Skip to main content

tv   Bloomberg Markets  Bloomberg  January 6, 2016 10:00am-11:01am EST

10:00 am
betty: from the world headquarters in new york, here is what we are watching of this hour. the dow plunging more than 200 points at the open sending stocks towards three-month lows. what is driving this a lot today. a clue is china. valiant pharmaceuticals naming a new ceo this morning. how the news is driving shares. , surprise,s skepticism as north korea claims it has tested its first hydrogen bomb. ♪ betty: ahead to the markets desk for julie is looking at some of the breaking news that is just coming out, including on the services side of the economy. julie: services is the biggest part of the u.s. economy. that never is coming in a little bit worse than estimated but not by a huge margin.
10:01 am
55.3 is the reading. 56 is what analysts had been anticipating. this is a current number for the month of december. it's one of the first data points we get for last month. 55.3 was the reading, a little lower than the 55.9 recorded the prior month. there was a little bit of concern we would see a follow on from the manufacturing number they came in much weaker than estimated. it does not like the follow-through is that poor on a relative basis. we will be watching. and durable goods orders, the final reading for november in the past few moments. no change, unrevised from where it was. transportation is coming in unchanged as well. the initial read had been in decline of 1/10 of 1%. a little better on a particular front. factory orders down to tens of 1%.
10:02 am
that's in line with estimates and a reversal from an increase in factory orders the prior month. factory orders and the durable goods numbers are for november. the ism number is for the month of december. again, these numbers coming in better than the manufacturing numbers and potentially sustaining the u.s. economy. let's look at what is going on with the markets. we are seeing a steady downdraft in u.s. stocks. a couple of things going on. we had north korea saying it tested a hydrogen bomb although the reaction is stock markets in that region were not terribly negative. at the same time we saw devaluation of the yuan by the chinese government. that was a little steeper than anticipated. that's putting pressure on stocks globally and we have been watching once again what is going on with oil prices. betty: he cannot escape that. the correlation is so tight. julie: we have seen oil prices
10:03 am
fall once again. that is pushing gun energy stocks. brent looking at a 4% decline. at 34.81.e both of these moving. we will be watching that number closely. i want to check in a couple of individual stock movers. apple moving lower. yesterday there was reports that the japanese servers -- new service said aber planning on cutting production for the iphone by 30% over the next two months. rosenblatt analysts cutting the stock to a neutral from a buy. and a quick check on chipotle mexican grill. their december same-store sales fell by 30% and they got a subpoena from california. this year is only down by about 1.5% but they have fallen about 30% over the course of all of these various outbreaks.
10:04 am
betty: a lot has been priced in already but still a decline. thank you julia the market desk. let's check on the first word news with vonnie quinn. weapons experts are disputing the north korean claims that it exploded a hydrogen bomb. government tv showed kim jong-un ordering the test. wash korea says it probably not a hydrogen bomb but experts in the weapon could be smaller than those previously tested by the north which would make delivery on a missile more feasible. offering tosia are ease prices between -- the crisis between iran and saudi arabia. iran has been here is since saudi arabia executed a shiite cleric. the gop led congress will finally put a bill to repeal obama care on the president's desk this after 61 attempts.
10:05 am
this bill has been passed by the senate and is filibuster proof. it will be sent to the president. he will then veto it. it could also defund up with -- planned parenthood. the man accused of buying the guns used in the san bernardino mascara appears in court today. he faces charges of conspiring to support terrorists. he could get up to 50 years in prison if convicted. has said little in two previous court appearances and has yet to enter a plea. global news 24 hours a day powered by the 2400 journalists around the world. betty: thank you. shares of valiant pharmaceuticals are turning just a bit negative on the news that howard schiller will take over as the interim ceo. he was currently the cfo. he succeeds michael pearson he was been in the hospital with severe pneumonia. we want to bring in drew armstrong.
10:06 am
what is this piece of news today tell you? through: -- drew: i think it's good news and a lot of people respond that way. it's good news for the shareholders in the company. if you look at the stock last night when it broke, valeant was appointing an interim ceo to replace this three-person executive office of the ceo they announced about a week before. i think a lot of people freak out and said what does this mean? is mike pearson much worse than anybody has known? howard schiller helped build this company with my pearson. he has been on the board, knows it well. betty: was a part of the three-person team? cfo. he was the previous people have called in the explainer in chief for valeant in the past. he is not considered a supermedia friendly or smooth.
10:07 am
ofs not always been the face a company that people said we need some it we can turn to when a time of crisis to be out there. howard schiller did not do a lot of that. last night when we saw the news there would be someone as an interim, the stock dropped. it was down 7% or 8% at one point. now we are seeing a recovery. people respond to this. bill ackman was out there praising him this morning. it's generally good news for them. betty: it makes you wonder why they did not have a plan in place sooner. it's good news for the shareholders and for the company, but does it indicate that maybe things are not much better with michael pearson? drew: the company says he is still hospitalized with severe pneumonia. that is what you would expect. severe pneumonia knocks you out of your chair. it's a real disease and puts people at the hospital. it was young, healthy people in the hospital and can do so for weeks.
10:08 am
he is 56. he might not be the healthiest guy. he doesn't come across a marathon runner. they said he is getting care. i'm sure he's getting the best care available. they expect him to be out for some time. he will not be there in front of investors that jpmorgan at the conference coming up. betty: they have not given an update on his condition? drew: i don't think they know to be honest. they will have to wait until he is better in can resume his duties. this is probably one of the most stressful jobs, a health care ceo. the company has been through scandals. it is watched stocks fall off. you had investigations by law enforcement authorities, congressional authorities. this is a hard, hard job. you have got to wait until the guys healthy and able to resume his duties. betty: thank a much drew armstrong. much more ahead in the next half
10:09 am
hour. bernie sanders attacking wall street again, calling for a breakup of too big to fail banks. claims to have successfully detonated a hydrogen bomb. though stories and much more coming up on "bloomberg markets ." let's take a look at the markets. nearow is down 225 points, its low of this section. the s&p and nasdaq also dropping. ♪
10:10 am
10:11 am
♪ betty: welcome back to "bloomberg markets." for more than 30 years investing guru byron lean has given his
10:12 am
views on a number of markets and some political surprises. unlock his big predictions are stocks will drop, loyal will stay in the $30, china will barely avoid a hard landing growing at about 5%. he is vice-chairman at blackstone. kitty make his case, good to see you again. last year we did the same thing. you are noticeably more bearish. byron: it just seems to be a number of things are going wrong. the u.s. economy was not as strong as i thought. the fed has stopped accommodating. the geopolitical situation is clearly worsened. right up till today with the north korean announcement. there are some of the things happening. the thing that influenced me the most was the disappointing earnings. i think earnings will be disappointing this year. betty: i know last year you
10:13 am
predicted the stocks were going to go up about 8% and that did not come true. would you blame that on the earnings front? byron: i thought a lot of things. i am an optimist. you don't get to where i am without being an optimist. there are just a number of negative things that happened throughout the year. 31, the spillover into 2016. view as itnsus always is that the market is going to go up 10%. that is where i start. betty: do we need to start abandoning that? byron: it's always good at the beginning of the year to look at what the consensus view is. the three most crowded trades out there are one, everybody thinks the dollar will be strong. soon oil thinks pretty
10:14 am
prices will start to go up. and everybody think the tenure treasury by the end of the year yield 3%. when you start with that and think, is that right? most people think that in the market as a way of making most people look bad. betty: and you don't believe that, right? ec two-year yields at 2.5%. oil will be stuck in the 30's. byron: my view is the dollar will be weak. is a going tohat, be hard to make money in any asset class this year? byron: there was always a place to make money. on india insitive terms of the global market. i'm not positive on the emerging markets generally but i think india will do well.
10:15 am
i think there will be parts of the u.s. markets that will be well. some stocks will get some cheap -- even though the market is down they will be attractive. china, you are actually a little less bearish than some of the people out there calling for a complete recession or hard landing. mark, to play for you this is his take on china. >> we have a hard landing in the stock market already. we had a hard landing in commodities. we might have a hard landing in the economy. colossal trending bubble in china. betty: could he be right? byron: he surely could be. i have great affection and respect for marc and for his views. i read his material every month.
10:16 am
the one point he made it really is serious is the credit situation. i do refer to that in my surprises. the banking system is integrated. +++ put the reserves. i don't think will be a problem in 2016. that's why they are barely going to avoid a hard landing.
10:17 am
byron: i think they will slow down a lot the not have a hard landing. betty: how do you think they have done so far managing the markets and the economy? byron: i think they have done terrible managing the market but a good job managing the economy. they are fairly new to the market. they are very savvy on the economy. there is very important happening in china and that is they are rebalancing the economy. the service sector is very strong. is the manufacturing sector that is weak. and the manufacturing sector is the consumer and the commodities. the you look at exports, purchase of commodities in various countries around the world, that looks terrible. but if you look at the service sector, that is quite strong. betty: i think the index just said it -- just hit a 16 month high. they are pushing the messy growth -- domestic growth and it seems to be working so far. but is not fast enough or big enough. you had one prediction last year about vladimir putin. you thought he was going to resign. stopped getting people to resign. i think i finally learned my lesson on this. i thought things would not do well for russia. they did not go well for russia
10:18 am
and the russian economy is in terrible shape. betty: it is awful. byron: instead of resigning he sent troops to syria. that was his way of reestablishing his prestige in the country. betty: we surprised? byron: yes, i was. betty: there were predictions that it come true. the illiquidity of the bond market. you cited be subject only to the high-yield area and it has been so far. you also noted that the fed is going to raise rates and they did. they did it a little bit later than you predicted but this year do you think the fed is only going to go once? why is that? byron: i think the economy will be softer. stanley fischer said they will be watching the data and it will be very weak. they will be sorry they did even one. i think it will feel that they ought to give the economy every impetus they can.
10:19 am
betty: do you think they should've gone in december? byron: i don't. they have a credibility problem. they probably had to go in december. can the economy handle it? you look at the figures. but iport was impressive think the economy is not strong. i think earnings are not strong. theink as a result of that fed should remain accommodative. they have been very specific about saying they will not shrink the balance sheet. betty: let's talk more about this in a moment. we will take a quick commercial break. byron staying with me. we will talk about his productions on politics. this is a live shot on capitol hill warehouse leadership is holding a news conference moment ago. paul ryan sing the house and put onmacare, repealing the bill the president's desk.
10:20 am
mostly a symbolic gesture but it is republicans hitting back at the president. we will update you with any headlines on bloomberg television. ♪
10:21 am
10:22 am
♪ betty: welcome back to "bloomberg markets." we are back with byron wier from blackstone. one of the big surprises to watch is the race for the white house. you predict hillary clinton will win over ted cruz. that is bad news for the guy challenging her right now, bernie sanders. halperin, yourk had a chance to sit down with sanders yesterday after the press conference for he attacked wall street again. he says let's break of the big banks. mark: something he already talked about. all the candidates running are speaking with less than a month before iowa. how they want to frame things
10:23 am
for voters. sanders is getting a lot of attention in some quarters were not old quarters. we sat down with him to talk about his closing argument related to wall street and some of the themes and issues about how he wants to change things if he got elected. in dangerders: are we once again of the two big to fill situation where wall street crashes and the taxpayers have to bail them out. very few people know this. after we bailed out wall street because the bank's were too big to fail three out of the four -- are significantly bigger than what they were before we bailed them out. mark: bernie sanders has credibility on the issue. i asked who he looking for economic advice and he said the former labor secretary and elizabeth warren. those are two people i think are pretty clearly to the left of hillary clinton. she has moved somewhat to the left on these issues in her own proposals. betty: are they supportive on
10:24 am
this issue? mark: there are some differences in their proposals. she has been somewhat specific. for a lot of democrats that are undecided, he has more credibility if he were elected to change the way things work and to stand up to wall street. betty: what do you think, byron? byron: being an outsider is very popular this year. that is how carson, trump and cruz got to where they are. betty: and sanders. the republican establishment once an outsider standard -- an outsider. i don't think the democratic constituency does. they want somebody with experience which is why think hillary gets the nomination. the democrats have an engineer like twhirl college. i think hillary will win. she will be opposed by ted cruz. he will emerge. julie: why do you think this?
10:25 am
byron: trump is too extreme. says canhe things he be fact checked. almost nothing that trump says can be fact checked. are people in the corner tsonga ted cruz has momentum to possibly reach frontrunner status? things yous a lot of want if he's going to be a contender. money and message. betty: $30 million? cruz arehink trump and going to be finalists. they will get into the march contest not just in the south but elsewhere around the country. the question is one or two other people in the established parts of the party become march players. if one does, i think that person is a decent chance to be the nominee.
10:26 am
historically they have always nominated an establishment candidate. have strengths. betty: thank you so much for joining us. our politic managing editor. byron, thanks this -- great to see you. thank you for your predictions. .oin mark tonight -tang clanterview wa member rza. that is tonight beginning at 5:00 eastern time. tim armstrong is next. ♪
10:27 am
10:28 am
10:29 am
when you're on hold, your business is on hold. that's why comcast business doesn't leave you there. when you call, a small business expert will answer you in about 30 seconds. no annoying hold music. just a real person, real fast. whenever you need them. so your business can get back to business. sounds like my ride's ready. don't get stuck on hold. reach an expert fast. comcast business. built for business. betty: welcome back. awaiting the oil inventory numbers that are coming out in a few moments. let's go to julie hyman and she has the details on this.
10:30 am
we see oil prices sensitive to these inventory prices. julie: wti is trading near a six-year low and brent is at an 11 year low and there is concern about the inventory numbers we have been saying. the american petroleum institute reported a drawdown in infant is but a buildup the natural gas 580 9e numbers are down million barrels but gasoline inventories are off by about 10.5 million barrels. seeing isght be concern and we will see what the reaction is but there might be concerned that the drawdown in inventories is temporary if there is a build in the refined alex inventories -- refined products inventories. we will see how that continues .o play out
10:31 am
a drawdown in infant's of five one million barrels, gasoline and it is up 10 and 5 million barrels and desolate's are up 6 million barrels. you see the reaction in oil prices which is a little bump up and then a come down and down by percent. as we talk about the longer term, it has been down in looking at my terminal, over the longer-term, the six-year low talked about. oil going back to the beginning $35.09, this red line is we went below it back in mid december and have gone below it once again. this is wti and this is creating a ripple affect the market and energy stocks remain the worst in group and are helping drag down u.s. stocks as a whole. all of the oil companies are seeing big percentage declines. betty: thank you so much. to technology and the
10:32 am
consumer electronics show which is underway in las vegas. cory johnson is interviewing some of the biggest names in tech and media. the ceoy is there that of aol is there, tim armstrong. cory: everybody is here but you including tim armstrong. it's early in las vegas but the sun is up which means people are playing cards last night. really interesting things with you and the verizon acquisition . >> our goal has been to be the largest technology media company in the world and we have augmented that to focus on mobile the verizon accusation -- acquisition. we brought millennial media which is one of the largest public mobile media companies. we went from 200 million consumers last year to ending
10:33 am
the year with about 700 million. it's a huge scale change but we have bigger goals for 2020. we want to get to 10 million craters on our platform and 20 million dollars in revenue. cory: it's an interesting blend and serving apps beyond that content and the microsoft deal exemplifies that. said tof the companies me last night you guys are the only hybrid company you are in mobile and technology and content. that has been our long-term goal. re-think the combination of culture and code and where it meets technology and what will be 6 billion people on high-bandwidth smartphones is the place for the future3+. without angling our decisions in that area. cory: is yahoo! in the same three areas? >> we have been successful
10:34 am
focusing on one thing, aol. i'm not sure what strategy they have. inbelieve our strategy combination with what everyone else is doing in the industry, we also with everyone in the industry. we are the digital partner ces. if you go to apple or google or microsoft or facebook or to better, where partners with them. strategy ofng-term our own a long-term partnership strategy. and, weompetitive stand are not so much in direct cooperition.but in cory: which of those are most interesting? has been questions over the last six years since i got to aol. we could have spent time focused on that only did not. we focused on aol and turned out
10:35 am
to be the right path. we will continue down that path in the future. we have our long-term goal to i am not commenting on any specific companies that we want to increase the scale of what we are doing. we will look at anything that makes sense organically to make sure we become one of the most important mobile media companies on the planet it where organically running the company now. no one did more deals than we did last year. we are focused on operating. tech is big in the conference business here. what is the role of the conference business and the webined verizon/aol the >> believe firmly that digital media's taking of but urbanization is happening and people like to come together and learning groups.
10:36 am
we have a digital business and the conference business and where the official media partner for ces. threaded through the entire conference and it's a great way to have home field advantage in the largest electronics show in the world. by our boothwalk and you see the tech crunch and weep out almost thousand articles per day. pump out almost 2000 articles per day. tim armstrong, thank you so much. thank you so much. let's continue with the bloomberg first word news this morning that vonnie: thank you, the europe can union is meeting on border controls and refugees and a descendent into finger-pointing as germany
10:37 am
blamed others and denmark is telling refugees to go elsewhere and speeded confesses its crumbs. this is threatening the policy of no passport travel. sweden and denmark have instituted border checks because of the huge flow of refugees. 2 woundedfficials say american soldiers in a body withered has been evacuated from a battlefield in southern afghanistan after fighting broke out with the taliban and in southern homeland province. --elmund province. it's welcome news for a state suffering from severe drought, the first of a series of storms is having california. el niño should bring heavy rains to the state over the next few days. officials say even the wettest of winters will not replenish water tables. of the armed group
10:38 am
occupying a wildlife refuge in oregon says he believes federal arrest warrants have been issued. authorities say they are working on a peaceful resolution. the group says it will lead the refuge once there is a planter turnover over management of federal land to locals. global news 24 hours per day powered by her 2400 journalists in more than 150 new sparrows around the world. much more ahead and reports are saying apple will cut production of its iphone by 30% and puts pressure on the shares. we will talk about that plus yahoo! is overhauling its management and could this be the final straw for marissa mayer? all that and much more coming up. ♪
10:39 am
10:40 am
10:41 am
betty: welcome back. it's time for the bloomberg business flash. shares havethaway moved shares close it where warren buffett says it feels it likelyvalue in climb to $150,000 per share at the end of last year. shares closed at $907,000 or to the 8% above the estimate. berkshire hathaway says will buy back stock for opinion of 20%. d companys largest monsanto first a loss yesterday that it is facing the first drop in annual earnings in six years and it has been hurt overseas by the stronger dollar and lower
10:42 am
crop is escaping farmers from buying more genetically modified seed. deficits rank in december as exports kept falling because of the stronger dollar. that was offset by a drop in in its. imported merchandise dropped to its lowest level in more than four years, a troubling sign. that is your latest bloomberg business flash. in europe, mark burton is watching european stocks fell again on china. >> they lowered the reference more than anticipated. the yuan is falling to a five-year low growing the cat among the market pigeons. these are all the industries. every single one of them are declining.
10:43 am
got the geopolitical concerns of north korea added to the already concerns about saudi arabia and iran. for the perfect cocktail the color red. indeed, i know we will have much more ahead on a european closing we'll talk about that china. is back on thet table? david cameron goes to germany today to meet the german chancellor angela merkel. we will speak to our men in berlin to discuss whether he ng out of angela merkel. simon smith will talk about the china -- yuan story. ono have a fascinating story the wildest swings in european stocks since 1999.
10:44 am
battle. u.s. luxury car we will focus on the electric batmobile which goes from 0 to 60 in under three seconds. is that can afford you? betty: i'm thinking with flash. i will see you in a little bit. continuing in asia, asian stocks dropped for a third day among concerns about the strength of the chinese economy. of the regionout was in north korea claiming it tested a hydrogen bomb and has been condemned by its ally china. tension is high in the region. pei reports from south korea. >> whether it's a hydrogen bomb or nuclear bomb, it still tense situation in the region and it comes as
10:45 am
relations between north and south korea was improving. there is worry that even if it wasn't a hydrogen bomb test that this was one step further in their development of actual operational nuclear weapons. that's why russia, china, prior allies have also condemned it and are worried and concerned. oury: i want to bring in reporter who covers international politics. let's talk about the consequences and the actual analysis. there is doubt they detonated a hydrogen bomb? when youe the claim, look at the seismic waves, it appears to be lower frequency, a weaker level than what would traditionally be expected of an h bomb. we know it the impact of nag a sexy and hiroshima wise.
10:46 am
when you have a successful detonation, it will be thousands of times more powerful than that. why north korea would be interested in developing that is it has trouble developing a delivering vehicle -- a delivery vehicle in previous years. build ansuccessfully h-bomb, you forgo the need to have a delivery vehicle because it is soap that you don't need -- it is so powerful that you don't need the distance you seek. and that's why the u.s. and china and all countries are concerned about this capability. the un security council will start a meeting on this in about 15 minutes. whether thiscuss was a successful h-bomb test are not. betty: if they confirm that, then what? >> all the reports that have come out say it's not likely but
10:47 am
if it was the case, they would have to have a complete reevaluation of not only diplomatic sanctions and solutions but the military korea, of u.s., south japan, china, and pretty much the entire region. with the seismic and geological tests, it's doubtful. betty: even if it's doubtful, richard haas said it's very troubling because it shows they are increasingly implementing more sophisticated capabilities. listen to what he said about that. >> it's basically the fourth nuclear test that north korea has conducted over the last nine years. it's not clear whether it was a hydrogen bomb but either way, it's worrisome because they continue testing in the face of international pressure 2-d system. it should -- pressure to desist. it's not happening in isolation.
10:48 am
they are improving their missile capability parallel to this. betty: that's very troubling but i imagine that china who borders north korea is most troubled by this. what is their response going to be? everybodywhat i is asking. for china, the red line is whatever punitive measures the international community takes against north korea, it should not result in collapse of the regime. they don't want the government to fall and have refugees swarming their borders and causing chaos. china has enough on their plate as it is. that test whether it's an h-bomb or not, it's a provocation and there is a legal question that needs to be answered. this is an act that violates the un security council resolution. anda is a permanent member they have an obligation to uphold that. go, is there we
10:49 am
anything special with the timing? >> unofficially, since the government has not confirmed this, january 8 is kim jong un's birthday. it has been a regular occurrence, this provocation. betty: thank you for joining us. has beenad, chipotle battling its e. coli scare for months. it is all coming to a head today we will explain and why it is causing shares to fall. ♪
10:50 am
10:51 am
betty: welcome back. look at u.s. markets, abigail doolittle has the latest lies from the nasdaq. there is a lot going on with yahoo! as shares were down in
10:52 am
the p market and are now down just a little bit after activist urgesor star board value the company to overhaul management and the board saying significant changes are needed and the recent decision to spin off the core web business is not acceptable. this follows pressure from other activist investors last year including kenyan capital and a spring owl which may reflect profits and dropping this year when the current ceo took the helm. apple is down after a report said iphone production may drop as much as 30% in the first quarter. the source of fears driven by supply chain concerns are behind the stock with a more than 15% drop from last november. i spoke to john butler and he had an interesting point. he said the apple supply chain
10:53 am
is huge and a few are even several reports of weakness around iphone suppliers does not necessarily equate to overall weakness in some analysts have gotten this call wrong in the past. we are likely to see lots of volatility until more clarity is provided on the fiscal first-quarter report expected january 26. betty: thank you. coming at tripoli as shares are lower after the mexican grill sales plunged more in the fourth quarter. a federal grand jury subpoena was delivered. we have been on this story from the start. what you think is the bigger impact? is it the sales numbers or the subpoena? >> neither one is very good. they had said sales would be down 11% so we were expecting a is thee quarter and this
10:54 am
first time they reported a negative sales quarter. they have taken a hit from this crisis. you get a sense of each time the cdc has more cases, the way that adds to the sales decline, it went down asles much as 37% after the boston incident. sales were down 30% for december but the immediate aftermath, when the headline hits, the sales plummet. you have this criminal investigation now and it's not clear what they were looking for. it's being run out of california and not a lot of details right now as to what it is. it's another round of headlines, it's a criminal investigation so it's not good for chipotle. it's not clear what the crime would be. the investigation focuses on one location in california were they had a neural virus outbreak --norovirus.
10:55 am
that person should have been sent home. it's not clear what the crime would be. betty: this sounds familiar to =rusother case of nortovis in boston? that's right, he did not get a ton of attention until the e. coli story broke. this company has had a few food safety issues back to back. there are some questions about the safety protocols and how they run those restaurants. betty: that's the first criminal case but they have a lot of civil lawsuits? >> i think they have been sued seven times by people who have been sickened and minister area -- in minnesota are other states. it raises the specter of a criminal probe. it just them saying we are looking at the simi valley,
10:56 am
california restaurant and what went on. it's not clear what they are looking for what the crime would be. betty: there is no update on this e. coli? >> that's right. risk.n ongoing until cdc says we know what it was, it will set out there as a big problem for chipotle. betty: thank you so much. much more just ahead, big interviews this afternoon from the consumer electronic show including the qualcomm ceo at noon and the under armour ceo. ♪
10:57 am
10:58 am
10:59 am
betty: it is 11:00 a.m. in new york and the night in hong kong. good morning. welcome to the europe can close. mark burton is joining us live
11:00 am
from london as we wrap up their trade in london in the next half hour. >> yesterday's rebound to the worst ever start proved short-lived as china and geopolitical concerns rattle european equities. the european close starts right now. ♪ ♪ betty: we will take you from new york to london in the next hour. london is where we find mark barton. >> tuesday's respite did not last long. by stoxx 600 is down 3.6% which is 333 billion euros disappearing. china, oil, geopolitics -- we will talk them off and it's an indiscriminate sell off. all 19 industry groups are


info Stream Only

Uploaded by TV Archive on