jonathan: from new york city, for our viewers worldwide, i'm jonathan ferro. "bloomberg real yield" starts right now. ♪ jonathan: coming up, getting a mixed read on the u.s. economy. retail sales looking good, services data disappointing. signs of weakness in europe. german manufacturing struggling to bounce back. all of the uncertainties bringing a did back to government bonds. 10 year bund yields heading back toward zero. we begin with the big issue, struggling to get a read on the global economy. >> china, europe. >> the eurozone. >> china forming a bumpy bottom. >> close to a recovery. >> data is encouraging. >> encouraging. >> europe has many existential issues. >> structural hurdles. >> structural problems in europe. >> too many to name. >> this year worse than people expected. >> so awful over recent months. >> the u.s. economy is doing well. >> a strong u.s. economy. >> the u.s. is not doing poorly. >> the u.s. economy may be stuck here. >> it is a sequencing, the u.s. was stable last year. there is a pass off to china and improvement occurring in china

jonathan: from new york city for our audience worldwide, i'm jonathan ferro. "real yield" starts right now. the rally continues driven by lower rates and signs the global economy is blossoming. inflows into u.s. great credit funds for an 11th week. shaping an impressive order book for saudi aramco's debut bond sale. we begin with the big issue . >> we are in a risk on environment. >> everything looks great in bonds. >> credit spreads are really tight. >> the fed is no longer your enemy. >> the fed has called a truce on us bond investors. >> support for risk assets. >> it is allowing this reach for yield. >> reach for yield coming across all different asset classes. >> the market has maybe more upside. >> more juice that can be squeezed out. >> we think there is more room to run. jonathan: joining me is subadra rajappa, the head of u.s. rates strategy at societe generale, michael collins, senior portfolio manager, and bob miller. great to have you with me. let's talk about that support mechanism. low rates and why they can remain low for a whole lot longer. >>

jonathan: i'm jonathan ferro. bloomberg "real yield," starts right now. ♪ jonathan: coming up, the return of the goldilocks jobs report and u.s. payrolls bouncing back despite signs of a solid labor market, the president repeating his call for rate cuts, and further distortions in global fixed income. credit with subzero yield piling up. we begin with a big issue, the goldilocks jobs report returns. >> a solid report. >> the perfect report for the fed. >> this corroborates what they've been saying all along. >> inflation pressers -- pressures. >> this is a goldilocks report. >> goldilocks job report. >> we are threading the needle. >> businesses have not lost confidence. >> chairman powell's famous words, he is not sure if it is debt or fake but it is resting. >> people said, watch the phillips curve. we will be talking about that every month. it will not happen. >> very little risk of wage inflation. >> huge growth when you look at education, leisure. that shift is a big deal because that means less inflation, mor

jonathan: from new york city, i'm jonathan ferro. startsrg "real yield" right now. coming up, u.s. gdp delivering a big upside to price, helping all forecast. a headline flattered by an inventory boost fueling doubts the growth verse will be sustainable, providing another lift for treasuries. we begin with a big issue. united states looking like the best house on the block. >> strong growth. >> great gdp, great low inflation. >> better fundamentals. >> the underlying economy is doing well. >> the u.s. is doing relatively well. >> the u.s. is simply in a better place. yes, gdp was higher, but the devil is in the details. >> you have to strip out all of the noise of trade and inventories. inventories and trade, that is not indicative of the underlying economy. >> underlying demand was weak. business investment, pce cooled. >> definitely a deceleration from where we were last year. >> nowhere close to recession. jonathan: join me around the table is matt hornbeck, greg london, ian from steely. ian, let's begin with what must be the most hated 3% rate of gdp in america in recent memory

jonathan: from new york city, for our audience worldwide i'm jonathan ferro. bloomberg "real yield" starts right now. ♪ jonathan: coming up, u.s. gdp delivering a big upside to price, topping all forecasts. a headline flattered by an inventory boost fueling doubts the growth burst will be sustainable, providing another lift for treasuries. soft inflation keeps rate cut bets alive. we begin with a big issue. the united states looking like the best house on the block. >> strong growth. >> great economy. >> you can't dismiss it. >> great gdp, great low inflation. >> better fundamentals. >> if you look at the underlying economy. >> the underlying economy is doing well. >> the u.s. is not doing poorly. >> the u.s. is doing relatively well. >> it looks reasonably stable. >> the u.s. is simply in a better place. >> the economy had continued to grow. >> yes, gdp was higher, but the devil is in the details. >> you have to strip out the noise. >> sift through all of the noise of trade and inventories. >> if it is inventories and trade, that is not indicative of the under

jonathan: i'm jonathan ferro. from new york city, bloomberg "real yield." starts right now. coming up, the return of the goldilocks jobs report and u.s. goldilocks jobs report and u.s. payrolls bouncing back despite >> businesses have not lost confidence. >> chairman powell's famous words, he is not sure if it is dead or fake but it is resting. >> people said, watch the phillips curve. we will be talking about that every month. it will not happen. >> very little risk of wage inflation. >> huge growth when you look at education, leisure. that shift is a big deal because that means less inflation, more stable inflation. >> all of that points to the fact that things are looking good for the u.s. labor market at the moment. jonathan: continuing the conversation, we have robert mcteer. head of global bonds appeared in fixed head of global bonds appeared in fixed the driver of that is relatively straightforward. lack of inflation. as long as we have no inflation, whether wage inflation or other sources, that is how things will be. jonathan: robert? robert: inflation is moderate, p

i'm jonathan ferro. ts right now. ♪ jonathan: global equity markets resilient despite more disappointing european economic data. stocks getting a lift from u.s. retail sales. signs of a strong u.s. consumer. , washington's main event brought to you by attorney general william barr. it is coming up this hour. a big day in washington, d.c. starting at 9:30, the attorney general holding a news conference ahead of releasing a redacted version of the robert mueller report. 10:30, president trump scheduled to make remarks to members of the wounded warrior project at the white house. 11:00, the report making its way to capitol hill where the summary will be delivered to members of congress. more on that later. we will be bringing you complete coverage of the bar news conference scheduled to start at the bottom of the hour. let's get you the price action.

i'm jonathan ferro. arts right now. ♪ jonathan: coming up, with execution risk intensifying deutsche bank in commerzbank ending merger talks. earnings from facebook and microsoft sounding the all clear for the u.s. equity market bulls . is by america back in vote? dollar reclaiming of 2019 high. 30 minutes away from the start of trading. there is your dollar strength. euro-dollar at 1.1130. futures on the s&p 500 firm are. up a single point on the s&p 500. up a basis point on the 10 year to 2.53. we begin with our top story. a few more signs of optimism as tech earnings begin to roll in. >> whenever the markets have done well, tech has done well. >> tech. >> those high-growth tech faang stocks. >> these are the companies delivering the results w

i'm jonathan ferro. arts right now. ♪ jonathan: coming up, the s&p 500 clinging to refresh record highs on a big day for quarterly results. the mood worsening in europe. german business confidence disappearing, pulled down by trade uncertainty. u.s.-china trade talks resuming in beijing on april 30. 30 minutes away from the start of trading. here is your wednesday price action. futures going nowhere. we cling to record highs. in the fx market, euro-dollar buy that line in the sand at yieldsd bonds, treasury coming in for basis points to 2.53. we begin with our top story. getting harder, not easier to sell. >> it does not feel like something you want to fight. >> great economy, great gdp. >>

i'm jonathan ferro. right now. ♪ jonathan: coming up, trade talks progressing. president trump meeting with china's vice premier at the white house. the industrial slump in europe continues. german factory orders dropping the most in a decade. tesla stocks plunging after a monster decline in q1 deliveries. 30 minutes away from the opening bell. good morning. here is your thursday price action. futures totally unchanged. the euro of touch softer in the face of more negative data. euro-dollar 1.1217. treasury yields coming in a single basis point to 2.52%. we begin with our top story. a trade deal widely expected and quite possibly already priced in. >> we may seem -- see an interim deal. >> likely to be a resolution to the trade talks. >> the positivity is already there. >>

i'm jonathan ferro. "the countdown to the open" starts right now. ng. confidence building. the rally finding support from the fundamentals. bank of america beating estimates. netflix, coming up next. even the european data bouncing back driving european stocks towards a fifth straight day of gains. good morning. here is your tuesday price action. futures up nine points on the s&p 500. in the fx market, muted price action. duringllar at 1.1298 yields up two basis points to 2.58% on the 10 year. we begin with our top stories. investors looking for fundamentals to validate a market rebound. >> for the next like to be supported for the valuations, it is about the earnings. >>

i'm jonathan ferro.n" starts right now. ♪ quarterlycoming up, earnings standing between the s&p 500 and another record. twitter topping sales and daily user estimates and wall street analysts warning of tighter oil supplies after the u.s. toughens its stance on iran. 30 minutes away from the opening bell. let's get to the price action. futures positive one point on the s&p 500. in the fx market, the dollar stronger against the euro. euro-dollar rolling over to 1.1218. in the treasury market, unchanged. 2.58 on the u.s. 10 year yield. let's get to breaking news and start the show with that and crossover to kailey leinz. onley: breaking news google's drone business. it has gotten faa approval as an airline. it is the first opat

i'm jonathan ferro. ts right now. ♪ jonathan: coming up, the nasdaq at a record high as big tech delivers big results. alphabet coming up next. cap it inflation keeping fed rate cut hopes alive and well despite better-than-expected gdp growth and u.s. officials during a for trade talks in beijing with key issues still unresolved. 30 minutes until the start of trading. futures going nowhere. muted price action. euro-dollar 1.1154. treasuries softer after last week's bid. yields up the -- three basis points. we begin with the big issues. rate cut that's still alive and well -- rate cut bets still alive and well. >> the market is pricing in a rate cut. >> a rate cutting cycle. >> the idea of an insurance rate cut. >> o

jonathan: i'm jonathan ferro. bloomberg "real yield," starts right now. coming up, the return of the goldilocks jobs report and u.s. payrolls bouncing back despite signs of a solid labor market, the president repeating his call for rate cuts, and further distortions in global fixed income. credit with subzero yield piling up. we begin with a big issue, the goldilocks jobs report returns. >> a solid report. >> the perfect report for the fed.

. ♪ jonathan: from new york city, i'm jonathan ferro. eal yield" starts right now. ♪ jonathan: coming up, u.s. gdp delivering a big upside to price, topping all forecasts. a headline flattered by an inventory boost fueling doubts the growth verse will be sustainable, providing another lift for treasuries. we begin with a big issue. united states looking like the best house on the block. >> strong growth. great economy. >> great gdp, great low inflation. >> better fundamentals. >> the underlying economy is doing well.

jonathan ferro is in the united states and i'm in london.on dab digital radio in the london area and globally on your bloomberg devices. this is bloomberg. ♪ guy: live from london, i'm guy johnson. vonnie: from new york, i'm vonnie quinn. this is "the european close" on "bloomberg markets." guy: let's talk about what is going on. a central bank governor does not agree with the imf assessment that michelin is overvalued. his comments come as the country's negotiating a new standby loan from the imf. he told bonnie and i -- he told i he expects the new loan to be in the vicinity of $2 million. >> it is insurance in light of the risks that are around in the global market. only in a cased of significant shocks we cannot deal with in the usual way. package.ainy day that is the one thing we are clear about. like any other imf program, there would be specific policies that support it. this is something we are trying to do. ownership on the program, ownership on the policies that it.orted, -- that support that is what we are discussing. there is no

jonathan: from new york city, for our viewers worldwide, i'm jonathan ferro. ld" starts right now. ♪ jonathan: coming up, getting a mixed read on the u.s. economy. retail sales looking good, services data disappointing. signs of weakness in europe. german manufacturing struggling to bounce back. all of the uncertainties bringing a bid back to government bonds. 10 year bund yields heading back toward zero. we begin with the big issue, struggling to get a read on the global economy. >> china, europe. >> the eurozone. >> the u.s.

jonathan ferro is in new york, i'm in london, and you can find us on all of your bloomberg devices. bloomberg. ♪ guy: live from london, i'm guy johnson. vonnie: from new york, i'm vonnie quinn. this is "the european close" on bloomberg markets. let's turn our attention to huawei. it's chief representative to the eu say allegations of spying on china are not fair. this comes as united states continues to pressure european allies to block the companies access to five g networks. maria tadeo in brussels on huawei's growth. as a chineseead fire this kind of thing. it is not fair. the trust has to be based on the facts and the facts have to be verifiable. this kind of verification has to be based on industrial standards , which are equal to everybody. we respect that in europe you nondiscrimination, and that -- we've provided the last 30 years of development of huawei. a success factor is based on this globalized nondiscrimination environment. we've been working closely with different operators in germany and we have a lot of cooperation and we have that with dutch telecom as well as oth

jonathan ferro is in new york. i will be joining in london.ve on dab digital radio in the london area and globally on all of your bloomberg devices. this is bloomberg. ♪ vonnie: live from new york, i am vonnie quinn. guy: from london, i'm guy johnson. this is european close on bloomberg markets. bonds issued earlier this month and now we may see more from the kingdom itself. we spoke to the saudi finance minister today in react. >> this as a result of what we said we were going to do. we implemented significant reform, which implemented significant discipline and and obviouslyncy oil revenue and a combination of all of this resulted in revenue you have. >> some of our economists have had a chance to look through the oil revenues and those rows in a way that is not necessarily explained by prices or production. is there another source of revenue coming through, maybe dividends? >> we have always said that deliveries we received from saudi aramco are divided in three. we have the royalty, we have the tax, and we have the dividends, regular divid

jonathan ferro is in new york. i will be joining him in london.live in dab digital radio in the london area and on all of your bloomberg devices. this is bloomberg. ♪ guy: live from london, i'm guy johnson. david: from new york, i am vonnie quinn. this is the european close on bloomberg markets. lower 1.2%ntel are after a downgrade from wells fargo which cited weakness in semiconductor demand. joining us with more is taylor riggs. taylor: very big dichotomy. this is why the story was so interesting. we have been reporting record highs on the stocks index for the last two days but you are starting to see weakness in some of the individual names. intel, wells fargo said on the macro side they are seeing demand for chips, and the prices for the chips as you go into the terminal at gtv , the prices are falling. we have not seen them bottoming out yet. that is one of the problems even if the stox index keeps rising. we got positive commentary from some of the other chipmakers. we have not seen that yet. intel,micro side with you are getting some co

jonathan ferro is in new york, i will be joining him in london.is bloomberg. ♪ guy: from london, i'm guy johnson. vonnie: from new york, i'm vonnie quinn. let's get back to the milken institute local conference. we are live in beverly hills with a key voice. carol? carol: i am here with the key voice. former co-ceo of whole foods. your know it -- your new company is stonewall. great to be with you again. i have to talk to you about whole foods. a couple of years from the news that amazon bought about, is it late -- hasn't played out how you thought? >> on balance, yet. look at the large theme of digitizing whole foods. i'm thinking of the offer -- the combination of the strengths of the companies is realized for joining with prime. any cultural combination takes time to settle in, values have to join together. on balance in the marketplace, whole foods continues to come forward through the partnership with amazon. carol: i'm thinking about when holes foods opened in to trick -- when whole foods open to detroit. people said it would not work. you e

. ♪ jonathan: from new york city for our audience worldwide, i'm jonathan ferro.starts right now. the rally continues driven by lower rates and signs the global economy is blossoming. inflows into u.s. great credit funds for an 11th week. shaping an impressive order book for saudi aramco's debut bond sale. we begin with the big issue . >> we are in a risk on environment. >> everything looks great in bonds. >> credit spreads are really tight. >> the fed is no longer your enemy. >> the fed has called a truce on

. ♪ jonathan: from new york city for our audience worldwide, i'm jonathan ferro.eal yield starts right now. the rally continues driven by lower rates and signs the global economy is -- heroes into u.s. great credit funds for an 11th week. buting an impressive order for saudi aramco's debut bond sale. we begin with the big issue -- continues >> we are in a risk on environment. >> everything looks great in bonds. >>

you will find jonathan ferro in new york and myself in london.alboth be on dab radio and the london area and on all of your bloomberg devices. this is bloomberg. ♪ guy: from london, i'm guy johnson. vonnie: from new york, i'm vonnie quinn. this is the european close on "bloomberg markets." qualcomm shares are searching, the best-performing the s&p 500, after ending a legal battle with apple. , for whoms this a win is this a climbed down? >> this is a win-win-win situation for all come capital -- for qualcomm, apple, and intel. for qualcomm it puts the structural effect of its business model being questionable out of the picture. apple will start to pay ,oyalties again after a hiatus which is huge testament to the capability of qualcomm chips and the value of intellectual the chip.utside for apple, it gives them back control of the 5g calendar. you do not want to be at the mercy of a chip supplier or any and potentially putting out the advanced technology products you want to put out. it gives them back control of the calendar. the money is incons

. ♪ jonathan: i'm jonathan ferro. from new york city, bloomberg "real yield." starts right now.the return of the goldilocks jobs report and u.s. payrolls bouncing back despite signs of a solid labor market, the president repeating his call for rate cuts, and further distortions in global fixed income. credit with subzero yield piling up. we begin with a big issue, the goldilocks jobs report returns. >> a solid report. >> the perfect report for the fed. >> this corr

jonathan ferro will be anchoring from new york, i will be anchoring from london and you can also findon all of your bloomberg devices. this is bloomberg. ♪ guy: live from london, i'm guy johnson. vonnie: from new york, i'm vonnie quinn. this is the european close on bloomberg markets. let's get back to los angeles. erik schatzker is there with the key voice from the world of finance. erik: thanks so much. an heinz.with je she is with $1 trillion asset firm the world needs to know better. jean will help us out with that. more money than any woman in the country and possibly the planet. jean: i do. i've the privilege to do that for my clients. wellington is an active manager and since there is such a debate between active versus passive. what is the key today for active management? jean: we are strong believers in active management and we believe passive has a role as well but we believe through every asset class you can generate alpha to our clients and that will help the money grow over the long term. the question is how will you will extend alpha for your client and for wellington th

. ♪ jonathan: from new york city, i'm jonathan ferro. startsrg "real yield" right now.u.s. gdp delivering a big upside to price, helping all forecast. a headline flattered by an inventory boost fueling doubts the growth verse will be sustainable, providing another lift for treasuries. we begin with a big issue. united states looking like the best house on the block. >> strong growth. >> great gdp, great low inflation. >> bfu

jonathan ferro will be joining you in new york as will i.how live on digital radio and all of your bloomberg devices. this is bloomberg. ♪ guy: live from london, i'm guy johnson. vonnie: i'm vonnie quinn. ons is "the european close" bloomberg markets. cap very shares down 2.5%. the first quarter beat overshadowed by fears about china. because they said positive things about china. kailey: they did not. in the first quarter you a beat and the top and bottom line. earnings-per-share $2.94 above estimates. that was driven by mining which grew 18% in the quarter, vastly outpacing the revenue growth in their other businesses. that is not to say there were not concerns. on one hand, inventories grew by $1.3 billion, a bigger increase than a year earlier and they also cited cost pressures. asia grew by 9% that you compare that to revenue growth of 43% in this quarter in 2018, that is a concern. they did say they expect demand in china to increase that sales will be flat. the cfo spoke to bloomberg, saying that might lose market share in china becau