn for his role in advising trump. this is bloomberg. ♪ julia: this is bloomberg markets. i am julia chatterley. scarlet: i'm scarlet fu. julie hymano focusing on the congressional -- consumer discretionary sector -- sector. julie: leisure is up .5%, enough to put it at a new record. among the records we have been talking about is the record for the xl why. winner ins the big the lodging industry after the company raised its forecast for revenue her available for the full year based on the strong quarter it had last quarter. those shares are also record. priceline is also expected to report after the close, as is trip advisor. those shares mixed in today's session. we see strength between the retailers and manufacturers with an consumer discretionary. we have under armour rising. the company said it was thegning cap fault as strategic advisor to ceo kevin plank. jeff is saying that was the right move for the company to make today. shares h

shiite communities where they are being oppressed by the majority sunni which is less about sectarian ism i think than we would like , to think it is, but it's only because there she is that there supporting them. i think most iranians don't even that way.t them even though we call them shia. they look at it from a purely strategic way and they look at it like a national interest view. it is iran's national interest for syria to remain an ally, not be an ally of saudi arabia. so i think the narrative has to be we can't accept simply one , narrative. i am not saying you cannot accept the iranian narrative. but we should not accept this saudi reasoning either. iran and iraq bought an eight -- >> iran and iraq fought an eight year war. 60% of the iraqi army at the time was shia. if the shia affinity question was so large, those guys would have maybe switched sides. maybe they would have run away. ms. naraghi-anderlini: they didn't. they fought as iraqis against iran. again the notion of the affinity , and the power and influence is something that probably, it's to their advantage to project

ideology with wahhabism, first of all in saudi arabia you don't find anybody who talks about wahhabi-isme don't know what wahhabism is. we know that we are muslims. we follow the islamic religion. follow the practices of sharia and so forth, but wahhabism, we simply don't know. we don't know of any single book that is the ideology of wahhabism or that was written by sheikh mohamoud to whom this ideology is attributed. there just isn't any. to those who make this accusation we say all right, when did sheikh mohamoud live? he lived almost 300 years ago. when did the problem of al qaeda and terrorism start? it started in 1979. guess what happened in 1979. the islamic revolution in iran. it is the islamic revolution in iran and the ideology of exporting revolution, the ideology of spreading a shiite sect throughout the region is what triggered a strong similar negative reaction from some fanatics who wanted to promote their own version of what islam really is. so the linkage between wahhabism and terrorism is tenuous, to say the least, and it probably would have taken 300 years to develop. t

manufacturing expending less than forecast and able according to in, is coming in at ism data.r spending stalled in march with inflation going to below the feds target. this question, why is there this disconnect between the economic data, the incredible expectations of analysts, and the positive -- of corporations. joe: hopefully some element of the q1 seasonality which has been depressing numbers for a while for q1, this is a key thing we have been watching. today's top story as we have been reporting, president trump said to be actively considering a breakup of giant wall street banks. pres. trump: we are looking at that. some people want to go back to the old system, right? we are looking at it right now as we speak. and dodd-frank is going to be seriously changed so the banks can go back to loaning money. joe: on that news, we briefly saw the banks tumble and then they moved higher. here with more details and highlights of the interview is our senior white house reporter, whose outside of the white house. margaret, fantastic interview, great work. you made so many headline

ism readings in the 60s were way ahead of everything else.f we come down, it won't be a miraculous growth recovery, but industrial activity in the second half will probably be stronger than the first half. >> mike jackson from autonation was with us, he talked about how the incentives got to such levels that he thinks they're stretched thin. maybe we've seen the peak. he's not suggesting they fall off a cliff, but it's sweetened the group. >> it's consistent with past growth -- solid growth periods for the u.s. >> all right. we have to go. the europe notion now, one guy said stay out of europe. other people are saying it's undervalued and they'd go there. >> is it a frefrnl problem or a broader cloe eer global risk pr. the u.s. is still going to get lower interest rates from the influence of europe. that will be something that's important for the relative value of equities. >> all right, guys. thank you, steven, chris, mufg. you flown southwest? > >> yeah. >> you? >> yes. >> is this your first time flying southwest? >> no. >> did you pay extr

the agenda chock-full of economic data and earning reports, the ism manufacturing and construction spending, tomorrow, april auto sales, paychex small business jobs and wednesday, adp, service index and fed decision at 2:00 p.m. eastern time. thursday, q1 productivity and factory orders, friday, april jobs reports. as for earning, more than 100 companies in the s&p 500 reporting. the big names to watch, include conocophillips, merck, apple, facebook, tesla, kellogg and cbs. >> more than the holdings of united states and canada. >> yep, you could buy netflix and tesla. >> 90% of that is still overseas. brings us back to the question we keep talking about again and again which is tax reform will it will be something that allows repatriation in a temporary or ten days. how important is that, bob? >> it's huge. i think, maybe if we get tax reform, repatriation is 100% likely. >> do you believe that apple is sitting with all of that cash overseas, not bringing it back, not buying anything because of it? >> not necessarily. look. apple is very stingy with their money. we know that. i don't know t

community is coming to the to express our unified resistance to colonialism, imperialism and any kind of "ismtom of my heart, it's such a beautiful day, a beautiful moment to share with each and every one of you. thank you. you make me so proud, each and every one of you. >> definitely. definitely. and there's still, shouts out to empower d.c., shouts out to all the organizations that played a role in organizing this massive, over 200,000-people march in washington d.c. please follow other events happening especially in the city. today there's lots of things, but before anything else, let's close this out with a very wonderful group called sanctuary. now sanctuary is a group near and dear to my heart. they use their faith, and they showcase it through arts and culture. they're d.c.-based, have a congregation that's based right down the street from my house in ivy city, shout out to ward five of washington, d.c. and they've done some amazing work, helping us to spread the word displacement in the berry farms area of d.c. give a big round of applause for sanctuary! >> thank you all! >> thank yo