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tv   Bloomberg Markets European Close  Bloomberg  May 20, 2016 11:00am-12:01pm EDT

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european close on bloomberg markets. we will take it from new york to london to paris and stockholm. this is what we are watching today the chief executive of food and average conglomerate dannon is here and we will talk about its sustainable elk -- agriculture pledge print sherry: a new survey out of sweden shows investors may have had enough of the central bank policies. the angry birds game was a huge hit and can lightning strike twice? the company is betting big on it spending $100 million on the angry birds found. it's out today in the u.s. sherry: its 90 minutes into the
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trading day in the u.s. a let's go to julie hyman at the markets desk. so far, so good? julie: it is as stocks are ending on a high note. investors tried to recalibrate what the fed will be doing in terms of interest rates. the nasdaq is doing the best in today's session. looking at the groups on the move, technology is the best-performing sector, up 1.25% and health care is up as well. the more defensive groups are doing a little bit worse. stocks, of individual you've got a lot of technology are microsoft and apple seeing a rebound and applied
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materials are rising after the company came out with earnings that beat estimates and a forecast ahead of estimates. the biggest maker of semiconductor making equipment is seeing increasing demand from its clients and intel which is a chipmaker would be one of those clients and they are also rising in today's session. apple has been bouncing. looking at the one week performance, it's up by about 5%. it's turning around from some of its recent losses. berkshire hathaway got into the stock he and let's check on oil and gold. we are seeing more of a decline for them. it's not as much support for the market from oil prices as we had earlier. i wantalk about the fed, to talk about the 10 year note. this gain is the biggest one week in we have seen since last june even though the yield is only the highest and about one months time. of thecalibration , thatations for the fed
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is being reflected in that move in yields. mark: investors today are shrugging off those concerns that arose yesterday about the june fed meeting. we fell 1.1% yesterday and we are rising by 1.1% today. every industry group on the stoxx 600 is rising today. we have risen for two consecutive weeks after falling for two weeks after rising for two weeks and after falling for two weeks. i want say that again. we have alternated and that's all you need to know. group may have to sell 100 shops to get approval for a merger that would create the world's biggest betting shop chain. ing shop chain area the
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merger would create a substantial loss of come petition. the decision is very positive according to investors who have a buy rating on the company. game locked is a french gaming company jumping after vivendi raised its estimates to eight euros per share. their hostile offer expands next year. the stock was suspended on thursday. it's up by 11% and this is a wonderful charge. back in september, 2014, mario draghi said he was going to boost the ecb's balance sheet to 3 trillion euros. back then it was roughly $2 trillion. the aim was to achieve 2% inflation. guess what? the balance sheet has expanded to 3 trillion euros but guess
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what? yellow line of inflation is , well below the target of 2%. it tells you that milestones are very dangerous in this age where central bankers are finding it area hard to get traction on prices. this is a wonderful charge. let's turn to the egyptair flight which went missing on its way to cairo from paris yesterday. we go live to paris. thanks for joining us. what can you tell us? >> not much has changed since this morning. the breakthrough today is the egyptian planes have cited debris from the plane. they have established it is from the plan unlike yesterday were there were false reports. investigators will go into
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action now and there are three investigators from france who have gone out there to help egyptians and will analyze the debris. they have no idea how long it will take it they have been very tightlipped. the pieces may have to come back to france or on the ground in egypt about the next step as they are looking for evidence as to what rot the plane down. mark: how damaging is this to the egyptian economy? >> pretty bad. unrebutted bad news following the revolution and the downing of the russian debt last year. murder of an italian student in mysterious circumstances in egypt. there has been a lot of news to hurt tourism and they had 15 million tourists in 2010 on our well below 9% this year. is tourist season in egypt the winter and the spring.
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there is not an awful lot of people who go there in the summer because of the heat and those who do are the extreme budget travelers. you could argue they are the ones least likely to be steered away by this kind of stuff. maybe the timing of this is not so bad. the timing of the russian jet last october was far worse because that was before the important winter/spring tourism season. mark: thank you for joining us today. let's check in on more headlines with first word news. taylor riggs is more from the newsroom. taylor: donald trump once supported restrictions on gun rights in the likely republican presidential nominee will address the national rifle association convention. tens of thousands of gun and busiest will hear him speak at the nra meeting in louisville, kentucky. he once criticized republican politicians who walk the nra line. in europe, there is a proposal
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from the imf that underscores the difference it has with european lenders over greece. should nots greece make payments until 2040 and the plan is contained in a document of tainted by bloomberg news and goes farther than anything proposed by the greek euro area creditors. the european union is set to renew economic sanctions against russia for six more months. the reason is a stalemate in efforts and two years of fighting in eastern ukraine between the army and russia backed rebels. russia, ukraine, germany, and france are discussing proposals to create demilitarized areas along the front lines. there ining hot out the desert of western india. there is a heat record scoring 123.8 degrees fahrenheit. a heat wave is crossing the country and their previous high was only 123 degrees back in
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1956. news 24 hours per day, powered by our 2400 journalist in more than 150 news bureaus around the world. mark: thank you very much. commodity prices have hit the e isrt business and danon feeling the squeeze. they are struggling to deliver consistent sales and margin growth. will innovation be key for turning around the slump? joining us for an exclusive interview is their ceo. what will it take to turn around the industry? >> good morning and thank you for inviting me. the industry of food and beverage is a global industry that's growing. the idea that it is not growing is having a vision which is restricted to some of our countries in some categories. the unique thing about us as we
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have been trying to align our vision of the world and their mission and businesses. hugeusinesses are 4 categories because they are growth platforms. is toe have to address maximize the way we operate our categories to early lee take advantage of this growth potential. sherry: so we are focusing on the wrong regions and wrong category so what should we be looking at when we talk about potential for growth? >> there is a vision of the world that says big companies will feed the world and the one-size-fits-all solutions and i don't think that the case. there is a fundamental value in the diversity of food and the cultural diversity that is act by the diversity of agriculture as well and the diverse city is the fundamental asset of food borne security.
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dos is what we are trying to is we need to look at how we can help and support people in adopting healthier and more sustainable eating and drinking practices. this is what the danone manifesto is about and what we are trying to achieve. mark: when will the changes be felt? >> as far as we are concerned, the impact is started in the sense that gradually, the growth is coming back and it's profitable. by 2020, it would want to deliver strong, profitable, and sustainable growth and we are on this agenda. when it comes to our consumers and our farmers and ecosystem, i think they are good examples. a week ago, we announced in the u.s. we would transition all of 02 biggest runs from gm
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non-gm oh including the feet of the cows of our farmers. this is an absolute breakthrough pledge we have done. this will be done by 2018 at the latest. things are happening as we speak. i don't think we should be waiting because there is a whole lot of growth opportunity to respond to the challenges of feeding and eating and drinking challenges of the people on the planet. mark: on the subject of growth opportunities, africa is big for you where you are investing big. what is one of the fastest-growing countries in africa for you now? comingnovations are you up with to appeal to the local consumer there? africa for usht, is the future. we think the demographic dividend as many call it will be to produce an incredible
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economic growth. the challenge for this growth is we need to make sure it's inclusive if we want to be sustainable even from a climate standpoint but very much from a social standpoint and that's where the social agenda that has been in place for 40 years and is part of us is making a huge difference in africa. it's the way we work with african communities. what is the fastest-growing country, it is ghana where we are growing 30% this year. we have 30,000 people on inycles going door to door each of the crossroads of akra to distribute our products. that is really building on the local specificities of africa. sherry: you have allocated a lot of resources in china but we see this changing dynamic in the market with new regulations put forth by the government.
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we are also seeing the demographics changing there. how big is this for you now? >> in china, we operate incredibly powerful businesses. we have a brand which is a $1 billion brand growing significantly. we have our baby food operation. sherry: do the new regulations affect you? >> they are clearly trying to ensure there is a level playing field in china. there has been an incredible rise of e-commerce and i think it's here to stay but there is no doubt that we have been working with the chinese authorities to make sure we find a way to supply the demand for our brands in a way which is more sustainable than what it is today. the we are welcoming gradual regulation of e-commerce if we want to continue to grow in a meaningful manner. sherry: thank you so much for your time. mark: there is breaking news --
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we were just talking about economyut the nigerian contracted by .4% in the first quarter which trails estimates which calls the growth -- calls for growth of 1.8%. two years. we can look back over the last from is no negative number march, 2010 to this current quarter. it's an economy hit by the hard fall in the oil price. the oil industry contracted in the first quarter. this is big news. contracted in at least six years. 4:15 a.m. in london, 15 minutes away from the european close, stay with us. ♪
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sherry: live from london and new york, i am in for betty liu. mark: this is the european close. sherry: finance ministers and central bank governors from the group of seven economies are meeting at hot springs resort in northern japan. the official agenda has been focusing on ways to revitalize global growth. minister wasance with the surveillance team on the greek that problem in the so-called currency wars. of work has been done since we reached a political agreement on the third program for greece. they have worked hard to push through structural reforms on many fronts. now we are entering into a debate which is about their sustainability. francine: are you concerned that
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don'tdon't get relief and have a solution for greece in the next couple of weeks or months, we may look at another summer of uncertainty and the eu like we did last year? >> i'm not worried about that. we are in a different situation than we were when year ago. the current greek government is very constructive lee working with partners to improve the state of the economy and improve public services and the administration in greece and they are fully committed to the program which is a completely different situation from where we were a year ago. that confidence, we are now entering into a discussion about debt relief. if you look at that sustainability, greece has a high sovereign debt. we have given them a very long time to do it that. on average, 32 years and the interest is very low. we stand ready and are now
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discussing doing more. ne: is the key concern for finance chiefs, currency award? you said what japan was doing at the time was a topic of concern. will you raise the same concerns? i think there is general agreement that adjusting your currency rates just for the purpose of improving your competitiveness is not going to work. it only has a short-term effect it will probably revoke the same kind of reaction from other currency areas. the effect will only be short-lived. the thing to do if you want to ss is dealmpetitivene with the business environment in your country and make sure investment go up in productivity improves. that is the kind of thing you need to do if you have a competitiveness problem. you don't need to try to adjust your currency rate.
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mark: that was the eurogroup president and dutch finance minister speaking on bloomberg surveillance. up, this ahead coming is the european close, stay tuned. ♪
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a wrapup of the weekend what's ahead with forex. we need to choose a name for our section so let's start with what a weekend has been for u.s. interest rate expectations because of all sorts of reasons. up ours we can bring favorite function. >> is the best function on the terminal and i use it every day. it's interesting to see we haven't had a day, sharp move higher. across the curve over the next six meanings for the fomc and
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what i think is interesting is the jump in those probabilities has bought the fed more options. they have one that act. there is more to weigh risk in that trade which is important to them and it's something -- mark: this is today's rub ability for june, 30% and i will just change the date. monday, we were at 4%. >> and even december. that is becoming more realistic or reasonable in terms of the pricing. mark: it was not just the minutes, it was the comments from a number of fed officials. >> i think the minutes clinched it because they were so definitive. we have had some of the nonvoting regional fed presidents talking more hawkish late. now the minutes themselves were the thing that scales. mark: next week is a big week for u.s. data as every week will
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be until mid-june. pmi and you have this wonderful chart which shows corporate pmi which we can put together and come out with a number for the u.s. and the eurozone and the u.k.. what does it tell us? this chartove about is you have the white line in the middle which is the euro area pmi and it is just going sideways. the european pmi has moved sharply. mark: because manufacturing has turned negative. >> it has but even services are lagging. pmi started to. point a little bit up. for a data dependent fed, they want to see that trend continue. the problem for all three of the central banks as opposed pmi's are too close to 54 comfort. pound may notthe see a sharp snap back even if
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the u.k. remains in the eu, why is that? >> what's interesting is that we have actually seen a reasonably sharp snap back in the pound already as the polls have started to turn. risk reversal the curves, you can see the negativity in the pound really starts to drop as we get just past the referendum date. it does not really bounceback 6, 12, 18 months after that and that is the worry that although the near-term volatility drove it lower, it's not's bouncing back shortly afterwards. mark: thank you so much. the close is next, stay with us. ♪
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mark: live from london and new york, you are watching the european close. they will finish
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higher, up by 1.2% after falling the most in two weeks yesterday after concerns about the said meeting in june, after those minutes on wednesday that suggested that june is very much alive meeting. the viewpoint confirmed by a number of said officials in the last four hours. we have seen the stoxx 600 rise for a second week after falling for two weeks. that is my favorite stat of the day, completely discovered by me as i was playing with my bloomberg. let's move to the luxury industry. 18%emont had sales plunged in april and also reported falling earnings and missed estimates. it has been cutting jobs and had weaker demand in asia it has been affected by slowing tourism
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in europe because of the paris bombings. richemont among shares are in the worst performers. roughly faring the same, up by 13%. our mess is the top of the pile, up by 20%. it is considering selling a stake in its online broker, seneca bank. what it wants to do is raise capital. this is according to people familiar with the matter. they also say that seeking to .eplace this chief executive -- complyng to apply with tougher capital
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requirements, but he has repeatedly ruled out a share sale. very quickly, francine lacqua spoke to the chief executive officer of aberdeen asset management. he reiterated he wants the company, which he founded in 1983, to stay independent. lures fromting competitors from europe to australia. speculation is increasing that it could become a bid target because it has three years of outflows, i-44 percent plunge in the share price. billion include $13 sovereign wealth fund assets. martinn chief executive gilbert wants the company to stay independent. will he get his wish? >> we will have to see. let's get a check of the markets in the u.s. because shares are rallying with tech shares leading the gains.
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we are seeing gains across the board with the s&p 500 bouncing back from a seven-week low. it is up a tense of 1%. at annot have come better time as it marks the one-year anniversary of the s&p's all-time high. we have seen about $900 billion from the market value of global shares the past three days. abigail doolittle has more live from the nasdaq in midtown manhattan. it seems the markets are finally stabilizing after the jolt from the fed minutes. abigail: good observation and we are looking at a rally from the nasdaq. it is really led by technology microsoft. snapping back nicely from yesterday's fall. allish comments coming out of
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hardware call by ubs, but the biggest percentage performer is applied materials. thestock is surging after chipmaker did beat fiscal estimates for the first quarter says hegary dickerson believes the momentum is going to continue. hasg ellis agrees as he upgraded the shares of applied material from a buy to a neutral on that stronger-than-expected outlook. sherry: does this suggest to buy the stock when we are taking a look at the chart? abigail: when we look at the one-year chart, we do see many bullish things happening here. we see that the downtrend is starting to reverse. it tells us that medium to long-term serious buyers are becoming involved in the shares of various materials.
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there has been resistance to selling pressure, all this suggesting that the shares of the material may climb in the weeks and months ahead. sherry: thank youo much for that. let's check in on the bloomberg first word news. taylor raikes has more. taylor: they've not yet solved the mystery, but searchers looking for that missing egyptair jetliner have some clues. wreckage from the plane and passenger belongs have been recovered. researchers have discovered seats and luggage in the mediterranean, 180 miles off the coast of alexandria. flight a320 was flying from paris to cairo when it vanished with 66 on board. egypt says it was more likely a terrorist attack than a mechanical failure. in austria, the populist freedom party helps the leverage unhappiness over immigration and unemployment to an election
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victory on sunday. the candidate has promised to weigh in to austrian politics as a break to a largely ceremonial role. thate is warning the u.k. life will not be the same if they leave the european union. at the g7 summit, the french prime minister said it brexit would have far-reaching consequences. >> there's one thing that is very clear. it cannot be the same after as before. it will have a cost for the u.k.. we cannot nurture the illusion that the u.k. outside of the eu will have the same advantages . it will lose a certain number of advantages. taylor: meanwhile, a new study says that more than half a british university students do not know the date of the referendum on the eu. many of them run the risk of not being able to vote because they are on the elect touris electorl
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register in the wrong place. there more support for staying in the eu among younger voters. i am taylor riggs. mark: thank you. the swedish central bank has been aggressive to say the least and unleashing stimulus measures. that includes cutting rates deep into negative territory and embarking on a qe program that will soak up the third of the government bond market. traders and analysts of sweden's five biggest banks has delivered a clear message -- enough with the stimulus and enough of the governor. joining us now is our bloomberg news reporter from stockholm . have they had enough with the central bank governor? >> a lot of the people that i've talked to have had enough in the sense that when they look at how
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it has performed since the financial crisis in 2008, it has episodesw different publisher that have come under harsh criticism. they raised rates to quickly after the financial crisis. they were also criticized for cutting to slowly out of concern that rate cuts would boost the household debts. now like you said, they are being criticized for actually being too aggressive. ing: in defense of mr. ves because you certainly had an earful in recent years, hasn't his policy worked? sweden has escaped this deflationary spiral and the economy is on its foot against. is that not the case? there are certainly arguments
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that it helped spur growth in sweden. johan: we had growth in sweden of 4%, but that's one of the worries that the economy is simply becoming too overheated. this housing bubble that more and more people are getting scared of -- it is definitely a threat to the swedish economy at least if you speak to the governor. he does not think it is his job to address it. analystso traders and want some sort of different approach from the governor or are they just fed up and wanted to leave when his term ends at the end of next year? wantedi think what they -- i'm obviously not talking for every trader and analyst, but some of the people i'm talking to are asking for or saying that they should've conducted a more balanced policy. maybe cut rates a bit quicker in
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the aftermath or after the european debt crisis broke out and maybe not cutting so much now. just more balanced policy. ingves has now been governor for almost 11 years. i guess that is a factor as well. theparliament is reviewing iksbank mandate and maybe people are speculating that it's time to get a fresh start. sherry: what about the currency markets? should the bank intervene there? johan: they have threatened repeatedly with interventions and they are saying that if we do not manage to get the inflation up, if the currency works against us, then we are prepared to intervene. that is obviously very .ontroversial coul
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according to the study that we carried out, nine out of 10 sbankndents said that rik should not intervene even if that is what is need to get inflation back to the target. mark: as i read your brilliant survey, i wonder if the ecb president mario draghi might heed lessons from the survey. do you think there is a lesson here for the ecb? interesting -- what is interesting is that the riksbank is very sensitive to what the ecb is doing. the strength of the krone is what they are most scared about. in terms of the ecb, the riks bank does not have a lot of freedom to act. they have to act in order of what the ecb is doing.
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they are being proactive to try to prevent that krone strengthening from happening. mark: thank you for joining us. that's our bloomberg news reporter in stockholm. coming up, it is battle of the charts. it is sherry's first time as a judge. you better be fair. sherry: i'm going to be judging and what you look like or if the charts are pretty or not, i guess. ♪
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sherry: it is time now for our global battle of the charts where we take a look at some of the most telling charts of the day and what they mean for investors. you can access these charts on bloomberg by running the function features at the bottom
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of your screen. kicking things off is all over .enick coul talk about pessimistic. oliver: what i'm looking at today is celebrating an anniversary c. tomorrow is may 21 and that is one year without a high and s&p. here's what i'm looking at. the top line here is the rcent off of the previous 52-week high. basically as this white line gets lower, that means you're getting further away from the high. the top down here is at zero because you cannot go above a new high. anytime this line gets to zero, we are setting a new high. we had a couple dips, but here it has been high, high, high. this is where we are now. the percent down from the high
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has been 6% for the year. every time we have had these dips, the vix has shot up. hi again, logan. w again. we still cannot hit a new high, and that is why there's concern on the street and a. right now. sherry: that's a little bit sad. i will tel toss it to mark. hint hint -- if you can make me a bit happier. of optimism,full but we were talking about highs with our good friend, but i can tell you about highs as well. the dax in germany hit an all-time high. it then embarked on a 29% decline through february the 11th. guess what? from february 11, this index rose by almost 20%, putting in a most into the cusp of a bull
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market territory. since then, it has come down by 6%, but what's interesting is the valuation of the dax index right now. right now, the german benchmark is trading 11.93 times estimated earnings. the european benchmark is trading 14.75 times. is that weells us is have the widest valuation gap on record -- nine 2.82. sherry is like, how can mark make me happy? the analyst that we have survey said overberg has look misery that has a fall in the dax index. think the utilities industry and the likes of deutsche bank because their price target is projected a 16% upside for germany's dax over the next four months. if you want a high, enter mark
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barton. g #btv 1393. oliver?you know what, i'm sorry. mark gave it a positive spin and with a charming british accent, you made it rosy. oliver: it's friday, so i expect that. mark: he has thrashed me for the last 10 in a row, so i was due a victory. still ahead, it was a sensationalist mark. will people show up to the theater for "the angry birds movie?" the key tot be becaus success or failure for finland's rovio. and here at the top stories on ♪
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sherry: live from london and new york, i'm shery ahn. mark: this is the european close. let's look at some of the biggest business stories in the news right now. to exert more control over the auto emissions scandal. not everyone is cooperating. fiat chrysler has refused to meet with the german transport minister to discuss emissions. and the ministers italian counterpart has told him in effect to leave fiat and that italy is responsible for testing fiat.
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digital banking in india will expand the consumer business. the british bank will shutter half of its branches in india while they are targeting affluent indians who have devices for electronic banking. bidjor blow and its hostile to gain lofty maker of amber capital after raising itself by 11%. some analysts believe a counter offer is unlikely. that is the latest bloomberg business flash. fliesngry birds movie" into the u.s. and chinese theaters today. the film is based on the smartphone game from finland's rodeo and has already grossed $43 million since its debut last week in europe, russia, and south america. big ineo, this is
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boosting the franchise that is down in merchandise and sales. joining us now is a man who has told me he has played over 100 hours of angry birds, correct? >> realistically, it's probably more than that, but it's a lot. mark: more than i have. some would say that this is a massive gamble for the finnish company. >> absolutely. this is a company that has been around for a very long time. angry birds has been a great success. angry birds to was a great success in terms of downloads and cultural impact. even if they have not played it, they know what angry birds is. the challenge is that if you ask people to name another franchise and they have many, they will scratch their beard for a bit and say i'm not really sure. this is a way of saying that angry birds has been their successful thing and the most successful thing for the future, so let's see how big we can make it. that's what this movie is.
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it is to reboot this interest. the hope from their perspective ultimately is that this will not rekindle interest in playing the games, but allow them to do more movies and more merchandising, which they have done with in the past. they partnered with 20 century ."x for "rio this is a company that needs angry birds to be successful and they have spent $173 million come on more on marketing than making the film, to make that happen. shery: i've got to say that i love angry birds, but i have not played over 100 hours. let me ask you -- is this the future of the gaming industry, just making movies out of apps? nate: i think it really could be actually. one of the things that we have seen is that apps have been great vehicles for marketing films. we have seen that almost in reverse.
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there have been faced range examples about this week, the old game tetris, a game that does not have any discernible characters or any speaking at all, is potentially going to be made into a trilogy of films. this is incredibly strange but increasingly common. mark: is it going to make the money? theaters take cap the revenues, so it has got to make around $350 million worldwide to breakeven. nate: absolutely, but people are then encouraged to do a sequel and another one an additional merchandise. it might not be that the film itself is going to be the thing tot is going boost rovio new and greater heights, but it might be the catalyst for the next thing that then could. that is key with their strategy here. mark: great to discuss angry birds. i want to start playing it. nxon, maybe i will take my kids to see the film.
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it looks like they finished higher for the third day and in five. they rose for the second week after falling for two weeks, after gaining for two weeks, and after falling for two weeks. that's my favorite stat to mingle your minds on this friday afternoon. miners and energy with the best-performing groups. travel and leisure rebounding from declines. sterling rising against the pound this week, following today. even if the u.k. stays in the eu, you might need to prefer the policy loosening. that is it from us. "bloomberg markets" continues. enjoy the weekend. ♪
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scarlet: it is noon in new york and 5:00 p.m. in london and midnight and hong kong. welcome to "bloomberg markets." ♪
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scarlet: from bloomberg world headquarters in new york, good friday afternoon. here's what we are watching this hour. recoveryocks staging a today after they got rocked on speculation that the fed is moving closer to raising interest rates. underwater again. first your house, now your car. why negative equity is putting the brakes on automakers profits. what is the mistry behind the bid for yahoo!? a new report says offers for the company's core internet business may not be as high as it had hoped. we are halfway through the u.s. trading day on this friday. let's head over to the market desk where julie hyman is tracking the recovery in stocks, not just s&p 500 but globally. julie: fed officials must be feeling pretty good. they signal that there is potentially higher rates. june is a live meeting. stocks have


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