plus, my exclusive interview with square ceo jack dorsey. here is a preview as dorsey discusses growth opportunities for his company. jack: we realized recently that we're not really competing with financial institutions and banks and traditional lenders. our average loan size is $6,000, so we are competing with people going to their friends and family and ask for a loan. and that's a massive market. ♪ emily: sticking with earnings, german giant deutsche telekom gained in frankfurt after second quarter profits beat analyst estimates, but all eyes are on its m&a strategy as it keeps quiet on plans for its prized t-mobile u.s. unit. joining us more, caroline hyde, from london. everyone wants to know whether consolidation is coming. we didn't get any clues, did we? caroline: we certainly didn't. the cfo was conducting a meeting today 40 -- for the analyst call. because the ceo is actually out on holiday. this is how important the august time off is to the europeans. the ceo is not around for his earnings call, but the cfo did say there are talks

i sat down with chairman and ceo jack dorsey to ask him about what is driving growth. ked about square's burgeoning market of customers. jack we realized recently that : we are not really competing with financial institutions and banks and traditional lenders. our average loan sizes $6,000. we are competing with people going to their friends and family in asking for a loan. and that is a massive market. emily: i also asked dorsey what the thinks of the skyhigh valuations of other tech companies. take a listen. , so: i am not an economist i don't know how to answer that question. we live in a market, and markets decided to value it at this particular thing, but there will always be evan flows -- ebb and flows. that is not something we can control. we control whether people want to use something we are building. the answer seems to be yes, and they use it enough that people that asked for recommendations about what tools should they use? trying to get out of this nasty contract, where should i go? that is the thing we control and focus on. emily: you must have a keen insi

what roles do tech companies play, and leaders like you, jack dorsey, can do in closing that gap? n't think there is any difference in the role that tech play -- companies play or individuals like i play. i think the most important thing is to have an open conversation and speak up. if we can't to speak up and transparent about how we feel about policy shifts, we are going to move backwards as a country and as a world. so, that is my role. that is our cap's role and our -- that is our company's role, and our industry's role, and it is every citizen in this country's role as well. i will use my role and my experience to inform what i believe is right, and what i believe is necessary. emily: as somebody who runs a company that moves a lot of money around, how concerned are you about not just economic, but political uncertainty right now? jack: well, every entrepreneur or leader has to deal with uncertainty. we just have to be comfortable with it. and the economic uncertainty, let people talk about is not something i necessarily feel on a daily basis to affect my decision-making. what

we will break down the earnings report with ceo jack dorsey. first, to our lead.esla shares swinging and lay training after reporting second-quarter earnings. last thaner lost analysts expected. revenue is also better than expected, at $2.8 billion. the question now is how much cash elon musk's company burned through after unveiling its most affordable car yet. must spoke heavily of the model ata sedan that starts $37,000. us in the studio, dana. a-shares now up more than 4.5%. what are the highlights? were going tohey spend a lot, but they spent less than investors have feared. model 3 reservations are through the roof. it sounds like these fears of cannibalization are not as severe as some were concerned about. they have seen an increase in and xations in the s since the 3 was revealed. emily: i am looking on the bloomberg, tesla spending $1.16 billion in the second quarter. >> they had signaled heavily that they would bring the model 3 to market. they still have cash on hand that will bring them through the end of the year. emily: let's talk about production. h

vonnie: that was where ceo jack dorsey speaking with bloomberg's emily chang.is time for the bloomberg business flash. let's look at the news right now. -- it is vying san , theisco's anchor transaction that will cost $85 million. sapporo's manufacturing and distribution in the u.s. market as sales slow in japan during kellogg is cutting costs from its full-year sales term. according to people familiar with the matter, the packaged food industry has been squeezed by slow retail sales. budgeting requires managers to justify a red stamp. yielding to act as investors. mccoy had some rusher from including new or ryan partners, was called for the appointment of a new ceo following disappointing q1 results. that is your latest bloomberg business flash. new chief ofthe staff, john kelly, is bringing order back to the white house. this is bloomberg. ♪ vonnie: this is "bloomberg markets." i am vonnie quinn. discipline in the west wing. that is what the new white house chief of staff john kelly is raining down. attorney general jeff sessions was told his job is safe. can

we will speak exclusively to the ceo jack dorsey.pple shares soared to a record high after better than expected revenue forecast. analystres calmed concerns that the new iphone might be delayed. we spoke with tim cook on a phone call. he told us that it appears more users are waiting to upgrade to increase media reports about the new iphone. says that it seems they have been louder and more frequent than in the past. we broke down the guidance and earnings. >> there is a lot to look forward to hear. on the one hand, the market is , sog to grow by about 60% there is a lot of upside in that market. there is more to come should there is a lot of upside to come with things like virtual assistant and home assistance. there are also all the services like apple pay. emily: he told me that over the last 12 months, the milestone of earnings have been projected to be met, but not this soon. >> yes, i think they have to be happy about that. it is an important revenue stream for apple as it will be for other competitors going forward. they: what

julia: coming up, and exquisite interview with greco founder jack dorsey.why he's not worried about being first in the market. from new york, this is bloomberg. ♪ julia: this is bloomberg markets, i'm julia chatterley with scarlet fu. square on ares of tear. the payment company led by twitter cofounder jack dorsey sees the stock almost doubled this year on optimism in its all-in-one offering for merchants. emily chang sat down with jack dorsey following the company's second-quarter earnings and asked him what he thinks of sky high tech valuations. mr. dorsey: i'm not an economist so i don't know how to answer that question. we live in the market and the market has decided to evaluate this particular thing. there will always be evidence of -- ebbs and flows. our job is to make sure that that answer is yes. they want to use it so much that they can't help but talk about it with people that ask for recommendations about what tool should i use? get out of this nasty contract, where should i go? that is the thing we control and that is the thing that we focus on

julia: square ceo jack dorsey right there with our emily chang. watch " bloomberg technology" at 5:00 p.m. eastern. joe: coming up, when you need to know for the trading day. this is bloomberg. ♪ scarlet: one word, jobs tomorrow at 8:30 a.m. joe: berkshire hathaway reporting after the velvet new assemblyela's is inaugurated. scarlet: that does it for "what'd you miss?>" joe: have a great evening. this is bloomberg. ♪ alisa: i'm alisa parenti in washington, and you are watching "bloomberg technology." the wall street journal is reporting special counsel robert mueller has enlisted a grand jury in washington to investigate russia's interference in the 2016 election. that is a sign the probe is intensifying. prosecutorsthority, can subpoena documents, put witnesses under oath, if there is evidence of a crime. governor jim justice is reportedly switching sides. sources familiar with the plan say he is expected to announce tonight he is joining the republican party. trump had promised a big announcement in west virginia. leaked transcripts of phone cal

don't miss our exclusive interview with jack dorsey on bloomberg daybreak: asia tonight.o second-quarter earnings per share beating estimates by , r.o.e. increase. stocks now unchanged. aig up by him was 1%, operating earnings per share higher than the most bullish estimate out there. "what'd you miss?" thedow hit 22,000 and record high, but transports are 6% below that. let's turn to abigail doolittle on what that might mean. technical me is the .esearch analyst let's answer that question about the diversions with another question from the terminal, will we get a correction before the end of the year? one of our users saw your coming on and typed in that question. >> this is the dow. this has been an incredible bull fromt, up almost 250% 2009. it is still going up. place, ands are in moving averages are rising, so long-term aspect remains positive if we look at their weekly . a you look at march, we have mac d momentum that suggest consolidation, but that takes place against the backdrop of a positive, ongoing bull market. >> let's look at the dow transports. could you t

coming up next, our exclusive interview with jack dorsey.>> this is "bloomberg markets: asia." i am yvonne man in hong kong. >> i am betty liu in new york square results topped estimates think to larger merchants revenueit but form, rising 40% as customers process more payments and pay the company for loans, deposits, and software. also raised its full-year sales and profit forecasts. emily chang spoke to jack dorsey exclusively in san francisco. business, that is what we are most proud of as we continue to build a business morescales, reaching's small businesses. one of our biggest differentiators in the market is for self-serve. anyone can come to us and get started right away. we are seeing that at scale from the small to the large, so that is the core. square capital continues to be something we are really proud of. i said on the call that we we ared recently that not competing with financial institutions, banks, and traditional lenders. our average loan size is $6,000, so we are competing with people going to their friends and family an

now jack dorsey on the future of digital commerce. he spoke with the technology editor of fox media in mountain view, california. >> hello, hi. jack: hello, thank you. >> thanks for being here. i want to get right to it. thewondering how frequently president uses square. [laughter]

francine: that was jack dorsey.rg "surveillance" continues when tom keene joins me out of new york. we will talk to pimco and goes what we're hearing from the boe. we have super thursday. we have that rate decision followed by the news conference of mark carney. then we look at earnings. we have quite a lot of earnings brady european banks and the french banks are doing quite well on trade. and especially the european banks are doing quite well. this is bloomberg. ♪ who knew that phones would start doing everything? entertaining us, getting us back on track and finding us dates. phones really have changed. so why hasn't the way we pay for them? introducing xfinity mobile. you only pay for data and can easily switch between pay per gig and unlimited. no one else lets you do that. see how much you can save when you choose by the gig or unlimited. call or go to xfinitymobile.com. xfinity mobile. it's a new kind of network, designed to save you money. dow.ine: take a bow, the index hits a high. a year after the last rat

york tabloids of working the press, going around the press, and this idea that this machine that jack dorseyn 2006, when the press was falling out of the top 50, created this perfect storm with man, message and machine. >> can't wait to see it. great to see you. >> thanks. >> light reading for this weekend. >>> watch this special report, twitter and trump, tonight 9:00 p.m. eastern right here on cnn. >>> coming up for us, following breaking news out of "before hours." a manhunt underway for the driver of the van that plowed into that crowd yesterday afternoon, killing 13 people. more than 100 injured still. why the terror cell may be bigger than first thought. >>> be right back. art choices. and when you replace one meal... ...or snack a day with glucerna... ...made with carbsteady... ...to help minimize blood sugar spikes... ...you can really feel it. now with 30% less carbs and sugars. glucerna. ( ♪ ) (music stops) (bell rings) that's why at comcast we're continuing to make4/7. our services more reliable than ever. like technology that can update itself. an advanced fiber-network infrustru

as season five of "the apprentice" was falling out of the top 50, jack dorsey typed, just setting upitter. >> i have 90 followers, so 90 people are watching what i'm doing. >> reporter: what started as sending short messages to friends went to social media and exploded the day michael jackson died. >> more than 100,000 tweets in an hour. hold it. this is a space people are going to break and talk about news. >> reporter: this new tool captured the imagination of online marketers. >> back in 2009, i was working for a publishing company. >> reporter: including the man tasked to promote donald trump's new book. >> we don't understand this. you are the expert. why don't you explain it. >> reporter: they set up a meeting with the boss where he explained the basics and an imposter claimed the handle,@donald trump. >> i suggested we call it @realdonaldtrump. that gentleman ran the account for eight months. tonight, we are going to see the cost benefit analysis and the president remembered by history. >> this doesn't include the last two weeks. this will be fascinating, thank you very, very

now jack dorsey on the future of digital commerce. he spoke with the technology editor of fox media in mountain view, california. >> hello, hi. jack: hello, thank you. >> thanks for being here. i want to get right to it. thewondering how frequently president uses square. [laughter] because we know he often uses the other platforms. jack: i have never been asked that question. lauren: really? we are off to a great dark. obviously if you don't know, things are secure, and we don't see the world react if it does area and in all seriousness, people here know what square is and what it does and of not, you just saw that nice introductory video. you do have an idea. you recently had a pretty positive orderly earnings report. your stock is up 96% year-over-year. you are starting to make money on things like peer-to-peer payments. how much are you profiting monthly? jack: monthly i don't believe we give out those numbers area lauren: you can give it out now if you like. [laughter] jack: i could, but i won't. you startede square, nearly a decad

[laughing] >> jack dorsey, thank you so much. >> thank you.applause] >> this from the hill, use economy grew at an annualized rate of 3% and the second quarter, that's up from the first estimate of 2.6% according to the commerce department. a second estimate which incorporates more data and saw strong growth and personal consumption can indicate a general sense of financial security among the population and nonresidential fixed investment which indicate bullishness on the business side. the growth is the strongest since the first quarter of 2015 when it hit 3.2% but not as hot as he i .2%. >> 5.2%. >> in the third quarter of 2014. you can can read more at the hill.com. president trump may comment about this way speaks later today in springfield missouri what is expected be an event kicking off taxi from efforts to collect coverage on c-span starts at 22 220 -- 220 220 tun. john nichols talks about his book horsemen of the apocalypse of phuket and most interest people in america which looked of people make a president trump's inner circle. like

she spoke to jack dorsey about that. we will have a listen. really always been on a inclusion first. making sure that we are building an organization and environment at a company that people feel .ike they belong and people feel like they can contribute to. do you think this is something you feel like the east coast is also talking about? david: the east coast has been talking about this for a while. it is one thing to talk about but another thing to walk it. it has really been a challenge racial gender and ethnicities. coming up later this week, a big lineup of guests. jeff curry from goldman sachs, julian emanuel. live from london and new york, this is bloomberg. ♪ who knew that phones would start doing everything? entertaining us, getting us back on track and finding us dates. phones really have changed. so why hasn't the way we pay for them? introducing xfinity mobile. you only pay for data and can easily switch between pay per gig and unlimited. no one else lets you do that. see how much you can save when you choose by the gig or unlimite

motors ceo mary bara is joining the board of directors expanding to 12 members including twitter ceo jack dorseyhief operating officer of facebook sheryl sandberg. shares of disney down 8% this month. four military servicemen have been kicked off of mike pence's communication team for bringing ladies back to their hotel. cheryl casone he has that story. >> reporter: this happened in panama where hotel security cameras capture the service men bringing the women into a secure area. he was visiting panama wrapping up a trip to south america. the three army soldiers and air force airmen have been reassigned pending investigation, officials said there is no indication the women who accompanied the soldiers were prostitutes. a milestone for obamacare. ohio announced it will offer a -- affordable care act coverage, the county in the northwest corner of the state left without coverage for the entire year of 2018 after and some said it would pull out of that county. no us counties are going to be without coverage for 2018. finally amazon planning to make big changes to whole foods, amazon says they will

jack. >> good morning, eun. it's been a tough ride this morning, 32 eastbound after route 1, dfr dorsey run road, another vehicleoverturned, on the shoulder, one left lane will get by. a couple accidents and the backup along the left side. south i-97 headed down near the hawkins road overpass our crash was moved out of the road finally, 124 at 108 still have authorities on scene for that vehicle that was involved in the early morning crash. >> thank you, jack. >>> a check on your forecast is next. stay with us. >>> good morning. you might notice more clouds around this morning, m sprinkles out there. we have a cold front moving through so we will see improvements this afternoon. mid 80s for a high, less humid tomorrow, only around 80 degrees, that goes into the weekend and into next week. >>> now back to "today." >>> good morning, everybody. >>> good morning, everybody. welcome back to "today." it is 7:30 on a wednesday morning. >> yes, it is. we will begin this half hour with a check of the headlines starting with the president, unfiltered and unscripted in phoenix. >>> overnight protests are up outside the are