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

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

you look at our job numbers, you look at what is going on at the borders, as we have discussed before. you look at what will be happening, and you will see some incredible numbers with respect to the success of general mattis and others with the isis situation, the numbers have been staggering. how successful they have been, the military has been. know, i'm going to saudi arabia, israel, rome. and we have the g7. 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've made tremendous progress in the last 100 and something odd days, tremendous progress. you see job numbers. you see all of the production that is 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. translator: president sa

you look at loan growth. everything looks good. volatility is incredibly low.f we look at the chart, that is the lowest it has been in any time since they have hiked. there is no barrier to them going in june. there's not much barrier for them going in september either. we are going to be looking next at tapering. your point is right, the policy right now is incredibly accommodating. we are making a mistake with all of this tightening. jonathan: i see something different. the signal from financial condition is things are getting easier. you look at the treasury curve that is flat. it is at 100 basis points. why? we talk a lot about global politics. people are suppressing the underlying trends. i have got more international stuff going on. germany, the u.s., unemployment falling dramatically, france and spain going down as well. this is global growth. this is not just about the u.s. that is what the fed needs to keep their eye on. they have to shift higher. they are much too low right now. priscilla: i think you cannot ignore the weight of cash in the market. ce

yousef: the nigerian currency, then -- if you are looking at a volatile currency, you would look at theian one. what do you think the central bank should do. ade: it is always easy to stand to bankand give advice governors on the seats. the position of the governor like every chief executive is a seat, not a sofa. therefore, be given advice, we will have to give it privately to make sure we do not do the wrong thing. i think the government understand that has to be liquidity in the currency. there has to be inflow of liquidity in the system. and the naira has to reflect the ability of the country to actually do imports. my point of view, most of the advice we need to give to the regulators, we are giving them advice. we will not give that advice in public places. the challenge that the country 2016 was a reduction in the price of oil. production to 1.5 million barrels per day from 2.2 at some point. therefore they had to solve a difficult problem and i think they are navigating the right way to get to a good outcome. shery: just quickly, you have talked about reducing or dropping unprof

jim: if you look at my screen, you can see what the currency did.limited down for 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. but secondly, local rates essentially wiped out a cutting cycle by 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. -- there rate cutting 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 can bring you up the flow picture for the last several months. we see money going in, and i think the question for many people, for the nontraditional investor aka the tourist in this market, whether a brazil story becomes a different story. jim: i think what happened yesterday is all of the tourists in brazil see a headline like that. they d

>> you see that in equities, in credit, in interest rates, really across the board, markets are lookingast almost all risks out there. >> the fix is very low and you have no real sense the markets are starting to crack. if the fed pushes their luck and hikes too much or titans too fast, ior tightens too think that will change. >> you are going to need to see real evidence of inflation building. i happen to believe that is a real possibility on the back end of this year. right now, i think it's a bit -- i think the vix has it right. >> if the market is going to be that calm, you need to leverage your positions. you will get to a tipping point at some stage. join -- jonathan: joining me from pennsylvania is great davis. also oksana aronov. ,great to have you with me. the theme of the week has been low volatility, not just in the equity market, but across assets and the bond market and fx as well. greg my question to you with , that chart in mind is whether you reconcile low volatility with complacency. do the two things equal? gre ihink there is a bit of both. when you look at what is dri

you need to cherry pick there. we look at emerging markets and it has been the surprise of the year, in terms of positive returns. francine: which ones do you pick? the structural reforms? >> you get a bit of that, and the ones where there is high yield. i top from the fixed income standpoint, for both currency and bonds. russia, indonesia and even turkey looks pretty exciting for us. timeselding two to three with what you would get from treasury yields. francine: mark, i know you are big on the frontier markets at some point. markets areier important, but in terms of size and liquidity, we have a problem because you cannot put too much money into these markets. we are seeing a lot of opportunities in the countries we just mentioned. simply because many of them have been beaten down during the last three years, ending in january of last year when we started to see a recovery, but still, many of them are far below where they should be. we see a lot of opportunities in these countries, whether it be brazil, mexico, turkey, p

you are looking at futures of about .1. ching bloomberg. ♪ twothan: to headlines -- headlines, one is that the except a 24 year low, and the s&p 500 at a high. nine minutes away from the opening bell. we are up 31 on the dow. .1 and a decent session emerging in europe. if you look at the ftse and on the dax, too. treasuries, yield high by a marginal basis point at 240. again, atding lower 46.26. at the fx market, dollar strength is story. 114 on dollar-yen. euro weakness. we are down by about .3. david: it is a big day in the media because walt disney. they will be reporting their earnings after the bell today. we will look closely, investors will be, at espn. people are concerned about the loss of subscribers. to explain whether they should be, we have paul sweeney. take me into the espn story because they have lost something north of 10% over some years now. is that trailing off? is it losing subscribers at that rate will be learned something today? paul: i think we will learn more today. declines look like the are continu

you buy here? jim might say, look, penny's is still the one. would you buy any of these apparel names, big box department store? you're going to get earnings over the next couple of days. >> no. you've got a secular condition that's challenging all of these brick and mortar retailers. ultimately it's about selling off square footage. that is where this has to go. who are the buyers on the other side of that? what do they do? i keep hearing about we want to create destination experiences. i don't know what that means. do we just go to open bowling alleys all over the united states? i'm not sure. >> driving ranges. >> even target. target is down 21% year to date, down 3%. so i think this is a square footage problem more than anything else. i also think it's going to bleed into other parts of the market. keep in mind, retail is nearly 10% of the high yield market. so retail is going to replace looking forward. energy is the contagious in the high yield market. >> but the discounter, when we talk about these names and look at the next level and look

obviously, globally, if you look at europe, it seems good, when you look at the facts in the strong earningseason, is there a pause? i keep feeling this as a pause. i will say it about the financial, you say the election of j.p. morgan and those in the financial world. when you see where they are right now, a lot of that, maybe people could have said, well, it's a trump bought. what is it now? now we've gone further and we reported some of the real numbers, i think anything that they can get through is one more positive. without that, we still have the facts t. facts are, the numbers are good. >> as the d.c. drama continues, what can this mean for the classic trades? the trump trades have already been over. scarleter, explain. >> i think that's right. let's look at a few sort of beta sectors and try to pulling it altogeth altogether. two-panel chart. top is the energy sector itself, the bottom is relative performance to the s&p 500. so, obviously, what we know, it's quite clear, the line is a week or two after election. this is is down, absolute and losing money and it's down relative. that'

you have to look at it. what you have to do in that case, you have to stand by your clients, have them grow their loans and deposits, at the same time offer them fee and commission-based products which is something, as a diversified bank, we can do. if you look at the first quarter, let's take france as an example. in french retail we had loans of 7%. deposits of 12%. fees of 3%. this bodes well. if this would continue, basically these drivers would start over time to compensate for the low interest rate environment. twlats that's what we're well prepared to do. >> so then you could have the steepening yield curve on top of that. >> you want to keep this in our own hand what we say is we want to have that impact within retail. we said when -- when we say we want to be an integrated by diversified bank, we have three pillars. we have domestic markets, international financial services and cib. we don't want one of them to be too large. we want them to have one-third. that's what our growth aims to continue. >>

if you look at em indices, they only represent 600 stocks of 8000. it is very light on many stocks exposed to the new consumer, the new middle class, so you see a rally here, but when you look at active investing, they are banking,t tourism, mobile, internet technology in terms of shopping, so it is a differentiation. cpi numbersad the out of china, it was air travel costs that pushed that number up to that one point 1% range, so what other dynamics do you see than mobile banking and the digital space driving that middle-class consumer story? >> middle-class consumer wants the tech, toys, and home technology people see on television, amongst the middle class around the world. >> there is an aspirational aspect of it, and we have been through the phase of conspicuous consumption, and it has been stamped out. >> it is great to have a washing machine, a drier, and a dishwasher. it is nice to have a bigger tv, the latest phone, your favorite pair of sneakers, the brand you see your favorite artist wearing, so there is a place where that aspiration can hea

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

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

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

when you look at what is driving it, you have a very monetary deposit -- policy helping to contributedo this low volatility environment we have been seeing. there has also been a lot of expectations around what is going to happen in terms of growth in the economy given regulatory reform, fiscal reform, and things of that nature. i think those are helping to contribute to this low volatility environment we see on the equity side, the fixed income side from treasury as well as spread product. i think when we talk about complacency and that the volatility has been low, it is not just a week story. it is across markets and it is outstanding. there is perhaps more overvalued and more synthetically or absolutely not realisticay priced market out there than the bond market with $30 trillion of stimulus and we saw 200 billion pour into the market last year and it keeps on going unabated and it is unclear what investors are expecting to get, especially those getting exposure tracking the ag index which is at a record duration high. jonathan: the question i have asked on this program a couple of

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 apple's numbers, blew it out. people had no idea they would do as well as they're doing. services being the focus. look at microsoft for instance. you look at the earnings this quarter so far, from the technology sector, it makes sense that's a leadership. >> is this too much though, joe? are these stocks getting out of control? i tell you, the nasdaq 100 up is 17% year to date. 6.5% in a month. >> no, it's deserving given you could check the boxes, growth, future earnings. so i think you don't get a complicated strategy here. you're not looking to get in and out of these names. i think you want to look at opportunities. there's names out there. amd, with john and josh talked about. earnings didn't look like they were so bad. analysts say the stock recovered, i think that's a name and twirt is back up 19. i will buy twitter in the nekts day or so. absolutely. it's making a recovery that looks really good. >> you can feel comfortable, josh, buying those names i mentioned as they hit new highs every day? >> scott, do

ultimately, you look at goldman 212. they have to hold. >> back to a himson, really they take it on the chin. these are sort of the atms. so were you expecting it? >> no, not yet. i think there is a couple more days. maybe a week, i'm not sure. you look at amazon, google. those are going to be easily sold. you will have to wait a week. what i'm looking for one of those days where it looks horrible. we are down 500 on the dow in the morning. we get that reversal back. >> that will be the day that bk is in there. i would even buy the banks. then you get bonds ripping back and there whole thing reverse again. >> sticking with the political turmoil as the legal and ethic cal questions about the president seems to be growing. our next guest says this is the tip of the iceberg for our next commander-in-chief. mike, it's a pleasure to have you on "fast." >> thank you, likewise. >> we want to for you to walk through the spectrum, if will you, in terms of the in back this is all happening on the trump agenda. at the very minimum m

you have a situation where the government is looking at this and planning for it, to make sure that theajor parts of the economy do not get hit. as an individual investor, you have to be very careful. you can get hit badly on an individual level. sam: are showing off a lot of confidence in the chinese market? >> me or mark? sam: mark. i think you are showing an awful lot of confidence in the chinese and their ability to execute. mark: yes. don't know that history suggests that they are as good as you take they are. mark: so far so good. i think they have done a very good job. >> one of the things you did on, i feel will move like we should touch on venezuela and brazil. sam, you said that one of the things that this president needs to do is come up with a foreign policy or venezuela. because the contagion risk is very real, you are concerned that it could begin to affect brazil, which has a boatload of troubles on its own, let's talk about that more. sam: i think a better example is columbia. colombia and venezuela have a , a lot of people from venezuela are going into columbia to shop

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

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

you are looking to access the internet, you pay your internet service provider via comcast or att or whoever it is. you pay a lot of money and access to the internet. if your experience is altered in some way, if the site is blocked or slow down or do some other things going on, as a consumer you don't know what that is happening in the process. it's happening at the point of interconnection to you as your accessing internet computer look at all that should be included to protect the consumer and their ability to access the entire internet, and that's why we grace that. >> gating into the weeds on the policy a bit, there's discussion about doing need this band unpaid internet privatization but one of the questions the proposal asked is if we allow paid prioritization, good internet service providers use that extra money to then offer cheaper broadband to end-users. why might you disagree with that? >> guest: if you are allowing for fast lanes, you have slow lens, the reason the internet has worked so well is because there's been this pure competition where the entry for website or ne

it is different when you look at the edge side versus other industries. peter: we have talked a little bit about gatekeepers. is this an us versus them issue for you guys? mr. beckerman: i don't think of it like that. fromtment from isvs has -- isp's has gone up even since the title to net neutrality rules. the reason that is happening is because our companies are innovating and creating new content. on the other side, the reason you can have hd video and great things online is because the isp's are investing in building up the networks. the better their services are and the more they are building up networks, people are getting online faster, that is great for us, and our companies are able to innovate and come up with new websites and apps, the more people want to get high-speed internet. you would never have the plan on your phone without websites to access. those things go back and forth. i do not see it us versus them. margaret: the investment issue has come up in the net neutrality debate. has said he thinks the rules have depressed investment. sound

if you look at valuation, it's still expensive. nald's is competing on their turf, they've got the brand and i think they got the noble reach. >> that is where you go in this space. >> i agree, mcdonald's. i tell you what, i know they got near revenue growth. this is a company they have attacked the areas they need to. they've done that. they've had some success. not enough success. they aren't making the kind of money they need to be making at this point in time. because of that, i understand those that want to press the shorts at this point in time and really start to push on this thing. but you always have to be worried, just like at tesla, there are people who will not ever want to sell this stock. >> i'll seat you and raise them to the beginning of 2016. it topped out in the middle of 2015. it's 60 times forward earnings with sales growth going the wrong way danathon. i understand it's a touch. >> sometimes the shorts are right by the way. this might be one of those times. >> dan is not happy with me. >> 350 million in sales. y

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 look, gene robinson, at lindsey graham -- by the way, if they give a lifetime achievement award, capitol hill reporters give lifetime achievement awards to members of congress, lindsay should get it. i will tell you, he will tell you what other people want. i remember when we were running or weekly coups against newt gingrich, we would have secret meetings. as we walked out of the secret meetings there would be all of this press, we'd all turn around to lindsay, you've got to stop telling where our secret meetings are. are you really going to take down newt gingrich. no comment. finally i just stopped going, i forget who it was. the press loves him. somebody says that's mott the guy you want guarding the pentag pentagon. let's talk about what lindsay said. this has become a criminal investigation. >> if you triangulate what all the senators said when they came out, it doesn't sound as if rosenstein pronounced that sentence right clearly. but he did give the impression that the investigation was going in a different way and it could become a criminal investigation and that they sho

definitely a lot of uncertainty a run europe, if you look in earnings growth it is 26% year-over-yearompared to 15 and 60% in the u.s.. this is something we are doing on the margin. you also have a general economy that is early in the business cycle and have financials recovering. you also have, generally, supportive bank policy and, overall, the biggest driver of our decision is the relative evaluations between market stocks. stocks are expensive but you are up compared to the united states. vonnie: a couple quick fire questions. are they recommend keeping more in cash of the moment? >> we are not. we tend to be invested for the long run. tactics, we reallocate slightly under two stocks, but not necessarily putting it into stocks. -- cash. we are looking to at u.s. growth stocks relative to value so not into cash at the moment. vonnie: what is the attractiveness of japan? why japan? >> japan is interesting because, if you leave it on hedged it is leading to the currency risk. overall, in the long run, japan has made progress in corporate governments and have shown growth in earnings.

you look at the first quarter, terrific. rejections going forward look great. ide surprises. i wonder whether the equity price depreciation will be driven, and where will it come from? the economic surprise index has rolled over. earnings are pretty terrific. where does it come from? jurrien: we spoke about this the last time i was on the show. we have reached sort of peak reflation. we are in this global synchronized economic expansion, that is why world equities are finally joining the u.s. equities party. now we have reached an inflection point where momentum rates have peaked. you mentioned the msci, you could point to the ism as well. at this point, things get more choppy. a still proceed but in a more choppy way with less momentum. one of the issues in the market i have for the u.s. stock market, the trailing p/e bombed 2.5, three points after the election on the correct assumption that earnings would pick up, and they have. now the market has to grow into the earnings. i don't see any upward pressure and earnings have to come through so that the markets c

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

if you take a look at the u.s. onomic data, if you take a look at the surprise index for the bloomberg. see the economic surprise index. for the first time we are seeing it go into negative territory. is uglys could mean news out of the u.s.. you saw a gdp for the fourth quarter slowing to the most in three years. we are getting jobs reports out there. how positive can you remain about hard data out of the u.s. when it is not only to do with sentiment and survey related data? know interest rate policy is low in the u.s.. half the prices have gone up. the data has been mixed lately if you look at payroll numbers. take a step back and look at on employment rates in the u.s.. historical lows. 4.7%. you could almost argue full employment. inflation, the other thing the fed deals with. it is well with in the bands. you need economic data to come through to justify where we are withart of the problem prices is i think we are hoping you will get something out of the administration and hopefully they can deliver. that is th

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

when you look at it. they definitely account for a huge share of the market cap that's been added to the market, but it's not as if they're performing well in the absence of other stocks being up. if you look at it, the majority of stocks are up without fang, the market's still up okay this year. it's not like 2015 where fang was the difference between an up and down year. so, yes, it's going be that way if it keeps this way. you may say, oh, that's what all gross markets are like. >> you notice the spread is getting wider as the year goes on. >> absolutely. so most stocks are -- i'd say at least half the tocks are participating but they're adding gains at a much faster pace. absolutely. if banks stocks stay on their heels and energy stocks can't stay, you have too much to stay supported on this level -- on this basis, especially when the very largest tech stocks are no longer cheap. they're no longer like you can say apple looks cheap or facebook for that matter or alphabet. >> they keep asking why they

you look at our job numbers, you look at what's going on at the bar border, you look at what will be happening, you will see incredible numbers with respect to general mattis and others with the isis situation. the numbers are staggering how successful they've been. tomorrow as you know i'm going to saudi arabia and israel and rome and we have the g7, we have a lot of great things going on. i hate to see anything that divides. i am fine with whatever people want to do. we have to get back to running this country really, really well. we've made tremendous progress in the last 100 and some days. you see job numbers, you see all of the production that starting, plants starting to open again that haven't been open in years. that's what i want to be focused on because believe me there's no collusion. russia is fine. whether it's russia or anybody else, my total priority is the united states of america. thank you very much [speaking in native tongue] translator: president cento, we say we are setting a new roadmap between columbia and the united states which are the concrete commitment. you

if you look at the u.n. reporting on the war, it is fairly obvious that the major sources of suffering and casualties are coming on the ground. p they are mixed between the p forces, and the saudi u.a.e. 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 increased everything from infant mortality to malnutrition and virtually led to a massive egree of unemployment. there will be the question of what happens in terms of syria and iraq, key questions for the kingdom and indeed for the u.s. is what happens in iraq after mosul is liberated? what will the u.s. do there? to what extent will it stay? what happens in terms of the potential conflicts between p arab and kurd or suny and shiite. what happens to the various militias? what is the role of iran? how much of this is going to be a

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

when you look around the world, nobody else has a glass-steagall in place. one of the most capitalized x in the world are in the united states of america. you wouldderstand why want to put those at a disadvantage. when you look at our financial services system in the united states, it adds so much to not only the economy but national security. a strong banking system does that, they go out and raise money in the capital markets so people can rebuild hospitals in their communities and municipal bonds as they auction off all the time. our are integral to economy. anytime you put additional burdens on a banking system, and i'm not seeing -- saying glass-steagall is a burden, but the bank went through a huge overhaul after the 2008 financial crisis. i think you need to let that simmer, let that get into place, let that adapt to the rules, and the cost of those rules before you start to break them apart again. scarlet: can't you make the same argument for dodd-frank? it's not 100% implemented. should everyone see how it goes for a couple of years? terry: that's a

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

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 of the spread per unit the -- per unit 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 made in

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

when you look at it, how has it evolved, bob, through the years in terms of what are you most proud of, and what it's become from new york? mr. de niro: i'm proud it lasted this long and becoming part of the fabric of the city, a tradition that will last forever. i'm very excited, proud, it's just there. ms. rosenthal: you think after that first year, we opened the film festival that first year on the steps of city hall with bob, the mayor, president clinton, and nelson mandela. who basically gave us the permission, if you will, to go watch some movies. you couldn't just go from being a recovery operation in lower manhattan to screening movies. mandela came and blessed the opportunity. he said, you've got to celebrate community. megan: now so much of the festival when i read about it is exploring the boundaries of tack, other things, gaming for example. i didn't know you produced a video game in 1996 with a cast, if i'm correct, jim belushi, cher, ellen degeneres, and steven tyler. a game called "the last resort." it's a long-term obsession of yours and it's going to be a big part of t

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