Skip to main content

tv   Bloomberg Markets  Bloomberg  August 11, 2016 12:00pm-2:01pm EDT

12:00 pm
scarlet: from bloomberg world headquarters in new york, good afternoon. be coveringill stories from new york and zurich and rio de janeiro. stocks have ticked higher as there has been earnings report u.s. retailers that were not as weak as feared. we will focus on a macy's. valeant is tumbling following its the report of a criminal by federal prosecutors. we will talk about the troubled company and its past history. focus onfirst we will the markets. let's go over to julie hyman. julie: records again for another
12:01 pm
day. will see if they hold onto them by the close of trading. streak this continuing of less than 1% moves in the s&p 500. at the moment, all three major averages are at highs if i'm not mistaken. it looks like some of them are at intraday highs. we are trying to figure out when the last time all of them hit the levels at the same time. theg back to the last time dow set a record on july 20 of backyear, you can also go to july 20 last year and again we have seen, it took longer to -- for the nasdaq to hit those levels. in terms of what stocks are contributing to the gains in the dow today, we got nike, chevron, and ibm. ae only one that has more of
12:02 pm
catalyst would be chevron which is rising along with oil prices. is helping with the updraft ghosting in stocks over all this is something that matt miller picked it out earlier is that even though the major averages are hitting highs, many of the stocks are not necessarily their. this is 52-week highs in the s&p 500 versus lowe's. -- versus lows. a relatively no number -- load number when you consider you look at the 200 day moving average as a momentum indicator. nearly 80% of the s&p 500 is trading at that threshold. they may not be making new highs on the year, the momentum of these stocks has been in their favor. they have already been through longer-term pain that there is short-term momentum but
12:03 pm
not everything is up right now. julie: there are esoteric earnings laggards. you can see outdoor shares are --n 17% on the company was missed by a wide margin. flowers foods cut its forecast and blue buffalo pet products are some of the smaller earnings casualties in today's session. scarlet: thank you so much. let's go to our first word news. mark crumpton has more. led byouston the crowds minority leader at nancy pelosi say republicans should return early from an august recess. they say there are a variety of issues that need to be addressed including the zika virus, gun violence, and water contamination in flint, michigan. she discussed the latest hacking concerns at the democratic national campaign committee. >> i think we have to recognize
12:04 pm
what is happening here. -- russians broken and the and who did they give the information to? i note this is an electronics break in. mark: she said the fbi has been notified of the hacking. is notma administration going to reclassify marijuana and remove it from the list of the most dangerous drugs. the drug enforcement administration concluded that marijuana will remain in the have no drugs that accepted medical use in the united states put the agency is opening the door to further research by expanding number of agencies that can legally marijuana for research purposes. approvalsh president's rating is at the highs level since he took office two years ago. 2/3 ofhe military coup,
12:05 pm
turks approve how he is handling his duties. it's the first time he has had a rating above 50%. in sweden, prosecutors will be allowed to question the wikileaks founder, julian assange about rape allegations. it will take place at the ecuadorian embassy where julian assange has been since 2012 and has refused to go to sweden thinking he will be extradited to u.s. wikileaks released e-mails stolen from the democratic national committee. news, 24 hours a day, powered by with an 26 journalists and analysts in more than 120 countries. scarlet: thank you so much. macy's is the best-performing in the s&p 500 today, to its biggest gain in eight years so let's examine why the the big headline for the second quarter results -- result is the plan to close 14% of its stores which is
12:06 pm
100 stores. the company operates about 808 stores includes bloomingdale's and blue mercury stores. this comes as activist investors are ratcheting up the pressure, pushing macy's to monetize its store per folio. macy's -- macy's real estate is more of must be $1 billion and today they said it is examining opportunities for downtown flagship stores in various cities. the backdrop is the comparable sales have fallen for six straight orders. were alines last quarter little less than expected. the strong u.s. dollar is weighing on sales. the main challenge for macy's and all department stores is pretty much encapsulated in this chart if people are spending their money on internet sales which is the orange line or eating out which is the white line but they are not active is -- a visiting the store's
12:07 pm
matches the blue line and it's not clear what would change that can at macy's sales, e-commerce is the yellow bar and that has been the bright spot. online sales are providing momentum. macy's executives said they are seeing a double-digit growth in online sales. bp beat analyst estimates but said the shares are still a long way off from the height region july of last year. we are seeing other retailers get a left as the earnings season gets underway. let's dig deeper into macy's retail and. earlier, terry lundgren, the chief executive officer, talked about. back the brick-and-mortar presence. >> the united states is over stored. we are getting in front of what we know is a trend that has been occurring and that is customers
12:08 pm
are balancing their spending with online as well as in stores. online retailers like amazon pose a serious threat, the declining u.s. luxury sales coach and like michael course is hurting the macy's bottom line. thank you so much for coming on. retail earnings are out so what is the take away from you? >> these retailers are finally taking their medicine and doing what they have known they needed to do the interesting thing about terry lundgren's comment about getting ahead of it, they are not. they're catching up to where they should have been. they have toy think about things so what does the future look like for macy's? the stock is up a lot because i think people are encouraged by what they are doing.
12:09 pm
the incoming ceo came out and said we need to rethink the stores in a different way and this is positive for people give them a chance to say fewer stores, more online sales, let's read forge relationships with brands like coach and ralph lauren and figure out how to get more customers into the stores. scarlet: let's to give to the store closures because they have been closing stores but not at the pace investors wanted to see. how significant is that they announced closing down about 100 stores? >> it's not that big of an impact on their entire store account but you look at the past six years and they have only closed 90 scores. they are announcing what would have taken them six years to do. there's probably more to come. about: when you talk going forward, what have we learned from the executives? is it something that they feel they have to do or want to? >> they are starting to realize
12:10 pm
what they need to do. of need a certain amount storage to stay relevant with customers but as more people go online, you need fewer stores. you look at macy's and other retailers, any sales growth is coming from online. amazon has made a huge inroad into a barrel this year. the macy's e-commerce so grew by 50% of the amazon apparel sales crew by 48% last year. they will have to have this amazon strategy. by closing some stores, it will allow them to focus on their good stores and make them better and showing off e-commerce. scarlet: what did terry lundgren do wrong? they were at of the pack a few years ago. the wheels kind of came up over the past year. peaked lastock year, it has been a straight line down.
12:11 pm
it feels like he missed something. drop in theazy stock price and it shows how well terry lundgren managed macy's to recession and after. amazon was not focusing on apparel. andoes in for the kill macy's is going to have to respond to that. have nordstromo reporting earnings tonight and you have noted how it is like other department stores, trying to grow its discount chain presence. that has hurt it because same-store sales were climbing up that has started to decelerate. >> it will be interesting to see of nordstrom follows the same pattern as macy's and calls -- kohl's. have lowered and nordstrom is trying to figure out their own journey. with the ahead commerce and they are trying to figure out the right and except stores and online. oliver: thank you so much.
12:12 pm
you can read all of her columns at the bloomberg page. coming up, shares of valeant are following -- are falling following the rate -- the announcement of a criminal code. this is bloomberg. ♪
12:13 pm
12:14 pm
oliver: this is bloomberg markets. arelet: shares of valeant falling, giving back almost half of its gains made tuesday when the drugmaker unexpectedly maintained its full-year
12:15 pm
forecast. it's reported federal prosecutors are investigating whether they defrauded insurance by hiding its ties to mail order pharmacy. cynthia koons joins us now. the investigation has been going on since the fall and new iteration is that it's going into a criminal investigative mode and looking at what valiant did by hiding its relationship with philidor criminal. there are a number of investigations new valiant and a number of ways they could essentially have big fines to a for some of their behavior with philidor. this is a reminder that there will be more shoes to drop. investors cannot get comfortable even with a nice rally in the shares the other day and some reaffirmed guidance was -- what is a good reassurance. there is still a lot of headline risk with the company. scarlet: i feel like this is a andrew lech who
12:16 pm
raised a concern about the valeant. that was what he brought up and there are other short-sellers and i talked to him. he said this is an issue because this investigation but it's also about who wants to do business with them now that this is out there. once to work for this company? will there be a brain drain on the corporate side and what >> will happen to the business? dot joe poppa has wanted to is improve morale and bring in new talent and he has called it a remake putting the existing employee to get them excited about working at valeant again. this is part of what he has to manage when he is trying to bring in new talent and turning iseant into a new company
12:17 pm
about how much the skeletons in .he closet have gone away maybe this didn't and their recruiting efforts but he is trying to chart a new course for the company. how can he communicate that and how quickly can he do it in the face of these investigations which might cost the company a lot of money and compromise their ability to get where they want to be. scarlet: how different is this strategy from other drugmakers? on a conference call cometh sounded like valeant is a normal drugmaker and will invest money in r&d and they have their own financial and legal problems but charting is not so different from what other drugmakers are doing. >> they will spend more on rmd we have to take that into historical context. they did not spend much of also they will move into the model they spend more but they will not spend nearly amount --
12:18 pm
nearly the amount that pfizer would. they want to move new compounds into the clinic that might sure diseases can they are not going in that direction but they are looking at spending more money to develop drugs and selling them and getting the salesforce going through age additional district model that can they do it in time and manage their debt obligations and how much of an issue will this have on their ability to do that. scarlet: thank you so much. it's time for the bloomberg business flash. the russian national regulator has find google almost $7 million for violating antitrust laws and tablets and mobile phones. the penalty comes after a complaint was filed by a local search engine who found that they violated laws by requiring mobile device services to have
12:19 pm
its features like search in oliver: the nigerian economy has been pushed into second place as the country struggles to the crash and crude oil prices. africa's most populous nation is facing a recession, plunging local currency and inflation at a 10 year high and a widening budget deficit. gdp figures from 2015, the size of the south african economy is $1 billion at the current brand exchange-rate wild nigeria's 296 billion. your bloomberg business flash update. scarlet: we will deconstruct the business speak of the ceo of deutsche bank. ♪
12:20 pm
12:21 pm
12:22 pm
scarlet: this is bloomberg markets. the credit squeeze ceo has been using a four letter word that is unnerving bankers and that word is cost. it may be the only lever he can pull in an increasingly lackluster environment. here to talk about his management speak and the road ahead is our guest from london. cost is not a new word for a bank ceo. they have been saying this since the great recession. after the recovery from the session as well. what makes this focus on cost different than two or three years ago? >> just given the scale of the share price that is hitting europe in banks since the start of the year, credit suisse is one of them and deutsche bank is another. forhows of difficult it is them to bring about that restructuring strategy in the middle of a market downturn and
12:23 pm
worries about a slowing economy. in see it in the interview which he spends time talking about what he would like to be doing like a growth. he admits the only way to boost the share prices by cutting costs which is the only thing a ceo can actually deal with right now with european banks. mentionedarlet has about the story that media -- he has been doing a lot of media. what does that signal about his confidence or need to get out there and talk? scarlet: jamie dimon does not get in front of the camera every week. oliver: it's great as far as a journalist but can we read into that? >> that's a very shrewd observation. rocky start to the year. in terms of messages to start, some veryding
12:24 pm
negative signals about a conflict between him and management and executives in terms of potentially hiding information about air liquide positions. that has been a bit of backtracking to boost morale. it's still a people business and you have to make sure your staff is on board it comes to simple business and trading but also restructuring. there's a bit of trying to show that he has supported internally to bring about his strategy. scarlet: so he is selling his message to his own bank. pivoter if credit space's -- if credit squeeze feels the need to build their business. in the interview coming talks about famous clients such as roger federer. the push for credit suisse is in asia which is the expansion story.
12:25 pm
a lot of it depends on the economic outlook in asia. wealth management and private banking which was done so well by ubs is maybe the right strategy in the eyes of shareholders but the economy is getting tougher and even wealth management and private banking is showing signs of strain. i think it's a message internally to get as much unity as possible. a chart thatve shows the discount where the book discount where these banks are trading. if you look at that, you can see credit suisse is there in the middle. low, at about half a book value, but not the lowest and not alone. what are the overarching problems that are not specific to credit suisse? >> it's a story about restructuring. if you look at the banks that are trading at premium to book which is rare or much better discounts, dealer banks that have done the hard work already and maybe just need to show a
12:26 pm
little better earnings and profitability and a slightly better outlook. they'd need to prove to shareholders that they can keep delivering. the problem is these banks are still trying to find that business model and that is hard to get shareholder support when you do this in the middle of a storm which is what the economy looks like now. scarlet: thank you so much for your perspective. next, we'll factor based investing become the norm? we will talk to the head of invesco next. this is bloomberg. ♪
12:27 pm
12:28 pm
♪ everything is awesome ♪ everything is cool when you're watching a screen ♪ ♪ everything is awesome, ♪ when you're sharing a meme ♪ ♪ a voice remote, "show me angry kings" ♪ ♪ you know what's awesome? everything! ♪ ♪ apps that please, more selfies, ♪ ♪ endless hours of the best tvs ♪
12:29 pm
♪ brand new apps, shows to go, ♪ ♪ awesome internet that's super whoa... ♪ ♪ everything is awesome xfinity. the future of awesome. hohes w'oiithongestc ?estc .thlais hotas hkeca hyson' at' y llseg ca hke cwistomin biness rnte fid , p cth bou e.juais hotas hkeca hyson' at' y ddstus azetomimed ag y wiourof'r eie esr a adylr -onheesev .or upde 'it's restn i, w c u 'doe t eth dvery. oding uc pwiwiro fi hthatpsroui this is bloomberg markets.
12:30 pm
scarlet: let's go to first word news. mark: hillary clinton is expected to highlight her focus on job development, public search projects, and tax policy when she outlined her economic plan today. her speech will take place at a manufacturing company in warren, michigan. caseill try to make the that her rivals agenda would benefit him and his wealthy friends. number will have live coverage of mrs. clinton's speech about 35 minutes from now at 1:15 p.m. new york time. the white house is not commenting on donald trump's latest accusation. tosays president obama is blame for the rise of the islamic state. honoring president obama. he is the founder of isis. he is the founder of isis. he is the founder. donald trump has long
12:31 pm
blamed the president and hillary clinton for creating a power vacuum in iraq that was exploited by islamic state. wildfires are going through parts of southern france and portugal and homes of been burned and hundreds of people have been evacuated in the air in marseille has to reroute andming flight so incoming outgoing firefighting planes can leave. ukrainian troops are on the border of crimea and have been on hot -- on high alert. vladimir putin is a that is accusing ukraine of engaging in terror tactics and is promising to respond. russia annexed crimea in 2014. global news, 24 hours a day, powered by more than two 600 journalists and analysts in more than 120 countries. scarlet: thank you so much. fore seems to be an etf every investing style so what does it mean when investors are snapping up smart etf's?
12:32 pm
let's ask daniel draper. great to see you. let's make sure we defined the term. what is smart beta and how that differs or includes factor investing? oneassive investing is on end of the spectrum. the other end is unconstrained active midi hedge funds are traditional active mutual fund managers. smart they'd is in between and brings the best of traditional weighted indexing and brings active elements from the active world and puts them in the middle and provides different building blocks. oliver: one of the targeted funds recently is the low volatility splv. trackinge of these etf low volatile stocks, value type stocks that drove the market and kept it afloat even as everything was falling up at the
12:33 pm
beginning of the year. how do you look at that now when we now see a shift and the has been theon cyclical companies and also money back into consumer discretionary? will we see the climate in the lowball parts of the market or is it time for another rotation? productd not build the to stick where the market can go short-term. we built it for diversification, diversification, diversification. it takes a traditional market cap weighted view of the market. you can look an active strategy. we are trying to provide diversification benefits by waiting and index based on the s&p 500 on risk factors. it's not price so we are breaking with valuations. we arere-waiting the least volatile stocks based on volatility. we're pulling to long-term
12:34 pm
trends.hic many baby boomers are moving into retirement. historically, they were told at your stage in life, move out of equities and into fixed income. interest rates are nearly zero and they are not getting yield. they are pushed into risky asset need to manage my longevity risk and 90 to be in equities but let me do it in the lower volatile way. we believe there is a longer secular and with important diversification benefits. it focuses on the risk and having it at a dynamic rebalancing. scarlet: i understand the backdrop but what does your research show about the optimal conditions for this product? in terms of having a building block for the long-term portfolio, it has a place. this etf and the strategy rebalance is quarterly on a risk element.
12:35 pm
that means you are able to not only get the benefit of the lower volatile equities but the rebalancing from quarter to quarter. there is a next return you can which has benefit over long-term. short-term, monetary easing and the defensive sectors like utilities and consumer staples would benefit from a lower rate environment, absolutely, it becomes accentuated. v provides the risk-adjusted characteristic that outperforms the overall market. you have seen that particular but longer-term, think about a diversifying building block, lowering portfolio volatility over the long-term. oliver: clearly, it has done well. you have another fund which is momentum and low volatility. how do you marry the two
12:36 pm
particularly when things get volatile? scarlet: it seems they are in conflict. right,'s exactly conflict is another word for diversification. you are looking for things that have lower levels of correlation. that's what we are trying to accomplish is to help investors come up fully managers and investors reach their desired outcome but if they need an average of 8% return per year, you want to have assets and factors that have low correlations and combine them to get these desired investments. we are taking a traditional style box. are adding additional factors that box to give people additional building blocks for better portfolios. oliver: smart beta lie somewhere in -- beat pain passive and active. fun,you pick a smart beta
12:37 pm
you look for a factor you choose. you are still choosing a factor. are they not going to be susceptible to the same swings and losses that active investors are struggling with now? arehey can but if you longer-term focused, diversification. sm strategies go up, others will go down. the keys being able to dampen her volatility or get a nice return. when you combine the returns in a risk on that hope you have a better outcome. we are extending this traditional style box into a box.r it will give more tools and we want more of the factors that are lower correlated. that combines together will give a better outcome for people's long-term portfolios. oliver: who are those people? we can have a conversation about low but how do you communicate this nuance to a nonprofessional
12:38 pm
investor? >> it's a chow's but that's why we focus our business on the financial advisor community. these are skilled asset allocators. in addition to that, you are thisseeing with technology education and ability will go direct to consumer through some level of robo investing. these concepts are not easy and that's why education is toolutely show dish and how use these correctly. we are committed to really working with financial intermediaries and making sure they have that goals, the education to build better outcomes and fully as for buyers that scarlet: thank you so much for joining us. a quick check on oil prices. oil prices reached their high of the day, up by better than four-point puff the -- 4.5%.
12:39 pm
iea sees global oil markets continuing to rebound this year as demand from refiners grows. the market is getting more green. you're looking at the major green come upe sizable he and their on pace to that a record together did has not really happened since the late 1990's. scarlet: it's the first time this millennium. oliver: before 2000, it happens all the time. we will talkt, about the instant messaging software to make workers more productive and is taking over in workplaces across america. we will chat about that next. this is bloomberg. ♪
12:40 pm
12:41 pm
12:42 pm
nejra: you are watching bloomberg. it has been a roller coaster year for the u.n. after china's surprising devaluation of the currency and there still questions about stability. is taking aedes slight sales lead over bmw heading into the final quarter. the u.s. presidential candidates have conflicting ideas on what to do with the estate tax, abolish it or raise it? we wish you both sides. it has been one year since china devalued the yuan. the moves were controversial but
12:43 pm
the naysayers are dismissed. agree with the naysayers who are panicking about china's growth or capital growth. these concerns were relevant in the second half of last year but has stabilized and capital flows are turning a less negative. the currency will be stronger in the fourth quarter as it usually is. appreciate, not massively, but will not be as weak as markets say it will. nejra: alibaba posted quarterly and beat estimates. the core e-commerce business held up despite the chinese are slowing economy in revenue from cloud computer services soared. alibaba is positioning cloud computing is one of its fastest-growing businesses. deutsche telekom's a second
12:44 pm
quarter almost 9%. have at t-mobile, sales been searching with offset a revenue drop in germany. t-mobile has been luring away subscribers in other companies. mercedes-benz is on track to reclaim the luxury car title bmw. mercedes deliveries rose to a percent in the first seven months of the year. less than 6%ghtly which gave mercedes-benz of 35,000 car lead to bmw has been the leader since 2005. vonnie: time for our quick take. americans torst beat the estate tax is a guide by the name of john d rockefeller. the presidential race is giving americans a choice of abolishing the tax are making it tougher.
12:45 pm
rate is 40%ate tax and currently applies only to the portion of estates above $5.54 million or 10 point 9 million for couples. it's part of a 2010 deal between president obama and congressional republicans. hillary clinton has called for a role in the rules back to where they stood before the deal with thresholds of three and 4 million for individuals and $7 million for married couples. rate andbe a 45% donald trump as to repeal the tax altogether. a wealthy individual wants to avoid the estate tax can choose from a handful of legal maneuvers based on parks the tax code. one devices the walton grant that allows extremely rich people to make tax-free donations to their heirs. estate tax sprang to life
12:46 pm
the great war raged in europe and as an woodrow wilson needed cash for an arsenal. gus is concerned that the fortunes amassed during the 19th might spawn a permanent american plutocracy. some supporters today cite the same fear. many americans have consider the levy to be an unjust burden on families in the form of double taxation. many republicans besides trump would still like to abolish the tax altogether. have argued for increasing the rate. you can read more about the estate tax in our quick tates at niquick on the bloomberg.
12:47 pm
12:48 pm
oliver: this is bloomberg markets. scarlet: you have all three major indexes at a record high for the first time since -- oliver: 1999.
12:49 pm
let's go to abigail doolittle live from the nasdaq. we have the nasdaq on his now to close at an all-time record high. we will know within a few hours. as for boosting the nasdaq today, apple shares are higher amid bullish comments from rbc. one analyst things apple could mobile on-6 million boost and he thinks consensus numbers may not reflect that possibility do to a next her week in that quarter. when we take a look at the chart, we see there is a possibility that apple could continue to climb higher than it is higher now by 19% from its brexit bottom, up 13% from the june quarter report and this one year chart. the stock is trading above resistance but there is a wonky
12:50 pm
technical pattern called an iron -- an island river. this area is breaking of hyder suggesting that apple could trade at $1.16. to see be interesting whether over the longer term, these bullish comments on apple continue and the company puts up numbers to match. scarlet: thank you so much. with alibaba because this morning, the cofounder and executive chairman spoke with emily chang about the company's future growth. >> if you look at our core , 2.5 billion dollars of operating income in our core commerce business, that operating income is growing at 38% year on year. if you look at the eps, it's growing at 33%.
12:51 pm
that's very robust growth that we did consolidate the yokutions oflasada and but they are lossmaking but we take a long view. we are generating 61% operating margin in our cover, his business. that means is that it gives us the luxury and the resources to invest a very aggressively into new businesses like digital entertainment and our new innovation and initiative late internet cars and things like that. we feel comfortable with our margins. feel we have a lot of resources and cash flow to invest into new growth. has you out who discussed with alibaba with the plans to do with the shares it holds? do is what they need to
12:52 pm
they need to figure out what to do with the alibaba shares. they could also do nothing. are going to be fairly reactive when it comes to that. applel leave it to the power to decide what to do with the alibaba shares. the important thing for the viewers to know is that if alibaba, yahoo! would incur large tax liability. are invited to acquire the shares of what they call the remain co, we would not be able to cancel those shares legally. inheriting bet big tax liability. it will be a difficult question for us. alibaba has been inquisitive -- acquisitive in the past. we have seen massive deals and technology.
12:53 pm
-- in technology. how open is alibaba to really big deals? >> when you have 61% operating margin your core business, you have to think about how to smartly use that extra cash flow to invest for future growth. when it comes to the m and a strategy, we will be very disciplined about it. we have set ourselves several important criteria including growth in our user base, improving our customer experience, and expanding in our categories. if you look at the large acquisitions and investments we have made over the last year, they fall consistently into those principles. because we want to get into digital entertainment. with the company called suning which is the
12:54 pm
largest electronic retailer in china because we want to execute with them and on the channel strategy to bone the electronics retail space in china. examples of the acquisitions we have done. we are open to large deals but also open small deals. the important thing is that they stay consistent with our m&a principles. that was from this morning. oliver: communication in the workplace is gotten simpler. slack is used in offices and made e-mails passe. it's to make workers more productive and enjoying themselves. it can be a nature nightmare. we broke down the enterprise software phenomenon.
12:55 pm
why is slack so popular? why can we just chat on e-mail? or maybe in person. has become a nightmare. a lot of people are frustrated with it. you spent 13 hours per week in our inboxes so it's no fun. a lot of office communication is moved to slack which is more casual and more like talking. as many anot annoying things to go back to explain. scarlet: how much real work is done versus people goofing off. >> there is lot of fun. in the fun, people must be getting work done or i don't know why your office would continue to use this. oliver: is there value added on juice upice he you can the conversation apart from just
12:56 pm
text? is it easier to access? what's the value add it? >> slack has a lot of integration. or googlek on dropbox drive, you can add that in so it uploads easily and is a nice but they did people. i'm on the bloombergib. you can listen to new episodes of game plan wednesday morning. scarlet: still ahead, we are awaiting hillary clinton's economic speech in warren, michigan and is expected to criticize the donald trump plan. this is bloomberg. ♪
12:57 pm
12:58 pm
12:59 pm
scarlet: it is 1:00 p.m. in new york and 1:00 a.m. in hong kong. >> welcome to "bloomberg markets ."
1:00 pm
good afternoon. scarlet: we are covering stories from detroit, washington and beijing. a batch of surprising earnings in the u.s. and europe lifting global stocks, sending the s&p 500 towards a record close while arising afters the brexit vote. oliver: has the central bank delivered on its promise to the economy? moments,in just hillary clinton will be making an economic policy speech in warren, michigan. she will outline her plan for raising taxesnd on the wealthy.
1:01 pm
you can get more on bloomberg.com/live. oliver: we are halfway into the trading day. .ulie hyman has the latest julie: as promised, we looked up , when is the last time all three major averages closed up at a record. -- it could happen again today. all three major averages on a closing basis record. it is interesting what is pushing the averages here today. it is energy stocks as we see oil on the rise, but it's also consumer discretionary. it a group that has not been at the head of the pack all year. rise --d macy's on the kohl's and macy's on the rise. an uptick -- kohl's
1:02 pm
beating estimates as well and expanding gross margins. it is managing its inventory better. we've seen the extension in the retail rally. came out with earnings estimate that beat estimates, rose yesterday, rising again today. kate spade also getting caught in the updraft. higher end retailers rising along with macy's and kohl's. in a different part of retail, couple restaurants on the move. julie: another kind of consumer discretionary stock. brinker international is the chili's,julie's -- comparable sales fell more than estimated.
1:03 pm
at the same time, shake shack is going down after that company's --parable sales grew analysts were expecting a gain of 5.4%. here is an interesting stat. the market cap of each of these companies come also looking at the location, this is market cap per location. shack is way up there, $16.4 million in market cap per location. followed by chipotle. this takes into account the decline we are seeing in shake shack today and the decline we've seen recently in chipotle. not the conventional way to measure it -- oliver: i like it. there's not that many stories. people go to shack because it is exclusive. julie: you do plan on opening
1:04 pm
more, so we will see how exclusive it remains. mark: two people have been inled, more than 30 injured a large explosion and fire at an apartment building outside of washington, d.c. firefighters in silver spring, maryland rescue people from upper floors and some residents toss their children from windows to safety. basin in the u.s. will have the most named storms eight2012 with five to strengthening to hurricanes. two do for storms could be major four storms- two to could be major hurricanes. has released a parliamentary agreement for a $12 million loan to revive its economy. been struggling since the removal of the longtime
1:05 pm
leader in 2011. -- a $12 billion loan to revive its economy. the turkish president's approval rating at the highest level since he took office two years ago. in the wake of last month's failed military coup, more than two thirds of turks approve of erdogan isent hear handling his duties. global news 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. i'm mark crumpton. this is bloomberg. oliver: today marks one year -- we cut to breaking news real quick. scarlet: we just got results from the 30 year bond auction. yielding 2.74%. not as much demand this time around given the yield was
1:06 pm
higher. cover was 2.24 versus 2.8 --vious auction's this is counter to what we heard on the 10 year when demand did improve for the 10 year auction yesterday. yielding --is now inver: a bit of a move up the yield. today marks one year since china devalued its currency. since then, policymakers have continued to promote use of the yuan. worldwide payments has dropped, but more capital inflows have been observed and the frequency of central bank intervention has an reduced -- appears to be reduced.
1:07 pm
mean as the yuan continues to get weaker or investors trying to suss out what that means for markets? has this been labeled well and projected well by china? >> there's been some key changes since one year ago when we saw thesudden devaluation of yuan. we have seen more stable growth out of china, less concern about the need to use the currency as a tool and some better communication from the part of the authorities. both of these variables will allow investors to continue having much more comfort about a steady depreciation but not a shocking devaluation. scarlet: china will continue this over the next couple of
1:08 pm
years. what could prompt beijing to change up it strategy and do so without communicating that to the markets? >> if you see growth falter a bit more than they are expecting , maybe it will bring to the forefront this conversation about using the currency as a stimulus to grow. that is not where we see the economy right now. last week, we saw the july manufacturing pmi about 50 for the first time in 17 months. all signs point to stabilization in the economy and less concern around the fx policy. scarlet: things are stabilizing a bit here. oliver: it seems like this game theory interpretation where it's about the expectation of suddenness with which the currency moves down but ultimately, the currency is weakening and weakening for a reason. do we just ignore that? >> we don't need to be as alarmed as we were this time a year ago.
1:09 pm
thesudden devaluation of yuan to other em currencies, that theme is not playing out this year. scarlet: there's a lot of love for emerging markets right now. our investors differentiating emerging markets? reasons to buy brazil are pretty much applicable to other commodity exporters in the emerging market world. >> brazil fits in nicely with this theme about a better external environment for the yuan. part of it is an improvement in and anotherrices part is a more dovish fed. there are idiosyncratic factors that allow it to outperform the rest of the em.
1:10 pm
they will differentiate a bit more based on domestic fundamentals as well. these capital flows we team moving in the past three months where a lot of investors have been going to em markets, this is close to brexit reaction, maybe don't put your money in the eu or england, come to the u.s. and things look expensive -- will that money come back into the u.s. at some point? >> part of it is that search for a yield which was exacerbated after brexit. what can disrupt some of these -- flows to em was a shift in perception of the fed. scarlet: very specific to brazil
1:11 pm
with the impeachment trial getting ready -- what is the biggest risk to temer? he is the interim president. once he becomes confirmed president, is there a new level of scrutiny or expectation? absolutely -- >> absolutely. it's been all about expectation. giving the new administration the benefit of the doubt. impeachment is concluded, we will move to implementation and then we actually need to see reform pass congress. awaiting hillary clinton her economic policy speech in the next couple of minutes. scarlet: what are investors looking for with these two candidates? oliver: what do they want to see on the economic front? >> politics is very much top of mind for investors in the u.s. and around the world.
1:12 pm
we've been advising our clients to focus less on politics when it comes to investing and focus more on the long-term trajectory of these economies. there's a big difference when it comes to the situation in brazil where a candidate can fundamentally alter your view of the economy. -- thatnot in the case is not the case in the u.s. right now. scarlet: is there something hillary clinton could say today that would alter someone perception of emerging markets versus the u.s.? >> i don't think it would be around politics. it's more important what happens with china and the fed. oliver: awesome stuff. always.a, great as we are awaiting hillary clinton's remarks. she will use an economic speech at a michigan factory to attack trump over the big tax cut and deregulation program he unveiled in detroit earlier this week.
1:13 pm
the former secretary of state has contrasted republican plans with her own fiscal prudence, maintaining her proposed increases are offset by taxes on the wealthy and corporations. we will bring her remarks to you when they begin. this is bloomberg. ♪
1:14 pm
1:15 pm
scarlet: we are awaiting hillary clinton's economic speech in warren, michigan. you can see a live shot of the podium where she will take the stage and speak. she is inspected to sharply criticized donald trump for advancing policies that some say
1:16 pm
would lift the ultra wealthy and middle-class working americans. let's go to sahil, joining us from washington. what is she likely to say that is new and differentiates her proposals from what we've already heard in the past? >> don't expect new proposals from hillary clinton today. contrastdraw sharp between her ideas and donald trump's ideas, her method will be that donald trump is a rich person proposing policies that benefit only the rich. is the candidate that will propose policies that help the middle class. very reminiscent of president obama's message that worked well against mitt romney in 2012.
1:17 pm
publicl talk about her works and infrastructure program, her plan to offer to wish and precollege and her proposals to lower income inequality. oliver: why are they having these speeches? they are not saying anything new. is this just about pounding the message into the table about how different they are? >> the short answer is, yes. they are campaigning all over the place. the economy continues to be the top issue. we will be hearing a lot more about this. trump spoke earlier today in miami beach in the last couple of hours. much like a traditional republican message, he talked about how hillary clinton's proposals would tax and regulate the u.s. economy to death. is hillary clinton the
1:18 pm
kind of speaker who would respond extemporaneously to donald trump's remarks or are her remarks prepared and have been set in stone for the past week? >> there's nothing donald trump said today that differs from his previous attacks. what she's had prepared is pretty much what we're going to hear. you were saying that hillary is going to basically portrayed drums policies that trump's- portray policies as only benefiting the wealthy. why doesn't she go out there and point out his obvious previous errors in his business, his lack of experience? on thatt she focused incident trying to get into the nitty-gritty of these economic details and specifics people may not understand? >> she gave a big speech
1:19 pm
recently in atlantic city where at donaldly took aim trump's distance record, .ccusing him of being a con man -- donald trump's business record, accusing him of being a con man. how much of that breaks her to the ordinary voter, it's important for the candidates in my view. she said she likes to sweat the policy details. clearly, she needs to exploit or target certain demos more than others. what is that demo? the mainstream republican who is feeling a bit shaky because of what donald trump has been saying? is it the bernie sanders voter
1:20 pm
who still hasn't quite been sold on hillary clinton as the candidate? >> that is a great question. it will be a mix of things. she is still working to consolidate the democratic party behind her. center certainly helped by endorsing her. -- sanders sanders certainly helped by endorsing her. her audience is college-educated to vote forend republicans in past elections in, democrats almost never whe but polls show that hillary has a chance of winning them. that would be devastating for republicans. that contingent of voters will be decisive in the november
1:21 pm
election. scarlet: there is a function on .loomberg, elec you have research from bloomberg intelligence on the candidate's policies and the latest polling values, video clips from "with all due respect." this is the election polls. these are the latest poll values. the blueline indicates support for hillary clinton currently at 47.9% with donald trump currently at 40%. this is according to real clear politics. widened that gap has significantly. oliver: a great article digging into clinton's proposed economic policies.
1:22 pm
up, still waiting for hillary clinton's economic speech in warren, michigan. we will bring you those remarks once they begin. you can also turn into the >peech on bloomberg at live
1:23 pm
1:24 pm
scarlet: this is "bloomberg markets." we are awaiting hillary clinton to economic speech in michigan. she is expected to criticize her republican opponent's tax proposal and label his plan as one that benefits only the super rich. you can tune into the speech on the bloomberg, available at live bloomberg.com/live. i was struck by an op-ed piece in "the new york times" this
1:25 pm
morning. isasks whether donald trump breaking both parties. it was written by a professor at columbia university. he writes that the trump support boasted the that trump generates among working-class whites and the opposition he generates among better educated, more affluent voters. we talk about how divided the republican party is. even though there is this failure to unify the democratic -- the ethnic and racial minorities are still in that
1:26 pm
lower -- oliver: the undercurrent of this entire campaign season. now that bernie sanders is out of the race, he represented a bit of that class within the democratic party, we certainly convention.the scarlet: if clinton wins, the challenge will be to keep the party from splintering between those two groups. policy bridgemic that gap? oliver: coming up, we are awaiting hillary clinton's economic speech in warren, michigan. ♪
1:27 pm
1:28 pm
1:29 pm
oliver: we are still awaiting hillary clinton's economic speech in warren, michigan. we are moments away from her speech.
1:30 pm
be talking about a blueprint for the country, talking about trumps policies, pushing back on those. we will bring you those remarks when she begins. you can also see the speech on the bloomberg at live . the obama administration is not going to reclassify marijuana and remove it from the list of the most dangerous drugs. the dea concluded that marijuana will remain in the class of no medical use in the united states. the agency is opening the door to further medical research by expanding the number of agencies that can legally grow marijuana for research purposes. house democrats say republicans should return early from in our august recess. there are a number of issues that need to be addressed
1:31 pm
including zika virus, gun violence and water contamination in flint, michigan. she also discussed the latest hacking concerns at the dnc. nancy pelosi: we have to recognize what is happening here. the russians broke in. who did they give the information to? i don't know. this is a watergate like electronic -- mark: in sweden, prosecutors will be allowed to question ge about rape allegations. the interview will take place at cuador's embassy in london. wikileaks recently released e-mails stolen from the democratic national committee. russian tv showed a humanitarian
1:32 pm
aid convoy loaded with food and water driving to the syrian city of aleppo. fighting between syrian government forces and opposition troops in and around the contested city continue despite the cease-fire. global news 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. i'm mark crumpton. this is bloomberg. are awaiting hillary clinton's economic policy speech. it will take place at an automotive manufacturing facility in warren, michigan. she will outline her plan for job creation and raising taxes on the wealthy. you can tune into the speech on the bloomberg at live . from bring back sahil
1:33 pm
bloomberg politics. donald trump obviously a divisive figure in american politics. divisive within the republican party as well. there have been a number of defections what it comes to republicans endorsing hillary clinton. which has been the most damaging so far? >> the defections we've seen fall into two categories. three categories, really. we've seen republican operatives forming a united principled front saying they will never support from no matter what. more recently, we've seen former republican candidates and officials like meg whitman in california coming out for hillary clinton, against trump. we've seen some retiring elected officials in congress come out for hillary clinton. beyond that, leasing seen republicans in congress who are still trying to that who still
1:34 pm
stills to run -- who are intending to run for future elections and so they have not come out for hillary clinton. elected officials are doing a bit of a delegate dance. oliver: how are other elected -- how committed to those endorsements are they? if trump continues to have fun plastic language -- bombastic language. said hisyan endorsement is not infinite, it is not totally unconditional. this speaker has also shown that donald trump can say or do a number of things that are over the line in his view and he will not rescind the endorsement. he is in a difficult spot.
1:35 pm
the hard to believe that down, this is a candidate he would have chosen to lead his party at the presidential level, but he is fully behind donald trump. his members in the house come from districts where donald trump is very popular, especially the more conservative members. he cannot quite abandon the nominee. the same is true for every republican in congress now who intends to run again. some of them have come out against trump. none of them are coming out for hillary clinton unless they are retired. oliver: how do republican lawmakers feel about his economic policies, his actual plan in terms of boosting the economy or his talking points from earlier this week? it seems like most of the outrages related to his persona. how do they feel about his economic policies? >> it is a mixed bag.
1:36 pm
persona and temperament is one thing, but there are real policy differences between the platform trump has campaigned on and what traditional republicans have proposed. on things like trade, donald trump is opposed to nafta and the tpp, which republicans in congress have been favorable to. trump has been campaigning on a harsh anti-immigration platform. that is not what republican leaders in congress have proposed on entitlements, trump does not want to cut social security. cutting entitlements is something of public and in congress have wanted to do. trump pushed for things that republican leaders agree on -- scarlet: pushing that traditional platform.
1:37 pm
thank you so much. us the outlook, the preview of what we connect spectrum hillary clinton and the clintonces between mrs. and mr. trump's policies. you are looking at a live shot of hillary clinton in warren, michigan. we've had a presidential nominees begin michigan for the second time this week. clintoni feel like mrs. has a distinct set of policies. it's hard to argue that it would to respond to what he said, show more reaction -- scarlet: engagement. she is getting introduced right
1:38 pm
now. this is in mourning, michigan. both candidates making a big deal about michigan because it was home of the auto industry ,here there were bankruptcies the big automakers got a bailout. very emotional for a lot of the middle class working class communities in the united states. it would seem like for the republican candidate, trump making his stand in michigan, he can point to the place that has been hurting for the past eight years or however he wants to frame it and he can contribute that -- he a tribute can attribute that to the party in power. we are waiting for hillary clinton to take the stage here in warren, michigan to begin her economic policy speech.
1:39 pm
she has been introduced, she is taking the podium. a lot of cheering as hillary clinton gets ready to speak. she is ready to give her outline of her economic policy. she is not really going to tell us anything different than what we already knew. oliver: a lot of prepared remarks. it would be interesting to see which he response to trump's remarks. we should watch for how many interruptions she gets. whether there will be any protests. let's listen in. we take you to warn, michigan where hillary clinton is speaking. hillary clinton: high-tech firms are thriving, the next generation of engineers are getting trained and here at mec, you are on the
1:40 pm
front lines of what i believe will be a true manufacturing renaissance in america. [applause] hillary clinton: i just was given a short but exciting tour by mark and john couch, who were telling me about how this as and for started most of its early history was an auto supply company. and then come in 2000, as the markets began to change and some of the auto companies began to realign, they were faced with a choice. we all face choices in life, don't we? this company could have said, hey, you know, our business is not going to be what it was, we have to fold up, kind of quick,
1:41 pm
but that's not what happened here. what happened here is what can happen across america. now what is likely an aerospace company. [applause] theary clinton: because of workforce and the work ethic and , you are seeing the future unfold. i got to see what is happening here to help build the fls rocket that will go from the comb -- macomb to mars. [applause] hillary clinton: i saw the two halves of and at 35 nosecone ready to be put together -- an
1:42 pm
f-35 nosecone ready to be put together. i talked to the workers about the absolute perfection required to do this work. what i believe, with all my heart come is that what is happening here can happen in so mindslaces if we put our to it and support advanced manufacturing. countrye the kind of that once again understands how important it is to build things. we are builders and we need to get back to building. [applause] hillary clinton: we are making progress. none of us can be satisfied until the economic revitalization we are seeing in some parts of michigan reaches every community. to see thising combination of old-fashioned hard work and cutting-edge innovation.
1:43 pm
i know my opponent was here in michigan about a week ago. it was like he was in a different place. when he visited detroit on monday, he talked only of failure, poverty and crime. he is missing so much about what makes michigan great. [applause] hillary clinton: the same is true when it comes to our country. he describes america as an embarrassment. he said "we are becoming a third world country." look around you, my friends. go visit with the workers building rockets. that doesn't happen in third world countries. [applause] lotary clinton: we have a of urgent and important work to do and that's what i'm going to talk about today. all the people that i have met
1:44 pm
throughout this campaign really prove how wrong the negative, -- america'siew is best days are ahead of us if we decide to go out and make that happen. [applause] hillary clinton: just consider our assets. we have the most dynamic, productive workforce in the world. [applause] we have theton: most innovative businesses, the top colleges, universities, community colleges, training programs in the world. and the best science and technology, enormous capacity for clean energy production, we are resilient, determined, hard-working. there is nothing america can't do if we do it together.
1:45 pm
[applause] hillary clinton: i know this because this is how i was raised. i don't think mr. trump understands any of it. he has not offered any credible solutions to the very real economic challenges we face. emerged longges before the great recession and they have persisted throughout recovery. there is too much inequality, too little upward mobility, it is too hard to get ahead today. but there are common sense things that your government could do that would give americans more opportunities to succeed. why don't we do it? because powerful special interests and the tendency to put a etiology -- ideology ahead of political progress have led to gridlock in congress.
1:46 pm
how can you not be frustrated and even angry when you see nothing getting done? and a lotta people feel no one is on their side and no one has their back -- a lot of people feel no one is on their side and no one has their back. if i'm fortunate enough to be your president come i will have your back every single day. [applause] hillary clinton: my mission in the white house will be to make our economy work for everyone, not just for those at the top. this is personal for me. i am the product of the american middle class. i was born in chicago, i was raised in a suburb. my grandfather worked at the scranton lace mill for 50 years.
1:47 pm
because he worked hard, my dad was able to go to college and eventually start his own small business and then send me out into the world to follow my own dreams. no matter how far those dreams have taken me, i've always remembered, i am the daughter of a small business owner and the granddaughter of a factory worker and proud of both. [applause] hillary clinton: here's what i want -- i want every american family to be able to tell the same story. do your part, you you should be able to give your children all the opportunities they deserve. that is the basic bargain of america. whether we will be able to renew on even better terms for the 21st entry depends in large measure on the outcome of this election.
1:48 pm
that ie four questions hope the american people will ask of both candidates. answers should help make your choice in november crystal-clear. first, which candidate has a real plan to create good paying jobs? fairness to our economy and ensure that those at the top pay their fair share of taxes? [applause] third, who will really go to bat for working families and forth, who can bring people to deliver the results that will make a difference in your lives? [applause] i hope thatton:
1:49 pm
after giving a fair hearing to both sides, you will join the millions of people across our country supporting this campaign, not just democrats, but a growing number of republicans and independents as well. when it comes to creating jobs, i would argue, it's not even close. even conservative experts say trump's agenda will pull our economy back into recession. independent when analysis by a former economic adviser to senator john mccain, if you add up all of trump's ideas from cutting taxes for the wealthy and corporations to starting a trade war with china to deporting millions of hard-working immigrants, the result would be a loss of 3.4 million jobs. , the same analyst
1:50 pm
found that with our plan, the economy would create more than 10 million new jobs. [applause] so, let me tell you how we would do that. i believe every american willing to work hard should be able to find a job that provides dignity, pride and decent pay that can support a family. starting on day one, we will work with both parties to pass the biggest investment in new, good paying jobs since world war ii. [applause] we will putton: americans to work. building and modernizing our roads, bridges, our tunnels come out railway, our ports, our airports.
1:51 pm
we are way overdue for this, my friends. we are living off the investments made by our parents nerations.arents' ge we will help cities like detroit and flint connect underserved neighborhoods to opportunity expanding affordable housing and we will repair schools and filling water systems as well. -- failing water systems as well. [applause] hillary clinton: i happen to think we should be ambitious. it's every household in america 2020 --band by the year let's connect every household in america to broadband by the year 2020. me how manyhing to places in america, not way far away from cities, but in cities
1:52 pm
and near cities, that don't have access to broadband. s kids workingage on homework or need internet. it starts right there. let's build a cleaner, more with enoughwer grid energy to power every home in our country as well. [applause] sun country is: going to be the clean energy superpower of the 21st century and create millions of jobs and businesses. -- some country. it is probably going to be china, germany or america. i want it to be us. we invented the technology. we should make it and use it and next port it -- export it.
1:53 pm
here is something you don't always hear enough of from democrats. will bert of our plan unleashing the power of the private sector to create more jobs at higher pay. by creatingfor us to getastructure bank private funds off the sidelines and complement our private investments. $25 billion in government seed funding could unlock more than $250 billion and really get our country moving on our infrastructure plan and we are going to invest $10 billion in america" plans to create entire new industries.
1:54 pm
when mark and john were giving me the tour and i was talking to the workers along the way and asking where some of the precision machinery came from that is being used here, what i hear all over the country, germany, japan, italy. i want to bring that this is an best bring that precision manufacturing back to the united states. there's no reason we can't begin to make those machines ourselves and supply the rest of the world instead of buying from somewhere else. businesses and government and communities together to create good paying jobs in places where they've been left behind. logging country, coal country, native american community's,
1:55 pm
rural areas ravaged by addiction and lost jobs to industrial regions hollowed out when factories closed. as president, i will also make a major push to empower small businesses and entrepreneurs. [applause] with newlinton: national initiatives to cut red tape at every level and expand access to credit, especially through community banks and credit unions. i will propose a new plan to dramatically simplify tax filing for small businesses. [applause] now, thelinton: right smallest businesses, the kind my moread, spend 20 times per employee to prepare their taxes compared to larger companies.
1:56 pm
it should be as easy as printing out a bank statement. let's free entrepreneurs to do what they do best, innovate, grow and hire. this company started because of , thinkingwn a road about it, talking about it and oldsmobileof the old -- in america, if you can dream it, you should be able to build it. we are going to get back to doing that. [applause] hillary clinton: donald trump has a different view. he's made a career out of studying small businesses from ingantic city -- stiff small businesses from atlantic -- he refused to pay his bills.
1:57 pm
those communities and scrape together what they could to pay their employees and many of them put their business is at risk and some of them ended up taking bankruptcy. it was not because trump could not pay them. it's because he would not pay them. that's why i take it personally. my dad ran a printing plant. he had to really long tables, he printed fabric for draperies. he would lay out the fabric and take a silkscreen and he would go down the table, put the silkscreen down, put the paint in, take the squeegee, go across the screen all the way to the end that he worked hard. he would load that fabric up, put it in his car and take it to the business that had ordered it. maybe a restaurant or a hotel or some office.
1:58 pm
he expected to be paid when he showed up. he did the work, he paid for the and the labor he often hired to help him on big jobs. i can't imagine what would have happened to my father and his business if he had gotten a contract from trump. in showing up and submitting his bill and being told, "were not going to pay. us."u don't like it, sue i don't understand it. i met all kinds of workers, painters, plumbers must small businesses that provided pm knows and that provided pm knows nos andided pia
1:59 pm
marbles -- they were told we will give you $.50 on the dollar. that's not how we do business in america. we have to create more good jobs that are going to help more people. our modern service economy is empowering consumers with more choices and greater flexibility. our we do have to empower workers in our service sector, too. the people taking care of our children and parents, they secure good pay and benefits and a secure retirement. [applause] hillary clinton: it's crucial that every american have access to the education and skills they need to get the job for the future. we will fight to make college tuition free for the middle class and debt-free for everyone. [applause] we will alsoon:
2:00 pm
liberate millions of people who already have student debt by making it easier to refinance as aepay what you owe portion of your incomes that you don't have to pay more than you can afford. [applause] >> your degree should not the only path to a good job

42 Views

info Stream Only

Uploaded by TV Archive on