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tv   Bloomberg Markets  Bloomberg  May 25, 2016 10:00am-11:01am EDT

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>> not the same magazine we saw yesterday. don't fear the fed seems to be the new mantra. daysisa the past couple of the perception has been coming around more and more that the fed is going to be more aggressive with raising interest rates. stocks are behaving very well in the face of that, especially compared to the behavior we saw from investors and traders just a couple of months ago. take a look at the bloomberg. energy shares are leading the gains at the moment today. along with financials, which
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have been performing quite well this year. we saw bond yields rise in materials on the rise. weakness in the more interest rate sensitive groups today like utilities and telecoms. let's look at some of the other asset classes. i want to look at oil prices because the american petroleum institute reported last night a drawdown of more than 500 -- 5 billion barrels, -- 5 million barrels. we get that data about half an hour from now. this survey is we will only see a drawdown of 1.7 million barrels. we will see what effect it has an oil prices. oil pushing closer to $50 a barrel. gold trading at a seven-week low. also, the u.s. dollar. we are not seeing much movement on that front today, at least if you look at the index. we have not been seeing a very much going on today. if you look at what is going on with bond yields, we continue to see them higher.
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selling in the treasury market pushing yields up. that is not surprising given this renewed view that the fed is going to be potentially more aggressive. there you have the u.s. dollar. trading down by about two tens of 1% of the moment. >> stocks are seeing the best rally in two weeks? julie: if this perception that the fed is going to be more aggressive. here are the -- here is the today look at stocks. we are seeing groups that have been doing well since the lows in february. and some renewed movement. the worst performers have been rotation -- seeing some rotation and of them. jpmorgan, wells fargo, bank of america moving up today. energy has been powering the recovery since the february low.
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it is also gaining today, along with the underlying oil prices. asked on and chevron a few examples of those energy stocks on the rise. mark: the biggest two-day gain since march. i want to show you gnma function. global macro movers. these are equity index these in europe. these are in green. spain up by 2.5%. denmark up by 1.6%. these are all the currencies that are rising against the dollar. these are the yields in spain, italy, ireland. they are all falling. bond insurance is falling across europe today. commodities on the far right-hand side. they received a deal from its creditors to receive over 10 billion euros in aid. investors are used to the fact that the fed could well hike interest rates. summer comfortable that it could
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happen in the next few months. marks & spencer shares, 9% lower. the biggest drops since 2008. the chief executive revealed a reboot of its closing strategy, a bit of a cool reception from investors as concern the plans are going to hit short-term profits and does not address some key issues. and and asked shares getting s shares-- m and getting hammered. dixons car phones beating estimates. fourth quarter like for like sales up. the forecast range, it sees 445 androfits between 450 million pounds. they have an outperform rating on the stock. it was driven by a strong u.k.
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across mobile and electronics businesses and unit as it takes market share. mobile spending has been surprisingly strong given the weakness we are seeing ahead of the referendum. we have the european soccer championships taking place next month and deal of the games as well. the core business is well under 10. and i just want to take you to what's happening. we know the chief executive is leaving. that was announced last night. was a big question is, after six years, will we see the next chief executive implement a capital increase and asset sales? that is the big question today. these are the big three italian lenders in the last 12 months. they have been hammered. down by 50%.
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the nation's largest investment bank, 23% lower. unicredit is looking for a new chief executive. sherry: how long will that take? let's check in on the bloomberg first. emma has more from the newsroom. toa: egypt has engaged foreign companies to look for the flight data recorders for the airplane that crashed in the mediterranean last week. a french and italian company will be working with egyptian search teams to find a black boxes which could give clues to what happened in the final minutes of the flight. in afghanistan, that television has confirmed its leader was killed in a u.s. drone strike. he died in the u.s. attack along the border afghanistan and pakistan. he will be replaced by one of his deputies. the u.s. failed to make any progress in peace talks with the taliban when he took over the group last year.
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classes between iraqi government forces and islamic state outside the city of fallujah quickly subsided. this is the third day of a large-scale military operation to drive militants out of that stronghold west of baghdad. the islamic state has had the city for more than two years. the imf has backed off and greece will get his next round of financial aid. their creditors reached an agreement that would allow more than $11 billion. and they have taken steps to ease the burden of the country's $358 billion debt. down -- back to down. in florence, italy, drivers needed a tow truck to get their cars out of this mess. they were trapped in a 200 meter long sinkhole. it was caused by the breaking of an underground water pipe. to apartment buildings were evacuated as a precaution. -- two apartment buildings for evacuated as a perrcussion. global news 24 hours a day
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powered by our 2400 journalists in more than 150 news bureaus around the world. much.: emma, think he so here in new york, the noggle breakaway summit is underway. top executives and government professionals have gathered to tackle the most crucial issues that impact their ability to find new markets. joining us now for exquisite interview is fred hofburg, chairman and president of the u.s. export import bank. under his leadership they have finest more than $200 billion worth of export deals for american companies. thank you so much for joining us this morning. you have got a pulse on the global economy. you are out there on the field. what is the appetite like around countries in the world? we are in a much more competitive environment. as rates have dropped we've seen more competition that u.s. companies are facing against chinese, korean, japanese, german competitors. that's a bit of a head wind.
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some of the positives i have seen is with the decline of the commodities in oil prices, economist have to rethink and reform themselves, changing tax codes, changing land acquisition, currency controls, small business startups, red tape. a number of those things are under examination now. think he will be the political leadership around the world in enacting those reforms. sherry: when you say competition does that mean countries are focused -- inwardly focused? know, i think more that when china was growing at a more rapid rate, brazil had positive growth rates, there was a lot more demand. when there is more demand, everybody to get their fair share. with less demand, there is more
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competition that u.s. firms are facing. local biasways a by in some countries. more intense competition that u.s. firms are facing. that is one case where the export import bank our financing becomes an important tool to help when those deals and transactions and putting more people to work at home. mark: right now you are constrained. you have one of your hands tied behind your back because you are unable to initiate months of more than $10 million. you need to fill at least one more board seat standing in your way -- board seat. standing in your way is the u.s. senate. are we any closer to a resolution here? fred: i am hopeful. the nominee that was put forth that was recommended by president obama, a republican
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seat, the nomination went up in january. we still have time. there is time for a hearing in june. hoping chairman shelby kranz a hearing.- grants i that would enable us to compete with 85 other banks around the world. it is very hard if we do it with one hand tied behind our backs. mark: can you give us examples of how constrained your landing initiatives have been by this senate roadblock? fred: in or mislead. we have got a pipeline north of $10 billion over 30 transactions and make up that pipeline. when i traveled -- i was in rwanda. i was in cameroon, and the
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question i have to continually answer is, can we really rely on financing? we are beginning to see deals slip away. certainly buyers looking at other sources of goods and services in the u.s. -- than the u.s. because they can't rely on the financing we would be providing. places like africa and asia where financing is critical to close the transaction and get those jobs here in america. 2 congress reauthorized your bank until september of 2019. what is crucial for you to achieve to stay in business? fred: we have got to get on board so we can do the work we've been doing. we were running at about half the level of the year before. we are doing less volume. we are putting a lot of american jobs at risk. we last three satellite transactions, two to france and
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one to canada. and africa they talk about finding other sources of supply. some companies like general electric have the ability to produce globally. they have some leverage. but the fact is, don't we want those jobs in america? why would we want to send them to france or brazil or other countries will we have american workers that are highly trained and like to put food on their table and support their families? sherry: thank you so much for your insights. president of the importance for bank of the u.s.. you can watch the bloomberg breakaway summit on our litigants channel on bloomberg.com/live. mark: still ahead we'll get you caught up on the stocks moving today. hewlett-packard enterprise rising on plans to sell its service unit. more "bloomberg markets" right ahead. ♪
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♪ by mark barton. sherry: you are watching "bloomberg markets." a look at some of the biggest business stories in the news right now. ies arenology compan considering bids for renovation. it would put them against cedars led by french drugmakers. with advisersng as they evaluate whether to pursue a bit for a cancer therapy company. no formal sales talks are underway. citigroup will pay $425 million to resolve claims that the bank attempted to manipulate global benchmarks for interest rates on
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a multiple time -- on multiple times from 2007 to 2012. they announced two settlements. u.s. thated the the other involved a london benchmark. the euro disney group is going on trial in france. the company accused of publishing and allegedly discriminatory job at 10 years ago -- job ad 10 years ago. is said they should have european citizens -- being european citizens. they tonight any discriminatory intent. anyhey denied discriminatory intent. julie has a look at what is moving. julie: we have a lot of big headlines intact, top by hewlett-packard enterprises. they are now splitting
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themselves again and merging this play company with csc, which itself was spun off from another company. willtt-packard enterprises be spinning up the enterprise focused portion of the business, that is information-technology outsourcing. that will be margin with computer sciences. the deal is valued at $4.5 billion. meg whitman is trying to small size the company she ran. both stocks trading higher, particularly computer sciences. hewlett-packard enterprises has done relatively well since the spinoff was affected last october, rising by about 8% in that time. some of that gain is coming in today's session. speaking of hewlett-packard, hp up 2% todayres are as it reports its earnings after the close of trading.
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to watch applee holding up relatively well in the face of news that india is going to require the company to source 30% of the smartphones it sells from india itself. essentially building -- essentially a ruling india had already made. the shares are rising with the rest of the technology group. microsoft announcing it will cut as many as 1850 jobs. it will continue to sort of completed exit from the smartphone industry. the company was charged nine after $50 million in restructuring of $200 million for payments. this is part of an ongoing process. microsoft last summer said it plans to get as many as 7800 jobs and write down the handset business that was originally nokia. microsoft shares up a little more than 1%. today greecehead,
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gets $11.5 billion to reduce its debt. wilbur rossoss -- will weigh in on the deal. ♪
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♪ mark: you are watching "bloomberg markets." greece set to receive $11.5 billion in aid after the country's creditors reached an agreement in brussels. bonds cheered the news in early trading. the 10 year yield briefly dropped below 7% for the first time since november. roth spoke earlier on bloomberg about this new deal. >> i think this is a very positive development. number one, it averts any danger
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of immediate default on the greek national debt. second, i think the imf will eventually win the war in greece will get the kind of debt relief it really needs. i think the imf has been right to hold out for that. suggests theyalso greek banks need to raise more capital because of the increasing -- do you think it will raise more capital? : i think they raised more than they needed to last time around. the only thing wrong with the greek banks is the prolongation of this agony. welder be the resolution? -- will there be the resolution? that's been holding back the economy. now that they have achieved this sovereign debt relief and putting in all these new austerity measures, some of which will help the economy. for example, and set of a few billion dollars going by october to repay overdue payables that
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the government owes the private sector. that will be a big stimulus and help liquidity of great companies. david: ultimately there will have to be debt relief. they have been talking about this for quite some time. we have another instance where they have had to back off. where you so confident that sooner or later the germans will back down? wilbur: imf can write a big check. when ire a german voter, rather write a check on my own or let imf right part of the check? i would rather let imf write part. everyone knows greece cannot pay the interest and all the principal back. is a charade. like all charades, eventually somebody figures out what is inside the acting. where: tell us exactly you are putting money in now? wilbur: we are invested in euro
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bank, a well-run bank in greece. whenever you think about it, the only reason the banks have a problem in greece is the government. it's not like ireland for the banks went nuts, made bad loans. greek banks got into trouble because the government blew up. it's a very different phenomenon. david: are you looking to invest more in greek banks? wilbur: we are looking to have this thing resolved. if are going into another default, which they could in july. there is a fairly big principal payment due, or if the government did not pay us and let the economy stabilize, i was amazed about the partisan support for these austerity measures. on sunday they passed 30 or 40 difficult pieces of legislation. the coalition held up, the
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majority held up. david: now that we are past this hurdle, could you invest can's -- consider investing more in greek banks? bur: my guess is that the news has been positive for the greek banks and they will trade up. rossy: that was wilbur earlier. still ahead, crude oil extending its advance. near $50 ahead of weekly inventory data. we will see just how much they have fallen and what that means for prices. stay with "bloomberg markets." ♪
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♪ welcome back. live from new york, i'm shery ahn. mark: this is "bloomberg markets
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." we are expecting data on oil inventories any second. let's go to julianna markets desk. oil already higher ahead of the data. julie: that's on the back of the american petroleum institute last night reporting there have been a drawdown of more than 5 million barrels in oil supply in the u.s. we are getting the government numbers in it was -- it looks like a drawdown of 4.2 million barrels. much more than anticipated in our survey, but not at the more than 5 million barrel drawdown. 4.2 million barrels dropped and supply. cushing, oklahoma dropped by 649,000. there was a building gasoline inventory for drawdown was expected. two million barrels. distillate inventories about 1.3 million barrels. refinery utilization also dropping about 2/10 of 1%. a lot of different numbers.
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you see it looks like initially there is a small leg taken downward in oil prices. i will look at the bloomberg to see what it is reflecting. wavering around. it tends to take time for people to go through the report. there was sort of one trade down after the report. now bouncing around with about a 1.6% gain in those oil prices and still trading above $49 a barrel in the wake of these numbers coming out. i will be back to give you an update on oil prices and how the oil market is digesting these inventory numbers. javier is here. your take on the inventory? javier: more or less what we were expecting. canada of the fires in
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they have been cut significantly. like he never to follow is the demand. the demand is rocketing in the united states, supported by various strong consumptions of gasoline over the last four. million barrels of demand a day in the u.s. half of that is from gasoline. these are numbers we are witnessing in july when everyone is driving for holiday. not now in mid-may. if we look at these numbers now and may, what is going to happen during the driving season? i will say in general the numbers are bullish. we have a very good chance of $50 today. 2200 shell is cutting more jobs. i want to show you this wonderful chart. debt that shall had relative -- shell has relative
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to the other companies on the 600. $70 billion. it's a number one for a ready. bring the debt down. : the cfo has indicated he wants to see the $70 billion of debt reduced by $20 billion. shell is pulling all the levers they have. he is reducing any selling assets -- cap x and reducing markets. that's coming of the back of acquisition of pg. is looking tricky right now. sherry: whenever he going to see the benefits of higher oil prices filter through the rest of the industry? shell is suffering and other major players are suffering. when will we see the benefits? javier: towards the second half
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of the year. $50 of oil is good news for oil companies. let's put that into perspective. this is going back to where we were at the end of last year. that's where we were in $50 -- november of last year. every ceo back in november was thinking about cost-cutting. i think $50 oil will not solve the problem. earlier this morning one of the largest oil companies in norway, he said us the industry is heading to a year of cost-cutting in 2017. that will be three years in a row cost-cutting. we have not seen that as long as we had records in the oil industry. more than 60 years ago. it will definitely ease the pain but it will not be abated college meant. sherry: we have soundbites from norway's oil minister. reap the benefits and tax it.
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for $100 and then at $60, and you have a problem. sherry: he does not affect oil at $100 a barrel anytime soon. would you agree? javier: absolutely. not only are they not inspecting $100 in oil, i don't think they want to go back to $100. they know the consequences of high oil prices. u.s. shall gets reactivated -- shale gets reactivated from north dakota, texas and other places in the u.s. consumers try to say oil and moved to smaller cars. that struggle for countries that rely on production of petroleum and other hydrocarbons. mark: are going to get anything
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from opec next week? words, absolutely nothing. thank you for talking is through that industry data. emma who is the latest in the newsroom. emma: a state department audit faults hillary clinton and other secretaries of state for poorly managing computer information. they cited slow response to new cyber security risks. he says heated press obtained a copy of the report. it follows major fallout from clinton's use of a private e-mail account while secretary of state. hillary clinton and donald trump each one primaries in washington state. moved him to within 28 delegates of sensing the nomination -- clinching the nomination. for mrs. clinton, there were no delegates at stake. theirats already awarded
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delegates the bernie sanders in march. and albuquerque, new mexico, a protest outside a trump rally turned violent. demonstrators threw burning t-shirts and plastic bottles at police. they responded with ever spray and smoke grenades. several officers were injured. in washington, a house committee will vote on dealing with puerto rico's debt crisis it would create an oversight board to help the u.s. commonwealth's $70 billion debt. some say it does not do to help --lic desperate text public it does not do enough to help. global news 24 hours a day powered by our 2400 journalists in more than 150 news bureaus around the world. sherry: thank you. now for more on that breaking news surrounding hillary clinton's e-mails, we are joined by ben brody in washington. this is a controversy.
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it just does not seem to be going away anytime soon. how damaging will this new report be for clinton? ben: this is certainly something republicans have been targeting her over for a year. donald trump made it very clear this is something he thinks is an issue. the numbers bear him out. trustworthiness has gone down since this came down. it is certainly something donald trump is going to hit her with. this is the first time the government came out and said effectively she did something she didnot suppose -- something she was not supposed to do. i think this will dog her writer november. sherry: is there a possibility she could face penalties or reprimand? ben: it is certainly possible. the fbiident of the -- is investigating what has gone on. if it is not clear she broke the kind of loss of the fbi would
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want to recommend charges for, but there could be some kind of censure. there are departmental sanctions. those don't necessarily apply to the president. but in general the optics could be quite that iniquity consequences. mark: what do we know about the fbi investigation? ben: the investigation currently is wrapping up. we have been told that her aids have been interviewed -- aides having interviewed. the interview for the principal goes last. she says she has not been interviewed. we believe that will probably be coming up soon and that is something she can get out of the way. we expect news on it relatively soon but it is something that will be kept tightly under wraps for a little time going forward. sherry: thinking so much for your time. than brody of news for news speaking to us from washington, d.c.
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coming up, microsoft is slashing jobs in its mobilephone unit again. a look at the ceo's new strategy when "bloomberg markets" returns. ♪
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mark: this is "bloomberg markets ." time for the bloomberg business flash. some of the biggest business stories in the news right now. it would jeopardize its status as a reserve currency used in world trade. that's according to the s&p global rating.
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the pound is behind only the dollar and the euro becomes the central bank holdings. to leave the eu would also press the aaa credit rating. they want to raise $3.5 billion to buy back cap from the european banks asset managers. that's according to people familiar with the matter. the firm's marketing the plant to potential clients and expect to raise the money by the end of the year. the eu was to see more european content from video-on-demand providers. new european union proposals would forced netflix, amazon and others who devote of these 20% of their catalogs to european content. they say netflix and itunes are just above that level right now. netflix says the rules will not help european production increase. bloombergur latest
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business flash. have a look at what's happening. european equities rising for the second consecutive day. we broke the trend, the alternating day trend that started last monday. a day of gains followed by a day of losses. two days of gains, the biggest since march. greece will receive its bailout, for its aid more concisely of over 10 billion euros. in investors are slowly getting used to the idea that the fed could raise rates in the next couple of months. the best-performing groups in europe today. most are rising and the best ones include banks. unicredit chief executive is leaving. energy up by 2.3%. mns unveiling his clothing reboot. investors shrugging it off, sending showers -- shares down.
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, to show you what's happening in the currency market. level to its highest against the dollar since january. back in february after the referendum was announced, it fell to its lowest level since 2009. what a rebound in the pound since february. the euro is trading lower against the dollar. news on microsoft? sherry: i want to turn to this story in tech microsoft is making as many as 1850 job cuts while taking a $950 impairment in restructuring charge. let's bring in cory johnson who covers is for bloomberg news. thank you for joining us. give us a sense of where these cuts are coming from and what this tells us about the new strategy. billione $9.5
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acquisition of nokia has turned into a big disaster. another $1 billion offset right now. it shows the decision which at the time was controversial was a mistake. and expensive one. it will cost these people their jobs they have been holding onto. has less than 1% market share compared to 15% for the iphone or 80% for android. microsoft is not able to gain ground despite all the best efforts in spending billions of dollars to do so. i think it shows they are focusing this company on the things they do differently and the things they do well. offering software on the cloud. on theful franchise operating system's side and microsoft office. really thinking about the cloud and bringing users to microsoft and the microsoft azure platform
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which will be the future of the business. sherry: how long to respect this refocusing the last? i don't think it will be a hewlett-packard situation where you are restructuring every year for a decade. we have seen this move. it's been extensive for investors. only $200cturing -- million will go to severance charges. what you do a three quarters of a billion dollars of they haven't done already? it sounds like an awfully big ticket item. they will have to explain that one away. mark: we are following the finance minister in india it was said to have ratified this decision that apple needs to source more locally to open its doors. how much of a blow is this for apple? cory: it will certainly complicate things for apple. they like to have complete control of their supply
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chain. much of that manufacturing happening in china. one wonders if one of their partners will be able to do some of the assembly or something like that in india. if that is something that might interest apple. they have lots of suppliers in terms of components. perhaps that could be another one. it is a big change for the way apple does business. it is such a big market. -- phonesillion sold sold over the next five years. the first time in 13 years revenues of not grown for apple. they need this market. one might expect them to bend over backwards to make it happen. mark: it has very low market share. some say the phones are too expensive for the majority of the population. how do they crack india? : i think the useful way to think about apple and market
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share, they only have 15% of the market. 30% of topline revenues. but they have about 80% or 90% of profits and industry. the value in the phones is not great. companies are selling phones. you have less than a full percentage point margin. apple is taking most of the prophet. they are content to get the profit even if they don't sell the most phones. the migration towards smartphones away from feature phones is happening in india right now. what they found in china was offering the best products will bring you a lot of consumers. .i'm sure the same thing will happen in india sherry: thank you for joining us this morning. cory johnson of the breakaway summit in new york. still ahead, forget red and water. a high-end restaurant in a u.k. prison. that's coming up next. ♪
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♪ mark: would you die in a high-security prison? this charity operates for restaurants in prisons across the u.k. that serve food to the paying customers as part of a plan to rehabilitate prisoners in the end of their sentences. richard vines got a taste of what is probably the world's best prison food. thank you for joining us. hmp highdown is where you have entered. richard: it is the first time i tried prison fruit -- food. most of us never go to prison, at least not voluntarily. security is tight and yet the register in advance. your phone is taken away, your camera is taken away.
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yet even a plastic knife and fork but it's very exciting in the food is very high quality. it is a charity that helps rehabilitate offenders. mark: who teaches them? who are the mentors? richard: a three michelin star chef. quite famous people in the u.k. food world. sherry: the difference between going out to eat and just eating at home is the dining experience. how comfortable was it in prison? richard: the dining room itself is beautiful. it's very modern looking. the main disadvantage is there is no alcohol. also, even in the kitchen they cannot have alcohol. they cannot have yeast because it can be used to brew i suppose. vanilla essence they cannot use because it also can be used to make alcohol. sherry: what sort of prisoners
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are we talking about in this restaurant? what was security like? are the these prisoners second-highest kind in the u.k.. they could be murderers, drug dealers, rapists. serious offenders. its high-security. but they are nearing the end of their sentences. they are the most trusted people. they have to go through various hoops to get this job. there the most trusted offenders. a 7.5 successaims rate in avoiding reoffending. there are two prisons. there is one where the women grow vegetables and the men's prison that has restaurants inside. they arety says learning a sense of purpose and how to interact with people and having something to get up for the morning rather than just --
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it's more complicated than that. mark: you think some of these offenders will find employment within the hospitality industry? richard: yes, the charity help some of that. i was chatting to a prisoner who is been there for a half years. he's coming out this year and he said he's hoping for a job like that. foreign half years is a long time. he says one day and here's a long time. mark: in the star system, what would you give it? two or three out of four. the execution was good. definitely restaurant quality. mark: thank you richard, our chief food critic. lead more about luxury and bloomberg pursuits, your destination for the finer things in life. ursuitsgo on bloomberg. greece's creditors agreed to ease the nation's debt.
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plus, chinese officials are of when ar any hint u.s. rate hike might happen from the u.s. counterparts. we will talk about how fed policy could impact markets, especially the yuan with david kelly. a quick look at markets rising for the second consecutive day. the biggest two-day increase since march. investors getting used to the idea that the fed could raise interest rates in june or july. throw into the next creditors the way the way -- pave for a 10.3 billion euro payment. ♪
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sherry: it is 11 a.m. in new york and a love and a.m. in hong kong.
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mark: live from london, i'm mark barton and you are watching the european close on bloomberg markets. we are going to take you from new york to london and milan in the next hour. here is what we are watching today. greece's 10 year yield pushing below 7% for the first time since november. creditors reached an agreement granting more than 10 billion euros in aid. we are live in athens. china is taking a greater interest in the feds actions, reportedly asking about the timing of the next rate increase. just how exposed is the country to the central banks move? uber planning an aggressive expansion in european cities, but can it compete with heavily funded trend

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