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tv   Bloomberg Markets  Bloomberg  September 8, 2016 10:00am-11:01am EDT

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talks are much lower over in europe by over one full percentage point. marketswith bloomberg with vonnie quinn and mark aren. this is bloomberg. ♪ markets." good afternoon. take you live from san francisco to hong kong. we cover stories out of new york and frankfurt. here is what we are watching today. the ecb keeping its stimulus program and rates unchanged in a sign that policymakers do not see any immediate danger to the euro area. spanish bonds are raising. hewlett-packard has a spinoff and merger of software assets. the latest on its deal with micro focus. and john malone's liberty media
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looks to generate interest in formula one. how the owner plans to expand their digital presence and have more races. stoxx 600, grr. only one industry group rising, telecom. investors disappointed mario his powder dry today. he did not discuss an extension. the ecb did not discuss an extension to their bond buying program. some expected an extension to march of next year. that did not happen. the ecb kept its stimulus program unchanged. down as much as 1.2%, but we are down by .7% now.
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about .6% higher against the dollar. this is the euro against the dollar since last year. 1.16.hen, the euro was at then we had more qe in december. more qe in march. and here we are at 112.88. call.ys has a parity morgan stanley per next $1.18. spanish yields before drug he hit an all-time record. that is the 10 year. yields are rising in france, germany, spain, and italy. disappointment we did not get an extension of this bond buying program. the committeest would begin to gauge the scarcity of bonds within the ecb's qe program.
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quickly, the big mover in europe, micro focus. shares rising 23% to a record. hewlett-packard combining some software assets with micro focus . it is a deal valued at roughly $9 billion. meg whitman, the chief executive, is taking steps to slim down the american companies operations. we are 30 minutes into the trading day in the u.s. let's go over to the markets desk. julie? hpe is down 1.5 percent today. overall, declines in the market today. just as you are seeing in europe following this press conference it doesio draghi, where not look like there will be any near-term stimulus. big ones, but not definitely a move down in futures as those press conference comments came out.
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you were looking at the sovereign debt in europe. in the u.s., if you look at the 10-year note, something of a spike in yields. only up by two basis points. here in the u.s., we have to wait for september 20 want to hear from janet yellen and her compatriots. also watching the u.s. dollar index. here, too, we saw a spike, but lower against a basket of currencies, down .1%. oil prices we are watching, not just because of the action in currency markets, what we heard from draghi, but also because we get a delete weekly inventory number, not just delayed because of the holiday week, but coming out at 11:00 a.m. crude oil ahead and that is up for the fourth straight session. quick check on apple after the introduction of the new iphone.
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stock declines are accelerating. downs up .6% yesterday, 1.2% today. a downgrade from wells fargo. excitedmany people about the lack of thjack, wireless headphones. on the let's get more first word news this morning with alisa parenti. alisa: president obama has not changed his mind on donald trump. today the president called the republican candidates ideas contradictory and outright wacky. far as mr. trump, i have offered my opinion. i don't think the guy is qualified to be president of the united states, and every time he that opinion is confirmed. weekend, trump
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called president obama's policy toward china week. russia's foreign ministry says israeli and palestinian leaders have agreed in principle to meet in moscow for talks, however, it's not clear when it will happen. palestinian president lockwood of us and israeli prime minister benjamin netanyahu exchanged a brief handshake last year and a climate change conference in paris. they have not held a public working meeting since 2010. iran says this month is too early to discuss freezing oil outputs. an official from the state-run oil company says cap in production will not be on the table until output reaches a level it was before international sanctions were imposed. a freeze is likely to be discussed at an opec meeting in algiers this month. in portugal, several thousand firefighters are battling wildfires, one of the worst in a northernpark in the region of spain. temperatures over 100 degrees have not helped.
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a number of villages have been evacuated. global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. on alisa parenti. this is bloomberg. let's get back to today central-bank news, the ecb leaving all three main rates unchanged. policymakers are more confident about the economic output. to reporters in frank peart and said there was no need for extra stimulus for the time being. he also talked about the outlook for inflation. the basis of current oil prices, inflation rates are likely to remain low over the next few months before starting to become toward the end of 2016. mark: we are joined by robert wolf, founder of 32 advisors. he also served as a fundraiser for president barack obama in 2008. i want to get your thoughts on
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the u.s. presidential election and hillary clinton's news conference moments ago. before we get to politics, can we start with the ecb. investors disappointed that the ecb did not extend the bond buying program. it set up committees to address the scarcity of bonds that the ecb can buy. does this tell us that investors are addicted to central-bank stimulus, bond yields arising, stocks falling, because drug he draghi deliver today -- did not deliver today? >> certainly, we know investors love stimulus, it is the candy they cannot get enough of. they also like certainty. used, wethat drug he will study options, is incredibly wavering. most people think, marches around the corner one the bond buying program stops and
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quantitative easing may stop, and they are saying no way, he will have to do something else. words matter. i thought his wavering was probably not the right approach. it's clear they will continue some sort of quantitative easing . yes, i think the investors for the day traders are not going to like what they hear, but long-term, the easing will continue. mark: and that will happen maybe in december, when the ecb releases its next projections? think the answer is yes but we also have a presidential election. it will be interesting to see what the fed does. any time you say gdp growth will be 1.6% to 1.8%, you cannot say wow. based on where inflation is an based on where volatility is, you cannot say that. we know something else will happen. unfortunately, the ecb has been wrong for years.
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they should've started the program probably five years ago, when the u.s. started the program. they relate to the game of quantitative easing. it is why some of the banks in the eurozone at not come back to full strength. vonnie: the u.s. is trying to get away from this kind of easy monetary policy, has not been able to except for one quarter-point increase. what are you in telling those that come to you for advice? austen goolsbee is at 32 advisors. he would say he was not want them to raise rates a month and a half before this election that will obviously cause markets -- if trump wins -- to be incredibly disruptive. in his opinion, and i think most people in the markets. most of us think they should have done it a year ago and started their unwind -- begin
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the rate hikes, but they didn't. ows is notbs and fl the best way to proceed. my best advice would be to wait until december if you want a rate hike, and then have some continuity. september would not be good timing. even in december, will the economy be able to take a rate increase, what is the growth rate you are anticipating? post politics -- and unfortunately, the intersection of finance and politics have been intersected for the last half-dozen years. post election, the economy is chugging along. i think it's time to start looking to raise rates. when i say chugging along, i'm talking about a steady rate of roughly 2%. but we are starting to see some slack out of the work horse, starting to see slight wage increases. seeig concern is you don't
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any business inventory growing, you don't see spending on capital goods. that is my concern. unlike both candidates, i am supportive of tpp, and i'm on the president's export council, so you would think i would be. does it have any chance? >> it does. we know trade promotion authority has been approved. it is an up or down vote. we know for the most part business is for it. outside of this electoral rhetoric, most of the senate actually would be supportive. i think it's good for our country. it is better for us versus china, because we will be dealing with a dozen or so nations away from china on free and fair trade. this could be something that happens in a lame-duck session, but not something i would bet on. clearlyllary clinton
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has an edge when we look at the tour college. as we saw last night, she remains on the defensive over her record in government, use of a private e-mail server, during secretary of state. to what extent could those issues make her path to the white house a more turbulent and tricky one? it will be.hink i think it is a binary choice. you have trump, who actually went on tv and belittled some generals. he also went on tv and touted putin over our american president. let's be clear, there is no one anyone in russia over america. there is not anyone who would not prefer to live here. situation, when people look at it, they will say one is a commander in chief, one is not. with respect to all of the stuff with e-mail, the truth is, it
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will be about foreign policy, the economy, and for some, social issues like immigration and supreme court. --ple are not going to care no disrespect to trump university or pay to play with the attorney general -- and they will not care about an e-mail situation where a bush appointee , who was the director of the fbi, came out and said the case is closed. that is not where the election will be won and lost. vonnie: according to a poll, donald trump is winning with white voters without more than a high school education. how does the winner, presuming it is hillary clinton, get those white folks with no college degree to feel better about themselves? think president obama won white folks without a inlege education, and he won 2008 and 2012 in a substantial way.
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i would say, the good thing about our country, we are diverse, we have many people different voting of all races, gender, ages. region is note going to differentiate where we win or lose. .he electoral map is the key that bodes incredibly well for secretary clinton today. very hard toried get joe biden to run a year ago. he didn't. regrets? >> that's not accurate. i am a fan of him but at that time, i announced i was supporting secretary clinton, although i publicly announced it. joe, he is aan of good friend. i'm sure if he ran and hillary didn't, we would have a democrat in the seat of the white house either way in january. wolf, 32 advisors founder, thank you. mark: we take a look at stocks
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in the session. nike falling after getting a downgrade from piper jaffray. this is bloomberg. ♪
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mark: live from london and new york, i'm mark barton. vonnie: i'm vonnie quinn. you are watching "bloomberg markets." julie hyman has been looking at some retail movers. julie: tractor supply is plunging after it cut its full-year profit and sales forecast. now it's as comparable sales for the year will be up at most 1.7% , before the lower end of the forecast had been increased 2.5% . that is based on third-quarter sales and eating trans and economic environment. by stock was downgraded several. shares are down 16%.
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we are seeing a big decline of about 16%. aftero is stepping down second-quarter preliminary losses were worse than estimated , and also the company said it is seeing some ongoing traffic challenges. they were downgraded by oppenheimer and raymond james. analysts are cautious on the company's prospects. they say it's largely a function of the sub optimal real estate footprint and high cost structure. we are also looking at some analyst calls on retailers. lululemon downgraded at jefferies. the analyst saying that maybe athleisure is starting to peak. , meantime, cut from a neutral to overweight at piper jaffray after the analyst visited a number of markets in europe.
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the resurgence of adidas has taken a toll on nike's growth rate. brands,or you, taylor the owner of men's wearhouse and joseph bank. desk jos. a bank. earnings-per-share came out six cents above what animals had been anticipating. thank you. still ahead, hewlett-packard accelerates its strategy with a spinoff and merger of software assets. the latest on its $8 billion deal with u.k.-based micro focus. this is bloomberg. ♪ [laughter]
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vonnie: you are watching "bloomberg markets." i'm vonnie quinn. mark: i'm mark barton. vonnie: returning to deals news, shares of micro focus are
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surging as hewlett-packard enterprises says it will combine some software assets with the u.k.-based company. the $8.8 billion deal is meg whitman's latest effort to slim down hewlett-packard's operations. alex sherman is here. micro focus. we have not necessarily heard of it, but this is a massive deal, almost $9 billion. alex: they bought a company called serena software from a private equity firm based in california a couple years ago. they bought another company about two years ago. this is a much bigger deal. it $.8 billion deal. that is much larger than micro focus. it is really a transformative deal for the company. there is now a pattern of a company buying assets to manage growth. in other words, some of these assets, like what they are doing
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with hpe, autonomy, as you may remember, is one of the biggest busts. fraud accusations involved. hp rode off an enormous amount of money, almost the entire value of the deal, after buying them for $10 billion. that is part of this deal. -- excuse me, autonomy was based in the u.k., , so in a focus also is sense, going back home. vonnie: why does it make sense for micro focus to be the buyer here? i'm getting at is they have a strategy here, looking at these backbone technologies that may have fallen off. serena is another company that you could look at this way. they needed to be taken private and then they had a bit of a turnaround. look at assets that are potential turnaround prospects for this company, to continue to
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get bigger and get more scale. as a private equity firm, taking a bunch of assets --t were weighing down hpe and that is the strategy for hpe. this is a stark contrast to what dell is doing, buying emc. the company up and then they did a merger with cfc. they were able to push off other assets. now this is another spin merge. vonnie: this is all about hp becoming more nimble to woo customers? alex: yes, and let's take a step back. hp almost did that deal with emc. eventually, they went with dell.
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it is easy for meg whitman to rewrite the script here, but she almost did a deal to get really big, and it would have been a completely different strategy. she went this route to say hp wants to focus on newer technology, and maybe that is the best way to focus on their problems. vonnie: alex sherman, thanks. still ahead, the airbnb effect. how the sharing economy is changing the accommodations industry. this is bloomberg. ♪
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vonnie: live from bloomberg world headquarters in new york and london, i'm vonnie quinn. mark: i'm mark barton. you are watching "bloomberg markets."
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let's check in with the first word news. alisa parenti has more from the newsroom in new york. hillary clinton says the u.s. should hunt down and kill the leader of the islamic state. at the same time, the democratic candidate repeated her position that the u.s. should not put troops on the ground in syria. benton spoke at a news conference in new york. >> i think the approach i have outlined intensifies what we have doing but also recognizes opinion,no come in my path forward to ground troops that would be in our interest. alisa: clinton has also said donald trumps praise of vladimir putin is scary. she says it means as president, he would let the russian leader do what he wants. a stunning turn on morning television for gary johnson, who is trying to gain traction in the race for the white house. ,e asked, and what is aleppo when asked about the besieged
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syrian city. afterwards, he told mark halperin that he needs to learn more. merrick garland is returning to capitol hill today. he will meet with the top democrat on the senate judiciary committee with patrick leahy. mitch mcconnell has shown no signs of wavering in his position to let the net president choose the replacement for justice antonin scalia who died in february. u.s. olympic swimmer ryan lochte will be out of the swimming pool for 10 months. he was suspended 10 months after lying about being robbed at gunpoint in rio. he will miss the 2017 world championships. theas punished by both international olympic committee and the u.s. olympic committee. global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. alisa parenti. this is bloomberg. mark: did apple deliver on its
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promise yesterday revealing the new iphone and watch? investors do not seem to be loving the stock. the top-rated analyst about bloomberg was asked if tim cook had a conflict he needed to in yesterday's event. for now, they have delivered on expectations. they needed to deliver an iphone with some minor improvements. what they have done is made some differentiation between the plus release and the other. before it was just the screen size. >> you take everything apart from the jack. are they just catching up with samsung and what is already in the marketplace? >> we have gotten to a point in
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this industry where the technology has gotten to a point where all the players are moving maybe three months, six months behind each other. it is not at a point where we are seeing any evolutionary features. a few years ago, we were seeing this. at some point, apple needs to make a big step in functionality. at this point, the smart phone market is not a massive market. it will become more of a replacement market and keep their install base. >> let's bring up the bloomberg and look at the analyst ratings. what, 120?king for upside. what gets us there? as we look at it this quarter, they will get about
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eight days of shipment, on a year-over-year basis, there was only two days. so there is a natural uplift this quarter. next quarter, they will expand this to beach and faster. between now and december, we will get positive news in terms of the uptake on the iphone 7 units. that will get us closer to our price target. >> if you are tim cook, you have to get every nickel and dime out of the sofa until next year. are there markets that they can pursue more successfully? done aink they have pretty good job expansion wise. india is a market they have focused on. we have done extensive work on opportunities there. >> are they well overpriced for india? >> that was our conclusion. in terms of geographic expansion, any two to come up with a lower-priced phone. youru are confident in
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target price, $120. what kind of multiple do they need to do to get there? >> only about nine times, 10 times free cash flow. it is not an egregious market flow that we are looking for. when it comes to the sentiment on the stop, it is fairly muted. expectations are not that high either. hype?are you buying the knew a lot of what was going to come out, days before, thanks to our own reporting. , the newof ear buds ones that we were going to get, was the surprise. $120. a lot of people will lose them. mark: not only will a lot of people lose them, but if you are wearing a $150 piece of equipment, does that make you more horrible to theft? people have smaller
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years than others, and they are not making them in other sizes, so it's not clear if they will be the perfect fit. would you be interested in getting the watch, the series 2? mark: i have not owned a watch until i was -- since i was about 8, so i'm not your audience. hermes not even the double buckle? only if super nintendo was available on the iphone. take a look at his lovely chart of volume going back to august. shares have really lifted since last march. justifyquestion is, to the jump in the share price, and the big leap today was 13%, can super mario justify the height?
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he is saying, it has to be good, not great. becauseit's interesting nintendo has been in the news a last couple of weeks and did not quite managed to hold on to the pop it got from pokemon go. a lot of that revenue is shared with the creator, not necessarily nintendo. so this is good news for them. mark: i am still a donkey kong fan. vonnie: pong. the airbnb affect. how the sharing economy is affecting the accommodations industry. this is bloomberg. ♪
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vonnie: you are watching bloomberg. i'm vonnie quinn. mark: i'm mark barton. this is your global business report. centralthe european bank sees risk diminishing. it kept its stimulus program unchanged but left open the door to more intervention. mark: meg whitman is making hewlett-packard smaller. she sold the company's software business to micro focus. in today's quick take, hong kong tries to cut a path from liberty to democracy. a look at the challenges it faces as it looks for autonomy from china. the european central bank keeping its stimulus program unchanged for now. policymakers do not see an immediate danger to the euro area recovery. they are leaving the main refinancing rate at 0%. saysresident mario draghi the eurozone has been resilient to risks from britain's decision
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to leave the european union. >> the assessment was, for the are notng, the changes substantial as to warrant a decision to act. fiat chrysler is at the center of regulatory investigations. the head of u.s. sales and chief executive of the chrysler chin wants to know if he height sales figures. his signatures on documents containing some of the disputed numbers. theher the company nor individual are commenting. stepping up her efforts to make hp smaller, spinning off some non-core software assets with micro focus . the deal is valued at nearly $9
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billion. hp shareholders will get control of the newly merged company. super mario is finally coming to the iphone. nintendo will start selling the popular videogame in the app store in december. it will be the first time super mario will be available on the phone. users can try software for free but have to play to play the whole game. vonnie: time for our bloomberg quick take. hong kong citizens have never chosen their top leader. neither has part of china since 1997, nor as an outpost of the british empire. of the first direct election of a chief executive in 2017 as increased tension hong kong your new for autonomy and china's insistence on its loyalty. hong kong's legislative council generated record turnout and a
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swell of support for pro-democracy candidates. student protesters month seats in the legislature for the first time, but the opposition picked up three new seats in the september elections, bolstering its power to block legislation. power transfer agreement specified china would give hong kong a high degree of autonomy for the two years. two years ago, tens of thousands of students and citizens flooded the streets of hong kong demanding an end to what they said was china's increased political interference. that movement became known as the umbrella movement, after the students sought shelter. the protest fizzled at the end of 2014 without achieving its goals of the resignation of the chief executive. though umbrella movement protesters say they emboldened citizens and boosted support for
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universal suffrage to meet international standards. some argue that china never more than the limited protection that they offered. you can read more about hong kong and all of our quick takes on the bloomberg. for more stories. the sharing economy is getting bigger as more companies take advantage of this new business model. a ubs report finds the business of sharing everything from cars to apartments is set to surge. today, we are focusing on accommodations. by 2020, the business of shared accommodations could rise to $199 billion. to help break it all done for us, i want to bring in robin farley, an analyst with ubs.
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is it going to be driven by those three key markets, the u.s., china, and europe? i know the chinese market is quite nascent at the moment. robin: right now we are seeing more growth in the u.s. and europe but these airbnb lists are providing growth to a lodging industry that is already seeing a lot of supply growth. mark: you look at airbnb, companies.ther you have dug into their business models. is there only one player in town, airbnb? who has the best business model? we are certainly seeing high growth with airbnb, and doubling of listings. the challenge for hotel companies, they will sell it on fewer nights. we don't into the impact into some of the bigger markets, new york and san francisco. we saw just that.
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fewer sold-out nights fewer than the year before, despite record occupancy levels. not as much growth for the hotel companies. does it impact hotels the most or timeshares? robin: what we are looking at is hotels. of course, not every hotel is a competitor. we see more impact in leisure travel, more midscale economy. although airbnb is making more moves to get into business travel more. have the disruptors coming along, and pretty soon they are the establishment. at what point do we see other efforts at disruption may be going away, is there room for airbnb and several others? robin: as it becomes a more accepted business model, you will see other brand names getting in there, but for the hotel companies, whether it is
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airbnb or multiple versions of come is an issue for them as it affects growth. mark: how does the hotel industry react? accor buying homestay, which is touted as a luxury airbnb. do you expect to see more of those types of deals? think it is too early for hotel companies to put a stake in the ground. i think they are certainly watching the growing acceptance, seeing the supply growth. but we will see how it plays out in business travel. at the same time, we see hotel companies trying to go more direct to the consumer. that is something they are doing, and that has to do with distribution outside of computing with airbnb. that is one way they are thinking about trying to compete. that washere was a lot wrong with the models in the industry. we put up a chart which came from your report, the risks to
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the shared economy, accommodations in particular, labor regulations, local housing. do you see any of this hurting airbnb? robin: the more we see it grow, there will be more pressure from regulatory bodies to look at ways -- and they are competing with hotels but don't have to mean the same standards, disability. i think we will see more pressure, areas that will not be as willing to let airbnb compete on an unlevel playing field. mark: thanks for joining us robin farley. the u.k. chancellor of the exchequer is testifying before the house of lords on the economy, speaking on housing and brexit. he says the u.k. autumn
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statement will be held on november 23. that is the autumn budget. he says he will consider a fiscal response in the autumn statement. that is the big news. the autumn statement will be held on november 23. we will continue to update you on the headlines. you can watch on the bloomberg using the live go function. vonnie: i believe that is around things giving time. still ahead, liberty media's john malone takes pull position. he is buying formula one for more than $4 billion. but what kind of plan does he have for it? this is bloomberg. ♪
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vonnie: you are watching "bloomberg markets." i'm vonnie quinn. mark: i'm mark barton.
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formula one racing is headed to the united states. john malone the -- liberty media buying the franchise for $4.4 billion. it gives the entrepreneur ownership of one of the world most popular sport organizations. let's bring in every manner. it's interesting a u.s. company has bought formula one. formula one has not quite cracked the u.s. >> it never really has. the problem is it has to compete with nascar and indy 500, which is popular. there are a whole lot of other sports, so it's never been up to the challenge, although they have done races in texas recently, and there is tv coverage. there is a chance of breaking through but it will be a tough call. ofk: is this a reflection media companies eagerly searching for content as they face competition from other digital alternatives?
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eric: the olympics, world cup soccer, these are things that can still draw a huge live television audience, even though the audience for formula one has been falling in recent years in some markets as it has gotten more toward pay-tv and people defecting to digital outlets. still, 400 million viewers globally. vonnie: the beauty of the deal, it makes so much sense when you see who ended up buying formula onestill, 400 million viewers globally. . for the u.k. and european properties, a beautiful way of advertising now. formula one gets huge viewership, and they also get the rights to broadcast. it is a win-win for everybody really. i am sure bernie ecclestone was happy as well. bernie ecclestone is pleased, the guy that did more formula one as a global phenomenon. 86 years old, he sticks around
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for a few more years. alongside a liberty executive chase carey. definitely everybody wins in that sense. the sponsors are looking for some growth year, i think, but they are still willing to shell out. vonnie: will the team's status same,hat that stay the will other things change under new ownership? this is one of the thing that has been a challenge. the same teams seem to win all the time, ferrari, mercedes, red bull. the teams offered a stake in the ownership, which is one big change. they have been clamoring for changes in the structure of formula one for years. bernie ecclestone has been pretty good at heading off those issues. now they've been offered a stake in the ownership, so we will see what kind of changes that makes. vonnie: the death of -- mark:
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the death of formula one has been called multiple times, particularly in 2006. eric: there has always been that threat. the teams have been advocating for some change. we will have to see what happens. can formula one survive without bernie ecclestone? he is symbolic. eric: he will be around for a few more years. he will be working alongside chase carey, the liberty executive brought in to be the chairman of formula one. we will have to see how they get along. not always easy with bernie. mark: you said that. eric: it will be entertaining, i'm sure. up on the european close, stocks, bonds fall. downplayingt draghi the extension of the bond program, leaving rates unchanged.
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we will talk to a european economist about whether the euro area is shielded from risks. take a look at what's happening with european equities. a little changed ahead of draghi. we have come off the lows of the ftse. as you see, we have crawled back on those losses. more declines in germany. clawed back in 2016 losses yesterday, rising to its highest level since december, a month after the german benchmark entered a bull market. 34 minutes away from the end of the thursday session. the european close is next. this is bloomberg. ♪
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>> and his 11:00 a.m. in new york, i am vonnie quinn. mark: you're watching the european close.
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♪ we are watching oil right now. we complete crude inventories. with degree can go straight to julie at the desk to break this for us. julie: an unexpected drawdown in inventories. crude falling and looks like by 14.5 million barrels. estimated build. this drawdown, it is a big one, falling more than 4.2 million barrels. others however are up more than estimated. mixed on that front, but the crude oil


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