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tv   Bloomberg Markets European Close  Bloomberg  February 24, 2017 11:00am-12:01pm EST

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president trump: we are meeting with unions, meeting with law enforcement, meeting with leaders from all around the world. here the white house nor cease to be totally closed -- they were closed, folks. you don't realize that. they were closed. they are now wide open and they are open for people doing business for our country and putting people to work. [applause] president trump: and when they come into the white house, we are translating these meetings into action. one by one we are checking off the promises we made to the people of the united states. one by one. a lot of promises. and we will not stop until the job is done. we will reduce your taxes. we will cut your regulations.
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police.support our we will defend our flag. we will rebuild our military. we will take care of our great, great veterans. we are taking care of our veterans. [applause] president trump: we will fix our broken and embarrassing trade deals that are no good. none of them. where did the people come from that negotiated these deals?
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well, they also came from campaign, cushion -- campaign contributions. we will cut wasteful spending. we will promote our values. we will rebuild our inner cities. we will bring back our jobs and .ur dreams so true, so true. [applause] and by the way, we will protect our second amendment. [cheers and applause]
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president trump: you know, wayne and chris are here from the nra, and they didn't have that on the list. lucky i thought about it. [laughter] president trump: but we will indeed and they are great people, and by the way, they love our country. they love our country. the nra has been a great supporter. they love our country. [applause] forgottentrump: the men and women of america will be forgotten no longer. that is the heart of this new movement. and the future of the republican party. people came to vote and these people, the media, they said, where are they coming from? what is going on here? these are hard-working, great, great americans. these are unbelievable people who have not been treated fairly. .illary called them deplorable they are not deplorable.
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who would have thought that a word would play so badly? that's the problem in politics. one wrong word and it over. she also said irredeemable, but we won't mention it. on the will be from now party also of the american worker. [applause] we haven't been as a group given credit for this. but if you look at how much bigger our party has gotten during this cycle, during the early days when we had 17 people running the primaries, millions
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and millions of people were joining. won't say it was because of me, but it was, ok. and we have an amazing, strong, doesful party that surely want to see america be great again, and it will see it, and it will see it sooner than you think. we will won't say it was becausf me, but it was, ok. not answer to donors are lobbyists or special interests, but we will serve the citizens of the united states of america, believe me. global cooperation, dealing with other countries is good. it's very important. but there is so -- the dosage thing of the united states of america, believe me.
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as a global anthem, a global currency. this is the united states of america i'm representing current and not representing the globe. i'm representing your country. there is one allegiance as a gla global that unites us all, and that is to america. america. the allegiance to america. no matter our background or , we are allography citizens of this blessed land, and no matter our color or the blood, the color of the blood we red bloods the same
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of great patriots. remember, great patriots. pride theute with same american flag and we all are equal, totally equal in the eyes of almighty god. we're equal. [applause] and i want to thank the evangelical community, the christian community, communities priests andbbis and pastors, ministers, because the support for me was a record, as
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you know. not only in terms of numbers of people, but percentages of those numbers that voted for trump. i want to thank you folks, that was amazing. .mazing outpouring i will not disappoint you. as long as we have faith in each other and trust in god, then there is no goal at all beyond our reach. there is no dream too large, no task too great. we are americans, and the future belongs to us. the future belongs to all of you. about, and is coming it's coming back. and it's roaring, and you can hear it. it's going to be bigger and better. going to be. be -- remember. and it's roaring.
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it's going to be bigger and better and stronger than ever before. i want to thank you, i met a mercedes, i want to thank you and the supporters i have all over the place. i want to thank you. [applause] and i want to say to you, god bless you, and god bless the united states of america. thank you. [applause] vonnie: president donald trump wrapping of his address to the conservative political action conference, his first address to the conservative group as
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president of the united states. he did not attend last year, pulling out at the last minute. he began with a pretty extended attack on the media, then he began to speak about the campaigns and he ended up liking bernie sanders because they had the same convictions on trade, but then he moved on to some of the points he made on the campaign trail, including the fact that he was going to build a wall, got chance out of the crowd for that, and talked about how he wasa mess and going to change things, like a failed health care law that obama was not working, but to make it less extensive, he said. he said obamacare covers very few people. he moved on to the foreign policy and said we inherited a foreign policy that was one disaster after another, and we will start winning again. talk about the southern border of the united states and the help he received from the board of police. he talked about pipelines and the sequester and how he was not going to let the sequester soften from rebuilding the
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military. plenty to chew over. what was new? let's bring in bloomberg's chief washington correspondent, kevin cirilli. we heard a lot of things we already heard on the campaign trail. and hear anything new from the president? >> this was a repackaging of the campaign speech. he made no mention at all of the latest reports about russia and whether or not his administration officials asked the fbi to stand down. as this speech was unfolding, senior administration officials pushing back against those reports. days before hees addressed a joint session of congress. what we did here is he mentioned 4 specific companies. ntel, as well as campbell soup's. the ceo's of all of these companies met with president trump in recent weeks, some of
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them just yesterday. specifics regarding any type of policy plan on the timing of repealing parts of the act, attacksre planned, no assertion of a policy position on the border tax, no policy specific from wired largely was a red meat speech at cpac. vonnie: act, attacks particularly at the end. there were media attacks at the beginning of the end he used emotive language, talked about one allegiance that unites us the the one blood we bleed, blood of patriots. he thanked evangelicals as asticular -- in particular, well as ministers and rabbis. will this do anything to galvanize the gop? were echoes of his inaugural address, particularly when he talks about patriotism. in the first half of the speech, 1/3 of the speech was lambasting
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of the media. a common theme we have heard coming from this administration, the again asserted he believes the media is the enemy of the people. whether or not this will do ofthing to ease the concerns senators in his own party, people like senator john -- john mccain, bob corker, remains to be seen. the investigation still very much under way. this is an administration -- there was no foundation policy specifics in this speech. it was largely directed towards the base of the conservative party. vonnie: great reporting from cpac. we will be back with you in a little bit. how has the trump speech impacted markets, if at all? abigail, any reactions? atgail: we are looking interesting nuances for the major averages in the u.s. dow, s&p, and nasdaq all basically off of the lows.
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what stands out here, going into today, going into the cpac speech, which was more as kevin cirilli said, a version of one of president trump's campaign speeches. not a lot of news on policy or tax reform. we have stocks off of the lows, perhaps readying the 1/2 reversal. but why -- we take a look at a two-day chart of the dow. yesterday on that solid, serious , businesslike meeting with the heads, ceo's manufacturing companies, the dow took a leg lower on that press conference. today we opened for the dow and zigzagged. we are almost back at the highs. it seems investors don't care too much about what could be considered noise, campaign rhetoric, chances "usa," -- chants of "usa," but they are looking for talk about tax reform. important nuances to keep in
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mind. where we are seeing a bit of reaction is a bonds. some say that thought investors are smarter than equity investors. i come from an equity background. it is interesting to note that we do have the 10 year yield trading down about 4 basis points, relatively big move going into the day at session lows. investors investors not necessy having the same reaction as equity investors. the 10 year yield is down 3 days in a row. down 11 basis points on the year. as we have highs at these -- stocks of these record highs -- we have a rally in stocks and bonds straight to show this is a bit of a risk-off day, is a look at the precious metals including gold, silver, platinum, all of 3 days in a row. we also have the vix up on the day. the vix is up 2% for the month of february, the first game for the vix, the fear gauge in 2017.
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aain, a little bit of diverges from those record highs in stocks. mark: stocks down for the fourth consecutive month in europe. , brexit and u.k. politics. this is bloomberg. ♪
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vonnie: vonnie: live from bloomberg world headquarters in new york, i'm vonnie quinn. mark: you're counting down to the european close, roughly 12 minutes till the end of the friday session. let's switch to politics, historic wins for theresa may's conservative party. how will it impact brexit? our reporter joins us now.
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we have got to go back -- 1800's. reporter: absolutely. this is the safest labour seat there was. win is very bad indeed. it says a lot about the state of outside of the industrial areas in london. it shows there has been big losses in the labor heartland, and what remains -- mark: how can corbyn survive it? reporter: corbyn can survive if he wants to. he can remain as long as he likes. his teams have resigned a number of times. this morning in a speech, he
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refused to address -- not about personality. hard to see how the party can recover in the short-term from this. a lot of labour lawmakers have come out and said, this is as bad as it gets. what do we do now? the problem is, labor is fractured. mark: the conservative party will be emboldened by this result? what does it say for theresa may and brexit and the direction she's having? reporter: it's a big win for theresa may because it's the kind of conservativism she's trying to promote, more a gala terrien, trying to speak to forgotten britain. that's what she's trying to capture. in terms of exit -- brexit per se, her position never really came to her from labor. so yes, it gives her that extra seat on a small majority, which
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is all good for her, but it doesn't really take the opposition she's going to get who lawmakers at the center are trying to push for a more moderate brexit who don't really brexit, nord prisoners direction she is taking. mark: i we ready for ping-pong next week? house of lords part two next week. reporter: ping-pong is when a bill comes back from the lords. we don't know if that is going to happen yet. we have to see what the vote in the lords yields. but there has been some indication that members are trying to rewrite the brexit bill a bit. we have to wait and see. mark: there's a certain matter which hasthe bill,
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been one of the more interesting interviews we had done yesterday with the austrian chancellor, who will use this figure which has been essentially laughed at by some corners of the conservative party. going to be a contentious part of this brexit negotiation, isn't it? reporter: i think the idea that negotiations are not going to be contentious is laughable. at the end of the day, we've got the eu and the office of the chancellor certainly represented . and theye is at stake, don't seem to want to give britain an easy ride. people to think there is a great future after long view, in the things may work out ok. we don't know yet. to get there, there will have to be compromise from both camps, but also there will be a lot of tension and disagreement because
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this is not just a matter of negotiating with the commission. everyone around the table has got to agree. mark: what will europe be thinking, the eu after president trump's speech, invoking sweden, paris, niece, various nations when he talks about immigration, terrorism? reporter: we've heard this all before. speaks to this sort of populist way, people were left out by globalization, did not manage to win. did not manage to unseat labor. and perhaps that shows the center we see is gaining some traction is not completely dead yet. mark: still ahead, we are nearing the close, stocks 600. it is down today. it is down for the first week in three. this is bloomberg. ♪
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mark: this is the european close on "bloomberg markets." just under five minutes until the end of the friday session. finishing with red across the screen, not as bad as it looked earlier when the stoxx 600 was down by 1.4%, the worst single ,ay fall since september 26 showing you the size and scale of the declines we are seeing major forces declining. quick peek at the currency board , as you can see, sterling is down again. the close is four minutes away. this is bloomberg. ♪
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doing because we feel it helps andprofile of the group improves potential. we would welcome any tax reform that would help to boost the economy and boost consumption in the u.s., which is our number one market. many are still uncertainties. clearly we are not in favor of the border tax, as we believe the tax will be passed on to the
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consumers. i think something specific about our industry spirits is that they have a strong origin. absolute is coming from sweden. we are not locating the production where the labor cuts could be lowest. our products have a strong origin and we cannot just move them from one country to another one. we just believe they should not be impacted by this kind of tax. london, i'm just across the pond from france as we know, there's a big election taking place, and investors seem to be hedging against the probability of a marine le pen victory. what does a la pen victory mean
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for business? are you making contingency plans? could you whether a la pen victory? is a global company we welcome economic stability. we also welcome the right reforms to be done. many have gone through particular changes in many markets in the last year's. we have to deal with the brexit. as a global company, even if we are listed in france, we are not so much exposed to what will happen just in one market. what is important for us is to be able to keep being able to sell our products worldwide. 7% of sales,ents only the number 6 market, which is a truly global company. what is happening in china or india or the u.s. is even more important for us.
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that peopleidea that appeal people that appeal to poor voters, maybe less educated voters, populism on the rise and so forth, are getting in power to tailor tobecause there has bc inequality, and for many reasons. how do you change your marketing that, potentially, or are you? >> we tried to focus on premium brands. some high-quality products and brands has been the core in the last 20 years. people may be can drink less going forward, but they want to drink better. cfo of a major company, i just want to mention president trump a few minutes ago told the political action conference that debt
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conservative political action conference that paris is no longer paris. he was justifying his immigration plan straight i was wondering if you have a reaction to that. >> i been living in paris for a while, and the paris i live today still looks like the paris the was 10 years ago. yes, there are some changes. i think immigration can be a ,trong strength for the economy and can help to get growth. it can give some vitality to the economy. yes, we have some issues. they are not specific to france. they are specific to many countries in the world. i don't think that's something we can fix going forward. vonnie: thanks very much to the ricard for joining us in studio. mark: this is bloomberg.
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♪ ♪
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mark: live from london and new york, i'm mark barton. vonnie: and i'm vonnie quinn. won than a year after -- the premier league, the manager was fired. this season the team is in 17th place. joining us with more is our bloomberg editor, john mikel suite. ident on them, semi-famously last year. ofailed after 20 years .aving bet on lester
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. this year i have several bets on them. the champions' league is still a possibility. vonnie: what happened? some moments in sports where somebody achieve something which is so spectacular that you should stay with them, and part of the charm with leicester is the fact that they seem to be good guys. mark: do you lay some of the blame at the door of the players? >> yes. it's always that way around trade on 2 different levels. that does seem in this case to be some evidence that what happened, the players let a little bit of a mutiny against them. very obviously, most of the good players have not. a good players with leicester's
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history is a questionable concept. the people who were good last year is not performed as well. vonnie: it's a whole another ballgame. >>history is a questionable concept. the people who were good last inevitably, you dream and you hope something similar will happen again. in this particular case, it did not come about. mark: does it come down to money ultimately, as we know football usually does come down to that? --her the fear of relegation it will be seen to be a good move, do you not look at it that way? >> that's the way the owners were thinking about it. i think they would think about it with some justification on two basis. they had given him roughly 100 million pounds to spend and it hasn't gone as well as might be helped. secondly, by definition, if you get relegated, you get pushed down to the lower level, and that tends to be 100 million pounds. there is a big difference, and that is particularly for people watching in america, it is a
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huge difference or you can get relegated. mark: i'm guessing one of your bets is leicster to win the champions' league. in my right? >> -- am i right? >> yes. you only lost 2-1 this week. it would have thought after this result -- >> a little bit lucky. he went out on a successful note at the same time. >> he will always be known in history as this person who pulled off this amazing thing.
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he had this long career before where he never won anything. i was saying
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>> it is new in new york. 1:00 a.m. in hong kong. i am vonnie quinn. welcome to bloomberg markets. ♪ vonnie: from bloomberg world headquarters in new york, we will take you from washington, d nextvenice and moscow the hour. here are the stories we are following. in markets, a rally worthy of the reagan area. the dow completes its longest streak of records since the 1980's ahead of a major speech by the u.s. president next week. president trump speaks to conservative faithful at cpac, the annual gathering. aboutey any more upbeat the presence chances to pass
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significant tax reform? we hear from terry mcauliffe, governor of virginia. we care about is policies regarding immigration. we are awaiting an executive order from president trump any moment. it is said to be about regulatory reform and policy. we will bring that to you as we

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