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tv   Bloomberg Markets European Close  Bloomberg  June 6, 2017 11:00am-12:01pm EDT

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this is the european close on bloomberg markets. ♪ mark: the top stories we're covering from the bloomberg and around the world. with less than 48 hours to go until voters head to the polls, the london terror attack continues to dominate the election and the london mayor say terrorism will be harder to stop if theresa may wins. we are in westminster with the latest. apple tv executive tim cook says the tech giant is hoping the u.k. investigate terror attacks and is working to stay one step ahead of the hackers. more of the exclusive interview with tim cook this hour. president donald trump infrastructure plan continues to rollout, we will hear about the architect of the plan to privatize the nation's air traffic control system, republican congressman l
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schuster of pennsylvania. -- bill shuster of pennsylvania. monitoring breaking news out of paris, paris police say it is running an operation in front of the notre dame chris -- cathedral, calling a visible's -- visitors to ignore the area, a policeman fire a shot at a man who tried to assault him and we will bring you developments. into the trading day in the u.s., what is it looking like? in themuch change overall market but a downward by as the nasdaq is unchanged, slightly positive. a tight trading rate. the push of full affecting the session, on the plus side, tech names doing pretty well, advanced micro devices spiking by 6% and apple saying that its imac pro will use a processor
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that company is benefiting and analog devices according to morgan stanley should get stability, especially in sentiment after its june 20 analysts day, the most debated stock under its coverage. on the flipside, weakness in retail, macy's holding an investor meeting and its cfo says gross margins could be below its prior forecast thread. the store out with this number, growth margin and they are missing estimates, closer eric weiss -- hd supply missing estimates, it will be selling its waterworks unit. michael's craft store chain, their forecast for second corner earnings -- second-quarter earnings below estimates and all kinds of retailers showing weakness, and weakness on the asset managers. as we continue to see the yields go lower, some buying in the
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treasury market we reported earlier, china may be interested in increasing its treasury holdings and prudential among the insurers also down. we have a chart talking about yields and how they may continue to stay low. we have a bloomberg barclays global bond yield index, the yield is in blue. the imf global gauge, both trending lower the past several years, another leg lower thus far this year. ,ields staying persistently low despite the fact that the fed is expected to raise rates this year. mark: yields are lower here as investors are cautious ahead of what is called super thursday, the james comey testimony and the election here and the ecb meeting with stocks down for the seventh date in nine. mixed fair for the currency with euro up against the dollar. money moving into behaving that is fixed income and commodities
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your final -- hedge funds and other large speculators have amassed the biggest bullet to wager in more than six years, morgan stanley no longer sees the euro falling to parity with the dollar rising in a report yesterday, now expected to rise 118 against the dollar from one 12, 113. forecast from analysts we have survey of bloomberg is for 1.11 in the fourth quarter, in march analyst were more bearish on the euro against the dollar with a 1.05 call. how things have changed. data, u.k.es consumers are reining in spending, retail sales falling for the fourth time in five months according to the british retail consortium. drop.nual
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total sales rose 5.2% and the pound has dropped since the referendum, pushing up inflation and wages failing to keep up. this function tells you what you need to know about the eu and the big event this week is the u.k. election. these are all the polls. the top right is the projection for seats, the projection goes -- the tory party will win 304 seats and labor to 66, 304 a short of the necessary -- 266, 304 is short of the necessary for the majority. vonnie: less than 48 hours before voting begins and some polls happy labour party within spitting distance of the conservative party. officials in canada -- officials for the main opposition party are prepared to lose dozens of seats.
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what would jeremy corbyn consider a loss at this point? we have had so many different outcomes projected. 24 would berd that 3 not a majority but what would jeremy corbyn be happy with? >> i guess what labor and jeremy corbyn could be happy with, if they hold onto the seats may have an increased their seats in parliament. i suppose the outcome that would make them the most happy would be if the conservatives lost anir majority, or, this is outlandish scenario, if labour wins. everything from one point ahead the polls have shown, to as much as 12 points ahead for the conservatives and the polls have narrowed since theresa may have a 20 point lead when she called
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the election. the parties themselves do their own unofficial polling and make judgments based on canvassing on doorsteps and bloomberg news has done great reporting where they an official who wanted to remain anonymous, talking about the fact that party officials and candidates have said that they are concerned about losing dozens of holds, 30 labour districts. although the polls are showing a narrowing lead for the conservatives, below the surface may not reflect that. mark: boris johnson, the foreign secretary, sent to the northeast of england to try to sway voters who voted for brexit to vote for the tory party. toy are clearly trying change the narrative back to brexit, that it is very
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difficult in the wake of the london bridge and other terror attacks. is interestingt about what we heard today about the way the campaign is going, with this election come it is, goodbye the fact that there is the issue of brexit. where people would normally vote along traditional party lines like the labor stronghold in the northeast and midlands, there are questions of whether some of -- l voters that voted for abour may deflect and the sending borisare johnson to the northeast as if they are targeting those seats. you could see this as confidence in strength as -- in part of the sending boris johnson to the northeast as if theyconservative but you can alo see it as a position of weakness the bad in the wake of
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terror attack on saturday, there has been a lot of questions about security and over the legacy that theresa may has as ,ecretary between 2010 and 2016 this could be seen as the conservatives trying to deflect away from the security issue and move back towards brexit. mark: great job, we will see you later. two days to go before the vote. geopolitical events could dominate the landscape and what it means for markets. the executive chairman of attitude capital is with us. this is the u.k. 10 year yield, three arrows, we lost a lot of analysts, this is deutsche bank's call, if labour wins, they city of goes from 1% to 1.7% by september, a weber minority, 1.50 percent, a tory majority, but small, 90 basis point.
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how are you positioned and how should we be positioned, given there are so many even to relatives and given the polls are closing ahead of the thursday vote? >> facing a similar situation last year. election and with brexit, the outcome is getting so close to a 50-50 chance, if you want to play it safe, take risks off the market. the market has not price then labour win, and not reflected whichrrowing of the gap, may become more dramatic, given the events over the weekend. a lot of people, at least in the systematic face, long equities, which would be a huge problem, similar to the bonds, a lot of long position in the bonds. we would see bond prices under pressure because in germany, a win for the labour party would be a surprise,
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considered an unknown factor. the big event last year have shown that surprise may well take place. if you want to play it safe, take risks off the table. mark: if you were to bet on sterling, let's say we get a hung parliament and labour wins, what sort of decline may you suggest sterling could see? >> we have seen a recovery of sterling of 10%, 50% against the dollar and i think that -- 15% against the dollar and that is an immediate reaction we should be prepared for. similar to what we saw last year with brexit, after the initial selloff, there will be a recovery. i would see that more as a buying opportunity. if you want to be more optimistic, have a neutral position going into this election. unlikely -- in the
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unlikely circumstances, labour wins, it could provide a great buying opportunity. thate: your search term short-term ctas come already looking ahead to german elections and potential elections in italy? >> not at all, being systematic cannot do anything about it, our programs trade automatically, short-term in our case is between one or two days or one week. clearly with the german election so far out in september, this is not worth for us to consider right now. we have to evaluate the electionsin case of that come so close to a 50-50 chance like this week, we would this- generally speaking, volatility, and we would expect
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an expansion which is at historical lows, for short-term trading, we showed last year with good opportunity in june and in november. and december. vonnie: another event we have not been talking about is the parliamentary elections in france on friday. does that have the potential for opportunity for short time -- short-term traders? karsten: any expansion in volatility has an opportunity, in particular we would focus on this week. with an unclear outcome, we would have to make a risk management call and what extent we would risk beforehand. if we have a surprise, the volatility would follow that even and that would present an opportunity. i would say that the u.k. election is the major event, i do not think france plays a role in that. mark: anything come out of the
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ecb and how will that affect the markets? >> i do not expect surprises from the ecb, i think they will stick to the strategy. we like that the ecb is now not --the same path as the fed there is less correlation between the major market. it is helpful for macro and systematic strategies because globalization in that sense is a big enemy for macro strategies, systemax ravages because you have one big correlated market, one big correlated bond market. mark: great to see you in the flesh. look forward to having you back post-u.k. vote. vonnie: still to come -- let's get to the first word news. >> we are monitoring a breaking the situation out of paris where paris police say an unidentified assailant has attacked a police officer near the notre dame
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cathedral and the officer shot and wounded the attacker. the men, armed with a hammer initially went after the police officer who was patrolling the area and the attacker has been hospitalized and we will monitor the situation. british police have named the third london bridge attacker, a 22-year-old man who they say is believed to be an italian national of moroccan dissident who lives in east london come all three shot dead saturday and slashing a van and stabbing people in nearby market. the attack left seven people dead. apple ceo tim cook says the company has helped british investigators investigate the terror attacks. he spoke to emily chang. >> and cases where we have information in the have gone through the lawful process, we did not just give it but we do it very promptly. >> law enforcement officials
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have criticized apple for its high privacy standards and tough encryption. president trump in other news may be added pressure on qatar, he said today that mideast leaders accuse them up financing extremism. countries have cut off air and qatar denies and it supports the islamic militant groups. global news 24 hours a day, powered by more than 2600 journalist and analysts in more than 120 countries. i am courtney donohoe. this is bloomberg. mark: coming up on the european bank, shares of a continued to fall, they update the ecb. ♪
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♪ vonnie: live from bloomberg world headquarters in new york, i am vonnie quinn. mark: and let -- i am mark barton. that let's get the latest on banco popular, they are trying to implement a survival strategy. joining us is our madrid bureau chief. are we approaching a critical situation? >> we may well be. i think the markets tell us that we have seen a tremendous crash in the share price in banco popular over the last week went it had massive declines this year becoming more intense over the last few sessions. everything pointed to banco popular heading towards some kind of conclusion.
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vonnie: who has to bear the losses, creditors, nations, the ecb, taxpayers? >> that is a good question. it depends how the situation is resolved, what is the end game. what is the solution that he markets will find for banco popular. when i say the market or the resolution bodies, we do not know the answer. it depends on what happens. there are several scenarios. we could see an acquisition of banco popular, negative sense and their -- bank of sense and their could make a bid -- santandar could make a bid. if none of the options work, maybe a resolution situation. , is: talking to the ecb
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there a need of emergency liquidity assistance? charles: we do not know. that popular was thinking about approaching the ecb to request some kind of liquidity assistance. we understand the context did take place -- contacts did take place but we do not know the result. i think it is fair to say that under this intent stress, popular is under, their business is under a lot of strain. we do not know the extent of the damage to the bank's franchise and do not have details of sensitive trends like deposits. we are waiting for more information. vonnie: why has nobody come forward to make a bid? is there that much marking this
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under the surface or not anyone with that much capital to acquire this? charles: there are probably two or three answers to that question, one is that popular, although its underlying business, lending is healthy and an attractive business, it is burdened by the huge amount of nonperforming assets. they put a number in the first quarter earnings, 37 billion euros which is a lot. any bank to buy it has to address that. they have to absorb it. the other issue is that may be other issues which put a fire off, -- buyer off. mark: thank you. ahead, thell
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architect of the president's plan to privatize the nation's air traffic control system. republican congressman bill shuster of pennsylvania at 11:30 a.m. new york time and 4:30 p.m. london time. ♪
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mark: developments in paris, a police officer shot a man who attacked him with a hammer on tuesday near the notre dame cathedral. the officer did sustain a head injury and the paris prosecutor has opened a terror probe in relation to the attack. the assault in front of the paris police headquarters comes four days after the terrorist attack on the london bridge in the u.k. which killed seven people. according to the police, the situation is under control at notre dame. we will continue to monitor this. vonnie: time for our latest
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bloomberg's nest/, the biggest -- business flash, valeant pharmaceuticals, one of their unit will be sold to a german company. a possible agreement maybe reached and their assets could be valued at $2 billion. ceos of the largest u.s. companies optimistic about second-quarter sales and spending. the sentiment hit a three-year high. nestis related bloomberg's -- that is the latest bloomberg business flash. ♪
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♪ live from london and new york, this is the european close. talks finishing the tuesday session lower, down for the seventh day in nine. cautious today, spending their
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money on haven assets like gold, bonds, as investors look forward to the big thursday, the ecb testimony and the u.k. elections , three big event we will cover in detail on bloomberg television. seven days of declines in nine with volatility declining for a second day. this is one week volatility, on friday all the delete rose to the highest levels since january, nowhere near the brexit and election levels of 2016, the scottish referendums of 2014. this is my chart of the day, we have been looking at what bond investors are telling us about the election and what it means for the bond market and deutsche bank says 10-year could rise to 1.7% by september if labour wins 1.5%ght to between 1.4 and should it form a minority coalition government and says the most bullish in a real would be the conservatives achieving a
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smaller majority then they held in the last parliament which would lift uncertainty and concerns over a hard brexit. those are the three deutsche bank scenarios with the yield falling below 1%. this is one of the many charts we can bring up on the eu go function which tells you the story ahead of the election on thursday. this is a simple chart, the favorability tracker for u.k. prime minister candidate, the -- theresa may at 43%, it was at 55%. corbyn, this is the tale of the tape, his favorite that's favor ability rating has increased while theresa may's has decreased, what impact will it has -- have on the final vote? we will see. let's get to abigail doolittle. about: can i tell you
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u.s. dollar index, down 2/10 of 1% based on stronger euro and stronger yen. mexican peso has strengthened to where it was before donald trump was elected, which is interesting and the 10 year yield is the haven today, 2.13% for the yield, taking out before us we had seen around election time. emerging market movers including venezuela, where the u.s. ambassador to the united nations has called out them for human rights abuses. the central bank is trying to interject liquidity into trading and traders are anticipating weakness for the currency. we will get more on emerging markets as the week goes on but let's get to abigail doolittle. >> what you are talking about this haven rally, we have the
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yen and gold higher, the best day in three weeks with the 10 year yield below 2.1 private percent. -- 2.15%, its lowest since the election. this is 9161. maybe easy to think the haven bid is out of nowhere but actually has been developing all year and in-flight we have a 10 year yield and in orange, the dollar against the yen and as the dollar goes lower, it tells us the yen is rallying and that is up 6% on the year, the best year since 2010. the 10 year yield down sharply, reversing all of that election selloff. -- postelection selloff which is says investors are moving towards haven assets even with stocks at all-time highs. the area of congestion in blue, a continued breakdown of both which is a rally for the yen and the tenure yield. as for stocks -- 10 year yields, as for stocks, part of the trump
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to reverse,ng infrastructure, the president held a press conference on infrastructure yesterday that was more about privatization of our traffic control. blue, the s&pin 500 etf and in-flight we have a construction and infrastructure etf, both jumped after the election and this difference was about 13% and here it was about 11%, narrowing to 10% and now just less than 3%. investors are not thinking anything new will happen for infrastructure so soon. interesting to see whether the infrastructure segment crosses below the s&p 500 with could be a reversal of that segment of the trump trademark. mark: let's turn our attention to the latest on president trump's infrastructure plan, the immigration unveiling his first major steps to modernize and privatize the aircraft control system. washingtonis our
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chief correspondent kevin cirilli standing by with a congressman instrumental to this plan. >> with the transportation committee chairman, representative bill shuster of pennsylvania. yesterday, the president painted a dire picture of the air traffic control system of america, is it that bad? >> we have a safe system that is antiquated, the equipment is from the 1950's and 1960's. we still use paper strips in the control towers and all across america. >> they are using paper strips to navigate flights? on.hey pass these if you go to a tower in toronto or london or hong kong, they use digitized equipment, modern computers, no paper strips, it is much more efficient and we have a safe system but inefficient. >> this is a proposal that has
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been talked about for 30 some years. exactly do and what is the next step now that it?president has endorsed rep. shuster: the clinton and bush administration attempted to do this by the time is right and the next that is to mark up a thiswhich we will do later month and take it to the house floor which starts the process. having presidential leadership is extremely important. andpresident can stand up now america is saying, what are they talking about? longn explain it, this is in the making and very positive and very doable and the people who say it is not are the same people who said wilbur and or will write could not claim airplane are we would never make it to the moon. >> other sectors in terms of nonprofit, housing, financial services, walk me through what this board would look like and
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what would do, how would it regulate? rep. shuster: it would be a nonprofit corporation, the governing body, the board of directors made up of the users, airlines, general aviation community, air traffic controllers, government, pilots coming an independent board members would be elected. theylic corporation and would have flight is your responsibility to the corporation, not to the people who appointed them, a publicly chartered corporation and the laws come in play. fighters thet shery responsible, a price to pay and we think it is time to take the service out of government, again, it is safe but inefficient and antiquated. >> this will go to the house floor, has republican leadership given you their word you will get a vote? rep. shuster: we have talked to leadership and they said they will find time for us on the floor and the president -- >> by the end of the year?
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rep. shuster: by the end of the summer we hope and having the president make this the centerpiece of effort virtual week is important and america is paying attention. i have calls and texts from members of congress that say we need to explain this because once the president gets involved, everybody pays attention. chairman,w this, mr. the house has been moving faster than the senate, what is the appetite like for this in the senate? rep. shuster: the senate moves a lot slower. i believe there is support but it is a different body. the appetite in the house is much better for it but we will find out as we move forward. >> have you convinced republicans who are apprehensive or concerned, especially making the jake -- case in the upper chamber? rep. shuster: having the president on our site is important and once i walk them through this, republicans and democrats come around. when they see what canada and other countries around the world, how far advanced they are
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to us when it comes to aircraft control, they change their minds. it is a one-on-one with a lot of members. >> this is the centerpiece of the president infrastructure initiative. infrastructure is much bigger than this issue. you have a plan that would fund the type of infrastructure by taking repatriated funds from overseas with tax reform. how would that work and is there an ability to get infrastructure plan through using that repatriated funds as a mechanism? that is dividing republicans. rep. shuster: absolutely, something being discussed, whether repatriation or other form of revenue for the highway trust fund, important we do that, it will go broke in 2020 and if you will make is a bipartisan bill, you have to get real revenue so our friends on the other side of the aisle come to the table and i think they will do it if there is real revenue to fix the trust fund
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and working with the president, not only real revenue but innovative and new ideas that the president has brought to washington. he is not thinking like the old way, taking outside the box which is important for us to do. >> is a republican effort virtual back and not starter? rep. shuster: not in favor, a big government program, money will come in, a raffle, i want to help the state the innovative and do that if they want to and the federal government should be a part of the agent of change to say we should do things differently. we are working close with the white house, secretary caho to get -- chao to get a plan we need. >> a dickinson alum. we appreciate it, a busy week for you. mark: thank you. washingtonrg chief correspondent and republican congressman bill shuster of pennsylvania. vonnie: let's get the first word
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news. parisreaking situation in where prosecutors have opened a terror probe following an incident near the notre dame cathedral. terrace police say an unidentified assailant armed with a hammer attack a police officer and the officer shot and wounded the attacker who has been hospitalized. we will monitor this situation. said that the mayor the future terror attacks will be harder to stop as prime if prime minister theresa may wins the election come he praised what he called the tremendous bravery of police during saturday's terror attack. he said that london could lose close to 13,000 officers if theresa may wins and pushes through budget cuts proposed by the conservative party. in afghanistan, the government has raised the death both from last week's truck bombing, the president said more than 150 people killed which makes it the single deadliest attack in the 16 years since the u.s. invaded
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afghanistan. in south africa, the economy has slipped into recession, gdp fell for a second straight quarter and was down in the first three months. economists had expected an increase after the economy declined in the fourth quarter. global news 24 hours a day, powered by more than 2600 journalist and analysts in more than 120 countries. i am courtney donohoe. this is bloomberg. vonnie: coming up, not a great activistillionaire investors david einhorn as general motors sure goals side with their ceo on the bid that ends eight months of the battle. we will examine. this is bloomberg. ♪
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♪ live from a place i would
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not want to be. vonnie: you wouldn't want to be here. nevermind the weather. -- you would want to be here, nevermind the weather. mark: it is raining here also. vonnie: mark is in london and i am in new york and we will speak cars with two shareholder meetings taking place today, tesla at an all-time high into its annual meeting. gm is in detroit, one level over, and a next was if interview last week -- we asked the activist investor david einhorn why gm has not agreed to its full potential? >> they are spending $50 million -- vonnie: gm shareholders rejected a bid. slamdunk defeat for david einhorn's idea, is that
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the end of it? >> not sure what else he can do because he is not pushed for other ideas, they had talked about preferred shares, gm is doing buybacks. sharesf buying up more and making another push for the next proxy, not much else he can do at this point. he lost by quite a bit, over 90% boated against his proposal and you did not hear other shareholders supporting him. i am not sure he has momentum in any direction. this is the chart that we care about. you cannot see it but i will explain, very simple, gm shares barely but since the ipo 2015 -- 2010. how do they translate record profits and to a higher stock
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price? >> i asked mary barra that question, why hasn't the market recognized their record earnings more and she did not have an answer. peak of the the cycles, they do most of the property u.s. and china and in the u.s. market, while not doing badly, as good as it will get an gm will probably grow earnings this year. not by a lot. investors are saying, if you will not show was great growth, we will take our money elsewhere where we can see better growth. that is a medium-term issue and still the story that investors see ridesharing and ride hailing companies like tesla as being the next big thing in transportation. until gm can make a strong case they will play in that game, and the part of it instead of trout by it, they will have a tough time. they have a decent story, they
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have not said a lot about it in terms of electric cars and self driving cars and being in the ridesharing and car sharing businesses. they have as much as anybody else but not something the market believes. vonnie: we reached out to david einhorn and interesting to see whether he sells his stake in gm or pc something viable to hold onto. -- or if he sees something valuable to hold onto. >> he has been there for a long time, rather than the michelin switch scandal, he has sold then but has been -- he likes the management team. cfo butt a fan of the said good things about mary barra and the operations of the company. he is -- has been in the company for a long time. he is short tesla. he buys the gm story but not the
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tesla story. mark: david einhorn said that gm's caution stems from bankruptcy and does not want to go back to that position. is there any truth that gm -- as he states, maybe fighting the last war? >> gm is a cautious company. you look at what they went through with bankruptcy and the public beating they took over the emissions switch scandal, sometimes for them. them and they for always worry they need money for a downturn or crisis. on a positive note, they think they need cash to invest in self driving cars and electronic -- self driving vehicles. they had to be pushed by activist investors led by terry wilson into increasing buybacks. they are a cash conservative company. vonnie: fantastic reporting.
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thank you to our detroit bureau chief, david welsh. mark: time for the bloomberg business flash. soaring today, boosting its forecast for the fiscal year that ends january 31 which raises optimism they can -- the the company is weathering scrutiny that comes trumpselling the ivanka line here building or renovating a home, plenty of coupling, american spending a record on construction projects, the best three-month time since 1994 quiz includes everything from pouring foundations to home improvement. one of the reasons, low borrowing costs and a recovery in home equity. the sprint merger with t-mobile
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lenders may get left out in the cold according to people familiar with the matter, the wireless carriers are considering an all stock option if they combine, eliminating a need for financing. deutsche telekom -- softbank not sure if they will attempt. ♪ botc, battle of the chart next, apple at your service, we will look at apple as they set to unveil siri in its new form at the worldwide development conference. what to expect from gold. this is bloomberg. ♪
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vonnie: it is the time you have been waiting for, battle of the charts where we look at the most telling chart of the day and what it means for investors. access these chart on the bloomberg are running the function featured at the bottom of your screen. taylor riggs starting things
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off. >> i am focused on apple, we spoke with tim cook, the apple developer conference were developers come together and work on different apps. i am looking at the apple shipped from sartre -- hardware into software him as iphone sales have slowed, a push more towards the software. you see music, icloud, those services come out to almost $25 billion of revenue in 2016. on the software side, more profitable than hardware so expect the trend to continue. next.: mark, you are high gold, seven month today and waiting super thursday, cautious today ahead and u.k.b, comey, election, a trend that has proven profitable if you have
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been in long gold since december, since that 11 month level in december up by 15%. how high will he go? it does not matter unless i give you a forecast, not mine, the metals focus director founding partner says that gold is headed to a four-year high, not been there since 2013. 8% upside from ae level today, his reason, lesson in recovery means the fed will not step up the pace in borrowing costs, meaning real rates in negative territory as goldman sachs pushes back its forecast for a third rate hike in december. has risen 12% this year and on track for the best year with the second
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straight annual event for the first time since 2012. they say tale risks provide potential for short-term boost to goal and the potential is boosted by sentiment money managers losing their long position in u.s. futures, the high-level in four weeks. mark: i love you joe something that was an underground theme in the show and you get the win but can i signal out taylor riggs for the level two this weekend and work hard before that. we went to the best of luck, a great chart. tuned, market straight ahead on bloomberg tv. ♪
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julia: it is noon in your eddie fogler p.m. in london. that in new york and 5:00 in london. welcome to bloomberg markets.
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vonnie: from new york, the top stories from the bloomberg and around the world. caution is raining -- the ecb meeting to the u.k. election, the u.s. stocks are retreating while havens such as gold, the yen come in u.s. treasuries going up. more from our interview with tim cook, he explains what took apple so long to come up with homepod. later this hour, speaking with the role of-- public-private partnership. halfway through the trading day this tuesday. well into june and julie hyman, looking red. j

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