want minister modi would the trend to continue.ts india to move up the rankings for business investments. all in all, he is looking to attract more investments. another thing that he is theably wanting to start is eu-india free-trade talk that has been put on the back burner since 2013. we will see more on that eluded. -- more on that who do. matt: what is merkel looking to achieve with this meeting? >> i think first of all, especially after this unfortunate meeting with donald brussels,before in she wants to send up the signal we have other partners on the global scene we can work , besideswith and india china is a very important and it would be now a very good signal that the two leaders could say, we want free trade, global free trade and maybe even get this free trade agreement done finally. matt: modi has other visits planned, going to spain, russia, france. are those visits likely to yield anything substantial? thatan: the thing is is with spain, he will be wanting to drum up more investments from spain too because spain rema

along with seema mody.appening now, the world's most powerful finance officials are in italy for the g-7 meeting. yla nsh yla nshn mui has more. >> the meeting is underway in an 11th century castle in bari, italy. steve mnuchin joined the conference just about an hour ago. as he walked inside, i asked how he planned to defend the administration's america first trade policies. >> we're excited about u.s. trade policies. i think you saw last night we made an announcement of 100-day economic plan with the chinese. >> he was speaking about an agreement between the u.s. and china that was announced today to increase market access in areas like agricultural products and financial services. now, trade is not officially on the agenda here in bari, but the issue is likely to come up during the one-on-one bilateral meetings between treasury sec d secretary steve mnuchin and other finance ministers. he is scheduled to meet today with japan's aso and germany's wolfgang schauble. i asked schauble what his message might

the other master will be meeting with angela merkel tomorrow, but for the first part, modi visited areat out of berlin with angela merkel, a casual affair at a country estate, talking again about the rise of protectionism. them as a potential ally in defending global free trade. they could find common ground on climate change and combating terrorism globally. andriy near, you know, they see this as a business opportunity. modi is bringing his commerce minister, withy a number of deals expected to be signed between the two countries. as modi put it, he says this is our opportunity to chart out a future roadmap of cooperation with focus on trade and investment among other issues. the fda has been long stalled. they have been complaining of protectionism on the part of the indians. let us go into the bloomberg terminal. i will bring up g #btv 8934. it shows india's trade surplus with the e.u. deficitsee e.u.'s trade with india. some of the europeans have complained privately that india is very slow on these kind of negotiations which are obvious going to be complicated by brexit or oppo

india's business standard has a meeting between prime minister narendra modi and turkey's president recep tayyip erdogan. mr modi called for turkish investment in india, while mr erdogan suggested free—trade talks between the two countries. a high level report in the uk urges britain to fundamentally rethink its approach to the middle east — distancing itself from the united states. the guardian reports that the study looks at how britain must adapt, given that american foreign policy is shifting under donald trump. it describes his leadership as "unpredictable". the arab news has a poll about how americans view the arab world. it finds that eight out of ten of them can't identify the region on a map — and a fifth think that agra—bah, the fictional city from ‘aladdin‘, is part of the middle east. the daily telegraph looks at plans by the european commission to create a digital single market, and how it would affect content licensing. the paper says 400 industry organisations are attacking the move, saying it erodes the cornerstone of the tv and film businesses. with us is mark davies, ceo

i assume that these will come up during the talks between merkel and modi.: thank you for the update. geoff yu is the head of u.k. investment office at ubs. this theater of modi and merkel coming together, at has come at a rather interesting time for merkel, as she said the relationship we thought we had, that we depended on since world war ii with the united states, has turned from the west, and looking to the east. this is part of the fear of what we are seeing. >> yeah, and germany's resurgence over the last 20 years on trade, trading relationships, merkel has had some degree of reservation, and at what cost would come. re-think.his prompt a i think that this is going to come up, i think the countries have different reason for being more cautious, but at the same time, relationships between germany and china, they are deepening as well. this realignment from the west to the east is still happening apace. manus: when you heard those comments yesterday, or over the changed,the world has pivot, etc., what was the discussion at ubs? was there a surprise that

mr modi called for turkish investment in india, while mr erdogan suggested free—trade talks between thentally rethink its approach to the middle east — distancing itself from the united states. the guardian reports that the study looks at how britain must adapt, given that american foreign policy is shifting under donald trump. it describes his leadership as "unpredictable". the arab news has a poll about how americans view the arab world. it finds that eight out of ten of them can't identify the region

i'm wilfred frost along with seema mody.es at this hour called higher, 40 points or so for the dow. with us is michelle girard from natwest markets. good morning to you. >> good morning. >> thank you for joining us. how important is it that we round off this week without further declines? >> i tell you, it would be encouraging. what's unsettling is the volatility in the marketplace. then it has a tendency to feed on itself. then everybody brings it back around in terms of does the volatility in the markets turn into something more fundamental in nature? does it undermine confidence. does that feed into economic slowing. it's raised all sorts of questions about what we'll be doing for the fed if we can find our footing, if this ends up to be just sort of short-term volatility, we can quickly stabilize, move forward. >> one eye on washington. the other on wall street. do you think the recent burst of risk aversion, does that negate the bullish narrative that we're seeing play out in earnings season? >> i don't -- in general, i

let's talk about prime minister modi's strategy of make in india .time the prime minister was in brussels about significant for trade between the two regions. the fta would be focused on bilateral trade. the eu is already a key partner, and india's total trade is 15% of that share. i do see germany pushing for a bit more progress on something in the pipeline sense 2007, but prime minister modi has a much larger agenda. in particular, to other aspects, one getting investment to kick off what you rightly point out is make in india project, and the other the strategic partnerships around counterterrorism and things like that. #8944, let's dive deeper into our bloomberg. india currently has a trade surplus with the eu, but of course it is looking to grow that as you say. what with the detrimental effects be if they do not grow this relationship with the eu? it does retired the d for india's plans to make a strong proposition about india. it is not just about the mystic markets, but india positioning itself as a manufacturing hub. that also fits in to its

prime minister modi is on a trip enter up to lift india's trade balance out of the doldrums.hen travels to russia to meet with president putin. india has seen an uptick in foreign direct investment this year after outflows in 2014, 2015, and 2016. angela merkel is scheduled to meet with chinese premier li keqiang on wednesday and the two will speak on thursday before heading to the 19th china-eu summit in brussels. up in theight, coming an uplift when it comes to the session. with notable exceptions, tokyo off by .1%, but gains of .3% here in hong kong. well, you either support north korea -- washington is demanding when it comes to the growing threat. ♪ ♪ announcer: from our studios in new york city, this is "charlie rose." charlie: "dear evan hansen," is the hit musical at the music box theatre in new york. it follows a high school student with a severe anxiety who gets caught up in a social media-fueled movement after a fellow classmate commits suicide. the "new york times," says start ben platt is giving a performance that is not likely to be better did this season. "dear

♪ francine: merkel meets modi.he german chancellor welcomes the leader of the world's largest democracy. washington morning. the st. louis fed president tells bloomberg the present -- administration needs to make good on promises. how much longer will the honeymoon last? narrowing, polls theresa may tries to move against complacency. is a landslide victory no longer on the cards? : surveillance,rg i am francine lacqua in london. lots to get through. politics filtering through your currency markets. first things first. let's check in on your markets. stocks down with the stoxx 600 down 2/10 of a percent. the euro slipping with most currencies against the dollar after draghi's dumbest -- done vish message. at can see japan, the yen 111.07 and the south african rand extending losses to a second session after the president jacob zuma survived a bid to oust him. your data, but let's get to the bloomberg first word news with nejra cehic. nejra: the president at the st. louis fed said the jury is still out on if the trump

and as seema mody reports, the outcome could ripple through and potentially disrupt the energy and oil market >> reporter: as the iranians head to the polls, the president and his nuclear deal may be in trouble. hassan rouhani, seeking a second term, championed the 2015 nuclear deal with world leaders. the landmark pact removed key economic sanctions on iran in exchange for limiting the country's uranium enrichment program. as a result, iran's oil output is up by a million barrels a day, and international oil producers like bp and shell are looking to build out the country's infrastructure. but this could all change if opposition candidate ebrahim raisi wins. raisi, a conservative muslim cleric, says the nuclear deal has not helped iran's economy. while iran has returned to growth, the country still suffers from stubbornly high unemployment. further complicating matters is president trump's visit to saudi arabia and israel, two countries which view iran as an enemy. hard rhetoric exchange between the leaders could intensify tensions. >> if the reformist candidate wins in iran, the exis

seema mody has more on cisco's quarter. >> reporter: cisco, the networking giant, issuing weak guidance for the fourth quarter. revenue has now fallen for a sixth quarter in a row, although earnings did beat street expectations. cisco also extending its restructuring plans, which will impact an additional 1100 jobs. the cuts come on top of the 5100 job cuts announced last august, as cisco tries to stay competitive in the fast moving world of technology and invest in new areas. for "nightly business report," seema mody. >>> amazon shook up the retail industry and has forever changed the way americans shop. and now, according to a cnbc report, the e-commerce giant could potentially shake things up in the multibillion dollar pharmacy industry. shares of potential drugstore rival cvs health and walgreen's down 3% yesterday on that report. christina farr, health and technology reporter for cnbc.com, broke the story and joins us now from san francisco. christina, welcome, congratulations on the scoop. what have you heard about amazon's intentions and why are they considering this now? >> repo

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the resilience of the indian economy will come as welcome news to prime minister narendra modi, followingry's landmark demonetisation programme. towards the end of last year, the government removed some 86% of banknotes from circulation, in a bid to crackdown on corruption. this led to widespread disruption and queues outside banks and cashpoints, but the shock announcement seems to have had limited impact on growth. and there could be yet more good news for the indian economy — in a months time, consumers are set to benefit from a major tax reform. from july i, all purchases will fall under a single goods and services tax. this will lower the average tax rate compared to the existing system. it is difficult for us to adhere to the 7% growth rate in the country. there has been a partial breakdown of the rural economy. incomes have not risen. people are holding back on any nondiscretionary expense, which is bad for business in general. the last few years and especially the last few months have been very bad for the real estate development market. the market has been under pressure, and add

let's get back to seema mody. >> it's their fourth consecutive decline. really at the heart of it is between united states and germany. trump's tweet this morning highlighting the massive trade debt with jaefrmt it comes as they host a national summit in china where they'll they to showcase their potential bond. something to keep an eye on. in the meantime, the election risk back on the table, this after the former prime minister says italian elections should be moved up to september 2017. it's the same time as germany. now supporting a switch back to a proportion at electoral risk. meantime take a look at those italian banks under pressure yet. you need credit down 1%. and ub bank almost down 1%. >> the european central bank and policy makers will need to move that. this came after draghi gave the comments on stimulus. right now we're looking at the here ol'. one big stock to wachlt dave. a computer glitch stranded passengers on both sides for a few days. back to you. >> we're going to bounce it back to hq and get a news update from sue herera. >> thank

. >>> let's get to seema mody with the european market. >> on track to finish relatively flat for theeek, which began with reaction to emmanuel macron's election in france. on that note, y titalian g7 official says the minister's statement will use the same wording on trade, currency and monetary policy used by the g20 in germany. g20 ministers dropped their pledge to keep global trade open, failing to convince a trump administration to endorse a multilateral approach to trade. news regarding the planned g7 statement out of italy, sending the euro to session highs, 109 against the greenback. on the m & a front, vivendi proposing to buy havas. such a purchase would be 30% of the stake. another winner, astrazeneca up sharply after announcing its immunotherapy drug was shown to reduce the risk of death from lung cancer. steel maker arcelormittal, and richemont acres weaker than expected profit as both are being impacted by china in different ways. mike, back to you. >> seema mody, thank you very much. >>> retailers, those stocks getting wrecked again as macy's, nordstrom and jcpenney rep

modi had done in india. i grew up with that off the local anglophone elites who seemed to be feathering their nests, and people who had cultural or intellectual capital and scorned people who do not seem-- who did not have access to it. modi has done that to great advantage, this particular version of class conflicts in india by railing against this, this corrupt and arrogant elite and he has found lots of people who believe that he's right. and he is right to a certain extent. so, it was easy for me to understand his appeal because i was one of those people who felt those emotions in the past and i certainly spent a lot of time with people who were-- who had felt those emotions and are feeling those emotions and that, i feel, has given me a kind of access to the alienated stranger, the prevention outsider who we tend to neglect in our intellectual journalistic discourses and who has become politically, extremely, extremely powerful with these recent elections, so of semi rural, semi-urban inhabitant who did

. >> i'm seema mody in for sara eisen. always good to be by your side.ovrnlgts l >> lovely to have you here. >> yesterday the dow losing 22 points but the nasdaq hitting another record high, a divergence between the major indices. looking at the futures where they're trading on tuesday morning, if you're just waking up with us. here we go. s&p 500 calling for a higher open by one point. dow jones higher by 13 points. bp earnings, results is something investors are digesting. nasdaq higher by 8. we will keep a close eye on the nasdaq throughout the day. apple hitting a record high now up 25% this year ahead of its highly an tess pated earnings report, which is die this afternoon. ju the nasdaq composite, a big mover of the overall index. quick note on treasuries, looking at where the bond market is trading now. when headlines began to cross about the 4.3% reading in the gdp model forecast we saw a sharp drop in treasuries and gold. ten-year note yielding 2.33%. >> yesterday, as you said, a tech-driven day. the dow was positive most of the day. just slippe

let's get to seema mody. >> that's right. take a look at the picture behind me.kets making historic moves in europe with the german dax and london ftse hitting all-time highs. take a look at the minors getting a lift after xi jingping over the weekend there will be more than $100 billion in financing to support china's infrastructure mother -- agreed to back that extension of a production cut into the first quarter of 2018. all seeing gains of 1% or so. later today in berlin, german chancell chancellor. macron's selection offers the opportunity to bring dinetism to the development. the meeting comes one day after the party -- that regional election victories in germany won't necessarily translate into merkel winning a fourth term in the fall. so stay tuned. >> yeah. more european elections to put on the calendar. thank you. >>> coming up, shares of trivago taking off. we'll talk to the company's ceo. but first rick santelli, what are you watching today? >> you know, i'm watching how the markets continue to deal with ongoing crisis issues. i had bill isaacs on, fo

in brussels,ll be while modi travels to germany, spain, then russia.. we were talking during the break about donald trump and the discord he has created as the lone wolf. angela merkel saying we can't depend on our historic partnership with the u.s. anymore. how does that benefit a china and india visit to europe this week? things is one of the key why both leaders are there, to further talks with the european union, and if you look at germany specifically, this is india's most important trading partner in europe, so modi's visit there is absolutely important from a perspective of further attract thing foreign direct investment into the country. in india, 2016 has been the largest recipient, and that is the key thing on his mind as he talks to angela merkel. the other thing is about promoting free trade and open trade, and both countries have made statements to that effect. that benefit in terms of attracting from their capital. for china, it is held and road initiative. shery: great thing you bring up the belt and road. the function under this , where

modi, both countries would like more of the same. free trade deal has to be negotiated through brussels. it is a step in thehe right directioion. >> a german-indian investmement plan that is designed to stand the test of time. angela merkel has committed to investing in billion euros in my noble energy and smart cities. onto over a billion people, india's one of the fastest developing nations in the world. german companies are hoping to profit from the growth. of course, for easier access to the market. >> german companies which are not majority-owned by indian shareholders to experience some this advantages. there are issues in areas like defense where we had trouble with access that are treated equally. we have raised a number of topics. germany has also signaled its willingness to drop of a free trade agreement between india and the eu. >> we are all for free trade. we are game for free trade. we cannot compromise on giving up sacrificing our farming industry. poor farmers, for the sake of free trade, me to find a million. >> a me

modi. next,li keqiang meeting merkel. fed is close to where it needs to be on rates. we will hear exclusively from james bullard. this is bloomberg. ♪ ♪ fed expects to reduce its balance sheet this year, a process that could take around five years. we spoke to james bullard earlier today. he agreed with his colleagues about this rollout, could be orchestrated. take a listen. a good thing about unwinding the balance sheet is that it will create policy space for the committee in the future, if we need it. on the rate itself, i think we are not very far from appropriate rates for the u.s. economy that will keep inflation not too far from target and the labor market performing well. what i disagree with is a come on the idea we have to go 200 basis points higher to get to some sort of neutral rate. that is not the environment we're in. i think we can stay about where we are, possibly higher than where we are today. betty: i want to bring up this chart for our viewers come i am not sure if you can see that, as well. it shows w

the chinese finance ministry is unhappy about the downgrade or responded to the move by saying that modi's exaggerating difficulties facing china'ss economy and underestimating efforts to reform. brent: terrorist attacks and political turmoil have severely damaged turkey's tourism sector. so, it's getting new attractions. how about a beautiful coral reef? governor of the e providence of antalya just sunk a military tank for corals to grow on. that is supposed t to attracacth and in tururn, tourists are the tank n now sits on the ocean floor, 14 meters below the surface of the village. that's all for the business news. how is that for a dive? >> difficult taking a tank. -- tanking a tank. almost 100,000 christians have flocked to berlin for a celebration of the protestant faith. the event that happens every two years is also marking the 500th anniversary of the protestant reformation and the memory of martin luther, the man who started it all. former u.s. president barack obama is said to join the commemorations on thursday. it will take part in a public discussion with german chancellor an

seema mody there.s mentioned, declines of 1 1/2% for the dow, for the s&p 500 which is after closing 2400 for the first time earlier this week is down to 2361. transports on the dow are down about 260 points, and the nasdaq and russell hardest hit here. >> just as, you know, one of the trends we've seen lately is when the market goes either up or down, it comes back to home base by the time we hit the close, right? it kind of regresses to the mean. we're not seeing that right now. one thing we are seeing, look at the vix today. >> i know. >> got attention. >> after all of the hand wringing about how it is so low, today making up for it. >> look at that. up 39% gain now -- it did hit 15 at one point today. it has come back, but it hung around 10 for the longest time. of course, the dollar has been weakening here, back to levels we haven't seen since around the time of the election, right? >> and there's two sides to that coin every time. it is not only what it may be suggesting about what happens with t

the budget proposal also seeks to eliminate federal funding for critical sunil modi monitoring stations in the ocean. the budget does not explain the reasons for cutting that alert system. >>> if you are a pg&e customer, state regulators are saving you more than $1 billion in extra fees. pg&e wanted to pass off the $3.78 billion cost of shutting down the diablo canyon nuclear power plant onto its customers. but the public utilities commission said it can only pass on some of that cost to customers. it will be allowed to recoup $2.42 billion in decommissioning costs spread out over 10 years. all of this comes after consumer groups complained about steady rate hikes during the winter months. >>> 4:51 am. coming up in time for the memorial day holiday weekends, and aquatic park built during one of the states worst droughts, and now it's about to open its doors. food. water. internet. we need it to live. but what we don't need are surprises, like extra monthly fees. i see you, fee, played by legendary actress anjelica huston. you got me, mark. we just want fast internet for one, simple rate

this year indian prime minister narendra modi will attend. you have been watching newsday.ent company of snapchat. david mayo huge loss and shares have been tumbling. —— they have made. hello there. after the dry weather that we have been experiencing for days and weeks now, there is finally a change on the way, courtesy of these lumps of cloud, which have been bringing some quite vicious thunderstorms across spain and portugal, now on the march northwards. so many of us will see some showery rain and perhaps some thunderstorms over the next couple of days, and with that, a feed of warm, southerly winds, some humid air moving in our direction for the end of the week. so yes, those temperatures climbing. quite a muggy feel to the weather, with the risk of some thunderstorms. in fact, there could be the odd flash of lightning as some showers approach the far south through the first part of thursday morning. so, down towards the south coast, one or two showers to start the day. further north, for the likes of london, east anglia, should be a fine and sunny start. could be one

the main feature of the event is the arrival of indian prime minister, narendra modi, to attend theoccasionlost the confidence of both republicans and democrats, and the white house said the president had been considering firing james comey since taking office. democrats have reacted furiously to the dismissal, which they believe is linked to the fbi's which they believe is linked to the fbi‘s investigation into alleged collusion between russia and the trump campaign. the white house denies any link, and the department ofjustice has denies any link, and the department of justice has rejected denies any link, and the department ofjustice has rejected reports that james comey asked for more money all more resources for the investigation before he was dismissed. you have been watching newsday. finally, one for the real life willy wonkas out there. it is new york‘s first chocolate ever chocolate museum. it is all there — liquid chocolate, and all sorts of figures made from the cocoa bean. a sweet history, you might say. mmm. that is one museum that is on my list. and coming up on asia business

in india, prime minister narendra modi has unveiled the country's longest bridge, which runs over therth—eastern state of assam. china claims arunachal pradesh as its own, and refers to it as southern tibet. the bridge will help development of remote regions in the area, as well as reduce travel time by up to eight hours. bbc news has been given exclusive access to historic footage filmed by young adventurers exploring parts of the world that were completely new to western eyes. some of these remarkable films, from the frozen mountains in the himalayas to the searing libyan desert, haven't been seen for a century. 0ur science correspondent pallab ghosh. this is the first ever view of mount everest from the air. it was shot in 1933 by a group of pilots who risked their lives to help create an aerial map of the mountain. the film is part of the royal geographical society's archive. it includes the very first attempt to climb to the top of mount everest, in 1922. the climbers are treated to a ritual dance at a tibetan monastery. around the dancers' waists are aprons made from a lattice o

this year, indian prime minister narendra modi will attend.ntroversial decision to fire the head of the fbi. he said comey had not been doing a good job. the democrats claim it is an attempt to derail the investigation of collusion between russia and the trump campaign and a highly unusual move the intelligence committee the us senate has issued a subpoena ordering the former national security adviser general michael flynn to hand over all details of his dealings with russia. they are also due to hear testimony from mr comey next week. much more of that and all the news any time on the bbc website. and you can get in touch with me and most of the team on twitter. i'm @bbcmikeembley. hello there. after the dry weather that we have been experiencing for days and weeks now, there is finally a change on the way, courtesy of these lumps of cloud, which have been bringing some quite vicious thunderstorms across spain and portugal, now on the march northwards. so many of us will see some showery rain and perhaps some thunderstorms over the next coupl

they have said in modi rees will continue, but many have concerns that the findings will continue.h in this man, and that is the hope of the department ofjustice —— enquiries will continue. wherever the investigation leads, it is important that it is believed and accepted. and sally is here with all the business news. we start on wall street where for months optimism about the trump presidency has been powering markets to record highs. but late on wednesday the trump bump turned into the trump slump — as us stocks and the dollar suffered their worst day since before the election. the cause of the sell—off? growing concern that the president's promised tax cuts and pro—business reforms may never materialise, as the white house battles one controversy after another. let's show you the numbers. the dow jones industrial average fell 372 points, and both the dow and s&p 500 suffered their worst falls in percentage terms since september. the nasdaq had its biggest loss for almost a year. in fact the last time the nasdaq fell this much was onjune 2a — the day the uk voted for brexit. the

let's begin with seema mody and another earnings alert. >> reporter: hey, kelly.falling after the security company reporting results that are bang in line with estimates. earnings of 28 cents, adjusted again, consensus was for 28 cents. revenue 1.8 billion and necessary nailed it. analysts consensus 1.18 billion. weak first quarter guidance. they see guidance between -- excuse me, earnings guide yajs between 28 to 32 cents. only thing i can see breaking out revenue here, enterprise security for this quarter, fourth quarter, coming in slightly shy of expectations. programs that's another reason shares are down. this is one of the stocks, kelly that has done well this year, up 20%. just the topic of security being something that is discussed quite heavily. back to you. >> seema, thank you. nearly a 6% drop for symantec. >> and not that much year-to-date but doubled in the last 12 months. >> wow. it is a pause. see if it refreshes. president trump firing fbi director james comey, last night actually. eamon javers joins us to hawk about that, and the market intact. >>

the resilience of the indian economy will come as welcome news to prime minister narendra modi followingal demonetisation programme. towards the end of last year, the government removed some 86% of banknotes from circulation in a bid to crackdown on corruption. this led to widespread disruption and queues outside banks and cashpoints, but the shock announcement seems to have had limited impact on growth. and there could be yet more good news for the indian economy — in a months time, consumers are set to benefit from a major tax reform. from july i, all purchases will fall under a single goods and services tax. this will lower the average tax rate compared to the existing system. 0n on other news. british airways says it is "working round the clock" to reunite passengers with their bags but it will take "some days" to clear the backlog. many people have contacted ba on social media to complain they still do not have their luggage back. the airline is now operating a full flight schedule and its it systems are up and running after the systems failure over the weekend. thousands of flights

the resilience of the indian economy will be welcome news for prime minister narendra modi followinghe country's landmark demonetisation programme. that was when — at the end of last year — the government removed around 86% of all banknotes from circulation in a bid to crackdown on corruption. it led to widespread disruption and queues outside banks and cashpoints, but the shock announcement seems to have had limited impact on growth. and there could be more good news for the indian economy next month when consumers will see major tax reforms. from july, all purchases will fall under a single "goods and services tax" and that's lower the average rate charged now. sameer hashmi has been following the story is in mumbaifor us. you've been witness to those huge queueing and chaos that interviewed after the banknotes were withdrawn. many are expressing surprise about these growth predictions, given how badly small businesses in particular suffered. that's right. if these figures as estimated turnout to be true it will be a bit of a surprise. the impact was huge after 86% of the notes wer

chancellor angela merkel met the senior leader, li keqiang, one day after meeting india's narendra modiifting global ties, catalyzed by donald trump in the white house. i see this as an unraveling of the u.s.'s pivot to asia under the barack obama administration. and the develop of europe's i sg of the own potential pivot to asia, at least the first couple steps. it goes without saying it is because a large part of what donald trump has been saying. it is crystallized over the past week or so during his trip to europe, as well as to the g7. said the timesas when we could completely rely on others are now, to an extent, over. easy to see a swipe at the u.s. and united kingdom for brexit, as well as donald trump's moves here. we are seeing li keqiang meeting angela merkel in berlin. he was greeted with military honors. he was speaking at the annual china-germany meeting. that is been happening for 13 years. he is added to brussels on the heels of president trump, speaking at the 19th china-e.u. summit there. while change and climate change were at the top of the agenda, it is at the top o

modi's lowered the mainland and the other. 13 people now in detention in manchester.people are working on the investigation, trying to determine whether the bomber was working on his own or part of a wider terror network. people killed. and jacob zuma is said to have survived a bid to force him from office. members decided not to call a vote with no confidence despite the president facing increasing pressure to step down. the decision to hire the prime minister sparked protests and caused south africa its investment grade credit rating. financialng our intelligence program has created a sweep of the human opponent. chess player has been playing since he was 10 and thought no machine could beat him. alphago is perfect, no flaws and no emotional weaknesses. he said it would be years before computers could master the game. global news 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. amin, this is bloomberg. for that.nks let's get a quick check on the markets where trading is underway in new zealand. a little bit down, 0.1%. t

it came after merkel met with india's prime minister modi.uture of relations with the u.s. >> our transatlantic relationship is of the utmost importance. due tosaid recently is the fact that in the face of the present circumstances we have, additional reasons for us to realize that we have to take our fate in our own hands in europe. vonnie: bloomberg's chief washington correspondent kevin cirilli traveled with the president last week and he met with merkel and other leaders. he joins us from washington and from our berlin bureau is reporter patrick donahoe. patrick, we are learning more about angela merkel's stance regarding all of this, from the closed-door caucus meeting. can you bring us up-to-date? >> merkel has been addressing us a week. she was at a beer tent at a campaign rally where she raised the issue of reliability and the issue of relations between germany and europe and the united states. she hasn't back down. -- hasn't backed down. she spoke today at a press conference with the indian prime minister and called india a reliable

. >> angela merkel holding a joint news conference with indian prime minister modi in berlin. >>> the police report on tiger woods dui arrest has been released. he was asleep at the wheel of a stationary mercedes ben-benz in jupiter, florida and did not know where he was. he had slow and slurred speech, but tests showed there was no alcohol in his system. that is the news update this hour. now, over to melissa with what's coming up on "power lunch." >> hi, there. big show. top of the hour. active managers making a big bet op one hot area of the stock market now. should you follow them in? it's a place where tech superstars are born, but it is creating a serious kriss for certain workers. and is the tiger brand done? meantime, halftime report back right after this. welcome to holiday inn! ♪ ♪ whether for big meetings or little getaways, there are always smiles ahead at holiday inn. hey ron! they're finally taking down that schwab billboard. oh, not so fast, carl. ♪ oh no. schwab, again? index investing for that low? that's three times less than fidelity... ...and four times less than v

. >> let's get to sema modi. >> a mixed session in europe.hat's notable are the gains in the uk stock market. the ftse erasing yesterday's loss following the bombing in manchester. the european off its low for the day shaking off the concerns about moody down grading china's credit rating for the first time in 20 years. let's talk financials. deutsche bank is near lows. democrats on the u.s. house financial committee have written a letter to ceo john ckreon seeking whether president trump's and his families bank accounts had any connection with russia. >>> mario draghi saying there is no reason to deviate from the policy path put out by the bank. euro zone activity is at a 60 or high. >>> the tech sector has its groove back p amo. among the biggest gainers, the fang stocks, facebook, amazon, netflix and google with double digit gains. netflix leading the pack. joining us now exclusively, one of the company's earliest investors. founding general partner as technology crossover ventures whose roster hits include air b&b, facebook, and netflix.

we know merkel and modi had a press conference. she hosted him in berlin yesterday.on't think that was an accident. >> i would think as well -- as you say, martin wolf has been anti-trump from the word go. the ft also had quite a few op-eds criticizing merkel. >> he noted that, whether she should have said it or not. >> yes, that's their default position. my pick is in the "wall street journal." america first doesn't mean america alone. penned by general h.r. mcmaster. this historic trip represented a strategic shift for the united states. america first signals the restoration of american leadership and the government's role overseas to use the diplomatic, economic and go military resources of the u.s. to enhance american security, promote american pos perity and extend american influence around the world. this comes two, three days after they come home. president trump caused such friction on the european leg of his trip. one wonders whether this is an attempt to appease after the damage is done. >> they're trying to counter some of the coverage like the wolf op-ed

. >>> right back to hq with seema mody, who has the european close. hi, seema. >> hello, mike.tocks are on the rise today. the outlier is the ftse 100, helped today by the miners as commodities continue to rise, anglo american, glenn core among the biggest winners. the pound is back up to eight-month highs, recoveryer recovering from what some are calling a mini crash on thursday. most european stocks after jeffries downgraded them from hold to buy partly due to uncertainty in brazil. a name to keep an eye on. greece, the country's parliament, approving new austerity measures and reforms late last night. the package is necessary to unlock billions of euros in aid and pave the way with the deal for greece's creditors. the stock market seeing a one-month gain of over 15% on this debt deal. energy giants have been lining up to invest and build infrastructu infrastructure. taking place this weekend could change that if president rohani isn't re-elected. foreign investment in iran could become much more difficult. sarah, that's why this, of course, is an election we're watching very

. >> thank you, seema mody, one of our traders say there could be a risk.k. >> listen, bitcoin has had a tremendous run. i have been in here, unbelievable run. my target based on the underlying fundamental also was 2500. we are there right now so what are the risks to look for? either if you are long or waiting for a pullback. three risks to the rally. number one, if you see transactions bargains fall, that's a problem for bitcoin the entire process is a net effect. >> that could mean a lower price for bitcoin. number two, competition from other digital currency. there is more than one bitcoin. all of those, those two do something different than bitcoin and number three, we agreed, the community afreed this week for an upgrade, but the network is so clogged that it needs a software upgrade. they agreed this week, just, yesterday so if that upgrade fails or there is some disagreement in that. then that would be a big problem for bitcoin. watch those three things. we're in a bubble. not quite a bubble. there is a long what i to go. for now, be careful. >> it'

>> the australian prime minister modi tell you. it's actually a serious point. guys with box cutters, killed thousands of people. that is because everybody was following the 1970s airline hijack procedures, and did as they were told. they did not act as freethinking individuals, except on flight 93. that was the only one where freeborn citizens acted like freeborn citizens. >> there are rules in place -- >> there are many was in place, roles and planes, and you don't want an angry drunk person -- they shouldn't be locked up. i am sorry. i want you to put your bag under the front of your seat. >> they ended cabin service in 1973. >> tucker: my favorite segment in a while. thank you so much. a fox news alert. australian prime minister at malcolm turnbull is speaking right now in new york city. he just met with president trump. the first time they have come together since that testy phone conversation last january, which trump ended early after learning about a refugee swap deal, the previous president had negotiated with australia. australia's foreign minister adm

let's get to seema mody with the close. >> good morning. a mixed start for the week for european stocks. oil majors remain a bright spot on the anticipation opec will agree to an even larger production cut in vienna. that meeting comes up on thursday. meantime, currencies continue to be a hot topic after the dollar witnessed its worst week of the year. last week the euro climbing above 112. hours ago, angela merkel calling the euro zone currency too weak, saying it's one of the catalysts behind germany's ballooning trade surplus. the euro holding on to 1.12 against the dollar. dutch insuror ajon up sharply on news it will sell its two largest u.s. life insurance businesses. clarion also rising, the specialty chemicals provider agreeing to merge with huntsman of the zushgs creau.s., creatin worth about $14 billion. but take a look, ucb is getting hammered. the company is partnered with amgen on a drug both companies don't believe will win approval this year after a trial which showed a higher rate of heart problems. shares down 18%. lastly,

. >>> let's get to seema modi. >> stocks hovering around the 21-month highs on a day when data shows french industrial production rising by a better than expected 2% in march so that european economic story continues to get stronger. in the meantime, mario draghi defending the central bank's monetary policy during a session with members of the dutch parliament who along with germany have been critics of q.e. draghi telling them the european economy is increasingly solid and too soon to scale back stimulus. he hinted the ecb will change its message as tale risks of falling inflation recede. in the netherlands, the dutch court has set may 22nd as a date to hear elliot management complaints against akzo looking to oust the chairman among the shareholders dissatisfied with their rejection of takeover. shares down 1.5 of akzo noble. img hosting a better than expected first quarter profit helped by growth in core lending and new customer deposits. also, take a look at french insurer, axza, announcing plans to take the u.s. arm public, ipo, with billions to be used for investment in higher

that's a good setup for seema mody standing by with the european close. >> stocks ending the week onitive note as we wrap up the final trading session before sunday's french presidential runoff. check out the run-up in french stocks, up 7% since first round of voting took place two weeks ago as investors are increasingly betting on a macron victory. you have the german and french ten year yield spread continuing to narrow. once again, betting on macron win. moving on to earnings, winners include britain's pierson up after announcing plans to cut costs further. the educational publisher aiming for additional annual savings of 300 million pounds by the end of 2019. pierson also saying it has begun its strategic review of its u.s. school publishing business which has been struggling in wake of digital competition. the stock is down more than 8% over the past 12 months. you also have european oil majors in focus today, rebounding as crude prices bounce off five-month lows. back over to you. >> seema, thank you very much. strong day in europe, not yet translating on this side, we'll see h

. >> thank you very much, seema mody.le as you know by now reporting that second quarter revenue beat and it fell short as iphone missed expectation. walt mossberg joins us this morning. nice to check in with you on a quarter as important as this one. i think you told us last week that samsung's quality problems had basically bought apple a year. here we are again talking about this sort of lull in innovation and waiting for the next big thing and apparently now that's weighing on sales of the 7. >> you know, when i said it bought apple a year, what i meant was that apple made a controversial decision a year ago to take two years to do the next big, big rev of the iphone. they did bring out iphone 7. i think tim cook said on the call yesterday that the bigger version of the 7 was still selling well. you know, it looks a lot like its predecessor so the next big deal, big redesigned iphone was on a much longer cycle than usual. i think what you see in the sales thing wasn't that huge a miss. it's just people are -- why woul