u.s. to china which has been acquiring massive holdings in water rich central africa and is on the verge of instituting advanced agribusiness if successful chinese does the mystic product production of ag commodities could replace u.s. exports to china in many instances china is the largest export market for u.s. commodities as we spoke about a moment ago including soybeans here discuss the spread kaufman the author of bet the farm how food stop being food fred thank you for joining us let's get these basics done first we talk about gene splicing and people think it's you know this futuristic stuff but it's been done for years you know what are genetically modified organisms g m o's and how big a business is g.m.o. patterning do a little explainer for us. well thank you bart i mean you're absolutely right this technology in some way shape or form has been around for a while it's recombinant d.n.a. and the idea is you if you can move and shift the d.n.a. of some sort of biologic then you've actually created a new biologic you've created intellectual property and you can patent it i think maybe the easiest example is is something like insulin which has been around since the one nine hundred seventy

u.s. commodities and the biggest potential growth area there is in beef.finitely look to see if there are any commodity price changes to reflect that. again in our view we think we're more or less looking at things be rearranged than an uplift in ag demand. >> michael, john, thanks guys. busy day appreciate it. >> thank you. >>> when we come back, global regulators on google's power and size and how the company does business, next. >>> later, the man who could stand in the way for elon musk's vision of tunnels underground to ease traffic dow up 344 points. stay with us cks.com! no more lugging your clubs through the airport or risk having your clubs lost or damaged by the airlines. sending your own clubs ahead with shipsticks.com makes it fast & easy to get to your golf destination. with just a few clicks or a phone call we'll pick up and deliver your clubs on-time, guaranteed, for as low as $39.99. shipsticks.com saves you time and money. make it simple. make it ship sticks. when it might be time to buy or sell? with fidelity's real-time analytics, you'll

u.s. commodities at 8:30 a.m. eastern time. julia: that is all for what you miss. is next.berg. ♪ mr. elliot, what's your wifi password? wifi? wifi's ordinary. basic. do i look basic? nope! which is why i have xfinity xfi. it's super fast and you can control every device in the house. hey! let's basement. [ grunting ] and thanks to these xfi pods, the signal reaches down here too. so sophie, i have an xfi password. and it's "daditude". simple. easy. awesome. xfinity. the future of awesome. ♪ emily: this is bloomberg technology bring you all the top stories in the tech world wide. coming up, the ceo of social capital joins us for an extended conversation on the biggest issues facing tech and vc's right now, relation, diversity, and facebook. . more than 50 million i was in the last quarter, but is it enough to keep the man in the global smartphone market? respected gene munster,

u.s. economy if we think about high commodity prices that is a problem for u.s. businesses for industrial companies for airlines who have to pay more for their few rises on the rise and then also what we did see is the possibility of higher interest rates was a drag on all the real estate companies here in the u.s. and in other news yes you've got well disney putting out some fairy tale numbers a fairy tale reaction on the markets. well not quite but that's probably because a deal in build multibillion dollar deal that walt disney was banking on buying fox entertainment is in jeopardy because there was also another company comcast trying to buy fox but overall the numbers were much better than x. expected and mostly because of the movie business while disney made true great moves in the past when they bought the rights for all the superheroes from marvel in two thousand and nine for just four billion dollars and then three years later in two thousand and twelve they bought a look at this film to get the rights for the star wars franchise and those really turned o

u.s. dollar strength story is very big at the moment. checking in on commoditieswe have gold easing off on u.s. dollar strength as well, it in for his lowest-priced since december. oil dipping below $68 a barrel. let's get the first word news with jessica summers. jessica: the european union is warning of growing market uncertainty. the u.s. decision to delay aluminum tariffs for another jessica:month. just hours before temporary relief was due to expire, the trump administration says it would allow another 30 days for negotiation. brussels says business decisions are already being affected by washington insists progress is being made. >> we are having very productive discussions and we are hopeful we can come to a mutually agreeable resolution that will protect the national interests, the national security in steel and aluminum. wilbur ross will be part of a high level trade team heading to china later this week. treasury secretary steven mnuchin will be joined by trade representative who says the trip will be a big challenge. he says the chinese system has worke

u.s. commodity a lot of repair has been done -- u.s., although a lot of repair has been done with the u.k.ance sheet -- european balance sheet. what kind of drive do you have a rates, are negative this is drug that european banks have at the moment, and with the weight of regulation really adding pressure on profitability. david: i want to pull up a chart that compares european banks and u.s. banks. blue line at the top, the u.s. banks, far and a way better off. the british banks are in the middle with the european banks at the bottom. is it a viable strategy at this point for european banks to go global, or do they need to rein it in and go more domestic, which apparently deutsche bank is doing? geraldine: i think that the lack of lendingrowth and negative interest rates in europe has made those banks to be a lot more conservative. i think that u.s. banks are in a much better position in terms of profitability. rates are no longer negative. also, they are benefiting from a little bit of deregulation, as opposed to the regulation pressure in europe. at the same time, this thing in terms of

u.s. economy if we think about high commodity prices that is a problem for u.s. businesses for industrial companies for airlines who have to pay more for their fuel but also consumers have to pay more when they fill up their tanks so there could be some negative implications with prices on the rise and then also what we did see is the possibility of higher interest rates was a drag on all the real estate companies here in the u.s. and in other news in the end you've got well disney putting out some fairy tale numbers a fairy tale reaction on the markets. well not quite but that's probably because a deal in build multi-billion dollar deal that walt disney was banking on buying fox entertainment is in jeopardy because their results another company come cause trying to buy fox but overall the numbers were much better than x. expected and mostly because of the movie business disney made two great moves in the past when they bought the rights for all the superheroes from marvel in two thousand and nine for just four billion dollars and then three years later in two th

commodity radar. gas prices on the rise for the u.s. holiday weekend. ou want to fill up at the pump, it is going to cost you three dollars a gallon. that does it for "bloomberg commodities edge." make sure to tune in to us each thursday at 1:00 p.m. new york time and 6:00 p.m. in london. ♪ scarlet: this is "etf iq," where we focus on the access, risks, and rewards on exchange traded funds. just how smart is smart beta? if everyone is offering it, maybe this approach does not provide an edge in the end. we asked invesco to defend it. a founding father of etf looks to infinity and beyond. what is the thinking of a space etf? and oil rally

u.s. to china which has been acquiring massive holdings in water rich central africa and is on the verge of instituting advanced agribusiness if successful chinese does the mystic product production of ag commodities could replace u.s. exports to china in many instances china is the largest export market for us commodities as we spoke about a moment ago including soybeans here discuss the spread kaufman the author of bet the farm how food stop being food fred thank you for joining us let's get these basics done first we talk about gene splicing and people think it's you know this futuristic stuff but it's been done for years you know what are genetically modified organisms g m o's and how big a business is g.m.o. patterning do a little explainer for us. well thank you bart i mean you're absolutely right this technology in some way shape or form has been around for a while it's recombinant d.n.a. and the idea is you if you can move and shift the d.n.a. of some sort of biologic then you've actually created a new biologic you've created intellectual property and you can patent it i think maybe the easiest example is is something like insulin which has been around since the one nine hundred seventy s.

he'll be meeting with the treasury secretary commode u.s. trade representative, wilbur ross as well. -- he will be meeting with the u.s.treasury secretary, trade representative, and wilbur ross. once it is a great scoop. it is an development. at the least you see it as a fig leaf for peace offering to china ahead of thes delicate talks. one of the most antagonistic people in our administration towards free trade with china is not going to be there despite the fact that he has a top job and would normally play a key role in these discussions. the are looking to minimize conflict that could come out of this meeting. it is a sign they would like to have success from this visit. jacobs spokeifer with two administration officials for this scoop. peter navarro declined to comment. thank you. these are -- he leads our -- onal joe: it is going to kill him. since he was there the first round. the yield curve continues to flatten. this is bloomberg. scarlet: long bonds nearing the high watermark. the 30 year yield inching towards three and a quarter p

u.s. crops and commodities and lower auto tariffs the treasury secretary steven mnuchin was on the defensiven capitol hill about his backtracking on a security issue, like zte, in order to secure a short-term trade win. >> whatever changes or decisions that are made in commerce, we'll deal with the national security issues national security issues are being addressed. and that is of paramount importance to the president. this was not a quid pro quo or anything else. this was merely that president xi asked president trump to look into this, which he has done. >> outside the hearing room about mnuchin's response, west virginia democrat said joe manchin hopes that the deal is blocked, revealing tie-ups in u.s. foreign businesses. and the banking committee is considering a bill that would significantly expand the number of deals that would fall into such a review. of course, that is a committee led by treasury, so it would still fall to that department and the secretary to decide ultimately what would happen but certainly an interesting development and the treasury secretary on the defensive thi

u.s. that is next on "bloomberg commodities edge." this is bloomberg. ♪ alix: i'm alix steel.is "bloomberg commodities edge." it's time now for the brief, what you need to know in the world of alternative energy. tesla making headlines for something other than elon musk's attitude. the company said it has reduced the amount of cobalt to make its model 3. >> it is helpful to understand the different commodities and the trends we are pursuing in the batteries. you know, being on a path to reduce cobalt usage for instant ce is something we have been working on for literally several years now. >> i think we can get the cobalt to almost nothing. alix: joining me is from celine from bloomberg new energy finance. make a material difference? >> cobalt, they don't have huge exposure to it. they had been able to reduce their cobalt exposure for the last two years. they use about 5% of cobalt and in theirtals batteries. they are quite low on the spectrum. we don't think it is likely they will reduce that for three or four years. >> what will be in the mix for them going forward? what wil

their fat money watch what employ a higher prices for real assets and i would suggest that commodities have the u.s. like oil start to trend higher we are already starting to see the oil prices creep up that might be a result of what we're talking about here you mentioned russia their course russia china are establishing a one bell want to run out going all across asia you're asia answer russia they're creating this huge economic zone which well rival the dollar and interestingly enough there's a rumor is that they summit between donald trump and north korea's kim jong what happened in a city just north of japan what happened to be in russia so how would that play bad as seems remarkable yeah. keep in mind cheney the cheney's former minister won he is now. going to north korea this week and i think they're laying all the groundwork for the trump kim summit to come and i think they're laying the groundwork now to mention i think china is the puppet master behind this piece but they're going to give the credit the donald trump and i think you know the big hand at play in this of course but yeah i mea

their fat money watch what employ higher prices for real assets and i would suggest that commodities in the u.s. like oil would start to trend higher we are already starting to see the oil prices creep up that might be a result of what we're talking about here you mentioned russia there a chorus russia china are establishing a one bell want to run out going all across asia a year asia and to russia they're creating this huge economic zone which well rival the dollar and interestingly enough there's a rumor is that they summit between donald trump and north korea's kim jong what happened in a city just north of japan what happened to be in russia so how would that play dad that seems remarkable yeah. keep in mind cheney the cheney's former minister won he is now. going to north korea this week and i think they're laying all the groundwork for the trump kim summit to come and i think they're laying the groundwork not to mention i think china's a puppet master behind this piece but they're going to give the credit to donald trump and i think you know the big hand at play in this of course but yeah

u.s. justice department is the commodities commission, which is not another commission which is already investigatinghe two capital market agencies in the u.s., both investigating these processes. to the justice probe, it looks like they are looking at the traditional frauds we have seen in the stock market. you are seeing spoofing, wash trade, basically all of those manipulative tricks that stock proctors like to do to boost the price, and get out at the expense of innocent investors. that is very interesting. get to deutsche bank, the new chief executive wasting no time overhauling germany's biggest lender. earlier today, addressed to shareholders at the deutsche bank's annual general meeting in frankfurt. >> we are committed to our corporate and investment bank, and we are staying international. we are active in more than 60 countries. and that is the way it is going to stay. >> it is interesting he led by saying they are going to be a global bank because it is true they are cutting jobs globally. for the last couple of weeks, we have been talking a lot about where they would be cutting in the u.s

u.s. agricultural and commodity exports that china is expected to buy as part of the u.s.old that trip will happen in the next two week and the timing is not insignificant. the u.s. wants to keep momentum moving in a positive direction ahead of that june 12th summit between president trump and kim jung-un whose attendance at that meeting china will play a very integral role in that meeting an tie into adrian peterson is one reaswoon wrks - interest why john bolton wants a bigger role in the talks they want to keep bolton looped into all the developments. so we'll see where his interest lies and what role he ends up playing. in the meantime u.s. officials are saying that while this is a truce and both sides have been standing down, they didn't commit to a specific time frame. this morning nec director larry kudlow says at least from a u.s. perspective, tariffs had been suspended but not taken off the table entirely >> you cannot remove tariffs as a negotiating tool or enforcement tool from this process. you cannot do that and therefore i don't think we're saying tariffs are

u.s.. but it a quick check on commodities, gold clinging on by its fingernails to the 1300 level" slipping low $68 a barrel as u.s. inventories rise. we have breaking news for you bank,ational australia give me a moment for like it the right buttons here. out national australia bank with a earnings cash profits of $3.29 billion at the interest income of $6.75 billion, these lines crossing the bloomberg terminal right now. this is one to watch at the moment command you can catch hours exclusive interview with ceo andrew thorburn on the bloomberg markets: asia at 1:30 p.m. sydney time and 11: 30 hong kong. and the fed has rocked the meeting living interest rates on hold, and left work economics policy editor kathleen hays with us. no change in policy or surprises, but significant changes to the wording. is amazing how much power one of the work could have come at it is one little work if one is focused on, and isometric. word is symmetric. the inflator after six years of doing it once, what does the fed say and how do they acknowledge this and how can they signal their intentions for future r

quite, but inflation expectations are rising higher than what we have seen with oil prices and commodities. u.scorporate are higher as well. that is feeding into inflation expectations. toyou think is pricing power raise risk? john: inflation does not come from pricing power. it comes from the price of everything going up. defend thinks expectations -- the fed thinks expectations are anchored, that commodity prices will reduce themselves. if they get expectations commodity prices are less angered, coming back to 2%, that would be something to get them moving. yvonne: we have news from treasury financing as well overnight. looks like they will be selling more debt to the low end of the curve, suggesting the yield curve could flatten more. do you think the fed will allow that? john: the fed has less control of the yield curve than we think. if it is something you want to stay up late worrying about, it is the treasury and the debt they have to sell in the couple years. the fact they are selling short-term debt means we have to roll it over all the time, which will add to the treasury's woes if an

percent of a commodity being taken off the market that's huge especially a commodity like aluminum that everybody uses so other the u.s. and the u.s. treasury secretary is very well aware of this this is not about destabilizing an industry this is not about destroying a company it's about hitting and what is saying what the americans are calling a russian all of our again again is what you mentioned you know step back for a second they still got to play ball playing ball is a big thing especially when you look at something that's so tied internationally absolutely we appreciate you following the story r.t. correspondent alison heil of it thank you as always and thanks to all of you for watching all you great boom busters out there be sure to catch boom bust on you tube you to back com slash boom bust r t we'll see it tomorrow. price perceives news and so if you have fake prices you end up with a fake. seller here when you have manipulation of markets and there are if you have if you have interest rates at zero zero percent you have an unlimited credit line and you can muscle prices around at will that creates fake pri

u.s. securities and exchange commission and the commodity futures trading commission some would say this raises questions about other pensions and related funds around the nation from which wells serves as a trustee the former financial regulator myself here's what i know this will be investigated and it should be surprised actually if it hadn't already started stealing pensioners funds i mean come on guys. beyond bag insurance group has been making headlines but not always for the right reasons the former chairman of the company way was sentenced to more than eighteen years in prison on yesterday on charges of fraud and embezzlement the shanghai court also said that will have no political rights for up to four years and will confiscate his more than one point seven billion dollars in assets was accused in march for masterminding a fraud scheme worth more than ten billion dollars he used on authorized sales of an investment insurance product to inflate the company's capital the scheme had apparently gone on for years allowing on bag to see rapid growth as well as acquire various bank and other

u.s., for example. looking into commodities like gold.tend to perform well in the late part of the cycle, so looking at these commodities which can help hedge against inflation. rising inflation, rising rates, rising dollar -- on the last point, last week was the fifth straight week of gains for the u.s. dollar, the longest winning streak since 2015. is that coming to an end, because we have all been scratching our heads as to what has prompted this enthusiasm over usd all of a sudden? peter: -- wayne: one of the king -- key things that shifted people back into the dollar was largely that the european growth story, while the u.s. growth story continued to be quite robust in the first quarter, european growth looked to fade out a little bit and that is concerning to some people. we saw some rotation back into the dollar. the fed was continuing to be on continuing to move forward in their hiking cycle, whereas inflation and growth disappointed in europe, and that raised questions around the ecb and the timing of the exit from qe. on a longe

only going to be negotiating new export deals, at least that was the plan for crops and commodities from the u.s china but the congress department is also tasked with this review of zte and whether it decides to make any changes melissa. >> kayla thank you kayla tausche playing double duty one of the things on my screen i'm sure you're watching this all the time, boeing intraday chart slid lower into the close there. what do you make of it >> again, i think it's headline risk that boeing is now associated with. we can talk about algorithmic trading but a lot has to do with that i look at boeing and 21 times next year's earnings, i don't think it's all that expensive. i think selloffs in boeing are a mistake and should be bought. >> i totally agree guy has been straight on the story, nailed it free cash flow, ability to generate free cash flow significant any pullback is a buying opportunity the slide you saw tapering al gos headlines stepping out his point again -- >> i say good for congress, the issue in china protect point guard property and access. this auto bone they threw back at us, it doe

hascould argue the dollar actually become a commodities currency because the u.s. has become a big oil producer. less of a drag for oil and vice versa of sort. again, it is about the geopolitical tensions that is driving the currency, so i think that case, you'll see the correlations that become a little more complicated, however we do not expect that to remain the case. we would tend to see the dollar appreciation, so if we do get anddollar coming down production coming back, that produces and so it is a little bit unclear. i think supply will be the dominant sector. >> quickly, this chart shows the .nverse correlation at what point, price point i should say do you see it creating real issues? higher oil prices on aggregate should be good. historically, if you think about how much consumption there is an emerging markets and you think about the emerging landscape between commodity producers and commodity exporters. i think the oil price is in terms to consider of emerging markets. i think the countries that look most vulnerable, the large it has i have a feeling b

u.s. agricultural and commodity exports will benefit from china's new purchases or agreements to purchase so we'll wait and see what he comes back with as this trade dispute, as the treasury secretary calls it, comntinues. back to you. >> dispute, the markets welcome it right now, a sign of deescalation, thank you. >>> president trump tweeted this morning, china agreed to buy massive amounts of farm and agricultural products, the greatest thing to happen to farmers in years >> so how are farmers reacting we have american farmers and families here, good afternoon to you, casey, and thank you for joining us your immediate reaction to this news over the weekend, clearly, a lot of moving parts, still, b but, i guess, moving in the right direction for you? >> right i mean, eases anxiety for farmers knowing that we're moving forward in a positive way when it comes to china, and very grateful for that, but at the same time, there's really not a a lot of certainty, and where we really are hoping we can move forward is with the nafta negotiation. it seems like that should be a greater part of the

u.s. economy? >> is not just oil prices are rising but other commodity prices as well. it could eventually lead to more inflation. and we think about high commodity prices. consumers have to pay more when they fill up implications. >> walt disney putting out fairytale numbers and a fairytale reaction on the market. >> the multibillion dollar deal, the numbers were much better than expected. walt disney made two great moves in the past when they bought the rights for superheroes from marvel in 2009 for just $4 billion and three years later in 2012, they bought lucasfilm to get the rights for the star wars franchise. both really turned out to be big money makers in the past quarter. black panther brought in more than $1 billion. the numbers were good. but because this one deal is in jeopardy, the stock of disney lost about 2%. karon: the argentine peso continues falling sparking fears and a fund for help to prevent a further default on its debt. >> president macron announced plans to put the brakes on. secure credit line. we spoke with the director and she confirmed we ca

just that china was growing at double digits, demand for their commodities was very high commodity prices were high u.sing markets had exceptionally high growth rates in that environment and we're no longer there >> yeah. >> the tide has turned internally also. >> now, with respect to the dollar values and the dynamic that always seems to be prevalent in emerging markets when the value moves up and many things denominated in dollars create a special demand, do you see that ramping up more than in past episodes? >> well, dollar strength is tough on the emerging markets that have external dollar debt, which is the overwhelming majority of emerging markets in varying degrees. also, a stronger dollar is often goes side by side with weakness in commodities so for the emerging markets, it's a double whammy >> now, in my final question, as we all grapple with issues of trade and all the political landscape that may find its way into the psyche of investors and influence markets, do you have any thoughts about the current growth future of the united states economy, especially post-tax cuts? >> well, i think th

u.s. companies. of course the chinese threaten to restrict their own imports of agricultural commodities from the unitedtates to the disadvantage of u.s. farmers. trade negotiations are inherently complicated. they're necessarily has to be a lot of wheeling and dealing. what i appreciate thus far at least everything is out in the open. it seems to be quite transparent. trish: yeah. and i suppose one of the other good things here too is that we have a president, you sort of articulated this as we opened the show there, john, that is trying to negotiate, and maybe in a negotiation you don't slam the brakes so fast, right? if president xi says would you take a look at this, you say, okay. maybe i will take a look at it. doesn't mean you're signing up for anything, james. >> that's right. trish: saying, sure i will take a look at it. >> i guess what i worry about is the president may have the wrong objective here because if the trade deficit, shrinking that deficit is your goal i don't think that is necessarily in the interests of consumers or producers. i think american technology leadership is important.

with these things coming up and high commodity prices, we think the u.s.r is heading higher, and the u.s. treasury yields are heading higher as well. betty: speaking of treasury yields, i want to pull up this chart that shows you how much spreads are tightening in the treasury market between the five and the 30 as you continue to look here. the spread rapidly, over the last 12 months continues to tighten. at this rate it is likely to turn negative, invert by august or september, so does that signal a recession? speak thedid see that fed over the weekend that they are expecting the yield curve will invert sometime in the second half of the year. we would not be too surprised to see that, but i don't think it signals the start of a recession. we are seeing in previous cycles that the yield curve has inverted a little bit but not always signaled recession is on the cards. but i think this will likely still happen. we think the year will be positive for u.s. equities because earnings growth is strong and momentum is strong. i would not get worried. betty: we h

u.s. is going to be stronger that being said, this big rise in commodity of oil will be good for them sdp >> if i could flip it and say, i think tech is going to outperform now, i would say would be when the china deal is done every time you watch a negative article, a negative headline come out, you see all large cap tech from china get slapped down that takes ours down with it if you see that trade deal get done, maybe this weekend, maybe next weekend, maybe middle of in the case week, i think tech rises higher >> is there a misconception about small caps given the modern day and age with a lot of trade happening, that small trade companies are doing a lot of global business than what previously had been. small caps have been extremely insulated. >> a lot of small caps find their way in the energy space, too. energy has done well there are a number of great arguments you can make that russell will outperform. my biggest argument is people are behind the 8-ball, people are starting to catch up and i think it will manifest itself end of the year. the biggest news is the nasdaq >> let's al

u.s. vonnie: curious as to correlation. what other commodities are you keeping and i on? giving you a hint of where the complex is going? on the other side of things, how ach do interest rates and sickening dollar, should itching for an, have to do with oil prices? abhishek: commodities in general are a good asset class this year. if you look at the bloomberg commodity index, it has done well. its highest marks since january. it has more to go given the fact we have seen commodities in the back and. -- back-end. you're getting better return on commodities at this time. we are getting late cycle dynamics. from the past cycles, towards the end of late cycle dynamics, commodities are in. even metals tend to get that boost. so far, most of the boost has ,ome from energy than metal but you will see the boost coming from other comedies -- commodities. vonnie: since you mentioned it, we will show you the bloomberg commodities, bcom gto. our thanks to abhishek deshpande . coming up, we will hear from joel greenblatt of gotham asset management about how he is making adjustments to

and you also have a great exposure to commodities and a stronger u.s. dollar.t of the reason why we went to overweight in march and that has paid quite well so far. i think some of this is expressed in the ftse 100. anna: let us talk about the eurozone story. we have eurozone inflation. arounduded a blip easter. you might expect the central bank to look through this. it seems they want to take some time to understand where the weakness in the data is coming from. what do you make of weaker data from the eurozone? >> it is not surprising that there is some caution from the ecb. there is a big drop in economic momentum impacting the eurozone at the moment. you can see that in the inflation numbers. .7 core inflation is at which is very low and very far from the target. i think they will because shifts, they have to be cautious. they will not hike soon. ratesyou get deposit firmly positive, they will not recover and investors will continue to focus on the downside. anna: thank you so much. n will stay with us. let us check the market as we go toward the top of the

u.s. agricultural products and commodities. the market access program on its own is a net positive program which every one dollar spent, $28 are returned to the american economy. i know these critical trade and export resources are at the top of the minds of american farmers and producers across the country and we must continue to ensure their availability and access for the agricultural industry. this bill also maintains and strengthens the nation's nutrition programs to assist those who struggle to put food on the table while providing critical training to help people attain the skills necessary to gain well-paying jobs, financial self-sufficiency and better futures for themselves and for their families. supports the supplemental nutrition assistance program without any cuts in funding. it adds further funding and empowers states with the flexibility on how to best administer their respective programs. the state of washington has done innovative work in their administration of the snap through the bfet and rise programs to he

u.s. your seeing changes in commodity prices. u have oil going up and tied to the geopolitical tension. it is making a business climate in the u.s. and abroad a lot more difficult to forecast. that is why you are seeing a push and pull in the market. investors don't know what the long-term outlet -- outlook will be. let's not forget earnings. romaine: earnings were good. a lot of investors have forgotten. with geopolitical and trade tensions, their outweighing it. apple, and yous have seen optimism not quite there like it was. we have seen lots of tax money to spend. >> and yet the markets are muted. romaine: we are holding in a tight range. it could be worse and we were flat for april and we are flat roughly on the year. if you made money and 2017, you will break even. shery: thank you so much. a new up, facebook has feature to help keep your data safe. l.a. clippers owner and former microsoft officer will talk about that next. this is bloomberg. ♪ ♪ this is "bloomberg markets are gold i'm vonnie quinn. shery: and i'm shery ahn.

we should think not only about the commodities of these we have, but of course 97 billion u.s. dollars, which .s not as big as what china has we experience quite a deficit in japan and expect -- also investing, we trade a lot of jobs, 69 billion u.s. dollars was the surplus. companies produce automobiles in the territory of the united states and export them. that is 75.5 billion u.s. dollars worth. the kind of revenue the japanese companies generate for the united states. it is really with -- worth noting this. i believe it is necessary for pay a systemic attention to act within the wto rules, which is something we speak about, as well as call on our american partners. the tpp, the agreement is concerned according to the predilection agreements and commitments. treaty,thdrew from this but it is a very significant framework which also includes the intellectual property by the environmental protections and other areas. therefore, such comprehensive rural continue developing fair trade. this is the kind of analysis we need to develop to get. unfortunately they withdrew from this.

cash, i would ask that you all continue the policy that has been in the past to let us use commodities grown by u.s. growers in order to do that and not just dispense money. >> well, i was sure pleased to see those u.s. flags on grains and cans everywhere i went. i'll just close by saying i'm glad that oregon is next on your list, and i'll look forward to coordinating with you in that regard, and hopefully, having the chance not just to talk about the drought in klamath, but also the great diversity of oregon's speciality food crops and the real importance of our research station in corvallis. thank you. >> thank you, senator. certainly, your area, obviously, is vulnerable with the drought predictors we have this year for wild land fires, and that's one area i'd like to visit with you out there about, to tell you our plans about what we want to do in wild land fire prevention and how we can use the tools that you've afforded us to help to reduce that threat this year. >> thank you. >> mr. secretary, i agree with your comment very much about using the commodities in those programs. it's a great way

have gone .p, but the data has been soft everyone has been pointing to the rise in oil and commodity prices. the u.stypes of triggers. we are taking a laid-back approach. we think our rights will continue to rise. i don't think it will be enough to upset the apple cart. ramy: we have been talking about the flattening yield curve. at one point we were saying it was going to happen, then we weren't talking about it, now we are talking about it again. where do you think we are headed? to what degree do you think this is a zeitgeist, in terms of whether it does harold a recession or not? of thestandard measure flattening yield curve is the basis points between twos to te ns. that has been coming in over the last 1.5 years. people were beginning to look at the decline in that spread relationship and expectations were where we would see twos intends get to zeros. we were on board with that. at the end of the day, this is not going to be a smooth ride. i was looking at twos tens when i came in, we had a significant steepening in the relationship. it now backed almost 15 basis points. i don't seea clear sig

u.s. china trade relationship? tom: agricultural commodity pieces are difficult for us to plan around.ontracts are signed sometimes a year in advance so when short-term care of action takes place, this ship might mighthe etsy -- the ship already be at sea. two sides, onhe one hand they wanted to make sure they had a positive platform for engaging with north potentially now going to be delayed. the second point is that they wanted to give china a bit more time to come up with a better list of deliverables that could be offered to the trump administration. medivation came to china and had some requests -- steve mnuchin came to china and had some requests. it is difficult for the chinese to find consensus internally if they do not have time to coordinate. so i says there is a time that will give the chinese a chance to come up with a better list. on the flipside we are seeing the u.s. now considering slapping car tariffs on auto imports into the u.s. this seems like a bigger issue than steel and aluminum. is it justified to say this is a national security issue when it comes to cars? tom:

let's take a look at commodities because this will inform the rest of the trading day and currencies, the u.s. dollar inching higher overnight. a bit of a haven even as we see the retreat in yields. commodities getting hit as well with the fall in oil, gold trading down by .5%, crude continuing to decline for the fifth session. we are seeing the longest losing streak for new york crude since february. barrel,ude, $75.30 a well off the $80 levels we saw a few weeks ago. bloomberg commodity index getting dragged lower .7%. we are seeing the selloff deepening, concerned about increased output from the biggest oil producers, saudi's, russians, and americans as we inch closer to the opec meeting. trading in new zealand getting underway. let's take a look at how this quite session in asia is starting off. a little weakness for kiwi stocks. we saw some strength against the euro overnight for the kiwi. the aussie dollar losing ground overnight. sydney looking to open just a touch weaker there. let's take you to first word news with haslinda amin in singapore. haslinda: the u.s. is said to be willing

u.s. market close. easing concerns about tariffs and trade wars, helping commodities in the bond yields to rise, the s&p snapping the today losing strike. the doubt of as much as 370 points at the height of the rally. up as much as three to some reports of ahead of the rally. we knew this would happen. >> as was strategists said it was the tough talk about the sanctions that really had the market concerned, so any sign of an agreement is likely to be positive for the market and that is what we saw. we also saw the stock surge, the dollar gains sort of being given back. you notice also that gold is catching a little bit of bid after hours, not quite as in demand. the safe havens, yen and gold are not in favor, but oil rising above $72. we will get to that in a minute. take a look at some of the big stockmarket action. a boeing reasserting its place later last week is one of the top performers, up 22% year to date with a lot of positive news from their subsidiaries. chesapeake energy, huge gain. there was a lot of social media, some of it saying with the oil prices surging, this is a cash cow. others poin

let's get a check across commodities, gold down, crude price$71, that oil pushing higher as we have the disturbance on the gaza strip in the u.s. moving its embassy to sayingem despite the uae opec has the spare production capacity to deal with any impact coming through from sanctions on iran. brent 78.23. the commodities index pushing higher, tracking gains in oil. that's get the first word news with jessica summers. thanks. some next messages from senior fed officials today. the cleveland president is endorsing a path of steady, gradual rate hikes. james bullard is warning that such a strategy could cause problems for the u.s. economy. their comments come as investors continue to bake the pace of rate hikes. three more are expected before the end of the year. >> when the fed is thinking about our dual mandate coal on inflation of 2%, of course we are thinking about it on a sustained basis, that we will look through transitory movements were inflation is going. my own forecast is we will see inflation 2% on a sustained basis of the next 1-2 years. >> the trump administration's pick says he fully supports the dual mandate of m

percent of a commodity being taken off the market that's huge especially a commodity like aluminum that everybody uses so other the u.sand then the u.s. treasury secretary is very well aware of this this is not about destabilizing an industry this is not about destroying a company it's about hitting and what to say what the americans are calling a russian all of dark and again is what you mentioned you know step back for a second they still got to play ball playing ball is a big thing especially when you look at something that's so tied internationally absolutely we appreciate you following this story r.t. correspondents alex hyla bitch thank you as always and thanks to all of you for watching all you great boom busters out there be sure to catch boom bust on you tube you took that com slash boom bust r.t. will see it tomorrow. rice perceives news. service prices you end up with a. seller here when you have the good listener markets in there if you have interest rates at zero and you can borrow money at zero percent on the unlimited credit line and you can muscle prices around it will decrease fake prices and then if