tv Whatd You Miss Bloomberg April 7, 2016 4:00pm-5:01pm EDT
alix: u.s. stocks closed lower this afternoon. the worst day in six weeks. scarlett: a glimpse into the central bank. to three things you need watch for ahead of this historic conversation. joe: what does the yen strength mean for the bank of japan? alix: an exclusive interview with u.s. energy secretary ernest moneys -- if an oil freezes possible. scarlett: we begin with our market minutes. a resumption of the decline we have seen. butback to downward arrows this is kind of a wash when it comes down to a given the losses today. the we some big gains for yen.
more selloffs in european banks. and we got racked pretty good today. alix: the s&p 500 is negative on the year. saw three of those days in march. that movement of volatility ricky -- really picking up. we definitely want to take a look at yahoo!. on the decline. to chart there that wanted highlight is the s&p versus the dow jones transportation average. you have seen the transports really roll over here, off about 5% from their highs of this year. the question is can they draw the s&p 500 down with them? chartske a look at these . date,oday, -- year to
pretty close to the february lows. the u.s. market has done a lot better lately. yields and to your yields very sensitive to policy. it's the same deal with the ten-year bond. you can look at that on the chart. we see this divergence play out where equities are rallying but treasury yields are coming down. what is going to stop the yen's rally? the yen climbing past 108. monday, and hundred 11. wednesday, when hundred nine. as for the year on the pound -- 109. peter pratt said the ecb can boost the scale of its support if the need arises.
it may add fuel to the grexit debate. alix: copper now at a six week low. oil prices no negative on the year. a lot of that positive sentiment we have seen over the last few weeks really unwinding and commodities. scarlett: now let's take a deep dive into the bloomberg. banks andlooking at what is going on here. goldman sachs knocked off 32 points from the dow. this is a year to date chart of all the big banks in the s&p 500. aroundthem bottomed february 11. but the s&p continuing to climb higher as banks roll over. now we see the s&p started well over along with the banks. does it end up making up that
gap? does it go down to 930? that is a pretty staggering gap. joe: speaking of banks, i'm looking at something going on in europe. when the ecb came out with its announcement that it will be expanding its balance sheet to buy bonds, we have seen a nice rally in european bonds. this white line here is the index of liquid european high-yield bonds. that is a really nice rally. in february, a lot of anxiety about those european banks. that we stopped talking about them but look at the european banks index. february, it has really diverged sharply since the beginning of march. we talk about these divergences. u.s. stocks versus treasury yields.
i think will start upsetting some stomachs really sin. alix: additional -- really soon. alix: additional correlations. scarlett: and of course macro one of discomfort. we are looking at monetary policy versus growth. the yellow line is the fed fund target rate, the blue line is the nominal gdp fund in the u.s. one second. fed funds rates and nominal gdp basically attract ea other. they are pretty much in sync except for a couple times. that is when policy trail growth got asset bubbles. now and the bursting of the biggest bubble, janet yellen rate super low in order to fight
inflation. joe: maybe some of this will come up at that big discussion they are having tonight. scarlett: you can see all these charts and more on twitter. alix: i want to bring in our guest, fx strategist at adm investor services. scarlett: thank you for joining us today. no the yen rally this week -- the yen rally this week has been unrelenting. what do these correlations reflect? to some extent, the yen strength is really what i would call the theme of the year. we have rather liquid markets and the vote trade is the stock hunt. clearly at the moment, what we have got is a situation where people expected the fed to
be not as dovish as its being. per se you have got people looking at the ecb and the boj and looking at if you will have to do more if the fed will play its part. a lot of it has to do with bad positions being unwound. one of the things we have seen is an extraordinary rally once again in the 10 year yield basically below 0.1%. what do you see as a driving that? why the relentless bid for this asset? guest: it's a combination of factors. it's a little more complex. the german government is running a budget surplus, which means they will be less bonds around.
somethingseems to be on bogart in europe, we have a looming greece crisis because that is what we do every year. in spaino government for about six months now. we have no government in ireland irelandther -- in either. and no prospect for one. you have a combination of pressures. the ecb buying, people's lack of willingness to hold cap's to periphery, which previously they had been quite happy to hold for presalebonds -- to hold -- bonds. the yen is a stronger despite the negative rates. the other thing that has changed
is the relationship between oil and stocks. that was the theme of last year and now you see high-yield credit and oil diverging from stocks. scarlet: why do we see stocks moving ahead without the participation of oil in high-yield? guest: in the first six weeks of the year when you normally have people putting their money to work in asset markets, be it credit above all, you have this massive shock at the beginning of the year where we had the downward pressure from reserve managers having to sell their positions in credit. a lot of of it was to do with the fact the welfare fund managers that reselling where the producers in the oil sector that were suffering the most as a result and they were needing to sell a lot of their assets to cut a hole in their budget. we got over that so we had a
yearto front quarter in one. normally you see the first six weeks all asset losses and towards the end of the quarter, you see people taking about what everything really means. look at the market overall, i see the s&p flat for the year. we are already talking about a that haven't. what are you will get interest rates, oils, thanks, it increasingly feels like equities are sort of lonely at the top. can they continue to manage gains if we see all of these other classical risk off moves elsewhere? guest: that has partly been the message of this week. of q1e the very start earnings season next week. my problem is we can always talk
beats,ps beats, revenue but we all know a lot of those be based on downward blue revised estimates. my fundamental problem is if the number is negative in terms of earnings, then it's negative and therefore, why should we act on the s&p 500 be trying to test the highs we have seen. there seems little justification. i think we just sort of continue turning sideways and this 2100 range. scarlet: we spent the last two years in a 15% range. final question. volatility has come down in equity and treasuries. er that a sign of calm
times to come or is it a red flag? guest: in a certain sense, there calm.en a i wouldn't take any comfort from it because a lot of it was boosted by q1 money being put to work and we are in a market where volatility itself is volatile. when it gets down to the low levels we see in treasuries and equities, i think it's a warning signal. alix: great to get your perspective. thank you so much. scarlet: coming up, ben bernanke will join janet yellen tonight in an event that brings together the current and former fed chairs. next, we discussed the chart tied to the fed you can't miss. ♪
market: saudi arabia plans to sell a stake in its oil company by 2018. the deputy crown revealed details of an ipo that could make it the world the biggest publicly traded firm. ernest among these -- moniz in israel. >> the old discussion over exports, a long talk about what would be additional value captured was in the u.s. i think the market will sort all of this out. i don't see it as a major disruption overall in the mark: in venezuela, workers get a next her day off every week for the next two
months. the president trying to save electricity by declaring every friday in april and may a nonworking holiday. a long drought has pushed water levels to a critical threshold. the jet disappeared wednesday while flying over southern mountains. a search for the jet and crewmembers continues. global news 24 hours a day powered by our 2400 journalists in what and 150 news. his around the world. -- news bureaus around the world. alix: tonight, janet yellen, ben at 5:30 pmeaking eastern time. our coverage will be on bloomberg tv and radio. the big move will be about the consumer. guest: we just heard from janet
yellen one week ago. she gave a big policy speech and already some parts of that are .ooking out data of -- outdated next week's retail sales report will be big. last friday, we got a very bad auto sales number for march. it contracted on the year-over-year basis for the first time since 2010. the white line shows that everything else has been doing pretty well. we will be interested to see if that carries over into march. that is a big component of the fed's outlook for the economy. is: another crucial thing where the fed sees inflation going. we have seen signs that it is taking up but no one seems ready to declare victory here that they will hit their targets. what are we looking at? guest: this is another thing janet yellen talked about in her speech, the downside risk to
inflation. inflation expectations in the market and household surveys has drifted lower. you -- theshows orange line is inverted. if the number of people who say the risk to their inflation forecast tilde to the downside. we got this number in the release yesterday. you can see it hit a record high since they started publishing this data in 2012. it means increasing concern. we flip to this here. -- flipped this here. the backdropitely right now. the real concern of the fed is about inflation, the ability to hit their targets. joe: wages have ticked up. other measures of inflation ticking up. why would that be going in that direction if the data appears to be getting closer to what the fed wants? guest: they are sort of
discarding all the data cord-looking data we have already gotten and focusing on these inflation expectations. they're not saying the same thing as the hard data we have received. alix: and gas prices have ticked up. that's something that you're really leveraged to as a consumer. scarlet: the fed seems willing to let the economy run a little hotter than it might have divisively in order to lessen the downside risk to interest rates. the question is how long they're willing to do that and what kind of repercussions that may lead to. guest: this is something you hear fed officials say a lot. economy hot now, we run the risk of having to raise rates faster later. markets right now, they definitely are buying into the idea that the fed will go slow for now but they are buying into the idea that they will have to raise rates faster later.
this chart shows the amount of tightening priced into the market for each year going forward. all of those lines have converged to the same number. there's no sense in the market that if the fed goes slow now, they will have to catch up later. it doesn't see a lot of upsets. joe: slow today, tomorrow, the year after. you're going to this event tonight where janet yellen will be there. what are you hoping to hear? guest: i'm really interested in whatever they have to say -- they will probably be talking a lot more about stepping back, bigger picture stuff. fed chairs don't want to comment on current conditions. get any sort of thing along those lines, it will be very interesting by the stuff is probably what we will hear more of. scarlet: i wonder to what extent
they will take note of what's happening globally. there's a lot of thinking out loud about what role central banks should play. guest: that's a great point. that's one area where you may see some overlap about what they can and cannot talk about tonight. any sort of commentary on the global situation and the federal as the u.s. central bank on the world stage will be interesting to hear. alix: have a good time. we are jealous we are not there. don't forget tonight's conversation. at all-star lineup starts 5:30 p.m. eastern time on bloomberg tv and radio. scarlet: coming up, the first round bidders for the company's web business have emerged. the value of yahoos core business. ♪
scarlet: verizon set to be plenty to make a first round that for yahoos a web business next week. google also considering bidding for yahoos core business. we know about alibaba and yahoo! japan. within yahoos corbyn is, what is the most viable part? guest: verizon is interested in the ad technology yahoo! has acquired, the same reason they bought aol.
that is potentially as attractive to some of the other buyers that are going through the same track. time is another company interested in yahoo!. they are more interested in a general global reach. some of the news we broke is actually who isn't in. comcast will not bid, at&t will not. a lot of people thought this might be a bidding war between at&t and verizon. were to be verizon that buys it, you said they are mostly interested in the ad technology. they still have this object and take front page. what do they do? are theugh those exciting businesses on the day, they are still gigantic. guest: we will see. part of it is the reason they
are interested in the avid technology also has to do with they probably want people. they want data. both aol and yahoo! come with a huge reach. there is i think one billion is the number they throw around. i don't know how many of those users are engaged every day. that's a huge number of people, a huge amount of information. to your point, what are they going to do with some of these media properties like huffington post and different verticals to be seen. verizon has some ideas about what they might do with some and mediambined video package. is there a chance they could bundle these things together and seldom to a private equity firm? absolutely. alix: what kind of price tags? guest: less than a billion
dollars. we still know. that may be significantly less -- $80 billion. the yahoo! stake, yahoo! owns about 35% of yahoo! japan valued at $8.5 billion at market value. theal that involves both yahoo! japan stake in the yahoo! core business would be well over $10 billion and that makes it a turkey or -- trickier deal. joe: he said google is taking a look. taking a look.s we have learned they are at least interested. there are ties between marissa mayer and google. she came from google and google is in the search business. they know who very well. alix: good stuff, great story. alex sherman. scarlet: the yen climbs to its
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x1 makes it easy to find what you love. call or go online and switch to x1. only with xfinity. secretaryer treasury larry summers is calling donald trump an american demagogue. speaking in washington, secretary summers says trump "is in a category with joe mccarthy and he we long." a tru mp presidency would be "profoundly dangerous." mr. trump cleared his public schedule for the next few days, according to the washington post. he's canceling a news conference in california and skipping the gop state convention on saturday. a can being spokeswoman -- a campaign spokeswoman says trump
plans to focus on new york, his home state, where the primary will be held april 19. for the first time, the fbi providing details about the tools used to unlock the iphone belonging to one of the san bernadino shooters. fbi director james coney says the tool only works on, in his words, "a narrow slice of phones." comey says the newer method could not unlock new or iphones. director komi discussed the case during a speech wednesday evening at kenyon college. myanmar democracy leader says her government plans to release all political prisoners left over from the former military backed regime. her party won a landslide victory last november, ending a half century of army backed rule. she was also a political person or held under house arrest -- political prisoner held under house arrest for 15 years. global news, 24 hours a date, powered by our journalists and more than 150 news viewers around the world. i am marked -- i am mark
crumpton. alix: let's get a recap up-to-date's market action. u.s. stocks tumble in the most in six weeks. the yen strength has been the big story of the market. all this reflecting concern that the central banks policies not doing what they are supposed to do, revitalize growth. the s&p declined. joe: something we have seen lately is the resumed selloff in bank stocks. some of those getting close to the lows of the year, particularly in europe. that was the source of a lot of anxiety. that is something people will take attention to a lot closer. alix: and the financials got hammered. goldman sachs, the worst performer on the dow by 32 points from the return. scarlet: "what'd you miss?" again rally wreaking havoc on -- the yen rally wreaking havoc on japanese stocks. that is the white line. the thinking is that a strong yen means support is less
competitive, and reduces the value of sales made overseas from japanese companies. we saw the nikkei recover from a seven-day drop. that was its longest losing streak since before it shinzo abe took office. alix: staggering statistic. to get a sense how the market is how long on the yen, this is noncommercial long for the yen. that redline is 50,000 contracts. we have only reached 50,000 contracts six times in the last 15 years. we are right around record highs. bears hasys, certainly thrown in the towel. but how quickly can the yen positioning reverse? a global strategist joins us in the studio. what kind of snapback do we see if they say forget it, i'm out of here? >> which interesting is that that data comes out with a bit of a lag. the market was already bullish on the end 4-6 days ago.
the move has come early in the fiscal year for japan, which is also unusually. usually in april, you get capital outflow from japan. the yen usually weakens up. you have a lot of things going on. long physicians, the beginning of the new fiscal year, capital outflows -- things have normally depressed the yen are instead normally raising it higher. it is perplexing. it's not relative interest rates. there is no reason for big capital inflow into japan. we have had a bad day today, but in general, markets have not been risk-averse over the last couple weeks. your kind of scratching your head, saying what is going on here? joe: yeah, what is going on? you just laid out all the reasons why it is confusing, but is there anything that to you sounds like a story that makes sense? >> one of the possible explanations is china. china has been very concerned
that their currency had weakened against the dollar, but was still extraordinarily strong on a trade weighted basis. europe, japan, etc. as its big trading partners. china knows that if they weaken their currency, they weaken it against the dollar, it creates uncertainty and volatility in financial markets. maybe there is the potential that china has been reallocating some of the reserves out of dollars into yen and euros. that would help push those currencies higher and it would help we can the chinese currency -- help weaken the chinese currency on it weighted basis. i don't know whether that is happening. we probably never will know whether that is happening or not. certainly after the g-20 pledge not to mess around in currency markets, it's unlikely they would be doing that. but something is going on here. they could explain it as a reallocation of reserves.
alix: we got reserves overnight -- looking at the bloomberg terminal, we saw an increase. the decline actually stopped. you are saying that is a misnomer. >> i think the reserves might be going up. it might be a question where they are keeping them. two things went on in march. number one, we stopped seeing some of the corporate's taking their bank loans away from dollars and other currencies, moving them back to china. the other was the valuation effect. those reserves are reported in dollars. when it the dollar goes down, the value of their yen reserve goes up. it's possible that with reserves stable, they may have done reallocation, biting other currencies. maybe their view is that the yen is cheap, and they should be doing that rather than buying the dollar. alix: certainly currency is one area, but credit and stocks, bonds, commodities, all seem to
be driven by the yen. what does the bank of japan do, given that everyone is looking at it? >> it's like one of those tv shows when the hero is shooting, and you hear this click click and there are no bullets left in his gun. that is where the jboj is right now. there is not much they can do. negative interest rates have not weakens the currency that much. scarlet: you can see that there with japan introducing negative interest rates, they have gone from straight to straight. >> absolutely. it does not appear to be an interest rate story. you can understand yen strength towards the end of the fiscal year. they often repatriate some assets. that is no longer the explanation. there is something else going on in the markets. it does not look like suspected of -- it could be big reserve shifts. those are things we don't know about. scarlet: how dangerous is this
that everyone is going to the yen? >> it might be crowded for those who are long, but they have profits to work over for the last couple days. it is not a big risk for them. i think the question will be, over the next week or two, to receive the speculative community getting out of those, or are the trend followers becoming dominant and they continue to pile in to the yen? joe: bringing it back home, what is your assessment of the u.s. economy? in the beginning of the year it felt like there was a lot of anxiety, things have calm down lately. but the data has not been that good, looking that -- looking at the atlanta fed gdp tracker. how do you see things now? >> we are beginning to see some green shoots for the spring. notwithstanding the impending snowstorm this weekend. there were signs of china, it's composite pmi put together by the market group was at a 12 month high in march. we have seen the ism indexes in
the u.s. beginning to rebound. in fact, we have seen composite pmi's higher in the euros, in the eurozone, in china, in india -- so a number of the major economies around the world look like they finished the first quarter a little bit stronger than they started. alix: maybe except for japan. >> except japan. japan is the noted outlier. that is what is so strange about the process. the economy needs a weaker yen. it is probably the weakest if you look at the pmi's. it actually deteriorated slightly. and yet the currency is going up. that is why this doesn't have a cyclical feel to it. it has something non-vocal about it. often that involves central-bank loans. alix: bob, thank you very much. coming up next on "what'd you miss?" is america's urban renaissance a myth? who stands to lose the most.
scarlet: it is time for the bloomberg business flash, a look at the top stories. verizon to medications making a first rapid for yahoo! business next week. another person told bloomberg that google is considering bidding for yahoo!'s core business. among those not bidding, at&t, comcast, and microsoft. secretaryas -- u.s. jack lew says metlife is not too big to fail. in a statement, lew said it is
wrong and dangerously ignores the lessons of the financial crisis. a federal judge removed the tax of the financial stability -- the tags the financial stability council put on metlife. it overrules the obama demonstration's plan to regular distances he believes could destabilize the financial system. scarlet: tesla received more than 325,000 reservations for its new model 3 electric car. far more than elon musk's company had expected. tesla may use the big number to justify an additional $3 billion capital raised to build factories. alix: research firm his book data says and capitalist making fewer bets on u.s. startups. the findings show last quarter has the fewest number of venture deals in four years. no tech company went public last quarter's. any of those that did in 2015 have got off to a very rocky start. and that is your bloomberg business flash. joe: "what'd you miss?"
america's urban revival is not as widespread as you might think. according to one recent study, the flight to u.s. cities could be characterized by one word -- gentrification. the people that move into cities are increasingly white, wealthy, and milledge. those -- and middle-aged. to tell us more about what the urban response looks like his an independent economist, who wrote the report. he joins us from san francisco. thank you very much for joining us. tell us, what do most people think -- everybody is moving to cities, cities are where all the jobs are -- cities are moving -- what is the reality? >> for the past many years, we've heard a lot of stories about urban revivals. and indeed cities have changed in the past many years.but the broader trend still holds true, and that is that america continues to get more and more suburban. the fastest-growing places in the u.s., when you look at population, are actually the sprawling suburbs. suburbs that are low-density, often on the outskirts of big
sunbelt metros, like atlanta and houston and denver. joe: jed, what do you attribute to this phenomenon? the main causes behind the start of urban revival, very much focusing on wealthier individuals? jed: those that are moving into cities are those who are higher income, college-educated. the people that can afford to live in a lot of these denser neighborhoods. there has been good academic research pointing to lots of reasons, wanting to be near types of entertainment and amenities that city's offers. are the reasons are wanting to be -- other reasons are wanting to be closer to work, not commuting as long. the problem is cities don't build of housing. there was young and rich are outbuilding lots of other people for that limited housing stock. joe: i was going to go right there, the question of the housing stock. as you look around the country, are there any examples that you can cite of cities that are doing better than others on this
front? where they have smart growth policies that keep housing affordable? four is basically a trend we are seeing everywhere -- or is this basically a trend we are seeing everywhere where he gets more expensive,? jed: cities do very. seattle is a good example. a city that has been going, it is popular with young educated population. it has built a lot of housing. and prices there have not risen quite as much as we have seen in some other places. but there are other markets, certainly like san francisco, that builds for less than the -- builds far less than the demand. san francisco, after under developing urban housing, has some of the highest prices in the country. joe: san francisco in particular, you almost always see people bemoaning that they can't build anything, that prices of real estate are extraordinary high. what is it that prevents any progress?
is it mostly that the homeowners who currently reside in san francisco feel they have nothing to gain from policies that would liberalize building regulations? jed: there are several factors. one is, as you say, not everyone is interested in more affordability. if you are a homeowner, afford ability is just another way of saying that it might hurt your property values. also, many renters are protected in many places. there are rent controls in san francisco. those renters who might otherwise be more of a constituency for building more housing don't feel as strong in that direction. of course, many people feel that they wanted neighborhoods to state way they are. new construction does change the character of a neighborhood. and some people don't want to see that happen. joe: will this reach a breaking point in these cities? the circuit to be a point when housing becomes so expensive that it starts to hurt the
economic activity in the city? where companies can't hire workers and, somebody has to give? jed: that is already happening. other economic research has pointed to the fact that overall, u.s. economic growth is slower than it otherwise would be if there were more housing, and therefore, room for more job growth in places like san francisco in new york. there are facts of not building of housing that spread far beyond those cities that don't build enough. joe: talk about the racial component here. as we see more and more of these cities, more affluent whites moving to cities, how much has -- how much diversity has u.s. cities lost? jed: many large u.s. cities are still diverse, both racially and ethnically, also in terms of income. increasingly, a lot of the most diverse places in the u.s. are suburban areas, including sunbelt suburban areas. you have a broad mix of white,
african-american, asian american, and hispanic residents. joe: jed kolko, independent economist. thank you very much for joining us. alix: coming up on "what'd you miss?" the u.s. energy secretary hopes to broker a nuclear deal with iran one year ago. he discusses the progress since then, and the potential oil output freeze. more from that exclusive interview next.
agrees to freeze as well. kuwait is sweetening that pot with a new idea to cap output at february levels instead of january. iran increased its output by 6% in february versus january. they would get her to -- they would get to produce more even if there was a freeze. in an exclusive interview, we asked the u.s. secretary ernest moneys about the prospects of an oil deal, as well as achieving a true nuclear deal with iran. >> i think those are very different issues. the iran negotiation i was part of secretary kerry and others -- was a complex negotiation. it required a substantial rollback of the nuclear enterprise. this is a different issue. this is a question of, to what extent, and what pacing does
iran ramp up its production? from all that i have read in the paper, and i am no specialist, iran does not seem to have a strong interest in restraining. >> so you would not be optimistic you could reach an agreement? moniz: with the conditions on the table, iran has been exquisite in saying it has no intention --explicit in saying it has no intention of restraining its attempt to recapture the market. >> as energy secretary, you might be happy to see a deal done, to see oil prices rise? it may make some of the fields not economically viable in the u.s. become viable again? sec. moniz: we believe the market has to play out. i remind you, lower prices for oil and natural gas in the u.s. have an enormous consumer benefit. the overall economy benefits
from these prices, especially in the context of our being a large oil importer. also the low natural gas prices have had an enormous impact in terms of stimulating a rebirth of manufacturing in the u.s. prices have had an enormous impact on lowering carbon emissions by substitution for coal. in manyes have been ways a real boost to the economy. low oil and gas prices. on the other hand, clearly, we have seen our recounts drop to quite low levels. we know that a number of companies perhaps overextended, and have some financial issues to deal with. and we have had our production go down by a few hundred
thousand barrels a day. that is still in the context of having gone up by about 4 million barrels a day. i think we continue to have a robust industry. i think the resilience of the shale oil and gas sectors, in the face of low prices, has surprised a lot of analysts. alix: that was u.s. energy secretary ernest moniz and exclusive interview with bloomberg from tel aviv. scarlet: what you need to mark -- what need to know to get up for tomorrow's trading day. that's next. ♪
scarlet: i'm scarlet fu, "what'd you miss?" joe: we have been hyping this all day, fed chair janet yellen joins with ben bernanke, alan greenspan, and although gore at 5:30 p.m. eastern. we have live coverage on bloomberg television. you are going to want to watch them. scarlet: don't miss this, product reports earnings at 7:00 p.m. -- para -- prada reports earnings at 7:00 a.m. burglary has been mentioned in the same thrust. alix: i'm taking a look at german imports and exports. they are coming up, at 2:00 a.m. eastern. this is going to be a really great read on the health of the chinese economy, as well as the fact that what happened with the euro rallied. did that have any effect? joe: we have seen some week german industrial data. -- weak the german industrial
mark: and i'm mark halperin. john: i'm john heilemann. mark: and i'm mark halperin. "with all due respect"-- >> coffee in her left hand, mental party in her right hand. one quick simple easy swipe. there are no tokens, but here is how it goes. and i'm in! ♪ mark: there is more from bloomberg later in this episode. we commuted to kansas city, where we set down with the mayor, also a hillary