unilever, stocks like that, or where the safe havens are.his is bloomberg. ♪ this is bloomberg. ♪ at comcast, we didn't build the nation's largest gig-speed network just to make businesses run faster. we built it to help them go beyond. because beyond risk... welcome to the neighborhood, guys. there is reward. ♪ ♪ beyond work and life... who else could he be? there is the moment. beyond technology... there is human ingenuity. ♪ ♪ every day, comcast business is helping businesses go beyond the expected, to do the extraordinary. take your business beyond. guy: 30 seconds until it india regular training in europe. what a day -- until the end of regular trading in europe. what it day. inversion on both sides of the atlantic. the stoxx 600 briefly positive, then the inversion came, then the market started to tumble. some european markets are down more than most. let's take a look at the individual forces around europe. banks are under pressure. that is a factor behind the ftse mib, down 2.64%. the dax is down as well. the banks are down. deutsche

unilever probably very well ran the company, but it revealed how desperate they were. >> well, we knew it was a bad moment for kraft-heinz if they were unable to actually complete a deal at this point with a 30 something billion dollar market value, if they're lucky, that kind of thing is off the table >> heinz used to be a good company. a lot of people felt it was buyback, not a lot of sales growth >> right everybody did zero base budgeting. >> oh, god remember that? >> all right we got a lot more to deal with i want to weigh in on the broadcom/symantec transaction we'll likely to see. >> and lisa sue. >> what about her? >> that new chip one of the things i don't like in general there are people who do things that change a company. lisa sue put out a chip that's much better than intel >> all right we'll talk about that in a little bit >> it's not macro. it's micro. >> i know, but we're looking at the futures. you're talking about a chip. >> trying to make people money >> i'm trying to wrap things up. we got to take a commercial break. then we'll be right back you can talk about lisa s

february 2017, they tried to bite unilever.would have allowed them to cut costs which is what they do best rather than building brands. with the debt they have in the stock where it is, it will be hard to do another deal and that leaves the ceo to get these brands growing. when you look at their brands, there is a lot out of step with where the consumer is. >> where does that leave berkshire hathaway? >> warren buffett has come short of saying he made a mistake and he has basically said they overpaid which is a stunning admission from warren buffett and the guys that 3g. there is no sign he is going to sell out but he is obviously not happy with the performance. >> how much shaking that has to go on when you think of the makeup of the foods and the supply chain? what are they have to do to reassure investors? >> the big food companies, they are not nimble. they are supertankers and they make it difficult to adjust to consumer trends and change faster than they ever have with social media and bad diets and everything that goes o

we also see ex dividend, unilever, which is a big stock, standard chartered, astrid zeneca.going to weigh stoxx 600 a little bit, but in general you do see european markets moving firmly higher. fixinget the yuan slightly stronger. bond yields also recovering a little bit. joining us now is the ceo of latitude investment management. let me first ask you what you think these historic lows in bond yields mean. is the credit market telling us that a recession is around the corner? >> that is certainly one read of it and it is certainly telling you that glove -- growth is slowing, but we still do have positive growth in developed markets. this would indicate that we are close to an inversion, but we are not quite there yet. i don't think it is yet necessarily a guide to a recession coming in u.s. in particular, but i do agree with some of the comments from pimco that yields can go a lot lower from here and potentially all the way down to zero, especially if we and up in a recessionary scenario. anna: let's listen to what pimco was saying about u.s. treasury yields going negative

participants included jpmorgan, l'oreal, and danone, version, unilever, and goldman sachs.a day, on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 100 countries. i'm jessica summers, this is bloomberg. let's get a check on what's happening in the markets with sophie. sophie: asian stocks are trading mixed. we have australia's performer with what is a modest session. asx 200 up .02%. the kospi is lower. we see bright spots for the benchmark. defense shares are on the move. ending its military intel pact with japan. in the currencies base come of the kiwi dollar is the clear out performer. jumping as much as .0%. the majority of kiwi buying coming from the aussie rather than the greenback. the korean won is under pressure this morning. back where we were at the start. the board-checking and on bonds. we see yields climbing just a tad this morning. the aussie 10 year yield at 1%. pressure in the front. ois rates higher on the fed governor. treasuries are just steady at 1.6%. the focus in markets has been on the commentary from the

they tried to buy unilever. they could've gone back to cutting costs which is what they do best.ith the debt and stock price where it is, it will be very difficult to do another deal. that leaves the new ceo to try to get these brands growing. when you look at their brands, there's a lot of stuff there that is out of step with where the consumer is these days. ♪ nejra: this is "bloomberg best." global markets took a one-two punch this week from escalating trade tensions and steepening central bank rate cuts. in a conversation on thursday, oaktree capital's howard marks told erik schatzker how he thinks things will play out. >> usually, we stimulate the economy when it's doing poorly and we want to wake it up from the doldrums. we generally don't stimulate the economy after 10 good years. we usually accept that there will be an ebb and flow to the cycle and that there might be a justified recession. we have the lowest unemployment rate in 50 years. you usually don't stimulate at that time. the point is that the fed can stimulate. should it do so? is it the fed's job properly? >> i

quite exposed to what is going on, geopolitically and internationally, like, for example, microsoft, unilever. do you at all get concerned about an escalation in trade wars, for example? concerned, gets but they about consumer staples companies. you do not have the same complex global supply chains of hardware companies. yes, if there is a global slowdown, it will affect these companies, but it will affect these companies a lot less then more cyclical industrials or companies which are particularly trade sensitive. guy: do you worry about the currency? we've been talking about currency markets, what the chinese are doing. , manyced on the last call of these businesses will be geographically hedged because they will manufacture locally. but there is still a translation affect you have to worry about. we've been in some ways very stable for a long time. you see signs that maybe that is beginning to change. bruno: the biggest sensitivity for a lot of these consumer staples comes in emerging-market currencies. they haven't been stable. you have this general long-run depreciation of emerging-marke

names like nestle, unilever, plenty of the states.there was a selloff in the bond market, how would that impact that sector? michael: there's been a global search for yield for a decade now. the risk that we have this big selloff in the bond market, and my opinion, is relatively low. there aren't a whole lot of factors that would drive rates up substantially from here. but you would expect that normal relationship to hold, so those securities would become a little bit less attractive from a yield standpoint relative to fixed income if investors can get the yield they are looking for out of the global treasury market. vonnie: michael, thank you. that is michael crook, ubs head of americas investment strategy. we want to keep you updated now on the situation in hong kong. protests in the city seem to be ramping up again tonight. cannons,e using water and as you can see, there are some tense situations right there. we will keep you updated as the situation unfolds. cameras on the ground, obviously, and protests ramping up again in hong k

james: i look at world-class companies in the united kingdom like unilever and believe they are well-placed, whatever the outcome for brexit. they materially benefit every time the pound falls. i anticipate the u.k. chancellor of the exchequer is going to stand up next week and talk about spending more money. i would say that that is going to have to impacts. one, it will encourage people to think the government will not allow the u.k. economy to go down the drain if there is a no deal brexit. a lot of people will say this is the early warning signal that mr. johnson will seek a general election before the year is out. vonnie: what is your base case scenario? it seems like a no deal exit would be bad for almost everybody except maybe boris johnson himself. james: i absolutely believe that mr. johnson is prepared to take the risk of a no deal brexit on the basis that he believes he needs to deliver brexit, and if we cannot get a deal, he would rather have no deal. the big stumbling block within british politics is what happens to the border between northern ireland and the republic of irelan

the initiative will be launched g7.resident macron at the jpmorgan,includes version, unilever, and goldmanrs a day on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i'm jessica summers. this is bloomberg. paul: thanks, jessica. let's head back to jackson hole and our global economics and policy editor kathleen hays. how is the mood headed into this weekend? think, isthe mood, i what is going on in the world of central banking. isllenges to monetary policy the kansas city fed symposium theme and they have an uncanny ability to set a theme in the end that is so timely as this one is now. constance hunter joins me now. she is a chief economist at kpmg in new york. reportedly, she is also president of the national association for business economics. welcome. me.hank you for having kathleen: what do you think jay powell's mood is? there is so much talk that he is under pressure. >> opening the door to a rate cut he has to signal he will go through. >> i think there's pressure from several sources. there's pressure from the bond marke

but i'll always point to other businesses, people in the food business for example, kraft foods, unilevercerned about climate change. they want to know what does it mean for the quality of my food. what does it mean for the food chain. >> because the nutritional value in rice or grains is decreasing, and that's actually important to governments, food companies, communities? >> absolutely, absolutely, because then the same amount of food does not provide the same amount of nutrition, the same amount of health that you can expect from that. there are ramifications for that. one of the ramifications we saw in our paper is that if you were a poor country, people in bangladesh for example get almost two-thirds of their calories from rice. so they're going to be impacted more by a co2 influence on rice. and yes, economically that hurts us all because what happens is that if you're more affected and you're poor, you do what people have done throughout civilization. you get up and you leave. everything from the unprecedented drought in central america and the caravans that are moving to what happ

novartis, unilever, as well as rausch, all adding points today. kering angly, gainer.interesting, defensive stock. nd,y one stock is ex-divide so watch that for drops this morning. european markets, opening fairly after the ftse lower being closed for a u.k. bank holiday yesterday. it follows gains in most of asia after he perceived softening in the tone of the u.s.-china trade rhetoric, but that messaging seems to be reevaluated now. joining us is the chief marketing strategist, hsbc -- chief market strategist, hsbc. how do you sum up the g7 experience, and what does it mean? for you as an investor? r? willem: a mixed message. a lot of yo-yoing going on in politics, so you need to look at the data rather than trying to speculate on politics. the data is still continuing to point to a slowdown in manufacturing and investment with a relatively healthy consumer. anna: good morning. i have a chart here tapping into what you just said, about a slowdown in investment. nondefense u.s. capital goods orders. according to one indicator released, suggesting some sort of recessio

of ben & jerry's as the maker of bernie sanders ice cream, but remember, they are also owned by unilevert that is just some random, one-off company. it's ben & jerry's. it's patagonia. it's lemonade. it's a smaller insurance company, which is not thought of as socially responsible, but it is showing that even big aspanies can have divisions part of this. brooke: institutional companies are now competing with these upstarts for employees with the likes of google. so i do think they have to seriously look at this come about what they are ultimately willing to do with the question. alix: really appreciate it. thank you both so very much. check this out. investors may not getting the whole story on how much these actually make. many executives make a lot more. orville says it was paying $190 million. how about $335 million? you have pay deals that can multiply the number of shares, plus a strong stock market. worstsup, hong political crisis in dictates -- in decades. if you are heading out, tune into bloomberg radio on your car , sirius xm channel 119 or on the bloomberg business app. this i

but these guys were doing -- they have been taking a lot of share from unilever.ld take share, make more money and the dollar -- they can offset the dollar but they tell met piece was great. they talk about, you keep saying we can hedge you don't know how expensive it is to go hedge so they're kind of just out there unhedged but doing so well. i really like them. >> the piece today, what is their target, do you know? >> they're saying that -- i thought that was the one problem with it, using 129 i think -- i would have liked it if you did much higher but, look, 129 would be a god send the other thing i was going to do was roku, it is going up. roku is a tiny company had them on last week. this is the company to watch and it is a buy. mcdonald's if someone -- that stock had an amazing move without a single push by the sell side. not a single push. a couple of these -- look at this thing this was here last week. these are the stocks people are defaulting to. mcdonald's, roku and procter roku >> we'll talk about a bunch more names when we get the opening bell in a fe

they are valued against the unilevers of the world, are not excessively cheat. -- cheap..k. market between those which are global and domestic. that is partly because of brexit and partly because things have slowed down generally, and also because in some cases they are seeing negative impacts from sterling. that thereme benefit will be more impact from importing. about as been a concern seriously left wing government. that seems to be receding slightly, but we could have an election. scarlet: if there is an election, is there any sector or group of stocks that would be a better place to hide out? lucy: global stocks, it is why they are valued where they are. i think they will maintain ,aluation if we get an election one of the scenarios we could be facing. although the labour vote appears to have shrunk, it is possible. those areas which are specifically impacted by that are the banks and domestic assets. scarlet: how does jeremy corbyn fit into what you are looking at? is he changing the discussion? he has offered to be head of a caretaker government. do they take them