tv Bloomberg Markets European Close Bloomberg April 20, 2016 11:00am-12:01pm EDT
you are watching the european close on bloomberg markets. we are going to take you from london, to new york, to brussels in the next hour. here is what we are watching today. u.k. unemployment rises for the first time in seven months as employers added fewer jobs than forecast. the report comes as the nation debates whether to leave the eu. we look at what it could mean for the u.k. economy. mark:-- betty: lloyd blankfein with oh-fer -- worst first quarter during his tenure. can they rebounded -- with a closer look. mark: we looked the market for renewable energy. efg-hermes buys a major stake in a wind farmport lio in europe. we will talk with the cohead of private equity, karim moussa.
betty: from bloomberg world headquarters in new york, it is 90 minutes into the trading session. let's head back to the markets desk. julie hyman has the latest. we are trying to climb back from the lowes of our session here. julie: indeed, those stocks are not doing much directionally today. all three major averages are little changed at the moment. -- 2100,ve 2100 18,000 and 18,000 on the dow and the s&p respectively. consumer staples are the worst performing groups, in part because of those numbers by coke driving down chairs. i want to check on oil prices now that we have a half hour between us and the weekly inventory prices. it is now known only one-third of 1%. we saw a fourth straight weekly
drop of u.s. production of crude oil. that appears to be helping with the trade we are seeing today. in addition, we see reduction levels staying near a two-year low. less check on the u.s. dollar. the lowestit fell to since last summer. if you look at the index of the dollar versus a basket of currencies, we see a little bit .2 percent,y, just betty. credit cards are part of what is going on -- discover financial out with numbers that beat estimates. they say first quarter profits were better because of gains in card spending. capital one, which reports after the close today, and american express next week -- india have this switch -- american express today, capital one next week. they are rising today. intuitive surgical, maker of the da vinci, raising its forecast.
unitedhealth group rising for the second day after saying it is exiting the state exchange business, tied to the informal care act. mark? mark: julie, european stocks are rising for the best for the eighth day -- albeit by a small margin. it is a lovely chart, beautiful in its supposedly, showing how the stoxx 600 has been trading fromn a holding pattern march 14 to three weeks later. it is about a 5% range for we broke out of it yesterday. a positive trend for those chartests? some would say yes. the microchip designer -- found in most of the world smartphones -- reporting first-quarter sales that narrowly beat market expectations. bydman sachs reiterating its call on the stock. cell,man keeping its
saying the transmission of processors may have plateaued. the shares plateaued earlier. they rose 5%. they are down by .6%. beerg on, heineken's shipments, as you can see, rising by more than estimates. benefited by growth in asia. they reiterated guidance that anticipates stronger sales and profit growth in 2016, despite the slowdown in emerging markets. betty, u.k. u.k. job market, you would have to say is slowing. risingu.k. unemployment for the first time in seven months, suggesting that exact fact -- people looking for work climbed 21,002 $1.7 million in 1.7 million.0 to exclusive earnings maintaining
the same rate -- 2.2%. we have been high as almost 3% six or seven months ago. it adds up to don't even bother thinking about a rate hike before the big referendum is out of the way on june 23. betty: you can bank on that it seems, mark. let's check in on first word news this morning. raby has more from the news desk. -- ramy inocencio has more from the news desk. ramy: president obama is in saudi arabia. he wants the saudi's to interview more to the fight against the islamic state, but he might have some fence mending, after he accused them of being free riders in the region. the u.n. refugee agency says up to 500 people might have died when a ship filled with migrants sake in the mediterranean. that happened last week between italy and libya while passengers are being transferred from a .maller boat in u.s. presidential politics, next tuesday is shaping up to be a crucial day for bernie sanders. after losing to hillary clinton in the new york primary
yesterday, the sanders campaign is pointing to five primaries april 26. aides say he will decide what to do after that. clinton's victory in new york makes her march to the nomination all but unstoppable. she is favored in all of next week's races. ted cruz is downplaying donald victory, calling it a politician winning his home state. there donald trump says is not much worry anymore, and the associated press says ted cruz cannot collect the nominees -- delegates he needs before the nomination in the summer. support for legalizing marijuana is at an all-time high. 56% of americans favor legalizing the drug, the highest level ever. 51% of americans say they have, in fact, tried pot, and 80% favored medical marijuana, saying it should be available to patients with serious illnesses. global news 24 hours a day powered by 2400 journalists in more than 150 news bureaus
around the world. i am ramy inocencio. betty: thank you. the european union took another shot at a u.s. tech giant. this time it is google, over the company's android software. the copies has they strike restrictive contracts with makers of tablets and phones that expand global dominance positions in internet search. >> the remedy in this case is quite simple -- to stop these practices that we find to be damaging for innovation and competition. course, seemingly quite simple and straightforward, yet we have found evidence that it has been going on for quite some time. a a fewoining us now is white. ofe white. what is google saying in
response? have anoogle says they open choice and there is choice for manufacturers. european commissioner say while that is generally true, in practice, most manufacturers are required to take google search and the google browser, and that brings users into the google ecosystem, which is important as a source of search advertising. while the services are free, in practice, there is not much choice, and his rival app makers, with rival web browsers, are not able to get onto the android phones most europeans use. betty: right. there is a wall, or some restriction there for them to get onto that platform. where did this all come from? i mean, how did this come about? -- forem to make the anti- the antitrust authorities to make this accusation today? aiofe: well, the european commission has been looking at google on many fronts. we saw statements of objections last year on a shopping search
issue. we know they are looking at advertising, copyright issues -- publishes a not like the content being used without a miss. this is interesting because it a big part of what google makes money on, which is search and search on mobile. the case you saw last year was a niche one. for google, this opens up a lot of possible issues. fines is one thing you worry about when you get a statement of objections, but more so, you might have to change the way you do business. the eu could order you to do that, or you might agree to do so to make the case go away. it is creatine level of risk for google. mark: are european lawmakers still urging regulators to break up the company? aiofe: they said they would ask their commission to break up -- they would ask for a breakup of the commission didn't do anything. they were trying to prod the regulars into action. i think we have seen action in
the last year and a half. we are seeing an active european commission looking at google and antitrust issues. that matters because the european union is one of the few areas where they have a lot of power. as i said, they could order google to change things. they can order and have ordered microsoft and intel to pay huge amounts of fines and we have seen billions of dollars of fines levied. so, this is not something you can ignore easily. this can have a real effect on their business. cases,hese antitrust they can last a while, can't they? how long are we going to be talking about this for? aiofe: it is a year on last april i was talking you about the search case, and nothing yet. we cannot seem to see any fines on the horizon. they can take a long time. microsoft was mired in battles for 10 years. it could open up on several different fronts. it really goes on and on. it is a big headache for the company. it takes up a lot of time. for regulars, it shows they are
very active. they like to show they are doing typical consumers. most people have phones. it makes them show they are very active in what matters to people, making sure there are not barriers to new technology, interested in new technology coming on. don't hold your breath. i do not think we will see something happen on this case emitting. it could be a few years again before i come here again saying what is going on. mark: aiofe, don't worry. betty and i will be waiting for you. betty: july for joining us. aiofe: thank you. u.k. on implement rising -- employers slowing down on hiring -- doesn't signal a change of direction for the company -- country? we will discuss next. ♪
betty: mark? mark: live from london -- betty: [applause] [laughter] than never. late live from london, this is bloomberg markets. housing market is showing resilience going into the crucial spring selling season. existing home sales rose more than expected last month. 5.1% in march 10 the median price is up almost 6% in the last year to $223,000. investors may have been hoping for a stronger turnaround at coca-cola. the world's largest soft drink company posted first quarter earnings that beat at -- beat estimates. ceo muhtar kent has started a program of cost cuts and price hikes. -- formeron a board air canada ceo robert nilsson
will be the new chairman, replacing current chairman henry meyer. united also gave w aboard seats seats to firms that had asked for a chairman with airline expense. thisis your business flash hour. as mark mentioned, u.k. unemployment numbers were replaced, with data showing the -- antime in seven months increase. mark: that left the jobless rate unchanged at a decade low, matching forecast by economists. joining us now, antonio garcia pascual. thank you for joining us. is this evidence the u.k. job market is finally cooling? mr. garcia pascual: i think -- i think there is some evidence of that, indeed. when you have seen the previous quarter reports as well as
information on investment, you see there is a bit of a trend -- a downward trend. been negativeing laster on quarter since q3 year. clearly, there is some evidence, we think, of a cool off as a result of the political risks ah aed, in particular the eu -- ahead, you particular the eu referendum. mark: antonio, many have been looking at the average wage data as a sign of domestic inflation, domestic generated inflation. excluding bonuses, figures showed an increase of 2.2%. and what juncture will we see a real lift off in wages in the u.k. economy? mr. garcia pascual: a bit like in the u.s., probably, you have to see lower rates of unemployment in order to get this solid increase in wages,
which is a bit of a puzzle with the monetary policy. i think we are still away from seeing some more solid wage numbers, which then reflects on inflation, which on average, we 0.8% in theis year, u.k., close to zero in the area. far away from the targets. betty: you mentioned how the labor market and market conditions could affect the eu referendum. if we ceiling or market in the u.k. cooling -- if we see the labor market in the u.k. cooling further, will that stoke more of a brexit, let's leave the eu fervor in the u.k.? mr. garcia pascual: the economy figures highly into the conscience of potential voters, but there are other concerns --
issues related to social security, migration. i think certainly, this is one of them, but perhaps not at the top of the list. other issues -- migration, security, they seem to be as important, if not more. betty: well, certainly the economy, or economies in europe is going to be top of mind before tomorrow's ecb meeting, so, antonio, we are not going to get much movement -- it is not likely will get any movement from the ecb. we do not know yet if there moves have made any difference. so, what are we going to listen for tomorrow? mr. garcia pascual: so, look -- they just announced a really broad, large package. so, i think the issue and the challenge tomorrow for president draghi is to keep the audience toaged, in a way, to be able continue to transmit a very accommodative economic policy. in terms of inflation and inflation expectations --he
cannot say a lot of big news, right? inflation expectations continue to be at almost historical loans. it does not seem that expectations have reacted, at least not yet, to the package. the reaction -- if the occasion is for drug it to engage the market and convince them that monetary policy that stands and not reflect anything new or new news tomorrow. betty: thank you. barclaysarcia pascual, chief economist for your. ahead of the ecb meeting, former eu governors showing skepticism over the impact of monetary policy. we will hear from mervyn king. that is next. ♪
mark: you are watching bloomberg markets. i am mark barton in london. betty: and i am betty liu here in new york what a beautiful manhattan skyline there. one weather. spring is finally coming back. mark? the central banking world continues to face increased questioning of monetary policy's effectiveness. calln king has headed the by central bankers to recognize that monetary policy is close to its limit. he spoke inclusively to "the pulse" this morning. mr. king: someone come into this world from mars would say governments have said the answer is monetary policy for eight years. it is not generating a significant recovery, and the reason is we are not facing the normal postwar business cycle conditions. we are facing the need to restructure many large economies and the world economy as a
whole. it is a major dissent will him that monetary policy -- disequilibrium that monetary policy can buy time to do something about it. danger they there a are buying time? it is making the next crisis more likely because we are putting off the things we need to do. francine: because we're looking at the wrong economic indicators, or what is wrong with the business model question mark mr. king: -- model? mr. king: it is the intellectual framework that we are using. if you give enough monetary status and are patient enough, headwinds will abate at their own accord. they will not. we are facing a major disequilibrium where some countries need to spend less and save more. on our side of the globe, countries like china, and indeed germany, too, need to spend more
domestically and export less. lowered kinkernor, -- lord king, what is the end game -- are central bankers going to need to do much -- too much? say il central bankers cannot focus on inflation -- i cannot bring it up, so i will abandon the fight? problem is central banks need to argue much more forcefully than they are doing that the answer is not monetary policy. they have bought enough time and can do a little more. i think the forays into negative interest rates are demonstrating that monetary policy is facing diminishing returns. central banks have become like a cyclist cycling up a hill that is getting steeper and steeper, having to pedal faster and faster to maintain the same rate of economic momentum. this is not likely to work. i think at some point -- it is impossible to judge when --
governments will exhibit what i call in the final chapter of my book, the audacity of pessimism. that is they will come to realize the outlook is sufficiently pessimistic. they will summon up the courage to do the more difficult things necessary to get us back on track. sufficiently optimistic is looking at a recession? yes, and a congruency further crisis in debt repayment. we see it already with potential problems in europe with banking and sovereign debt. you see it in china with some of the state owned enterprises defaulting on their loans. this is going to become more common. there are many emerging markets borrowed in u.s. dollars. the strength of the dollar is making life more difficult for them. we will see further crises, and that will fade back into the financial sector in some countries, at least. mark: mervyn king, the former governor of the bank of finland,
freaking -- speaking to francine -- england, speaking to francine lacqua. what you can expect is live coverage here on bloomberg television -- 12:45 u.k. time is, of course, the time of the announcement. 45 minutes later, the news conference kicks off. we will cover that lie for you on bloomberg. here is what is happening in the european markets -- equity markets today. it looks that we are headed for the eighth gain in european stocks in nine days. you might have not expected it when the stock 600 open 4/10 of 1% lower earlier. the cac, the dax, and 600 all higher today. ♪
in european trading. let's take you to the market action. this is the stoxx 600, which has -- for the eighth day in nine. it looks like it will finish up by roughly .5%. earnings continuing to dominate the session. companiesthe reporting earnings, the biggest --er of power bits, saying grids, saying the first quarter orders dropped. shares in abb up by 4.1%. -- theyo in the news make machines that make chips -- a dutch company, europe's largest semiconductor equipment maker. it forecast sales topping analyst estimates. customers are wrapping up capacity. they are investing in new technology. 2.2%. were up as much as
it looks like they will close down. a choppy day. like it will close up by roughly 1%. it is the swedish phone carrier that reported first-quarter earnings that beat estimates. investments in fast and urban -- internet boosted demand. telia is looking for buyers in its mobile carriers in the form soviet union, trying to distance itself from bribery allegations over the purchases of licenses in pakistan in 2017 -- 2007 -- whose pakistan in 2007. speaking of earnings, automakers in the u.s. are about to report their own earnings. general motors tomorrow, ford next week. suching of ford, this is an interesting story by bloomberg news. apparently, ford has shelled out
200,000 to get its hands on one x suve first tesla model vehicles. above the sticker price. you would think why does ford want a model x, other than it might look cool -- apparently to auto analysts, they want to do with it what you do with an iphone -- terra down, break it up, see with the parts look like, put it together, and make one of your own. have you ever done that with a phone? mark: not yet, but my children have. it is not popular in my household. i do not recommend it. i've yet to do it myself. i have witnessed it. plus, you would hope that ford is going to get something out of it. let's check now on how u.s. markets are trading right now. we are coming back from our loads of the session, but
really, still, i wouldn't call these gains much to talk about. the dow is up by about 40 points. abigail doolittle has more from the nasdaq live in manhattan. abigail: high, that he can we have a nasdaq trading modestly higher after flip-flopping between red and green one stock higher -- linear technology's after they beat fiscal third -quarter sales estimates, puts in a sequential increase in sales and earnings. the -- the company also seen a sequential increase into the fiscal fourth quarter. positive stuff there. they are apparently benefiting from the industrial and transportation markets. it could be the study, sequential growth that is behind the stock's bullish golden cross, telling us buyers have appeared to win a long-term sideways battle, similar to 2012, ahead of a more than 60% move up for linear. they could be positioned lushly right now. -- bullish right now. betty: intel was ahead in the
premarket. what is happening now? abigail: intel has had a wild day. it was sharply down, then hire, now hire again -- really all over the map after they reported in-line first--an quarter, topped off by a below consensus second quarter forecast, summa to the guide down in the first quarter report in general. investorsike the might be encouraged by cost-cutting efforts, but on the opposite side of the golden cross, we have the death cross. intel traded into one earlier this year. trade down inntel the weeks or months ahead. betty: thank you so much, abigail doolittle. let's check in with first word news. ramy inocencio has more. ramy: the french government wants a two-month extension of the state of emergency declared after the terror attacks in paris. the measure will require parliament approval.
the state of emergency would cover the european soccer championship and the tour de france. it would give the police more power to make arrests, and it could be receptions on the movement of people, as well as vehicles. staying in europe, a norwegian court has ruled that a mass killer human rights have been violated because he is being held in solitary confinement. he is currently jailed in a three-sell complex where he can play video games, watch tv, and exercise. the death toll from the taliban attack in kabul has risen to 64. hundreds more were wounded to the afghan government has investigated the attack, which targeted an agency that provides protection for high-ranking government officials. another earthquake rattled ecuador before dawn wednesday. a 6.1 magnitude was the strongest aftershock since last week's deadly quake. there was no immediate report of damage. the saturday quake killed at least 125 people. hope is fading survivors will be
found. donald trump says he might replace said chair janet yellen if he wins the presidency. he tells "fortune" he does not want to comment on redeployment, but he would -- an appointment, but he would be more inclined to put others in, reduce the fed powers, and call for an audit. i am rain in a sense you. ramyto you, mark -- i am inocencio. mark, over to you. efg buying a 49% stake in a wind farm porthole in europe, and joining us now for an exclusive interview, karim ,oussa, head of private equity who is just back from paris ahead of the oil summit
tomorrow. thank you for joining us. tell us about the rationale behind the deal? havearim moussa: we diversified 49% of the portfolio across europe. invested -- the assets are attractive for investors. they offer long-term cash we have a portfolio in spain and portugal. with the remaining two countries, france and belgium. we like the asset class. it is defensive. it offers us stable, yielding cash flows, and we have done our first investments in 2014. mark: that was edr france. exactly. we continue to build --mr. moussa: exactly up and we continue to build the portfolio. mark: where are the assets -- where are you looking?
are the easy to find right now? lot is refinancing the battleship -- the finance sheets. a lot of smaller developers need to raise capital, so they are selling assets. across continent for europe, we flow. lot of in terms of opportunity windows --there is a lot going on in the space. betty: i am just curious, when you're looking at potential deals, and you're working on deals right now, what is top of mind for you? i know you are in specific industries and specific companies, but what is top of mind for you -- the economic environment, the currencies -- is it interest rates? i'm just chris, what is top of mind for you when you are looking at deals -- curious -- what is top of mind for you when you are looking at deals? mr. moussa: there are a couple
of things important in the sector. you can see the volatility in the markets. interest rate environment in the market today -- we as investors from the middle east would like any other investors from -- like any other investors from emerging markets, are chasing assets that are good, quality assets. defensive. printable revenue stream, and a need. the asset class in europe -- renewable energy offers exactly that investment characteristics. betty: are there other regions outside of europe that you are looking at for opportunities? it depends, really, on the risk return profile that we are looking at. yes, we look at selective emerging markets in terms of development,rgy but primarily in our part of the
world or other emerging market countries, the assets there are greenfield assets. so, you are taking construction and development risk. where here, what we are looking at in europe, are you the operations -- yielding operations that have a history of four years of operations. it is a different type of investment. in europe, continent of europe, we're looking at yielding assets. mark: what other opportunities are there in saudi arabia? i have to mention it because president obama is in saudi arabia. the saudi's are going to create this enormous sovereign wealth fund to the tune of $2 trillion that are transforming the economy away from oil. what opportunities will that provide for private equity companies like yourself? mr. moussa: look, saudi arabia is a large market, and you are right, they are all diversifying away from oil. we are expecting the saudi's to
announce this month the new saudi arabia vision, which is going to introduce programs behind -- beyond the oil era. uae had done the same a few months ago, announcing the sustainable economy plan, and how they would celebrate the last barrel of oil in 50 years. this will open up opportunities, definite, for investing. in saudi arabia, at the moment, it is about privatization. you have seen today, even at low oil prices, you know, oil revenues are lower, but if you think about it, out of the last $100years, will was above in three years out of the last five years. it started going down the last two years. there has been a lot of wealth accumulated, and as you have seen today in the markets, saudi arabia has not stopped yet. the first international debt
raising -- the $10 billion since 1991.day, -- in terms of new investment coming from the government, the ability to raise money, whether it is the uae government, the saudi government, or other governments, it is there and we'll see more investment. outside of renewable energy -- what opportunities are there? betty: classic -- mr. moussa: classic themes we see in the region -- consumer plays built around young, growing demographics. it is health care, as you have seen in the private equity space over the last one or two years. potential in egypt. we left africa a lot -- we like africa a lot. the sub-saharan african markets. mark: great to see. to her for jonas and good luck to you. --im moussa, head of policy thank you for joining us, and
where we take a look at some of the most telling charts of the day, what they mean for investors. you can access the charts on the bloomberg by running the function featured on the bottom of your screen. mattng things off today is "mad dog" miller. mr. moussa: -- matt: you do not want to let mark go first? betty: no. mark: stop wasting time. matt: what i have is a chart that poses the interesting question -- that looks at inching debt and poses a question. we're looking at inventory in china. as mark would sit in the green line is -- inventories, as mark with it. the green line is inventory, and the white line is the price of steel. every time inventories build up, you see the export shoot up, and inventories come back down.
that is because, according to penny pritzker, david westin interviewed last week, the chinese are dumping steel. you hear his accusations all the time. every time you see these entries rise, you see imports surge, and inventories come back into shape. my question is what is happening here -- in order to dump steele, you lower the price. steel,'t steel -- dump you lower the price. you see the price continuing to sort higher. is that mean we should see steel come down, or is something else going on -- the chart is number 984. i think it poses a very instant question, but it gives you a great picture of the global steel. betty: so, the price of steel is going up -- but why are exports than increasing in china? matt: that is the question this chart poses. exports are going up. why is the price continuing to
rise. betty: i got it. that is the mystery of the chart. matt: in order to dump steele, you have to sell it for cheaper. betty: i am getting a lesson here. mark? mark: here is something you did not know -- with number, the purpose is to tell betty liu some thing she probably did not know. the benchmark in russia is just eight points away from a record high in 2007. there it is -- the white line, going back to 2007. i plotted it is there for you, betty. can this market surpassed the previous high and keep on chugging higher, betty? i tell you what, analysts remain bullish. they boosted profit projections by 5% this year. money managers -- the likes of hsbc, credit squeeze, they are -- credit suisse my they are bullish on russian stocks,
which, by the way, are the cheapest in emerging markets relative to future earnings. micex is trading seven point 9 -- 7.9 estimated earnings. 40% cheaper than the msci emerging markets. check out what mark mobius said -- you know him, the executive chairman of templeton -- he said if the u.s. or the eu ease or lift sanctions it would unleash a rally that would transform "thea's stocks into bargain of the century." betty: wow. mark: so, watch out -- the u.k., the eu review penalties imposed after 2014. are russian stocks going to be the bargain of the century? #btv 999.
possibly the by of the century. matt, you left us with a cliffhanger. matt: we both did. he is saying should you buy russian stocks -- investing with house angels -- and my price is steel prices rising -- maybe you want a short rebar. betty: i'm having a hard time picking a winner, but i am going to say mark. [laughter] matt: why? yours is more of a mystery than mark barton's. we can take all of this off-line. mark: matt miller, the biker of the century. betty: lloyd blankfein has been in charge of goldman sachs for a decade, but revenue and profit are falling. can he navigate the new world of wall street? we will be back. ♪
live from new york and london, i am betty liu. mark: and i am mark barton. this is the european close. betty: goldman sachs reporting its lowest revenue under the tenure of lloyd blankfein. profits dropping 60%. lloyd blankfein was able to guide the bank through the financial crisis in better shape than rivals. can he do it again? this time, facing new rules. we are joined by bloomberg news reporter jenny surane, who wrote the story here at bloomberg. tell us more -- it seems like his 10-year tenure -- we're not saying it is ended, but coming down with a thud, as you say. jenny: right, for the most part, analysts were disappointed in goldman earnings, and going forward, they hope to see major
changes and get profitability numbers back up. betty: it is mostly through cost-cutting, right? jenny: right. that is the avenue the bank has decided to take, but during the call yesterday, analysts were pushing for more information on any big strategy changes they might have in mind going forward to boost profitability and get revenue numbers back up. as you know, the trading slump has heard revenues at goldman in the last couple of years, and they are really looking at something new and creative. the: but it is sitting out fixed income, slump, isn't it, genting -- jenny? is it the right strategy? jenny: well, i guess we will see. but by fine has defined the fixed income operations. in his annual -- lloyd blankfein fixed income the operations. in his annual letter, he said they are sticking by. it has not improved recently.
analysts are itching for something new and exciting to come down the way. mark: jenny, markets stabilize in march and april -- does that bode well for revenue for the rest of 2016 for the likes of goldman sachs? jenny: that is what everything was pointing to yesterday -- what executives are hoping for. they said and the beginning of march and april they of seeing things turn around. we will see going forward, but so far, i do not think any revenue numbers, in terms of analyst recommendations have been coming up, no. betty: how is goldman faring with its peers? are they focus too much on trading here? jenny: it depends on the .ifferent peers each of the major banks have a different focus. goldman is a trading operation. the trading service hurting them more than some of the other universal banks. they say they are committed to cost-cutting. they said yesterday during the call the fixed income unit volunteered to cut more than the
annual 5% call that they see in the employee numbers, so, it is, i guess, hard to tell when you look at all the different focuses the banks have. mark: jenny, -- betty: jenny, thank you so much. jenny surane. before we get a check on how european stocks ended, one stock we are watching is coca-cola. we are drinking less and less soda. the stock is down almost 5%. expectations, but the revenue was pretty soft. people are not jerking soft drinks. mark: let's look at what happened at the end of the trading day. stocks rose for the eighth day in nine. you know i like my winning runs. ♪
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scarlet: good afternoon i'm scarlet fu. tracy: i am tracy alloway. stocks fluctuating near three months highs. investors focusing on couple's with results that beat presidential front runner donald trump and hillary clinton take their home state of new york in the primary giving them both a bigger lead in their race for the party nomination. tracy: google's android business in europe is under pressure. the eu is accusing the company of abusing its mobile dominance to crush competition. first we are halfway through the u.s. trading day. let's head to the markets desk. julie hyman has been tracking moves and it looks like we are at the highest level since december for the s&p. julie: 2/10 of a percent gain on the s&p. we have seen this string of advancements for the major