the s&p case schiller index up 5.4%. showing signs of healthy demand.omesgs of new strengthened more than expected in april after the economy's sluggish start. joining us from new haven, connecticut on the housing market and the economy in general is professor robert shiller from yale university. it is good to have you on the network. earlier this year we might be at the peak in the housing recovery. are we seeing the second breath, the second life and housing? economy has been recovering. employment growth has been solid enough. people are needing houses. they are buying them. there are not enough houses. the inventory is low. they pushed the price of. it is a modest price increase, nothing scary or exciting. this could go on for some time. betty: it adds to the continuing narrative, professor, that the economy is improving. it looks like we are setting the stage for rate hike. i want you to listen to what janet yellen said on friday when with a giving a talk harvard colleague. listen to what she was saying about rate hikes in the future. chair yellen:

scarlet: that was robert schiller. inside the craft movement from beer to ice cream, is it ramping up or heating up or ramping down? ♪ scarlet: you are watching bloomberg markets. let's go to the markets desk and julie hyman. julie: let's start with allergan. carl icahn says he has taken what he calls a large position in the company. the shares were higher earlier and are now up only half a percent. he is supportive of the ceo, brent saunders who helped carl icon at forest laboratories. bought by what is now allergan. we don't know exactly what the division is. typically when a fund manager reaches 5% of a company is when he or she has to disclose so we can suppose it's smaller than that. we are looking at intercept. this company shares are surging after the fda approved their first publicly available drug. it's a treatment for psoriasis when used in combination with another treatment. this would be the first approved drug a market for this company and the shares were surging more in premarket trading and now they have

schiller's tacks went up.he renovated her home and received an abatement. >> they reduced the am of my abatement which i think is wro wrong. last year the renovation ice did to my house were worth approximately $70,000. they're still worth approximately $70,000 this year. >> reporter: because the city just recently brought properties to market rates, some people are seeing higher property taxes. but not all residents. >> in 85% of the residential parcels that we sent out notices on, folks won't see any change in their taxable assess many which means no change in their tax bill. >> reporter: we went through the list. it's the remaining 15% that includes changes. from the highest at just under $26,000 to the lowest at 1 dollar. many people are appealing. >> we expecting a lot more to come in. because that's the folks that frankly we want to who are from. >> reporter: city controller alan butkovitz is causing the assessments problematic. >> mayor kenney is sincerely trying to get it straightened out. >> reporter:

schiller's tacks went up. she renovated her home and received an abatement. >> they reduced the am of my abatement which i think is wro wrong. last year the renovation ice did to my house were worth approximately $70,000. they're still worth approximately $70,000 this year. >> reporter: because the city just recently brought properties to market rates, some people are seeing higher property taxes. but not all residents. >> in 85% of the residential parcels that we sent out notices on, folks won't see any change in their taxable assess many which means no change in their tax bill. >> reporter: we went through the list. it's the remaining 15% that includes changes. from the highest at just under $26,000 to the lowest at 1 dollar. many people are appealing. >> we expecting a lot more to come in. because that's the folks that frankly we want to who are from. >> reporter: city controller alan butkovitz is causing the assessments problematic. >> mayor kenney is sincerely trying to get it straightened out. >> reporte

the case schiller home price index is out. forecast, which they little bit reinforces personal spending numbers we got earlier. strong numbers coming in. quite a blowout consumer spending number. >> we are really starting to see that pick up and it is starting to be a big factor. >> the three stories that matter to the market now, they are big events caps off by friday's jobs report, stock market rattled after a 10 minute futures plunge and oil is set for the longest running games in five years. with us to discuss it all is the chief equity investment officer at welcome and good to have you here. our first story is key global events. thursday, the euro central bank the major support is released. a lot of things coming up. question i will borrow from tom keene p or which would you pick is more important? >> the jobs number will determine fed policy. it seems likely we will get an increase probably in july, a strong of jobs number in friday. it appears without a week jobs number friday night. >> we have got two data points out t

we talked to bob schiller about the whole thing. "the apprentice" winner, joins us now.th him and try to ask, he always laughs at my question. i said it's a bubble, he will pause for a second, ha-ha, then answer my question. i think he is not calling me stupid but trying to think and looks a little bit like there are some bubbles forming out where you are for example, in the pacific northwest. what do you say? >> i would agree with him. price increases here in my hometown of seattle and portland and all along the coast of the pacific northwest are simply not sustainable over the long term. portland added 12% year-over-year price increase. seattle, 10.8%. we have places with 30 to 32% price increases over past year. appreciating moderately, think i we have great legs going into the summer market as long as we get more inventory into the housing market but i definitely agree there are markets we need to be watching out for. seattle is one of them but what drives real estate? low interest rates and strong job growth. right here in seattle we've got both. so i don't think pr

dow energy schiller's, financial, tech all getting hit this morning. mark: live from london and new york, i am mark barton in london. >> i am betty liu in new york. this is the european close. it is time for the bloomberg business flash, a look at the biggest business stories in the news right now. for the most part, it was bullish mount -- bullish month for automakers in the u.s.. they all posted sales increases in april. chrysler is reporting monthly sales gains for more than six years in a row. gm sales were more down -- down more than expected. a are facing a low profit sales to rental car companies. american insurance group aig got burned by hedge funds in the first quarter. now, it is backing off. hedge funds led to $183 million loss. the company's third straight unprofitable quarter. aig is now asking to redeem more than $4 billion of its holdings in hedge funds. it plans to bet on highly rated bonds and property lending. musk the company, solar city, is selling a revenue stream from rooftop solar leases to john bangkok financial. the solar ener

after the book which is about the most unimaginable for, on an offbeat note if you will, schadler's schiller's list happy end if you will, what i said in the epilogue is i told the story of these two men. it's not a happy ending. they both end up in america but one of them works as a per professional doorman and he goes up to europe and dies. the other one does not fare much better. these stories are part of the camp too. it would've been tempting to and with this moment of liberation but you can read about it and see it and there are a lot pictures. there's a picture in the book of celebrating prisoners were cheering and so on. but this kind of jubilation does not last for long. >> there many holocaust survivors in the united states and they were issued the blue card which is it interesting which helps those who may be did not a family here. the became like that man who played santa claus for a while i may have had hard lives in the united states. but i was also really struck by how little justice there was in that some workers in the camps, prison guards were over punished, some were often i

. >> darya: we gave a push schiller at age 05 last night-- push alert. >> reporter: you can see the temperaturesp. the wind is picking up as you can see. by 3:00 receive mostly sunny and windy and at 5:00 still sunny and windy. >> robin: things are not too bad with no major hot spots. the richmond san rafael bridge is just creeping along. there are no major slowdowns right now. there is an accident wrapping up in oakland. castro valley into oakland is about 30 minutes. to 37 west to milpitas to sunnyvale to san jose to cupertino 9244 minutes. >> darya: a bay and director is now in the g l after having a sexual relationship with a 17 year-old. he now has 14 a felony accounts. he changed the schools and police are now looking for other victims. >> mark: take a look at this video. this is apparently in concord yesterday posted this video on facebook. the woman in the red car tried to attack the victim's car. >> darya: after football practice at encino junior high collapsed and died. students are wearing it read to remember him . >> we were just telling the family to remain strong to remember the pr

schiller during the g7.said two years ago there was an initial euphoria when it came we see aics, and now stronger yen up 9% and exports have declined for the past seven straight months. shipment figure was quite disappointing, down 10.1% for april, which is worse than expected. we saw exports to the u.s. as well as china falling. exports to china falling 7.6%. we did see some supply constraints during april after those earthquakes. that might have restricted or effected some shipments when he came to car parts and electronics. it was the drop in oil prices that dampened imports even more, 23.3% down in imports for the month of april. oft leaves a trade surplus 7.5 billion dollars, bigger surplus and we saw in march. that is nearly 2.5 billion dollars more than what economists were expecting. this goes to show the pressure that the prime minister has to revive growth, especially after he did not get the blessing from g7 nations when it came to what policy levers they should pull next to revive growth. of ten

howard schiller was testifying in front of the oversight committee saying they were going to off thesed discounts on these two drugs of up to 30%. and then, of course, when we saw them again testifying in front of congress, the senate aging committee pointed out that a lot of hospitals had not yet received those discounts. and then that was when bill ackman said they were going to take a look at this and it may be simpler to offer a 30% discount. some of the proumbly biggest customers using the drugs like the mayo clinic and cleveland clinic and they say we haven't gotten these discounts. so these are the questions being raised right now. we reached out to valeant. they said last week formed a new committee overseeing the prices of the medicines. they said the senate hearing two weeks ago revealed there may be gaps in that process of giving these discounts to these hospitals. any hospital available for the discounts receives them. so the question now is when will we hear from new ceo joe papa as to what solutions these r now back to you. >> all right. thank you so much valeant stock