trade history. and i think this agreement requires mexico to create a true union system, including rights that all workers will be guaranteed, like collective bargaining rights, the right to strike, and tools to protect mexican union workers against violence. se many ways, this was -- tho sections were in effect dream provisions fair labor democrats tohad -- who had long worked see this in trade agreements. -- the finald point, i think the whole agreement is enforceable, unlike nafta. so that means no countries can block the panels that can resolve disputes the ultimately occur. i also think because it created certainty where there was uncertainty within the trade and economic community, i think this was an area where the usmca will create further growth in all three countries. this is an area where ultimately republicans, democrats, president trump's trade team worked together to find consensus. it was an all hands on deck effort, as don will tell you. he was deeply involved in this. and i am immen

we will ask her about trade, trade between the u.s. and china, trade between the u.s. and europe.: economics, finance, politics. this is "bloomberg surveillance." i'm francine lacqua, here in london. brexit.'s chief negotiator has called surrealism from his e.u. counterpart to head of the next round of trade talks, begin in london today. david trust warns that written must be treated as an independent country if progress is to be made. both sides are seeking outstanding issues before an e.u. summit on october 15. joining us now is christopher hansen, a member of the committee on international trade. thank you so much for joining us. first of all, is the e.u. happy with the u.k. passing a law that reinterprets the impact of the northern ireland protocol? the northern ireland protocol is something that both sides have signed up to, and we believe that the signature and the vote in parliament is worth something, so i believe there is room to agreed-upon.t is francine: the british government plans to give its own ministers a set of questions like which goods will pay tariffs as they c

>> i this this trade is a fairly opportunistic trade. if you look at the jets etf and the four major constituents, i think the chart is fairly constructive you have southwest bouncing off 36, den that bouncing off the 30s, american airlines, very similar picture. when you have this setup, what i like about this is just the attractive risk/reward ratio that you have. you have a fair amount of upside here, while if the stock declines a little bit, i would consider this thesis incorrect and get out of the trade the thing i want to point out about mike's trade which is a creative way to play for upside while limiting your downside is the fact with the risk reversal like this, even though you have downside protection down to the $15 level at expiration, if the etf declines to that 15 level before expiration, you will have a paper loss and you will have to hold the two expirations in order for the wing options to decay and for you to have a flat position that is one thing for investors trading the strategy to be considering when they're execut

use ofly, i am making insider information but i am not trading, i am declining to trade. it's a loophole that is not covered by existing law. >> is there a downside in mandatory disclosure of these either in real-time or real quarterly intervals or some standardized time? >> i don't see a downside. been empirical studies that look at disclosure practices and found that the issuers who disclose these plans voluntarily also have better general corporate governance. an signal seems to be of good corporate hygiene. >> what about requirements that separate the decision time from the actual purchases? so that you have to declare months or longer an advance that you're going to start or stop a program? >> that would absolutely -- we haven't yet talked in this hearing about 16 b and short swing trading liability. that is a provision in the original sec act of 1934. it's supposed to limit the ability of executives to benefit from short-term trading. you could apply the same approach to a 10 b 51 plan. you should have to put the plan into place for an amount of time and that it per

trade history.nd i think this agreement requires mexico to create a true union system, including rights that all workers will be guaranteed, like collective bargaining rights, the right to strike, and tools to protect mexican union workers against violence. in many ways, this was -- those sections were in effect dream provisions for labor democrats who had long worked to see this in trade agreements. an i think itd -- the final -- it ended the predicament we had forced workers to compete with artificially low mexico wages. the final point, i think the whole agreement is enforceable, unlike nafta. that means no countries can block the panels that can resolve disputes the ultimately occur. i also think because it created certainty where there was uncertainty within the trade and economic community, i think this was an area where the usmca will create further growth in all three countries. this is an area where ultimately republicans, democrats, president trump's trade team worked together to find cons

i'm not trading. i'm declining to trade. and as a result, it's a loophole that's not covered by existing law. >> is there a down side in mandatory disclosure of these, either in real time or at quarterly intervals or some standardized time? >> frankly, sir, i don't see a down side. and in fact, there's been a couple of empirical studies that have looked at issuer disclosure practices and found that the issuers who disclose these plans voluntarily also have better general corporate governance. in other words, disclosure seems to be a signal of good corporate hygiene, so to speak. >> and what about requirements that separate the decision time from the time of the actual purchases so that you have to declare months or longer in advance that you are going to start or stop this program? >> so, that would absolutely be a useful refinement as well. so, we haven't yet talked in this hearing about 16b and short swing trading liability. that's a provision in the original securities exchange act of 1934 that's supposed to limit the abi

it was trading just under $60.s is like owning the stock and selling the 60 call the reason i'm selling a put rather than buying calls on it is because the stock has already had quite a run. i think dan nathan was referring to that earlier in the week when looking at these companies this is a way you can look to collect some yield this is a relatively stable company here this is one of those investment strategies understand you have the stock puts you look to sell additional premium against it. >> tony, what do you think of this trade >> so out of the three telecom companies, at&t, verizon and t-mobile, i definitely like t-mobile the best. but as far as verizon goes, the chart itself is actually fairly constructive you have a breakout above that $59 level. i think this is a good opportunity to potentially get long if we look at the stock itself, as mike said, debt and the dividend are well covered by cash flows we really have out of these three verizon is by far the highest margin of the three. arguably probably th

your tweets and the final trade. stay tuned i have an idea for a trade. it? not until i'm sure. why don't you call td ameritrade for a strategy gut check? what's that? you run it by an expert, you talk about the risk and potential profit and loss. could've used that before i hired my interior decorator. voila! maybe a couple throw pillows would help. get a strategy gut check from our trade desk. ♪ that selling carsarvana, 100% online wouldn't work. but we went to work. building an experience that lets you shop over 17,000 cars from home. creating a coast to coast network to deliver your car as soon as tomorrow. recruiting an army of customer advocates to make your experience incredible. and putting you in control of the whole thing with powerful technology. that's why we've become the nation's fastest growing retailer. because our customers love it. see for yourself, at carvana.com. it's a thirteen-hour flight, tfifteen minutes until we board. oh yeah, we gotta take off. you downloaded the td ameritrade mobile app so you can quickly check the markets? yea

or the second trade where you don't., if you had to pick one, you would prefer >> the one you choose is based on whether or not you own that stock. if you own that stock, you would definitely sell the covered call what i like about mike's trade here is the high implied volatility you're collecting 3% static yield on this covered call with still give iing you $5 upside. that's rare for a big name stock like nike to be able to collect that amount of premium that gives you a fair amount of downside buffer on this earnings report that credit spread, that 120, 125 credit spread, that's about 4% out of the money and he's still able to collect one-third of the width. that sets you up for a decent risk to reward credit spread to be selling if you look at nike going into earnings, we have consumer discretionary showing a little bit of weakness here, but the stock that i really want to point investors to is lululemon, just last week reported earnings beat on both to top and bottom line and the stock is down sixteen%. granted nike

the african slave trade. now, i want to begin with a quote by a very eminent african-american scholar activist named w.e.b. dubois. here's what dubois said about the atlantic slave trade. dubois wrote "the most magnificent drama in the last thousand years of human history is the transportation of 10 million human beings out of the dark beauty of their mother continent and into the newfound el dorado of the west. they descended into hell." he continued, "it was a tragedy that beggared the greek. it was an upheaval of humanity like the reformation and the french revolution." well, i think dubois is exactly right. this is a stunning drama of human history, the atlantic slave trade. and i would ask you to notice his reference to el dorado. the mythic city of goals sought after by the spanish conquistadorist when they came to mexico and peru. well, el dorado was finally found. not that actual city, but a slave system that would produce gold and wealth on a scale previously unimaginable. so it is a story about el d

the rise of capitalism, where we began, free trade. free trade in human beings. and it still goes on, by the way. don't think all this is safely over. there are slave trades in many parts of the world today. i urge you to learn about them. now, there is a new view growing up among historians, and i think not only historians, more broadly as well, that when we think about the slave trade, when we think about slavery, we're not just talking about an y unfortunate moment in human history. we're not just talking about a tragedy. we're talking about something that we can now label as crimes against humanity. write that down. crimes against humanity. a crime against humanity is something that affects an entire society over many generations. its effects are not over when the thing itself has ended. slavery formally ended with the emancipation proclamation, 1863. but the effects of slavery remain, and i dare say they remain here now in our city of pittsburgh and throughout the country. they live on in discrimination. they live on in poverty. they live on in massive struc

trade >> carter, you made clear there's a distinction between trading and investing. longer term beyond, say, november, the end of november, what does this chart look like >> well, here's the thing. now you are getting into what does matter. if you -- what do we hear numbers, 40 billion, 50 billion. value investing is not investing. it's speculating that's someone saying i can find something that's distressed that won't go out of business, decide the day that it's cheap enough but also decide when to get out. investing is long term in nature finding something that's a disruptor and is going to win over time. airlines are a commodity, a bad business and investing in them, no thanks. speculating on them, let's do it >> let's stick with the skies. talk about the cloud now salesforce is down more than 14% after hitting a record high earlier this month tony thinks there are more gray skies ahead for this stock what's the trade >> so salesforce, this stock is favored by almost every analyst on the street. it's hard to bet against but i think it's getting ahead of itself, es

stocks which were clapboard in trading -- clobbered in trading. for more on this, we are joined by dani burger. softbank down more than 7%. almost 7.5%. .his is tied to the nasdaq softbank being unmasked. one of the reasons for this explosion in tech shares that we have gotten him a softbank spent billions of dollars betting on u.s. call options, bullish options tied to attack. they are sitting on $4 billion reportedly tied to the gains. the problem is they are unrealized gains. they need to unwind deposition and unwind a quickly if they are not going to suffer losses. the nasdaq is down again this morning. -- this is aar risky bet. let's take you to the next charge. they bought a lot of call options. they are bullishly tight. here is the volume. bloomberg reports in august that softbank is opening up public equities. and the call volume explodes for u.s. stocks. according to goldman sachs over the last three weeks, $335 billion worth of call options were traded. the average is about three times less than that. it is clear this has made a huge imp

it is unclear whether that is one trade agreement, that limited trade agreement they negotiated lastand went into effect in january has had much of an effect. the two countries would be moving further away from one another if these kinds of rules took effect. president trump did not say when this would take effect. he tried to paint this as part of a second term kind of strategy. if he was to win in november. good morning to you. how does president trump differ from nominee biden in terms of the stance on china? we heard a lot from trump about -- trying to incentivize job creation in the u.s., to encourage u.s. businesses to create jobs in the u.s.. is that something joe biden has spoken about? topresident trump in trying paint himself as different from his opponent joe biden has tried to portray the democrat as being soft on beijing and that is something that biden himself has tried to turn around, saying trump was soft on china when he wanted to do trade with china and even tried to get close with the chinese president xi jinping. but now that he is not trying to do that anymore, h

the pose market trading unchanged.tomorrow on cash market trading, we do not have the proper anymore that will be added to the index. it --t that there, ear, it will b be a had scratcher. because of pent-up demand. what will that do to house prices. rising 5.2% from a year earlier. august ismbers from seeing a rise of 1.6%. let us get a bloomberg first word news update. india has overtaken brazil as the country with the second most cases of coronavirus. it has more than 4.2 million and factions. it is the third worst country in terms of deaths. flaring up again on the streets of hong kong leading to hundreds of arrests. activists blocked a straight with barricades. process --for the the reason for the protest is the delay in elections. the demonstrations ended a period owed of relative calm. been kickedic has out of the u.s. open in extraordinary fashion. the tennis world number one angrily smacked a ball behind him hitting an official in the throat. the chief umpire suspended him from the match. it ended his winning s

all the investors rushed the exits of the crowded tech trade. with us tonight carter braxton worth, tony zang and mike khouw. carter, where have we been >> we've been in a momen speculative excess that was going on in fact in january and february, then the plunge and the ricochet. let's look at a few slides to try to prove it, so to speak the precondition of excess you see these bullet points here basically s&p 500 before this selloff this week at an all-time high the price to sales, a fundamental on measuring the valuation, at an all-time high the s&p 500 is up 42% and the nasdaq up 57%. the precondition of excess the next slide, divergence as the market is making oe inine highs only 16% of the s&p constituents were making ofe ii all-time highs the average stock in the s&p is 28% below its all-time high. that's not now that's on monday before we sold off. finally, 46% of all stocks in the s&p 500 have no gains for two years. this is the precondition of die j v divergence and the precondition of excess. we have a very rare circumstance where the

it's smarter trading technology for smarter trading decisions.me back time for futures outlook our futures outlook traders say the nasdaq is due for an even bigger pullback. i'm iuorio, brian stutland jim, what's in store nfor the nasdaq >> i thought we would have an 8 to 12% pullback. we basically got that with the 1100 and change. nothing has really changed one week ago j. powell looked us in the eye and said he would go from being all in to really being all in that hasn't changed. what's changed is the market position the story can't get better in terms of the government involvement at this point. the nasdaq has been up 80% since the lows a 12% pullback isn't much. i still like the 11,000 level. i took off my short edges and became a little long at that level. i plan to do it again if it gets there. >> brian stutland, what are you doing? >> to iuorio's point, when you look at some of the technicals here, that support level, 11,085 or so is really where we bounced. below there, 10,250 is the next lowest level, and if things get really ugly, 880

representative where she participated in trade negotiations and litigated trade disputes. she spent three years detailed to the senate permanent subcommittee on investigations. and finally i'd like to welcome mr. cleat williams from straus, helder and feld here in washington, d.c. mr. williams advises a variety of clients on international economic law and policy matters. before he joined the firm, he served as the white house -- at the white house as deputy assistant to the president for international economics. he's represented the united states as a key negotiator and litigationed 30 wto disputes. his work here on capitol hill on the house budget committee and for the former speaker paul ryan. thank you very much for being here. mr. williams and all of our witnesses. and mr. gear, if you could -- if you're there, please proceed with your opening statement. >> i'm here. somewhere. >> thank you for joining us. >> this is bizarre and prefer this face-to-face, but let's engauge each other anyhow. and chairman and ranking member and members of the committee, thank you so much

it but i think if you're going to trade you know trade the mining. sachs i think you've got a lot more upside potential there if you're a gambler and i think there's less downside risk now ben cohen did fall on wednesday by 4 percent but it defended the home held support zone of 11111200 ish are we going to see an even larger pullback over the next few days when we could see that but i don't think we're going to drop well below that $11000.00 mark but just got to go back to what peter saying there look i think there is a lot of disagreement over whether or not truly is a store of value and institutional money but there is so much technology being built around block change right now and consequently attaching itself to big crypto currencies i think that you can't ignore the fact that there is an enormous technological value and technological assets being built around the corner right now and it's been that way for several years so when people do look at the way that that point fell off at the end of 2017 going into 2018 and say oh look it's going to a

it is also trading at all-time peak valuations.arnings, this is a stock that has typically moved about 4.7% over the last eight quarters or so right now the options market is implying a significantly bigger move of 3.7% or so how are you going to take advantage of the valuations being high and the price also high sell covered calls if you own nike stock, right now you could take a look at selling some calls in october. you could sell some calls for about $3.60. the 120 strike calls in october. when you do that, you're taking advantage of the fact that the options premiums are elevated and you're going to collect that premium and you still have a little bit of upside you still have $5 worth of upside you still have plenty of potential upside if the stock would continue to rally. obviously it creates a little bit of a buffer to the downside. what do you do if you don't own the stock? can you take advantage of it we don't recommend selling calls naked, which is what that would be net-net you're going to be taking in $1.60. that's near

in trade negotiations and litigated trade disputes. ms. baltzan has spent three years on the subcommittee on investigation. finally i'd like to welcome clete willems was a partner at -- in washington d.c.. mr. willems advises of writing clients and international economic law and policy matters. before he joined the firm mr. willems served as the the white house deputy assistant to the president for international economics represented the united states is a key negotiator with foreign governments and his litigated more than 30 wto disputes. mr. willems's work on capitol hill on the house budget committee for the former speaker paul ryan. thank you very much for being here. mr. willems and all of our witnesses and mr. gere if you were there please proceed with your opening statement. >> i am here. somewhere. >> we thank you for joining us. >> this is all a bit bizarre, i prefer this face to face but let's in gave each other, ranking member casey, members of the committee, thank you so much for your introduction and provided me to testify

for those reasons, i would be a trade it. >> tim seymour, trade or fade? >> as unintuitive as trade it means for someone that actually wants to hold the stock, i will fade it, which means i would definitely be selling some of this tremendous turn-arounded a es a and bottom line inflection question is, is that a reason to go out and buy the stock tomorrow bath & body works is a real franchise. i think that spinoff is what gives you upside but i have to say the 250% move off the lows. >> stock number two, fedex, on the express train to make investors some serious coin, fedex up 80% in 90 days. tim, trading or fading >> yeah. i will trade it, which means i would like to hold it or i'll stay in a trade i've been in i think a combination of ground express margin increasement, those numbers were extraordinary, the b to c business and the shear scale of what they're rolling out in the holiday season i think transports as they were a leader in the 3 q i think stay in the 4 q based upon trends we've seen. >> i would say fade it fedex bottomed -- that scared me that

europe is an important player in international trade some say that europe is the trading superpower we are the largest trade partner of many countries and. in particular this strategic rivalry between china and the united states that keeps a europe extra clout and so i'm not sufficient mystique percy what we need to have physically a strategy and what we also need to do is push you a balanced approach that is not. targeting it to restrict trade but china's to open more trading post that we did see with other partners in asia that's what this paper is calling for and i think for that reason it's a very good approach we need to push the trade agreements of that being negotiated with countries like indonesia or with other partners we need to bring china to the negotiation table and conclude this investment agreement that has been under negotiation for too long now so there is a lot to be done in germany can play an important role here using those tools of international trade to prophesy just very briefly so what are the target areas of asia you mentioned southeast asia beyond china west g

up next, final trade ♪ ♪ ♪ >>> time for the final trade tim seymour?his one. >> karen finerman? >> i think that the housing trade is very much intact. i like lowe's. i love what marvin ellison is doing here it's not crazy expensive lowe's. >> steve grasso? >> so if we're going to have less qe dollar's going higher, gold in theory should be going lower. i'm looking at gdx, the gold miners you could wait a little bit here, wait until it recaptured the 100 day. gdx should outperform the metal. >> guy >> we talked about the hospitals on >>> my mission is simple, to make you money i'm here to level the playing field for all investors. there's always a bull market somewhere and i promise to help you find it. "mad money" starts now hey, i'm cramer. welcome to "mad money. welcome to cramerica my job is not just to entertain but educate, teach, put it in context so-call me at 1800-743-cnbc or tweet m me @jimcramer. days like this, i know, i know, they are discouraging.

trade programs like the cbpta. again, i want to thank ongresswoman sewell for her partnership on this issue as well as ranking member brady, support.neal for their this bill, which stands to benefits both americans and our in the neighbors caribbean. i ask my colleagues to support and i reserve the balance of my time. the speaker pro tempore: the reserves. the gentleman from oregon is recognized. you, madamuer: thank speaker. t is my pleasure to turn to congresswom congresswoman sewell, who's played an instrumental role in this legislation, for such time may consume. the speaker pro tempore: the gentlewoman from alabama is recognized. ms. sewell: thank you, chairman blumenauer. rise today in support of h.r. 991, my legislation to re-authorize the caribbean basin trade promotion act. i want to thank my republican for ague, brad wenstrup, his leadership on this bill. i also want to thank chairman ranking member brady for all of their help. i especially want to acknowledge y chairman of the subcommittee on trade, mr.

rather wait not have wanted all was yellow a free—trade —— a trade deal -- a trade deal for each, thatsickle market. this government is determined to implement that. the british people and voted for this three times. they voted for it never ever end him, they voted for it in a european election and they voted for ina 2019 european election and they voted for in a 2019 general election, reinforcing the message, voting for the one of the three major parties that said we are going to leave. sir john redwood, thank you for your time. thank you for being with us on bbc news. let's cross to our political correspondent helen catt at westminster. there was some talk about te you withdrawal agreement effectively being ripped up by the uk —— the eu withdrawal agreement. downing street trying to play that down, saying these are very minor clarifications. there's a real change in tone. last night, government officials saying this could override some parts of the agreement. today, much softer leg was coming out of downing street, saying that there is... this would not terrible it is already being a

unilateralist and trade protectionism and call the u.s. tariff wrong practices against the deputy ols dispute settlement mckenna's them it also emphasized that deputy ole is the cornerstone of international trade and urged the u.s. to up hold this multilateral trading system like other members think we're going to hear a lot more about the modernizing of the w t o in the days ahead can the ruling though help china in its trade war with the u. ways. well china's victory this time is more symbolic one because the enforceability is a real challenge of course the u.s. can launch in the peel and supreme court but this body is now pretty much paralyzed because normally they have 7 judges at the moment they only have one so they cannot really deal with any cases and that's because washington has a veto the point of the judges and that's also why the deputy will and it's stamens also said that the 2 parties have to resolve the trade war themselves exactly this whole case could end up in legal limbo we'll see if the u.s. does decide to appeal so ha

i was on the trading desk then in internal trading group. i saw that deal pipeline dry up. josh says two really interest things here that are really important which is one, it's all about growing market share right now. also that people are willing to pay any price. that is not different than '99 what we need to remember here is that all these companies that have negative earnings, are all trying to grow market share. they are they're not all going to be existing because many of them will ultimately compete versus each other things like microsoft will start to get into the docusign space there are echoes that are quite strong to '99. >> they are booking on their growth right now in terps ms of clients. they are not going to exist. it's not only about market share. >> you p know they were like 200 of them then and 5 or 10 of them still survivor and thrive now. there aren't going to be 200 that thrive in ten years from now. >> some of those companies got cut off at the knees it's a huge line up. as an investor, they shouldn't be trying to have earnings on the bottom line righ

our trade withjapan is worth 2.2% of our current global trade — that does not come anywhere near to thebest case scenario of this government. i warmly welcome my right honourable friend's statement today, and congratulate her on this agreement which is really good news. can she explain how smes will benefit from this excellent deal, as they are the backbone of our british economy? well, the deal with japan has a dedicated sme chapter that's all about reducing red tape that smes face, making it easierfor uk smes and japanese smes to understand the others‘ markets, providing information so it's easierfor them to export and gain the benefits that they can from international trade. yes, we would also welcome a trade deal, but i have two concerns. one, that it seems to mirror what we have with the eu and, apart from the symbolic winds on things like cheese, the government has failed to leverage any real meaningful benefits. and since this deal has stricter trade regulations than the disputed ones in the eu proposals — i mean, does the government actually have a trade strategy? and since this

trade ministers can at least chalk up one success of free trade agreement with americans who are states of argentina brazil paraguay and. marcos or members together with the european union would form the world's largest free trade zone the plan could save $4000000000.00 euros in future tariffs but the deal is at risk of falling through at the last minute due to resistance from some e.u. members and because a few markets or states feel cheated. and the recent agreement with china is also problematic german vintners may be happy as german wines such as reselling may no longer be faked in china but that's it for the concessions. there is no improved market access for a u. firms no protection for their investments and no increase transparency on subsidies for state owned companies. e.u. leaders expressed their frustration. europe needs to be at play not pulling treats. and then there's the trade dispute with the u.s. both parties are fighting over respective aircraft subsidies. president trump is threatening e.u. firms that do business with chinese state owned enterprises and he wants to re

them, trade hem.re you have levels in mind and trade them. in terms of retrenching, i don't think this is the right time >>> here's what's next on "fast money." >> tesla is billing it as one of the most important days in the company's history, but will battery day deliver the goods? what we can expect from the event just about to get underway >>> and speaking of cars, shares of carvana are hitting all-time highs. we'll tell you what's behind the move that's what my dad does. good job, michael! ok, lindsey now tell the class what your mommy does... my mom has super powers. it's like she can see the future. what?! it's like she time travels in a rocket ship. that's cool! and then she comes back saying "try this" or "try that." she helps everyone. she helps them feel less worried. wow! mommy, so what is it that you do? i'm a financial advisor. she is! aig proudly supports all the professionals taking care of our financial futures. >>> welcome back to "fast money. happening right now, tesla is kicking off

next, hss the trading -- the pace for trading -- asia sets the pace for trading.loomberg. ♪ ♪ we are seeing some nerves in the market with u.s. futures under pressure amid anxiety overstretch valuations and in asia, we have futures under pressure as well. holding,ace, officer trading near a 2019 high. check out cable, extending losses for a fourth session ahead of brexit talks on tuesday. that dilutes the braves a divorce deal. on what tos get more expect for the rest of the week. settlingof the dust give you my world ♪ ♪ how can i, when you won't take it from me ♪ ♪ you can go your own way ♪ ♪ go your own way your wireless. your rules. only with xfinity mobile.

in the midst of an identity crisis the world trade organization is looking for a new director general president trump says the w t o is broken but has been taken advantage of by the likes of china the comments were made during a tit for tat trade war one of the 8 candidates for the post is liam fox a member of the u.k. parliament and former trade minister but he's also backed briggs it the irony of his candidacy hasn't been lost at home or abroad al-jazeera is laura kyle spoke to mr fox began by asking if he was the right candidate for the job well i hope so i think the w.t. was a great organization i think it's got great technical skills i think it's been great institutional memory but it doesn't address political waves and at the moment most of the disputes in the global trading system are political and you can buy in technical support but you can't really buy in political experience and i think that is the elected politician in this race i think i can bring an understanding or how you operate at the top. or trade on defense secretary for a g 7 country ok but what about your support

i think it should trade at a discount, but should it trade at that steep a discount to a name like jpm >> no, i don't think it should citi may not be hitti inting it they're a hot clolot closer talking about jp morgan, you buy it today you kind of win either way citi is the way to play it if you think the economy is going to be better they've got a much bigger credit card portfolio you tend to see bigger losses and you tend to see them sooner. if the losses don't materialize, citi is set up to be a winner there. but you've got to have that macro view and be willing to be patient. >> jeff, great to see you thank you. jeff mentioned credit card exposure that's interesting just a couple weeks back or sew capital one financial ceo made comments they don't really have a good grasp or whether or not their borrowers are employed or unemployed there are a lot of borrowers out there at varying degrees of unemployment a lot of these cards are tightening their lending standards. brian kelly, i bet this caught your eye. >> yes that's exactly the issue that you have with banks, with credit card com

trade representative and they didn't think about the connection of trade and development.always brings trade, we decided the u.s. trade representative should also be part of the process. that's another element i try to draw into the book, whether it was people like baker, my boss, charles evans hughes, ruth, there's a skill for executive branch officials that understand how to work with congress, how to bring people along on these issues, just as there is an importance for people like yourself and the congress that understand that they play a critical role in building longer-term and broader public support. >> i couldn't agree more. i would say my days when i was an assistant which was probably the most important training ground for the work i went on to do as ambassador because you had to learn where people came from, what mattered to them and how you could bring them around. another one of the traditions you alluded to several times is the important role that our alliances have played. our role with and through our alliances, in some ways that particular tradition is und

trade commissioner -- how do you play trade in the markets?,w: so i think there you know, a couple of things to keep in mind. the first is, i think i am skeptical that the market will react much to the new headlines out of the trump administration. i think simply because we have had over three years of this administration, the idea that they would do something very different here, i think the market is going to be a little skeptical about. think onee time, i constant of this election is that both candidates have articulated a relatively hawkish trade policy vis-a-vis china, so i think the one factor that might not change, more than a lot of other policy factors, would be u.s. trade policy, vis-a-vis china and the election. but something that could change would be u.s. trade policy vis-a-vis europe. that is an underappreciated part of the u.s. election conversation. there is an you norma's conversation about what could change around tax policy or it isment, but actually on trade. we have seen this in the trump administration where a president c

and trade with britain normed my forecast loss and trade with britain popped my biggest trading partner a result of brexit. not even remotely make up for it. not the last we have heard of this i'm sure. thank you, rob. apologies for the audio problems there. after a protracted saga, lionel messi has decided to stay at barcelona. the argentinian forward initially said he wanted to leave after the club after barca were thrashed in the champions league semifinal by bayern munich. but despite staying for another year, messi has lashed out at the club's management, accusing them of ‘covering up holes'. let's speak to the man who has been following the entire sage in microscopic detail — the spanish football journalist — guillem balague. it's thank you so much for your time. first of all, are you surprised by this? at first he says he will try and leave now he says he is staying. i think in the last i would say couple of days we've had the impression that something had changed after his dad met the president of barcelona. at that point, barcelona gave him the number. the other alternative. fr

he's done very little trade deals are the same way he talks about these great trade deals you know we talk about the art of the deal china has made perfected the art of the steal we have a higher deficit with china now than we did before we have the highest def a trade deficit china with 60 euro hunched merrily on a resume in a china 8 year last year oh i don't know about lunch but a lot of people have been suggesting the world leader who did best out of this debate was president xi watching this sort of discord that we saw will the u.s. trade relationship with china be a key factor whoever is the next president it will definitely be a key factor of their relations with china economically and politically will be met a lot the real issue is that to take on china to make china behave in a way that's compatible with the global political and economic system it would be better for us to team up with europe and that is biden's approach so tender and u.s. china would remain on the flight they are reaching issue but the chance to actually impress china and have china change some of its you ha

is defacto a bank and energy trade. period end of story if oil is not going up energy not going to work for a consistent period of time and the companies that compromise the xlf are not going to keep pace with it we talk about the out sized market capitalizations of faang stocks these companies are growing 20% plus a year and have 30% profit margins plus it happens year after year show me a reason why that reverse and i'll say we get the sustained value. it's not happening today it may happen today, like daily. it's not happening on a monthly, quarterly basis. i hope it does i'm just pointing out the truth. >> steve jump in and rob and we'll see good b-bye to dom and mike >> go ahead, steve >> referencing josh with reference to june 11, the market traded up since june 11th at the peak yesterday, 20%. nasdaq even today it's still up 15% if you fade the moves then i agree with josh. we never had a pandemic before value cannot be a euphemism for saying companies that aren't growing. there's no value there we all have biase

. >> we talked about the free trading and retail investor. is behind this violent multi-day selloff >> the short-term sell-off is from having top stocks hit ridiculous valuations. tesla is an incredible story of being worth almost the entire strie combined that's crazy that's when people wake up and the crowd rushes back the other direction. good solid analysis. they are out the window. all about momentum and trading because there are so many people at home who have time to watch the markets. now they are free. people are in and out like crazy. a long-term investor wants to stand back, have your asset allocation be volatile and rebalance at different points of time >> you mention tesla other companies like apple, microsoft, good solid companies with free cash flows do you think their valuations also got ridiculous to use your word >> yes, their valuations got way ahead of where they are and where they stand there is no resemblance to the ratio on these companies the shift to value and growth is that in extreme times, it does feel like 1999 we

zoom was a trade for me. i wanted my principal back out but i'm there. >> not in the way you were before what about teledoc >> actually more if you buy a stock at 70 and it goes to 300 and you take off the original cost, the shares you are left with are more than what you starred with i'm still there. it matters to me >> what about teladoc? >> no position don't own it >> you did have a position, right? >> yeah. check this out i will only -- >> you understand where i'm going with this, right >> totally i will only personally put on concentrated positions with stocks of beta 1.7, high momentum, high ok octane stock, i will only handle a few at a time you will never see a homie like me with 12 of these things ricochetting off the wall. i've been in many of these high octane names i can't be in all of them at once i don't believe that five years from now, any of them will be in the conversation they're not all going to turn into google and apple. i hope people understand that. you can't fall in love with your sto

shares have fallen in market trading. we are seeing this rotation out of chinese consumer staples and he says we are halfway through a correction in chinese stocks given the turnover in liquidity conditions are not aligning in the best place right now, shery. shery: let's discuss what is happening in the em sphere. the stock rally seems to have passed over emerging markets despite. losses. the msci emerging-market index fell for the six straight session wednesday, the worst losing streak since february. our next guest with an opportunity in emerging markets. manager of the overseas group and income fund in the top 15% of its class in the last month. rate to have you with us. let me get started for our viewers. this gtv chart on the bloomberg. mscie seeing this on the emerging markets index. usually, this would be a positive sign but we have seen that in fact the last two times or twice in the past 17 times or so, we have seen market declines following this golden class and right now, we are seeing a little bit of market b