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tv   Bloomberg Markets European Close  Bloomberg  May 4, 2016 11:00am-12:01pm EDT

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i am mark barton in london and you are watching the european close on "bloomberg markets." mark: we are going to take you from new york to london to california in the next half hour. cbs earnings results beat forecast inks to live events like the grammys and the super bowl. we are going to hear from leslie to what the future holds for the $25 billion corporation. in on shell is joining recording first quarter profits that beat first-quarter estimates. the majorst over for oil producer? the clock is ticking on the u.k. referendum vote. is going to push for the u.k. to stay in the eu. we are to bring you that live.
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in the meantime, as mark just mentioned, cbs earnings blue plastic dust blew past wall street estimates and climbed more than 40%. the super bowl and grammy awards played a large part. even ignoring football, ad sales were up 12%. david weston his here joined by ceo les moonves. david: welcome to bloomberg. glad to have you today, . we have seen advertising market cycle up and down. is there something more fundamental going on? s: a lot of money potentially move to digital and suddenly people are realizing that not all digital is that great and that there is a lot a false viewing on digital.
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i think a lot of money has returned to television. network television is showing that it's doing better than basic cable networks. we are seeing a return right now to the broadcast. there's no better bang for your but. it is helped by the big events like the super bowl and the grammys. the underlying growth without them was 12%. numbers fromk at facebook and they seem to be grown from the sky. les: that is certainly digital places like facebook, google doing extraordinarily well and we have a number of digital assets that are doing well. i think overall people are saying that the best buy is broadcast along with digital. obviously, the facebook's of the world are doing extremely well, but not all digital is created equally. david: you mentioned your digital assets. i like you to talk about those . you have cbs all access and showtime. of those, which are doing the
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best right now and which have the greatest potential as you look at them? les: i'm not going to pick out among my children. i'm extremely pleased. all three of them have only been in operation for less than a year or more than the european we cannot be -- then a year and we cannot be more pleased on all them. the numbers are growing everything with day, especially during this election season. showtime and cbs all access are doing extraordinarily well. they are beating projections. as we look forward to adding "star trek" to cbs all access in january, that will provide a bump along with the continued strength of the showtime line up. i'm extraordinarly pleased with all three of them. david: i what point do you think it will be added to the revenue line at cbs? les: it is already happening right now.
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in the corridors to come, you will see more numbers and transparency into what we are doing there. the revenue is now beginning to make a difference. in 2017, i think it's going to be a very large number. david: staying with the fee structure, you are expecting a billion dollars in retransmission consent this year. is that going to continue to grow past 2016? les: we have already said that by 2020 we expect to have $2.5 billion in reverse copies. those numbers are going up and people are paying more for our content and you'll have the skinny bundle and all access to our content. we provide cbs no matter how you want to get it. for sure, the fees are growing substantially. david: as you talk about things like the skinny bundle, what is your concern about
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cannibalization of your existing outlets? les: we have said that we are willing to put our content anywhere as long as we get paid for it. there's a lot of noise in the marketplace about the skinny bundle becoming much more important. in a 180sly live channel universe, which a lot of people do not want to pay for. the skinny bundle is going to become more important at a lower price point. people are looking to get only those channels that they wanted. if you want to be in the 180 channel universe, we are fine with that. if you want to go to a 15 channel universe, we are fine with that. if you just want cbs a la carte with all access, we are fine with that as well. david: let's talk about the old-fashioned world of radio. you have indicated that he will separate that out from cbs as a spinoff to shareholders. why would you spin it off instead of selling it outright? if you sold it, you have cash to invest in things other than cbs. les: we did it with our outdoor
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business. we think the split off is probably the way we are going to be. however at the same time, there sts coming in and talking to us, so we're not limited -- we have not limited to the idea of doing it. there's a lot of value and cbs radio. we still think it's a very viable business and it will even be a split off or some o other form of accommodation. it is definitely going to deliver a lot of money to us. david: you are talking to potential buyers. do you think it's possible to sell it for a fair price? les: we are talking the buyers and to people who may want to do strategic partnerships with us. you're looking at everything the possibility to a split off. either way, we will get the best possible deal for shareholders. david: since we last spoke, you
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have a new job. you are chairman as well ceo. how are your responsibilities different from day-to-day? les: being chairman, i'm responsible for the board of directors and dealing with the issues that come up before the board. sumner whenly with i was ceo and now he is the chairman emeritus. it has worked out well in terms of my additional responsibilities. life is not all that different. i'm doing more of the same and maybe a little bit more responsibilities, but my life is pretty much still the same. dealing with content and investors and deal with a lot of different things that come with being ceo and the chairman. david: given the success indicated by the most recent earnings, you're obviously thinking strategically about how to expand cbs and how to grow it out. do you have the authority that you need to drive cbs and the direction that you think strategically makes the most sense? les: there's no question about
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it. we have an extraordinary, independent board. they are extremely supportive. we consider ourselves first and foremost right now a content company. showtimee content for and cbs and the cw. as we go forward, we look to expand on the content areas. i have a lot of support for my board of directors and i'm looking forward to a great future here. david: you have always been a big cheerleader of content. you have always really been into content. when you look at a deal like dreamworks, would you have liked to buy it? are there other interest in paramount that you would like to extend your content-based to? les: comcast made an extraordinary smart deal getting dreamworks animation. they are a big company. they are in the animation business. veryworks animation, a good company would not have been
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a great fit for cbs. we are still primarily a television company. are we looking to expand in content areas? absolutely, but it needs to be the right fit for us. david: that is les moonves, chairman and ceo of cbs. thanks for joining us. les: thank you, david. mark: thanks for a much. betty: go ahead, mark. mark: i'm so eager to bring you this breaking news on our place. -- barclays. getting news from the lender at the u.k. bank. there has been a lot of talk. barclays has been telling the markets that it's interested in getting rid of some or all of its african state. sell 103.6ng to million shares subject to a 90 day lock up yo. you'll remember that bloomberg
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brought you this story a week or so ago. chief executive bob diamond started this fund, buying up african banking states. she was interested. not in the entire 62%, but at least some of it. she is retrenching and coming away from africa. he was the man who boosted our plac barclays presence in africa. stakere divesting a 62% in barclays africa. betty: let's check in as well on of the bloomberg first word news this morning . taylor riggs has more from our newsroom center. taylor: donald trump is talking about uniting the republican party. that forced his closest challengers to drop out. today, he said he is confident that he can unite the party,
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although some of that he does not want. meanwhile, bernie sanders is saying not so fast, madam secretary. he surprised democratic front-runner hillary clinton in the indiana primary and says the race is not over. still, clinton has all but an insurmountable lead. clinton is hoping to get some of his superdelegates to back him instead. in western canada, all 80,000 residents of an oilsands town have been ordered to evacuate because of a raging wildfire. it has destroyed neighborhoods in fort mcmurray, canada. high winds are making the path of the fire unpredictable. there are no reports of serious injuries. the british government has bowed to pressure and will now take unaccompanied children from syria who have made their way to europe . prime minister david cameron says children in greece will be eligible to come to view cap. -- to the u.k..
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members of the conservative party pushed him to make the change. global news 24 hours a day powered by journalists in more than 150 news bureaus around the world, i'm taylor. had to break, here's a look at how the major averages are doing right now. kind of a topsy-turvy session so far. we are headed back down. this is after oil inventories came out here in the u.s.. a much bigger buildup than we expected. lower and is leading us in the stock market a little bit lower as well. ♪
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mark: live from london and new york, i mark barton. betty: i am betty liu and this is the european close. it is time for the bloomberg business flash.
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taking a look at the biggest business news right now. opec heading to its june meeting without a plan to limit oil production. that is according to six delegates in the cartel. two of those delegates say limits on output may not be necessary because oil is improving. it is a sign that the u.s. economy is getting stronger effort a slow start to the service industries expanded in april at the fastest pace in four months. the service sector includes retail, health care, and building among other things. american workers, productivity sell for the second straight quarter. productivity for our declined at a rate from march. that sent the cost of labor climbing for more than he a year. mark: emerging-market currencies falling for a third day. june rate increases are still possible. betty: indeed.
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the dollar climbing. our next guest says that the next eight months will provide a full opportunity for the dollar to keep strengthening. joining us now is jeremy cook at world first. we had jim ricker's on an hour ago who completely disagrees. he thinks the dollar is actually going to continue to weaken. therefore, you should buy gold. what is your thesis on the dollar? jeremy: the dollar is oversold at the moment. i think that the rate predictions we are seeing at fed funds for example are even more dovish than the most dovish members of the federal reserve board. i do not think we see a rate hike in june. i think that is mainly trying to anchor expectations that something could come later in ae years so we do not get huge snap back through q3 and q4. it is all pointing to the jobs report on friday.
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had anvice numbers we hour ago were decent. we are seeing a nice level recovery through q3 and q4, we will see another rate rise. betty: in your recent report, you wrote about trump and the political risk. it looks like we are seeing a trump likely versus clinton matchup. jeremy: yes, the matchup in november. the one thing about currency markets and every other market out there as well as well is they are 100% pricing in a clinton win. there is no one pricing in a trump victory. how would you price it? shorting the peso and construction products for the wall? there's nothing that we can easily put a 10 point estimation for a trump presidency. there is no where in the markets for this. mark: something that has been baked and has been risks of a brexit.
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those risks have dissipated since the heights of last month . pastve been rising the few days, but sterling has clogged back all that's losses for the year against the dollar. dollar weakens. are we going to see further volatility as we edge closer to june 23 because measures of volatility have come down as well haven't they? jeremy: if you look at the example, the premium that people paying for consumer services are higher than may 2010. may 2010 was the election that brought the first home parliament since the 70's. in the grand scheme of things, there is more risk to come. i think we may have seen the lows in sterling before the eu referendum. a big move lower than we saw in sterling at the beginning of the year. it will probably oscillate around the 145 level throughout the course of the rest of the campaign.
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telephone poles, which people can see to be more accurate than online polls, are also showing a win for the remaining camp. if we see that happening, we may see it on june 24. mark: the data from the eurozone is stripping out inflation and it's looking encouraging. we had confident data on manufacturing and services above 50. market still called growth tepid. on cannot look to grimly growth in the last quarter. at least europe is growing. as the euro area going to hold on to those brought bragging rights? so, but oneuld hope of the main characteristics of the eurozone to the past couple years has been its lack of resilience. therefore, you have to suggest that if we are continuing to see week numbers over the u.s., the rest of asia, to believe the european economy would remain the bright light of world economics may be slightly hard
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to fathom. unfortunately, the growth is coming through but it's not producing inflation at the moment. we know that mario draghi and the ecb are going to do whatever it takes. in the meantime, it means time for the policies tort. we will see how that progresses through the summer and comes back to q3. mark: good to see you on the other side of the pond. betty, be nice to him. cook atok, -- jeremy world first. shares of royal shell next. the company beat on earnings despite oil prices hovering in the lowest levels in 12 years. why are shares falling? europeanook at how stocks are faring 10 minutes ahead of the wednesday a similar story to what is happening in the u.s. today.
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the stoxx 600 is down by 1.1%. ♪
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mark: you are watching "bloomberg markets." i am mark barton in london. betty: i'm betty liu in new york. this is the european mark close. mark: shells acquisition is starting to pay off. first quarter estimates beat encounteringr record low crude prices. ryan chilcote is chomping at the bit and the chief executive will be happy that the peg acquisition is starting to pay off. ryan: it had its doubters and skeptics. $54 billion sounds like an awful lot to pay for bg when we had oil prices the way they were the last year. what we seek year on year?
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the combined company has oil and gas output up by 6% in the majority of that comes from bg. not only are they pumping more oil and gas, but they are getting a lot of cash from it. they are getting more in earnings and investors love the cash. mark: give us some perspective. we have had bp and total on the side of the pond beating and you can throw in exxon mobil as well. what is the story we are getting from the big oil majors? ryan: the integrated oil business is is a good model. refiningtream business against saving the bacon, so does having a chemicals business good sodas training. chemicals business. so does training. exxon made $1.8 billion in the first quarter. exxon in terms of market cap is almost double the size of shell. that is not bad to be 200
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million off. betty: how about the acquisition of bg and how that has changed things for shelf? l? ryan: one of the things it has done is increased that. debt. that is something the ceo wants to get his hands on. going into it, they are gearing at 14%. they said it would be in the mid 20's. today, we learned it is now at 26%. the cfo says it's ok. it's like buying the house. now we the to start bringing down debt. even though they were free cash flow positive in the first quarter, it still looks like it will be under pressure in the second and third quarter. they want to return to the traditional model of having low debt and paying the dividends. bg is being a little bit of an exercise in expanding the balance sheet, expanding borrowing. now they need to real back in.
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mark: ryan, great job. beat beach shares -- shares estimate. have a look at the major benchmarks. it looks like it will be a fall for the fourth consecutive day. we are four minutes away from the european close. we have the net loss narrowing. stock jim reported unexpected increases in profit. i'm going to tell you all about bhp momentarily. one of the reasons why basic resources the stack today. the close is next. ♪
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x1 makes it easy to find what you love. call or go online and switch to x1. only with xfinity. show show me more like this. s. show me "previously watched." what's recommended for me. x1 makes it easy to find what blows you away. call or go online and switch to x1. only with xfinity. mark: live from london and new york, you're watching the european close. stocks finishing the session in europe. groups one industry
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the stoxx 600. every single one lower today. banks among the decliners. we are just hearing from credit suisse that it's cutting 180 jobs in london, mainly in trading. continuing to trend among europe's big banking groups, which are scaling back because of the difficult market conditions. all 19 industry groups falling. that is the worst stretch in a few months. it is a 4.5% loss in the last four days, which is the worst fall since february actually. or what is overload happening in general. this is a big mover in the mining industry today. mining companies getting absolutely hammered. bhp shares 5.9% lower today.
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there's a $44 billion suit the company for a november dam rupture that cause severe and by missile damage . deutsche telekom is one of the companies in the news today that released earnings. earnings beat estimates in the first quarter. phone unit onele subscribers with aggressive promotions. getting users. shares are lower. that is the trend today. finally, i want to focus on a couple of big u.k. retailers. that the british clothing retailer actually cut its sales forecast for the second time this year. it reported first-quarter estimates for unfavorable coldspring weather.
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the company cutting its guidance in march. we have seen signs of improving business in recent days. that is providing some crumbs of comfort for shares that are up a cut indespite its sales forecast. shares are down by 2.7% today. the supermarket chain reported i a profit that beat estimates, but now we are seeing shell sales that fell for the first time since july. that is why it is lower despite the beat today. figure that out, betty. may the fourth be with you. betty: indeed. i was want to talk to you about "star wars." i know you are such a big "star wars" fan. we are getting breaking news on the hasn't elections. -- presidential elections. john kasich, the other front
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runner in the gop race, has canceled his press conference in virginia. he is going to be holding a news conference in ohio, his home state at 5:00 p.m. eastern time. he has canceled his event in virginia and is going to be speaking at 5:00 p.m. eastern time in columbus ohio. we are all certainly going to be watching to see what he says. is he or ision is he not going to drop out of the race after ted cruz did last night? in the meantime, european markets as we just saw from mark are done for the day. u.s. markets are still open. the are continuing our decline. they are accelerating. abigail doolittle has more live from the new nasdaq could. . abigail: the index is down nearly 1%. nde stock bucking that tre
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is hated celestial. estimates andnue the company raised its full-year view. it could be the forecast plus the cup in he's announcement that they're operational overhaul that is helping the stock trades a much higher today. announced that jane myers will take on a new cfo role. the buyers have really overtaken the sellers, suggesting that there could be more near-term upside ahead for the shares. betty: you just mentioned hain, but what about companies like tesla declining ahead of the earnings. abigail: they are trading down sharply after the close. consensus calls for the company to post a loss, but bloomberg intelligence analyst says it tends to trade on promises rather than fundamentals. beenid that the stock has
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increasingly more sensitive around the earnings reports. this does show a lot of volatility around the company's earnings reports. he also believes that it's a bit aggressive to call for the company to turn profitable in the second quarter. we will know more after the close. it has been a volatile year for the shares of test left, suggesting more volatility could be ahead. betty: thank you, abigail doolittle. let us check on bloomberg first word news. taylor breaks has more from the newsroom. taylor: the european commission is making good on its promise to turkey. they are allowing visa free travel to europe. that is one of the recommendations they are making to the eurozone countries. to turkey has led to a big drop in refugee arrivals. in sweden, mortgage rejections turningring, away more than a quarter of customers china get home loans. that is twice as many been a year ago.
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the problem is that signs of debt burdens are becoming unsustainable. 19% increase from a year ago. the former ubs trader in prison for rigging libor has turned to the crowd funding to finance his appeal. supporters of tom hayes are asking for more than $200,000 for legal expenses. call his conviction the result of a politically motivated show trial. he is serving an 11 year sentence in the u.k.. british lawmakers say the government must quit dithering over the expansion of airports around london. last year, a commission recommended expanding heathrow ministerbut prime david cameron delayed making a decision until after tomorrow's a oral election in london. -- may oral election in london. global news 24 hours a day powered by our 2400 journalists in more than 150 news bureaus around the world, i'm taylor
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rates. mark: prime minister david cameron is speaking now on the upcoming referendum. let's listen in. >> i'm just asking what you meant by that, prime minister. i am asking whether you will now be arguing for withdrawal. time mr. cameron: i'm mr. cameron: i'm not arguing for leaving the eu, . >> this is on a hypothetical question. thaturrent eu is something we do not have to imagine. the hypothetical question is what the eu will look like after renegotiation. we do not know how that will work. i'm asking you a real question, not hypothetical one, which is what the current arrangements in the eu be so unsatisfactory that you would now argue that we should leave? david cameron: that is a hypothetical question.
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your question begins with the word if. if we have not gone to renegotiation, would you say the eu -- that is a hypothetical question. my point is that i never wanted the british people to have to answer that question. that is why i said we want a renegotiation and then a referendum. if you're asking what is my view about europe over the years -- >> i've not ask you that question. what i'm trying to do is elicit onm you whether the decision whether we should vote yes or no in this referendum is based on what you have delivered and this renegotiation. david cameron: i can answer that can i think some people say whatever he negotiated, i would want to stay. i think other people would say that whatever is renegotiated, i want to leave. >> i'm asking what you would want. david cameron: i'm voting to stay in a reformed european
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union. >> back to where we were, we are in the current eu, the one we have got now. do you think we should vote to stay in that? david cameron: that is not the question front of us. >> that's the question i just asked you. david cameron: i don't know where you're going with this. parliament in 2001. i stood in 1997 unsuccessfully . i said britain should not join a single currency, but i do not oppose our membership of the eu. all of my political life, i've been in favor of staying in, but getting reform. as prime minister, i've a chance to deliver that reform. i would argue that we have delivered more reform the people of done in the past. on that basis, i would recommend people to stay. >> most people around this table will be asking questions about your renegotiation and one way or another. i think people quite reasonably want to know how much stock they
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should set on its importance for their decision. i've been asking you now for several minutes to answer that question. if you have a new viewpoint to add, please do. david cameron: i think the renegotiation is no additional reason to stay because i think it has addressed some areas that people have real concerns about. too much of a single currency club, too much of a political union, too much of an emphasis on drawing people to the eu, not enough emphasis on growth. i've corrected those four things and for a lot of people, that will make an informed difference. it makes a difference for me, but we are friendly asking a bigger question, which is should we stay in this organization or should we leave and then work out? >> that is what i've asked this afternoon. david cameron: i do not overemphasize the achievement of the renegotiation. you can see from all my speeches in the campaign that i talk about the biggest issue of all. >> i'm going to bring in more colleagues. on the renegotiation package,
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prime minister, which you say went over successfully. the promise actually failed. the promise for fundamental change in the relationship with goteuropean union -- but we later discussions in the council and no change whatsoever within the powerful eu institutions. extensions requires treaty change. you same these are irreducible -- irreversible, but they cannot be described as irreversible in eu law. these examples are not precedent because you have provided them to the european council and the parliament. no one including the council can control future decisions nor changes in member states governments or outcomes of
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referendums. that's what it clearly shows. in a recent u.k. opinion poll, 57% said they did not trust your package. only 22% did. in june,he voters vote it will be a historic vote on your package as a whole. as you cannot guarantee or even before treaty change they go to the polling station to cast their vote, i do not want to cheat the voters when they vote. david cameron: look, you and i have a long-standing mutually, i hope, understood disagreement about this . let me run through some of those points. we have achieved some change. there is international legal agreements that we have negotiated. the commitment to traded changed. >> it has not. david cameron: he asked a very
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long question that i'm trying to answer. that is important because the treaty change in those two areas is very important. you asked about whether it is irreversible. that is not just my view. that is the view of allen -- would who says i specialize in european law. he says it would be irreversible and practice. i do not agree with you about that. how fundamental is the change we are achieving? i think it is quite fundamental because getting britain out of an ever closing union reinforces the special status that we have out of the eurozone, out of the no borders agreement, and i think this change with respect to our currency not being discriminate against inside this organization, i think that is quite fun mental, too, because the eu today is a union of countries, some of whom share a currency, others who don't.
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for the first time, we have got this proper legal status that is saying that if you're in the eu and you have your own currency, you cannot be discriminated against. for all these reasons, i would mention that we are cutting the welfare payments that eu citizens receive when they come to britain. that is where i fundamentally disagree with you. when people go to the polls, they should think about the whole issue of the eu as it's going to be or leaving. the renegotiation was successful energies for a fundamental goals. >> we are talking about the question and i've made it clear that on all the best legal advice that the formal legal adviser to the european council made it absolutely that he did not agree with those proposals. isnkly, what you are saying that you want us to stay in the european union, but at the same time, you are actually presenting the voters with a decision on the 23rd of june
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based on a false perspective. it is not irreversible. you cannot say that it is. eou cannot predict, prim minister, whether they will be any court decisions following that agreement. mark: that is david cameron speaking from of that parliament committee. you can watch that full event live. guest at bring in our a great time. hypotheticals and ifs. >> never get into hypotheticals. mark: there was a valid point, was in;t it? if this referendum was based on what he achieved, it might be different. the original idea was to put it to the public on what he did achieve or is that not the case? >> he is doing what he promised to do.
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he said he would renegotiate and put the results of that to the people. that was part of what that roe was about. sayingmittee chairman hang on a second. can we asked what you would do if you have achieved nothing? very team not to answer that question because he sort of answered it early on. he described the renegotiation as an additional reason to stay, which suggests that and he will not answer this so i cannot try to answer it for him, but it suggests that camera would probably be in the state:. y column. mark: we are not renegotiation. robert: we are. mark: we are voting on do we want to stay in the eu. isn't this the whole frustration for those? robert: you can see the
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frustration that. all politics is an attempt to set the question. david cameron wants to set the question as are you prepared to take this massively been the dark for you, your family, your children, your children's children forever after and take a huge risk to go into the unknown or would you like to stay where things are? that is the question that the prime minister would like you to address on june 23. fill cash would like you to address the question of did the prime minister get what he promised to get when he stood downstairs three years ago or is this a bit of a hodgepodge of half cobbled together bits and bobs? he has not really got very much because the european union is not interested in changing, is it? that is the question he would like you to answer. really, the next month and a half is going to be about different people trying to set different questions. one question that the people who want out are trying to set his
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do you think immigration is too high? are too many people coming in? the question their continuing trying to suggest is what is the bigger risk. people willtably, say inevitably. that feels like less of a risk . things are going to change in all sorts of ways that we cannot qualify could it's better to get off of the ship. this is how it works. mark: betty. betty: i was just curious listen to what you both were saying. visibly david cameron was quite frustrated with the line of questioning. what do you read into that exactly? robert: one of the things that you saw there was david cameron being questioned really quite aggressively by two mps in his own party. there's a funny thing going on in british politics at the
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moment where the labour party has sort of gone off to have a discussion about all sorts of things. the conservative party, although david cameron has a small majority, feels quite dominant in parliament, but it's created its own internal opposition. bill cash there is really quite hostile questioning. slightly less hostile, but quite a bit of frustration. it was a question that he tried hard to avoid answering. we are seeing the conservative party fracture over this issue. mark: thanks for joining us today. robert covers u.k. government for bloomberg news. move on to the u.s. president, barack obama. air force one has just landed in flint, michigan. he is there to talk about and also get an update on the tainted water supply and the contaminated water crisis happening in flint.
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he will be speaking to about a thousand residents at a high school about that widespread lead contamination in the water. we will be monitoring his comments for any of the headlines as well. "bloomberg markets" will continue. ♪
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mark: how does leicester city overcome 5000-1 odds to win the premier league title? we have one of the players on the phone and also with us is our bloomberg editor in chief john nichols went. christian, thanks for joining us. >> how are you guys? mark: how does it feel? cityr city -- leicester premier league champions. >> i'm getting goosebumps. it's outstanding.
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it is simply something you dream about as a kid and now it turns out to be real. an impactful moment. betty: i'm sure it was in the criminal moment. we have breaking news here. another moment happening right now is john kasich, according to reports, suspending his presidential campaign. as we had told you earlier, he had canceled his event in virginia. he will be col holding a press conference at five clock p.m. eastern time in his home state of ohio. john kasich is going to suspend his presence of campaign. this is less than 24 hours after ted cruz drop out of the race. all that is surprising with what developed in the last 24 hours. back on leicester city and the surprising moment. he wrote that great piece that how all talk about and
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these years you had that and you just did not this year. john: christian, i should apologize. the last time you were playing, i was shouting at you to run even harder than you already were. i was somebody who for years always bet on leicester to win for 20 pounds. i felt to do it leicester because i moved to america. i gather you're going to move to america sometime as well. christian: that is my plan. i have my family over in new york. they are here at the moment. it is nice to have them around when things are happening to sibley share this moment with them of success. point, soonersome or later, i will be in america. john: the thing i've been asked anyt a lot is are there business management lessons from leicester city? there has to be some kind of science in terms of buying people very cheaply. do you think there is an element to that?
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the famously came into not much money. onestian: i cannot tell if is the right way or the other is the right way. it seems it's just the writeup of character and people in this team, which simply forms a great team on the field -- on and off the field. freedom.iven a lot of besides playing football or soccer, sorry. you enjoy the time and you are having fun together. i think that's the big key to success. john: should i bet on you in the champions league next year? christian: that's another story. right now, i'm really looking forward to lifting the trophy. mark: can you hold onto your top talent? can leicester city hold on to vardi nextof season? christian: i can tell you that i
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will stay. i do not know what their plans are. know whatey really the club is all about. they appreciate the chance that they have had with this club. we are playing champions league next year. that they wantow to be a part of it as well. mark: christian, well done. a fantastic story and congratulations to you and leicester city. chief johnditor in chief john nichols late. it was a fourth day of declines. "bloomberg markets" continues. stay with us. ♪
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alix: it is noon in new york and midnight in hong kong. scarlet: welcome to "bloomberg markets." ♪
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scarlet: from bloomberg world headquarters in new york, good afternoon. i'm scarlet fu. alix: i'm alix steel. breaking news and politics right now -- john kasich will be suspending his presidential campaign, according to nbc news. we will have more on that in a moment. scarlet: stocks are pulling back once again as the dow ended on three-week lows. my new comment from fed officials. , seem to add on investors fear the market. alix: apple on track for its worst year since the financial crisis. we will talk with one analyst who says there is hope with iphone seven. scarlet: we are halfway through the u.s. trading day. let's get the set up here with bloomberg's julie hyman. julie:

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