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tv   Bloomberg Markets  Bloomberg  May 12, 2015 10:00am-11:01am EDT

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>> the main attraction is aol technology. erik: the global bond selloff is accelerating. the 10 year treasury spike. german bond yields have rocketed from a visits points to 70. companiesegal pot need access to banks, but most banks don't want to get burned. ♪ >> good morning. i'm olivia sterns. erik: i'm erik schatzker. we are 30 minutes into trading on the new york stock exchange. the big story today is in bonds. it has nothing to do with stocks. the 10 year yield is climbed to its high miss level -- its highest level. olivia: a huge moves in the german yields.
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they are hitting .70. we were wondering when the 10-year note on german debt could actually go negative. the 10 year yield up eight basis points. guilds are also going higher. you also seem the spanish bond yields up at eight basis points. trading at 1.83%. let us look specifically at the actions in german. we are looking at the one your move on german debt. it is the one-month move on german debt. as you can see, back on april 20, eight basis points. it is incredible. we are now up at 68 basis points. what happened here? is it inflation rearing its head or people trying to get out of a very crowded trade? steve schwarzman was on with you earlier this morning saying that it is a liquid market and it never made sense for the ecb to
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filing paper at a negative yields. erik: he says he is only seen negative yields and it was for a of time inperiod swiss bonds. from steve standpoint, and a lot of people feel the same way. bill gross fills the same way. that's feel the same way. he says it is not good to see yields negative. i don't think you put it on a trade. it was 100 leverage time short of the year. olivia: it doesn't make sense. it is country with 25% unemployment. erik: a lost generation of youth. let us look at the u.s. stock markets. stocks are selling off. we are down .7%. the selloff is accelerating. we are down a full percentage point and more on the nasdaq and a 10th of a percent on the s&p 500 and the dow. olivia: equity markets and bonds all taking cues from the bond markets.
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looking at the top stories from the bloomberg terminal this hour. for: verizon buying aol $4.4 billion, helping verizon monetize its mobile video content. a 70% premiumis over aol stock price on monday. tim armstrong will continue to lead aol's operations. this is verizon's largest attempt to get new revenue streams beyond calling and data services. olivia: financial markets are in for a rocky regime change when the fed starts raising rates. that is according to bill dudley. great pump isrst going to have major implications in matter how will foreshadow they would be by the u.s. central bank. he made his remarks at a speech in zurich. erik: exor is raising its offer to about $2 billion. they turned down the original
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approach. they are offering seven and a half dollars more per share. the ceo told bloomberg he believes that he will eventually be successful. >> there is no need for convincing because there is a much superior offer. 175 pointposing them u.s. dollars for cash. with certainty. that is by far superior are all shareholders, of which we are today the largest, having acquired more than 9% for its employees. exor is an italian holding company. they control fiat chrysler. toy're pushing for the deal reduce exposure to the automotive industry. in the meantime, general motors is fighting a sales slump in china. they are announcing price cuts as $8,700 across 40 models. buick dropped almost 9% last month.
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chinese automakers have been increasing market share by offering cheaper cars. olivia: it might be hard to believe, but sobering times in russia and ukraine are causing headaches. royalerg siding economics -- turmoil. they sold shares of the company even though it be estimates for profits. carlsberg is russia's biggest brewer. great may have dodged a bullet. less than three weeks after meeting on greek aid broke up i grimly asleep it -- acrimoniously. they're trying to strike a bargain on more bailout aid. pretty soon, the countries will feel the crash crunch once again. >> the liquidity issue is an urgent issue. this is common knowledge. let us not eat around the bush and pretend otherwise. me from the perspective of the timeframe that we are facing that we are talking about the next couple of weeks. says itthe government
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will pay the international monetary fund the a hundred $40 million that it owes them today. is now 42 from the paul's second earthquake in less than three weeks. it hit less than 50 miles from the capital of kathmandu. more than 1000 people were injured and the quake registered a magnitude of 7.3. tremors were felt in india. toppled damage buildings and rescue helicopters are on the way for the hardest hit areas. they are still reeling from the quake last month that killed more than 8000 people. erik: el niño is back. australian weather officials say that waters off of the pacific ocean are in the early stages of a warming pattern that will change global weather temporarily. this is not happened since 2010. forecasters say that it will bring more rain to the southern united states and warms northern
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states. historically, it has brought jobs the part of asia and rain to south america. the ultimate party for billionaire do-gooders has gotten too big. the robin hood foundation gala will take place in new york city and for the first time ever, there will be satellite parties for folks who do not fit into the venue. they will be allowed to drink, dine, and donate. it is expected to raise some $60 million to fight poverty in new york city. it has become the hottest ticket for many boldfaced names and finance after being founded david salzman and paul tudor jones. those were your top stories for the moment. there's lots more ahead on the bloomberg markets. coming up in 10 minutes, up close and personal with bill gross. i spent the day with a one-time bond king his california office. we talk about why he decided against retiring after leaving pimco last september. what is he going to do with his $2 billion fortune. olivia: and why he is being so
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shy about it. also coming up, we are watching the global bond selloff. highest levels of the year. the german 10 years have doubled in 10 weeks. it is an incredible move and we will break it down for you. plus, elizabeth warren is taking on president obama. she in new york city mayor il de blasio are unveiling a new progressive manifesto and you can expected to be at all its with a lot of the president's policies and ideas. olivia: we have to get back to the huge tech story of the morning. verizon is buying a well of for $4.4 billion. it was a shocking announcement even though our own alex sherman said it may be in the works back in january. with us is kevin smith who is in analyst. also with us on set is mohammed. thank you very much for joining us. kevin, let us start with you. why does the deal makes sense for verizon?
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kevin: verizon has been trying to diversify from mobile broadband access. they have a digital media services business which has an ad insertion technology. it is going to be for this new over-the-top video lt multicasting. business video ad tech which is still a nascent industry and really unproven technology. i think the thinking is to combine the technology with aol ad tech technology and tried to enter this video ad tech market. going to create a collision course with verizon and google. .hese are two big companies facebook, possibly and amazon in that space as well. they dominate the video advertising markets. verizon is seeing pressure in the core video mobile access business, selling smartphones.
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it is a competitive market. it is trying to diversify into the video and advertising services. they need to increase the technology component of that to compete against the larger established players. erik: i want to get really narrow with you for just a moment. this is a cash offer, right? $50 a share. wise and well trading with a $50 -- why is a well trading for 50? than mohammed: they have built this platform and it is what has made them a target. as kevin said, there are other out there who are looking for technology. google has some of it, but there is no reason to think that there will not be other buyers looking around saying, wait a second. erik: that is fair. but if a well shareholders are only getting $50 from verizon, the stock is only worth $50.
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it is not worth $50.37. mohammed: not unless you are betting on a higher offer. olivia: is a big move in a well-stocked. the question on whether there is a breakup -- what does verizon want with the content business? what does verizon what with "the huffington post" or we assuming that they are spinning it off? onammed: verizon is working its own original content. this is a key part of it. they are plugging in like everyone else has been doing lately. they are plugging in content that you can only get through verizon channels and the "huffington post" already offers that with their large following. ofk: today had a vision being more like comcast or do they have a different strategy? kevin: i think they would like to move more to content and
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video delivered. in that sense, it is going to try to emulate and diversify away from just being a provider andmart phones and tablets data plans. i think they tried in my diversify. -- two diapers of five. fios lines toe frontier. that is a big deal from our perspective. comcast is offering these services and china get bigger to getme warner cable more subscribers and more broadband subscribers. verizon is moving the opposite way. they sold some of their wireline broadband assets. their religious becoming wireless. so is this advertising business. " is the keyton post of the content acquisition here because you have better mobile engagement. i think that is really the key asset.
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techcrunch and engadget are probably less scalable on a verizon scalable platform. post" is still the key. olivia: staying in the full. tim armstrong's saying he will stay on. forks to kevin smith joining us. also our thanks to mohammed hottie joining us on set. gross is promising to give away his entire fortune. details on his philanthropy up next. ♪
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julie: i'm julie hyman.
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second straight day of losses for them. we have a global bond route and that is affecting stocks as well. rates andbout rising the effect that will have. the s&p and down are both down. nasdaq down 1%. the smp and down work off moore earlier. they were down as much as 180 points. the dow is now down at 140. for more on the global bond markets, let us look at the 10 year yields which is the highest level since november. the german bond yield at the lowest level of the appeared other movements in the european bond market. we have seen a big rally in european debt. investors came in and said that these valuations are getting a little stretched, given the outlook for what the ecb is going to do. here in the united states, the
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biggest losers today are in technology. cap amount art selling off. apple, intel, microsoft are the biggest weights as we see decline said. olivia: that was julie hyman joining us from the newsroom. a look at our top stories is morning. we start with verizon. the country's largest wireless carrier has now found ways to expand its footprint into video and online ads. verizon has agreed to buy a love for $4.4 billion. is getting the company that owns "the humphrey can post -- the huffington post." the $3 billion legal pot business in the u.s. still cannot find a place to stash its cash. at last count, small banks and credit unions are doing business with the marijuana trade. it is legal in 23 states. this is more than year after
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treasuries told banks that they can open accounts without fear of legal or regulatory problems. thanks say they won't provide services to companies that engage in activities that are legal under federal law. 23 states have now okayed the sale of pot. call it a hangover from the soaring popularity of bourbon. there is a shortage of barrels used to age booze. barrel makers cannot find enough white out because the industry has not recovered from the housing price. bourbon sales up 35% in the past five years. those are some of the top stories from the global resources a bloomberg news. erik: bill gross is the greatest bond investor of all time. he founded pimco and built it into it to chilean dollar colossus. an amazing rise for sure. bill gross was forced out of pimco after clashing with colleagues, many of whom he hired.
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rather than take his $2 billion fortune and go home, he wants to work at janus capital group. i had the chance to spend the day with bill gross in his office in newport beach, california. here's what he said when i asked him why is he doing this? >> one of the reasons that i'm still doing this is to prove that i still got it. a 38-year-old quarterback that still has an arm and can take his team to the super bowl. erik: tune in for my full view in a very -- full interview with bill gross tonight. we'll talk about his new life and how he defines that success and what he will do with the money. one clue is going to give it away. thata: looking forward to conversation at 8:00 p.m.. that is erik schatzker and bill gross. still ahead, can you spot the
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forgery? we will talk to the sherlock holmes of wine. ♪
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erik: the global wine auction market has more than quadrupled. wine fraud has surprisingly jumped along with it. that means new job openings for private investigators want to sniff it out. toine down the has a mission rid the wine industry of counterfeit and stolen wanted here is what she looks for when she tries to identify a bottles authenticity. clients brought me this bottle about four years ago and it took me 20 seconds to find out it was unquestionably a counterfeit bottle. wine fraud is not new. unfortunately, it is pretty safe to say that anybody who has been collecting and buying wine in the last 15 years have probably purchased at least one
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counterfeit wine. we manage private wine collections for individuals, people who are just starting to collect, all the way up to people who have tens of millions of dollars worth of wine. we also specialize in authentication of fine wine writer to be the sherlock holmes a wine. -- where i get to be the sherlock holmes of wine. it sounds hokey, but i spent a couple of minutes looking at it and taking it in. one of the things that i'm looking for in any given bottle is consistency. in my toolkit, i have magnification, flashlights, blue lights, and razor blades. paper andition of blue have changed over the years. there are chemical additives that have been put in. depending on how something reacts under a blue light, you can state it.
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this is supposed to be from 1947. this paper should be totally nonreactive to a blue light. periodere true to its but it's not. magnification is useful to see paper grand, the quality of the print. the title font, and the size of the font. i'm looking for sharp lines. short lines are going to be the printing,proper whether it is offset letterpress or other type of professional printing. we don't have this fuzzy noise of all the splatter from it inc. jet. -- from an inkjet. that is something counterfeiters get wrong all the time. i do a lot of measuring. this actually has an authentic label. this is supposed to be a 1961, but the problem is that it is completely blank and they would've never done that. i have to say that i have no
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worries about this bottle. it looks totally fine. it happens to be one of the few italian wines that is frequently counterfeited. this is embossed as it should be. the paper has a nice texture to it. a lot of times counterfeiters cannot afford to use or they do not use proper gold foil. so it won't look this pretty. you have to have had looked at tens of millions of dollars of real wind to be able to spot a fake. it can be brutal to tell a client that they have got statewide. i have to treat it like taking a band-aid off. what you have is actually counterfeit. you can smell the reality tv show already. csi: wine starring maureen downey. what do you think? erik: it is fascinating. those of the risks. if you want to buy vintage wine at auctions, you are exposing yourself to the potential for
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fraud. i love wine. auction,uy it at partly because i'm scared. partly because i am a cheapskate. quite frankly, it is not that i do not enjoy a bottle of wine. but personally, and i'm opening myself to attack here, i believe there is a whole lot of value in bottles over $100. i think there's amazing value and some of the world's greatest wine that sells less for $100. those told me that brunette load the most overrated wine. much more to come. don't go away. ♪
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good morning. welcome back. i'm olivia sterns. let us get to the morning's headlines.
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it is hard to get used to what is happening in the bond market. earlier here on bloomberg tv, the chairman of the blackstone group talked about the european central bank stimulus program on the impact of bond yields. >> it means you had relatively fragile markets a giant buyer called the ecb. they were busy buying. that drives yields to unrealistically low levels. the idea that you pay somebody -- asst who issues a bond a buyer of the bonds, that is actually sort of almost completely unprecedented. isvia: meanwhile the deadly a test build the league about interest rate hikes. in zurich, he says it will signal a rocky regime shift for the market. closing arguments today on whether the man who shot president reagan may live outside of a mental hospital. for about a year, john hinckley
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has been living more than half a month at his mother's home in virginia. lawyers say if he is a leather to live full time he should wear monitoring devices. u.s. callow ranges are in a position that they have not been in a must a decade. they are increasing the sides of their herds. prices for cattle and beef stored the cousin a shortage in 2014. for the first time in eight years, the u.s. cattle herd increased. whenare not much larger the number of cattle hit a six decade low. speaking upbeat, mcdonald's drive-through customers will soon have fewer choices. bedoor menus are to simplified. the company wants to speed up the ordering process. mcdonald's also plans to add more items in the dollar $.50 and three dollar range. after this bus exploded on the turnpike. the driver noticed smoke and a vacuum in the vehicle.
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-- and evacuated the vehicle. all passengers were able to retrieve their belongings and work put on another bus. looking what is moving the markets. the big story is bonds, starting with what is happening to treasuries. the 10 year yields climbing the highest level since november. it broke 2.3% for the first time in seven years. the 2-year note is off by one basis point. s show you what is happening in europe. across the continent, the yields are creeping higher. the german bond hitting seven basis points. this is just a few weeks after we were wondering if the 10 year was going to go into negative territory. we are also seeing gilts stronger. yields creeping up on the periphery. the tenure spanish note up by eight aces points trading at a yield of 1.83%. let us show you what is
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happening in stocks. globally with the bond route, it is a risk and that is weighing on equity markets here and you up -- in europe and the u.s.. 125.ow jones off by the nasdaq off by 46 points or 9/10 of 1%. still to come in the next half hour, much more including toshiba shares getting hit for a row.d day in the this after analysts say they are suspending coverage of the stock. a public disagreement within the democratic party. president obama and elizabeth warren trading barbs ahead of a key vote on trade. back to the aol sale, we will ask the cofounder of "the huffington post." jonas here at 11:00 a.m. on bloomberg market day.
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lisa brahm of it now. for joining us now. here? ishe deal everybody overreacting or is this getting out of a crowded trade? lisa: perhaps both. number 1 -- oil. oil prices stabilized and search. we have a 30 -- 37% rally. what does this matter to the weremarket back of people worried about deflation when oil prices were in freefall earlier this year. with oil prices rebounding, people are thinking, wait a second. we are seeing some of facts of the stimulus programs from around the world. oil is stabilizing. what were we thinking? deflation seems to be off the table. now they are watching inflation. all sayingll gross that the german bond under 10 basis points which is now at .69, which is really happy.
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let us say that this bond route is not quite compared. if you were in german debt, you would've lost 50%. what are the expert saying? lisa: the question is how much will growth really be sustained in europe. we had a economic data coming out of europe today showing the fastest growth in two years during the french quarter of the eurozone -- first quarter of the eurozone. there are signs of the stimulus is taking hold and causing reflation of the region. bond yields are incredibly low in europe. historically low. we are talking for 10 years at 0.7% yields on the german boot. this is still historically low. that yield has increased by 14 times. that was since its low earlier in the year. olivia: still coming off an incredibly low base. one third of the debt still a negative territory. lisa: that makes knows -- no
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sense. can doopean central bank anything to avoid inflation. it makes no sense to own negative yield bonds. olivia: i would argue that the big move really started last week when the european commission came out and said, oh my gosh, we're going to get 1.67% inflation next year. that is something that nobody saw coming a few months ago. lisa: i would definitely agree. once negative yielding bonds start losing value and yields start to turn more positive or less negative, why would anyone buy it? why would anyone catch that falling knife? olivia: for the privilege of lending to the german government. thank you, lisa, for covering the bond markets for us at bloomberg news. what are financial pros reading this morning? we will show you the most read stories on the bloomberg terminal. ♪
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olivia: we are one hour into the trading day. gets time for you to caught up with all the trading action. let us go to jonathan. johnathan: markets are painted red. these are not lows. the 5100 a 1.4%. off by over 1%. equities trading lower through much of the session today. i think the key part of this is that it is not just warm or two industry groups.
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it is 19 out of 19 industry groups on the stoxx 600 getting black through much of the day. that is what is key. the big one is the market shakeup. the catalyst for that is the global bond rally. it is right here right now. i'm looking at that higher by eight basis points. 0.69%. have multiplied by 14 times in a matter of the month. an amazing and remarkable turn of events. when the bond market goes one way and spends on a dime, a reversal of all the game so far this year. the key to the start of the year is that it was by bonds and equities. that is to sell bonds and stocks and by the euro. the euro is stronger. thes a 10th of 1% against dollar. the key here is dollar weakness across the space. back to you. olivia: i'm going to take on
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what you were talking about. e: all that selling going on has been happening here in the united states as well. look at the 10-year note for example. we are seeing the u.s. 10 year yield at the highest level since november 2. the selling that has been going on in europe has indeed spread to hear. if you look at what is going on with yield in that chart, which i believe is the intraday chart. we have come back down a little bit from where we were previously. in terms of the individual stocks, a lot of deal flow and speculated upon deal flow. the big deal is verizon agreeing to buy a for $4.4 billion. we have been watching that as aol stores by 90%. there is potential deals. the set to beon near a deal to sell itself. there valuation of $10 billion in acquiring thermo fisher
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science. spectrum pharmaceuticals is coming under pressure from august this, a company that owns 5.4% of itself. spectrum up as well. erik: a lot of deals out there. olivia: thank you, john and julie. the big story is toshiba share in the red. more analysts suspended coverage following an investigation into improper accounting processes. david ingles files this report from hong kong. david: these seven banks has stopped coverage in the meantime. investors really hate that phrase in accounting and regulators. going a little bit further, we know about the understanding cost and other projects. themght actually see
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revised downwards previous earnings reports at some point in the future. let us show you were asian equities ended today. ending in the green while the hong kong was off by 1%. here are some of the top stories crossing bloomberg terminal at this hour. richard shelby calls his proposed revamp of the dodd-frank reform act a work in progress. the chairman of the senate banking committee may unveil his bill today to remove some of the tougher restrictions from small and medium-sized next. it will also increased scrutiny of the federal reserve. the parent company of the giant and food lion circa markets are in merger talks. if they actually merge, they will create the fifth largest supermarket chain here in the u.s. in europe. both companies say that talks are preliminary and may not result in a deal. russia may have between 8000 and 10,000 soldiers in ukraine. that is according to reports
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from the slain opposition forts. dollars for the pro-russian support and insurgency. they could prepare for new whilee and -- offensive vladimir putin denies. closing hearings in the boston marathon bombing trial. they will decide whether he will be jailed for life were executed. the last of witnesses was a death penalty opponent. she said that johansen knives said he was sorry for his crimes. a watchdog group says chris christie spent thousands of dollars on meals and desserts while in office. $90,000 expense advanced every year. he has been office now for five years. the new jersey watchdog says that the grocery bills have fallen since he had lap and surgery two years ago. those are your top stories. what stories are the finance
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pros interested in this morning? we took a look at the most read stories on the bloomberg terminal. you can see one that, i was right now. the third one about the watchmaker setting a record at auction. a timepiece sold for a record price for a stainless steel rich watch. -- wristwatch. joining the onset is pimm fox, watch aficionado himself. what do you make of the auction gek? pimm: when you talk about watches, it is not a one-time purchase. you talk about people who have collections of these. the couple of things that determine the price is the rarity of the piece. it is 88 years old. the pedigree of who owned it previously. the complication of the watch. there are many companies currently making watches, which they hope will hold their value as long as people still go on and collect these things. do you have a special watch that was given to?
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olivia: i have a special watch. my watches a 1984, just like me. .imm: happy anniversary olivia: $5 million feels like a lot for stainless steel. but i have interviewed the ceo and the museum actually bids in these auctions often. they are always trying to get a skip on running out whether they are a bitter because they have a beautiful museum that they are buying or. there are various brands that are trying to add to their collection. for example, the watch that was worn by jackie kennedy was also purchase in the museum. you have a variety of historical meanings when it comes to watches. really when it comes down to is a very small group of people. when you look at these things and handle them, their eyes light up just like if you collect paintings or sculptures. olivia: let's be honest. $5 million is a pretty price.
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pimm fox joining me now in about 10 minutes. looking forward to it. thank you so much. democratic, the party breaks ranks over trade. liberalsoking at why like elizabeth moran and bill de blasio are attacking the obama administration like never before. on
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olivia: the democratic party is splintering over free trade. is using attacks to describe his usual allies. one is elizabeth warren. here is him in an interview with yahoo! news discussing his position. >> she is a politician like
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everyone else and has a voice that she wants to get out there. i understand that. on most issues, she and i deeply agree. on this one though, her arguments do not stand the test of fact and scrutiny. don't stand the test of fact and scrutiny. that is pretty clear. today, elizabeth warren and bill de blasio will unveil new ideas for pushing their progressive agenda. looking at a possible splintering of the democratic party is peter cook and margaret. peter, let us start with you. what is this new american contract that bill de blasio and elizabeth warren are unveiling? bill de blasio as part of the unveiling that is happening here this afternoon on capitol hill. it is the left equivalent of the contract with america that new -- newt gingrich brought many years ago on capitol hill. needing that
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happen is addressing issues like income inequality. they are running to the left of president obama to some extent. stone that blasio, a a time where he still has issues in new york. he is trying to raise this issue is at a national level here in washington as part of a four-day swing. it is a pretty high profile event for a new york mayor who is still having problems in his home city. nobody is suggesting that bill de blasio has any intention of running a national campaign or anything like that, but senator hillary clinton is. can bill de blasio and elizabeth warren succeed in dragging hillary clinton to the left? margaret: hillary is running the de blasio-award-winning and her former self which was at one time in favor of trade deals and other progressive ideas.
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now.n the center -- she is in the center now. i secretary of state, she was in favor of it. as first lady, she was in favor of nafta. now she is very vague. she says we have to put safeguards because she does not want to take a stand on such things. she wants to be all things to all people. bill de blasio was hillary clinton's senate campaign manager. far he can go in criticizing her and keep his credibility. on the trade thing, i think elizabeth warren as a theory which is that trade treaties can overcome some domestic laws. there is a little bit of evidence that has happened in some places. bloomberg news is working on a piece to analyze whether that has credibility and how much that charge has. olivia: is about trade and inequality.
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joe will be on the tour with bill de blasio. his inequality and issue that hillary clinton from the non--- can win on -- is inequality and issue that hillary clinton can win on? as a country where we aspire to go up in income and status, people always want to do that and they do not blame the people who are successful or wealthy. but nonetheless, there's so much out there about income inequality. the figures are just staggering. the degree to which it is so hard now, where unlike my parents who could do that and my generation, we could go up in class. it is very hard to move out of the lower working class these days. hillary will get on the right side of that. in a more gentle way then bill de blasio and elizabeth wharton want her to do. they are like the club for growth and evangelicals of the
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republican party and tea party. this is the only time that you can pull your candidate to the right or the left. they are taking this opportunity right now to pull hillary to the left. the general audiences on, it's over for them. came to ther, we segment saying that this is splintering the democratic party. is that really true or using people line up more in line with the obama camp or another segment of the party lining behind war and end of audio. -- elizabeth warren and bill de blasio? peter: you will see a play out on the floor and this will still into other issues. have a president pushing hard with republicans for fast-track authority and issuing agreements with 12 pacific nations. he needs six democrats to join the pelicans to make that happen this afternoon. it is not clear he is going to
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get it. this is a sitting democratic president, who even harry reid is going to vote against the him today. this is a president entering the final two years of his term in office. there are a lot of democrats right now looking into the future and think that this is a vote that they do not need to back the president on if they want to save their own political future's going forward. olivia: does the president have enough republicans to make up for the democratic dissenters? peter: we don't know yet. there are a number of democrats who support the president on trade, but not a big number. do they back him now or risk embarrassing him? that is the challenge now. the white house is twisting arms here in the senate. i think he might survive the senate vote. if he does not get to 60, his trade agenda is in trouble and his final 18 months in office in terms of economic agenda are in trouble.
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he is a lame-duck president on capitol hill. cook,: thank you, peter and thanks to margaret carlson. op that we are looking forward to from the capital at 2:00 p.m.. you're going to see the mayor of new york and senator elizabeth warren surrounded by actors and actresses like stevie sent me and susan sarandon to unveil a new progressive agenda that they are calling a new contract for america. peter cook will be covering that rather day on bloomberg tv. still to come, we will hear from ceoformer "huffington post" for his take on the verizon-aol merger. ♪
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olivia: good morning. pending foures
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point $4 billion for their ad technology but what are the pads for a long content sites like covington post? we had an exclusive interview with the cofounder, up next. >> it will hundred $50 million gift to yale university and how does the multibillionaire decide who gets the fortune. olivia: access to banks to keep growing, but must banks say they don't want to get burned. olivia: good morning and welcome back to "bloomberg market day." i am olivia sterns. pimm: i am pimm fox. the big story is in bonds. they erased most of their selloff but you can see they have a 30 year yield of 3.02%.

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