the ppi bill for the total cost of the ppi bill for the banking sector is £44 billion. slightly wrong earlier. thank you forjoining us. slightly wrong earlier. thank you for joining us. —— slightly wrong earlier. thank you forjoining us. —— thank you, iona b ain. and some other stories out today... more on facebook who say they "unintentionally" uploaded the email contacts of more than 1.5 million users without asking permission to do so. the data harvesting happened via a system used to verify the identity of new members. facebook said it had now changed the way it handled new users to stop contacts being uploaded. more than 900 properties worth nearly £600m have been bought by the company responsible for delivering high speed rail 2. they include whatcroft hall, sold by comedianjohn bishop for £6.8m, the highest price paid for any property. campaigners opposed to the rail project said some homeowners had been treated badly, claiming homes were routinely undervalued by hs2. troubled indian airline jet airways has temporarily suspended all its domestic and international

we are looking for that inflation data we are expecting any minute out of china, cpi and ppi for marchplications for profits at the corporate level from this factory gate prices, and consumer prices as well. we have been talking about how pork prices feet into that, no pun intended. that is less of a factor in terms of the weighting, but still an important part of the consumer prices. the forecast for consumer prices will pick up. prices, innsumer line with forecasts. prices a component. we will dig into that further appeared that is the march number. consumer prices in china 2.3%, in line with surveys, compared with february, where we saw 1.5%. there are some surprises that are more interesting. take us through. yvonne: it seems like things are looking better when it comes to ppi, china able to avoid that deflationary pressure.

less ppi will increase to than 1%, but a positive.hat we note is from the fai, the mining industry has increased a lot of investment. we will push up ppi in the future. ramy: has the worst already been seen? are we behind that? last month into this month, if this does come to pass, it seems like there is more positivity coming out. iris: you are right. we are looking at more positivities in terms of investment, in infrastructure. new roads, water management, all of this means there will be important investments, more manufacturing activities. because of the trade were uncertainty, we expect there -- because of the trade war uncertainty, we expect a delay in the other side of the world, meaning export related manufacturers. haidi: how sustainable is this recovery, given it is the old china playbook, extending more credit, basing up in infrastructure investment and local government extension? two sides ofeally the world. ,ne side is really recovering in the fiscal stimulus world. the other one is trade related investment. haidi: we will

the world this week and we had it in the united states we're 20 months above 2% on core ppi. we have inflation and the measurement of inflation is totally screwed up and the bottom line is it's moving straight through, with higher wages and seeing it in the form of everything other than buying t-shirts and caps. >> so what do you do with rates? is he wrong to keep rates where they're at now >> i wouldn't do anything with rates right now. we don't have the u.s. economy printing anywhere near recession and we're at 2% and i would let it ride. >> the dow's big rally being led by shares of disney announcing the terms of its new streaming service. bob iger sat down with david faber on "squawk on the street" earlier today. >> we will continue to put our resources behind them toy kr cr programming. long term you have to put the consumer first if we put hulu and espn and disney plus into one product the only way you can get these things is one, that's doing exactly what the consumer today doesn't want now if there are consumers that want it that way, we'll give it to them that way an

ppi in particular looks quite week.ll take a significant run-up in commodity prices or property prices to bring about a huge upturn in ppi. rishaad: let's talk about the yield curve itself in the u.s.. caused much debate. does it cause recessions or is it the harbinger of a recession? much shorter part of the yield curve on the 10. what is your take on this? aninda: we think a lot of temporary factors may have resulted from conversion. much lower yields in germany and japan for instance. with u.s. bonds looking the most attractive for investors in industrialized countries. that has pulled down yields, which is not to say i am dismissive of what it is signaling. there is a sequential recovering from the first quarter when we know it was a bad quarter given the u.s. government shutdown and so on. i would be more data dependent before we get the call on the u.s. and the rest of the world. david: we talked india r.b.i. yesterday. they cut, which wasn't a surprise. they lowered their inflation forecast. they then dropped the

in january and february, ppi was lack, but we saw a slight pickup in march. was ken kang. trade negotiations continue between the u.s. and china. are we approaching the light at the end of the tunnel? the latest on the trade war, next. this is bloomberg. ♪ shery: shery ahn in new york. haidi: i am haidi stroud-watts in sydney. you are watching "daybreak: australia." steven mnuchin says trade talks are progressing and an eventual deal or lack of a deal could have profound effects on countries tied to each side. natasha cason is a research fellow and joins us. i want to start with this chart, taking a look at economic policy uncertain yet otherwise. it is pretty high when it comes to china, but it is pretty high elsewhere as well. the yellow is the u.s.. the thing that i struggle with his even if we come out of the next few weeks or months with a trade deal, is it a fallacy to assume that that is where the risk ends given the nature of the strategic relationship between the u.s. and china? >> i think that's absolutely correct. if we do see a trade deal -- president trump is

ppi numberset u.s. for march and weekly jobless claims. disney company announces details of its plans for a new streaming service to be called disney plus as part of its ongoing challenge to netflix. now we want to turn back to the fed. our next guest was a cofounder of the club for growth, he distinguished visiting fellow at the heritage foundation, and onomics," of "trump and now stephen moore is the man president trump says should be on the fed board. >> it was a great honor when the president called me and asked me to do this. i can't wait to help jerome powell be the most successful chairman of the fed ever. david: explain to us from your point of view what you bring to that. obviously when you put together a fed, it is a team. what would you particularly bring? mr. moore: thank you for asking that question. i am not a phd economist. i do have 35 years experience in the game. i think i have probably as good a record on the economy is any economist you want to put me up against. i think i bring a kind of real-world experience. i would

we saw the fifth largest month over month change in ppi in ten years, up .6.nted ppi doesn't have the same impact as cpi but the point of it is, if you look at jobless claims, you think about job creation, yes, we've had a couple of months that were rather light, the surprise openings was all the way down for a 7 million handle which not that many years ago was unheard of when we were in the 5 million camp. the best way to explain this is, that markets in the economy can only be understood fully backwards, but they must be studied and lived and traded forwards. okay hindsight, foresight and incite because the big calls today are trying to really pin down what the fed is going to do especially with regard to inflation, but you can't pin something down that is being studied in present realtime. the data today does call questions with regard to inflation and jim grant brought up how even actions and reactions were unaware could have large unattended consequences. it may sound silly. he brought up chicken nuggets. if interest rates are low and you overbill the res

as for ppi, that came in at 1.3%. the estimate was a survey of 1%.rket action in asia with sophie kamaruddin. sophie: the mood is looking dire as we face a risk heavy wednesday, cutting down to u.s. inflation, fed minutes, and the brexit summit. markets digesting the dim view on global growth in the first half. we have had the nikkei and topics lose over 1% early in the session. the yen is holding onto a to pay -- today advance. watching for the dollar to fall through the cloud support. flipping the board for a check on the mood in seoul, climbing from an eight-month low to 3.8% in march. the cost be to snap and a day rally. the korean won is recovering further from an 18 month low hit on monday. be hardestwon will hit by norway's pension fund decision to cut exposure to emerging markets bonds including korea. flipping the board to check in on the news in sydney, aussie scherzer lower by 1/10 of 1%. after getting a two gate -- today gain. cba does see a risk of downside if rbae for the currency deked bd governor clarifies market expectation for a rat

the china data seems to have turned more recently with the pmis, ppi and cpi coming in line are you more optimistic or feel like that's an area of the so-called boat where people are sort of crowding on to the other side at this point >> i don't know if they're crowding it just, emerging markets of china started to outperform since last november. so a pretty good run there and china down 50% from 2015 so there could be some additional room there. assuming they continue to stimulate their economy. having said that, probably want to look more at individual stocks than play indexes anywhere in the world. but global growth is slowing and the fed has made that point rather explicitly that the rest of the world is slower than the u.s. and could act as a drag on growth going forward certainly see that in europe where the preponderance of negative interest rates reside as tyler mentioned, that is a concern that spreads beyond the confident even though good news on brexit lately. >> it would depend on inflation. even this morning, producer price index may be high for the month but the core trend

at -- not we look at, as an equity investor, that's more relevant. >> you had a little bit of a hot ppi and you have, you know, jeff bezos challenging his competers to raise wages claims very low. bank of america saying we're raising our minimum wage there is a wage growth story, what types of companies and sectors does that take you toward as those insulated? are those the same big growth companies that have been outperforming already? >> you can see companies in every sector of the market the typical company in the u.s. equity market around 13, 14% of the sales are consumed or allocated to the labor budget. so low labor sensitive companies, 5%, high company, high labor exposure, something like 25 or more than that. that's -- that gives you a sense of -- you can see companies in every sector of the market so, yes, facebook and google as examples, alphabet, would have relatively low labor exposure. sales force is an example, would have technology company that is high labor exposure. now, that's only one variable to think about. that's a way in our conversation with portfolio managers, t

we really need to see this ppi, cpi divergence and where that leads corporate earnings up ahead. >> i know you're opt knicks, but what do you see as the biggest potential risk >> you are looking for over construction and worries about higher interest rates. >> over construction >> not at all. some sectors, where there is a lot of activity, the demand is calling for it we see low vacancy rates that's good for rents and property prices. the other risk would be if interest rates would be moving sharply higher we're seeing the fed saying they don't need to raise rates. if you would look back over the past 30 years or so, rates have gone from very, very low to very low and now they're stuck at low. just good financing environment. >> calvin and jeffrey, great discussion kick off our day thank you very much, guys. do appreciate it >> meantime, one of the hottest m&a spaces cannabis getting hotter. this morning frank holland joining us now with this deal. frank. >> good morning. shares of canopy growth, they are higher as the canadian pot producer is nearing a deal to buy acreage holdings so

because what wiley did is, he stood between the bridge on the radar room and kept an eye on the sg ppi position indicator display. like we see there on the left. and then, he had headphones tapped into the various ship's weapons systems. he coaxed weapons onto targets, and again the commanding officer of the ship, commander william cole, a clear sense of whether pressure was. relative to other ships within the battle. while he was in essence, the navy's first destroyer combat information center. in a person, in his own action hymns up again he helped to develop sophisticated procedures to make is affected throughout the fleet. >> what happens in 1943 is that these procedures begin to work out. they become much more routine. they become much more effective. so, as the navy is changing its approach, as it is trying to blend effective destroyer attacks timed simultaneously to work with cruiser gunfire, the cic begins to influence how that happens. now, the japanese are changing at the same time. they have shifted their approach, too. we have heard a lot about actions where they are sendin

prior to joining ppi east at the bipartisan policy center's commission on retirement security and personal savings where he helps people propose reforms and social security retirement related tax expenditures. he also served as religious outreach director and president work for the economic policy institute, national nuclear security administration office for defense programs and the office of congressman chris van hollen. finally we have marc goldwein from the committee for a responsible federal budget where he a senior vice president and senior policy director. he guides and conducts research on a wide array of topics related to fiscal policy. in 2010 he was associate director of the national commission on fiscal responsibility and reform, aka, the physicals commission. in 2011 he was a scene to budget analyst on the joint select committee on deficit reduction. marc has conducted research for gao, the story of us at the social security administration. he teaches economics at university of california d.c., and the johns hopkins university. so without further ado i'm going to ask each of o

at least a month ago or so, you were saying china really struggling with ppi.onomy is slowing, may it be a good thing because you have more fiscal or monetary stimulus? guest: that's right. the problems in china resulted in lots of stimulus. foraw this total credit jan, and feb was very strong. weakata in the economy is in the banks are responding with stimulus. the chinese market is in very good shape and taking off, if you like. david: chris, thank you so much. that is chris watling of longview economics in london. let's turn to viviana hurtado with first word news. viviana: president trump now says republicans would wait until after the 2020 election to hold a vote to replace obamacare. his late-night tweet coming after he proclaimed last week republicans had a new plan. this political u-turn is a sign health care will take central stage in his reelection campaign. a delay in trade talks with the u.s. could further provoke trump's unhappiness with the european union taylor: leaders -- european union. the main sticking points include the role of climate and t

alix: which is what we saw yesterday, a little stronger ppi.ut low inflation. david: the question is what is going on around the world and people meeting in washington at the imf are talking about exactly that. global growth and it seems to be on everybody's mind there. >> what is delicate at the moment is moving from what we had assumed would be synchronized growth a year ago to what looks like a synchronized slowdown at the moment. >> what they are facing is a slowdown of growth, a slowdown of investment, and an upswing of uncertainty. >> global growth lost momentum throughout 2018. a coincided with three other warning signs. waning structural reforms in major economies, financial stress in some large emerging markets, and elevated policy uncertainty globally. >> we have downside risk. uncertainty has been a big force of downside risk over the last several months. they cannot be the full engine of growth in the global economy. david: we welcome from washington michael mckee. the imf came out with its economic outlook and took down global grow

sop quarter for core pce and not surprising giving the march crunch and the health care component of ppiquarter, to some extent exaggerated, but it goes to show the overall inflation trend remains tepid and will remain a big hurdle. david: that is the issue. there may be specific things this month, but it is the overall trend. we will put a chart on where the trend has been an court in basic pce, well below the 2% number the fed has stated as its goal. what does this mean for the bad as they head into meetings this week sarah:? what we are seeing -- this week? sarah: until they see inflation begin to rise again and get close to their target but overshoot, i think it is a high bar to get the tightening again given the fact we have only seen core pce hit their target for 10 months of the 10 year expansion. i'm struck by is personal spending continues to increase at a faster pace than personal income. we have seen credit growth increase, credit card, auto loans, student loans, at what point does this become concerning that confidence is outstripping the financial backdrop for a lot of ameri

it doesn't have the same order of magnitude if you look at chinese ppi or revenue and sales, we had ad trade, january into february. it looks like it's bottoming we're on the upside of this. i think the imf numbers are very much old news. >> because of the second shock, where do you see this going? >> basically the big difference this cycle versus last cycle is that global trade grew at three times when globalization was still expanding. this cycle global trade is growing at the same growth rate. it is no longer expanding. it will recover. it was stronger than it should have been ahead of the potential tariffs. you may even see people waiting out to see if the tariffs are removed but it should stabilize in the second and third quarter in which case the whole of germany is going into a recession. we just go on our merry way. >> you want to come back to one point in terms of earnings banks report on friday, what are your expectations there? >> yes, i'm overweight banks and the main issue really is global growth and whether it will turn around and whether we found a bottom for rates i wo

i think that -- so it is very much confirmation but today was a little bit about themacro we had a ppiwas pretty good and bank of america, the credit card data was released and it showed a pickup in retail sales spending in march. and micro, we had a couple earnings that were very good numbers. so the real crux of the story comes tomorrow >> and on that note, how are the banks set upcoming into this earnings season? >> i think people are kind of fatigued with the story. in other words, i don't think that people are there saying that they are cheap, they will outperform we have to own them. i think expectations are pretty low. expectations implied by their valuations seems pretty low. so i always think banks go one way and then it is never a consistent story >> i agree last quarter we had expectations low, they were kind of beaten coming in off underperformance and then the last three months are still underperformance so unless a massive blowout beat, whether the market is really ready to give them that kind of -- >> i think right now you'd have to make the case that effectively the sto

and it's safe for ppies. nexgard. what one little chew can do. >>> good morning. i'm lae ricketts.ouds in maryland. a little warmer in the south of d.c. with some more sun. and again, here's a few sprinkles that we cou see in maryland but for the most part we're going to stay dry. temperatures tomorroight around 80 zrees. eas seaboard.ather showers on saturday. dry for sunday andst ea. >> thank you. you can get the latest news and we ♪ >>> 8:30 now on a beautiful wednesday morning. the 17th of april, 2019 as we give some well deserved camera time to our big, happy crowd here on rockefeller plaza. >> we have such a happy crowd. it's feelingwa . i want to meet a new friend out here. is anna carolinearound? hi. how are you? >> i'm well. how are you? >> good. where you from? >> i'm from south carolina. >> ishis your first time on our plaza? >> it is. >> did you come for any particular reason today? >> i came because this is my last spring break of high school and i'm gng to converse which is next door to watford which is where craig went. >> i know. i wish craig was here. t would love

and it's safe for ppies. nexgard., thursday widespread rain showers and thunderstorms on friday. then another chance of isolated showers into saturday. we're wming up rather quickly. temperatures will top out in the 70s for daytime highs today. hrssing showergh your wednesday mainly north. temperatures in the upper 60s. oybe a stray shower into your . humi friday with showers and thunderstorms. could have some severe weather leading to flooding and s e strong winds. isolated showers unfortunately for saturday. and then sunday we'll also see some spotty showers around for easter. >> thank you. another local news update for you in 20 minutes. now back to th. >>> it's 8:00 on "today." coming up, d.>> oh, my god. >> firefighters picking up thep es this morning after a massive inferno tears throu the iconic not dame cathedral. france's president vow bu reild. what was lost and what were first responders able to save? we're live in paris with the latest. >>>e plus insid the holy land. we'll get a first-hand look at the impo

continue to say that after some spotty, not many, but, you know, spotty jobs numbers and the notion of ppi hotter than we expected, that nobody should bury inflation or wage pressures or make any assumptions about ongoing productivity i will still say the easiest number to kind of handicap all of this, and you can call it laggard if you want, would be employment reports outside of any exogenous news i know there was negotiating going on with japan. larry talked about i can't stress enough. we talk about it every day and maybe the audience gets bored with it, but how trade just touches every aspect and so many aspects that will have multiplier effects and the markets are acting well without them and i don't think people think about that long and hard enough. >> what do you think about international equities what is your preference? >> our favorite part of the market outside of the u.s. is in emerging markets if you look back to last year as the perfect storm, china was actually pulling back on stimulus, you had a stronger dollar and an aggressive fed and trade tensions all of those trend ar

maria: there is no inflation if you look at ppi, cpi could talk about other than wages you are expectingr than expected economic data that is a signal to buy stocks are you looking for upper trade. >> i think better-than-expected data brings foshth the bond vigilantes pushing rates back toward that 3% number that many be a negative a headwind for stocks so good news could be bad news in this snare. >> president trump tweeted here is what he said democrats in congress must return from their vacations and change it is immigration laws or the border despite great job by border patrol will only get worse big sections of wall being built writes this pet merger trouble activism mobile sprint marriage may be in general sell-off under way in stocks beyoncÉ surprise dropping a live coachella album where you can find it right after this. ♪ 2,000 fence posts. 900 acres. 48 bales. all before lunch, which we caught last saturday. we earn our scars. we wear our work ethic. we work until the work's done. and when it is, a few hours of shuteye to rest up for tomorrow, the day we'll finally get something