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tv   Bloomberg Markets  Bloomberg  April 6, 2016 10:00am-11:01am EDT

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♪ betty: we will take you from new york to london to hong kong in the next hour. the world's biggest ever health , pressure in the u.s. government on taxes. we look at what other deals can be affected. ink: the front runner wisconsin, bernie sanders beating hillary clinton by double digits as all eyes now shift. ted cruz topping donald trump. does the wind for ted cruz now boost the odds of a contested republican convention? betty: big bets on the global bond fund to its worst
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performance in years and 2015. a completely different story in 2016. we will talk with the funds manager about going from worst to best. head straight to the markets. deal threatened here. deal that is very long in the making. preparing to block the merger on antichrist -- antitrust grounds. so you see, shares are rising 3% for baker whose -- baker hughes. yesterday, halliburton shares watching those as well to see how they are reacting. they are trading higher.
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all the way back to november of 2014. i will take a look. >> they say they will contest the lawsuit. the company's believe the doj reached the long -- the wrong conclusion and that its action productive -- >> they are both down relatively sharply going back to that date. this is adjusted. they are falling also with global energy prices. that has weighed on the stocks as well.
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ofre not seeing a lot change. the nasdaq is faring the best of the three majors. to get a little more graduate ready on the mixed picture here, equal and in green on the screen. telekom shares are doing the worst. health care is helping to lead the gains and energy shares are also trading higher. the fed minutes are coming out later today. on how the details doves and the hawks breakout. the treasury market, we see the yield on the 10 year coming up a little bit. a two-year is unchanged at this point. we continue to watch currencies, inecially the japanese yen the wake of the action
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yesterday. 11004 right now as the dollar falls against it. a little bit of a reversal of yesterday's move. very slightly higher at the moment and oil, a quick check. inventories are coming out in just under 30 minutes. ahead of that, there is some optimism. maybe a drop in inventories. we see that up 3%. little changed after the biggest drop yesterday in six -- in six weeks. we will talk about it in seconds. in play after the pfizer allergan deal fell apart. company, shares are up as much as 10% today, the most since 2003. the company betty reported, first quarter profit that beat estimates. it is phasing out less lucrative contracts. is a company that makes a quarter of the world's chocolate. it produces it for brands like
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cadbury and hershey. it provides chocolate for its ice cream. what a great story. exactly. very few people have heard of this company. a company after your own heart. it is of course the french airline. shares have some today because a chiefrprise, the executive is leaving. shares are down 4%. down as much as 9%, the most since july of 2014. it basically comes at a tough time because the company is trying to push through cost cuts against opposition from workers. that has beent really popular among my peers today. it, because that is exactly what ftse is saying. the ftse 100 and ftse 250 companies would be falling. not at all. this chart right here tells us
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they are valued at the most to theve ever relative european peers, trading on 16.2 times estimated earnings. 1.08toxx 600, that is times better. that is a record high. who cares about the upcoming referendum. that is where ftse -- that is what ftse 350 are saying. betty: a good lesson there. firstcheck in on the solar news this morning. vonnie quinn has more. would begink you it with the races yesterday. setback in wisconsin for the front runners in the race for the white house. ted cruz and bernie sanders where the winners. ted cruz be donald trump 48% to 35%. sanders beat hillary clinton 57% to 43%. sanders's 1056. 740 delegates.
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the obama administration -- operation for resettling syrian refugees is underway. resettled in the u.s. under the program. they are heading to kansas city. president obama wants to bring 10,000 syrians to the united states. not acted so the obama administration is finding my elsewhere to bolster the fight against zika. millions of dollars been transferred to the center for disease control. the cdc is focused on vaccines and combating latinos -- zika virus. -- run forinister secretary-general of the united nations. the woman has never held the position before. now four are running. the current secretary-general later this year ends the term.
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poverty eradication program. the royal bank is cutting its growth forecast for russia. organization predicts russia's's economy will contract 1.9% this year due to low oil prices and international sanctions. the russian service that 3.1 are going to be living in poverty. global news 24 hours a day powered by a journalist in 150 bureaus worldwide. thank you. back to the top story this morning, pfizer is terminating the $115 billion deal to acquire allergan in the face of the u.s. treasury crackdown on corporate inversions. the deal is no more. the allergen ceo spoke with number television in the last hour about his company's plan to now spend the cash on hand. >> we are in a terrific position. this was not plan a. we were prepared for this. has a a plan and allergan
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great opportunity as an independent company to leverage r&dgrowth profile, large assets, and as you mentioned, our balance sheets. we will continue to look to become the premier pharma company and we will go look to find assets that complement and increase our growth profile. >> will valeant become one of those comments? less i cannot comment on a specific company but keep in mind the attributes of the things we buy are always growth in one ofr r&d assets our seven areas. valeant, i really have to understand their growth profile to be able to answer that question. request and you don't understand it or you don't like it? >> they have not reported, right? it is hard to see what was volume versus price. it has got a lot of good assets in there and a lot of good people. a premier brand in eye care, but i cannot comment specifically on
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valeant because i have not followed it that closely. >> would you be interested if they were willing to spin out bausch & lomb? it is a premier asset in eye care. different segments of eye care than we do. we are a pharmaceutical eye care company. they have more of a bed toward consumers and contact lenses. but i know the business well and i like the people there and i would have to understand the pipeline and the growth prospects in that business. >> and a you do not want to comment on specific acquisition like andwith something jen be too big? >> no, actually. i cannot comment on that specifically, but these new rules have virtually no material impact on standalone allergan. the three are look back as it just provision really do not impact a company like allergan, particularly as we get to october of this year and a third year anniversary of our deal. let's get you the
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conversation with the senior pharmaceutical analyst to bloomberg intelligence. stephanie grilled the ceo and i will grow you on the prospects, sam. bighat it when it comes to transformative deals? is it two strikes, no success, is that it could mark >> he would have to ask a hard-core scotsman. maybe he has got still a lot of energy left in him to go pursue these kinds of things. if you look at the companies and seriously, the press release when they announced the itsolving of the merger, specifically refers to more business as usual kind of stuff, put, we will look again and back on track our decision as to what we will do with our global established pharmaceutical business, which is the type of products where they are very
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close to the end of the patent life. that was a really exciting thing for the company to do. shineowth business to more. and of course they talk about business development that feeds their drug pipeline. that is what companies do and have been doing. i do not know if he has got the appetite to come back and try again. the reason asters zeneca did not work out is first, a lot of promises to deliver on. and have perhaps become more real now. maybe those are bit harder to see how they come about by 2023, etc., but also it was politics that got in the way. play another political gain? betty: was there ever any recourse? was their rear -- recourse other than saying, let's just up the deal? could have done something else? >> i cannot see what they could
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have done. this proposed set of rules was sufficient to get them to rethink their numbers. it just seemed very difficult, howeast on paper, to see they could still get earnings out of the deal, if those proposed rules were applied. i do not know what else they could have done. they engineered a clever way of trying to make this work. i don't think this is so bad, we have been saying. pfizer has a 7% earnings growth profile, based on consensus, they have some promise going off patent, but also a lot of interesting products. for breast cancer, a revolutionary product. >> not every drug merger will be a corporate tax and version, but is this the beginning of the peak of drug companies getting bigger and bigger and perhaps they will start reversing and the trend is reversing? >> if we take it to its
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conclusion, if pfizer does decide to spin off its global established. x, that kind of tells us what you are suggesting. we have a bunch of other orjects doing asset swaps divisions that they do not need one question is on the markets. that really not a business seems to fit very well, at least in my mind, and it has not been doing particularly well the -- recently. i think what we will continue to numbers ofge licensing deals, kind of m&a but not wholehearted lying of a company, and also deals of the $7 billion range. there are a lot of companies with the nasdaq index and down. that may become more attractive. betty: thank you so much. we will leave it there. senior pharmaceutical analyst at bloomberg intelligence. lachman perching square capital
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-- purchasing square capital. interestingly, initially, it was planned to be a passive investment in that it changed as the situation changed with valeant. up 8%. a handful ofut candidates, he seems to remaking the case that the best time to be ceos when expectations are extremely low or the valuation is extremely low. now presumably would be that time. he also said the stock is trading as well because of the concern about financials, management, and governance. the announcement that the ad hoc committee that had been investigating had finished its investigation and found no further issues there. he said it is a positive step and he thinks the stock would potentially bounce back quickly. it looks like he is moving on to talking about his stake in air products. we will keep you posted on
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anything else coming out of the call. you, julie. bloomberg is live blogging the call you can see that. much more ahead on bloomberg markets. surges in wisconsin. next up is right here in new york. delegateo the daunting math at the presidential race as it moves to primaries. ♪
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mark: i am mark barton. let's turn to politics. ted cruz got a decisive victory in wisconsin last night, beating billionaire donald trump with 48% of the vote.
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mr. cruz: tonight is a turning point, a rallying cry. the national clinical train began to change two weeks ago. we won 69%e of utah, of the vote, a landslide election. ted cruz needs forfeits of the remaining delegates to win the republican nomination or trump is still on top or joining us now is john heilemann, managing editor of bloomberg politics. hello. break this down for a. what happens when they had to the northeast? the: the good news for never trump fork is they wanted big victory last night -- they night.ig victory last they took dr. been slowed him down. they come to new york, bad news, there is no new think donald trump will not win the state. he has got a big lead in the polls.
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going intoroblem is the other states that happened after new york around the northeast and rhode island and connecticut, maryland, pennsylvania, trump is strong in those places. is whatg that happened matters. a pretty high number. he did make it really hard for donald trump to get 37 delegates. we will head toward a contested and brokered convention in cleveland, which is very exciting. very exciting for everybody. exciting for their publican party could we have not seen them in four years. mark: can trump rein in his freewheeling style? i know his wife and his daughter have pleaded with him to do so. will he listen?
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john: it is an interesting thing. he did something last night which was unusual, to not give a speech and not have a press conference. it was put out by the press secretary and that was a sign for some people that trump may be trying to temper his generally insatiable appetite to be on television. we will see over the course of the next couple of weeks whether trump will try to pick his spots a little more than he has been beene past, where he has promiscuous about going on television all the time. they say he will roll out policy proposals over the course of the next several weeks. with trump, you never know, but there seems to be an intent to take a different tack in the weeks ahead. betty: how about the democrats? quintin still leads stand -- sanders by 10 percentage point in new york. is it up for grabs?
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new york is a contested state and the clinton campaign allows that new york will be competitive. bernie sanders won a big victory like ted cruz did. for sanders, if he had not been able to win wisconsin, the race would have been over in the sense that his campaign said he would not be the nominee if he did not win wisconsin. a lot of momentum coming into the state. hillary clinton has been elected statewide twice in the state but it was a decade ago. there are a lot of voters here for sanders or he will have huge events here in new york in the next couple of weeks. it was still her state to lose. question is, what would happen if somehow bernie sanders were to win the new york primary? terms of delegates, it would not matter much at all. the democratic race is proportional. he did not win that many net delegates and he will not win many net delegates if he wins new york but there is a question of what happens with hillary
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clinton if it becomes increasingly -- the question becomes, why can't she put bernie sanders away? that raises questions about the strength of her candidacy. betty: thank you so much, john. sued.still ahead, being baker hughes threatens competition. we will see how shares are doing next. ♪
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mark: this is bloomberg markets. with betty liu in new york. time to go to the bloomberg business flash, a look at some of the biggest stories in the news right now. halliburton is being sued by u.s. antitrust officials. they say the plan takeover of rival oil services baker hughes threatens competition and should be blocked. this is a blow to the to compete bid
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against a rival or the deal is being bogged down in regulatory reviews around the globe since back in 2014. it triess at glencore, to pay down billions in debt. glencore has agreed to sell a minority stake in its agriculture unit. the price, $2.5 billion. glencore has 46 billion at the end of last year. the chair of lube or, the parents of bloomberg news. the independent nonexecutive director at glencore. .hat is the latest stay with us. a lot more to come. ♪
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betty: live from new york and london, i'm betty lui with mark barton -- i'm in new york, that's london. breaking news. moments away. oil numbers for the energy information administration. every week, we get their crude
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oil inventories. their forecast to arrive by about 2.9 million barrels. that's higher then build-up we saw in the prior week at 2.3 million barrels. and i know julie hyman is waiting at the market desk to break that for us. julie: we have a drawdown of 4.9 million barrels. an unexpected drawdown in inventories for crude oil, a 4.9 million. i'm looking at some of the other numbers. there was a build in gasoline ventories and a build in december latintory. there was a drawdown but that overall headline number looks like it could potentially be positive for oil prices. we're also watching oil on the screen behind me. if you want to look at the bloomberg too, we've got an updated chart. oil is taking a little bit of a
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leg up. as you know, betty, every week, we get the initial reaction and then it takes a half-hour for things to shake out and traders to pore over the report but initially here, this unexpected drawdown does look like it's going to allow oil to continue the gains we've already been seeing. betty: you would think it's pliskova for oil. thanks, julie. bonnie has more from the news desk. >> donald blankenship will be sentenced in the deadliest u.s. mine disaster in four decades. he was c.e.o. of massey energy, one of the company's mines exploded in 2010. the blast killed 29 people. blankenship was convicted of conspiracy to violate mind safety standards. the justice department revamped the court and police departments could be in yep different. voters approve to -- rejected a proper sales hike.
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the city has agreed to hire a monitor starting diversity training for police as well and also will analyze arrest records. in mississippi, protestors gathered outside the state house as the governor signed a law that allows businesss and religious groups to discriminate against gays and transgender people. the governor says he is protecting religious freedom. billionaire stephen a. cohen pledged to form a network of free mental work clinic for veterans and their families. his goal is to open 25 clinics by 20 20. his son served the marines in afghanistan. in rome, a girl who has gone blind shared warm embrace with pope francis. the meeting with the pontiff wraps the visual bucket list arranged by her parents. lizzy doesn't know she suffers from the syndrome which will take away her hearing and her sight.
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global news 24 hours a day in more than 150 news behind the world. betty: thank you, bonnie. it's time to get you caught up on you will the market action around the world. i want to start in asia and look at the nikkei down 1%. the seventh day in a row lost for japanese shares as the yen continues to serve the hang seng up slightly. one big story out of the region is china in the services sector expanding from march a month earlier. bloom's china correspondent has the details from hong kong. >> another sign that china's economy is on a sure football at least for now. the services survey came in at 52.2 for march. that's up on last month's points of 51.2. and to early evidence that china's economy regained some momentum in march. official service and manufacturing pointed out to an
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uptick in sentiment but a word of caution. drill into the numbers and you find that a rebound in business activity has not been matched by an improvement in employment. the sector has been shedding jobs. it happened that services could absorb lead-offs in manufacturing. -- lay-offs in manufacturing. mark: check it out. check out what's happening to the stocks 600 which was up earlier. it's now a fraction higher. we've got health care companies leading the advance. i will come to that. gains in london. but declines in germany and in france. biggest declines yesterday in six weeks for the stocks 60 06789 have a look at the best and worst performing industry groups. health care companies rising off to the ending of the pfizer aler began deal, lifting the likes of blackistone smith and as zenica.
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energy stocks rising with the rice of oil. the 10-year yield in the u.k., little change. the german fell .1%. the euros down against the dollar. that's ahead of the fed minutes later. the e.c.b. releases minutes of its latest meeting tomorrow. and sterling is down against the ollar. let's get back to the u.s. bloomberg's andale -- abigail doolittle has the latest. >> we do have the nasdac trading higher. but dragging one of the worst drags today are shares of wynn resorts. the company offered preliminary results that many industries were expecting but according to
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bernstein, gross gaining revenue for macau declined. that's expected to continue in april. it's a bearish side way contacts there. steven kent reiterated his buying rating. and technically, the stock did put in a bullish golden cross telling us the buyers are very interested. we can see wynn resorts shake this weakness off and trade higher in the weeks ahead. mark: any notable outside movers on the nasdac to tell us about? >> yes, we do. shares of creed, the lighting company are plunging after they preannounced its fiscal third quarter. a pretty bad miss too. earnings by as much as 44%. the company is saying this is due weaker than expected revenues for its lighting products but the c.e.o. saying he's optimistic that growth will return in the current quarter or the fiscal fourth quarter
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relative to the stocks, there is an interest of 16. shares also trading a huge premium to the comps. hares of korea -- cre, e could remain under the pressure mark. betty: bond funds are top of the class in 2015, bets on oil and other commodities led the global bond fund to its worst year since the credit crisis but it's made a stunning turnaround this year. how exactly do the funds do this? i want to bring in scott service. scott, you're not going to say it's luck, right? to what happened here? scott: it's important to note that we are running a global mandate. when you have a quarter like we have like the weak dollar, we do benefit from that. we benefit both ways in 2015 and
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previous years, you had strong dollar which was a little bit of a hindrance. that was clearly helpful. and the second thing and more importantly is our credit strategy within the fund. we've been increasing our corporate exposure up to about 40% of the overall fund presently. betty: how did you change your strategy? i imagine seeing your worst year since the credit crisis in 2015, you know, there would be some caution to try to get into these companies or stay in these companies that were near some of them near bankruptcy. scott: yeah. we basically took the corporate exposure in the fund over the year from about 17% up to the present level of about 39%. so we significantly increased the corporate risk. we just thought evaluations became a lot more attractive on the set and a lot of these names like tea-a-freeport mentioned in the article were priced for default and we didn't see that with the balance sheet flexibility that some of these ames have.
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we try to take a medium to longer term view. we're investing in top tier banks. there might be some short term turbulence which we are seeing presently, a lot of these banks both equitys and bonds have underperformed. but that's the reason why we're going in and picking them up. over the medium term, even if breaks were to occur, we think these banks have the flexibility to withstand any turbulence that comes with that. mark: i want to play you some sound from the indian governor. we spoke to him earlier. just listen to this and i'll get your view on it afterwards. >> every once in a while as the president starts going back to fundamentals which is far lower than the level at which they have been kept and that's the risk often on them and then some
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central banks says no, no, wait, wait, there's more accommodation and we go back to the higher level until -- so the point is i don't think this is a stable situation. what are do you think about this? what's the end game? what are the risk down the line when everyone tries to head for the exit? scott: there's a risk there. q.e. around the world has driven up asset prices. the reality of the situation is trying to position for a total collapse and the end game is a difficult thing. how we go about it is to invest in companies that we think over the medium term provide values. so you are picking up good yield at a good spread. some of these energy names, we can't predict the oil price but three, five years out when the oil price meet that equilibrium, you have very solid names like
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pioneer, names such as this that will survive that turbulence. in the meantime, we're not invested in negative government bonds. we're in triple b type credits. we have a slug of high yield in that double b range. we're comfortable in the medium and longer term perspective because we feel like we're getting paid for a nice yield for a good solid company. betty: i know you're pick specific corpts but do you have a view on when commod disgo from here? scott: we do. when you think about corporate spreads, the big factors right now in my mind are clearly china and the stability or lack thereof. what happens with com commodity prices as a result if and what happens with central banks, namely the fed in terms of raising interest rates? so what happens in the normal credit cycle or the end of a normal credit cycle, you have the feds raising rates
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aggressively because nominal g.d.p. is hot and you have a tight environment in terms of credit spread. we have a lot cheaper credit spreads presently and we have g.d.p., normally, you're running four or less than that precrisis. we were up 5%, 6%. and for the time being, with corporate spreads revaluing from call it 100 over treasuries going back a year, year and a half ago going 170 basis points, that offers value. scott: thank you so much, scott. scott service of loomis sales having one of their best years among the bond funds. more on central bank policy when we get the fed minutes at 2:00 p.m.z. time now. mike mckee will be in washington to break down those minutes and don't miss an exclusive interview at 3:00 p.m. with st. ouis fed president jim boller.
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-- bullard. mark: coming up on "bloomberg markets," why top u.s. mutual funds disagree on the valuations . it's some of the most well-known stocks. ♪
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mark: this is "bloomberg markets." i'm mark barton in london with betty lui in new york. time for the bloomberg business. a look at some of the biggest business snow flurries news right now. and puerto rico's house of representatives has approved a bill that allows the governor to declare a fiscal emergency and implemented debt moratorium. the bill is designed to help protect the island's government development bank. it's running out of money and could save the invol sensey.
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thousands of doctors in the u.k. have gone on a 48-hour strike today. it's the fourth work stoppage in the dispute. the doctors object to language in a new contract with the government. having to do with extra pay for working weekends. the top forecast on the pound says the british currency may fall to $1.35 in the run-up to the e.u. referendum. sterling could slide to as low as $1.20 if the u.k. votes to leave the e.u. on june 23. he pound has hit $1.35 since the mid 1980's. that is your latest bloomberg business flash. betty, let's talk unicorns. betty: when you and i were just youngens, mark. we talk a lot about billion
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dollar startup valuations. but the top u.s. mutual funds can't agree on how much the start-ups they've invested in are worth it. a reporter did get the numbers for bloomberg business weekend. drew joins us now. they're getting wildly different numbers for the companies? drew: it's some of the most ommonly held mutual funds like -rowe, fan guard and fidelity. tease funds can't agree on what these private companies are worth. you could be paying a 62% difference in drop box or double the price depending on who you pick. betty: why is this? drew: if you ask them how they value these companies, they don't really tell you. they will tell you some general things. we look at how the market are trending but if you're curious, that's their secret sauce of the
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funds say it's none of our business. mark: what are the ramifications, drew, for having such a moving valuation target? i mean, are there implications for both the start-up from the start-up trading companies themselves? drew: normally, it's mostly through a venture capital perspective and they don't really care how these valuations change month to month. now we're looking at and we're talking about publicly held, publicly traded mutual funds. so major implications for people who are currently in the public markets buying and selling every day. mark: is it dissettling, distracting, for the employees of the unicorns themselves when they're reading on a daily basis that that company's valued at a different level? drew: of course it is. that's what the company tell us, at least. although these funds say that
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this is just the normal up and down of the market and these are month to month changes. the issue is that the month to month valuations are changing without it barely any explanation from the funds. betty: but drew, overall, these unicorns are very small parts of these funds, right? to it doesn't really impact their postals or the shareholder any public funds, right? drew: typically, private companies represent 5% or less. but it's a fund that's overvalued in its assets and somebody buys in, you could see shareholders diluted. so the delusion is happening. people are buying whole. mark: all these mutual funds pulling back. i gather they are from making these types of deals. is that going to continue? drew: so we have seen recent pullback just this year but if we're comparing 2015 and 2014, they were making 60 or so deals a year. just very short term, they have cut back net.
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past few years, a lot of the private unicorners have gone public. these funds have been active if trying to get a position before they hit the stock market. mark: drew, great to see you. thanks for joining us. you can read drew singer's in bloomberg's business week. still ahead on "bloomberg markets," the panama paper are putting a tiny caribbean paradise on the scrutiny. and british prime minister david cameron is feeling the heat. ♪
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mark: the british virgin islands are under scrutiny, a home to about half a million companies. bloomberg's stephanie baker joins us now from london. what's britain's relationship there now with the b.p.i. as
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they're known? stephanie: the british virgin islands are one of 14 overseas territories. the queen is the head of state. she appoints the governor who in turn apoints the prime minister. so you would imagine that the u.k. government would have a measure of control over what goes on there. david cameron has pressed for the b.v.i. to open up, set up a public register of companies, of beneficial owners incorporated there and they have largely ignore those calls. mark: cameron himself has been seen as a global crusader in the fight to clamp down on these so-called tax havens. he's been sucked into this panama papers scandal, if it can be called that through his father. stephanie: yes. it's ironic because he's
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probably done more than any previous british prime minister to crack down on tax avoidance and tax havens. he's put ahead some substantial reforms like setting up a public register for beneficial owners in the u.k. however, the panama papers revealed that his father, ian, has set up a company in the b.v.i. which has put him in a very uncomfortable position. he has to deflect the question yesterday. we saw, you know, he had to say i have no offshore trusts. i have no offshore accounts. i don't benefit in the way. he's put out four statements to clarify this issue. he's under a bit of pressure on it. betty: so you mentioned before scrutiny 's been some over the british virgin islands but not enough. so how come there haven't been more of a crackdown or more scrutiny on b.v.i.?
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stephanie: well, i think there has been. i mean, the theory is that, you know, dominic gree which is the former attorney general to cameron sailed said we could take control but that's the nuclear option. we have to be concerned about the island's economy. it accounts about half of the g.d.p. there. that's one concern. another concern is perhaps the impact on the city of london, which does a lot of business with tax havens, accountants, you know, lawyers, benefit from the same basic legal framework that is common between the two. but, you know, to force them to make real changes means they have to take dramatic action like imposing direct rule, which is a radical step. mark: it's a great piece. do read that on your bloomberg on bloomberg.com. coming up on bloomberg television, the abrupt -- what would have been the largest health care acquisition ever. the failed pfizer aler began
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deal. have a look at what's happening to european stocks. they're rising. it's health care companies that are leaving the advance today. ere's talk that the pfizer aler began puts into deals like astrazeneca. it's gaining today within merger talks with pfizer. that was discovered as well. glacksa rising. so it's health care companies that are rallying today. the ftse, the d'backs -- dax and the european close is next. stay with us. ♪
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money... and more. plus, when you call now, you'll get this magnifier with led light absolutely free! when you call the experts at one reverse mortgage today, you'll learn the benefits of a government-insured reverse mortgage. it will eliminate your monthly mortgage payments and give you tax-free cash from the equity in your home and here's the best part... you still own your home. take control of your retirement today! ♪ betty: bloomberg, i am betty lou. mark: i am mark barton, you're
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watching the european close. mark: we will take you from new york to london to washington over the next hour, here's what we're watching today. off the $116 billion plan to phase off pressure from the united states and to avoid the tax emergence. what is next? betty: the latest minutes from the fed in just a few hours. while the european stocks are losses and minor dances of health care companies. mark: glencore agrees to sell a minority stake to canada's largest pe

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