tv Bloomberg Markets The Trump Economy Bloomberg June 23, 2017 1:00pm-2:01pm EDT
are the top stories. senator mcconnell's health care challenge -- focus is unconvincing or public and to send the health care bill to a final vote as soon as asked week. president trumps comey takes blunder, how his marks could expose him to fresh legal jeopardy. we will look at how investor confidence has been affected by anthony scaramouche you. now with what lies ahead for health care as we wait for the cbo score next week. the latest on that front and what else to keep your eye on politics next week. we talked to megan murphy and the sex trade sure -- zach tracer, and sahil kapur. megan, let's start with you. how did this come about?
what would it say about the state of the republican party? piece this week talking about how divided the republican party is, in terms of getting ducks in a row. with health care it's interesting seeing the reception. this is a difficult package to sell. you already see the democratic ones out there, what people are talking about. his is a massive wealth transfer, tax break for the rich? you are putting potentially the most disadvantaged, the poorest people in the country, at risk for less affordable health care, no health care. also you are to take benefits away -- people in wheelchairs, up there on the push -- the underlying message is an great. so much of it was drafted in secrecy. this was a hard bill to take back to district. given the issues involved, particularly on what democrats are going to keep harping on. >> let's compare this -- how
different are these legislation? >> broad strokes as megan pointed out, they are similar. tax cuts are almost the same. there are changes that will help people afford health insurance in the near term. longer-term talking about 20 24, 2025, steep cuts to medicaid coming. that's 2025 and we are sitting here in 2017. >> let me ask you about how this will embrace this piece of legislation, a draft now. he will want to be sure i assume that this will get the vote it needs to pass. what will he be doing over the weekend and into next week? >> still have a strategy before he brings this to the floor. the process of voting on this is interesting, there are unlimited amendments. anyone can offer any amendment they want. to offer will be sure a lot to throw sand in the gears.
mcconnell needs to find a way to get 50 out of his 52 members. that will be a huge struggle. you have four members on the right clarity, and said they can't vote for this bill. of the lisa murkowski complaining about the fact that it defines planned parenthood. you of from medicaid expansion who are not happy about this, with the depth of these cuts, and the fact that they have an opiate and but -- epidemic. this is what, needs to find a way to balance out. if think you would expect them to spend the weekend on the phone to his members, hearing from their staffers -- wanting to hear from them directly. target up atthis least as much as a house bill to get it here. it is tough balancing it. >> you have this group before senators who want to negotiate together. how likely is it, that they will be able to? >> i'm not confident. so he'll just waited out there. the problem, on the conservative
side and the moderate side. you talk about planned parenthood, stripping back two things are moderate come up expansion of people who care about the poor and know they will be able to sell this at home are concerned about it. on the conservative side, you have people who are saying this is not repeal and replace, it's not what you wanted -- we wanted. this is a difficult -- he can only afford to and we are talking about 4 -- two and we are talking about four. this one right now from this position does not look great. >> look at how industry groups responded to this legislation yesterday, seems like a lot of the same groups came out against this. how big a deal is that, not having the support of a doctor's lobby or the arp? what is that make for legislatures? a question of
how much input they are going to have on this process, certainly can't be good for the bill to have everybody from doctors, arp -- >> and we will still get the cbo score. things will have to grapple -- >> what are looking for, quickly ? what will lawmakers look for? >> number one is coverage, number two how much this reduces the deficit. people want to know what this bill does for people, and the government spending. the ask what else is on the agenda next week. there's still conversation about tax reform. is all that on hold until this new piece of legislation gets through? >> absolutely. there's no bill yet. the white house is not offered .uch clarity on what he wants senator mcconnell has enough on his hands dealing with health care -- this health care bill and trying to get it through before he thinks seriously on tax reform of the back earner. the only other thing i would add to that point about what evil are looking for and the cbo bere, it is going to
coverage, also the deficit, also cost. something the conservative centers are sensitive on. you hear ted cruz talk, his red line in the sand is going to be, does the bill meaningfully reduce cost? what conservatives are afraid of is is -- if they say the repeal obamacare they deliver on the promise but the constituents feel no benefit from this, then they will not actually get credit for it and they will get pummeled. this is what the freedom could -- freedom caucus complained about in the house, that's how they got some waivers on these regulations a community rating, charging more on the basis of health status which helps young and healthy people at the cost of poor and sick people. that's what to look for in the cbo score. >> megan, let me put it lastly your at the white house. we are giving her a non-camera briefing on the matter. it hasn't been happening. why isn't the white house engaging on these issues? i think it's becoming a big
story. we are talking about a substantive issue in the senate, health care. about what hased prostate things -- white house press tapings that don't exist. nobody can follow in the 24, 98 minute new cycle. it's problematic to have a white house that is not going in front of the camera on record. they just released this morning a briefing that they said was off the record. this is hugely problematic. this is eric -- a democracy were there's a responsibility to toss, the american people make your best case in public, be allowed to be questioned. ask them freely. in this case in front of the camera. >> thank you very much both of you. let's get a check now on where the markets stand this afternoon with julie hyman. julie: we are seeing not much momentum stocks during the dow
-- the dow flips slightly here, snp up the same amount. nasdaq best-of-three, gaining 3/10 of 1%. small cap outpaced what we are seeing in large cap today. --o as to the is rebalancing where russell rebalances industries. the tendency movements are on people adjusting their portfolios -- against those various industries. seen a change here as of yet. a we care for the s&p 500. on the week for the s&p 500 -- we have seen the snp up one quarter of 1% on the week. week, we havee
not seen batch -- that much movement. the inning of the week trending lower but that we have seen things go sideways. there's quite a day virgins and the worst and best performing group this week. health care is been the outperform. not just when the -- but also there has been a lot of chatter. you could see a breakout to the upside among the biotech stocks. that's one of the things that has been fueling the gains there. so to have energy stocks. another group that has done well this week is the leading group today, technology. tech up three quarters of 1%, western digital writing -- rising after reuters reported that the japanese trade industries in talks with the companies to have it joined the government led consortium chosen as the preferred a better for this chip business. those chairs up 4%. oracle shares higher after stock was raised to buy -- $61. -- facebook chatter
about where she might go. not staying there, but leadership weiner says cheese quite happy there. those chairs up three quarters of 1%. much. thank you very coming up, fresh legal woes for the white house asked -- after president trump said he did not take conversations with james comey. the latest next. this is bloomberg. ♪
and attempted murder. in connection with a trump attack on a grunt of muslim worshipers near tooth -- two north london mosques. there osborne killed one person and wounded others. this came as worshipers left a marking the prayers holy month of ramadan. north korea speaking out for the first time since the death of an american college student, jailed for more than a year. kim jong-un's regime denied that it tortured or cruelly treated him. he died in ohio on monday after being released last week in a,. north korea says it treated him according to domestic and international -- to mystic law and international standards. his funeral was yesterday. ready-made off pointing the finger at a few of his earliest and richest investors, saying they are partially to blame for his massive fraud. madoff was recently questioned as part of a lawsuit involving his clients. big 4d at the so-called -- only one of whom are still
alive, were like surrogate fathers to him and he just wanted to quote, please everybody. he is serving a 150 prison sentence. 150 year prison sentence. the city of lights is putting on a show with 100 meter races on a track floating on the send -- on the famous river, cycling around the arctic -- paris is competing against los angeles to host the big games. organizers hope the two-day festival will help showcase the french capitals suitability. a mid-july. global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. i'm mark crumpton, this is bloomberg. david? david: thank you very much. president donald trump's admission that he never taped his conversations with now former fbi director james comey could expose him to new eagle issues that might weaken his ability in the eyes of
investigators very ties between the presidents associates, and russia. alex len joins us now. the president had some fun with seems, brought it up as a joke, refer to it if you respects saying he would release information. what are the legal ramifications of this? you could say, misleading the former fbi director, others into thinking there might be tapes. >> the president has had fun with this, but i think that prosecutors and the fbi might take it more seriously than he does. when he issued that sweet suggesting he had tapes on the comey, he has now announced just this morning on fox that he intended to influence would .omey told investigators that could be construed as tampering, even obstruct the investigation, tampering with a witness, obstruction. that opens a possible new avenue of jeopardy legally for the president. we do not know for sure.
david: what else do we learn from that interview this morning? in terms of how he might influence jim comey, by saying --shed morehe shut light on what he hoped the former fbi director would say? alex: it is wants them to tell the truth. -- he just wants him to tell the truth. the white house is accused comey of line twice. one saying that trump had to drop an idea of dutch against michael flynn, and when the trump demanded a personal loyalty pledge when he first met with him. to white house is trying have it two ways here, saying trump issued this tweet, trying to make sure that comey was loyal in his testimony, now comey actually lied. >> he equivocated -- i read the transcript of an interview this morning. as i followed what happened here, i'm sure you might feel
the same way, that is that he didn't make tapes but raise the specter that tapes could still exist. he hasn't foreclosed all of us entirely. >> he said that in his tweet yesterday, a curious choice of words. he did leave open the possibility that some third-party had recorded the conversation, maybe comey. ,omey of course said he did not and it would be a bold fbi director who walked into a meeting with president and started recording him. >> let's take a step back. you've talked to a lot of legal experts about what this might mean for the investigation. how might this change the way that they proceed in their investigation, there is the bar of obstruction of justice -- has this changed where the president 's relation -- his relation to it? >> i don't know if it changes the direction of the investigation. we knew that the team were examining the president, whether he intended to obstruct the investigation in his encounters
with james comey. this could add another piece of evidence that they might want to look into. david: let me ask you about what congress said, and mention the types.ere might still be as congress excepting with the president had to say on twitter and fox news this morning? alex: the white house is still theoretically under a deadline from the house intelligence committee to submit a response today to request for any information related to tapes of the president meeting with james comey. we don't know where the white house will send a written response to adam schiff, a , hecrat in california said still wants a written response from the white house as to whether there were any tapes. david: we look for more information later today. alex wayne, thank you very much. still ahead, how insurance companies are reacting to a newly unveiled health bill yes -- unveiled yesterday by republicans. this is bloomberg. ♪
david: this is bloomberg markets, the trump economy. returning to health care now. a big bets on obamacare, the national health insurer announced it will enter obamacare markets in kansas, missouri, and nevada. they plan to expand additional -- health care businesses and six other states. we at the ceo joining us now from st. louis. great to have you with us. i imagine you were plowing through this 140 plus pages like the rest of us, but let me get your reaction to what we saw from senate republicans yesterday. i will have you came out how much you think this will stick, but what's your reaction to the legislation itself? from a legislation, public policy standpoint, it's come a long way. i think it's something that is becoming workable, i'm encouraged by it.
david: when you look at all that washington is doing, how much of that is a response to actual problems you see with the implementation of the affordable care act, obamacare today? is this taking steps to fix those problems? >> i think it does. i think the previous administration knew there were problems but they had difficulty trying to get changes through congress. a think this corrects a lot of it. if i look at the stabilization for market price, that's huge. $50 billion here. over four years to help stabilize it. i don't know what they are doing with reimbursements -- tax credit to help those in the exchanges to continue stabilization there. in terms ofrdable premiums and to dr. bulls. all of those changes create a much stronger market. including taxes over time -- will allow us to reduce the premiums three taxes have gone
-- completely -- our estimate is somewhere between 3-5% of premiums could be reduced. this a lot of changes in they give me help that this could become a strong product. >> i want to get your assessment of the affordable care act. urgency to repeal and replace this. when you look at how it has been implemented and how it's working out, how optimistic are you about its future of what republicans are trying to do? i think the continuing under the form -- current format to be successful. we have demonstrated that, we have more than doubled it this past year. .e are achieving margins on it high satisfaction. we have 80% of people enrolled and 16 reenrolled for 17. from every standpoint, it is positive. your optimism sets you
apart from other insurance ceos i've spoke with. what is what -- what makes how you been doing different from your competitors? >> we focused on our core membership, people we serve the local -- lower social economic growth -- group. -- thenho lose medicaid loop into an insurance product. targeted audience and they are doing very well. >> i don't want to be reductionist but when you see as a pulling out -- moving out of these marketplaces, did that in effect create new opportunity for you? really to our own game plan. after --ation we are we're not expecting to receive -- we are in that there we will
pay millions of dollars back -- booking for dollars to refund for 17. david: i wonder how big a hit medicaid would be for you if we see cuts we have seen proposed implemented to read when you look at stay tuned took medicaid funding, do some stand better than others? >> the way they're going about per capita is going to work well. -- ism what i've read used and we are still going through the details of it. it will serve everybody well. the fact that they have the subsidies they do with the exchanges, where people lose some coverage, up to 350%, that will be a nice way to transition people from medicaid to an insurance program. comes up -- subsidies
can go down. we are starting to move the population into this insurance ground -- medicaid will continue to serve over a long-term care. those are disabled. publicat it from a policy standpoint. david: great to speak with you, up next all eyes are on health care in washington right now. what's next for textile from after house speaker paul ryan's comments. that conversation we come back. this is bloomberg. ♪
the supreme court will issue its last opinions of its term on monday according to john roberts. casesurt has six argued awaiting decision, though it could schedule some for second argument in the term that starts in october. president trump is to revive his -- travel ban is on a separate track. justices could act on that at any time. a judge has refused to rule that an army sergeant captured by the taliban -- ended his afterorized absence hours he left his post in afghanistan in 2009. his lawyers had asked for the ruling so they could advise him on how to enter a plea to the desertion charge. it was held captive by the taliban and its allies for five years. judge said today the length of his unauthorized absence should be decided at trial in october. killed, 35 people were 100 others wounded in three separate bomb attacks in two major pakistani cities today. the suicide number was involved
in the first park bombing in the southwestern city of canada that killed at least 11 and wounded 20. hours later twin bombings minutes apart hit a crowded marking in the shiite dominated tribal region, killed at least 24 people. the bomb attacks come a few days before the muslim -- a muslim holiday which ends ramadan. food aid will soon run out for nearly one minute people -- one million people gathering in uganda according to the united nations refugee chief who described, disturbing shortfalls in areas such as food, shelter, education. the told the told global summits, malnutrition rates among the jews are alarming and the world food program is said to -- a food pipeline in uganda will quote, dry up soon. global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. i mark crumpton -- this is
bloomberg. david: we've talked about health work -- health care reform efforts. how about tax reform? house speaker paul ryan delivered a pep talk. you, we willo tell get this done in 2017. [applause] joining us now with more -- that seems to be my big takeaway, he's optimistic. he's sure he will get something done by the end of the year. how does that play on capitol hill? >> he definitely said something lawmakers and the administration wants to hear. they haven't made a lot of progress. we are now halfway through the year and this is what paul ryan is saying. i'm the willing to work with you guys. seeing paul ryan in the chair in
ways -- ways and means committee , we might be willing to flex on some of our ideas. there is recognition that if any particular interest is missing that nothing may happen at all. has the mostan detailed plan -- you celebrate his first birthday if i'm not mistaken tomorrow. how much is that changed? >> it hasn't that much. there is no more paper. there has been discussion, they said they will make modifications. david: he didn't talk about a what's the status of that debate in washington right now? we haven't had the walk -- white house way in. >> here's the thing.
there's only two votes for border adjustment, paul ryan and kevin brady. everyone else is opposed. the thinking is that this will get voted off sooner rather than later. david: how much are you looking to what's going on with health care, how this will -- have a conversation about tax reform? >> on the health side they are worried the senate won't pass it three house members were fearful to talk about tax reform. under the assumption that health care tax -- making they might exist. they do need to pass health care reform for there to be any progress, it helps them numbers wise, whether they repeal taxes in the affordable care act which makes tax reform easier. second, it would be their first legislative wins for republicans, it would give them a lot of momentum and help quell
disagreements that have happened within the republican party. kind of like a marriage. things are going well, easy to forgive minor disagreements. david: how much action is there on the senate side in capitol hill? reform? working on tax >> yes, but it's more the staff level. the aides are putting together plans and proposing them to their bosses. leadership has been occupied with -- -- health care. downrship has been bogged with getting to 50 votes. last question about politics, political timetable for this. of course a midterm election is coming up in 2018. how large does that loom for -- would like to see tax reform get done? by the confident that they have to move quickly?
maybe they will compromise as much as take -- or take? as much ground as they want to >> they are aware of the election. the conventional wisdom is tax reform has to happen, maybe early spring, two thousand 18. that's your absolute deadline. tough phone number what's in there, even if there are tax cuts. there will be other things groups will not like. they are worried. groups -- funded by the koch brothers, one that's vocal -- that spend a lot of elections, could run ads against them. they need to give enough time in between never they vote on tax reform and when that election -- david: always great to talk to you, laura davidson. coming up, president trump simply willing to quality with beijing. discuss what white house engagement in the project could mean for u.s.-china relations. this is bloomberg. ♪
david: let's check markets with julie hyman. julie: we did hear the president talk about the idea to put solar panels on the wall that he's proposing between mexico and the u.s. -- analysts who cover the solar industry -- the rally we hit in seeing is due to increases in prices. covering the industry for quite a while. -- when it comes to
chill -- that same discussion is happening when it comes to panel prices here. another portion of the energy industry, the flipside, oil a goody, not having week. 4% decline in crude prices this week. it's the fifth straight weekly .ecline as we see oil extent highs for oil back on february 23. since we have had a decline of more than 20%. more than now it's close to 21-22% for those prices. if you look at one reason why, it is the persistent oversupply here in the united states. if you look at the bloomberg you can see that supplies have been falling.
that's the white line here. this is a five-year chart to give you perspective. we have seen supplies falling for their pink. that just keeps ramping up and up. on a five year time horizon, even though supplies are falling , they are falling from an elevated level as we are seeing oil companies bring their pumping back up to speed. speaking about energy, there's one more in particular it like to highlight. eq t up by 6%. the federal energy regulatory commission issued a final environmental impact statement for a pipeline and mountain valley that eq t has been trying to get on line. have a limitedl adverse environmental impacts. analysts saying this is good .ews for eq t and this pipeline this is the best-performing stock in the s&p 500 today. generally we are seeing a lift and energy stocks, as we are seeing a bounce in oil prices.
not enough to redeem the week, david. net $.6nvestors folding billion from skechers best capitals fund. it's the first time in attack. that the fund saw outflows. -- one man is expected to be named in the besser repairs. we're joined here on set -- let's start with maybe just context here. you look at outflows, how do they compared to what we have seen industrywide with other funds? >> this is been the outlier for the fund-to-fund industry, which has lost money since 2010. in the same time, or shorter fromthat, sky bridge went 666 million, to over $7 billion. that's a low measure of that -- it's assets. it has been an outlier for a
long time. the problem is, the fund to fund industry is under pressure. to that extent, it's not super surprising, maybe that it hadn't happened sooner. but by the same token, such a big name -- it's going through is sale of the majority stake. -- the sense, the price valuation that is given to sky bridge, that's a safe number for seeing outflows. david: this has taken on more general interest because of the involvement with this. taken all chinese -- this through. how do these sand to change? >> it's unclear whether they will change the deal itself. is that thesuggest .rice was a hefty one we reported in january that
anchors did think this price was quite steep. -- as about seven times lot of similar businesses go from 3-5. sky bridges argument was always, we have this incredible distribution system, to retail clients, which is true. it's hard to get. i think, if sky bridges being affected by the outflows of the broader industry, by top hedge fund performance, you have to question, with the driving rationale? what are they see that others on the street aren't? david: what discovered pioneer? you talk about the level competition it has. what are they do differently? >> two things. at a timedid well when a lot of others were doing badly. unitsurchased cities
selling for very cheaply. they got a fantastic business that was already built. they also went for the retail clientele, not well served. traditionally, hedge fund -- have fun -- hedge funds have been a product for wealthy investors. wasn't really offered to retail clientele. what anthony scrimmage he was fantastic at doing the product to more retail clientele, but also being very visible, talking about the mark, going out there trying to make the whole industry -- which particular fill in with very secretive -- a little bit more talkative. david: i'm wondering hear what his role in all of this is, versus what the conference that he still -- obtains interest in i gather --what role does he plan? proxies there. right now he's out of the picture for sky bridge.
conference, which is one of the premier hedge fund. he's supposed to be divorcing himself from business. initially that was for a different role than -- the rolet sounds like is up for him to get now. he was going to be an advisor to trump in the white house. the role he said he was offered -- that never materialized. david: was he capitalist for the sale when you look at why this is happening? was it his -- catalyst for the sale? was it his interest? >> it's hard to say. if you're going to be an advisor in the white house you need to divest your interest. there was some discussion on whether or not she needed to work and put it in a blind trust. this is a debate maybe we should have about mark figures right now. -- more figures in d.c. right
now. it's hard for you not to make decisions based on -- what what is going on in the blind trust if you know what it is. i think there was definitely an impetus for -- the sale was him going to washington. it was also a good time. if you look at the deal for entities for moshe, this is a fantastic deal for him. also how muchnder this is looking at the industry, seeing where the writing is going. these things aren't super profitable, losing assets. wondering if they just sold at a high. >> thank you very much. coming up in just a little bit, we will talk about china specific fish with the international affairs of u.s. commerce. this is bloomberg. ♪
markets, i'm david gura. the plan 2 -- to visit washington next week as we await a cbo score in the draft of health care legislation. let's check in with kevin cirilli, bloomberg's chief washington correspondent. start with a cbo score, highly anticipated. we don't know when we'll expected. how much do some senators votes -- and fringe, that cbo score says, devon? heller, alike dean republican from nevada, will be reading closely, the nonpartisan cbo -- congressional budget office this morning of mitch mcconnell's health care proposal. they want to know how many people are going to lose health insurance. if that number is high, particularly if it is significantly higher than what they scored at the house version, that could hurt the chances of this legislation. even being a starting point for -- in terms ofd
how they are able to move forward on this. especially if the senate majority leader will have a vote on this piece of legislation by the end of next week. david: a couple of things for foreign leaders -- the leader south korea coming at the end of the week. its focus on that visit in specific. there have been height -- heightened geopolitical tensions in that region. what will it be like between the president and them? >> all about north korea, particularly how much influence china is putting on north korea in dismantling nuclear weapons. you have to remember, president trump tweeting earlier this week about china not being able to do enough. onn of course my modi monday, expect talk about h one v1 reasons. david: think if i much. china says president trump is open to cooperating on silk road projects according to a statement from china's foreign ministry. he met with the state counselor at the white house yesterday. joined by myron
briley -- head of international affairs. is just returned from a visit -- business delegation to beijing, joins me now. let me start with that silk road project. the white house sent somebody to it but by no means somebody from the upper echelons of the administration. was? >> there's no question china is serious about its one road strategy. u.s. companies want to be participants in the process, u.s. companies see billions of dollars of potential deals. the u.s. government particularly under obama, was slow in understanding what china was trying to do. there is concern from the u.s. corporate standpoint, behind the eight ball. our message this week in beijing was u.s. companies -- one belt,
one road strategy. we're looking for china strategy. we of course -- we encourage our government to be engaged. oft they're doing in terms having u.s. participation, it was ok. it's not going to be sufficient if we don't have government support as we go forward in in gauging china's government on it. there are a lot of questions about transparency, how to did -- how this process will play out. we will see how this unfolds. >> as i mentioned, just get back from beijing. i mentioned you have time -- had time sitting in traffic to talk to business leaders. what are they telling you about their concerns about u.s.-china policy question mark >> well, too big of a relationship to fail. we met with other government officials in china during our days there. said and heard from business leaders is, we are invested in china's growth, future. .he market has changed
he industries -- more difficult market. what we have seen in the last few years is how china's regulating technology firms. whether it's doing with cross order data flows, transfer of technology of intellectual property, there are a lot of real concerns about the direction of china's regulatory body. the other concern of course is, china has not moved fast enough on market access opening. particularly in the area of financial services. that's what we were talking about and expressing to government officials in china and the premier directly. we need to see bolder and more decisive action if this relationship will be improved. notwithstanding the good start between president xi jinping and president trump. >> i will pull the chart here on the bloomberg, g #btv five suit -- 5279. it's over the last few decades.
you see it up going up 1000%, something the menstruation is keen to focus on. is it taking up too much of the administration's attention focusing on this or do you agree , that this is an issue of paramount importance? has been aficit topic for this administration. i don't think that's the right metrics. i think we have to look at china's industrial policy, better understand how we address those concerns that u.s. companies have about market access, regulatory changes. that's where our focus is. directlyhe premier what is trying to do in that regard. he talked about trade deficits with us. that's not the right message in our view, because it doesn't get to the underlying tensions in the relationship between china and united states. pace ofned with the reform in china. it has slowed down, and particularly a year were they are having a party conference.
we have not seen decisive actions we need to see, whether financial service or or other kinds of structural reform that we have asked for a number of years. i was encouraged by the people's bank of china this last week, saying some things that are u.s.raging -- saying that firms have a right to be complaining basically, that china's market is not more open command the chinese firms are ready for market competition. let's see it now in action. david: great to speak with you, thank you very much. coming up on bloomberg markets, and exclusive interview with a ceo who will discuss brexit, and today's russell rebalancing. this is bloomberg. ♪
scarlet: i'm scarlet fu julia: i'm julia chatterley. welcome to bloomberg markets. we are live and bloomberg world headquarters in new york over the next hour. here are the top stories we're covering from around the world on the bloomberg. we begin with politics, and hold out on the hill could send the republicans plan to replace obamacare out. mitch mcconnell is hoping to sway members of his own party to garner a final vote next week. staying with politics, another twist in president donald trump's feud with president -- with fbi director james comey. claiming there -- there are claims that coming may have changed his story on their communication. and russia is rebalancing its dock index. this could heal a major jump in around the close. we will be talking with mark makepeace about the market structure and its business. u.