so if you are looking at gross trade numbers, you say, we are getting barraged by solar panels. they raised tariffs on imported solar panels. if we were looking at the gross trade numbers between china and the u.s. and we see that we are getting creamed by the solar panels, but if we take a step back and we look at the value added content of the panels, you realize there is a lot of u.s. content inside. america is a net exporter to china in solar. not in the panels. but if we go upstream, america does the design and engineering. we also produce and export the raw materials that goes into the panel, it is made here. made in washington state. and the capital equipment that the chinese used to make the solar panels is made here. we ship the raw materials to china, the capital equipment to china, and then the panels are fabricated and sent here. when we raise tariffs on the solar panels you decrease the demand for the solar panels, they become more expensive, and you decrease demand for the upstream american value. so, less orders for raw materials this year, for capital equipment, a

jim: if you look at my screen, you can see what the currency did. limited down for the rest -- most of the morning. we think it is overdone because of the point that lisa made about credit default probabilities being priced into the market. secondly, local rates essentially wiped out a cutting cycle for the central bank. that was a key indicator. clearly, inflation is on a structural decline in brazil. it will take a pretty negative series of events and a lot of noise over a long period of time to get the central bank to markedly change their cycle. so, all of a sudden, we got something in brazil. jonathan: we have seen the flows rush in. one of the most popular etf's for emerging markets. we see money going in, and i think the question for many people, for the nontraditional investor aka the tourist in this market, whether it becomes a story. jim: i think what happened yesterday is all of the tourists in brazil see a headline like that. they do not want to explain to their investors while they have the portfolio in brazilian assets. it is better to

again, when you look at the next stock, it also had a big run. against that big long-term uptrend, a chart a lot of people don't look at. again, this trend line. a lots of resistance up here. so what name do you own? both have been completely strong leading names. here's the tie bracker. google under performed amazon for a long time. takes you back to the middle of '14. here's what's interesting. we are just, just starting to see signs of a bit of a turn. the growth stocks had a big run. google under performed amazon. we have the potential of google to move up. we think it outperforms here, particularly as a trade. >> in terms of that line, you are showing us where it was a trend line the stock would continue following? with that up ward resistance hand the that move? >> even here, if you move up to that trend, the about the tnt. it rallied. a good place to take the money off the table. >> robert, thank you. so, would you rather? bk. >> i would rather amazon. i think amazon's world to rule, amazon's world to make a mistake, for me, if you are ner

i think you look for bond investors, you do look at inh-yield issuers, you look the bank hybrid securitiesket, and yeah, it feels like activities do have some room. jonathan: in europe, it is already incredibly tight. many would argue on the back of the ecb's actions, to you really think credit spreads in europe can get tighter? bob: i really do. and you're right -- you always need credit to perform well before the economy comes along. one of the transmission mechanisms to the real economy -- let's not forget the ecb still has unbelievably accommodative policy in place cheered we just take for granted that negative central bankers are commonplace. aat is highly stimulative in company where -- country where companies are generating higher revenue growth. don't forget, they are still in the market buying bonds, so they will backstop. alix: peter pratt saying that today, saying any change in policy should be gradual and that you really want wage growth to be stronger. so they will not go anywhere materially anytime soon. bob: no central bank once their fingerprints on the next recession. alix

you are assuming? just as a fundamental question, looking at fixed income, are you?> i think you can make the argument that since volatility is so low, the compensation in terms ofhepread per unit the cash of volatility -- of volatility is actually pretty high historically, but i think it is hard to argue that there is a lot of absolute value. oksana: if we saw a rates move back up to 2010 levels, we would see something like 6% to 8% losses in traditional bond market portfolios, especially considering that most of those on the individual investor sides are through mutual bonds. they are not maturing portfolios. i don't think there is enough realization out there that this is the risk that if you do see that move over a year's period of time, which is not unconscionable, to move back to a 3% ten year, those are have to losses you are looking at. jonathan: greg, let's get into that. what is the motivation to get exposure to the benchmark? what is the investment thesis behind it? greg: for most i think it is broad-based diversification at a low cost. it is points well m

and if you look at that, that is how the nation would see him in his public service duty, then look atian, that has an old man... he is rewriting the rules! i am not your glamorous assistant, i am the host! they have an old man frightened in a car and i thought better of the guardian than that on a day when you could celebrate something, they have played it happily. except that one. except for the guardian. if we can, we will go back to the pages four and five on the daily mail. thank you, yes. and what does it say? well, they call them the superb royal writers, self praise is no recommendation. isn't it? they are very good at writing and they have done for several years. they call it the greatest double act of them all. and a double at writing about a double act, referring to her majesty and her husband. interesting point in this article in detail about his marvellous 70 years public service. but it says we will probably see less of her majesty in public because he is going into private life. she will probably support him more in private and therefore not be available so much to us. w

if you look at the reflation index since the election, which we go back a year or so, you can see thathere was already a ramp higher in these measures of inflation rates. timism sincemistop then. it has gone sideways. jonathan: five months ago people would have pointed to china. they would say look at the trajectory. things are starting to not rollover dramatically but flatten out. for our viewers, give me the view on china. james: china had a great first quarter. objective iseening to broaden the economy. they have their hands on so many sectors in the economy, they can toggle credit growth. we had a good first quarter. now they are scaling back credit growth of it. they are very focused on stability. they have done a great job. you can see that through the currency aspect. jonathan: can you have that steeper curve story without a china?na -- a buoyant absolutely. when the fed reduces their balance sheet, the fed is going to have to make up for that. coupon prices are going up. that could cause term premium on the back end of the curve to rise. complex.hink it is i wrote a story about

there's a simple way to make you look younger. smile. >> not smile. >> i can't do that. it sounds odd but if you want to look years younger, d not turn at frown upside down. maureen is here nowit the study. do not smile, mo. >> i'm trying not to. >> okay. >> as you know it's kind of counter intuitive you think about smiling makes you look more positive more youthful, ri not so fast. okay it might be actually really good idea to keep that poker face like tucker does all the time. >> yes. >> and again the diamonds. >> you can't look at those diamonds and not smile. >> i know, right. smiling can make you look two years older than you actually are. so we thought we'd put this to our own test. our pictures of our neutral faces and put them side by side with our smiling faces. what the heck happened that? [ laughter ] >> this is my neutral face. here's my smiling face. you got a good face, mo. >> you look younger smiling. >> right. i'm just gorgeous any way. >> i think it helps when you're -- [ laughter ] >> young. >> i wasn't the only o

if you are still looking to get into video, we've got a way you can do that for less. this call to action. take it away. >> sure. so with mcdonald's, you were talking about selling a spread. when would you want to buy one? when you are moderately bullish. and i don't know if you are very bullish or moderately bullish or if you want to commit less capital to the trade and you want to mitigate that downside risk because the stock, as we can take a look over here at the chart has been quite volatile. you can see here we had this sharp move up here. if you take a look, this drop we just had this week, stock was $7 lower than it is right now, which is one of the reasons why i'm taking a look out to september and specifically i'm looking at the 140, 165 call spread. you can spread $7 for that. when i was looking at this earlier today. and again pointing out $7 not a lot when you consider how sharply the stock has been moving. 165 represents 20% appreciation from where the stock is right now. this is a way you can get in, intend less and risk less but still have the participa

i think you do, too. >> look, you want to know why? look how lousy ibm is. you realize what a great job microsoft is doing. morgan stanley said it can rally 40% from here. if you want to trade it against this 150 level, it's interesting. that's where we bottomed out in october. my point is, when you see how poorly ibm is doing. it makes you realize how quickly microsoft is. >> i have a notion. weren't we talking about the same phenomenon with the biotech index money lifted all boats and we saw that quickly evaporate when there was one tweet, it took down all, even a quality name you could name, baening the table. >> wait, let me push back on that table case work. the valuations were, i mean, in a whole other kind of math. i don't even know how you growt the got there, right? i don't think that's the case at all when you look at these businesses that have tremendous cash flow. a biotech story aren't the same story. >> the gileads. the hot, the biggest ones in the index t. biggest waste of the index. were they unreasonably valued at the piece of the ibb? >> i d

you talked about single-digit billion-dollar range we are looking at pharma and hemophilia. hat? you are settling into this job, but you have got a vision. you have been around since 1991. you know what bits and pieces of this business you want to pick up. fill in some of the blanks. lars: it is going to come from our development. we have a very strong machine, a leading portfolio in each territory we compete in. the best part in the market about to bring the product. the majority of growth will come from our pipeline, but we see we have lower growth in what we , but wheniofarma area you have a lower growing area, there is an opportunity to build on products that can accelerate. manus: can we see a deal from your 2017? lars: i cannot comment on that almighty the -- on live tv. you know that. matt: yes, you can. everyone would know at the same time! [laughter] let me ask about your possible collaboration with the trump administration or with u.s. regulators. have settled a probe into your marketing practices that some people would say is too competitive, and obviously, you hav

you are looking to access the internet and pay your provider and you want access to the entire internet. if a site is blocked or slowed down as a consumer you don't know where that is happening in the process. the point of interconnection to you as you are accessing your internet and you don't know. all of that should be included to protect the consumer and their ability to access the entire internet. >> one of the other kind of getting into the weeds on the policy a bit is there is a discussion on the paid priortization. i think the proposal asks if we allow this could internet service providers use that extra money to offer cheaper broadbrand to end users. why might you disagree with that? >> if you are allowing for the fast lanes it means by default you have slow lanes. the internet has worked so well because there is a pure competition where entry for a website or app is low. you hear facebook being started into dorm room or amazon being started in a garage and that is still happening and that is because the barrier energy is low, you are not able to pick winners and losers and the

they're looking for quality and scarcity. youres of sotheby's, tiffany's, ferrari, calloway all seeing gains since trump took officer. look, you talked to the wealthy. there was a lot of pent up fear before november. afterwards, there is a bit of relife. i was talking to the ceo this week, he said, look the super rich have more money than there are precious things to buy. so that will lead to price appreciation. now, whether you think that's the oddest precious or not is a matter of taste. the great masterpieces, the biting way above the estimates this week. >> robert, thank you. >>> speaking of luxury, on the heels of history being made, we have four masterpiece stocks, what are your masterpiece stocks? >> emerging banks picked the right one. ibm, the base is growing, india is growing, yes, that's it. >> down on tanger outlets. it got washed out with the maul reits. they announced a buy back. they've had 95% occupancy forever. >> for me it's snapchat. more of a work in progress. i think it goes higher. >> gdx the minorers, gold!

if you look at artificial intelligence, 3-d printing, robotics, deep learning, all these things that are either here or coming at us, you know, they can profoundly help change all parts of our business. that's why you are not going to hear us talking anymore about the emerging and the core. it's really all one ford motor company and it's one ford motor company that needs to embrace change. >> bill ford, executive chairman of the ford motor company, joining us from the company's headquarters in deerborn, michigan. first on cnbc. guys, you heard it from bill himself saying they need to move faster, this is a company that to a certain extent needs to reinvent itself. let's see what kind of results we see from ford on that front and what it moons eans to the s price over the next couple quarters. >> important interview on an important day. stock hanging on to a 1.5% gain. phil lebeau in chicago. >>> when we come back, a quick check on the markets. dow up 80 points hanging on to its gains. when we come back, they have been called the google of genetic testing. we talk to the ceo after this

thank you for the opportunity, we look forward to comments and >> thank you very much. next we'll hear from the national journal magazine and later for the economist magazine as a free-lance writer currently a contributing editor of the journal and atlantic. he's a the author of five books, kindly inquisitor, the new attack on free thought and expanded edition from cato and realism ap how hacks machines, big money and big deals can strengthen american democracy. i'll turn the time now over to jonathan. >> thank you emily, thank you, mark. thank you all for coming. i was sent this book by john samples of cato who asked if i wanted to come and i figured i'll glance at it and set it aseat and three and a half hours later, i had mostly finished the book and took bundles of note. yeah, this is a good book, a book to comment on. it's a short book, but it's absolutely packed with information, with hard thinking. it's examples, as you can dates from ancient time to modern, its sweep is admirable. and there's a lot you can learn from mark zupan, zupan? forgive me if i mispronoun

if you look at cnn the way they cover me, no matter what you do, it's negative hits, hits, they have the noncelebrity panels, people nobody ever heard of and that's why they're not doing well. everybody is doing well because of me, but they're doing less well by fox by a lot. but like a lot and i think ms, which is also very fake, but ms is doing better. so, i love the media, i think the media is great and if i do something bad, treat me badly. but they don't tell it like it is. and even on the hundred days, not to make a big deal out of it you're going to see a lot of great things happen for the next hundred days, but we've done a lot. when you look-- i saw somebody the other day saying he did no legislation, i do 28 bills, through congress. i signed 28 bills that went through congress. now, anybody sitting there and the nice part about me having a sort of a big voice, doing shows like yours and other shows, i can tell, we did 28 bill signings, legislation through congress and this reporter was saying i did none. you know, so, it's fake, it's lies and i'll tell even the other night

you look back to 1986. the running deficits in the 80's. anted to open up the tax code. once you do that, it disappears quickly. help tonue neutrality get there. it helps you stay there. david: we have republicans in both houses agreed on this. does the white house agree? we had that one page outline. it looked like there were a lot of cuts. i did not see that many sources of new revenue. are there enough to make this revenue neutral? douglas: there is not. to give them some cover, it's an outline and not a plan. it was -- they argued they would make up the revenue through growth. i don't think that is a legitimate path forward. if you look at what the house is done, they have done real tax reform. it's hard work. it is politically contentious. i think the white house has to send a clear signal they are willing to do that work. or they will settle for some short-term tax cut will not have the economic impact. david: can they get to the fix without the order adjustment tax? that is $1.1 trillion they can get. can they get there without it? do

when you look at the expansion of this world you see the power, the endurance and appeal. it started as i said without the great soviet and without most of the third world. by the 50s and 60s countries began to realize that in order to grow fast you needed to be art of it. japan, taiwan, south korea started to come in. latin japan, taiwan, south korea started to come in. latin american countries joined in. then you had the collapse of and now has a hundred and 70. f you look at the european union which was union which was six countries in 1970, and has 28 now. twenty-seven when we kick out meals written. but, still an enormous expense expansion from that time. they include most powerfully the new rising powers. we have talked about who this order has empowered. i tell you who it has empowered more than anybody else, it has empowered the poorest people in the world. the united states nation calculates that in the last 50 years, we have taken more people out of poverty than in the preceding 500. that is rincipally because countries like india and china were able to grow and

one of the things i like to do is looking at our 10 year treasury premium measure. youan see here is we have taken out quite a bit of the postelection jump in term premia. two-yearn look at the tenure spread and see the narrowing. it is at the narrowest since the election. that igood like at how the trump trade has been narrowing. markets have not bought into the trump trade as much. jonathan: we will get to the spreads and the curve in a moment. in june.e move we ought to move in september. is fading the fed the right thing to do on the back of political drama through the week? >> i think it is too soon to say for sure. stories are hitting the tapes with a frequency we are not used to. i think it is probably too early to hit the fed. our theory is the fed will hike rates in june, and continue telling the markets that they will probably try to get another one in this year. broadly, for em more is it a favorable environment from the medical -- from the federal reserve? your view onor in the federal reserve, looking at em's pacific lee, -- >> the key is the u.s. dollar. w

what more can you tell us about that? reporter: i've had a look at it. e a sophisticated advice, when you do need expert knowledge. i am no technical expert. this isn't my area of true expertise, but you look at that and you put it with all the other information, you can see abedi was not acting alone, has been working with other people, and this is why the u.k. is a critical because there's a fear that the individual who may have put this device together is still at large, could put a similar device together, and could get someone else to use it. we can see the devastating effects of it on monday evening. quite surprised this is being released. i'm sure there will be a nation of how "the new york times" got a hold of it. brent: we've had a lot of developments in this story. the main suspect's brother and father, they've been detained. is that unusual that we are looking at possibly an entire family they could be behind the terrorist attack? reporter: i suppose if you look at other terrorist conflicts and other areas, it isn't unusual. i think where we go

when you look at markets, do you think that was just markets looking to be negative, or something moretial going on question mark >> are you believe you look at with a vix was -- you can argue there was complacency starting to get built into markets. a think what happened last week is a good example, he will occasionally get pulled back if perspectivefor my will be focused on trump again. for me it's about the direction of the administration. this idea that you will get an easy -- regulations around certain sectors --. such as fiscal -- infrastructure, tax cuts, my point would be -- a lot of this agenda is very ambitious but if you can deliver some of these reforms, the key will be getting -- corporate tax will be an important part of that and that will be good news for markets. some of the direction of travel rather than necessarily where the final destination will be. >> just seems as if there's that -- that element has died in terms of what he can deliver domestically. just wondering to what front the real trip will facilitate market confidence in him. much more to discuss. >> up ne

as you say, the volatility is bouncing around. ,teve: if you look at the chart vix versus spx, you canated, which is his very hard to draw conclusions from that one. that is why looking at other strategies because gold seems to be relatively inexpensive with the volatility of gld and any underlying gold falling off. julie: specifically what makes the most sense to you? looking at your strategy, it is a hedge, but it is a pretty bullish hedge here. steve: it is a hedge bullish trade. it says if there is geopolitical , i could elaborate on all the reasons we don't have time for that, but if gold were seem like and it does it is not a foregone conclusion that it won't, it is a very inexpensive way to participate in it. it does time around the next to set meeting. you have employment numbers in the meantime, and there are other potential catalysts before the trade expires. julie: if your timing around the fed meeting, what do you think about the probability at this point that we will see an interest rate increase? steve: i think that is a foregone conclusion at this point. they are one of

if you look at the totality of the research on high iq children in the 1920's to the present, what youind is that intelligence can be measured and it has a great deal of predictive value in trying to forecast to in our society has potential to achieve great things later on. that is an insight that we have not taken advantage of. host: let's talk about some of the characteristics of gifted children as you outlined. you say the inherent at least some of their cognitive edge, they may lose iq points through various environmental input. they have iqs that can be cultivated and channeled through environmental nourishment. they tend to be overrepresented in certain ethnic and racial male. and predominantly talk more about the characteristics of gifted children and how that affects the kind of education they were -- they receive. guest: gifted children are not representatives of american society in any meaningful way. if you look demographically and look at their emotional profile, it is quite different, not only from other children, but in their demeanor and so forth. they are different in t

what are you looking at? >> let's go look at these first-hand d and figure it out toke. i wanted to start out with something not about to trade. if you sit at home monday or use the back at the office. just remember these first three charts. it's very much an investment. so i have picked non-random, gold is in blue, s&p in orange. >> that is from november 11th 2007 the prior absolute peak of the gold market. the winner is, gold. let's go to the next time frame, non-random time frame. this is a longer-term -- and what this is from the absolute peak 345u67 24th of 2000. this is 17 years ago. this is gold versus the s&p. you would say, okay, stocks have dividends. all right. i have that. this is we are invested dividends and what you see here, yes, we know that dividends are a big part of the total return. still it's a blowout. let's go to gold metal. here we go how do you droch the line? my eye sees is this, i think you have a nice, call it attention, lower lows, higher highs, let's put this in a few more context. next chart. what this is very important. the bottom is relat

gregory: you look at the balance of data, it has been mixed.n upward revision of the first quarter but it is still at the same kind of trajectory we have seen the past few years, 2%. i think the inflation number is key. in my mind, inflation peaked in february so the fed is doing anti-qe. we have had all of this stimulus thrown at the u.s. economy and we grew 2%. what happens in an anti-qe type of environment when inflation is subsiding and coming down and growth is not on the same track that many thought? i think that is your answer of why yields are where they are. jonathan: are the treasury there's going to have a tough time for the rest of 2017? innie: i think so -- brian: think so. i think we are range bound. the previous guest was spot on, it is the inflation story. while the survey-based measures are taking up, you look at the long-term market-based measures of inflation and they are starting to trend a little bit a quite low level so i am not sure why the fed is in such a hurry. jonathan: are we going to stay in this range of 220, 240?

when you look at energy, you have to look at the commodity prices if you are going to make a call on a specific company and their earnings in the year ahead. vonnie: thank you. now, let's check in on the first word news. emma: let's get you caught up. president trump criticizing germany again. on twitter the president says the u.s. has a massive trade deficit with germany and the germans pay less than they should for nato. president trump says it is bad for the u.s. and will change. theresa may ripped into labor leader jeremy corbyn, warning 8ters if he wins the june election he would go alone and naked into brexit talks. corbyn said there would be a when asked if he would be happy to leave the european union without one. more freedom for those who haven't voted in a while. justices will hear an appeal by the state of ohio to reinstate the technique used by the state before the federal appeals court blocked the practice. the former dictator of panama has died. manuel e noriega -- ally,a was once a u.s. but then had ties to drug traffickers and had his opponents killed. he was arreste

>> you see that in equities, in credit, in interest rates, really acrosthboard, markets are looking pastlmost all risks out there. >> the fix is very low and you have got no real sense the markets are starting to crack. if the fed pushes their luck and hikes too much or tightens too fast, i think that will change. >> you are going to need to see clear evidence of inflation building inrd to quicken the pace of central banking tightening. i happen to believe that is a real possibility on the back end of this year. right now, i think the vix has it about right. >> if the market are going to be that calm, you need to leverage your positions. the more you leverage your position, the more they are calm. you will get to a tipping point at some stage. jonathan: joining me from pennsylvania igr davis. global head of fixed-income at vanguard group. also, oksana aronov. alternative fixed-income strategist at j.p. morgan asset management. and ahead of u.s. investment great credit at black rock. great to have you with me. the theme of the week has been low volatility, not just in the equity market, b

you look at it relatively around the world, europe looks pretty attractive. when you take into account where europe is in the cycle. relative to the u.s. looking at the -- you seen one of the biggest gaps we've seen ever. term of relative evaluation. looked reallyit attractive. you looking at equity dividend, of come back to europe. all those attractive for investors. right, i think it's also attractive from an america ma perspective. we've seen big deals so far. goes see more as the year along. there will be about aboutidation, it's relative value story where cheap.does look >> nigel, looking at stats in front of me. since the first round of the french election, stocks 600 up hard numbersome nigel. if macron wins, what's the thede is there left in european equities tank? terms of the rest of the year, we can be looking return.ble digit plus 10% from where we are now yeare independent of the -- end of the year. the market has had a good run. have little bit more beginning of next week. we're probably do a period of consolidation. getting seasonally to that per

you look at young people in europe, and even when you look at young people in britain. the vote been, you know, an under 40 vote brexit would have lost dramatically, and that tells me something very important, which is that the future lies with this kind of work. we are going through a period where people who are older, who have less education, who live in rural parts of the united states and europe understandably feel anxious. as i say, there are policy remedies for that which we should employ, and they're across the board, they involve things from immigration to economics. but don't forget that the future belongs to this liberal international order. >> democrat graphics graphics i. [ applause ] >> you should always be wary of people who say that the future belongs to them because the reality is, to answer your question, roger, the peak globalization, peak liberal international order is already in the rearview mirror. you can show this with some very simple measures. trade is no longer growing at the rate that it grew prior to the financial crisis. in fact, it is signif

if you look at these shoes, chances are the hides came from america. so when you ctually break it down, the value of imports, you see hidden inside the numbers is u.s. value. and the united states tends to add value at iscrete parts of the value chain. at the beginning, with design and intellectual property. to the creation of input, like raw materials and emi finished goods. and kind of like a smile, they are sucked into china where they are assembled and then re-escorted to us where we support it with the transportation and retail, etc. looking at the value added trade you measure all those jobs in the supply chain and you start to see that of every dollar that we import in mexican goods, it leaves -- means $.40 is going to u.s. firms in making the ingredients that went into the goods. and when you look at chinese imports you see that at least $.50 if not more goes to u.s. companies for the emperor that also, -- for the firms that lso got these to market. so in fact, a large share of that goes to supporting u.s. jobs. the whole basis of the trade and

you look at our job numbers. you look at what's going on at the border as we discussed before. you look at what will be happening. you're going do see some incredible numbers with respect to the success of general mattis and others with the isis situation. the numbers are staggering how successful they've been, the military has been. tomorrow, as you know, i'm going to saudi arabia. going to israel. going to rome. we have the g-7. we have a lot of great things going on. so i hate to see anything that divides. i'm fine with whatever people want to do, but we have to get back to running this country really, really well. we made tremendous progress in the last 100 and some odd days. tremendous progress. and you see job numbers, you see all of the production that's starting, plants starting to open again, haven't been open in years. i'm very proud of it. that's what i want to be focused on because believe me, there's no collusion. russia is fine, but whether it's russia or anybody else, my total priority, believe me, is the united states of america. so, thank you very much. >> tran

i think that's the first thing you look at when you are evaluating the stocks. e who we talked about earlier, we all seem to be on the same page. i look at unh and what richard burke has done as the ceo there. unbelievable company. ten years, 15 years they have been there. ten years in a row they've had 10% greater growth or revenue. >> it's horrible they had that in that disaster for obamacare. when you think about it, it's a disaster, right. so here's a worst case scenario, mem has given me. the worst case scenario that the president is throttleing, in the throttle health care. they're not going to get this through. he wants to ruin obamacare. let me tell you, what is that going to do? >> u.s. steel getting a boost after a rough start to the year, having traders betting on a major comeback. we will give you those details a. dip in energy stocks ahead of a big opec meeting. well, a fast growing trend may give you second thoughts. we will tell you what that's all about when "fast money" returns. fees? what did you have in mind? i don't know. $4.95 per trade? uhhh

you look at the tax day march, you look at the climate march, you look at the science march, you lookivism around the country. and all these people never thought of themselves as activists, who are doing that now. and if the democrat party elected officials sit back and watch that and take their cues from those people, i think they'll be unstoppable. >> seth: i feel like you're right. [ cheers and applauise ] and hopefully they will, but who knows. who knows. rachel maddow, everybody. [ cheers and applause ] the "rachel maddow show" airs weeknights at 9:00. we'll be right back with beck bennet. ♪ you totanobody's hurt, new car. but there will still be pain. it comes when your insurance company says they'll only pay three-quarters of what it takes to replace it. what are you supposed to do? drive three-quarters of a car? now if you had liberty mutual new car replacement™, you'd get your whole car back. i guess they don't want you driving around on three wheels. smart. with liberty mutual new car replacement™, we'll replace the full value of your car. liberty stands with you™. liberty m

let's give you a look at what is going on in the euro. ssion highs -- show you the six-month, just to give you a sense of the acceleration on the back end of day. .cheduled tomorrow this as well we have been k and hisbout with eri guest just to give you a sense of the losses. we have not talked about that. relative,e up to the i would say, strength. resilience is the better word, not to confuse people. scarlet: good way to put it. joe: when the dollar drops, you see commodities rise across the board. metals, doing the best actions today. wellhas been doing very lately. it looksd oil gaining look at the one-week chart. very strong. , 3.3% forine up gold. that is the face of the moment, turmoil by 2017 standards. let's take a deep dive into the bloomberg. functions of the bottom of the screen. on: i am looking at the list trump's approval and disapproval. to the extent that this is a reflection of prospects for getting legislative action -- who knows that is what is going on -- that is one theory for the selloff. the yellow bars at the botto

mark: you look at relative value, real estate, what did you uncover?r: you saw the diversification benefit and real asset. when you look at hedge fund oer funds, equity hedge funds, event driven hedge funds, equity capital, we discovered that there is a lot of market data embedded in these returns and the typical alternative pricing structure may not be the best way to go. mark: you discover certain hedge fund strategies were less attractive. taimur: the less attractive ones were equity hedge, equity long shot strategy, and events driven. mark: where to invest, where to in aaway from, sum it up couple of sentences. taimur: make sure you're not aaying for market dat alternatives, but when you find alternatives, large-cap rabbit equity, when markets turns out active equities will outperform. chieftaimur hyat, pgim strategy officer. vonnie: bracing for a potential hard brexit, we hear from the ceo of euronext. this is bloomberg. ♪ ♪ live from bloomberg world headquarters, i am vonnie quinn. mark: i am mark barton with the european close. the financial ind

i think if you look at the case. the attorney general and the director of homeland security gave a basis for the order. honor. your >> they most certainly did. >> i think what this case shows -- the sequence of the first executive order -- the way that the second executive order was said to relate to the executive order is that the policy which is at the center of the case -- >> the first question that i asked you was, does it continue all the way through? general and the director of homeland security secretary's say to the president that the current immigration policies place the country at a heightened risk of terrorist activity and it is imperative that we have a temporary pause and that is finishing the risk, whydoesn't that than -- wouldn't that override any taint? question is what was the purpose of this policy? the policy was decided on while before that letter was ever signed. it was signed at the same day that the second policy was released. it could have been taken into account. people talk before they sent

if you look at the u.n. reporting on the war, it's fairly obvious that the major sources of suffering and casualties are coming on the ground. they are mixed between the houthi and the saudi uae backed forces, and al qaeda in the arabian peninsula. and they are probably far higher than any of the casualty reports i've seen in the press because they deal with the real world impact of a war which has been economically devastating, put about half the population at risk, sharply embraced everything from infant mortality to malnutrition. and virtually led to a massive degree of unemployment. there will be the question of what happens in terms of syria and iraq. what of the key questions for the kingdom and indeed for the u.s. is what happens in iraq after most is liberated, what will the u.s. do their comment to what extent will it stay, what happens in terms of potential conflicts between arab and kurds, or sunni and shiite, what happens to the various militias, what is the role of iran? and how much of this is

you are looking to get a ride from someone. d so you are going to do ridesharing versus car sharing is you will have the use of the car, whether it is a day or an hour or a month. we are participating -- we have a stake in lyft. we are participating in ridesharing, and then we have where --ompany, maven, in 16 cities across united states what we are doing car sharing. david: you mean you drive the car and he given back to somebody? mary: we have in the city of ann arbor, we have cars stationed. you go online and reserve it. you use the app to unlock it and drive it. we have some services we can drop it off in a different place. david: if everyone is using car sharing or ridesharing, will there be fewer cars sold? is that a good thing for general motors? mary: there have been a lot of studies about more cars were less cars. because think about some of the people who cannot drive right now. have physical limitation that doesn't allow you to drive a vehicle. we will open up to a lot of people who can't drive or have the personal ab

, and you look at some of these tickers that you can look on the bloomberg back decades, it is quitehere has been a significant and positive shift in japan's trajectory. yvonne: wager -- labor market is climbing, wages are height -- climbing. what does it mean for investors? label of aad the value trap. could this be a surprise growth market? chris: that is what some are saying. foreign investors have turned off the story for the past year. at the was really sexy get go, disappointment with the sales tax, then they got excited in japan's market. they have turned forward with the japan market. we have seen a number of the mistake investors tell us that this is significantly a different market than it used to be. responsiveness of japanese companies to shareholders, record buybacks of up, someividends going people, including peter tasker, hedge fund manager in tokyo who has been here since the 1970's, says to man is among the markets that are investable. it is a -- it is worth taking a look at. yvonne: thank you so much. those inflation numbers. at first word news now with paul allen.

and i think the big change would be if you look at saudi arabia, whatever way it comes, you need to makeows on the ipo and so forth, but at about 2% -- and thatut 6% weight, is when you begin to see the region claiming a permanent allocation or permit part in a global or em portfolio as opposed to being a traitor. this region has always been relative to em, but now they will be part of it, a part were you cannot neglect it. which is not the case now. many people overlook uae and qatar under 2%, say you can't ignore that, but at 5% or 6% you can no longer ignore it. you could be at 7% or 8% if you are bullish. i think reclaiming a permanent part in a global portfolio is a game changer for the region. the gamble on up, european airlines is proving costly for etihad. we look at how it could salvage investments in air berlin and what went wrong for alitalia. this is bloomberg. ♪ yousef: welcome back to "best of bloomberg markets: middle east." etihad will stand by air berlin even after the reported soaring losses, even as european partner al italia went bankrupt. on top of the laptop and --

you are likely facing serious traffic delays. this is the culprit. take a lookhere at the major hole along macarthur boulevard that still sits after the massive water main break. ey be this way until friday. you can see that the crews are working hard to get repairs done as soon as possible. traffic disruptions are expected to continue through the rush hour friday morning. officials say it was a pipe that was more than 150 years old that ruptured on wednesday. the pipe was installed in 1860 before the civil war. the cause of the break, well, said to be just that old age and likely mother nature as well. now here is what we know about the closures in the area. it's between q and elliott along macarthur boulevard but that means that the surrounding roads are picking up the traffic. so you should expect slowdowns along fox hall road if that is part of your commute as well. d.c. water officials telling us that they expect the delays will not only continue through this evening but they expect a friday morning rush to be impacted. brianne carter, abc7 news. nancy: nex

if you look at the manufacturing rate. rance is producing the same products as manufacturing in spain and spain is 20% cheaper. how do you correct that? you have to rely on moving up the ladder, improving education systems and having a more flexible labor market but it takes a lot of time and a lot of paper. problem one is that the challenge is enormous. it is correcting two decades of inefficient policies. a challenge to a lot of people. jonathan: for investors to ask the question what do they need, france, to really reform. the economy is on a decent trajectory. the ecb is very supportive. don you speak to investors, they need france to reform in a significant way? patrick: i agree. are very relieved and macron is the president problem a as i just mentioned, there is a lot to do. -- problem two is that a lot of people in france will resist the reforms. take labor market regulations. with long-term labor contracts that are very protective. why would they want to have a more flexible contract to make life easier for the oth

however you look at this, they are not looking good.s it the intelligence agencies or is there a move to look at the way these vulnerabilities were first developed by the nsa that they themselves had some insider hack that allow the information to be released? this is the way nationstates work. china does this. russia does this. this is how they spy. the unit say is doing what it is designed to do. emily: thanks so much that update. the industry rallied off the news of the ransom ware attack. they were able to block 22 million attacks. they say they may know who is behind this. joining me is greg clark. your researchers believe that north korea is behind this. greg: we have some evidence that shows that the people involved in attacks linked to north korea, some of the code they used are present in this attack. that does not mean north korea and did it. it means there are fingerprints from the same kind of malware. the derailment before me mentioned the thing that would indicate this may not even cases the size of the ransom west. it doe

you." and he's looking around at my apartment. and he goes, "my sister said maybe i should leave you alone, because you seem to be doing a lot better when you're not saying anything. but ph.ds are a dime a dozen. what are you going to do with a ph.d. if you don't ride in cars and talk?" >> hinojosa: you... part of the reason why you decided that you wanted to talk again was to be able to tell your parents that you love them. >> well, you know, i did. and i have to say, at ten years, at the tenth anniversary of me not speaking i called my parents on the phone, and my mother thought it was my brother. and i said, "no, this is johnny." she said, "well, tell me something that only you and i know." and i told her something. >> hinojosa: so this is ten years into your... >> ten years into my silence. >> hinojosa: so you broke it. >> i broke that silence to call them and say, "look, i'm getting ready to... you're going to hear that i'm getting ready to walk around the world. and i want you to know that i'm going to be all right and that i