merrill lynch not a national bank in cayman islands meant he could do it without making a lot of no ideas, not tell anybody if started asking, probably know, a lot more complicated. so subpoenaed information, and front end -- trump tower sit down and no a story about this you can't -- called him up on phone said like to meet with you i thought it was about something else they sit down, and they say fbi -- in to another store shopping, knew him, and so this is regarding that -- and football, i care about it, want you to know -- this is a specific subpoena, you take it out you have to give us every name and account number bank account you have. >> he considered helping with our investigation -- some people this is trying to come you probably heard that term some people hard if working hard, sometimes you have to handcuff them trithem downtown sometimes do things like -- in face of well won't do it you have to get them to do it, maybe 17 seconds. to decide. and within couple weeks sitting down with prosecutors, telling them the story ad nauseam explaining to guys what they didn't under

ultimately ran merrill lynch.nd -- david: these are all prominent african-american business leaders. robert: all prominent african-american business leaders. and all of them took the meetings. from there, they introduced me to other people to take meetings. i literally had 100 interviews in my fall of the second year of business school. i figured out mergers and acquisitions was the only business i wanted to be in in investment banking. ♪ david: you went to columbia business school and i assume you did pretty well there because you went to goldman sachs afterwards. what year did you join? robert: 1994. david: you worked there for a while, and then how did you decide you wanted to go into technology banking? robert: right. well, like all things, in the land of the blind, the one-eyed man is king. at the time, technology for us was defense contractors. we had another company we had taken public called microsoft. we had another company we called on called ibm. that was the world of technology as far as goldman was co

that is what bank of america merrill lynch is saying.hat is really showing you we have a peek in the market -- peak in the market. now is the time to get out and move when you have slowdown in monetary policy and likely to see this change up in the cycle. it is time to get out of these so-called technology darlings. it is time to short them. that is why i am showing you how much they have fallen and how much further the overall market capitalization can go. vonnie: we should take a little bit of credit because we had milton berg on before the talk for netflix and he said time short is now. you were onto something. imf rate i am going to give the crown to -- because -- i am afraid i am going to give the crown to -- because i feel like we have been ignoring other earnings. this is bloomberg. ♪ caroline: we have some breaking news for the immediate conglomerate -- french stock seeking strategic partners for the universal music group. in its first quarter earnings, they said they were looking at doing the legal work to see if they can find n

ultimately ran merrill lynch. -- david: these are all prominent african-american business leaders. robert: all prominent african-american business leaders. ♪ david: you went to columbia business school and i assume you did pretty well there because you went to goldman sachs afterwards. what year did you join? robert: 1994. david: you worked there for a while, and then how did you decide you wanted to go into technology banking? robert: right. well, like all things, in the land of the blind, the one-eyed man is king. at the time, technology for us was defense contractors. we had another company we had taken public called microsoft. we had another company we called on called ibm. that was the world of technology as far as goldman was concerned. david: were there are a lot of african-americans in technology at the time? robert: very few. very few. i was our first m&a banker on the ground in san francisco focused on tech and then we decided to form a tech group and that created a whole other nexus and dynamic of oppor

the bank of america-merrill lynch survey says we will invert. 28.12 --e goes, 2812.75.f bank results to come. juliette? juliette: google will learn whether it faces a fine over its european operating system. the eu has said its mobile threatensategy competition in its search engine market. it could be fined more than $11 billion. we will bring you our interview with the european competition commissioner at 12:30 p.m. u.k. time. this company has reported its highest profit in three years as the market rebounds. operating profits rose to $628 million, beating analyst expectations. mgm is suing the victims of last year's mass shooting in las vegas in an attempt to block potential compensation claims. the owner of the mandalay bay says a federal statute even races liability for a company that adopted antiterrorism technology which mgm says it did. it wants to establish the be held liable for the deaths of 58 people and the wounding of hundreds more. anna: thank you. the u.k. government has fought off an attempt by conservative rebels to form a customs union in the european

hile merrill lynch ended the scheme known as masking in may 2013, the sec order indicates that merrill lynch did not inform customers about its past practices, but rather, took steps to hide the isconduct. this follows an sec announcement earlier this month that merrill lynch will pay more than $50 million to settle charges. can you tell us how the sec determined the level of fines in payments against merrill lynch n each of the instances? >> i do not think it is appropriate for me to comment on the specific circumstances of the case. i can tell you that the way we operate is our division of enforcement and the people tasked with bringing these cases formulate a recommendation through the commission and the fine and other sanctions are part of that recommendation, and that is what we vote on. >> the chair recognizes the gentlelady from missouri, ms. wagner, chair of our oversight and investigations subcommittee. >> welcome, chairman clayton. he supreme court ruled the sec did not follow proper procedurer moving and to this space and into this job. when appointing administrative law jud

ultimately ran merrill lynch.nd -- david: these are all prominent african-american business leaders. robert: all prominent african-american business leaders. and all of them took the meetings. from there, they introduced me to other people to take meetings. i literally had 100 interviews in my fall of the second year of business school. i figured out mergers and acquisitions was the only business i wanted to be in in investment banking. i said -- because with the exception of warfare, it is how assets get transferred on this planet. it is a ceo-level discussion, board-level discussion, a strategic discussion, and that was quite interesting to me. and i thought i could add particular value and insights to that particular business. david: the three jobs you had before you went to business school, did you feel any discrimination against you because you were african-american? robert: oh yeah. it is one of those in america, i have and still do. i remember a time when i was invited to give a talk in california, in san f

ultimately ran merrill lynch.nd -- david: these are all prominent african-american business leaders. robert: all prominent african-american business leaders. and all of them took the meetings. from there, they introduced me to other people to take meetings. i literally had 100 interviews in my fall of the second year of business school. i figured out mergers and acquisitions was the only business i wanted to be in in investment banking. i said -- because with the exception of warfare, it is how assets get transferred on this planet. it is a ceo-level discussion, board-level discussion, a strategic discussion, and that was quite interesting to me. and i thought i could add particular value and insights to that particular business. david: the three jobs you had before you went to business school, did you feel any discrimination against you because you were african-american? robert: oh yeah. it is one of those in america, i have and still do. i remember a time when i was invited to give a talk in california, in san f

bank of america merrill lynch said it stopped buying coal stocks through what happened to facebook is peaking in those stocks. those stocks, go along for emerging markets, that is the recommendation. in asia, we are looking ahead to major market open. this is what we see in terms of an early session. .2%.ealand up .2% -- off sydney futures looking negative into the monday morning, the aussie dollar holding above $.74 u.s.. we had stocks falling in reaction to the low -- the .lowout with gdp japanese assets in focus, the bank of japan meeting today, the decision expected tuesday, the yen holding at 111. nikkei futures want to keep in mind as well because in addition to the curve control policy, expecting the bank of japan to discuss reducing holdings of nikkei 225 stocks given there has been criticism that they are holding too much of a stake in certain companies. but get to top stories. 4.1% growth in the second quarter. president trump and treasury secretary stephen mnuchin are delivering a rosy outlook. >> we can only project a couple years in the future but we are well on this path

ofnie: ethan harris, head global economics research at merrill lynch, thank you. check in now on the bloomberg first word news. kailey leinz has that. u.s. consumer spending has risen for the fourth straight month. it was held by gains in income. the fed's preferred measure of inflation was a higher-than-expected two for 2% on an annual basis -- 2.2% on an annual basis. home prices are rising at a solid pace, according to s and p surveys. property values were up 6.5% over the previous 12 months. seattle, las vegas, and san francisco led increases. andnd has stayed strong there is still a shortage of available and affordable homes. the trump menstruation may bypass congress and giving $100 billion tax cut mainly to the rich -- the trump administration may bypass congress and give a $100 billion tax-cut, amy to the rich. -- mainly to the rich. most capital games taxes are paid by high earners. the central bank in turkey is disappointing investors on science monetary policy would tighten. the bank said they were not meet their 5% inflation target for five more years.

thank you very much for doing that >>> still with us is james barty from bofa merrill lynch deutsche bank has been upgraded to buy and there's some comments also from merkel here saying that she had asked the chairman for his assessment of the deutsche bank situation. looks like merkel is looking closely at what has been happening there. clearly focus on deutsche bank in the last couple of months with the new ceo taking over a huge task at hand in terms of overturning the business and restructuring it at least we know merkel is on the case there as well >>> sticking with germany, german lawmakers reached an agreement over the treatment of asylum seekers the two-page deal speeds up the process of sending migrants seeking asylum back to the eu countries where they originally filed their application. the agreement resolves a dispute between germany's ruling parties that threaten to topple merkel's coalition government >>> president trump has been ratcheting up the pressure on nato ahead of a summit in brussels next week's meeting comes at a time of heightened transatlantic tensions amid

of asia rates and the bank of america merrill lynch.ross bloomberg universe. outinal users are running just learning about president trump's tirade over the new york times. chinaina is swimming in -- dollar denominated bonds. , the cities with the most expensive air bmb rates. trending those stories online or on the terminal. this is bloomberg. ♪ quick check of latest business flash headlines. bmw will raise the price of some midsize sports utility vehicles in china by as much as 7% beginning monday. this is the latest since the global markets and the global u.s./china trade wars. last year they exported more than 81,000 suvs to china, valued at almost $2.4 billion. bank posted an unexpected loss to cover its debt. they saw provisions more than double last quarter, leading to an $18 million loss compared to a 200 $13 million profit for seen by economists. they were the lowest and 11 quarters. regulators are examining icici's accounting and practices. ramy: before we go over to "bloomberg markets asia" let's look a how markets are tradin

. >>> corpas upgraded to buy from merrill lynch. th analyst cites increased momentum that should tun through ason.ack-to-school sales the stock rose 1% to $84.84. >>> domino's pizza price targets was raise the at open haimer. that firm is predicting growthre in comp s sales. rating aremainst outperform. it rose to 1.40. >>> still ahead, a news conference, tea and protests. that defined the presidential visit with one of our closest economic allies. >>> president trump is reportedly considering selling a sale of oil from the reserve. the president has reptedly expressed frustration at the rise in oil and gas prices. domestic crude settled at about $71 a barrel. >>> the idprt's controversial visit to the uk included a news conference today with prime minister theresa may, and tea with queen elizabeth. l while protesters filled the rreets. wilford frost is in london for us tonight. >> reporter: it's been a roller coaster few days for the president in the united kingdom. the bigin question c into the isit was he willing to offer a free

well with the markets mr abbott is replacing name and shame shake an investor friendly former merrill lynch chief economist who was a very trusted expert in his field so now the big question is will missed out on his new team why they are promising to rick rebalance the economy and to decrease inflation will they really be able to manage this fragile economy and manage to regain trust with foreign investors. reporting from us from istanbul thank you so much. european regulators getting ready to find google several billion euros for abusing its dominant market position later today the european commission has accused the company of requiring mobile phone manufacturers to pre-install its search engine browser as a condition of licensing apps it also accuses google of preventing companies from selling smartphones that run on rival operating systems based on the on droid open source call. and here's a reminder of the top story we're following for you u.s. president on a trump has backtracked on remarks he made after his summit with russian leader vladimir putin faced with a barrage of criticism

bank of america and merrill lynch seeing 10% to 20% correction by the end of the decade.apital holdings to its plan hong kong ipo. 10 companies that agreed to buy stock as cornerstone investors. 58 apiece.hares at 2 the world's biggest and almost four years. -- in almost four years. this is bloomberg. ♪ rishaad: you are back with bloomberg markets. 6.759 against the u.s. dollar. with that in mind, we're looking at china's officials determining whether perhaps to respond to trump's yuan manipulation charge. clear arguments for a cheaper chinese currency which would be justifying its current job position. -- supposition. hsbc thinks the currency should be depreciating from a broad macro perspective. they have taken steps to keep the currency slide orderly. it wants a stable currency on signs of action to stem the decline. that is the reference rate coming through, 6.759. our next guest believes capital outflows are a key indicator. hao hong, today he is in beijing. hao, great to see you. give us an idea of your thinking here. know,ell, i think, you because depreciation is v

this follows an announcement earlier this month that merrill lynch will pay more than $15 million in charges. can you tell us how they determined that in each of these two instances. >> i don't think it's appropriate for me to comment on specific circumstances of the case. i can tell you the way we operate is our division of enforcement and the people tasked with bringing these cases, formulating recommendations to the commission on the fine and the other sanctions are part of that recommendations and that's what we vote on. >> the time of the gentle lady has expired for the chair recognizes the gentle lady from missouri, ms. wagner, chair of the oversight and investigation subcommittee. >> thank you chairman. breaking news, the supreme court has ruled that the sec did not follow proper procedures prior to your moving into this space in this job when appointing administrative law judges. in fact, it says these administered of law judges were appointed by the jan sec and other agencies are inferior officers and they have adversely affected a number of my constituents in the second con

seeking the forecast of flat prices this year while making -- bank of america merrill lynch sees a 20%f the decade. kathleen: a consortium led by kkr is buying a taiwanese chemicals company for $1.4 billion u.s. they are paying 56 taiwan dollars a share, 70% remy him to friday's posing price. elsie y be listed when the --lcy will be listed pending regulatory approvals. haidi: that is just about it this morning, but kathleen, you and i are sticking around. around. as we continue to watch the yuan stabilize, i should point out early this monday morning, but the doubt was down 8% since march. we saw that fixing from the pboc for the first term in a year. a weakening gap in two years. watching for that fixing today and key is the contagion effect on emerging markets. we are speaking about e.m., the perfect storm. global advisors president and ceo joins us. he says if you are looking at this background of the fed, interest rate differentials, no worrying about the chinese currency and a trade war. things are not -- things are looking quite different. kathleen: he made that call a couple mon

equity and quantitative strategy of bank of america and merrill lynch. you heard dom's stuff there. know this is not how you're doing your analysis, but you have to like the historical stats, right the momentum trade, or no? >> i think it makes me feel better and seasonal trends are persistent so i think summer months are typically weaker but the fourth quarter is generally strong from that perspective, from a technical perspective the market looks attractive what we focus more on is fundamentals so we aggregate bottom-up fundamentals by those measures the s&p 500 looks unusually healthy despite the macro headlines that we hear every day. i wanted to give you my favorite stat, which is if you look at earnings revisions for the s&p 500, they're in the 90th percentile analysts are still taking up earnings more than they're taking them down sales revisions, same scenario so we're seeing healthy bottom line and top line or sales growth i think sales growth mayer morn p -- may be more important. >> i want to be clear what you're saying, despite the trade talk, despite the geopolitical st

bank of america merrill lynch have no it -- narrowed the asian fx forecast area the timeline draws we're -- near. the singapore dollar -- this is a moment of rest by. the question now whether it will injure. the rhetoric from china setting the global risk stakes. anna: reiterating those lines around trade and focusing their mines and what we expect to hear from the u.s. administration around those tariffs and later chinese retaliation. let's talk about u.s. futures. it was the public holiday yesterday so it was the fourth of july. perhaps we have not got everyone in the market back to their desks yet. no great direction coming through. we get minutes from the federal reserve later on. something else to watch. poland'seaking here to investment and development minister after 8:00 a.m. something to watch. let's get a bloomberg first word news update. juliette: thank you. byompromise brexit proposal theresa may that aims to unite warring ministers has been rejected by her chief negotiator. david davis is writing to her telling her the new idea for how customs should operate after that the di

this week and also the developments in this brexit scenario let's talk more to our guest from merrill lynch i have to ask you, ahead of this nb nbc -- bank of england meeting, what are you watching? >> we have to watch sterling price action and sterling volatility action. the clock is ticking the time is running out. checkers did not change anything, the fact we did not make progress is focusing markets on one definitive deadline we have, the 29th of march, 2019 if you look at the back end of sterling implied volatility, that's where we see significant action as far as sterling is concerned, we made the argument that sterling is still data driven. if you look at the bulk of losses this week, they happened post cpi numbers 20 basis points is still priced in for the august rate hike. we think the odds are they will delay and move towards november, but we need confirmation from mpc members like we did in mid-april. n mid-april, carney came out and had the reversal in cable from 145 to below 140 now we don't have speakers until potentially today. we have an interview today and then another on m

merrill lynch going forward with fixed income.the last year pretty much in line with the average which is 52. if i take the average over the last five years, it is 67. we are well below what you would expect normally in terms of volatility. we have this huge trade war rewing, and yet the markets are incredibly calm. we are pricing in a very calm way. peter: what we are currently particularly as far as the u.s. is concerned, the real impact on the economy so far, limited. so far it is fairly limited. most analysis i have seen suggest that it is manageable, responsect that policy of other actions are going to be pretty steady. as long as that is the case, volatility doesn't necessarily have to go up. if that changes, the fundamental underlying narrative changes significantly and i think volatility will go up. guy: who should we be listening to at the moment? you read the headlines of trade stories out there, you talked to ceos and cfos. things are ticking along pretty nicely. are we listening to the wrong people? surer: i'm not nece

bank of america and merrill lynch are saying, this harogbueze of facebook in particular was a sign of peaking market. they call them consult stocks overall. this is a classic late-stage event according to them. so really when you see monetary tightening start to be debated, when you see slower growth, when starting to see a movement out of these momentum stocks, getting into the safer sectors, getting into travel and an interesting call coming from bank of america, saying get into emerging markets as well when you have dollar weakness going on. this is going to have some naysayers. of course there's always two sides to the market. that's when we see. when you have the likes of a strategist over at oppenheimer saying, maybe this is a buying opportunity, they're saying this likely present morse opportunity to buy the dips than to overall run for the hills. question is, how long are they going to run for the hills for? emily: i spoke to an investor earlier who just bought $200,000 worth of facebook stock. so he's a buyer. we're going to talk to him later in the show. hear that interview.

lehman brothers filed for the biggest bankruptcy in history and merrill lynch has taken over. >> certainlyal disaster in decades in the country and perhaps the end of an era in american business. >> what happened in september 2008 is a scale i never saw before. you really did think, oh my god, the financial world could collapse. >> it's essential to the smooth operation of our economy. recently, that confidence has been shaken. >> fear has taken hold of the market. >> this is irrational market. >> bush and his team decide that the answer is going to be government. >> i faced a choice. to step in with dramatic government action or to stand back and allow the irresponsible actions of some to undermine the financial security of all. $700 billion taxpayer assets on the time for those clogging the financial system. >> shows how much resistance there was. >> this bill offends my principles. >> the idea was we need the government to have access to a huge amount of money we can then use to show our banks. >> how many times do we have to dig in our pockets? >> a lot of people hated it, obviously. t

he could get all the financial records and build it because it was merrill lynch and not the firsis not thefirst caribbean nn the cayman islands and he could do it without making a lot of noise. they would have to comply and not tell anybody, which is to start asking banks and other countries for their financial information that gets a lot more complicated and noisy city subpoenaed the information and of course they sit down with him and there is no -- this story is that he was handcuffed and pushed up against the wall but it's not like that. he thought it was about something else. they sit down and they say the fbi agent introduces him and you have to read the book to know they already knew him and he says this is steve berryman. he says i love football, i care about it but i also want you to know you haven't paid taxes in 17 years. [laughter] here is the subpoena. you can't get out, you have to give the name and account number and the alternative is not so good for you. sometimes you have to drag them down town and like paul manafort he won't do it but they took up maybe 17 seconds to

we have a call out from bank of america merrill lynch saying, give been -- given the facebook selloff extension of sign of peaking in the banks and getting back into emerging markets. is it -- is it time to get back into emerging markets? mark: as you know, i have been saying that we expect a 30% decline. 20% down in emerging markets, depending on which index you look at. i expect a little bit more because of this interest rate fear. as i have said many times before, interest rates do not necessarily go with markets. a very good indicator. the reality is that investors gave very fearful when they see these interest rates moving up. i believe this is the problem with tech stocks. the stocks that are flying high on the back of very -- almost no interest rates at all. if you were in the euro you would be in the negative territory. now, it will really become a big test for these tech stocks, particularly those who have been counting with no earnings at all. just going on -- rishaad: that was amazon for years, wasn't it? i want to move back to emerging markets and looking into the central

bank of america merrill lynch, and petr cech well with mizuho.eslie vinjamuri the stay with us, this is bloomberg. ♪ francine: this is bloomberg surveillance. let's check in on what is trending across the bloomberg universe. the first welshman to win the tour de france. in bloomberg markets magazine, preparing for brexit. the head of britain's central bank sat down with bloomberg for an interview. trump says he is open to shutting down the government. a game over for nintendo. a massive short bet against the gaming giant. --na has let's get straight to the bloomberg. here is kailey leinz. president trump is reviving a threat to shut down the federal government if he does not get what he wants on immigration. he said he would support a shutdown if congress does not give him money for a boardwalk -- for a border wall. choice of aump's supreme court will -- judge brett kavanaugh sided with the drop -- with the trump casino. he voted to set aside a national labor relations court order that would require the casino to bargain with workers. bloomberg h

because of deregulation are probably saying that they're going to -- good team, bank of america, merrill lynchthe second quarter. >> what? >> they moved it up little bit for the whole year, 2.93%. but this quarter they think it might have a 4 handle on it. that will be a big number when you think about it that's for the second quarter, and you see more people come along. whether it's 3.8 or 4, that's a big number retail sales, you see that consumer spending. all that bodes well. so we feel good about the u.s. economy. now, is the unknown of this out there, the unknown that of there is always an unknown. >> right. >> right now people are employed they're making more money. tax reform has benefitted them tax reform is benefitting companies and you're seeing that flow through the country. >> what a great story. great for our country, great for bank of america. that's brian moynihan, chairman and ceo of bank of america the stock is too cheap stay with cramer need a change of scenery? the kayak explore tool shows you the places you can fly on your budget. so you can be confident you're getting the

he had a background with merrill lynch. it's unclear if it's the son-in-law's appointment that is more damaging to the lira at this point. joe: let's take a look at the commodity market. not a ton of action today. oil ticking back higher, west texas back about 74. zinc is interesting, one of the bigger losers today, industrial metals kind of out of step with the rally we saw in china, maybe something to keep an eye on. and those are today's market minutes. scarlet: strong business --damentals should outweigh second-quarter results, according to analysts. joining us is brian who covers strategist,r equity joining us from boston. that, you recently made the point that we shouldn't read too much into equities rally of last week and we've seen pretty thin volumes because of the holidays and the summer. if anyone was in -- was tempted to interpret the trade war is not be inconsequential to equities, maybe this is not the best time to draw that conclusion. is that still the case? >> i think so. we've had the 2.5% rally in just th

the likes of ing, bank of america, merrill lynch disagreeing. on the offshore renminbi, losing around 6.72. following the most since august the devaluation. certainly having an effect on currency markets. 0.7. adding metalsheck in on commodities flash a distress signal for the economy. . we do have recovery for copper and nickel prices, sank lower by 2.5%. copper trading at a two-year low. forman cutting its forecast copper, aluminum and nickel, given uncertainties are significant. they say there is no denying global growth has lost some of its momentum. ramy: as you are talking about have breaking news on the bloomberg terminal regarding indonesia and free ford max regarding indonesia. giant grasberg mine in indonesia. they will sign in jakarta. , freeportking across to sign on the grasberg mine. joining us is mark cudmore. in thee saw price action oil complex despite a big drop in american crude inventories. you would have thought this would have supported prices. then of course we have something called a trade were going on. when you put it t

their clients include the likes of diageo, ford, bank of america, merrill lynch, and vodafone. us is jim prior in hong kong. thanks for joining us. what is the biggest question you still get from your clients about these trade tensions, and have serious should we take the president latest development about the tariffs on $500 billion of chinese goods? jim: the biggest question we get is how do we become more competitive and how do we get an advantage and how do we do commoditize in the world -- de commoditize in the world? that is the question businesses should be asking. how do we put ourselves in a position where a 10% or so hike wecost prices is off issue are facing because the strength of our brand, product, or services, are sufficiently strong that we can absorb that kind of thing and still be something that consumers want to buy? that is the big question. how do you differentiate, get advantage in the world, regardless of fluctuations in cost prices through tariffs or any other factors? yvonne: we were talking about what we have been seeing when it comes to smaller compan

will be discussing all of this and how the trade war david wuplay out with of bank of america-merrill lynch right after this. lisa: from new york, this is bloomberg. ♪ >> 3:00 in new york am a 8:00 in london, i'm lisa abramowicz. scarlet: welcome to bloomberg markets. live in bloomberg world headquarters in new york over the next hour. here are the top stories we are covering. red-hot economy. consumer spending propelling growth to a four-year high. david wu weighs in as president trump takes his victory lap. it's miller time. the legendary investor joins us this hour. drama for cbs. shares are slumping after wards of allegations against les moonves. we are an hour away from the close of trading keeping track of the moves. to the downside, stocks are likely to close higher. >> the dow and s&p 500. the nasdaq is on pace to finish lower. a divergence between the s&p 500 and the dow. weighing on the nasdaq, biotech, down 2%. if we take a look at this five day chart it is been a wild week. monday was higher. a 1% gain wednesday. downthe facebook fiasco, 1.6%. overall down one quarter percent ,

.> this has been a theme merrill lynch included, wells fargo.hat they're talking about is there is really not as much movement happening with financial advisors because they are not recruiting internally from this for different banks. that is very helpful because the banks then don't have to pay compensation because there isn't as much competition for those folks. >> we were talking about the yield curve earlier. if we bring the yield curve into the conversation, this chart on the gtv laboratory puts major banks following the six and by your curve. that would be the line in yellow rate there. how much concerned if we heard from banks about the outlook given the flattening yield curve? >> that is interesting because they haven't talked about that. it was less of the theme of the gnu have thought going into the quarter because obviously the yield curve has not cooperated in the way that banks want to see it. executives have said i'm not really looking at the 10 year anymore is where i'm going to be up or down for -- it's interesting in terms

stockntioned the exchange, bank of america merrill lynch's most recent global fund manager survey basicallyg trade is the most crowded trade and has been for six straight months, the most crowded trade we have seen since the lawn dollar trade back in 2015. this shows you again having the dollar weakness, it can really take down the whole thing with it. were talkinge you about netflix's incredible move, i was checking on the bloomberg and netflix is still holding onto its title as the second-best performer in the s&p with a gain of 97%. so even with the bruder's -- brutal selloff, it has gotten an incredible run here. >> think about where we were up in value is beating out momentum and growth stocks for a while prior to you or even with the big selloff we had, it was those momentum stocks which really separated themselves from the pack. you saw a big gap between momentum stocks -- stocks and the value stocks and then you look at what is happening now, the widening further as we enter into earnings season primarily because there were high expectations. you are now talking about 20% expectatio

bank of america merrill lynch saying short these names. facebook, apple, amazon, netflix, and health about as well. i also want to turn your attention to the the etf -- the it. the etf that tracks we saw $1.4 billion in net outflows. keep in mind that was during the overall equity etf thought net inflows, so definitely a big change in sentiment with a lot of folks deciding that maybe they want to be out of the tech names for now given some of the issues that have popped up. omaine, right, and r i will jump in. caterpillar delivering a fairly bullish earnings guidance. thereis high watermark -- is the morning sign. -- warning sign. was that premature? romaine: the high watermark comment they made was when they reported earnings of $2.82 per share. the most recent quarter, to -- the shares rallied but started afternoon because of concerns about the cost related to the tariffs around palatal are saying $200 coston in additional -- related to the tariffs. caterpillar is saying $200 in additional spending. so event today as well, though they ar

darsh sinha, merrill lynch asia pacific limited, co-head:asia fx & rates strategy. >> i think people looking forward rather than backwards. the ring it has depreciated. with themore to do backdrop and what is happening domestically in terms of slippage and concerns around that going into 2019. haidi: is this investigation and they wanting for the new government to make good on its campaign promises for a fresh start. thehis a net positive for ringgit, even though you have the rest of what the emerging-market complex is suffering right now? >> the more important long-term factor for the ringgit is whether the government can deliver on structural reform that offsets concessions on the fiscal side. the political noise, yes, the government to living on what they promised, but from a financial point of view, it will be more the economic and fiscal outlook rather than the noise at the moment. david: you are staying with us and there is lot more to talk about, china, the broader fed story. we will be back with our guest in a few minutes. up, we are talking china and the fixing in just a mom

the management standard i had at merrill lynch and it's the philosophy upon which we build the programt football. it's their attitude in the classroom. >> i want to know how it has changed these men and how you keep it going? how do you keep instilling it? >> first of all, you're always responsible. what you look for upfront -- what you hear a lot of time, my teacher doesn't like me or my coach, it's too hot outside, my parents don't get it. i got an issue with my girlfriend. every time you say that, you're subconsciously letting yourself off the hook with regard to what's going on. a practical example. one of the things we do that nobody else does, we give up -- i give up. i give up 30 minutes a practice a week to talk about subjects that have nothing to do with football. my guys know what isis stands for. most of the country does not. the average age of my team is 20. they're kids your age putting their life on the line so we can live in freedom. living in freedom, there are responsibilities associated with that. we can only pray that our political and military leaders have the guts

dollars of tariffs on each other from friday. head of us equity strategist at bank of america merrill lynchomy. few months for the us economy. quite the contrary. the contrary. we get some resolution on that front? front? what is it that worries them most of all? most of all? because there are so many fronts they seem to be fighting right now? absolutely. their stances and if anything have dug their heels in further. dug their heels in further. period of stagnation and closing borders. borders. in the world and has benefited from globalisation for the past 20 years. globalisation for the past 20 years. ofjumping in and buying here for the next few months. the next few months. wait until we had more resolution about what happens. about what happens. boxer fighting against four other strong boxers at the same time. strong boxers at the same time. i think that is what has got us all a bit spooked in the us. a bit spooked in the us. it is a public holiday in the us. public holiday in the us. traders on wall street do on the 4th ofjuly? where do they go? be waiting until tomorrow to start tradin