oliver: i am oliver renick. we're coming to you from inside the magazine's issue in new york is inside the headquarters of the magazine in new york. carol: all that ahead on "bloomberg businessweek." ♪ carol: we are with megan murphy of "bloomberg businessweek." you guys take a look at the potential for a china-u.s. trade war and how we should look at it. not as someone stealing our manufacturing jobs, but as china as an economic might. megan: it cuts to the heart of this war of wards over trade with china. it frames it in the proper context. donald trump may be right, saying we need to get tough on china. it is the mechanisms he is talking about and the china he is talking about is the china of old. the china we should be worried about this piece argues coherently and cogently as the china that has identified industries it wants to own as china first. china is about making china great again, tech, manufacturing, industrial. they have identified entire industries that they see developing china number one in prod

i am oliver renick. carol: i am carol massar. nd saudi arabia find common ground in cyberspace. trying to protect players in the nfl. oliver: all that ahead on "bloomberg businessweek". ♪ oliver: we are back with bloomberg businessweek editor in chief talking about must reads in this magazine. let's talk about the wall, arguably trump's biggest promise. let's talk about the hurdles he will run into with folks on the border there. megan: there are many hurdles to the wall. i love when we have a story that mentions eminent domain, one of my favorite legal terms. mostf the things that is interesting is that there are golf courses on the path of where this wall would be dealt. this has always been an issue. there is a structure in place to crossing,ople from but there are areas where it will be incredibly difficult from a pure geographic landscape , and you take property will have to use eminent domain. is a bigump said he fan of eminent domain. this is a large parcel you will have to stitch together. oliver: you have golf courses, im

i am oliver renick. carol: i am carol massar. you can also listen to us on radio. : and in london, and in app.on the bloomberg radio pl s the agricultural community is in an unusual situation, one of the few industries that carries a trade surplus. they have a lot to lose when there is a trade war, and they tend to be back of mine. so you have a fear of them being collateral damage. if the u.s. slaps tariffs on chinese manufactured goods, it is not u.s. buying chinese manufactured goods, it is soybean and cotton, and that is where retaliation would take place. to folksou talked involved in the industry. tell us where this will regionally have the most impact. places along the mississippi or parts of the missouri river, that descartes land agricultural country that feeds into the mississippi river and gulf of mexico, basically 100% of the corn and soybeans is going to china. mexico, so in the more northern parts of the u.s., or even a dairy producer nationwide, you see trade rising with asia and all parts of the country, so this is a nationwide issue. ofis strongest

i am oliver renick. carol: i am carol massar. n also listen to us on radio. oliver: and in london and in asia on the bloomberg radio plus app. in the markets and finance section, president trump has instructed the labor department to reconsider the fiduciary rule. carol: it requires financial advisors to put their clients interests first. ben: the fiduciary rule would require financial advisors who handle retirement accounts, iras, 401(k)s, to put their 'clients interest first. it also gives clients and investors, makes it easier to sue financial firms where they are not being treated properly. carol: what does that mean coming first? ben: there's a class of advisors out there now who, they are more like salespeople, where they have an incentive to steer you into particular products, house products, sold by their insurance company, higher yield type stuff. lower liquidity to lock up your money in a variable annuity that are very expensive and consumer experts have been railing against for years. you find people to buy them, put pe

oliver: i am oliver renick. issue, thehis week's ukrainian oligarch wanted on the u.s. bribery charge. oliver: d.c.'s top lawyer has a long road ahead of him. carol: is the chicken industry rigged? oliver: all that ahead on "bloomberg businessweek". ♪ carol: we are with the editor in chief megan murphy. you guys look at toshiba, a once mighty company, if you will in japan, but it has come undone. japan's crown jewels across electronics, across power, etc., and what is so interesting is they had to take this $6 billion write-down based on the business you could describe as something that people don't often associated with the company, and that is building nuclear reactors. across the southern united states, power plants have been beset by problems, not finishing on time, a contractor not well equipped to carry out the building of this. it has really hurt the company. it lost $7 billion of its market cap before this was announced. it is a company in trouble right now. oliver: was this specifically a bad bet by tosh

i am oliver renick. carol: i am carol massar. listen to us on radio on serious xm 119. and am 1130 in new york. am 1200 in boston. oliver: and in london and in asia on the bloomberg radio plus app. in the companies and industries section, cadillac has been trying to resurrect itself for almost 20 years. carol: it may finally have met its match. >> cadillac was the luxury brand going back many decades. they passed on the packard in the depression years and it rode a wave of postwar wealth. they hit their peak in the 1970's, 1978 they sold 370,000 cars, which is massive for a luxury brand. then there were quality problems and it started to haunt the brand. they started making cars slightly nicer versions of those mobiles and buicks. nicer versions of oldsmobiles and buicks. the whole thing went away because the cars got too much alike, and they had bad timing because they were selling cadillacs that weren't that great, mercedes and bmw came to the u.s., then the lexus brand, and baby boomers attached to luxury brands, and those thr

oliver: i am oliver renick. carroll: in this week's issue, how trip -- how president trump's pick for labor secretary views of america. oliver plus, the algorithm that : could help police catch serial killers. carol: a lucrative second career for steve young. oliver: all the ahead on "bloomberg businessweek." ♪ carol: we are here with assistant managing editor jim ellis. you guys look at ivanka trump, who seems to be important when it comes to china policy. >> it seems to be strange. normally you would suspect season diplomats is who you would turn to if you wanted to deal with one of our most important of powerful adversaries. instead, right now a lot of the china hands are not in place, and also mr. trump has a different way of pursuing diplomacy, it seems. right now, we have had bad blood between the u.s. and china. the president has said a lot of things that have upset china. in a back channel way, his daughter and her husband have been meeting with china test chinese officials. her husband, jerod kushner, wh

oliver: i am oliver renick. you can also catch us on the radio. and in asia on the bloomberg radio plus app. industriesanies and section, hollywood has been working on building closer ties with china. oliver: the trump administration could be a wrinkle in those plans. years, the past few hollywood has become so intertwined with china, buying up the biggest theater chains, alibaba and other media companies investing directly. they are becoming reliant may be a strong word, but they are getting a lot of money from china to make their movies. carol: some blockbuster movies. >> the biggest ones really, transformers, mission impossible , studios like paramount, sony. they have all struck deals with chinese companies. the other thing is that the u.s. market is mature. unless you are a big movie fan, people don't go that often, and china is booming. for the past several years, they've average 35% growth. the u.s. is stagnating in comparison. so access to that market is pretty important. this year, it just so happens they were sent to renegotiate a quota t

i am oliver renick. carol: i am carol massar. also listen to us on radio. 960 in in boston and am the bay area. oliver: and in london, and in asia on the bloomberg radio app. in the global economic section, president trump may wreak havoc on some farmers. thel: we talked to reporter. >> the agricultural community is in an unusual situation, one of the few industries that carries a trade surplus. they have a lot to lose when there is a trade war, and they tend to be at the back of the mind when these wars threaten. so you have a fear of them being collateral damage. if the u.s. slaps tariffs on chinese manufactured goods, it is not u.s. buying chinese manufactured goods, it is soybeans and cotton, and that is where retaliation would take place. and that would be devastating for u.s. farmers. oliver: you talked to folks involved in the industry. tell us where this will regionally have the most impact. >> places along the mississippi or parts of the missouri river, that heartland agricultural country that feeds into the mississippi r

i'm oliver renick. scarlet: i am scarlet fu. welcome to "bloomberg markets." d borde in new york the next hour. have puts, u.s. stocks the business behind them and the s&p 500 just reached a high of the day, the new record with energy stocks leading the game. somedent trump meets with of the nation's governors and health care executives. the white house says in its budget proposal the administration seeks a $54 billion increase in defense spending. 'se head of president trump address, delegate is policies. how it would ship the u.s. job market. we hear about the new highs with the julie hyman. s&p, ator the dow and least. the gains have been on a daily basis very incremental, very small. something else of note is that the dow is on its 12th straight session that it is higher. we have not seen on going back to 1987, when the dow said a 13-session winning streak in that year. interesting movement we are seeing. investors are saying they are waiting for president trump's comments to get more detail on his policies. as for the lack of movement on a daily basis, we

i am oliver renick. scarlet: i am scarlet fu. welcome to "bloomberg markets." dquarters in new york for the next hour. we will be covering stories from andington, mexico city, tehran could hear other top stories we we're following on bloomberg and around the world. u.s. stocks are rallying around the january jobs report. employers adding the most workers in four months. but wage growth slows more than projected. executivetrump signs orders on financial relations including a review of dodd-frank and what that could mean for the future of the banking industry. plus, we will have reaction from the democrats on the regular tory rollback. senator mark warner of virginia tells us whether reform even has a shot at getting through congress. with one hour away through the close of trading, let's check on the markets with abigail doolittle. abigail: what a rally we are looking at. green on the screen, something we are not seeing so much this week. a real risk-on day. the dow is back about 20,000, an important psychological level. we have the dow on pace for the best day o

this is bloomberg. ♪ oliver: i'm oliver renick. amanda: i'm amanda lang. ve from bloomberg world headquarters in new york for the next hour. your are the top stories on the bloomberg and from around the world that we are following. in markets, the final hour of trading for u.s. markets and stocks once again hitting record highs. we will dig into the technicals and see if there is more room to run in a so-called trump rally. deal.ll break down the speaking earlier today, the philadelphia fed president says he wants to factor in all the data to come before making a final decision on interest rates . we are one hour away from the close of trading. are looking ate gains for stocks in the u.s. once again, the major averages higher, hitting simultaneous record highs. and the dow less than 300 points away from the dow 21,000. seems like the days we hit doubt 21,000, but we are bullish here. we go cross asset class, it's confirmed. we have a safe haven type assets trading lower today. this includes bonds with the 10 year yield trading slightly higher, up one basis

oliver: and i'm oliver renick. is how much the dow jones has rallied since donald trump made this promise earlier in the month. mr. trump: lowering the american tax burden is big-league. it was the announcement of something i would say over the next two or three weeks that i would say would be phenomenal in terms of tax. now that the stage has been set for the big speech tonight, will he deliver and what will he deliver? fromng us is anne lester j.p. morgan asset management. tonight, the big news piece here , things have been quiet the last 48 hours. what's important to investors right now? anne: investors always want to feel like there is some pretty stability in the world and for the last couple of months, there's been a lot of optimism amount -- around potential deregulation, a potential fiscal stimulus taking the point of monetary stimulus and a hope we will see this recovery coming to a sustaining place and interest rates normalize. as an investor, those are things we want to start seeing how that is actually

i'm oliver renick. joe: i'm joe weisenthal. re on twitter, we want to welcome you to our closing bell coverage every weekday. oliver: we begin with our market minute. stocks, we're looking at what happened across the market, there is fluctuation. we mostly ended flat, there was not much volatility, things are unchanged. we saw a real estate shares doing well. here are the benchmarks. the s&p 500 and dow jones flat, and some weakness in the nasdaq. and look at the sectors, we saw this doing pretty well, offseting the losses. we are looking at movers and companies, and little bit of movement across the board, but at the end of the day we have big winners in jobs. ralph lauren on the closing, not doing so hot. e-trade financial core doing pretty weak. some of these financial companies are not quite as good as they have been. joe, breaking news. joe: we have engin reporting that one of their trucks and if you reduce the risk of cardiovascular events in some patients with cardiovascular disease with their outcome trial, but this is g

oliver: i'm oliver renick.bloomberg sports summit. bloomberg's jason kelly is standing by with a top banker. jason: i'm here with john cornwell from pjt partners. he is a partner there. so much money swirling around teams at this point. the valuations keep going up. there seem to be so many buyers out there. what's driving them? >> it's the ultimate content. when you look at owning a sports team, you are not only taking part in the media ecosystem which continues to grow, but you are also looking at things like data, technology. exports are driving -- sports are driving, whether it is sports data -- there's lots of things going on. there are lots of ways that you can commoditize these things. it's a very elite club. 120 teams in the united states. a lot of wealthy people. people bid up the prices. jason: and it seems like at this point, not a lot of willing sellers. they are really hanging onto these assets. don: in the old days, teams were not that profitable. becauset's happened, the tv money has gotten so go

oliver: i'm oliver renick.is out, and it revolves around four main themes. on bloomberg daybreak: americas, erik schatzker sat down with the head of global macro asset allocation described the current paradigm shift. >> this is the first time in 15 or 20 years where we have an inflection point, and what we are to highlight is a couple of things. major shift for monetary to physical, which i think is a big deal. we have had all the central banks running the show, and now you have government spending driving incremental growth. it's a big deal with applications for growth as well as rate and volatility. the second thing i would say is we are moving globally. i travel all the time, and the authorities we are speaking with feel like we are moving from global agendas to domestic. that hasn't location for trade other parts of the world. the third thing was we are moving back towards deregulation , and particularly energy and financial services and i think health care will be in the next at some point as well. -- in t

joe weisenthal of bloomberg, and oliver renick, thank you. mavericks owner mark cuban on where he is putting some of his cash to work. from new york, as we count down to the open, that's 49 minutes away. from new york, this is bloomberg. ♪ "bloombergis daybreak," i am emma chandra. we speak with cory johnson at the tech summit. david: this is bloomberg, i'm david westin. gets is boeing made air force one to fly to a boeing air force facility. joining us is kevin cirilli. what does the president expect to publish in visiting boeing? kevin: he will be in charleston, south carolina. some sources are not anticipating any major policy announcements at boeing. however, he will be attending the rollout of their new dreamliner aircraft. that said, behind the scenes, there have been some conversations with folks as well as within the administration on potentially reauthorizing the export import bank. that could bust some heads on capitol hill with conservatives who are against the bank. boeing has been one of the top supporters of the banks reauthoriz

i'm oliver renick. scarlet: i'm scarlet fu. : we are live from bloomberg world headquarters in new york for the next hour. plus, we will be covering stories in chicago and tokyo. here are stories we're following on the bloomberg terminal and around the world. once again in the grain for the seventh straight day of gains, giving the s&p 500 longest streak since 2013. a lot of cabinets falling in d.c. but not in the equities market. softbank, three point $3 billion. in politics, reports say andrew poster -- puzder has withdrawn himself from labor secretary. let's check out all the markets which are going pretty crazy right now. i would love to have a political volatility index versus the vix. the political volatility would be off the chart. oliver: what specific volatility now? >> maybe you should develop that. all three major averages rising. they are at records as well. the s&p isght days higher, the longest winning streak going back to september of 2013. indeed, it is notable for a number of different reasons. now we are on the

oliver: i am oliver renick. a secret alliance between two old enemies in the middle east. wants a piece of michael jackson. oliver: all that ahead on "bloomberg businessweek". ♪ carol: we are here with editor in chief megan murphy.

oliver: i am oliver renick. we're coming to you from the inside the magazine's headquarters."bloomberg businessweek." ♪ carol: we are with the editor-in-chief, megan murphy of "bloomberg businessweek." you guys take a look at the potential for a china-u.s. trade war and how we should look at it. not as someone stealing our

oliver: i am oliver renick. the kremlin influencing elections around the world. ahead on "bloomberg businessweek". ♪ carol: we are with megan murphy of "bloomberg businessweek". look at thee a potential for a china-u.s. trade war and how we should look at it. not

oliver: i am oliver renick. plus, the algorithm that could help police catch serial killers. ond career for steve young. oliver: all the ahead on "bloomberg businessweek". ♪ carol: we are here with assistant managing editor jim alice. ankaguys look at iv

oliver: and i'm oliver renick.of fewer checking 31% accounts and subdued 47% fewer applications for credit cards. please opened 2 million accounts without customer permission. double-digit profits from a year ago. in interest income was $5.8 billion compared with $5.1 billion estimated. fannie mae says earnings were driven by a rise in the long-term interest rates. fairfax financial holdings has unloaded its long-term bond holdings and reduced short positions on stocks. the company doubled down on a bet that president trump will spur u.s. economic growth. they cut equity hedge positions in half after the november election. that is your bloomberg business flash update. oliver: unilever rejects a $143 billion merger bid from kraft heinz. this is bloomberg. ♪ julie: this is "bloomberg markets." oliver: we will talk about unilever and kraft heinz in a minute. let's get a check on the markets real quick because we've got a bit of strength. it did not last very long. s&p still down 10 basis points on the day. this been a

i am oliver renick.e deal size is an volume last year, let's go to cory johnson and carol massar. carol: thank you so much. welcome, everybody on bloomberg tv. fromve an analyst bloomberg intelligence taking a look at the importance of snap to the ipo market and what it means for large tech ipos. important for itself and investors what it means something bigger for the ipo market any tech ipo market. >> indeed it is, carol. we looked at the numbers for tech ipos the last five years and what we found is there is a dearth of mega ipos the last couple years. last year we had just one above $1 billion. carol: there was not a lot of stuff happening last year. >> exactly. it is just -- they were able to had nine funding rounds can valued at $22 billion in the private market. i don't know if they can match that in the public market now but they were valued at $22 million. cory: 22 times revenues, roughly. glass-half-empty kind of guy, it is great if the ipo market goes well. if it goes poorly, what does that te

oliver: i am oliver renick. . plus, the algorithm that could help police catch serial killers. rative second career for steve young. oliver: all the ahead on "bloomberg businessweek." ♪ carol: we are here with assistant managing editor jim ellis. you guys look at ivanka trump, who seems to be important when it comes to china policy.

oliver: i am oliver renick. issue, thehis week's ukrainian oligarch wanted on the u.s. .c.'s top lawyer has a long road ahead of him. carol: is the chicken industry rigged? oliver: all that ahead on "bloomberg businessweek". ♪ carol: we are with the editor in chief megan murphy. you guys look at toshiba, a once mighty company, if you will in japan, but it has come undone. megan:

oliver: i am oliver renick. inside the magazine's headquarters in new york. carol: in this week's issue, the ukrainian oligarch wanted on the u.s. bribery charge. oliver: d.c.'s top lawyer has a long road ahead of him. carol: is the chicken industry rigged? oliver: all that ahead on "bloomberg businessweek." ♪ carol: we are with the editor in chief of bloomberg businessweek, megan murphy. you guys look at toshiba, a once mighty company, if you will in japan, but it has come undone. megan: one of japan's crown jewels across electronics, across power, etc., and what is

i'm oliver renick. 1.5% concerns in brazil's crop could fall 20%. oil is rising for the second day in a row. looking at energy stocks, stocks are climbing. eliminatingcceed in a supply surplus even as crude stockpiles climbed last week. let's check out platinum. it is trading at the highest level since september as production declined. start since 2012. we will look at metals more. prices may be heading higher as bhp builds the biggest coppermine. potential output some indonesia are threatening to curb global copper supplies as prices recover to the highest level since june 2015. goldman is saying despite disruptions, it may get a stronger demand and drive prices higher in the second quarter. on the bhpr more by jojo.e are joined at anms like we are inflection point for prices. what does that mean? >> if you take what is that if you take what oliver is saying, demand to push prices higher. barkley said yesterday, if this strike last until the end of february or early march, the squeeze will be filled on

. ♪ joke -- however: i am oliver renick. -- however: i am oliver renick.o bloomberg markets. oliver: we are live from bloomberg world headquarters for the next hour, and we will be covering stories in san francisco, washington, and china. kerala top stories we're markets, thein trump trade has been argued with the story of the year and investors at bank of america are getting in on the action, causing ways in the etf market. in business, earnings season continues in full force. we will dig into how facebook is tapping into more users in today's "the numbers don't lie. coast jeff immelt -- ge ceo jeff immelt weighs in on's views onon trump's immigration. julie: a stock wise, there is not much going on. turned the dow, which slightly lower after the statement. now slightly higher. stocks overall, not much change. where we saw activity was in the bond market, in particular, the shorter end of the curve. yields remitting higher on the two-yeard, but the note, as you can see, saw a drop in yield. now an unchanged level, following a statement from the fed that s

oliver: and i'm oliver renick.came close to crumbling the foundation that let businesses thrive. >> and a secret alliance between two very old enemies in the middle east. carol: the irs wants a piece of michael jackson. oliver: all that ahead on "bloomberg businessweek." ♪ carol: we are here with editor-in-chief megan murphy. last week we talked about the business community and donald trump. in davos, you said you thought everyone w b

oliver: and i'm oliver renick. a secret alliance between two very old enemies in the middle east. irs wants a piece of michael jackson. oliver: all that ahead on "bloomberg businessweek." ♪ carol: we are here with editor-in-chief megan murphy. the week we talked about

oliver: i am oliver renick. we're coming to you from the inside the magazine's headquarters."bloomberg businessweek." ♪ carol: we are with the editor-in-chief, megan murphy of "bloomberg busin

oliver: i am oliver renick. plus, the algorithm that could help police catch serial killers. er for steve young. oliver: all the ahead on "bloomberg businessweek." ♪ carol: we are here with assistant managing editor jim ellis. you guys look at ivanka trump, who seems to be important when it comes to china policy. >> it ses

i am oliver renick. amanda: welcome to bloomberg markets. gton and paris. in markets, stocks are waiving this afternoon. the economy, the fomc released minutes from its last members real -- most have rate hikes fairly soon. in politics, president trump's crackdown on undocumented aliens might affect more than just those deported. these potential buyers disappear from the market. on theet a check markets. what is going on? >> not a lot of action for a u.s. stock. action, the dow trading slightly higher, another day of record highs. gain and will be interesting to see whether the dow will hold on into the close while we have the dow, the s&p 500, and the nasdaq slightly lower -- slightly lower. of nasdaq in the month february. the s&p 500 may be down slightly -- we happened to the bloomberg and , the bottom or schlein is a 1% down. we are on day 51 of the holding pattern where investors are the s&p 500king higher but very slow steady gains. it will be interesting to see how it when that does and. perhaps it will end and it is possibly a bearish

oliver: i am oliver renick. at you from inside the magazine's headquarters in new york. carol: in this week's issue, the ukrainian oligarch wanted on the u.s. bribery charge. oliver: d.c.'s top lawyer has a long road ahead of him. carol: is the chicken industry rigged? oliver: all that ahead on "bloomberg businessweek." ♪ carol: we are with the editor in businessweek,berg megan murphy.

i am oliver renick. s." ♪ oliver: we're live from bloomberg world headquarters in new york for the next hour. we will cover stories in germany, washington, and richmond, virginia. finance, focused on wall street's relationship with the trumpet ministration. on john mack is will weigh donald trump us his policies and on taxes. a tepidfully or forecast while promising investment in self driving cars. we will hear from the company's ceo about those plans are politics, the state of virginia had a big win. we will hear from the governor. we are one hour away from the close of trading. julie: your home state of virginia. let's look at what is going on. drifting for much of the session, a little more decisively in the red. let's look at the stocks, the most on the s&p 500. in fcc commissioner had said the sec wants to take a crack at the time warner deal. scrutinize it. facebook, the numbers look good initially. there is concern about growth slowing this year as expenses are kicking up. is trading lower and micr

anna: that was very starlit -- barry sternlicht speaking with oliver renick.rida defending his policies. margaret joins us now on the phone. great to give us your insights today could this presidents' day, what does that hold in store? how much has he managed to get his campaign back on track after his comments on sweden over the weekend? margaret: it has been a fascinating stretch the past few days. he kicked off the long weekend with a trip to a blowing plant -- boeing plant. flew into the orlando area for this fairly extraordinary rally. it was several thousands of his supporters less than a month after his inauguration. the theme was i'm doing great, everybody loves me, and don't trust the media. he did talk about some other things and then hunkered down with his staff for a long weekend, which was mostly about the search for the next national security adviser. that as a decision we expect here in the next few days. anna: we will look for that update on michael flynn's replacement. thank you very much. coming up in the next hour of the program, the credit

oliver: i'm oliver renick. welcome to "bloomberg markets." bloomberg world headquarters in new york. covering stories out of los angeles, miami, paris, and tokyo. you're the top stories we are following around the world. , alls extending the rally three indexes trading a record highs with energy and industrials among the big dollar paring.s. following a drop in confidence. u.s. donald trump meets with japanese prime minister shinzo abe amid tensions among trump's trade and immigration policy. reportedly inis talks to buy the miami marlins for $1.6 billion. u.s. markets close in two hours time, and stocks are trading a record highs. we discussed more with abigail doolittle. forail: two days in a row the dow industrials, four days in a row higher for the s&p 500 and the nasdaq, but i scarlet mentioned, the big story is new record highs for the three major averages. the second time that happened in a row. a bit of a bullish streak for u.s. stocks. we do have the major averages at session highs. one reason why we are looking at a rally in the fin

renick. and i'm oliver nick, thanks so much for joining us.iet today, but ultimately, we are making highs every day here. about 10 days on the dow, the longest stretch in quite some time. what do you make of the unabashedly this right now? the fact that we grind higher is really surprising. you never short a new guy. as you think these levels are, you cannot short it your it to filter out. lisa: what indicators are you looking for? that valuation is one investors look at. we are 2.510-year, which makes us fairly valued, not over valued. you stop, that is when you start thinking about all of the possible good news. pimm: have people factored in all the results of changes in regulatory reform because of new administration, changes of taxes because of a new administration? we keep hearing about it. we don't have a lot of details, but you are the treasury secretary kerry he said look, bute we can get to 3.5% -- you hear the treasury secretary, and he said look, maybe we can get a 3.5%. not one analyst or strategist on wall street who has bumped th

i am oliver renick. scarlet: i am scarlet fu.: we are live from bloomberg world headquarters in new york for the next hour. we will cover stories from washington, atlanta, and china. here are top stories from around the world. the nasdaq and dow jones touching all-time highs failing to build on that momentum. the dollar strengthened against most of its major peers. we are from senator bob casey, a democrat who helped leave -- leave the campaign against betsy devos's nomination. what does this signal about further issues with congress? just below three chilean dollars last month falling to the lowest level since early 2011. policymakers and their rattle against outflows. an hour away from the close of trading, we will get a check with julie hyman here julie: it does not feel like a big record day. moves in thehese major averages. as weuching records today have got an updraft going on particularly in consumer staples. take a look at the bloomberg here. we have come to this frequently over the past month or so. moves on the closing

joining us, the global chief investment officer for blackrock and our colleague oliver renick.e people saying it's really only begun to reflect what is possible for trump. what is your view? >> they are constructive on u.s. equities. valuations are high. we do not see them being a constraint for the u.s. market. what we would say is we see a lot more in the price for u.s. stocks, more optimism around the u.s. market than other markets world.the we think there's more opportunity outside the u.s. rather than inside the u.s. you can'thard, if sort that out with respect to u.s. equities, how much is it reflecting the larger global reflation trade as opposed to these cyclical tied to the anticipation of donald trump? theard: what you saw was reflation trade started to affect the u.s. market, i think global markets as early as the summer of last year. the electionfter we started to see optimism, in around donald trump, and that optimism in particular impact small stocks and stocks that would benefit from a looser fiscal policy. we look at what is priced in today, the markets moved to

oliver renick is joining us now and still with us is peter borish. i talk about this all the time.? it's interesting when they choose to comment on the equity markets. may be part of it is the idea that they are still expecting to go to a rate hike trajectory where they move interest rates up continually from zero. i think they know that when you look, at least in the past couple of years, the market has moved inversely to expectations to what the fed will do. that has not been the case recently when you have the backdrop of this promised stimulus coming from the administration in terms of fiscal stimulus. previously, the talk of rate hikes was not great for the market. lotorically, there is not a to be concerned about. at the a chart looking past three rate hike cycles and what happened with the vix during that time. there is an average vix of about 13.5 during this 27 year period. in 1994 then in 1999 and 2004, there was no shakeup. apart from 2000 were you had volatility high, the average is this -- is about the same. it's interesting they would find reason to comment on it. we