this is bloomberg. ♪ vonnie: live from new york, i'm vonnie quinn.ark: live from london, eying mark barton -- i'm mark barton. europe and a good new privacy legislion last month, enforcing those rules is the job of the european data protection board. joining us now is the woman who leads that panel, andrea jelinek . you are fromustria originally. you are used to being in a regulator position. this is bigger. how are thfit three eks going? jelinek: it was really interesting because we already have the first complaints, cross-border complaints. now, we have 19 within the whole of europe. we are sharing it with the other colleagues because we are already looking into the files. vonnie: can you tell us how many complaints you've received? jelinek: 19 cross-border. all in all, we have thousands. now at 19.r cases vonnie: what is the protocol? you have thousands from individual countries. you are in charge of cross borders. what is the protocol you've develope je it' really a big advantage for companies and individuals because either the --ividuals or the

vonnie: thank you. well, with companies such as harley davidson siding trade tension -- >> thank you for sending it over here. i'm here with the ceo of the largest steel maker in the u.s. you are in high demand. people always wanting to ask you questions after the tariffs and limited by donald trump. hurt makers because of concerns about a trade war leading to a recession, are you concerned? >> i'm not. when you look at the amount of imports you have, steel represents a very small portion of the total gdp of the united states. i don't see it on a global or domestic basis the tariffs precipitating a global recession. short-term issue. that yous something are keeping on the radar just in case, that steel is a proxy for the larger trade discussion that could cause wrote trouble throughout the system? cause realuld improvement. when you look at where we stand yearcountry today, last $550 billion trade deficit for the united states. that is needs to be addressed. my hope is that the tariffs lead to a better,

vonnie: yeah. word ponzi is in there and not once but more than a dozen times when it comes to initial coin offerings. a red flag? i mean, what are we supposed to do about that? ed: well, they highlighted the manipulation and fraud that are a rig concern in the i.c.o. space right now. i think that is very important because institutions that want to get into the cryptocurrency space, they're going to balk as long as there's a lot of concern swirling around manipulation and fraud and that's why those cases in the u.s. that the department of justice is per seeing on this will be very, very closely watched. mark: you did say the block chain did provide some benefits for the global financial system. it's not all doom and gloom. ed: it did. we've seen regulators go out of their way and say, we are not saying throw out the technology. we like what ledger does. especially when it comes to cross-border finance and money transfer. mark: thank you. ed robinson. vonnie: well, mark, i want to remind everybody,

this is bloomberg. ♪ vonnie: live from new york, i'm vonnie quinn.oline: live from london i'm caroline hyde county down to the europe close. farpoint is a special-purpose acquisition company. backed by dan low. joining us from the new york stock exchange is tom farley, chairman, president and ceo of farpoint. last time we spoke to you from the new york stock exchange was in a different capacity so i'm one it was like to be the ceo of farpoint at not actuallyng iden the exchange. i was standingng in this exact spot when i went on with bloomberg for the ferrari ipo. now i'm back with an equally sexy ipo, the ipo of my own stack, farpoint acquisition. i'm curious as to how you're going to find opportunities. even today's the first a you can look, where you looking? are looking at companies benefiting from a couple of trends. first is the increasing value of data. for the machines the software enabling companies and firms to ingest and evaluate massive amounts of data. you to be the ones producing that data helping with the annals edition of the data you

vonnie: and in new york, i'm vonnie quinn. european close on bloomberg markets. ♪ mark: here are the top stories we are covering on the bloomberg and around the world. president trump ratchets up trade tensions with china, asking for $50 billion in tariffs. china says it will retaliate. meanwhile, china has approved qualcomm's acquisition of an xp -- nxp. tubell talk to the investment strategist at jpmorgan. his take on a big, big week or monetary policy. we have decisions from the fed, ecb, and the boj. gmm is your function. stocks are lower in the wake of tariffs on china.

vonnie: in new york, i'm vonnie quinn.uropean close on bloomberg markets. ♪ caroline: here of the top stories we are covering from the bloomberg and around the world. president trump and kim jong-un pledged work towards complete denuclearization in a historic summit. most of the details are still undefined. dealll get reaction to the and more from the co-seo. tom farley joins us to discuss his new investment company. it is making its trading debut today. let's check in on the european market trading just under 30 minutes of european close and we are shru

vonnie: talk about em.en ripples that could turn into tremors ndm countries em countries.in where are the red flags? , the the fed raises rates impact on high debt emerging markets is very consequential. i expect that trend to continue of weakening. vonnie: once the fed moves higher, more dangerous territory, or is it price dan? >> markets are efficient but with employment at the level it is, historical lows, increase tensions around trade, those are things that can contribute to increased volatility going forward. vonnie: i want to ask you about the code of conduct. you have been working on this for a long time and done about one year ago. the code of conduct is like the hippocratic oath. fixed traders should abide by -- are the settlements all done? >> i would not be able to comment. there are major cases in the press today. they may continue. these are historic cases, not things that have arisen since the code was undertaken. vonnie: talk to us about the code and how it is being implemented and the react

vonnie: i'm vonnie quinn.is bloomberg markets pretty sprinkler has thrown out a finding a colorado baker illegally discredited when he refused to make a cake for a same-sex wedding. joining us for the latest, kimberly. explain to us why this is a narrow ruling in this may not satisfy everyone who has been following this? >> as you mentioned this was narrow. one of the many places we thought the court would be divided. it is a seven-to opinion. the court did not grapple on whether or not free exercise rights to practice religion freely can be impinged by an antidiscrimination law. that may be the case but in this case the commission that considered those issues didn't consider them in a neutral way. the court found the commission had shown hostility towards religion and that is the basis they throughout the ruling. >> it is a fascinating ruling. does it allow for a new case to be brought in? to extra take up those issues? >> the court hands at the fact there will be a number of other issues like this one coming

vonnie: and in new york, i am vonnie quinn.ed releases the second stage of its 2018 bank stress test. we will get a flurry of news on dividend raises, share buybacks and more. it comes as the s&p 500 financials index could not break its 13 date losing streak. williams,g in allison the senior u.s. banks analyst for bloomberg. allison: i think what is unique about this year is that normally, coming up to this test, there is increasing enthusiasm and this year, probably not so much. i really do think last year was the watershed moment of getting big surprises. citigroup catching up last year and anchor america coming out, raising their numbers but this year, we have the tougher scenarios and we saw those come into play last week when we did acrossinking cushions the largest banks i cover, especially for goldman sachs and morgan stanley. oneink wells fargo is the where i think we are going to get the most exciting news just because they have the most capacity to return the payout, and yet there is a risk of some investors having a

this is bloomberg. ♪ vonnie: live from new york, i am vonnie quinn.oline: from london i'm caroline hyde. this is "bloomberg markets. upcurrently see the euro .25%. italian yields going down after that all-important sale. vonnie: we have crude inventories out and a much larger drawdown than anticipated. we are seeing crude rising, up about .33%. 4.1 million barrels. the market was all up -- was only looking for 1.0 one million barrels. gasoline inventory is the reverse. the market was looking for 900,000 barrels of inventory, but in fact we got a drawdown of 2.2 million barrels. refinery utilization was positive by .3%. the market was looking for flat. four times the drawdown we anticipated for crude oil inventories. let's check in with the first word news. here is kailey leinz. has floatedi arabia several ideas for raising opec's oil output. the saudis are trying to narrow their differences with the rest of the cartel and russia. they are hoping to rally support for production increases despite opposition. president trump tweeted that oil prices are t

this is bloomberg. ♪ ♪ vonnie: live, from new york, i'm vonnie quinn. in the city of london, i'm mark barton. vonnie: new developments in the global trade fight, daimler has become the first prominent company to cut its profits outlook due to escalating trade tensions. our next guest says he has an issue with the company's announcement. we have the ever core analyst. he writes of this -- he joins us now on the phone. skepticism, why shouldn't we take with daimlce ? whoaimler is the only one is warning at this stage even before anything has been passed. the company says the risk is above 50% that this will pass beginning of july and that's why they had to take action. it's their risk assessment. m'sn you speak to other oe they have a slightly different view. if the tariffs go in place, it will be damaging for german oem's and what might happen to in terms of duties from europe to the u.s.. vonnie: what is their strategy here? you point out there are tale wins as well from all of this and daimler was told not to slack. are they deliberately misleading its

vonnie: thank you.uch more ahead, up next, china's economy fell short of expectations in terms of growth. just as president trump renews his threats to impose tariffs. teresa may is said to make a deal with rebels in her party and we will have the latest on the u.k. brexit plan. later today, we will talk exclusively with stephen traden, a former lawyer for bill ackman. lots of stories here and that's at 3:00 p.m. eastern. this is bloomberg. ♪ vonnie: live from new york, i'm vonnie quinn. ofk: life in the city london, i'm mark barton counting you down to the european close. vonnie: president trump is gathering his trade team to decide whether to move ahead on tariffs for chinese goods. he said he will confront china strongly and they may get upset. they may likely respond with terrace of their own. by our chief economist. how concerned is beijing that the outcome will not be to its advantage? they have some money options here. thehe reality is that current trade relationship is hugely advantageous to chi

vonnie: in new york, and vonnie quinn -- i'm vonnie quinn.uropean close on "bloomberg markets." mark: here are the top stories we are covering around the world. ubs chief executive talks exclusively to us about deutsche bank's turnaround plan. our coverage of the investment summit continues with the carlyle group co-ceos. u.s. said to be pressuring opec to hike its daily output. crude prices falling on the news. have a look at what's happening to markets today. we've run out of steam, stocks are lower, they were higher for the third consecutive day up until an hour or so ago. greece is

vonnie: thank you. back to the breaking news -- the supreme court has backed american express on a suit before the supreme court. --tried to show that the that it is the merchant side of the credit-card platform. the supreme court has backed american express on that in the shares are rallying 2.8%. this is bloomberg. ♪ vonnie: breaking news out of the supreme court, backing american express in a suit that appear before the supreme court, facing off against 11 states and the doj over the legality of a ban on merchants asking customers to use cheaper credit cards. it boils down to what needs to be proven in antitrust claims involving multisided markets. butt of a complicated one, a relief for shareholders and american express. back with matthew mcclellan, head of the local value team at first eagle investment. i'm sure that is a relief for you to see that, but perhaps more of a major deal today is general electric selling off another piece of its pie, 3.25 billion dollars deal. that we you might think has

vonnie: from new york, i am vonnie quinn. the u.s.t judge decides by tomorrow whether to allow and to acquire time warner the billion dollar deal. let's bring in our bloomberg reporter who is in washington, d.c. we pretty much know the decision will be tomorrow, david. not sure what it will be though. that is right, there are essentially two options, a thumbs-up or thumbs down.

this is bloomberg. ♪ vonnie: live from new york, i am vonnie quinn.roline: limb from london, i am -- live from london, i am caroline hyde. the turkish presidential election is this coming sunday and president erdogan is facing an economy stronger than when he fight --quinn -- this james hertling is an istanbul. he started a while back and could his grip loosen? less clear who may win on sunday. >> that is true. reporters in istanbul have done a remarkable job fanning out over the country to eight or 10 of the biggest cities in the country. what they have reported can be described as erdogan fatigue. older voters remember the hard times and have a frame of reference to judge how far the country has,. there is -- the country has come. there is a lot of younger voters to who the early years do not mean much. they are frustrated at the increasingly authoritarian feel to the government. to the weakening of the lira which has stoked inflation. businesspeople are also frustrated. there are a lot of crosscurrents , it may seem like a lot when you announced th

vonnie: what about the dollar?iven the trade tit-for-tat, that concessions we are having, we have seen the yuan weakened by 2% versus the u.s. dollar, 6.6% today. salman: the situation has been and in fact can be connected to because that is one risk. the readthrough china is using to offset these tariffs that the is putting on imports. it is also underlying weakness of data which i think is expanding the weakness for the yuan. we have to look at carefy, the pboc signals coming out that they don't want to create a one-way expectation that this will depreciate. that can be very dangerous for china is the local domestic will that the chinese yuan keep depreciating. mark: the turkish lira has had a couple of bad days, but it is inching gher and is up for a third consecutive day. is it time to take and constructive stance -- a constructive stance? salman: no. there have been too many policy theakes being made by turkish government. if they put it at the top of the agenda and show they are serious about it, that means h

this is bloomberg. ♪ vonnie: live from new york, i'm vonnie quinn.oline: i'm caroline hyde counting you down to the european close. vonnie: we are moving to the whichf in crypto deepened, wiping out about $42 billion in value. collis does,nion stephen is here to tell us why this began. while there always be sudden movement in cryptocurrencies? >> when the big news events was there was a hack, a relatively minor exchange. there are two things that is was to underpin bitcoin. it's thty and scalability. and neither of these things have worked out. the hacks continue and the scalability has not continued. it $60 per transaction, it doesn't seem like it scale. vonnie: what happens next? clearly it's the cryptocurrency to watch but there are all these others out there, what is the next step? >> i think that's a big deal in this drop. the sec is a looking at whether these other things are securities or currencies. cftc chairman said maybe i'm being too much of a grandpa about this, let the kids want bitcoin, let's give them that. news thatthere was there no

vonnie: we shall see. bank of america taking a more conservative approach to its don't -- to its loans and deals. the firm is trying to be better prepared for the next downturn. the new philosophy is costing the bank money. let's bring in a u.s. banking reporter. laura, tell us about frank bramble and how he enters the picture. laura: frank bramble is a board member at the top of the house and he is delivering this message to the shareholders and everybody in the bank that the bank is not going to be taking these risks. that is coming down from him and other board members and filtering its way down into the investment bank, in fact -- affecting the investment bankers that work there. yesterday fromd a prominent dealmaker that said the banks will talk the talk and they are excited about this new environment and more leveraged lending. laura: there are a lot of factors in the economy and politics where you can see that bankers would you ever. bank of america came off a hot year. it was a banner year for them

this is bloomberg. ♪ vonnie: live from new york, i'm vonnie quinn.n counting to the european close in roughly 15 minutes. ral bank raised itschmark for the first time since 2014 to calm financial markets. >>his ce along with an increa in other global commodity prices in recent global financial market developments has resulted in a fi up of cost pressures and persistence in the higher cpi -- 2019.ns for 2018 in our view, the price of the uncertainty of inflation outlook. the head of emerging markets at blackrock is with us. w do you ascent selloff we have seen in assets? is it technical? >> yove to see the context. in qt, some trough has to be cleaned out of the had the vix blown up at the start of the year and treasuries going hr, on top of that, paris and emerging markets nothing happened and every thing was fine. it was thanks the -- to the dollar that was weaker in the first quarter.as soon asto t coming back on monetary policy divergence, emerging markets. have to reprice as well it was a place that people invested in emerging markets to see if t

vonnie: the u.s.reme court is upholding president trump's thatl ban and a 5-4 vote gives trump a legal and political victory on an issue that has helped define his presidency. what are the ramifications of this decision? this decision allows the trump to put into place its travel ban, which prohibits entry from now seven countries, most of which are muslim majority countries. the administration has been allowed to implement this ban earlier as the supreme court allowed the trump administration , gave them the go-ahead several months ago. vonnie: what kind of reaction are we seeing from the liberties groups and other groups who have been fighting this from the very beginning? kimberly: we are seeing a very strong reaction, and this was echoed by justice sotomayor opinion fromd her the bench. she was impassioned on how history will look upon this decision, and it will not look kindly and should not look kindly. she likened the actions to the court blessing japanese internment during world war ii. we are

vonnie: from new york, i am vonnie quinn. this is bloomberg markets.ack to the breaking news on gary cohn, having left the white house following the tax overhaul. we are waiting to see what he will do next. he told the washington post he is waiting to do something more unique than rejoining wall street. we are joined by number's opinion columnist -- by bloomberg's opinion columnist. what would you tell kerry call? -- it would you tell gary cohn? >> take some time, relax. i don't know what you do if you want to goldman sachs in the white house.everything is almost anticlimactic at that point, so take a page from warren buffett and bill gates and start giving money away. that is my advice. there is something bothering him still and that is the idea that trade war seems to be playing out as he had warned. barry: he warned the president, if you do this, our allies will dollar, noollar for one wins a trade war, this is a waste of time. i know you promised we would save manufacturing jobs but let's find a productive way to do this instead of just tit-for-tat

vonnie: live from new york, i'm vonnie quinn. caroline: this is bloomberg markets. let's check in on those markets. , tradingtrade overall higher at the moment. is currenup a percentag point. vonnie: i want to get to oil inventories. bloomberg, the drawdown of 2.7 one million barrels. this was a tiny bill. finer utilization was up by .8%. the market was looking for a slight decline. higher.etting a spike more pertinent here. quarters percent. 72. 40. 87 trading at let's keep that focus. exports under pressure driving a price higher. it doesn't want to offer any extensions or waivers. oil prices have been surging on the news this could limit crude supply. there are plans to talk to ddle east allies to ensure the global supply is sufficient. joining us with more, will kennedy. we are seeing this pressure on oil prices. talk to us about the companies stopping there imports. >> we have all said they will be my --o buy uranium in iranian crude. buyis gointo be centered on china. maybe i rent will be buying some pre-possibly turkey. -- maybe iran will buy some from turkey

this is bloomberg. ♪ vonnie: live from new york city, i'm vonnie quinn.aroline: live from london, i'm .aroline hyde thi this is "bloomberg markets." another setback for the ceo of deutsche bank. his reinvestment are taking a back to back it. thedard & poor's cut lenders rating in the early hours of the morning, following reports its u.s. unit was put on a federal reserve list of problem banks. we are joined by our bloomberg financial regulation reporter from frankfurt. the stocky saw recover somewhat today but this cannot be good news that it is even lower in investment grade territory, tinkering on sub. >> absolutely. the bank is quick to point out they have done a lot of their fundraising for the year in the first quarter already. cut,f you're reading is then you tend to only be able to raise money in the future at a more expensive rate, and that hurts your business. it is clearly a bit of a problem for them. they want to be doing more business, want to get back in the markets. what about the cartel charges coming from the deal they did in australia? th

vonnie: thank you. rising trade tensions ahead of the g7 summit set to impact the summit set to kick off tomorrow in canada. the canadian prime minister in french president -- and french president spoke earlier today. >> i have consistently stood up for canadian interests, consistently demonstrated where we disagree, but done so in a polite and cordial context. what canadians have always expected of me and that's what were going to do. vonnie: we are joined by kevin cirilli at the white house and -- what are the expectations for the g7 summit? kevin: from the european perspective, they are not going to sign a joint statement with the united states unless there are some concessions made on the issue of tariffs and trade as well as the president's decision to withdraw from two agreents. that's a long shot. the second issue comes on the president dealing directly with nafta. he has signaled their his -- through hisrs economic advisers that he's considering ripping up this deal and going a bilateral route w

vonnie: i'm vonnie quinn. this is the european close. the top stories we are covering, stocks slipping. trade tensions intensified. president trump threatening tariffs on chinese imports. bowing to retaliate forcibly. and little progress and brexit talks. a call for a contingency plan. happening, it is wonderfully encapsulates the mood dominated by the escalating trade spat. we're

vonnie: i'm vonnie quinn. this is bloomberg markets.k: we focus on the top stories in municipal bonds. onking at the scotus ruling states and online sales tax. got that ruling talking about how states can select sales tax from online retailers. i wonder how much will states benefit? >> it could be anywhere from eight to $13 billion of additional revenue. that is real money. the thing we have to consider is it is going to take a long time to roll these tax collection programs out and get will vary in terms of who benefits the most. that you are positive on illinois and connecticut. many are nervous because they are a headline risk. what makes you positive on illinois or connecticut. >> if you own the bonds the right way it could he a compelling trade. gaoou own a short illinois you're getting a yield of 3.2% almost double the yield. that is compelling. make it -- if you can buy the state of connecticut, and pick , we0 or 60 basis points think on a yield carry basis that makes sense. there is a lot of aggressive trading going on. a lot of

vonnie: vonnie: thank you -- vonnie: thank you.will talk with the tour ecb forio live from the him. this is bloomberg. ♪ ♪ vonnie: live from new york, i'm vonnie quinn. mark: this is the european close on bloomberg markets. ecbo draghi speaking at the for him. he said central banks should take their time to lift interest rates. this clearly signals we will remain patient in determining the timing of the first rate rise and we think a gradual approach to adjust policy thereafter. mark: for the latest, matt with ans live in cintra exclusive interview. with the former vice president of the ecb and recently passing the baton on , i'm really excited about, i'm really excited about it because i haven't -- because now i feel you can share much more than you have in the past. you have given your own guidance in that you won't comment on policy specifically over the next six months to a year. what you think about forward guidance it self. it seems the ecb is giving us more than we have had. i talked to the deputy governor of the south afric

vonnie: who wins, comcast or disney? think with that transactions says is international assets are critical. , wee is a battle over sky are bigger than sky on the content side in italy. when you look at all of europe, we have a bigger business and when you see someone paying -- and saying i will pay 17 times for european assets and a clever and smart executive, we take a look at what we have, we are the leader in europe in sport, we have huge assets in latin america and asia and we think we've become a much better company. in some ways ws you that the traditional platforms are still outdoing the newer tech. -- 55 markeround the world with oernational media team. if you look at international composition, you look at the stars we have today, more and more international stars and you think of plugging into discoveries network, the technology and director consumer expertise. this is the greatest game and your viewers are avid followers and we think this is an opportunity to bring the stars forward, to bring the live content

vonnie: back to our top story. opec pumping optimism into the markets today eerie the cartel has reached a compromise on byde increasing out flow when million barrels per day sending oil higher. is the beauty eyes best day in months. joining us, bloomberg oil trading order in london. can see why markets might be relieved. on the other hand you have to wonder why oil is higher. >> it is strange that they have been lifting up the end the market is taking it bullishly. it is one of capacity now that they have this higher. there was some fears giving russia wanted a 1.5 million barrel a day increase we could see a bigger figure. they haven't been completely clear after the meeting as to how much supply they're going to add. the market decided this is a good outcome and we could see higher prices down the road. vonnie: where does this leave iran? >> it is tricky. iran and saudi arabia work ran standing head of the meeting. iran did not want any out would increase. saudi arabia said it was in the camp with russia of one

vonnie: here other top stories we are covering. martin franklin fresh off a battle over futures of steals and activist investing will definitely he joins us for an exclusive interview in just a moment. all ackman, thriving as thought of your landlord using some gains to revive pershing square. trade troubles continue. china and the u.s. trying to make a deal to avoid an impending trade war. all that and more in theext two hours. we have 30 minutes into the trading session. abigail doolittle has a look. >> looking at small s once again. a reversal from yesterday. we have the dow leading the way. higher, flipping to the downside slightly at this time. trade fears to appear to be easing and relative to the nasdaq even though we are looking at the small decline. the fears we saw a earlier about the possibility of -- being regulated gone with a slew of all-time highs. real standout movers looking at sitting putting up $.10 per share. they maintained the for your guy, there's a bear sure there so that could be a bearish short sweet. --am

this is bloomberg. ♪ vonnie: live from new york, i'm vonnie quinn.aroline: we are counting you down to the european close. .e are speaking with komal: he has joined us from los angeles. you were talking about the move , the selloffds continues. the plummet is capitalizing on friday by the news about tariffs for german carmakers. at what time does it become a time to buy? komal: i think you have a few more months to go on the german side and the overall eu side. if you look at what has happened, where you see the german business sentiment down again for the sixth month out of the last seven, the expectation component is also on the very poor side. which countries are likely to be hit more by a trade war. germany, it's 44%. it's the highest you have in any country. compared with 12% to the united states, as we spoke before the u.s. can switch over to the domestic market. lot -- muchhave less ability to do that. look further, the trade war spreads further. whiche the europeans became effective last friday. president trump is going to return with his own

this is bloomberg. ♪ vonnie: live from new york i am vonnie quinn.et's talk about european leaders meeting in brussels dealing with the full agenda of contentious issues ranging from refugees to transatlantic tension. maria, is there any sense of unity when it comes to the issue of migration? >> high. there is not and that will be a problem. migration numbers in europe are down at the problem has escalated for two reasons. angela merkel is under pressure to crack down on migration numbers in germany. earlier the italian prime minister appeared to suggest that if we don't get on migration deal that goes far enough, italy could veto the document. let's take a look. >> italy doesn't need any more words but we need concrete action. this is the right opportunity as far as we are concerned the summit will be a watershed. as far as i am concerned i am willing to accept all the consequences. really that is a problem for angela merkel. she used to balance a demand to be tougher on immigration in germany. for to come up with a deal interior states like italy w

vonnie? vonnie: thank you.o ahead, a big week for military policy with decisions from the fed, ecb, and the boj. we get insight on what it means for the market. and next week, full coverage of the ecb meeting. mario draghi speaks alongside his counterparts from the fed, boj, and rva. later, we will get more insight president trump's trade stata g -- strategy. this is bloomberg. ♪ vonnie: live from new york, i'm vonnie quinn. i'm mark barton, counting you down to the european close. of nxp chairs -- shares semiconductors are higher today after qualcomm's takeover of the company has been approved by chinese regulators. joining us with the latest is a bloomberg senior analyst for semiconductors and hardware. does this mean the deal gets done? get done,eve it will despite the speculation about it that happens about three times a day as to whether chinese regulators are approving it or not. we believe the deal will get done, but either the deal gets done or not, we will have finality on this by july 25. either the d

mark: you are fantastic but vonnie, you have to win. vonnie quinn gets the win.nie: christine's was better. mark: vonnie quinn gets the win thinking outside the box. vonnie india is definitely outside this box and outside the british box. mark: well done. this is bloomberg. ♪ ♪ live from london, i am mark barton. vonnie: i am vonnie quinn. this is the european close. mark: this set -- the stage is takeover. billion as long as sky news is the vested, a crucial victory for rupert mart act -- rupert murdoch. the shares have been traabove te and comcast, which suggested there was more to come. is there more to come? will fox raise it bid for sky? think they will. that is the expectation the market has, and the path to that clears now. fox will likely be able to buy sky. i think we will see the improvement from fox and the bidding war starts. mark: the comcast offer is 50% higher than the sky offer. who is favored? joe: i think comcast is probably favored at the moment. perhaps has comcast more firepower than fox, bigger market capitalization. sky anding listed by mig

vonnie: thank you.oming up on battle of the look at a will take a couple of charts you will not want to miss. this is bloomberg. ♪ vonnie: time for our global battle of the charts, the segment you have been waiting for. see these trucks on the bloomberg by running dtv go. -- gtv go. transatlantic today. >> energy markets are always very exciting but this week it depends on how they look based on where you are in the world. this chart shows the price of brent relative to wti. normally, wti as a discount to brent but they move in the same direction. that has gone crazy this week. a lot of stuff going on in the u.s. mostly it has to do with infrastructure. producers have literally run out of space and pipelines to put the oil. that oil has been cut off the market and the price has fallen relative to price of brent. you see these spreads widening. almost $11. a level we have not seen in three years. this may get worse and there have been some companies like comical phillips which may move investment away fr

this is bloomberg. ♪ vonnie: i'm vonnie quinn. i am mark barton. the european close on bloomberg markets. bw says it's chief executive, rupert stadler, has been taken saying it was arrested because of concern he might temper with evidence. i am mark barton. bw is preparing to name the audi sales chief and interim chief --cutive give us the latest developing story. the sheep executive for the interim will be named. when will this happen? classic that happen at any time. from what we're hearing, deliberations at the headquarters are still ongoing and as we speak, the top board members were earlier today. it was supposed to the regularly scheduled meeting he board but that obviously changed altogether when the news hit that the audi ceo had an arrested. the new person who might be ised to become his successor a chief who comes from the never lens, and he joins folks only a few years ago. a pretty complicated task ahead of him if you get the job. lose him,he joinsmark: can bw o given that audi is the big revenue generator for the group? >> that is the

vonnie: here are the top stories we are covering. as chinaade turmoil doubles down on its promise to hit back if president trump goes through with additional tariffs. india is following the eu in stopping retaliatory lending. opec reality check. its threatsed off on to block agreements between the organization and its allies to raise crude reduction. -- crude production. and the intel ceo, brian krzanich resigning. let's go straight to that story. stock is down 1.6%. the s&p and dow are both down minimally. joining us to talk about this is garrett.berg reporter, we aren't going to litigate what he did. he broke a rule that was just discovered. explain what he did for intel, up 57% year-over-year. he is a well-respected ceo, the company facing tough markets moving into new areas such as ai and self driving vehicles. big questionsll about whether intel could continue to go another 50 years at this rate. this is not a good time to have an unexpected ceo change. vonnie: how does management look was theat krzanich person who put key peopl

vonnie: it is 1:00 a.m. in hong kong. i'm vonnie quinn. scarlet: i'm shery ahn. welcome to "bloomberg markets." ♪ from bloomberg world headquarters in new york, here are the stories on the bloomberg and around the world. we are following this. president trump is betting beijing will blink first in the showdown over tariffs. that is far from a sure think it we will explore how a trade war could play out. let the opec games begin. iran talks about blocking a deal and russia wants more production. we have the latest. and, columbia alexa new elects a new president. all that in the next 30 minutes. abigail doolittle is with us halfway into the trading day already and things are looking slightly better. abigail: you are we are looking at the clients for the major averages. the dow had been down more than 1%. the tech heavy nasdaq up the tech heavy nasdaq up elbows down 9/10 of 1%. the losses moderated in a big way. nonetheless, the dow is still down 6/10 of 1% on pace for its worst day of the month. this follows last week's decline of more than 1%. the dow's worst week

vonnie: i am vonnie quinn. microsoft has agreed to acquire popular withe software developers.s eeo returning to its roots, serving the tech community. the sharp turnaround from where microsoft was a decade ago. emily chang spoke with the microsoft ceo earlier today. about what isk happening in the world around us, computing is being embedded in every place and everything, it is impacting our daily lives and our economy from precision agriculture to position medicine, to personalize education, personalized banking is being driven by software. every company is becoming digital. that world is being billed by developers. there is a linkedin stat which ows that development in n-technical been a's, developerson-tech retail or energ is growing by double digits. 25% higher growth rates there then even in the tech companies. that just shows you that we are in the early innings of what is going to be a set of tools and staff services that are required to empower every developer out there. that is the wrist strategic rationale. if you think about microsoft, we have always been a develope

vonnie: and i'm vonnie quinn.arley davidson moving some motorcycle reduction overseas to dodge retaliatory tariffs. this move is an early sign of a possible trade war to both sides of the atlantic. joining us is the chief u.s. economics economist. is this the first of a wave of companies -- clearly they have their own issues separately? >> the question for these business managers is whether the restrictions will be a permanent fixture or just a passing fad that could be rolled back as early as the midterm elections or relatively soon. reorienting this light chain and workforce elsewhere around the globe is very expensive. some businesses if they have the capacity to move one to the other, they might do it. other businesses may simply just try to wait it out rather than take on expensive endeavors of reshaping supply chains. shery: shifting production will be costly, but the rationale here is that will still be better than producing in the u.s. and getting hit with tariffs. if businesses have that rational, are the

vonnie: general electric, shaking up.nnouncing that ge will exit health care in oil markets to zero in on power. this is the latest move to rescue a fallen titan. joining us now, bloomberg intelligence possible brenda shaffer -- joel remington. and become arise titan once more? it will take many years before that happens. they really have to in and demonstrate that they can execute properly on their assets. lisa: this'll story is so interesting to me. it rallied the first day it wasn't in the dow as it spins off units. from a credit perspective of this help to shore up general electric's credit rating? because they plan to pay down some debt? >> the way i tried to describe it on the terminal is that it brings the credit, meaning that there will be ample liquidity to get through this transition into a smaller and, for them, other organization. lisa: if you look at -- vonnie: if you look at the gpo, the stock of been trading at $13.80, if you had stayed in this job you would not really be here today. i just wonder -- will t

in new vonni: it's want to talk p.m. in new york, and vonnie quinn. hery: i'm shery ah welcome to "bloomberg markets." vonnie: here the top stories of the bloomberg and from around the world that we are following. president trump and qingdao moon -- kim jong-un set to meet in singapore. we talked potential outcomes. decision times for the fed ofths announcing rate decisions within 24 hours of each other. with investors looking for direction. retailpocalypse is over. there's evidence we will guard is figuring out how to manage and -- inventory and adapt. julie hyman is with us halfway through this auspicious trading day. we are seeing further gains. julie: we are not seeing enough to recoup the losses at the end of last week and push the nasdaq to a new record, but nonetheless, stocks have been strengthening marginally throughout the day after the dow opened just a little lower and it's now moving a little higher here. the fireworks could come later this week in terms of economic data with cpi coming out tomorrow to kick it off and in terms of central

vonnie: and i'm vonnie quinn. welcome to "bloomberg markets." shery: from bloomberg world headquarters in new york, here are the top stories from the bloomberg and around the world that we are following. signed, sealed, delivered, the historic summit between president trump and kim jong-un results in a signed these pledge but offers few details. decision day, will at&t be able to go ahead with its deal? and in the meantime, u.s. stocks are turning back a little bit of their earlier gains. here is julie hyman with the latest. julie: this is a nge, tighter than we have seen all year, not much bouncing around, though we are slightly off the highs of this early session as we see a benign reaction or not much of one to the events unfolding in singapore. one of the areas of strength pretty consistently has been retail. taking a look at the s&p retail index this year, you can see that the year to date performance is impressive and this is the 12th record close, potentially, if it closes their in 17 sessions. really, it has been on an extraordinary run

vonnie: thank you for that, julie. the rally in global equities pausing just a little today as investors shift their focus back to policy. adams says that the s&p 500 is neither able nor a bear, but more like a sheep. she joins us with more. so, a sheep? >> what are you talking about? [laughter] is a sheep,e say it it doesn't charge, nor does it retreat. instead it is continuing to sort of move forward, but it is prone to insecurity and volatility with respect to headlines and it needs to be shepherded and it is being shepherded by earnings trends. in our view it is inching its way out of the correction that started in january. it perform a solid defense that has yet to exhibit a strong offense. it is more like a sheep. >> the chart in the library, the explain this for us.ngle, >> in early may we notice that the market broke out of the defending triangle formation. in that sense the breakout of the defending triangle suggested that the bearish trend from january to may was generally over. again, the market had made con

vonnie the central bank is : ending its bond buying program.a press conference, mario draghi said the ecb would wind down the decade-long program by december. the ecb will hold interest rates unchanged through the summer of 2019. this is probably the most transparent central banking we have ever seen. is it good for the european economy and financial system to be this transparent? >> they are trying to give every signal to the market they can. they are trying to tell them what they are going to do, and what they might react if things go wrong. for now, their assessment is that the economy is doing pretty well. this will probably allow them to raise rates sometime in the thend half of 2019, but at same time, they have clearly said, uncertainty is growing from geopolitics to trade. we know what is going on in the u.s., italy, and all that and this means they want to keep their options open to change their program if needed. caroline the bank of japan left : monetary policy unchanged and lowered its inflation assessment at today's meeting after ra

vonnie: emerging markets benefited, really, from this decision and this press conference today by the ecb, and almost from the fomc decision yesterday. how does the divergent story play out now in the next three to six months? >> one of the things we are seeing is one of the ramifications is dollar tightening. when the global economy was doing so well last year and outperforming the u.s., the fed could raise rates in the dollar was weakening. now when the fed raises rates, the dollar will strengthen. that's an additional form of tightening, an additional form of potential pressure in terms of dollar fundinglobally there is some tightening of conditions globally, fed tightening is starting to be felt. it's proceeding as planned. they want to tighten policy, they want to cool things off. it is working more outside the u.s. than inside the u.s. right now, but that means we should probably continue to see the dollar strengthen through the year as they proceed with rate hikes. mark: why would there be an urgency to make a statement on rates? the economists we surveyed before today said it

. ♪ live from new york on vonnie quinn. .> seven minutes away the economy growing more than forecastthe first quarter. growth was revised higher. the construction industry, while eurozone inflation at the 2% level. let's start with the u.k.. .112 .2. it's not much to shout about is it? >> it's not much to shout about but it is a move in the right direction. a result of better numbers in the construction sector but we have to remember the first quarter was hit by temporary factors in particular very bad weather. that prevents people from going to work or shopping. prevents businesses from doing business -- various activity. that is not restricted to the u.k.. the numbers for the second quarter will be double that. ini noticed a rate hike august. is that fair on the back of today's data? there's a 60% probability of a rate hike in the u.k. in august. >> we had services for the first month of the second quarter for april, that was looking pretty good. andhows an acceleration basically provides further confidence that the rate of growth will double in the second quarter. this is a sign o

francine donald trump : -- vonnie donald trump : threatening the european union with an new ultimatumn trade. he says on twitter he plans to impose a 25% tariff on all cars imported from the bloc unless it removes tariffs and barriers to other u.s. goods. justng a new front or poking the bear? >> it is odd he is tweeting this now. there were reports the german ambassador was in washington to bring some kind of offer that would maybe lead to the tariffs being zeroed out eventually. that is one of the puzzle pieces. the commerce secretary initiated an investigation into the national security threat of cars and car parts. that is not done yet and so trump put a little doubt into the credibility of this investigation with this tweet. if he is saying they will lead to 20% tariffs on e.u. cars. >> roll out the barrels. opec has reached a compromise on crude, agreeing to boost all production by one million barrels a day. the salary energy management -- saudi energy manager calling it "a nominal increase." supplies have increased, but the market rally's because it was not as much as anticipat