peter oppenheimer is here. should we be shrugging off that g7 meeting? you struggling -- shrugging that off? peter: the key is the underlying fundamentals. it was unexpected, lexa many things we are seeing politically at the moment. but we have had a run of 30 week markets. ak markets. we seeing a tick up since the start of the year. that slowed markets in equities. with think the global growth cycle -- we think the global growth cycle is pretty good and that's what the markets will respond to. matt: are you worried about these trade tensions? if we start to get a retaliation, the likes of which justin trudeau promised at the g7 meeting, if we start to get real retaliation from china rather than the olive branches that they seem to be offering so far, does that foul up your global growth forecast? peter: i think not really. if we have a trade war that had a major impact on trade growth, that would be problematic. but that's not really our expectation. when you look at the trade embargoes that have been talked about so far, the trade tariffs, they have a

blackrock sticking with me along oksana aronov from jp asset management and krishna memani from oppenheimer. it in the markets, let's get you a check on where treasuries have been. the two-year yield has been remarkably stable over the last couple of months. around 2.55. unchanged on the week. and the 30 year yield coming up a basis point. the 10 year coming in a basis point. not a whole lot of action considering the news that we have had over the last few weeks. still ahead, the final spread, featuring elections in turkey. e.m. is next. this is "bloomberg real yield." ♪ ♪ jonathan: i'm jonathan ferro. this is "bloomberg real yield." it is time for the final spread. coming up over the next week, this weekend, we get the election out of turkey. don't forget, next weekend, we have the mexican election as well. plus, we will get another round of u.s. economic data and the second leg of the u.s. bank stress tests. also, there will be closely watched seven-year treasury auctions taking place, too. still with me is jim keenan, oksana aronov, and krishna memani. krishna, i just want to wrap up wit

political military establishment with the war on science it happened at the same time oppenheimer with nuclear weapons that was put on trial in washington and you have the secu clearance voked a lot of people were friends of his and then they do a lotot of suspicion to the military and there was a backlash of resistance with just the idea of it. those were one of the hurdles they were up again just getting this off the ground. >> in the book there is this tension that -- between science and this distrust of science and the political leaders but in terms of individuals to get something done. >> it is hard to imagine a character who is a victim is hard to imagine more of a david and a goliath or a widow with a baby one of the most powerful and influential corporations in modern american history. >> so finding out her husband has been murdered i know that is the bk givthe high level. >> or what she had to do? first off there is a massive puzzle to unravel. they had contracts and that was the globalization of cheap labor. we think of moving factories or moving poor workers to countries to

oppenheimer funds with us. this research. seeing needs to be adjusted for balance sheet dynamics. explain why the unwind of chairman powell's balance sheet affects curve steepening and takes us away from recession fear. >> what the fed and central banks have done was to buy up longer duration bonds with the intent of compressing the term rhenium and risk premium of these longer lawns. this is the policy the fed and other central banks had to turn to as we got to zero interest rates. estimates suggest the balance sheets is still compressing the tenure term premium by 80 basis points. even the low end of that estimate is 40 basis points, so if you were to adjust for the fact they are compressing, you have a steeper yield curve. tom: do want to guess the length of balance sheet unwind, or is it still a mystery? >> it is still a mystery, but an interesting question of the past weeks. it waslier review was going to last until 2022, but there is uncertainty about the equilibrium level of reserves in the system, and people are adjus

next speaker card i have is no no noah oppenheim. >>> good afternoon. if we allow irrigation districts that are working in very close collaboration with staff of your commission to dictate environmental policy for projects that this commission uses to deliver water to your rate payers, then we will be aggregating the talvishiprd values that this city holds dear. we will continue as the previous speakers have mentioned, to allow and facilitate the decline of commercial and recreational salmon fisheries throughout our state, which would be to disastrous effect. i urge you to oppose the rider. i urge you fther to oppose any policy offered by any member of congress in any legislative vehicle that would prevent the national marine fishery service from implementing its authority under the federal power act. these are -- the people of san francisco's opinions matter. i urge you to oppose this and to work with the city urgently before it's too late. thank you. >>> thank you. next speaker card i have is peter dreckmeyer. > good afternoon, president kwan and comm

include someone from oppenheimer funds.issed out on any of charts today, just go to the bloomberg. you can find all of our old charts, save them for future reference, and you can also make changes to them if you want. live from new york, this is bloomberg. ♪ jonathan: from new york city, i'm jonathan ferro. 30 minutes dedicated to fixed income. this is "bloomberg real yield." increasing leverage in a rising environment. chasing pain into investment grade credit. the transatlantic spread widens. mario draghi going nowhere fast. pricing in political risk. looking at a string of key elections in emerging markets.

the equity strategist at oppenheimer funds. coming up, president trump's tariff talk will not make discussing trade any easier at the g7, at least according to the canadian finance minister. we hear from him next. this is bloomberg. ♪ ♪ shery: this is "bloomberg markets: americas." i'm shery ahn. at the g7 in whistler, bc, i am amanda lang. -- yesterday in whistler, finance minister bill morneau is the host of this meeting. he get to set the agenda for the g7 meeting. it's been a little hijacked by trade talk. i sat down in an exclusive interview with him. >> trade has been on her agenda for the last several meetings. activity, ifnew you want to call it that, the tariffs that the u.s. has put on canadian steel and aluminum, will add an additional flavor to that, and will make for some difficulty in our discussions. we know that we have a broader agenda, which is to make sure their trading system creates benefits for all countries and that we deal with nonmarket economies in a way that actually gets more productivity around our

robert oppenheimer. >> the world would not be the same. >> he looked back on the day the nuclear age 16th, 1945. the test code named trinity. >> i remembered the line from the hindu scripture. multi-armed form and says, now i am become death. the destroyer of worlds. >> three, two, one. now. >> a few decades later north korea has become vishnu. how did a country so poor, so isolated from the world acquire the most destructive technology on earth? and can we really expect them to give it all away? this is the story of now north korea got the bomb. north korea's nuclear program began early. >> they always wanted a nuclear weapon. >> to get the bomb, kim il-song needed help from his powerful cold world ally the soviet union. the soviets gave the north civilian nuclear technology. training its scientists in russia and helping them build a small nuclear research reactor. but they stopped short of giving them the bomb. afraid of the chaos that might result tie soviets told the north koreans don't build the bomb. >> after china joined the nuclear club in 1964 -- kim il-sung asked chairman m

kevin johnson was presenting it at this oppenheimer conference in boston. they also said they will bring in an outside consultant to work with the company, find areas of growth, but also mentioned in closing some of the stores and cafes that are in these densely populated markets will accelerate u.s. comps which is something analysts are focused on >> steam seems like they're streamlining things, which could be a good thing for investors. >> and another focus is in china. they want to get to 6,000 stores in china by 2020 >> timing is interesting >> that's right. >>> we'll hear a lot more about this particular story coming up later on today starbucks ceo kevin johnson kiting down exclusively with cnbc catch that must-see interview at 9:00 a.m. eastern time later this morning on "squawk box. > >>> up next, big business sounding off jamie dimon and satya nadella coming out strong against the trump administration border policies their comments straight ahead. >>> and oil prices front and center brian sullivan is live on the ground in vienna ahead of that meetin

also the managing director of oppenheimer, focusing on health care.nd on the phone we have george zachary. he invested in pill pack and is on the board. this is after months of speculation about amazon making moves in the pharma industry. how much could this potentially shakeup? >> there were a couple of forms of speculation. we heard that walmart was circling pillpack, and maybe george could tell us about why that didn't happen. two, amazon was looking at taking pharmacy licenses in several states. well now we know amazon outmaneuvered a major competitor and that it now suddenly has mail delivery licenses in 50 states. what does it mean? it means amazon is almost instantly a big player in the pharmacy business. it means that pillpack has more resources now to fulfill its vision. over the long-term it raises all sorts of interesting possibilities. pharmacies at whole foods. pharmacies at amazon goes stores. it is another bugle call that -- amazon go stores. it is another bugle call that jeff bezos is serious about health care. george: i wish i could s

ross: by mark oppenheimer. brian: let me read this and have you fill in the blanks.ricia snow attended a sermon by grace james. " i had an amazing encounter ," snow told me over lunch. from then on, the family followed james around new england from high school cafeterias to elks' lodges to church basements here in the family later began sampling church after church in what ross calls "a tour of american christianity." ross: that was my childhood. brian: were you going from church to church? were you following grace james around? ross: yes. my mother, who was in the first amen's class at yale, sort of upper-middle-class connecticut person had a very intense spiritual experience. at these faith healings. i was probably six-years-old at the time. i had a childhood where i like to say, during the week, i went to a nice, liberal, secular public school. and on the weekend, i went and watched my parents speak in tongues. so i sort of had a front -- i had an unusual religious experience, if you will, in that i was along for someone else's religious pilgrimage. like, i am not

. >> ambarella is downgrade at oppenheimer, down on guidance. >> this is a company that you are waiting for the computer vision products, but until you get them, the video chip processing, this is not the next nvidia, you are catching a falling knife fur buying it. >> shall yant, changed to overweight at barclays. >> it is a bargain but it has a massive deb load that's going to be difficult to navigate this is an appetite for beaten up stocks. it is a courageous upgrade but i'm no buying it >> pete, you own this one, cigna. >>> love what i'm seeing right now. i have got to see the calls move to the upside about i like the space. >> erin, talk to me about the utilities. >> the ten year yield moved 20 basis points in the last week alone. that's putting stress on the high differents, including utilities. >> stepping away for two final trades are next. this is my headquarters. this is where i trade and manage my portfolio. since i added futures, i have access to the oil markets and gold markets. okay. i'm plugged into equities - trade confirmed - and i have global access 24/7. meaning i can

oppenheimer saying he is overweighting foundation -- duration and moving to a more defensive stance.think that is the right call, to have some duration. in terms of what is priced in the market, it is a little too optimistic and there are risks to the downside and we see that in trade talks and in the fact boost this year from the fiscal stimulus that is probably going totaper off and the boost the consumer, we have not seen a big impact yet and that is not a permanent boost, that will decline a matter the impact. david: let's talk about the risk to tnside. we spoke earlier to wilbur ross and talked about the possible risks of his approach to trade and this is what he had to say. david: but he said it somewhat louder. alix: turn up your volume just a little bit. it aftero not have all. i will paraphrase, there will be retaliation. we can inflict more pain on them than on us, but this is the way we can get to a different world. now i am told we have it, let's try to listen to wilbur ross. sec. ross: naturally, there is going to be some retaliation by the foreign countries and they wil

end the year higher as financials finally snap that 13-day losing streak joining us this morning, oppenheimerbrian levitz and jpmorgan asset management alex dryden happy friday getting your sea legs back is how santelli put it. is that how you see it >> for investors focus at the moment as we bring to close the first half of the year is looking ahead. what do we think the next six months entail. the focus for investors in the second half is getting the direction of the dollar correct. that's going to be the big call. it's been hurting on the international front. we think in the next few months we'll see peak u.s. economic growth the dollar starts to roll over now is a great opportunity to be looking to get into some of the international equities so beaten up in the first half of this year >> not underweighting u.s. >> not underweighting u.s. it's more a story of selectivity. neutral tech we see some opportunities in financials we see some opportunities potentially in energy that does very well in the late cycle stages of an economic expansion. >> brian, the set-up where we've had this decline

a closer look at tariffs and their impact on the markets, john is chief investment strategist at oppenheimre and david rosenberg. morning, guys. >> morning >> coming off of what we had happen between trump and trudeau just days ooh given what kayla just said about the percentage this affects on total trade between these countries, when would you get worried, if at all? >> i would say that i already am worried. this is starting off maybe as a skirmish and there's too many unknowns it's so uncertain. the assumption is the rest of the world was not going to respond and just roll over and accept these trade actions because the view among many is that there is just a wide gap between tariff schedules and this is all justified. so china retaliates. the question is then will the white house retaliate and it's not just china and the u.s that's the headline right now. it's also trade between the u.s. and the eu the eu has already slapped on retaliatory tariffs and japan. when people talk about how president obama had some protectionist policies and we go back to reagan and semiconductors with japan

oppenheimer said way back when built, iar bomb was become a destroyer of worlds. think we ought to bring jimmy carter back. host: al jazeera with a story out from earlier this week. how 11 u.s. presidents failed to make peace with north korea. some in the trump administration .ave the same thinking it is al jazeera.com if you want to read that story. eddie, baltimore maryland. democrat good morning. caller: good morning. this has got to be the weakest president we've ever had in the history of our country. a big photo op. kim jong-un is not going to do anything and he's going to get everything. trump gave him the greatest opportunity of his regime historic. getting a nuclear bomb. i feel likeame in the 60 days or 90 days these guys are launching rockets into space causing earthquakes. had a lot of power. orhas to either go to war talk with these guys. i don't think trump gave them an easy way out. i know you guys are strong and could hit japan or south korea. i'm giving you an option to disarm what you have or i will do it for you. but ik they discussed it don't t