jonathan steele, the connections between russia, china, and north korea?nwell, obviously, rush it some sense is an ally of north korea. they will be worried about those comments you just played because they show the no adolescent by the united states. use of military force rather than diplomacy and negotiaiatio. and unpredicicbility. these are hallmarks of a regime or government in washington which is, from the russian point of view, extremely dangerous, provocative, and almost out of control. , howf finally, stephen cohen likely do you think there is right now of a direct confrontation between the u.s. and russia? the answer to that, i would go to the racetrack and redeemer a lot of the money i lost over the years. but i would say way too close, way too possible. the other new cold war fronts are heating up. that is the north wall to carry a, the small baltic states and poland were nato is building up beyond reason. ukraine, where the american supported the government and give is melting down. but of course, it is syria. we have a lot of troops there. we

jonathan: alix steel, thank you. joining us now is chris.s in terms of trade -- how do you express this in terms of trade? >> i think we express it in the dispersion we are seeing under the service -- surface. discretionary, there are some winners, and there are some clear stocks that are not working. i think this is a manifestation of a market that is consolidating here. winnerss been a lot of at the stock level, and i have been someone's that do not work as well. jonathan: talking about the consolidation, you pointed out the short interest chart. it seems to be creeping higher in the russell. tell me why. >> i think it is a little interesting given how bullish the street was on small in november. small cap started to roll over in late january into february. in terms of what is bottoming, i think small caps are close to putting in a low here. -- sentimentthat is probably reflective of that here. >> it is pretty significant as ares said that small-caps leading it, because it says so much about how people are seeing the mystic economy going.

steel witht was alix jonathan hill, the former european commissioner for financial services. us from the goldman sachs asset management symposium in new york. i want to ask you about the harder line on brexit. the eu parliament setting a harder line in negotiations. --what interesting everything about what lord hill said, he's a different areas play different roles, the eu parliament will always take a harder line. the eu council and what germany and france wind up coming down on, that is the leadership you have to focus on as we head into these negotiations. everyone will have a public and private view and we have to get ready for all of the rhetoric to continue. vonnie: how did he imagine we would get to the point where britain could start negotiating trade deals, when they have not sorted out the parameters of the negotiation itself? alix: he was lackadaisical about it, saying if they agree in principle of what the bill will exit to be will be, then you move forward with a transitional deal. the financial services front and center for that. he sees new york and asia as bei

alix steel is here with a guest that will make our buddy jonathan ferro jealous.ve you here. i want to start with adp. we have a killer number of 263,000 of march. the yield curve steepen's maybe not so much. why not so much? mike: the economy is on extremely strong footing. there are a lot of investors who do not want to believe it is here and real. if you look back at the temper tantrum of 2013, people got very concerned there. significantly. that was nothing compared to the news we have now about the economy. it is not surprising to us that rates of mental that more. you point to the yield curve and we think it's likely to significantly steepen and the fed will be roughly behind the curve. that should start to get priced into the long end of the curve in the u.s.. alix: if you 263,000 at adp, where are these workers coming from? does that mean we have less slack than we thought, meaning we should have a flatter yield curve and the fed should go slower? mike: if you looking what is going on in the economy, it's broad. it's very broad based in terms of the job cr

i am david westin alongside alix steel. jonathan ferro is off today. the big story today will be about that snap election. coming up, we will talk about the first 100 days of the trump administration. are bouncingures off the lows. the ftse being hammered 1.6%. you did have yields falling below 1%. they are back up a little bit, now only down one basis point. the sterling is moving much lower on the announcement that theresa may was going to speak today. to theow bouncing higher highest level we have seen since february. a verification of theresa may calling those snap elections. this deal will add point one and working in 2018 -- in 2018in 2019 and 21% in 2019. alix: -- david: coming up at 9:15, we will get more economic data. hour, esther george speaks at it barts college conference. we will have an exclusive interview with her at around 10:00 eastern time. cabinetting with a where we agreed that the government should call for a general election to be held on the eighth of june. less: that was theresa may than an hour ago at number 10 downing street.

jonathan: david cote of honeywell. questions like a toddler, alix steel.kie? david c.: she obviously understands my family. david: toddlers are adorable, so that as a compliment. up, deutscheing bank chief global strategist will be joining us this morning. some big beats for mcdonald's and cala pillar, -- caterpillar. futures up 2/10. from new york, you are watching bloomberg. ♪ jonathan: great -- alix: breaking news for citigroup, they get a saudi arabia banking license. we learned they were trying to get back in as saudi arabia changed the reform system. advisor onhe lead the first international bond sale that raised over $17 billion, and now citigroup gets the investment banking license. cap -- caterpillar jumping over 16% and raised their full-year earnings and revenue guidance. they sought better work in china and energy, transport, and construction. for some insight, david cote from honeywell is still with us. where are we in the industrial recovery? we have hit the trough, that is obvious. david c.: i think there is still a ways for this to go. the

i am jonathan ferro alongside alix steel. are firm, up.board very quickly, treasuries and yields are higher by three basis points. 220 on the tenure. on the margins, we are just a little bit softer. >> i'm looking at morgan stanley up about 3% on the premarket. it is now up by 2%. it has beaten on every measure. they are talking now about regulations. visit any tax break below 30% will be very good for morgan stanley. that some parts of financial regulation could really be set to be rolled back. is relatively flat. they have had record shares into inflows. missed, and that is why you see some softness in that stock. ibm earnings -- speaking of down earnings, ibm is down 5% in the premarket. you have new sales in cloud not yet offsetting its business. growth margins and operating margins are getting tighter. itsmate helping to lift peers in the premarket. john? jonathan: the big question over in london is who wants another election? prime minister theresa may seems to think she can crush the labour party. if the chamber votes two thirds of

i am jonathan ferro alongside david westin and alix steel. weekend, we continue to do that. in the markets this morning, futures in the united states largely stable. down two points on the fed. muted price action friday, monday, tuesday, likewise today. looking at the fx market, stable on the euro-dollar. risen by that yen stretch and that bid we have seen the last

coming up shortly with david west and jonathan ferro and alix steel, david joins us.ontinues to be geopolitics in the wake of this syria attack. tillersonlk about rex and the aftermath of the xi visit. we'll have ian bremmer, the founder and president of eurasia group, with us here to sort through it. and what does it mean for the markets? the markets aren't reacting -- is it because they don't care or don't know what to make of it? we will talk to ian bremmer and many more. david: thank you. david west, looking forward to that. time now for the single best chart, back with carl weinberg. #btv6722. parlorhere is this car game with the conversation of rate hikes and unwinding the balance sheet. how tense is that argument right now? how easy for the fed is it to walk and chew gum, to scale back the balance sheet? >> continue to normalize both by raising rates, showing the balance sheet. we look for two more hikes and deposit the end of the year. , in a coordinated program the last thing the fed wants to do was to cause financial market distress. it is clearly intending

i'm jonathan ferro alongside david west son and alix steel.es a little bit firmer. up six points on the dow. treasuries up. and crude catches a bit. alix: and 1:00, i've been waiting for this all week. it is the $16

i am jonathan ferro alongside and alix steel. let's begin with morgan stanley.gative in earnings. $9.7 billion. trump to higher than last quarter and highlights goldman's miss. equities coming up big about $2 billion. 10.7%, high in target for the end of the year is 11%. jonathan: the stock is up. this

i am david westin alongside alix steel. jonathan ferro is off today.ing up, we will talk about the first 100 days of the trump administration. are bouncingures off the lows. the ftse being hammered 1.6%. you did have yields falling below 1%. they are back up a little bit, now only down one basis point. the sterling is moving much we

david westin, jonathan ferro, alix steel. maybe a quiet day in some places.one of them is neil gorsuch. that judge is going to be voted on in the senate. we will be joined by david boys. he is the one you go to when you are betting or company. for the case of al gore, your entire presidency. why should the business community care about neil gorsuch? more broadly, what donald trump is going to mean for litigation and regulation. tom: what is so important about this interview is the focus is on justice kennedy, a centrist on the court. i would suggest justice breyer. se never gets enough attention. i would like to think about the corporate tone of this next supreme court. david: the supreme court is actually quite light on people who know america. he came out of that world but even neil gorsuch really doesn't know corporate america. it is a real challenge. tom: i am really looking forward to this. look for that here in a bit. right now, sebastien galy has been here. and on the single charts, maybe this is a litmus paper for 22. it very much works as well. here

westin, alix steel and jonathan ferro with important conversation on daybreak.his saturday. in london, they get to 70 degrees in july. this is bloomberg. ♪ jon: the federal reserve has a new communication problem. what does it mean for rate hikes? currency manipulation and north korea -- president trump welcomes the chinese leader to the united states. taking thinking back to the old days. bringing back glass-steagall. it warm welcome to "bloomberg daybreak." good morning. thehe equity market with federal reserve weighing in on valuations. what do you think about that? futures up .1%. treasuries on offer on the margin. alix: time for the morning brief. at 8:30 eastern, initial jobless claims. 9:30, john williams is speaking on a panel in frankfurt. what will he say today? 6:45

i'm jonathan ferro alongside david westin and alix steel. this is "bloomberg daybreak."softer earlier on, and now we firm up by a 10th of 1%. a stronger yen. alix: time for your morning briefing. we get empire manufacturing data. 4:00 p.m., my favorite is kept. who is buying and selling u.s. treasuries? p.m., the vice president of the fed speaking at columbia university. and we have netflix and united after the bell. jonathan: joining us is david rosenberg. great to have you with us. you have a weekend of geopolitics in a friday a very disappointing data. think to some extent the geopolitical risks are a rouse that they are not real threat to the marketplace. but what is important that it has taken the white house's eyes of the what investors are looking for some of which is deregulation and infrastructure. they have shifted focus in the white house to a foreign-policy agenda unexpectedly, and away from the domestic growth agenda. agenda, has athe composition changed? the idea that we were going to get a lot of good stuff from d.c.? thought that -- i was one of the few o

i am jonathan ferro alongside david westin and alix steel. futures go nowhere.nts on the dow. a big quarter, we leave behind. the best quarter since the end of 2016. we kickoff q2 with a slightly lighter tone. almost everywhere. treasuries going nowhere. 239 is your yield on the u.s. 10 year. thereally see some with manufacturing the highest since 2011. q moving over to alix steel. alix: pencil up over 3%. the first quarter deliverance up 25,000, beating estimates. that goal for the first half is coming in at 50,000. again we are seeing least hassle market -- leaves tesla market caps close to ford market caps. ford, six point 6 million, putting that into perspective. granite construction unchanged on the day but earlier this morning it was up 3%. neutral, it is upgrading because california's transportation bill could help restore the stock momentum. stocks got hit on infrastructure delays from the trump administration. orville is denying any planned acquisition of that takeover idea which first floated in a british tech blog. the register says that idea was neve

i'm jonathan ferro alongside alix steel. flat through monday, flat this morning as well. 106. a little bit of dollar weakness for a second straight day. the yen strength driving that story. treasury of two basis points. rex: secretary of state tillerson will arrive in moscow. at 10:00 a.m., we will get some eco-data. we love looking at the quick rate for that. at 1:00 p.m., we will get

good morning, "bloomberg daybreak" after a long weekend, i am jonathan ferro alongside david westin and alix steelyou morning. treasury lows, sub to 20, we are down by three basis points, futures just a little bit softer . alix steel, rolling over by .8%. 8:30 a.m., look for data, datahen 4:00 p.m., tick will be released, who is buying and selling u.s. treasury's?

jonathan: high-yield? carl: a tough one. em. martin: high-yield. fran: em. a programming note. sitting down with bloomberg's alix steela few minutes, discussing natural gas and the global energy summit. for us.s it next week, we go back to friday, 12:00 p.m. new york time, 5:00 in london. you have been watching bloomberg "real yield." ♪ so you're having a party? how nice. i'll be right there. and the butchery begins. what am i gonna wear? this party is super fancy. let's go. i'm ready. are you my uber? [ horn honks ] hold on. don't wait for watchathon week to return. [ doorbell rings ] who's that? show me netflix. sign up for netflix on x1 today and keep watching all year long. ♪ vonnie: live from bloomberg world headquarters in new york, i am vonnie quinn and this is bloomberg markets. liquefied natural gas is changing quickly thanks largely impart to new sources of u.s. shale supply. is demand expected to grow? looking at a boom bust cycle. alix steel at the energy summit at the university in new york. we are here at the center on a global energy policy in the hall. the pioneer of the energy, he terminal,, lng impor

i am david westin in washington, alongside jonathan ferro in new york. alix steel is off. great line of guests today, including, in just about an hour, a rare roundtable with tom daschle. we want to know their thoughts on how president trump can work better with congress. jonathan? jonathan: let's get you to market action ahead of all that. up by 13 points on the dow, positive by a single point on the s&p 500. set to squeeze out a second week of gains for april. point on a basis u.s.--- on a u.s. 10-year, much stronger, up by .6% on the back of it pretty decent read on headline inflation and encore as well. let's get you some stories elsewhere with emma chandra. to first's get you word news. china has told north korea to conduct no more nuclear tests, according to rex tillerson, who spoke -- who said china also told the u.s. that it would not -- that it would impose sanctions of the north koreans continue testing. president trump told voices that if diplomacy does not work, there could be a major conflict with north korea. the president still plans to end a tax break that

i'm jonathan ferro alongside david westin and alix steel. a short-term trading week. let's get you up to speed. futures on the s&p 500 in the united states, stable, unchanged. treasuries bid on the margin, 238 on the u.s. 10 year. alix: time for your morning brief. 10:30 a.m., rex tillerson will attend his first working session of the g7 were in ministers meeting in italy. this time, it might be different. we will get $24 billion, will there be the demand? and fed chair janet yellen speaks of the university of michigan. we will bring that to you live on bloomberg television. balance sheet clarity. david: meantime, geopolitics have been front and center the past few days, with the u.s. missile strike at syria escalating with russia, and moving a carrier group near the korean peninsula. markets have not reacted strongly, although the credit suisse sphere index indicates that the cost of buying protections on equities have reached their highest level. before that, it was the election that was low. joining us on the television, ian bremmer, president and founder of eurasi

is a message in the stock market for janet yellen. .he very, very afraid i am jonathan ferro with david westin and alix steelorning. up 1/10 of 1% on the s&p 500. board,ng up the treasuries largely unchanged. settling down at 223 after five weeks of gains going lower, lower, lower. this week, we are dead flat. marginally softer, $1.07 on that trade. that is the story on the broader asset classes. alix: earnings trickle out. the set up by 2%. the first report after buying back visa europe. it is tracking of the expectations. a cross-border payments up 11%. the company reprieved heating -- free patriot and billions of dollars to the u.s.. cybersecurity software company earnings beat outlooks. they gain your seeing a short squeezed because the stock was dragged down so much after showrade, but the earnings a 10-gain market share. rbc says that their argument is going up in smoke in this quarter. wrapping it up with e-trade, up 3%. they did announce rate cuts last month, but it did not affect the quarter. david: the imf spring meetings in washington this week. francine lacqua is there with a special guest. franc

a warm welcome to bloomberg daybreak, i am jonathan ferro alongside david westin and alix steel. negative eight points on the s&p 500 after a two day slide. treasuries with a big bid yesterday. yields up one basis point on the u.s. 10 year. past 24 off own of the hours, dollar-yen grinds lower to a 110 handle. let's get you some movers ahead of the opening bell. is the micro in the market, nsc network up over 10%, potentially looking at some kind of buyout. the new york post is saying they have potential suitors that could be at&t or verizon. they own broadcast for the next, -- and connect just collect five dollars a month per prescriber. kate spade down by about 12%. talks may require several more weeks and the worry is that the price will be lower. it could be below the current billion, said$1.9 to already have a bid from coach in hand and waiting for one for michael course. bank of america down. the outperformance since the election has closed the evaluation -- valuation gap with jpmorgan. says this is fully valued at this point. david: drama in d.c. this week, --d it -- senat

i am jonathan ferro alongside david westin and alix steel. risk,rkets this morning, buy. the euro is firmer. core government bonds selling off. alix: where they are buying, they are buying peripheries and france. rally, dollar-yen off of highs on the session. crude is getting a bit as risk on continues. david: the top story is the first round of presidential elections in france. been ringingua has as the news throughout the weekend. we see her in paris. i watched the special yesterday. the question i came back to was how could we get to a world where the two established parties in france did not even make it to the second round? francine: this is significant. there will be a lot of introspection and navelgazing today from the candidates who did not make it. there are two lines of thought. first is that france is ready to reform. they want growth and a more market friendly economy. that is why they voted for a 39-year-old the wants to shake things up but is not too scary. how does that explain 40% of the votes going to extreme candidates, marine le pen and jean-luc melench

i am jonathan ferro alongside david westin and alix steel. risk,rkets this morning, buy.ds selling off. alix: where they are buying, they are buying peripheries and france. rally, dollar-yen off of highs on the session. crude is getting a bit as risk

i am jonathan ferro alongside david westin and alix steel. as we counted on to a three-day weekend, we continue to do that. in the markets this morning, futures in the united states largely stable. down two points on the fed. muted price action friday, monday, tuesday, likewise today. looking at the fx market, stable on the euro-dollar. risen by that yen stretch and that bid we have seen the last couple of days. treasuries stable. francine: safety in havens. the dollar-yen, 109.61. we are now rolling over just a bit. the vix still steady but over 15. that has be fixed -- the vix breaking the 15 level. gold softer after a big move yesterday. oil on the front, 5/10 of 1%. wrappedt is the markets up. coming up on the program, guests including the eu commissioner of the economic financial affairs. larry summers, the former u.s. secretary and a ceo. david: geopolitics continue to take center stage for business and markets today. secretary of state rex tillerson meeting with the foreign minister in moscow and saber rattling over north korea. we are

i am jonathan ferro alongside david westin and alix steel.action to the payrolls report. futures softer, down 45 on the dow. negative four points in the s&p 500. we come in by about .2%. switch of the board --treasuries caught a huge bid after the initial reaction, then we have come back a little bit. 2.31 is the yield on the u.s. 10-year. the euro weaker, the pound weaker, the dollar stronger on the session following an initial bid on the dollar. and we rolled over and came back. can you came up -- keep up to speed, alex to a question mark -- alix steel alix: i can. the tomahawks responsible for the bombing of syria -- they cost about 1.6 million dollars, and raytheon says it is about 20% of its revenue, and the u.s. government except 66% of raytheon's revenue. banks are little bit lower. part of that is yields. down.r walmart up. raise from outperform to market perform. they have an increased physical store dominance, new digital prowess, but i should point out retail jobs were down two months in a row. an amazon trend, or we're consumer sp

i am jonathan ferro alongside david westin and alix steel. ,lix: citigroup coming out fixed trading revenueion dollars, which really trumps estimates, well over the increase expected. at $1.35.solid the market trading revenue coming in a little bit late on this range at $759 million. investment banking revenue on the higher end at $1.2 billion. overall the company made $18 million in the first quarter. that was up 3%. it was about global consumer banking and institutional clients. jon: ups comes in at one dollar bank. one dollar. . wells fargo comes in at 605. the estimate is not 09.2. first quarter residential mortgage at $44 billion. a little bit softer in the free market -- in the premarket. the headline associated with this bank was berkshire hathaway. it gets below that fed limit of 10% in 50 days. alix: we should point out that provisions for credit losses were down quarter on quarter. they are making less loans to we will have to hear more. 30%, that isate of not 20. that is not 15. interesting from wells fargo. michael porter out -- jon: michael corbin released a statement on a sign

i'm jonathan ferro alongside david west son and alix steel. futures here in the united states a little bit firmer. up six points on the dow. treasuries up. and crude catches a bit. alix: and 1:00, i've been waiting for this all week. it is the $16 billion five-year tip auction. it breaks even under 2%. i'm interested in the demand and the yield that it goes for. and federal reserve, the governor jerome powell will be speakingen a panel on washington. and michael mckee interviews robert kaplan at 7:30 a.m. eastern. is going to be an exclusive interview. how do they square that? and that balance sheet. david: that exciting base book. jonathan: i want to know what the rest of the week looks like. [laughter] lix: it has them cringing. david: ok. bank regulations frames the news with preposals kicking around including bringing you back glass seeing toll free up banks in other ways. an exclusive interview with bloomberg, former chairman paul volker thought he thought it would be a bad idea. >> what i would oppose if they do that and thinking that th

steel one on the road so -- steal one on the road so maybe tonight will be different. >> a happy homecoming for the newest washington redskins, the skin and former stonebridge bulldog jonathann with the 17th pick. a surreal moment for allen that gone with the all important phone call from jay gruden. >> called me and said they didn't think they were going to get me and feeling lucky to have me and i said i feel lucky that you guys called me. don't remember too much but i just -- just very emotional time for me. >> high praise for that young man. can't wait to have him here. >> a lot of excitement. home boy returning home. >> exactly. should be great. >>> that's wusa9 at 6:00. cbs evening news is next. >> coming back at 7:00 with offscript from la plata. topper will be there too and we will be back at 11:00. things for joining us, everybody. now through sunday everything's on sale during our anniversary event. find furniture and accessories for every room. from traditional to contemporary, the newest designs and the freshest styles. plus, you'll get twenty-four month, no interest financing.