mark riggs and his family have been cherry farmers for decades. it takes a lot of money a lot of sweat a lot of blood lot of tears to get a crop in production when we get to this time of year when most of the cost rainfall that's harvest time up to a 3rd of our cost could be could be involved at harvest most of the sweet cherries here are heading for china but this year's harvest comes at a difficult time for american farmers. last year when china's tariffs came into place our costs to consumer cost in china rose as much as 40 percent and with the increase cost market typically that market's going to buy less fruit and that 40 percent increase ended up coming out of our bottom line as well and the trade war is escalating since the beginning of the month the chinese have imposed additional punitive tariffs on $60000000000.00 worth of u.s. goods. many products including fruit are now subject to duties of up to 25 percent the effects are passed through the entire production chain. if it's resolved we hope to be able to get back to where we were which

mark crumpton. this is bloomberg. >> live from bloomberg world headquarters, i'm taylor riggs and for shery ahn. >> we are joined by our bloomberg and bloomberg audiences. here are the top stories we are following. s&p 500 is touching a record high. chairman powell's dovish delivery has fueled the global bond rally and boosting stocks. setting up a day to go public. slack technologies sword on day one and gives this company a market value of more than $21 billion. rising tensions between the u.s. and iran. the nation shooting down a u.s. drone. president trump downplaying it now saying it may have been a mistake. let's get a check on the major averages. of course, we are watching, you could call this the fed affect. we have watched these markets, they got what they wanted. we are seeing a broad-based rally. energy leading the s&p 500 higher because of the geopolitical tensions. oil on the move. tech and industrial soaring. the only weak spot, utilities and financials on the day. we are watching slack as it jumps in its debut and the price of gold continues to firm up. we are watching the materials players move high

mark crumpton. this is bloomberg. >> live from bloomberg world headquarters in new york, i'm darrelle revis -- taylor riggs. amanda: i'm amanda lang. welcome to bloomberg markets. here are the top stories we are following from around the world. investors await president donald jinping'schina's xi meeting at the g20. deutsche bank passes a test and makes its new restructuring moves after it survives the fed's stress tests. and we take a look at how china's ban on canadian meat could swamp u.s. markets. let's check in on the major averages here. we have a little bit of weight and see from that communicate. markets monday may have more to trade on. thanks front and center, passing the stress tests. we can quibble on the details. announcing by banks and dividend hikes. the big financers are the ones driving the s&p 500 higher. take a look at this as we hit the midpoint of the year. stocks and bonds on a total return basis have had the best first half of the year since 2010. you can see pretty nice levels in terms of returns. the big question now, does it hold its ground in the back half? often that the case. ta

mark crumpton. this is bloomberg. >> live from bloomberg world headquarters in new york, i'm taylor riggs. amanda: i'm amanda lang.e joined by our bloomberg and bnn bloomberg audiences. taylor: here are the top stories from around the world. historic round stick to the streets in hong kong to protest a bill that would allow extradition to china for the first time. we have the latest. merger monday. we will speak to the steeple financial chairman about the company's acquisition of gmt capital. its cancerting portfolio as it faces rising generic competition for its blockbuster drug. we will tell you about the nearly $11 -- $11 billion deal. first, i want to get a check on the major averages. coming in this morning on risk off mode. that has been turning around. , clearly thecare big out performers here, as well as some of these all caps companies. terminal,e into my something interesting is going on. 10 of 24 strategists that bloomberg tracks have cut their profit forecast but have maintained their price target on the s&p 500. perhaps here is why. the dividend yield on a relative basis to the 10 year treasury starti

marked as a target because of that. >> the attack hand at these apartments on riggs road in chillum two years ago.p victim s shot at least half a dozen times but survived. 22-year-old galileo rico was shot and killed. in chillum, darcy spencer,4. ne >> new fares will take effect this monday on july 1st. the average ticket will cost 3% more. if you buy a monthly ticket, you can get july at the current price if you pay for it before the end of june. here's another heads up for the week ahead. starting monday, businesses in the district could be fined as much as $800 for givin you plastic straws and stirrers that you can only use once. the law took effect last october but the grace period ends when july begins onnday, and in have a vat minimum age to buy tobacco andne hese or21. t >>> it's a favorite spot for t locals, buts will be the last weekend in 20 to take a ride on thearousel at glen echo park. sprinkler eplace the and hey large systems. work is expected to take up to nine months and o costr $1 million. the carousel has been around nearly a century. >> you need some serious ac in there like th

riggs in new york, in for vonnie quinn. this is bloomberg markets. guy: we are marking time. we were waiting for the fed decision of the later on, 7:00 p.m. here in the united kingdom. stoxx 600 absolutely flat right now. we are seeing the bond proxy trades coming off a little bit. also seeing the massive move yesterday, a bit of a selloff coming through, actually, quite a decent selloff coming through ten-year.man mayhem will back up around four basis points, and we are also round tripped on the turkish had,r up there we there was a selloff, based on talk of sanctions from the u.s. if ankara decides to purchase 0 missile from the russians, rather than the patriot missile system from radiant. but as a we have -- from raytheon. wonder how much trouble i will be in if i keep using the pound. equity markets being patient ahead of the federal reserve. all the major averages unchanged. flat forll it, mostly the day as we await the 2:00 p.m. decision. it is all about the bond market. take a look at the three-month 10 year, 20 straight days of inversion. but because we have a list o

riggs in new york, in for vonnie quinn. this is bloomberg markets. guy: we are marking time.the fed decision of the later on, 7:00 p.m. here in the united kingdom. stoxx 600 absolutely flat right now. we are seeing the bond proxy trades coming off a little bit. also seeing the massive move yesterday, a bit of a selloff coming through, actually, quite a decent selloff coming through ten-year.man mayhem will back up around four basis points, and we are also round tripped on the turkish had,r up there we there was a selloff, based on talk of sanctions from the u.s. if ankara decides to purchase 0 missile from the russians, rather than

riggs. joe: i'm joe weisenthal. romaine: here's a snapshot of how stocks closed. u.s. stocks rallying a third day. the dow, s&p, and nasdaq all higher. the dove said free. markthe question is "what'd you miss?" taylor: patient powell no longer be a federal reserve has indicated a readiness to/interest rates to sustain at a record -- a record expansion. the reason is uncertainty in the central banks outlook. sheryl sandberg is calling for regulation and many on capitol hill agree with her. lawmakers want hearings on the social media giant. we will hear from silicon valley and washington coming up. and apple says get the move -- moving trucks ready. it is asking suppliers to consider shifting part of their production capacity out of china. reserve leftral rates unchanged. but it does says uncertainty has increased. jay powell addressing the central bank's latest decision last hour. --ir powell: the production projections show participants believe some cuts be appropriate in the scenario that they see is most likely. though some participants wrote down policy cuts and others did not, our deliberations made clear a number of those who wrote down a flat rate path

marks the end of the second quarter and the first half of the year. let's look at the winners and losers. here is bloomberg's taylor riggs. we know we hit a record high on the s&p 500 just days ago. it is very risk on tech, financials, energy leading the way. even though we had a rally in the bond market, you are seeing that the rate sensitive sectors leading the way. the u.s. in the first half of the year up 17% can outperforming in purple and yellow, countries like the asia-pacific region. interestingly, they are still up about 10% for the year. then it is all about the dollar. in may, we had the dovish pivot by jay powell. that meant you saw a little bit of dollar weakness in the end of the first half of the year. ruble was the big outperform her. positive trade talks within the new nafta with the canadian dollar the mexican peso strengthening relative to the u.s. dollar, but don't forget it is all about trade with the asia-pacific region. in the southncy korean currency some of the weaker performers relative to the u.s. dollar. david: thanks so much. as taylor just said, it is all about the dollar. mckee askede mike s