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tv   Bloomberg Markets Americas  Bloomberg  June 21, 2017 10:00am-11:01am EDT

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♪ vonnie: we will cover oil inventories, the departure, and much more this hour. first with breaking economic data in the united states, let's get straight to julie hyman. annual paceg in an of 5.2 6 million, a gain of 1.1% month over month here. a little bit of a pickup in what has been sort of a choppy data reporting period here. potentially, the housing market is making progress despite inventory constraints we have seen sending prices higher and dampening demand to some degree. will watch the effect if any throughout the day. otherwise, we are not seeing much movement in the major averages.
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the s&p is very slightly higher by little more than a point in the nasdaq is gaining them off, up one third of 1%. crude oil up about one third of 1% ahead of that report. a couple things going on could affect oil though they have not affected it so far. tropical storm cindy has been halting service for the major oil terminal in the gulf of mexico. that should cause some pressure but not much at the moment. there,er of succession and also iran has his oil manager saying opec may decide to make cheaper cuts. those would normally be bullish factors. they are not having much of an effect as we await the inventories report here. if you take a look at what is on markets at the moment, let's take a quick look as i call it up. in terms of groups on the move, that isgot energy falling despite the uptick in oil prices.
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energy down half of 1%. health care the other end of the spectrum up eight -- .8%. those are the push and pull elements and stocks financials are down one third of 1% as well. happenedok at what has with oil stocks over the past versuse have seen a lag the s&p 500. the s&p in blue and we have got energy stocks and white. in particular this year, the has widened the disconnect between the two as energy stocks have light. we will see what happened with the report today and the implement -- the implications for energy shares. a couple of mentions for movers substantial today, they are considering a potential deal bouncy the companies combine, part of a transaction. it is already private here. 14% at the moment, and then amd is rising after the company rolled out details of its new chip to power data
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centers on customers like baidu versions ranging from $4000 to $400 per chip in price and analysts are pretty optimistic on the chances there. i'm starting with the pound. we saw the pound decline earlier this week on dovish comments from mark carney. hawkishness from a policymaker and pushing sterling higher. surprising about this is it usually tends to be on the more dovish end of the spectrum on the pod -- boe. of leaving risk policy tightening too late arising. he also said he considered a vote for a rate increase as early as june p we have seen terms of in markets in the expectations for a hike for 2017. repricing and sterling. earlier, cable head dipped below want my six p are we saw it hit a two-month low. the lowest since prime minster
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that.a may call it has been rebounding and heading for its biggest decline in a week, the pound against the dollar. we are up and won twice at 75. earlier went above 127. we have seen a significant reaction in the gilt market. a two-year gilt here. eight basis points on this 0.21%. we have seen yields higher but also on the 10-year gilts yield. stocks,about european we are heading for a second day of declines on the stoxx 600. as i have highlighted on the chart, we are set for the biggest two-day drop in a month. we are not down as much as yesterday. maybe .4% last time i checked. we are still lower on european equities. you show the energy stocks, julie. i want to show you what is
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happening with the stoxx 600 oil and gas index. it is pretty much unchanged. we saw it dropped to its lowest since november of 2016. it has rough below the 50 day 100 day and 200 day moving average. when this happened in 2014, we saw this hit before rebounding. for ahat mean we are set rebound? that is the big question. vonnie: thanks. jeremy korman and prime minister theresa may speaking at westminster right now. the prime minister question time. we will keep an eye on all of the developments and if anything interesting or funny pops up, we will let you know. you can watch it live on the bloomberg. type in tv . ceo stepping down from a series ofafter so-called scandals. in a statement, he said i love uber more than anything in the
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world and this is a difficult moment in my personal life and i accepted the request to step aside to go back to building rather than be distracted with another fight. mention he does stay on the board of directors. joining us now is mike trask in. -- max chaska and. the advice or does this have more to do with other investors? say. is hard to what happened a week ago when the report hit is that travis took a leave avastin -- absence. it was indefinite. many people thought it would result in his departure. what happened overnight is stunning. investors, including a partner at benchmark capitals, one of the closest allies, managed his resignation. he still the chosen majority of voting shares, we believe. effectively controlled the company and is basically stated
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to step aside. there were many pages in the history books devoted to them. few have had that much impact on the world. any there be able to be kind decision given that he has voting shares and is on the board? >> that is the question. ceo search now. some people think it could be a big name like sheryl sandberg, the current coo facebook. the question is how involved will travis d? situation where, it seems unlikely that he will be able to control the board because they are trying to add more board members. the fact that he is voting control of the company means he could ultimately control it. plus the influence of the founder cannot be overlooked. the last thing is a lot of people who work at uber were hired and his image. they are all loyal to him. there are a lot of people who
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still have a lot of love for him. it should be interesting. vonnie: it is interesting you say that about a lot of people having been hired in his image. what does this say about the prospect of recovery? is it still tainted as it were? >> i think it is problematic. lift is making a lot of gains. the fact is uber's business is not as well protected as a lot of people think it is. drivers are not employees. it is easy for them to jump from one app to the other. and aitors including lift lot of other smaller players in other cities and around the world, and riders are very price sensitive. you could have a situation where quickly, uber's position, which was incredibly strong now, numbers have continue to go up, it could erode very quickly. this meand what does for any potential prospect of an ipo? >> that is a great question. , we have beenands
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told, is they hire a cfo. it makes you think an ipo is something they will try to do fairly quickly. on the other hand, this is not not a great time for uber. it is totally up in the air. at all the stuff not happened, we would have expected ipo this year or early next year. now i think it throws everything up in the air. vonnie: what about the idea of uber now having tipping? that will be a major downside people using uber and one of the upsides was you did not have to tip. >> this is one of travis's big issues. he never wanted tempted -- tipping. he was opposed to it. lift allows tipping. it was a way to still uber drivers. but it kind of cuts against the image that uber has tried to project. lyft, whichcopying
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has its own brand. it is another sign that the board and the management is trying to do something different but also a sign that it may be difficult to carve a new identity without the iconic ceo. chafkin.ax bloomberg tech reporter. thank you. let's check in now with the first word news this morning. a big shakeup in saudi arabia. the 31-year-old son of the king asnce mohammed has replaced air of the throne. he already controlled saudi arabia's's oil and economic policies. u.s., a setback for democrats who had hoped to capitalize on president trump's low approval rating. handle won then,
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election. raise less money her opponent in what was the most expensive house race in u.s. history. on capitol hill, senate republicans are expressing frustration over the drafting and obamacare repeal bill. senator john mccain has not met anyone who has actually seen the health care legislation. the leaders are expected to unveil the bill and possibly schedule a vote on it next week. global news 24 hours a day powered by -- global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. this is bloomberg. u.k. labor party leader may's and prime minister behavior westminster. you can see corbyn there. keep an eye on the development spirit in the meantime, you can watch on the bloomberg at tv . this is bloomberg. up, we will take
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a look heading to bear territory. this is bloomberg. ♪
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nejra: live from london, i am nejra cehic. vonnie: this is bloomberg markets. versuss halted as oil earlier declines and enters bear market territory yesterday. joining me to discuss is the senior commodity broker. we are a few minutes away from weekly inventories and we are obviously already in the bear market. how are these positioned? >> we are still looking at the downside.
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we are expecting the inventories oncome down to maine barrels gasoline, a bill of 500,000. if you look at key data, crude oil inventories up above the five-year average. is right near the record highs of 9.3 million barrels per day. we have got big inventories and it would be tough for this one report to change the interaction. a changeup in the succession planning and saudi arabia. couldnds far removed but have applications for the oil theet, just in terms of idea about foreign policy. is it impacting you guys yet question mark -- yet? we saw a shakeup. saudi arabia, you saw the transition of power. the new successor's's opinion on
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oil is that it is a wasting asset in that it is not something saudi arabia can thank its future entirely on. you want to sell off a lot of the inventories they have their which should try for oil prices lower. pumping at a four-year high at 900,000 barrels per day, a lot of problems within opec. i expected to actually fall apart at some point. vonnie: so when we see the next meeting on production costs, will they be extended? will they be deepened? will opec and non-opec companies even get that far? are really like they butting heads there. the problem is you have got a guidelines. they can pump as much as they want in libya can pump as much as they want because they are war-torn nations. it seems like they are starting to impact where saudi arabia's making the cuts. i think saudi arabia does not want to sell off the oil they have and move on from that
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because it is no longer a key asset as what they once had it as. vonnie: all right. thank you for joining us. >> time for a look at some of the biggest business stories in the news right now. a shakeup at tesla, the head of the self driving unit is out less than six months after he joined the electric car company from apple. software and hardware will be jim keller, who came last year for advanced devices. few software companies are considering a deal that would be the biggest tech buyout for the down 2013. discussing a combination is part of a transaction to take this private. ca has a market value of more than $13 billion. the dnc is owned by bank capital and golden gate capital. president trump's net worth has
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slipped according to the billionaires index. his fortune has fallen to $2.9 billion, down about $100 million from a year ago. the decrease is driven mostly by a drop in the value of three office properties in manhattan. that is your business flash. still ahead, labor party leader jeremy corbyn taking questions in westminster following the queen posse speech. we are live outside westminster next. this is bloomberg. >> at the moment, only eight knows shelter, dishes have sprinklers. ♪
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vonnie: from new york, i am vonnie quinn. nejra: i am nejra cehic in london. in the house of lords earlier today, outlined the prime
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minister agenda. he took about the goal for his exit in the eu -- eu. >> the priority is to -- a secure the best as the company leaves the european union. administrations, business and others, to build the widest on thee consensus country's future outside the european union. >> anna edwards joins us from westminster now. great to see you. we heard a little bit from queen elizabeth ii there. but he you make of the comments on brexit? -- what do you make of the comments on brexit? >> thank you. the commitment we heard there from the government, they must have confidence.
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let's get some analysis now. i'm joined by sam from the smith institute here with me. overlooking westminster. very good to see you today. what do you make of the comments? leaving the union to put that kind of trade policy in the queen posse's speech today? >> they have said again and again they will not leave the union. the manifested to the northern iron -- ireland people, they want to have the single market for the only interesting question is when. it is not clear we will leave the day we leave the european union. some people might believe it is more wise to go through a transition time to slowly engage. >> even if it is on the same page, we don't know because we have not seen any details of any confidence that they have come on the even if they are same page, it leaves unresolved issues.
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>> absolutely. i think the model should be norway and sweden p or norway is not -- it can have a trade-in for the rest of the world and that means they do need to to norwayod traveling and sweden and denmark as well. they do that through a digital border. rather than checking every single truck going through, they do random checks. they monitor all the goods they're going through. and you're punished quite severely. that would require a lot of cooperation with the government. expectations?ur many on the labor side say this is a rejection of austerity. even over the weekend, he said people are weary from rebuilding the economy since the financial crisis. to do you hear anything to make you think we would step away from any of those commitments and ballots budget?
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i think theyal and stepped away from those commitments a year ago and they decided we will not end it by 2020, but by 2025. is higher than we would like but not unusually high by international standards. given the 10 year time frame for lowering that, i think one ago they stepped away from the idea of continuing austerity. with thegoing to stick welfare cap. a lot of the things that people really feel, a lot of the actual impacts of austerity, will stay there. i do not agree we should necessarily expect to see school cuts. the domestic front, they had to ditch some of the headline grabbing policies that they don't think they will get support from the other parties on. >> or their own party. some have said today how happy they are that the manifesto they campaigned on was trapped. it makes you wonder what the point was in the first place, is
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everything they campaigned on his now forgotten. i think it is a little dangerous for the party because what they do not want is to in p the major government where they don't have anything to show people at the end of the parliament, that it was worth having the government in the first place and other than brexit, they did use the time to do some of people could feel. england, he said he sees reasons to hike rates before the end of the year. that moves a little bit and today's trade. do you think the u.k. economy can handle wage prices question mark or is it concerns around resilience and brexit, lia neal to think it needs more stimulus next? >> i'm a little cynical about this. can onlye thinks they raise this now to talk about cutting them when it happens. it has got to be the most
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traumatic expense for the economy at least since the financial crisis. it remains to be seen. really need to be aware of the huge trauma. >> you have said that somewhere else. thank you very much for joining us. much, annaks so edwards at westminster p or do we will catch up with you again in a moment. great interview. vonnie: still ahead, moments away from oil inventories. crude fluctuating ahead of the release and wti fell into the bear market. i want to mention the trade representative prepared comments that said as soon as august 17. ♪
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vonnie: live -- nejra: live from bloomberg world had go to new york and london, i
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am nejra cehic. vonnie: i am vonnie quinn. critical numbers especially as oil sells off this month, dipping into a bear market. we've got julie hyman with us. julie: we might have a drawdown in oil but not gasoline. 2.4 5 million barrels dropped in crude as well as gasoline third the fact that there is -- there. fuel, actually larger than estimated, 1.1 million barrels. on balance, it seems like a altra port. gains just before we came out. now it is more than 1% higher here.
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above $44 per barrel at least at the moment. the two headliners that are probably the most important is a drop down in crude oil at almost two -- barrels. even here at the start of the summer driving season. thank you p or do we will keep an eye on the price of crude. king solomon has removed his nephew is conference and named his 31-year-old son as his successor. thehas this impacted economy? you, 31 out of 44, is this a smooth transition or is their discontent here?
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>> to be honest, we will not know that. we have been told it is 31 out of 34. it is difficult to know because it is obviously very interesting. on the surface, it seems very smooth. treat -- the streets were very con today. robert on as normal. images we saw of kneeling in hand of him by kissing his that this of showing a very choreographed and smooth transitions. we have questions about behind the scenes, the broader family a -- is everybody really on board? we will not know that for a while if ever. what does it all mean for
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the war in yemen? >> again, the new crown prince in been very aggressive terms of foreign policy. perhaps mostmen, important meal of all, the animosity and the standoff with iran. the policies have largely been attributive to him are having removed any impediment to that, on top of him, you had the crown prince that may have been restraining, we think these policies will now be more fully implemented. we do not expect any change but do not expect a change either, may be more aggressive on those. the current prince is much more likely to go directly to the source of power when dealing with foreign powers such as the white house, as opposed to dealing with institutions.
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is that a good thing when he presumably does become king? >> maybe. he met trump twice this year already, and i was fortunate enough last year to be a part of the team that met him. he is direct and has a fire in his alley. a high-octane individual who speaks directly. he is very charismatic and you are right that he likes to have personal relationships where he deals directly with people and he has got great ambition to get littledone and perhaps a bit of impatience on that front, whether that is a good thing or a bad thing, i do not know. sometimes you need to be more careful in the world of diplomacy but yet shown in the past 18 months or so that when he wants to get something done, he gets it done. we have seen huge changes in terms of foreign and economic policy in the kingdom. nejra: andrew in dubai for us.
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about adding saudi arabia's stock exchange to its watchlist, has saudi shares surging today. here is the ceo speaking to bloomberg daybreak asia about saudi arabia. >> what we are doing is trying -- gauge then reaction by investors. yet invested in the country and they need to set up a pound or a process and get a sense of experience doing it. aat process is likely to take year or so before the decision can be made. >> also making a landmark decision to include chinese shares in its index for the first time. joining us to talk about it all is the bloomberg news stocks reporter back from hong kong. great to have you back. shanghai composite did eventually close up .5%. a lot of people making quite a bit out of a muted reaction to
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the decision to what about thision tells us about decision? we have to bear in mind it is the second biggest equity market in the world. this decision really only includes, it will only really make 0.7% of the emerging market index, it would only put a shares as part of that. that is a very small part of the index. to put that in perspective, it bank,s than one brazilian which is why not only was this kind of more expected than last year, it is the fourth time, it has been three years since the inclusion was rejected. but there will not be huge inflows in the market. it is a big market and there is still a lot to work with for the proportion to be bigger. >> what have people said about the inflows? >> if you dollars is not anything significant.
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there in mind the turnover just yesterday was $58 billion in the shanghai. it is a good starting point that people are excited about and something they are betting on, large caps in shanghai are outperforming exactly because of this. but there is still a lot to work with and to open the market to foreign investment. in thehat was also said announcement today. >> let me ask you about the other countries that were not .ncluded saudi arabia is a different matter. why were the decisions made? >> two completely different reactions in the markets today. argentina opened an hour ago 5% lower. items of good news in the market today opening 5.5%. what was said about saudi arabia like the reforms
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going on the market, they worked tolly hard in the past years open up and make it easier for investors. this is the biggest market in the region and it is important. people are saying that this potential decision to include saudi arabia and stocks in the index, $1.5 trillion , is a pretty big deal for the market. it is acan come in, and very positive outcome. in argentina, it is extremely unexpected. there is a lot of talk and optimism that it would bring this up and that has not happened in argentina. 291 in the chart library to show the difference between
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market gains and the index gain. it has missed out in a lot of those gains. should that change now? >> that is the thinking. arranged the losses for the year. people are calling it a turning point. a lot of people i talked to today are getting excited about this. it was not really, it was not really the expectation that this would happen so soon. it is a positive sign for the market and also a positive sign for the economy. ,ndrew just talked about it they are reforms that people are liking not only on the economy side but also the market. >> thank you for joining us. making comments earlier before the senate finance committee. he says he wants the president to focus on workers in trade deals and also said he wants to
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spur talks as soon as august. august 17. demand andnts strong the u.s. will not hesitate to file wto trade complaints. representative. nejra: coming up, bank of england chief economist hawk?ted from dove to a potential rate hike next. we are keeping an eye on the u.k. prime minister theresa may speaking before parliament and taking questions now. lawmakers debating after the queen posse speech. talking about counterterrorism in the wake of multiple attacks in the u.k.. we will bring you any headlines as they come. you can keep abreast of all of that on the bloomberg tv . this is bloomberg. moren from afar knowing no than a t-shirt and knickers. ♪
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vonnie: live from new york, i'm vonnie quinn. nejra: this is bloomberg markets. time for the bloomberg's newsflash, a look at some of the biggest business stories in the news right now. of uber is stepping down under pressure from investors. the cofounder of the wall's's largest technology startup. has -- he has stayed on the uber board. wake of the brexit vote for quinn do people familiar with the matter, the largest
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bank is scattered for an additional space to her jpmorgan agreed to buy an office building their pair the bank also considering whether to lease property in amsterdam. all of this would be workers relocated in london. vonnie: digging with banks, it is time for backgrounds and issues of interests. converted goals convertibles also known as cocoa bonds. boost capital meets tougher regulatory requirements. investors are skeptical. for the first time in regulators wiped that investors and $1.4 billion worth of bonds as part of a rescue. here is the situation. by a rival when it
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collapsed under a mountain of that property loans. the muted reaction of debt markets was considered a win. since they were written off without rattling trading. the most popular form is used to , ase additional capital first line of defense against financial shocks after equity. the bonds are also purchased by investors hungry for income in a low income world. here is the background. a bank to suspend the pimm is when it runs into trouble like the capital ratio pretend levels considered dangerous. if the bank financial health is the bonds can lose their value entirely or change into equity. thanks rush to prepare for the start of the international agreement. noted that investors often did a better job at predicting which banks would buckle and the price -- in the
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crisis than they had themselves. the bonds are designed to harness the wisdom of the crowd by putting the bondholders at the front lines. critics charge the securities are too complex to be properly understood and too much like to be to considered -- considered bonds. it can be triggered without creating broader risk. a bigger test will come when a larger global bank imposes losses on its potholders. you can read more on all of our quick takes on bloomberg. >> hawks dissenting on the bank of england. late tos of waiting too tighten arriving. markets, find it on the bloomberg. i know you have been busy in the past few days particularly looking at money markets and rate hikes. what is interesting is where we got that split.
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you were commenting on the fact we had not seen much of a re-pricing terms of expectation of a rate hike. now, we are above 50% probability for a rate hike 2017. why? is it because it is surprising? housing is usually more of a dove. >> i was surprised that i think the market was surprised. housing was always considered a dove. the fact that he is looking more like a hawk, in the second half of the year, he is inclined to tighten rates. made that quite contingent on big things. one is the wage data picking up, which looks, it is not impossible but it looks a little doubtful. and also the brexit runs smoothly and those are big contingencies that perhaps temper his move from dovish and it to hawkishness. it was a surprise. yields are higher now than they
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were after the election. waterk there is a lot of to go under the bridge before you actually get the majority of rate hike.ote for a a two year yield and i showed that move earlier. you want to show it over the past 10 days basically since the election. 0.2%. and what we talked about, contingencies. is the market getting ahead of itself? only slightly better than the coin toss in 2017. it is not as if the market completely changed its mind. it is more likely, not nailed on but more likely than it was it what is interesting is the reaction of the pound, much more muted than in the rates market and the pound is more impacted by politics. a lot of the uncertainty hanging over the u.k. political scene right now means the pound since
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the election is actually still lower than it was 10 trading days ago, unlike yields, very much impacted by the bank of england. the political uncertainty is really the big thing that will drive rates and the pound over the next two years. there is a slight disconnect in the short term. given that rates at the front end of the curve move higher with talks a raising rates, why would they want to do that? >> adding there is a genuine debate going on with the bank between the hawks with negativeow, real adjusted wages in the country, it is difficult to raise rates right now get at the more hawkish members say yes, but inflation is already way above target. it looks like it will push above target, and this will feed into wages.
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what we are seeing now is the result of what i think is a very vigorous debate and it is something that will play itself out even more vigorously as the situation becomes even more complicated in the next couple of months. differently compensated. thank you for joining us. follow all of his commentary on the blog on the bloomberg. also keeping and i on theresa , speaking before the house of commons and taking questions from supporters following the queen's beach. in thelogized for gaps government's response for the fire and we will continue to bring you headlines as they come here this is bloomberg. -- come. this is bloomberg. ♪
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nejra: live from london and new york, i am nejra cehic. vonnie: i am bono -- vonnie quinn.
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up or savedcked houses in the special elections in both south carolina and georgia. joining us from capitol hill is bloomberg's national political correspondent, kevin, our white house correspondent. candidates or the hard to turntoo republican? suggesting he was able to -- including the congressional seat once held by secretary tom price. the republican candidate did -- defeating the democratic challenger. they are saying this is the result of a republican-controlled congress and republican-controlled white house. democrats hoping this would have been a bellwether, putting wind in their sales as they head into the 2018 midterms.
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again, it is a very flawed candidate, someone did not reside in the candidate he lived in. fun withns will have this simply because it is the most expensive rate fund. they pour in both sides more than $50 million into the special election. how much will this embolden president trump and his legislative push to abandon obamacare? >> a good question. earlier this morning, i hosted a bloomberg government recent including a government lawmakers , davis. he told me he was a vote -- he took a look at the results last night and it suggest this will only embolden the republican majority on infrastructure and tax reform. we're hearing mitch mcconnell will reach some sort of discussion drop way tonight and early morning. a lot of talk in the house of representatives that they will ,uxtapose the issues together
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using lowering the corporate tax rate as a mechanism for funding plans at the white house is very much pushing for. it say aboutdoes midterms and democrat ability to pick up 20 plus seats when they could pick up the seats vacated by price, even though people returning at town halls? >> yesterday interviewed perez a few weeks ago and he said they will come in and really try to overhaul the data system of the in's the and really try to look .t which data they are using there are no >> -- there is no question they would have liked to pull off some sort of political win yesterday. when you historically look at these types of races, you are not able to really correlate whether or not a special election could lead to some type of sweeping change later on we should note this is from the land of newt gingrich, a conservative district that has
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been republican for quite some time. that said, republicans did win and they want to talk about that today. kevin, thank you to we are seeing shares of the now getting a pop up of 1.2% after four days of gains. this after reuters reports prepping a bit for the italian motorcycle maker. the reuters report says the deal could be worth as much as $1.6 billion. continue to follow for any updates. coming up on the european close, we're following equities, lesson 35 minutes from the end of trade. this is bloomberg. ♪
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newa: 11:00 a.m. in york. i am nejra cehic. vonnie: i am vonnie quinn.
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this is the european close on "bloomberg markets." here other top stories we are covering from the bloomberg and around the world. is a more hawkish bank of england about to emerge? the pound jumping after the chief economist said he considered voting for a rate increase this month. oil driving higher after a drawdown in the past week. oil has entered a bear market. are the numbers enough to get oil back in the green? uber is currently without a driver. travis kalanick has resigned as to investors turned up the heat. what will his absence mean for uber's business? let's have a look at where european equities

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