tv Bloomberg Markets European Close Bloomberg August 5, 2016 11:00am-12:01pm EDT
close on bloomberg markets. we're going to take you from los angeles to washington and cover stories out of the u.k. in the next hour. here is what we are watching today. sharesank of scotland falling after posting a wider the next beta second quarter los a loss.r posting a post brexit slowdown. vonnie: renewed vigor and the u.s. labor markets. payrolls climb while wage growth promised acceleration. its biggest has drop in three point five years. the company trim sales on profit sales for the year on pricing
pressure from customers in its largest markets. mark: friday, 4:00 p.m. in london. gmm go. you know the fountain. equities rising. bloomberg. the currencies falling against the dollar. we have yields rising. today. declining by 1.7% busy day for earnings. the world's biggest cement maker is reshuffling executives. pledging more asset sales after second-quarter earnings improved on pricing. this is just after a year, after the cement maker came together, a result of france's lafarge and switzerland olssen. the chief executive trying to deliver on profitability that was the underlined rationale for these two companies coming
together. luxury clothing retailer, german company -- shares rising, most since 2011. it's a struggling label. it lowered its profit forecast as it reported a fall in second-quarter sales highlighting the challenges it faces. second-quarter sales and earnings fell. the chief executive has got a real job on his plate. what he has to do essentially is shut stores in the next 18 months, adding to the closure of terroristn china and attacks in europe have to toured tourists from traveling to the region. look at the shares up by 7% today. novo nordisk biggest fall wiped013, 10% has been away today. it is the biggest maker of insulin. it reported better than estimated second-quarter profit, but it trimmed its profit
forecast for the year after losing a key contract in the united states amid intensifying pressure from customers to lower prices in its largest market. 90 minutes into the trading day in the united states. let's get over to the markets desk. how is it looking over their? ramy: looking very green. theing at the s&p 500 and nasdaq. we are on track to close at record highs for both indices, with the s&p 500 we are up at 2181, the record high that was said earlier was 2175. we are six points higher than that. the nasdaq is up to 5223. for the record high we set in the past. the dow is not at record highs but look at that, up by 160 points. 18510. all the indices near record highs for the day. session highs for the day. the nasdaq up by 1.1%. let's take a what is what
happening in terms of the past few hours. that includes what we saw in terms of the jobs data that came out at 8:30 a.m. wall street time. those numbers did come in, 255 ,000 beating out all the estimates. you can see this huge pop. .6% before the market was trading. on the market it is up 17 points. 2175 and some change. let's take a look at some of the top movers happening today, namely merck. as well as bristol-myers squibb moving in tandem. merck is up by 6%. the reason is because of bristol-myers squib. they said their lung cancer drug failed in late stage trials. merck has another cancer drug that is actually competitor for that. up by 5%, raising its full-year sales forecast there. and priceline up by 5%. second-quarter profit beat
estimates because the number of hotel rooms booked across all its websites has been growing. interestingly, we were talking about the terror attacks in europe, that has had a muted effect on priceline. vonnie: fascinating. let's check in now on the first word news this morning. courtney collins has more. courtney: donald trump is dropping his claim that he saw video of the u.s. cash payment going to iran. the republican presidential nominee posted a tweet today saying "the plane i saw on television was the hostage plane in geneva switzerland. not the plane carrying $400 million in cash going to iran." trump said he saw video of the money being delivered. news conference at the pentagon yesterday, president obama dismissed the notion that the $400 million payment to iran was ransom money. he said that claim defies logic. in germany, the recent terror
attacks are taking a toll on angela merkel approval rating. senior members of her party are defending her refugee policy. after voter support for the chancellor plunged 12 points to 47%, the second lowest reading of her third term. the death toll from the bastille now 85.ck is french authorities say the latest victim, a 56-year-old man, died in the hospital. the man's wife and son were killed july 14 when a truck driven by an islamic state sympathizer plowed into the crowd of people celebrating the country's national holiday. and malaysia is acknowledging for the first time that one of the pilots of missing flight a course onotted his home flight simulator to the southern indian ocean. an official says the simulated included other destinations, and there is no hard evidence the plane was to liberally crashed. -- deliberately crash.
global news 24 hours a day powered by 2600 journalists and analysts in 120 countries. i am courtney collins. this is bloomberg. mark? mark: let's get back to the markets. shares of rbs, royal bank of scotland, slumping. it posted a loss of $1.4 billion, quadruple what analysts were estimating. the company says it will take longer than expected to reach profitability targets. the cfo earlier on bloomberg television. >> we again saw some pretty substantial provisions tighten today. some related to ppi. we obviously reacted to the new fci consultation that was out earlier this week. we have taken another 450 pounds of ppi provisions. we would expect that in relation to that new consultation that is a full and final provision for ppi. then there were some
additional provisions in relation to some conduct issues in ireland and the 2008 shareholder rights offer. >> besides the allegation for the rights issue? >> we have not disclosed that but it is a meaningful number. >> a meaningful number. ppi disappointed. this is a final number 32 -- through to 2019. >> in relation to the consultation, i would hope it is the final number. >> what you make of governor carney's -- stimulus yesterday, q.e., rfatate cuts? >> anything that is good for -- we're supportive. for us, in particular, we are a very liquid bank. to deposit ratio is 92%. we've put on more volume growth in any -- >> it's going to squeeze your
numbers. >> it will squeeze the interest margin. will it help us lend more? no. because we have already been lending at a decent rate. >> do you think that the governor has got that message. it is a demand problem not a supply problem. >> i think every bank is different. for us, it probably is more of a demand problem. certainly not a supply problem. for some of the other banks that new lending facility will be helpful. >> will you -- have a quarter of a percent cut? >> we will look across all of our asset and liability products and do what we think is fair and reasonable. >> the governor made a clear message, you have no excuse. you will pass it on. >> i'm not going to sit here and commit that we are going to pass it on but we will be looking at it. >> everybody, the one thing that came out yesterday was we're heading to a zero interest-rate world in the u.k. how are you going to deal with that?
how are you modeling to deal with that? how are you preparing to deal with 0%? >> as you saw couple weeks ago, in terms of terms and conditions, we are at least putting ourselves in a position that if we needed to and we would certainly hope we did not need to, to be able to look at how we get a fairer balance between -- our customers. we've got 85 billion pounds of non-interest-bearing on demand deposits. that's a tough place to be in a zero interest rate environment. i think we are heading into an apartment that is structurally lower -- an environment that is structurally lower in terms of profitability. and going to make it harder for subscale challenger banks. >> let's talk about brexit. can you tell me what is going out there and u.k. plc? is the demand dropping off?
from the data you have seen, since the 24th of june, what's it telling you? >> we have the biggest commercial bank in the country. we have seen for some time a slow down amongst our corporate customer base. stalling decisions to invest in people and invest in plants. that has continued after the referendum vote. on the retail side we've seen a drop off in mortgage application volumes since the referendum. there is definitely a slowdown going on. ewene: that was rbs cfo stephenson earlier. inad, july jobs data came ahead of estimates. is it enough to move the fed chair janet yellen to move on a rate hike? this is bloomberg. ♪
i'm mark barton counting down to the european close. 17 minutes away. bloomberg world headquarters in new york, i am vonnie quinn. it is time for the business flash, a look at some of the biggest business stories. -- a wider than expected second-quarter loss. costs.n reason -- more the ceo is pushing ahead with a five-year plan after revamping the senior management team. hires slumped the most in london in seven years last month. a dramatic freefall." it could be an indicator of brexit holding back economic growth.
and that is your bloomberg business flash for this hour. the u.s. stocks as well as shares are getting a post jobs boost. the labor department figures were added injobs july with the unemployment rate holding steady at 4.9%. earlier, we got reaction from everyone from bill gross to rick reader at black rock. >> today's numbers are strong all round. >> that is a very solid report. >> a solid number. >> the kind of report i would've hoped for when i was working at the white house. >> this might show some good gains in wages. >> we thought the number would be on and around expectations. we are surprised at how solid it was. >> an indication the recovery continues. the weakness we were concerned about in may looks like it was a blip. >> not only is it a strong employment report, the equity market is treating good news as good news and the rest of the markets are behaving as you would expect. >> is it enough for janet yellen in september?
i don't think so. i think she is still focused on global conditions. >> that is what is holding them back. >> still worried about the strong dollar relative to emerging markets and other developed economies. >> do these numbers tell you there is a higher probability the fed may hike rates? >> september probably was already on the table. till pretty are s low. going up front of election, it is difficult. >> 22% for september, is still too low. i would put it at 45%. >> maybe in december of this continues but not for now. mark: wow, what a clip. vonnie: that is what i was thinking. mark: that was like a michael bay film. let's get some perspective from richard jones for his weekly segment. brilliant clip. between all our commentators today. we don't need to introduce it. this is yesterday. as we've often discussed, the probability of a rate hike above
50% was september. that was the first month. september. . the first year we saw the probability about 50%. let's switch it up. that's after today. richard: it is moved it up to march of next year. thoseind of inched probabilities higher. sayingll gross was is probably spot on. i think september, even november do not look like they are highly likely. december is a bit more into play. that is getting close to 50%. what investors are saying is ok, there is a very positive number, encouraging. they want to hear what janet yellen says on jackson hole on 26 august. their intuition is that the fed would like to see more of a stronger run of this type of data and december is probably the level, time to be
most comfortable with. mark: explain the market reaction. stocks rising, dollar rising, gold down, bond yields rising. investors, risk investors seem happy. richard: i think it is like muhammad ali are inside. hadre -- mohammed al-erian said. meant good news because the fed was not going to move rates. today's number has not shifted the dial all that much on the fed. i think we need to see what janet yellen says later on this month. it is probably a perfect number for all those markets. you get yields rising a little bit, not spooking the stock markets. fed a littleot the bit closer to hiking but it is not imminent. i think that is probably what is driving the price action. vonnie: where do we turn to next? index is well above
96. that must because in some pressure on some emerging markets for example. i also think the dollar is something that will figure very much into the fed's thinking in terms of what they want to do with rates, how aggressive they are going to be and any time we get strong data like this and the dollar nudges higher, it does actually finesse conditions a little bit. i think within a global contesxt, it is a challenge but he gives follows the pause for thought because it does do some of the tightening for them. vonnie: what is moving markets most these days? is it rates or currencies? richard: i would say that policy pronouncements, both on the fiscal and on the monetary side, are moving rates and fx equally. but i think realistically, if you look at what the bank of japan is doing. if you look at what the ecb is doing, i think fx is critical. richard jones, bloomberg
from london and new york, i am vonnie quinn to mark: i'm mark barton. it is the european8 minutes left of today's european equity trading session. let's turn to the pharmaceuticals industry. shares of no one nordisk are down today. in one of the worst performers on the stoxx 600. the slump coming on worries over pricing challenges in the u.s. here's the chief executive earlier on bloomberg television >> the pricing environment in the u.s. right now and for the contracts for 2017 have been moderately negative due to the ying similarand bu
products. we hope the pricing label would turetabilizing so that in fu we can see growth from our strong portfolio of new diabetes drugs. >> is there anything that is changing structurally and the market that would allow your prices to rise? >> what i see for the future that is innovation which is going to create value. value for the pages, create value for the health-care system and create value for us. we have the most innovative diabetes drugs. introducing our new products will more insulate us from the pricing pressure that comes from generic drugs. competition you talk us, we understand eli lilly will ramp up the competition next year. how have you managed to prepare yourself and your own lineup facing similar competition? >> we have been trying to
establish strategic partnerships with some of the major ppm's. in some cases, we have elected not to be on form, because we believe we have premium products that are wanting higher higher price. so, it's a normal competitive negotiation which takes place. for 2017, we are secured. we have good access. it came at a slight cost on price, but we can compete next year. anna: the health sector always a big political issue in the united states. you have an election looming. do you see any, a difference in the candidates? it is too early to say what their agenda will be and what they can do to your business prospects? >> we have not had real specific proposals from the two candidates in terms of health care, other than they feel that drug prices are too high in the u.s. we have to remind ourselves also is beingever
discussed during an election campaign is not necessarily what is being enacted afterwards. wase seen how difficult it for the obama administration to get obamacare through the senate and the house. so, i think there may be some changes, but it is not going to be rapid, immediate changes. mark: novo nordisk chief executive speaking earlier on bloomberg with anna edwards and caroline hyde. right. take a look at where european markets are heading as we head to the close on the european close on bloomberg markets on bloomberg television. literally five minutes away from the end of the session. the stoxx 600 has to rise another 1/5 of 1% to ensure we rise for the week which would be the fourth consecutive weekly increase. there it is. three consecutive weeks of gains undone. that was the longest winning stretch in over two months. we're singing the biggest, or should i say the highest
performance for the ftse in over a year. up by 3/4 of 1%. they received a real -- from the blockbuster jobs report. big drop for the pound against the dollar yesterday after a fleet of measures was announced by the boe, q.e., bond buying, interest rate cut, bank lending program. sterling is continued its decline, down by 1/4 of 1%. quick peek at the bond markets. the close is literally four minutes away. this is bloomberg. ♪ . .
looks like a winning streak has come to an end. we rose by 1% and received a real boost from the stronger than forecast jobs report, but looks like it will not be enough to propel the worst-performing bank, royal bank of scotland, 7.6% lower. taxpayerst british lender set aside money to cover this lawsuit over its 2008 share sale. the chief executive, basically put out a plan to turn into a domestic focused vendor, but they did say they may not - 2019the 20 19th goals goals. shares are down 29% this year, quite an astonishing move. what a move we saw by sterling after the big sweeping measures
were announced by the bank of england. thepound fell against dollar in the biggest decrease in over a month. i thought we would look on a long-term perspective, pound-dollar, 1980 to 2016. the intraday low post-briggs it 1.2798, the june 1985 low. we are at 1.30 right now. we have spoken to the strategists. they say that sterling will fall to 1.27 by the end of this year, and will rise to 1.33 next year, and 1.39 in 2018. why the resilience? i tell you why. because investors were very short sterling against the dollar going into the bank of england 's they get short position ever -- biggest short position ever. carney yesterday made it clear they will not be negative interest rates. two reasons why we might see resilience in the pound from here.
don't forget, it has fallen 12% against the dollar since brexit. this is the difference in yield, the spread, it is called, between the u.k. two-year and the u.k. 30 year. the difference is the narrowest going back to 2008, the height of the financial crisis. the yield on the 30-year following to a new record low. has the two-year yield got much further to fall? some say unlikely, because going back to a carney said, if rates don't g any -- don't go any lower from here, they might go to 0.1%, but it will not go negative, suggesting short-term yields don't have too much further to fall. but if the 30 year yield declines, that spread will narrow further. what are you looking at? vonnie: if you look at the two-year in the u.s., you saw a bounce today. 71 basis points is the yield, making the yield between the u.s. and the u.k. two-years wider, and a widening in the two
and 10 spread in the u.s. looking at the potential for a september or december rate hike in the u.s. some mightthe vix, say watch out, but generally that is a good thing. and i mentioned the two-10 spread. let's go to the broader markets. we have seen records for the nasdaq and s&p. nasdaq right now trading up 1.1%, 57 points, and the dow up 0.9%. we need another leg higher to reach a record for the dow. let's go to the nasdaq in midtown manhattan, where abigail doolittle is standing by with some interesting top stories. abigail: we have a rally on our hands, the nasdaq up 1.1%, right now trading above its record closing high of 5219, and less
than 10 points away from the all-time intraday high of 5232. will we take that out today? time will tell, but exciting times with the nasdaq, trying to make a new all-time high, similar to what the dow and s&p 500 have already gone. as for today 's strengths, itsntec up 5.3%, having best day in more than three years after posting a better-than-expected fiscal first-quarter, beating earnings and sales estimates by 17%. they also raised the full-year earnings you, and it looks like the recent acquisition of bluecoat is behind this strength, adding products in cyber security. the shares were upgraded to outperform, with oppenheimer saying symantec is now the block." kid on the oppenheimer has a $28 price target on shares of symantec, suggesting shares could rise
about 25% from current levels. vonnie: they must be some other winners, right? abigail: indeed. up 1.3%, now higher on the year. another top percentage performer, and also a top point boost for the overall priceline, busting the bearish trend of quarterly reports and guides from competitors expedia and trip advisor, beating earnings ebitda estimates and raising the third quarter view for bookings guidance, which many see as an important factor. an analyst at jefferies has raised his price target to $1700 on priceline, suggesting the stock could climb about 17% from
current levels, so lots of strength here for the nasdaq. vonnie: let's check in on the bloomberg first word news. courtney has more from our new york newsroom. courtney: donald trump 's running mate mike pence is brushing off republican concerns of turmoil in their campaign. the indiana governor spoke earlier on nbc. >> the only poll that really matters is on election day. i have to tell you, as we canvas out less this week, donald trump in florida, we're seeing tremendous crowns, tremendous enthusiasm, and -- crowds, tremendous enthusiasm, and i really do believe it is because donald trump's message of a stronger america at home and abroad is resonating. courtney: in recent weeks, donald trump has angered fellow republicans by criticizing parents of an american muslim soldier killed in iraq, and refusing to endorse paul ryan for reelection. black lives matter protesters
are protesting around britain. organizers say that the movement is needed in britain and all over the world. activists are protesting several issues in the u.k., including a reported increase in hate crimes rexit vote.xi some attorneys say that the blocking of hong kong radical leaders for running could be counter to autonomy. hong kong holds its legislative council election next month. olympianer brazilian isabel salgado carried the olympic torch to the famed christ the redeemer statue today, one of many stops for the flame. it will be used to light the opening ceremony tomorrow night. global news 24 hours a day,
powered by 2600 journalists in 120 countries. i am courtney collins. this is bloomberg. mark: thanks very much. let's get back to today's u.s. jobs report, the economy adding another 200-5000 jobs in july -- ,5005000 jobs in july -- 200 jobs in july. joining us now, thanks for joining us. why are stocks rising? one might assume in old times, the thought of interest rates going higher is not a good thing. you view this as higher rates are a good thing, showing the economy is healthy, spilling over into other sectors. why are stocks being boosted by the jobs report? ben: people were worried about the interest rates going up and butng an effect on markets, now the markets are craving good economic data. in february, we saw some lows around the world on fears the
u.s. was approaching recession. then we had the really cut payrolls number in may, which has been really wiped out by two successive strong numbers. we set the gdp recently. it's good news for most people in the world. mark: on this side of the policies could be a boost. stocks across the world get a boost from the recent bank of england loosening of measures yesterday, and the bounce has continued today. what applies in the u.s. doesn't i hear? ben: over here, the thought is that things are struggling, so he might need to do something. in the u.s., normalization of policy. mark carney has been proactive, getting ahead of the curve, saying, we might not need to do anything, but just in case, i will try to get some measures in place. vonnie: but how much can the federal reserve and the united states economy bring up the rest
of the world economy? ben: the united states is still the world's largest consumer. china is making a bid to get bigger, but at the moment, the phrase is always, when the u.s. sneezes, europe catches a cold. that remains true. if you can get confidence in the world's largest economy growing, we can all do incredible things. asia starts booming. japan will probably get a kick as well. and in europe, we can address the political problems, safe in the knowledge that economic growth is in the tank. vonnie: but don't we need things like a better inventory cycle, investment, even a better consumer for the u.s. to grow at a healthier rate? ben: i don't think the u.s. necessarily needs to aim for 5% growth. when we see 5% growth, it is usually credit-field and you see a bust afterward. a long spate of 2% growth is probably better for the world, and i think that's what
investors are slowly realizing. mark: we have records for the nasdaq, for the s&p 500 today. here's a chart i made earlier, showing the s&p 500 versus the stoxx 600, you today. there is the disparity. 7%, stoxx 600 down 7%. will that widen? is it justified? ben: last year was the inverse. we saw the european market to a lot better than the u.s. at the moment, europe has a lot of difficulties politically to deal with. companies in europe are still struggling little bit. it's a little that of a mystery. currency forak some time, but europe cannot seem to get its act together. people say it's not about trade externally, but internal european demand. spain buying from germany, buying from portugal, buying from italy, that's not coming through yet. with unemployment at about 10%, that will take time. have you changed your
outlook with brexit? how have the portfolios changed? ben: going into brexit we had a lot of foreign currency exposure. we saw from your charts earlier, sterling has definitely taken a hit. now we bought back quite a lot of sterling. we are not saying it will not get weaker, but we are at extended levels. if this were a normal situation and stirling were 1.30 -- 1.30, wewere would be buying. it get the feeling that brex might not be as bad as people predicted. the decline in sentiment is not coming through in inventories and actual growth figures yet. i am an optimist. i think it could be better for the u.k. than people had previously believed, and that's good for sterling. vonnie: what is your best investment idea right now? what is piquing your interest,
watching closely so you might get in at some point? ben: the thing we are watching is not really getting in, but getting out of quality fixed income. we are at a stage now where you have seen the chart of bonds going up for the last five years, so the interesting stat that we heard, year to this day five years ago, the u.s. had its rating cut from aaa for the first time, yet bonds have rallied for five years. something weird is going on, and when interest rates rise in earnest, bond investors, cautious investors could find they get hit the hardest. mark: thanks for joining us. kumar. coming up, battle of the charts. david gura is in town today. i guarantee,, it will be a contest of olympic proportions, vonnie. get your judging hats out. this is bloomberg.
vonnie: it is time now for our global battle of the charts, will he take a look at some of the most telling charts of the day and what they mean for investors. you can access these on the bloomberg by running the function at the bottom of your screen. the chart gods are not smiling on me today, because my morning coanchor is being pitted against my afternoon coanchor. david: appreciate what mark was saying. it is a test of allegiance. [laughter] so, we had these big headline 250,000 jobs. i am looking at the demographic.
african-american unemployment in n and white unemployment innt blue. if see african-american unemployment still lagging, at 8.4%. donald trumplevel, his speech said that 58% of african-american youth are unemployed. in fact, that number is 25%. still abysmal. looking at the demographic here, you can see my chart online at #btv 2529.rg, g vonnie: thank you, david. mark: we need to show some love for the olympics. i'm feeling nostalgic today. not only because it is the beginning of the olympics in rio, but four years ago it was london 2012. so i thought, how will i
incorporate the olympics in to be otc? we will have a sprint off, between the u.s. and the u.k.. carl lewis versus linford christie. in the first race, we call it the equities race. londonhe end of 2012, the s&p 500 has risen 55% and the ftse is up 16%, won -- so lewis has carl lewis has won the first race. the final race, the currency rates, sterling against the dollar, and sterling declines 16.6%. but on thewins, outside ic venezuela, because since london 2012, venezuela's stock market index in dollars has risen 1,993%.
go on, venezuela. btv 2532. vonnie: does that say something about the inflation rate in venezuela at the moment? that was a beautiful performance. if i had in olympic gold-medal to give, i would give it to you. unfortunately, i don't. i have the battle of the charts crown to give off. i will not confer either one. you are both winners. it is a tie. i will say, that chart about u.s. unemployment and the differences in demographics is phenomenally important to look at. mark, that was wonderful. all right. coming up next on bloomberg markets, that we can battle at the box office. can suicide squad challenge guardians of the galaxy for a record opening in august? this is bloomberg. ♪
mark: a look at some of the biggest business stories in the news right now. milan is the latest european club to be taken over by chinese owners, with silvio berlusconi reaching a perimeter deal to sell his -- preliminary deal to sell his stake, valuing the company at 820 million dollars. bristol-myers squibb says that its treatment for lung cancer did not succeed in a trial. they confirmed the drug did not primary primary goal of survival. it is approved in lung cancer, but not yet as a first round therapy. that is your latest bloomberg business flash. vonnie: let's turn to hollywood now, and the state of the movie industry. according to box office mojo,
box office sales are up 4% year-to-date compared to last year, with gross receipts topping $7 billion so far. that number doesn't tell us the whole story. joining us now is paul sweeney, bloomberg intelligence director of north american research. he knows. how is the summer going? pollack: t summehas been a little disappointing. paul: the summer has been a little disappointing. hollywood is running down several percentage points. there is a concept brewing, sequel fatigue. some movies that came out as sequels, movies like "ghostbusters," sequels that have worked so well the last five or six years are not doing well this year. so some moviegoers say, listen, if you want to bring us a sequel, a franchise movie that you can bring back time and again, you really have to deliver quality, because we are not going to go just because it is a proven commodity. that's kind of the issue of the summer.
vonnie: it does depend on the franchise, and on the director, and how it all coalesces. what could start out as something great can, after going through the grinder, and a different -- and of different -- end up different. paul: one of the rays of light was "finding dory," which had a great run close to 10 years after the original came out. but some of the other ones, a lot of them opened significantly below where the original film opened when it originally launched. hollywood's going to have to take a step back, and take a look at the franchises, take a look at the sequels, and figure out which ones can work longer-term. mark: "suicide squad" -- discuss. i was so excited about this film, and then i heard about it, and i gather the critics have not been kind, but it's going to make a ton of money this weekend. paul: it really is. "suicide squad" has not been
reviewed well. actually very poorly on rotten tomatoes, for example, but the movie did $20 million last night in very limited release, which is a big number. the expectation is it will launch and do $130 million in the u.s. in opening weekend, a big number. so what we have seen with some of these, look franchises -- some of these comic book franchises, diehard fans will come out opening weekend and spend a lot of money to see the movie. the question is, how will it play in the second, third, fourth week if it is poorly reviewed? we often see a big falloff. it looks like it will have a big opening weekend, but how will it play the next several weeks? mark: and warner needs it. make $1uperman did not billion, which it needed to be a real success. they need the success, because they have a heap of films coming out in the next four years. paul: warner bros. has taken a page from the walt disney company, which is really mined
the marvel characters for hit after hit, franchise after franchise, so the warners have d.c. comics, and they have had a lot of success there. not on the scale of marvel, but they are looking as well for the franchises coming out of the d.c. comic books that will play for five to 10 years. vonnie: just keep making thor movies. [laughter] paul sweeney, i want to hear your reviews. rotten tomatoes doesn't do much. thanks to paul sweeney of bloomberg intel. mark: there was a big disagreement today between vonnie and our producer. vonnie loved batman versus superman. our producer did not. that's it. this is bloomberg. ♪
from bloomberg world headquarters in new york, good friday afternoon. i am scarlet fu. >> i am angie lau. we are covering stories from rio de janeiro to washington to beijing this hour. here's what we are watching. better than forecast jobs data sending u.s. jobs -- stocks to a new record. the latest jobs report will test donald trump's pitch to make america great again as he relies on economic advisers to carry his message forward. angie: to the copper market we go. goldman sachs sounds the alarm for the price of metal to fall below 4000. what we should expect a supply storm, and how to prepare for all of it in this hour. scarlet: we are halfway through the u.s. trading day. let's goth