james bullard. let's go to juliette. korea hasnorth threatened to walk away with the meeting from president donald trump, due to a "one-sided request" regarding nuclear weapons. the move undercuts the optimism after kim agreed to discuss his nuclear weapons program in a first of its kind meeting. economy shrank for the first time in two years during the first quarter of 2018. gdp shrank 0.6% during the previous three months. the contraction was more than expected due to fly private consumption and business spending. china's u.s. treasuries have risen to a five-month high. tes increasedd no to $1.9 billion. trade tensions between the two largest economies. its holdings dropped to the lowest level since october 2011. the leader of the anti-migrant league has been talking with the anti-establishment five-star movement in italy on a populist government. talks have ended the final stretch, but parties are still trying to find the right balance between the two policy platforms. lawmakers from both sides continue to find negoti

david: james bullard the relevance of forward guidance. plot, putting that concept on the fence. why he thinks it should not be the case anymore. plus, the top market and business stories. stay with us. this is bloomberg. ♪ david: 7:30 in the morning here in hong kong, thursday. 30 minutes away from the open of major markets in the asia-pacific. two hours away from the markets in hong kong. tencent seems like a 10 out of 10, as we have been mentioning. new york city, rainy outside our headquarters, 3rd avenue. i am betty liu in new york. david: i am david ingles in sunny hong kong. this is "daybreak asia." a delegation from north korea has met chinese president xi jinping as speculation swirled the trump-kim summit could be canceled. beijing urged their allied to go ahead, despite recent hawkish comments from washington. may meet inm singapore on june 12. washington is going ahead with the preparation as normal. malaysian police have raided the of -- as they reinvestigate millions of dollars missing from the 1mdb fund. prime minister mahat

james bullard speaks to bloomberg later today. sharing thelists role with their respective iraders, alternating the media. btp's are selling off, pushing the yield north of 2% this morning. that is the story of the last 20 minutes. tencent numbers dropped after the market close. matt: less than half an hour away, european futures. ,e are looking at a mixed trade a drop on futures for the ftse but a gain onc, the futures in germany. very slight. -- a move inmove btp's, we will show you that through the morning because the talks there are absolutely fascinating. it could bring together a government that a lot of pundits said was not a possibility. the 10 year treasury yield, i have a three-day chart here, the highest level since 2011 yesterday. 3.065.hovering around the interesting thing will be whether or not the positive data out of the u.s. brings the fed to three more rate hikes this year and if investors keep an appetite for treasuries amid the massive delusion of supply -- deluge of supply from the u.s.. guy: btp's, certainly

louis james bullard at midnight u.k. time. that, you don't want to miss.is is bloomberg. ♪ ♪ welcome back, this is the european open. 15 minutes to go until the start of the open. this has been a week characterized by political risk. italy, a president under fire has been set to be ready to replace the stand in with the original choice, if the two populist parties can revive coalition talks. --the next few minutes, it's the spanish parliament will begin to debate a vote of no-confidence on their prime minister. we bring you the headlines as they happen. they tell bloomberg that the socialists are close to securing the backing needed to oust him. let's get to our reporters on the ground. annamarie, i going to kick it off with you. the saga has been breathtaking, what is the latest? >> the latest is that sell holds all theni cards. we are hearing he might swap the foreign minister -- the commerce minister to the foreign minister. we could see a populist government as soon as today. but if he says no to swapping the finance minister, we could see the presiden

was james bullard about the central bank's policy. next. ♪ manus: risks are rising in the entire in government bond market. 7:17 in london, eight: to set -- 8:17 in the italian market. i want you to focus on the european government bond yield. we have breached the 1% level. we have risen by 10 basis points market play. with that in mind, what happens next if there is a downgrade? that is the question in the marketplace. if there is a downgrade, what would that do to the ecb's ability to buy the bond market? bond markets are in focus. return of capital is equitably in focus. that is the breaking on from standard life aberdeen. they have a surplus of capital. ceo martino the gilbert -- we will get to martin in a moment. let's get your business flash. juliette saly standing by. the u.s. has signaled a willingness to begin talks with the european union to reach a settlement over illegal state subsidies handed to airbus, according to a person familiar. it indicates a possible shift in washington's position, which has threatened to impose b

said.t: so well later today, a bloomberg exclusive with james bullard.about the impact of tariffs on the u.s. economy. from new york, this is bloomberg. ♪ ♪ julia: this is bloomberg markets. scarlet: it's time forscarlet: options insight. joining me today is steve from interactive brokers. yes, we see an increase in the vix,. huge. in the vix, not huge. what we have been getting is .uch website -- whip sawing the market does not know what to do with this information. it becomes difficult for the market to process not market events. the tariffs become a market in event but with politics in a way mark -- and that markets are not comfortable with. julie: we are looking at the vix curve and the changing tenor of the vix curve over the past week, couple of days even. talk to me about what we are seeing here and how things have been changing. >> the bottom curve, the yellow one, is where we were a week ago. that is normal, upward sloping. i heard people going into the short trade, which borders on insanity. that did not work out. tuesday.ine is you see the big

don't miss kathleen's exclusive interview with james bullard live at 3:30 a.m.if 1:30re awake in sydney, p.m. wednesday for new york fears. reynolds,arfield let's continue this conversation about treasury yields. >> in fact, overnight, treasury yields kicked against jim bullard's concerns with the 10-year rising to 3%, one of those magic numbers out there. if it can sustain about that, and we will get more calls about how the bull market might be ending. this was something that wasn't just a product of technicals. there was some talk overnight from one of the ecb policymakers indicating that they are moving closer to reducing their purchases. that sent yields up, and 10 year yields up. chart that we have a we can show you of the intraday action where the yield curve, this is the 5-30, that bottomed that is amped up, so potential stabilization in the back curve, which might loretta mester's line and see that were not headed for an inverted yield curve. we are actually heading for a steeper yield curve. it tenure two-year at high as well. >> yes, that is key, espe

james bullard, speaking. he said the twitter ceo is speaking.pple after party, headlined by snoop dogg in a meatpacking.on in but the hype is very much there. i wonder if we will see a spike in cryptocurrencies as well to correspond with this, but we will be watching that in the after party action. to's get it over to yvonne take a look at what is coming up on daybreak asia in the next couple of hours. yvonne: we are taking a look at what will happen here when it comes to the u.s.-china trade negotiations. the investors are going to washington. a stunning reversal, trump helpings etf bringing back jobs for china. we will talk more about that .ith that gbh insider this seems to be a good all of france when it comes to the trade talks coming through this week. we will talk about that list. the msci, the shares included in the index. the asian equity portfolio specialist joining us with his reaction. day, finally. in a long time coming for the chinese investors. that is it for daybreak australia. ♪ ♪ it is 7:00 a.m. in hong kong, we are live from b

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guy: james bullard speaking to kathleen hays.talk about the dot curve, so we are now -- do we get much higher? >> i think this is the end of the move, rather than the beginning. we could do 3.25%. the problem the market is going to face right now, there is survey data, soft data, through the roof. everything is great and we are going to get inflation. then there is hardly data, not quite materializing. if we don't get that real sign of inflation coming back, not just expectations, we will probably find the ceiling around 3.25% difficult to move forward. guy: sitting on the side of the atlantic, the united states is like a different world right now. data is solid. even hard data doesn't look too bad. bund is at 6.25%. treasuries are at 3.1%. are we done with synchronized growth? jim: yes. about the strong as point in the world is the united states. the united states is very strong and optimistic. taxunited states has the cuts and everyone going. global synchronized growth was the story for 2016 and 2017. we don't have that now. ni

louis fed president james bullard. we will be back with jerry short. this is bloomberg. ♪ shery: this is bloomberg markets. i'm shery ahn in new york. amanda: i'm amanda lang in toronto. canada's on x is finding it in america and europe. i spoke exclusively with the ceo about the firm's strategy at this stage of the cycle. >> geographically we are focused americas. and europe. we have offers that follow those categories. toronto, new york and london. amanda: how much do you adjust your investing style based on where we are in the cycle? >> we don't adjust our style or our criteria. what we try hard to do especially on these really heady times is to maintain our style and maintain our criteria and not get carried away with how great the market is or how terrible it was yesterday. amanda: what kind of discipline does that require? >> a lot. we are in a long-running bull market. the last 250 years have lasted this long. all good things come to an end. .here's a price to be paid we have sold many investment into this market. leaving the top is nearby and s

louis fed president james bullard about what he sees regarding inflation and the yield curve this year. j mr. bullard. bullard: what is lower today is lower than what it has been in the past, and people have been talking about this for what it while. i do not think people can lose sight of that is the main idea. >> it seems to be of all the five cautions, the most urgent one is yield curve flattening. in fact, you said it is getting closer to the crunch time on the yield curve, that it could actually invert relatively soon. what is driving it? why is this happening? up bullard: if the fed goes three times, that is 75 basis points them and you have to ask yourself -- is the 10-year going to go up that much over that time frame? if it does not, we will have an inverted yield curve later this year or early in 2019. i do think it is crunch time for this. i think those that are more sanguine on those issue feel like it will rise, and we had the yield going up the last day or two, but the question is -- how is that going to eat over the remainder of this year and into 2019? i do not think we

ok, coming up tomorrow, we have an interview with james bullard at 1:30 p.m.rom new york, this is bloomberg. ♪ anchor: well, we are going to the mall for our stock of the in themong the worst real estate sector, already the worst performer in the s&p 500. abigail doolittle is here, going shopping for us. there is a lot of retail news but also a lot going on in real estate, as well. abigail: yes, and this is one of the largest mall companies, in 25 states, new york, arizona, california, and one you will be familiar with is across county mall up in yonkers. case, they own various properties, but the main story course, weh -- of had the backup of the yield, and with the bloomberg, we will see why this hurts macerich. gtv is a chart in the function, and it shows percent, relatively high, and that the s&p 500 dividend yield, so on a day like this, when the yields are soaring, even though these are higher, they look more unattractive. joe: they do not like to see higher rates, but this is the higher rates plus the retail weakness. you are right about that. back when

james bullard, st. louis fed president and ceo. and, our economics and policy editor, kathleen hays. coming up, masayoshi son hits on the gas as gm's driverless cars join his vision fund. this is bloomberg. ♪ a.m. friday. happy friday in hong kong. we are 30 minutes away from asia's first major market open. msci inclusion day. samsonite reviewing trading from 9:00 a.m. in hong kong, when we learned the ceo ramesh tainwala resigned after facing pressure from seller blue orca. ramy: beautiful morning there, but not a beautiful evening here. rain in the forecast, 7:30 p.m. thursday in new york. the empirelooking at state building like we normally do, a beautiful shot of traffic outside bloomberg headquarters, as people make their way home. i will say happy thursday to you here. i am remy innocence you in new york. yvonne: i am yvonne man in new york -- in hong kong. closest up, america's allies will impose tit-for-tat penalties after the u.s. confirmed tariffs against them. commerce secretary wilbur ross issued duties on steel and alu

louis fed president james bullard. that's at 1:30 p.m. new york time, 6:30 p.m. in london and he's always a fascinating interview. let's check in on first word news. haskell - haspel is one the caa.er to many democratic senators and two republicans oppose her. i cite her role in supervising waterboarding and other terror -- interrogation techniques that others called torture. the white house as a warning of its own for north korea. threatening to pull out of next month's summit north u.s. insists that korea surrenders nuclear weapons. a white house spokeswoman says it there is no summit, the u.s. will consent -- will continue with maximal pressure campaign on north korea. talks in italy are said to be winding up. the head of the anti-migrant against the five-star moment are in the final stretch. thatwo parties may demand the central bank right off 300 billion dollars in debt. this is bloomberg. vonnie: thank you. towersup, trump transcript, we see what a document means for the administration. this is bloomberg. ♪ ♪ vonnie: from new york, i am vonnie quinn and am

fed president, james bullard, speaking exclusively to kathleen hays.about the implications of the emerging markets. economists at nomura joining us now. we discussed some of the implications. what happens in this tightening monetary policy environment in the u.s. for emerging markets? ofi think that has a lot applications -- implications for was's in the past when qe in place. they received quite a bit of capital in flows, and now, the reversal of that is happening. not just rate being hiked in the u.s., but the balance sheets of the fed being reduced. that would imply capital outflow risks, and these are things that countries like indonesia would need to deal with concerning the amount of inflows they have had in the last years. rishaad: it's all about positioning. because they rely so heavily on the funds, that is the problem, isn't it? the fact that they had not bought themselves in the right place before hand. they knew this was coming. how much does the blame rest on the finance ministry's doorstep? euben: i would say, firstly, the indonesia has a

louis fed president, james bullard.nancial is in the business of providing credit cards to consumers buying retail so at a time there's a retail evolution or revolution happening, i asked synchrony c.e.o. margaret keen what it meant for their business. synchrony identifies with retail credit. how dependent are you on the health of retail because there's talk of retail going through a fundamental transformation in this country. meredith: it's an exciting time and yes it's an evolution or revolution however you want to categorize it but the most important part for us is since we've been through many different cycles in retail, you know, we really knew coming out of g.e. the most important thing for us was really to jump on to the technology aspect of where retail is going. so right out of the gate we invested in mobile, digital and have been doing that now for the past three years. and you know, one of the interesting things for me when i was part of g.e., i had the opportunity as part of one of their programs they do to

louis james bullard. gtv go is the function.is bloomberg. ♪ >> this is bloomberg etf iq or we focus on the assets, risks, and rewards. life, liberty, and emerging markets. provider explains how -- the world's biggest portfolio manager that no one has ever heard of, gerry o'reilly of vanguard. he oversees more than $1 trillion. his only mission is to match the s&p 500. mia -- millennials

courtney: president james bullard his poll sill mackers have no business planning strategy week in advance because they don't know how it could change. speaking exclusively to bloomberg he said the predicted three or four rate hikes could put downward pressure on inflation. bullard wants the fed to change its course. >> the whole idea that you're naming the number of rate hikes way out in the future when you don't know what the data is going to be is something we should get out of the business of doing. >> a delegation from north korea has met chinese president as speculation that the trump-kim ummit could be canceled. trump and kim may meet in singapore on june 12th. and the administration says it's going ahead with preparations as normal. >> malaysian police have raided the home of their former prime minister as the new government reopens the investigation into billions of dollars missing from the one mdb fund. the scale of the fraud is bigger than initially thought. they are speaking to other to recover the money diverted from 1mdb. >> this was laundered in measure. since there was no a

louis fed president james bullard at 1:30 p.m. eastern.y of the charts, g tv is the function on the bloomberg and you can see the second chart about the chinese a-shares underperforming the broader hong kong and u.s. listed chinese stocks. find it g tv , live from new york and toronto, this is bloomberg. ♪ scarlet:t's 7:00 -- it's 7:00 p.m. in hong kong, i'm scarlet fu. lisa: i'm lisa abramowicz. scarlet: we are live in new york over the next hour. we aree top stories covering from around the world. casino stocks rally as the supreme court strikes down a ban on sports betting. change of heart, president trump throws a lifeline to the te -- eiseman's next to short. the man behind the big short says the junior and -- german lender is this bank. mas gains and -- modest gains and big caps. abigail: a very modest to small gain for the three major averages or the dow, the s&p 500 and the nasdaq, investors taking a breather after last week's big rally for those major averages and

louis fed president james bullard, who shared his concerns about a flattening yield curve in an exclusivewith kathleen hays. >> if the fed goes up three times for the rest of this year, that is 75 basis points, and you have to ask yourself if the 10 year is really going to go up that much in that kind of timeframe. if it does not, we are going to have an inverted yield curve later this year or in early 2019, so i do think it is crunch time for this. i think that those that are sanguine on this issue feel that the 10 year will rise. and we have seen the yield going up here in the last day or two, but the question is how is that going to proceed over the remainder of this year and into 2019? i do not think we are in any danger right now sitting here today. the yield curve has an upward slope. that is fine. it is not too far off the average slope over the last 30 years or something. but i would be concerned that we not march into an inversion without our eyes being wide open. >> the risk is recession? >> if the yield curve does invert, and we are not there yet, but if the yield curve does in

louis fed president james bullard is how will the fed continue to raise rates without inflicting pain on emerging markets. his response was we need to focus on the u.s. economy. you mentioned the dollar continues to strength be do you buy, sell or hold u.s. stocks >> it's got to be said, historically you would be cautious about holding stocks in this particular kind of environment. that said, april and may hi historically have been benign over the last 50 years for equity markets this is not a particularly bad environment it has to be said that it held up well equity markets have held up well that said you do struggle to have ten-year yields at 3.20 and 3.25, which seems remarkable in the context of what we've just seen, maybe less so you will question some of the yield story in the equity market therefore i struggle to see an aggressive move higher in equities here, unless we hear more cautious comments coming out from the fed what happens in june, july, august for the fed is always important. the period leading up to jackson hole at the moment i find it tough to be excited about u.s

speaking of economics, james bullard. always interesting. james bullard with our kathleen hays.:00 hour. this is bloomberg. ♪ francine: this is "bloomberg surveillance." tom and francine from london and new york. tensions are mounting in italy. the two biggest parties are theggling to nail down details in forming a new government. five-star asked the president for more time. some analysts have criticized the populists' plan. what affect could a deal have on growth process -- prospects? holger schmieding and alberto gallo are still with us. first of all, what is in jeopardy now? populistve this government -- will the president say yes to it, and what are the main faults? is it terrible for public finances? notrto: first of all, it is a done deal. it is possible that the agreement may fall apart. and you could have a different type of coalition if the two parties do not agree. if they do agree, there is a plan to introduce a flat tax, basic income, and increase spending. the president, however, has the ability to block laws that are not funded. he has said he would do so. i believ

the big interview to watch for is james bullard. that exclusive interview is at 6 p.m. u.k. time.n italy, the leader of the anti-migrant lead has had a top antiestablishment five-star movement and they have entered their final stretch. but they also say the parties are still trying to find the right balance between their platform. reportingpers are that the two leaders could take turns serving as premier. japan's economy shrank for the first time in two years. the contraption was more than expected on a surprise call in business spending and flat private consumption. china's holding of u.s. treasuries have risen to a five-month high. u.s. bonds held by beijing increased by 11 billion dollars to $1.9 trillion. however, japan, the second-largest foreign creditors holdings dropped to their lowest levels since october 2011. tesla's energy unit has lost two leaders, adding two departures orders ausk reorganization of the energy team. this is according -- this is as top executives have left the country -- the company. they have declined to comment further. and apple's ceo says he spoke

. >> james bullard, president of the federal reserve is worried the central bank to tighten into recession i think you would have to see upside beyond what is actually , sog forecast right now people are already forecasting inflation slightly above target. stronger than expected growth, above and beyond what we are already expecting. i will think that is all that likely. >> jay powell gave a speech .ooking at emerging markets -- ty much the argument telegraphed. they can handle this. you look at indonesia and looking at turkey having to raise rates. what you think of that? -- what the you think of that? -- what do you think of that? new.is is not really this is an issue that has been around for the last six or seven years. be the the story has to charge of the policy of the united states. sure they would like to have more influence, but we have to run monetary policy for the u.s.. countries outt of there. we can't do everything for everybody. >> yield curve flattening is on your list, there are concerns of volatility in emerging markets, particularly with oil prices rising. that the fedrne

james bullard made the comments in an interview with bloomberg. >> the idea that your naming the numberf rate hikes we out in the future when you don't know the data is going to be is something we should get out of the business of doing. shares has jumped after kroger agreed to buy a stake in the grocery. -- in the grocery. marks ocado's biggest deal so far. global news, 24 hours a day, powered by 2700 journalists and analysts in more than 120 countries. i am ed ludlow. francine: let's talk trade. lawmakers have pressed xi jinping to stop unfair practices. the chinese vice mayor is in washington -- vice premier is in washington this week. it is his second visit after an earlier round of meetings. kong,re let's get to hong enda curran. what are we expecting? what is the chinese delegation trying to get out of it? enda: we are into a critical few days. i think there's an expectation --t perhaps there will be china will be up to nudge things forward to make concessions, making offers to buy more u.s. imports. wraps more offers around just perhaps offers around -- wraps were offers around o

james bullard spoke and did not bash bitcoin.tead he acknowledge that had digital currencies are here to stay even though is it not think bitcoin is a threat to the u.s. dollar. >> we think it's very interesting and of course there's been a lot of new issuance of cryptocurrencies so we're keeping an eye on that. we want to be very engaged and thoughtful about how this proceeds. >> reporter: still, noteworthy investor barry sill verizon sees more money going into cryptocurrencies. >> as finally discovered crypto and i think there's a tidal wave of capital that's about to flow into this asset class. >> reporter: and as if on cue, hsbc making new advancing its first trade finance trans, using block chain which involved a shipment of soy beans from argentina to malaysia. we're seeing more companies put block chain to use. >> thank you. >>> the question is does wall street starting to warmup to crypto we've been at a couple conferences. and actually save money. >> so many things going on. when you think about bankers and the guys i sp

james bullard will be joining us. that conversation wednesday, 6:30 p.m. u.k. time.loomberg daybreak: europe radio team. next, francine lacqua and "bloomberg surveillance." this is bloomberg. ♪ ♪ francine: erdogan exclusive. as lira hits a record low the president says he will tighten his grip on monetary policy and the central bank. we have to give off the image of a president who is influential in monetary policy. >> you will play a role in monetary policy going forward? is that the big change. >> yes. this may make some uncomfortable, but we have to do. francine: china's vice premier heads to washington, d.c. as president trump defends his decision to help zte. over and out.

louis fed president james bullard.s some sort of update on the labor market coming out? the jobs report coming out in 8:30. scarlet: it's only the jobs report. for "what'd you miss?" luber technology" is up next. joe: have a great evening. this is bloomberg. ♪ two, down, back up! our phones are more than just phones. they're pocket-sized personal trainers. last minute gift finders. [phone voice] destination ahead. and discoverers of new places. it's the internet in your hand. that's why xfinity mobile can be included with xfinity internet which could save you $400 or more a year. it's a new kind of network designed to save you money. click, call, or visit a store today. ♪ emily: i'm emily chang in san francisco. this is "bloomberg technology." next hour, thee trump administration tariffs on steel and aluminum imports from the european union. a move condemned by america's closest allies. what it make -- means for talks with china and global technology. arm is rolling out a new version of its most popular chip designs. w

louis federal reserve tank, james bullard. he made the speech in tokyo today. >> we are almost at this longer federal funds rate right now. so this is one argument about do too may not have to much more in the u.s. to normalize monetary policy. juliette: spain's embattled government has nominated -- to head the country's central bank, backing a fiscal conservative for a job that includes a say in european monetary policy. the economy minister will go before a parliamentary committee today to make the case for the new bank of spain governor before the appointment becomes official and can be ratified by king philip. the bank of england has denied a report that there is a rift between the central bank and the u.k. treasury. that's after "the financial times" reported the institutions are at loggerheads over the future of london's regulations after brexit. -- hasunnamed officials, fallen out with the treasury over concerns it will give away regulatory control after the eu originalthe u.k.'s proposal. the russian billionaire owner

serious topics will be discussed including the world of federal reserve, which james bullard will tacklesents that consensus on monday european parliament member will speak on regulation. u.s. representative david sweer will discuss governance and frederick smith on how block chain will transform the supply chain and logistics industry late in the week, twitter and square ceo jack dorsey will take the stage. cnbc will be on the ground with all the highlights the conference comes amid renewed bullish calls for bitcoin. tim draper told cnbc within the hour that despite recent volatility, bitcoin is headed higher >> no one has ever hacked the bitcoin block chain. it is the most secure place to put your money and so as a stored value, it is a great place to be. >> bitcoin trading above $9,000. melissa, back to you. >> seema, thank you. our next guest says history suggests the conference will in fact be the next big catalyst for bitcoin. let's go off the charts, robert, what are you seeing? >> so tom leaf did a little interesting study looking at how bitcoin behaves around consensus events if

louis fed president, james bullard, speaking exclusively to kathleen hays.hen it comes to it, the world has changed, and it's about forward guidance. we should be more like greenspan in our policy, relishing the delivered ok city. scott, have we been over for guidance? towe need a greenspanian era emerge? i think it's an important part of the communication strategy the fed has with the markets, as witnessed by their ability to raise rates over the last two years. it suggests that the good model going forward. i do think the terminal rate is a relevant part of the conversation for bond investors and equity investors. the terminal rate now sits just below 3%. what we suggest is as we move through time and as the economic picture continues to develop, the terminal rate could move .igher, above 3% as much as 50-75 basis points over time and that will be relative input for investors as we go through the next couple of quarters. anna: so when we look at the replicating what the fed is forecasting, do you think this is just a distraction from where you think we sho

betty liu there a programming note, coming up on wednesday we have an exclusive interview with james bullardat's at 1:30 p.m. eastern time. new york, this is bloomberg. ♪ stock it's time for the of the hour, and it is symantec. shares have recovered on pace with their best day since 2012. abigail doolittle, today's rally has more to do with information about accounting issues that were bps of friday's big fellow. coaster really a roller for symantec. they were going to have to delay the reporting of the annual report and perhaps restate earnings and not really making a big deal of it, but saying it had to do with one whistleblower . lots of questions about what that is. the stock plunged, saying they would have an investor conference call happening at 4:30 today. more information on what's happening, and my sources are saying it probably has to do with not actual fraud but likely the revenue recognition that perhaps they've been a little aggressive in terms of how they recognize revenue. they have multiyear contracts, do they pull it forward? joe: is it, to talk about proper recognition? abi

to miss thent extensive interview with james bullard, at 1:30 a.m. on thursday.st one at wednesday afternoon for east coasters. the daughter billionaire sumner -- it erected into open warfare, throwing a potential deal with viacom into doubt. and keep use drama up to speed right now. let's start with how this all escalated in the first place. cbs has thrown a grenade at this deal and what they said is they want to reissue a special dividend that will reduce the sharing of the controlling company. it will reduce the voting share from 80% to 17%. and with a worried about is they have decided that this deal doesn't make sense for them under the terms proposed and they are worried that she might force them to do it anyway. that is why they've come out and shoot her for this. you have come out today and said they actually have no intention of replacing the board or forcing a deal that was not supported i both companies. >> how has she responded to this suit? >> she is not happy. so she has come out and said that they committed to a world governing process. these compa

alix: no tom rice to me that james bullard overnight talked about being sensitive to the yield curve.ad to say. james: in my view, i don't think the fed has to be so aggressive as to get to an inverted yield curve. than wetion was higher are today, then maybe we would go along with it but we are not in that situation. in andow do you price manage inflation? in thes we move later cycle, we think the 10 year has moved a lot. so we are overweight to 10 year. it has been a great stabilizer for us. bullardink the james quote is interesting. it shows why he volatility is back. on one hand, you have a new f ed with people saying the u.s. economy can take higher interest rates before it rolls over and we don'trt is saying, want to take this too far, because inflation isn't getting away from us. that is what we see play out in the markets every day right now. w.: lisa erickson, thank you so much for joining us. mark haefele will be staying with us. we discussed the issues plaguing brazil next. this is bloomberg. ♪ this is bloomberg. ♪ david w.: one of the places we have seen this radically is

and it -- an interview with james bullard. that is at 7:00 a.m. hong kong time tomorrow.tencent earnings outlook with the company stocks trading sideways these days despite stellar profits. what the concern is. this is bloomberg. ♪ ramy: welcome back. this is "daybreak: asia." chinese investors are unwinding their positions on tencent faster than ever. take a look at my bloomberg chart real quick. you can see this meteoric rise we have seen from tencent stock. clearly, you see this juggernaut 30the past decade soaring fold in the last 10 years. let's look at the performance. it has dropped more than 60% after reaching that peak january 23. to's bring in our analyst see what is going on now. they delivered strong first-quarter results, but ever since then we have seen the shares trade sideways. what is going on? >> there are several consequences the market might have. the potential decline in margins driven by investments in new business such as off-line revenues as well as growing on less profitable is this is like payment businesses. -- businesses like cloud payment busi

he stays with us it coming up tonight on daybreak, an exclusive interview, james mueller -- james bullardsticking with america, deutsche bank's chief executive says the bank remains committed to the u.s. despite the rumors. we will get the latest from berlin. this is bloomberg. ♪ francine: this is "bloomberg surveillance." i am francine lacqua here in london. deutsche bank's new chief says lenders committed to america sinking to dispel rumors to the country. the comments, as he pairs some businesses in the u.s. and as an poison what the outcome of this whipping job cuts. let's get to berlin. chet thomas, great to speak to you. ,t seems that every time investors get spooked, the surprise falls at what is his main message for investors? today and overng the coming days to hear from s&p regarding the the rating for deutsche bank. they had put the rating under review just after he was named as ceo. people are following his comments closely. probably the rating agencies as well. we will wait to see what we hear regarding any potential change. that would continue to put pressure on the shares a

. >> thank you >>> "squawk on the street" don't miss the cnbc interview with james bullard at 10:30 a.mk. oooh! that had to hurt. aflac?! not that kind of hurt. yeah, aflac paid us cash in just one day to help with our car payments and mortgage. aflac! perfect timing! see how aflac helps cover everyday expenses at aflac.com. >>> welcome back walmart announced they were buying 77% stake in the indian e commerce firm. the biggest ever acquisition now walmart said an ipo should be done evaluation lower than at the time of walmart's investments. >> one last look at the markets that have started in triple digits when we began the show. now 65 points on the dow we had seven straight up sessions. >> 2.3 last week. >> nasdaq is closer than the other to the highs but they're all up for the year. so we bounced off that and retested those correction lows who knows what happens from here on out at least the day looks positive again for the start of the week. there's wti crude up 19 cents. sort of locked at the 70 level and the ten year a lot of these things at 3% level or just under at 2.98. i'll k