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tv   Bloomberg Markets The Trump Economy  Bloomberg  July 6, 2017 1:00pm-2:00pm EDT

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germany for the g-20 and is currently meeting with german chancellor on what merkel. we will get the latest from my colleagues and we will get information on the relationship between journey -- germany and the u.s. president trump is contemplating some pretty severe things way comes to north korea. he proposes we deal with rising tensions through diplomacy. ♪ david: it is no secret summits like the g-20 can go by without creating real news but that does not seem likely this week when president trump attends his first g-20 are he is at odds with many of his fellow leaders. executive editor craig, normally in d.c. i was chewing over a line from the present policy speech this morning. the fundamental question
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of our time is whether the west has the will to survive. what did you make of the speech the president delivered this morning and how much of it is set in place for what he will be going with at the g-20? >> look, i think it is very reminiscent to me of his inaugural to -- adjust, which people said was dark. i think today'speech was dark. he literally questioned whether western civilization, the united states, european union nations, what we think of as the modern west, can survive the onslaught ofterrorism and an erosion our cultural values. it is a heavy thing to open up his second european trip -- trip with but it reflects a feeling that trump has that in a lot of parts of the world, things are going askew and trump offered himself today as the person to lead the west into continued greatness. will people take him up on it? i rather doubt it but at least he put himself up there.
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>> between president trump and president putin, circumstances have changed. the launch of the missile a couple of days ago off of -- off of north korea, let me ask you how important the meeting will be. is at the most important meeting the president will have their? -- there? important very meeting or trump has already signals he fears that he will not be able to really do very much or is not willing to do very much on north korea and trump is having dinner tonight with the presidents of japan and south korea, and that is probably where he will turn next in regional partners to see of there's any pressure they can apply to north korea. do not underestimate the showstopper. the troon and -- putin-trump a meeting has got everything. that will probably have the most attention. david: let me ask you how much the agenda has changed here?
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we knew trade would be a big issue and climate would be a big issue. how much has the agenda been changed in light of what happened a few days ago in asia? think there is a lot of truth to that. most of these leaders or seven of them were in a room together in sicily and have already hashed out their positions on climate and trade. i do not see anything new coming out of this. there was a feeling trump might be able to enlist saudi arabia or turkey. we're not getting any evidence of that. a draft signals that it is 19 against the one with trump the one against climate all eyes are fixed on north korea. the problem is even if you have the 20 biggest world economies together, there is just not much they can do. china does not seem to want to act and that makes it frustrating for trump. david: the president's first
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trip to europe for the g7 meeting, what is he applying to this one? >> i think managing expectations would be a term i would apply. who has greatson confidence in his ability to go in a room and win people over with charm were never -- or whatever in a one-on-one deal. he ran against angela merkel and others and realized it does not apply with global diplomacy. get outse, china to alive, survive some of these meetings and come out. not deadly on climate and trade. i really do not think you will see big headline news. that is the approach, to get home and get home safe. david: our colleague posted something on twitter, and unofficial welcome sign for the president of the united states. what to we expect in terms of protest in terms of those who do not respect the plan to greet him in germany?
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>> the summits tend to be held in places where they keep the world leaders far away from the public, literally miles away in some cases. though it is a very active left-wing in germany, and it is known as a protest city, some groups ranging from climate groups to anarchists, they are out in force. i think they brought in 15,000 german police to keep things under control. i think they will make some noise. as far as being able to disrupt the meeting, i do not see that happening. david: thank you very much, craig. us navigatehelp through the relationship between germany and the u.s. and what it means for the rest of the world, the german ambassador to the u.s. who joins us now from our bureau in washington, d.c. great to have you with us. i know the chancellor is sitting down with the president of united states. there is a wider meeting with staff after.
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what can we expect from the meeting between the two leaders? good and productive working relationships established over the last month. they have met in washington and been on the phone many times to discuss the international agenda. some of them to address the issues that will be on the agenda tomorrow. the president has affirmed his support for her last monday while they were on the phone to turn this into a successful g-20 meeting. some ofo will discuss the differences our two countries have, or the two administrations, on trade and on climate. all, i think the chancellor will go out of her way to turn this g-20 meeting into a success to get president trump on board on this important agenda. david: we have obsessed over the handshake, the initial reaction
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the two world leaders had. is the relationship better behind closed doors when it seems to be -- then it seems to be? be?han it seems to >> i think it was a misunderstanding. one should not read too much into that. think it is a pragmatic, work like relationship and the two will get something done. david: how much has the agenda changed in light of what happened with north korea a couple of days ago? has the agenda of g-20 changed? how do they plan to navigate the new issue on the agenda? the issue is on everybody's mind. i am sure it will be addressed here either in the preliminary meeting or on the sidelines. it is a hard-core security issue the united with at nations in the security council, where the action is.
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a more economy, trade, finance focused meeting. of course. also wanting to address major security challenges. but it is a consensual group and i guess there will not be any decisions taken here on north korea. david: from where i sit, i see a more cohesive europe because of the presidential election, the united kingdom's's decision to leave the euro. falls on it to keep the euro together? leadingtig: we are a european power and we have responsibility politically. after this election result in with a new french president, i think this is the time to reinvigorate the dynamism of the european union. we are let -- ready to lead together with france, always taking along everybody in the
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european union. and we push for reform will focus on the core business. furthertake europe together with france. i think that is a great opportunity that we have now. of your job now is to make the case for the liberalism the german chancellor has championed? is that part of your mandate now? amb. wittig: of course, we want to make our case. there concerned that liberal, rule-based international trade order is somewhat in called into question. we observe certain tendencies to in protectionist measures, invoking national , curvinginterests steel and aluminum exports to other countries. that is the wrong path as far as we are concerned. we are mindful this could trigger a kind of spiral of
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tit-for-tat retaliation. in the worst case, lead us to a trade war. i think that is the wrong path. our country thinks that free and fair reciprocal trade has been a recipe for prosperity and stability and we want to further develop that and add -- that is part of my mission statement if you will. david: i spoke with your counterpart from france, the ambassador who said a real difficulty now is not knowing to -- who to turn to in washington dc . do you find it difficult to navigate under this administration? we cannot complain about access in washington. the white house is generous with access. department and other major departments are. is still arue, there getting used to of this administration to the realities of governing. we hope it will clarify
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overtime. david: thank you very much, .mbassador peter wittig oil and bonds have been making news today p let's get a check with bloomberg taylor riggs. taylor: we are off the lows of the session and still seeing some red on the screen. i would point to the nasdaq and we saw yesterday a little bit of a relief rally in the tech heavy sector. taking the, some gains and turning that lower as well and i also want to look at the 10 year yields. it is up 23 basis points in two weeks, up five basis points today even after the fed yesterday came out with those minutes and talked about how they were divergent. i want to start unwinding the balance sheet. you see the 10 year yield a little bit higher even as the jobs data tomorrow. the higher yields are helping the insured. they sometimes invest in long-term bonds to help match the assets and liabilities.
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year,higher equities this helping to boost those companies investment earnings. you are seeing some of those insurers gain a little bit today. the other story we are talking about today is oil. you saw a pretty big bounce right here around 11:00 a.m. when inventories came out. than expected. that helped prices. you were seeing the game still holding above $46 per barrel, right where it was when the inventory levels came out. you saw yesterday, they had their first loss in nine days spirit oil investors having a good day today. david: thank you. coming up, the best u.s. options when it comes to doing with north korea's nuclear threat spirit we will ask a democratic .ongressman, suzan delbene this is bloomberg. ♪
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david: this is "bloomberg markets trump economy." mark crumpton has more. mark: donald trump acknowledged russia interfered in last year passes election. the president spoke in a news conference after meeting with poland's president. president trump: mistakes have been made it i agree, i think it was russia, but i think it was probably other people and/or countries and i see nothing wrong with that statement. nobody really knows for sure. president trump says president obama was told about russian interference last august but did nothing about it. leaders from the european union and japan have reached an agreement in principle on free trade. they have given their approval to an accord that would
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eliminate 99% of the tariffs between the two partners. the eu is trying to counter president trump's protectionist stance on his second trip to europe. statement on fair trade in today's's world. on fair trade in today's's world. it sets the standard for others. closing ourselves off to the world is not good for business nor the economy and not the workers. the eu aims to have the deal in effect by spring of 2008 teen. a barrage of guided mission -- missiles were fired into the ocean during a drill today, a display of military power after to do -- two days after a test launch of its first intercontinental ballistic missile. they have increased security worries in washington as it showed the country could eventually make a nuclear of reaching the
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united states. the justice department is questioning whether some so-called century cities are responding honestly when asked whether they followed the law on sharing the immigration status of residence. they attorney general jeff sessions says the department is reviewing responses from 10 jurisdictions facing the loss of federal grant money if they cannot prove they cooperate with federal immigration authorities. global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. i am mark crumpton. this is bloomberg. thank you very much. turn to the rising tensions. president donald trump says he is contemplating some pretty severe things to retaliate against north korea for its net -- missile launch this week. our next guest has an idea of how to approach this. joining us to talk about that is , aresentative suzan delbene democrat who joins us from seattle. let me start, before we get into your proposal, with the reaction
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to what you saw this week p are what changed after the new missile was tested? i think we have seen a serious and ongoing threat from north korea for many years and definitely within the last few. escalationontinuing on their part and it is important we do everything possible to bring together the international community and make sure we are focused on diplomatic efforts to deescalate and provide solutions. david: you say everything possible. what are you proposing through congress? rep. delbene: i proposed legislation last april to develop a joint commission on north korea. the reason behind this is we need to bring members of the region together. very key partners like japan and north korea. also, make sure we have representation across the region, including china. at a very high level, to have a dialogue about what we could do in a proactive and sustained and
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comprehensive diplomatic strategy to deescalate and prevent nuclear weapons in north korea. the president of united states is getting ready to sit down with the prime mister of japan. in germany, presumably to talk about these issues and others. i wonder how satisfied you are with the level of engagement the administration has had before what we saw this week? rep. delbene: i think we have to be proactive and not reactive your twitter diplomacy is not going to be the way we solve the issues. serious,t to be a ongoing effort. that is why a think the proposal i have for a joint commission would be so important. a high-level of members of government from around the andon together cooperating being proactive, not just reacting to any one situation, but being proactive with a long-term profit -- a long-term plan. today will be important but it needs to be an ongoing conversation throughout the region and an international
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effort is necessary to deal with north korea. david: why is this issue so important to you? kenneth, imprisoned in north korea, i seem to remember he was a resident of washington state. is that would cause you to take such an interest in the issue in particular? rep. delbene: i represent the west coast and when we heard about the intercontinental ballistic missile recently launched in north korea, its range has extended. i represent the west coast. veryke the issue seriously. it is important to me that we do everything possible not only for the region, but across the country and the world to use all diplomatic efforts possible to adjust the situation, the escalating situation in north korea. youd: what is the plan for going forward? we have talks in germany now, increasingly heated rhetoric from members of the administration. are you worried the diplomatic track is being closed? need tobene: i think we
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push for the diplomatic track. as a member of congress, i introduced legislation to develop the joint commission. congress needs to take a stand and push for diplomatic efforts, ongoing, comp or has it, diplomatic efforts with our national partners to address the issue. that congressle can play and it is important that we in a bipartisan way make sure we have a strong voice on this issue. david: thank you very much, congresswoman suzan delbene. this is bloomberg. ♪
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david: trade will be a big flash point at the g 20 summit this week. my colleague david westin talked to the director general of the world trade organization appeared david asked him what he hopes will come out of this week'summit. bear inirst thing to mind is this will probably be the first opportunity they have two really have a conversation
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about concerns, problems, face to face and in him more than one kind of environment. that is a good opportunity because right now, what we need is to talk, to listen to each other. concerns and we cannot just ignore and say the other concerns are unreasonable. we all have to understand and figure out solutions. that is the value added of this meeting. >> your responsibility is to monitor and promote as much as possible global trade. give us your report card on where we stand globally. theave heard some things on trump administration. it is not the only place there's been talk about reducing trade. >> i think the trade involves global problems. for example, capacity instill production.
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for example, concerns about distortion comes subsidies introducing to the economies. all of these are very global. the only way to fix a global problem is to talk with the major players and everybody is sitting around the table. a face-to-face conversation bilaterally and regionally is important. i think we have to explore all avenues because the concerns we have are not easy to fix. i think that is something we all have to bear in mind. about youre concerns organization. the president referred to it as a disaster. what do you say to the people who agree with that phrase about the organization that you represent? i have had already a few meetings with the u.s. -- about it. we had excellent conversations. do have concerns about the organization. they are concerned, for example, byut certain limits imposed the rules negotiated before. that affects everybody. we have to understand a little
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bit more what they expect from an organization, how can the organization help address those? many things i hear the u.s. administration saying, there are that can be toolbox used to solve the problems in a constructive way. i think we need to explore that some more david:. david:that was the word -- david: that was the road trade -- executive general. he was speaking with david westin. up next, more on the historic g-20 meeting that kicks off tomorrow. you're looking at live pictures of protesters outside those meetings. more to come. this will work. -- this is bloomberg. ♪
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♪ david: this is bloomberg markets: the trump economy. let's start with the headlines on the bloomberg first word news
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this afternoon with mark trumped in. -- crumpton. led by new york, these states are suing the environmental protection the's decision to keep this pesticide on the market, despite studies showing it can harm children's brains. the epa says this -- they will review the lawsuit. german chancellor angela merkel met with south korea's president moon jae-in after north korea launched its first icbm. they discussed how to force kim jong-un's regime to change its behavior. we recognize that north korea is a big danger to global peace. the danger is that they continue their nuclear weapons program and we have to find how to uphold the pressure on the north korean regime. president moon says the crisis should be resolved in a peaceful way.
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the attacker who bombed and ariana grande concert in the --. in the spring was now not part of a large network, but other people involved in the crime may still be in large. that is according to police, who more arrests may be made. some of the mehdi -- psalm and -- psalm in a betty -- the attacker detonated a bomb, killing 20 people and himself. those authorities said today day -- belgian authorities said today that they are looking for suspect in a terror related offense, but an investigation was not willing to pass on attacks in paris and brussels. the federal prosecutor's office said in a statement that two belgians were charged with taking part in the activities of a terrorist group. global news, 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries.
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i'm mark crumpton, this is bloomberg. david? david: mark, thank you very much. president trump arrived in hamburg, germany later today. he is likely to be one of the main flashpoint at the g-20 summit. also on the radar is north korea and its recent missile launch, with donald trump saying that " the u.s. is considering some pretty severe things." we have bloomberg's executive editor for global economics and governor, and kevin cirilli, our chief correspondent -- washington correspondent. we have discussions on how to uphold the pressures on the north korean regime. how much unity is there in the participations in the g-20 summits on how to do that? >> on how to keep the pressure on north korea, there is very little unanimity among major players. everyone agrees it should be
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done, but the problem is to how to go about it. the u.s. wants to be tough, dangling the prospect of military action, as you mentioned the comments from president trump. china really believes no, that is not the way to proceed. china and russia are really pushing the u.s. and north korea to go directly into negotiations. that is something the u.s. has not countenanced for many, many years. so despite all the escalating rhetoric and north korea's decision a few days ago to launch an icbm, what you are really seeing is both sides falling back to the same positions they have had for quite some time. a great deal of work to do to find any unanimity on how to respond. you started this job, you were based in beijing. what will you be watching for tomorrow when the president sits down in china? >> it will partly be about body language. it was warm when they met in
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mar-a-lago. this time we will see if there is anything a little chillier. on the chinese side, we will have to parse president xi jinping's words carefully. you can be sure that what he says will have been vetted and will it hear very closely to standard chinese talking points. if there is any deviation from that on chinese willingness to exert greater economic pressure rather than just saying we want to the united states and north korea to avoid destabilizing action, that in itself would be a very significant change and a sign that china is progressing toward a position that the u.s. would prefer. me turn ton, let you. there will be a lot of body language to watch over the next couple of days. the president will be sitting down with vladimir putin for the first time tomorrow. the president of the united states and the president of poland spoke of poland spoken warsaw before the president of the united states moved on to hamburg. what did we hear about russia from donald trump this morning? >> the president would off point
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blank on his thoughts on whether or not russia meddled in the 2016 election. take a listen to what he had to say. somebody mistakes have been made. i agree -- pres. trump:. mistakes have been made. i believe it was russia, but i believe it was also other people and or countries, and there is nothing wrong with that. nobody really knows. nobody really knows for sure. >> that on the eve of president trump's first official meeting with vladimir putin. let's pull up what former homeland security -- secretary jeh johnson testified before congress two weeks ago. he said in 2016, the russian government, at the direction of vladimir putin himself, orchestrated cyber attacks on our nation for the purpose of influencing our election, plain and simple. contrast between intelligence officials as well as the president of the united states. david: martin, let me ask you about the speech the president
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gave this morning in warsaw. invoked chopin and other polish figures. to beare some issues dealt with, like u.s. and north korea, and the relations with russia, but their broader things the president would like to see tackled. i do not think our western allies will hold up donald trump on their shoulders and triumphantly marching through as the leader of the western world. he has some major problems back home, and while this is a big display and the prudent meeting is -- putin meeting is certainly important, back home he has the health care bill that is in real trouble, and he will quickly put of theafter the glow g-20 to the political reality he has to face back home. to that speechg in new york. the president has not let go of those issues. some presidents could go
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abroad to escape what is happening domestic we, but he was still very keen to talk about this. >> it was interesting. the speech he gave, he delivered quite well. it reminded me of his estate of the union address, which actually got -- his state of the union address, which got widely praised. but as soon as he is unscripted, he goes to the place where donald trump likes to go -- bashing the media, questioning whether russia really hacked our election and criticizing his predecessor on foreign soil, no less. it is quite extraordinary. david: at the state department, to ther as you listened speech today in warsaw, due for elements -- did you hear elements that rex tillerson headset or this is crafted from the white house? >> you are seeing the white house bow a little bit to this pressure it has been getting to reaffirm the commitment to
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article five, the nato agreement, the joint defense commitment. and also the repeated mentioning of upholding the values of the west. is whethern now western leaders and european leaders will believe donald trump when he says these things. there has been so much concern when he is unwilling to on a unequivocally say that yes, russia was behind the hacking and meddling in the u.s. u.s.ion, despite the intelligence community. those doubts are already there. but you are seeing people go to people like jim mattis and others for reassurance on what the u.s. position really is. the question, as it has been throughout the trump presidency, is who to believe, and nobody has made up their minds on that. david: what has the white house said about expectations? what would be a successful g-20 summit in hamburg?
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>> my guess, bilateral state agreements to move the ball forward in terms of north korea. we have to note that chinese president sheesh and paying is the only path forward -- xi jinping is the only path forward at this point to address north korea through economic sanctions. last week, stephen mnuchin lay those -- a top exporter and importer, 80% each, is china for north korea. a way forhat to be this white house to continue to pressure north korea for the rise of their nuclear program. we had a speech setting the table for this summit. there are also some tweets in advance of this, including one that dealt with the trade relationship between china and north korea. to what extents do you think those were designed to shape the conversation at the g-20 and hamburg? >> it is a clear message to china, and it does spark some real concern over a
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trade war. china does not want to use that economic leverage on north korea. they want the u.s. and north korea to talk, and that is the position that will stay with. much, andnk you very to nick and kevin as well. we appreciate it. coming up, republicans in congress held a obama era rule were stripping how broadband companies can use customer data, but the rule might be finding new life in individual states. this is bloomberg.
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♪ this is bloomberg
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markets: the trump economy. let's get a check on some notable movers this afternoon. >> we are taking a look at some of the biggest decliners in equity markets. this company posted that sales and expanded by 3% in the second quarter, but its subsidiary pizza hut is having unhinged sales and that is causing a bit of concern here with the stock. there are analysts at bernstein higher price point at pizza hut is creating some significant room for competitors , those a-shares down almost 14%. also making moves lower is blue apron. ipo come last wednesday. shares are down to their lowest ever. we do not have a clue as to what is really driving the stock specifically today. i would note the broader theme when amazon bought whole foods, it did drag down some of those meal service delivery services there. that stock heading to its lowest level yet today. i want to transition to a
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apartment rates. they were downgraded by ubs this ubf this morning. job growth is decelerating, and from thatt more tomorrow when the job numbers are released. and to wrap it up, dive into my terminal here. we have been speaking a lot about concerns with inflations , andsset price levels talking about how asset prices may be too rich. we spoke with some analysts this morning, highlighting the concerns that asset prices might be too rich. this is the s&p 500. typically adjusted to the price-to-earnings ratio. that has closed above its long-term average. maybe that is the yellow cross. david?
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a power shifts underway when it comes to policy from washington to the states. lawmakers in almost two dozen state capitals art discussing ways to boost consumer privacy protection after a federal rule was reversed. todd, great to speak with you. let's talk about what is happening here. what is the role designed to be of limited by obama's administration -- designed to be implemented by the obama administration? like this set up enhanced -- >> this set up enhanced privacy rules for internet consumers. the republican congress in march overturned those rules, trump signed it, and the states are now reacting. >> how much cohesion is there among these capital? are they doing it in the same way to tackle consumer protections? measures to have
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bolster the consumer privacy protections that were rolled back with congressional action. each one is a little different. some of them more or less replicate what the federal communications commission under democrats was trying to do. to my knowledge, that has not yet passed. new york's's debt until the next legislative session. distinctionisc -- was drawn here in that role -- why was that important when we look at where this goes from here? >> it was the and -- important passage of the rule because the federal communications commission has jurisdiction over these companies. this rule could touch the at&t's and comcast's of the world. it is not have jurisdiction over facebook and google. the companies affected said that is not fair, facebook and google are getting rich off of data. we need to work on our data revenue, if you will, and have the same opportunity. we should not enter this big market with one hand tied behind
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our backs. that is why it wasn't working for the background. owing forward, we have some of the same jurisdictional issues not much clarity on whether they will ever be resolved. david: tim kennedy said if the federal government lacks, the states have to lead. what does this particular situation tell us about what is going on more broadly in the u.s.? going on some of that in other areas. california bumped up its auto emissions rule, we see state attorney general's writing to the sec, talking about enforcing broadband privacy speeds. we see states and cities pushing back on the withdrawal from the paris climate accord. or are significant actions moving through state capitals in the absence of federal action. youou covered the fcc, and are now the new chairman of that commission. what is this direction going to be? >> it is a big direction. ajit pai is a big component of
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the net neutrality rule passed by democrats of 2015, and he is a big credit of media ownership restrictions. in all of those areas and more, we will see reaction to change to what the democrats have done over the last eight years here. >> what is this mean for dealmaking here? there may be being chewed over this point. how does the regulatory landscape look when it comes to deals in particular? not know how much movement we have seen so far. one rule open to the gate force -- four sinclair broadcast group. regulators have not yet approved but certainly proposed. we are waiting for more changes under mr. pie. he has promised review of media ownership rules for which could change the landscape for tv broadcasters. coming up, we will head to boston, where the ceo of
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how he is changing the face of companies hiring skilled workers. that ahead of the jobs report, next. this is bloomberg. ♪
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♪ this is bloomberg markets: the trump economy. a record number of job openings in the u.s., but hiring has lagged in recent months. many employers say they cannot find workers with the right skills, so what are they doing about it? economics andnal policy reporter is outside in cambridge, massachusetts looking at what people are calling the skills gap. it looks like a beautiful day. what are we looking at a boston and cambridge? are looking at a lot of world-class universities. if there's any metropolitan area that should not suffer from ace guild gap, it is boston.
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you have m.i.t., harvard, boston college, boston university, tufts, northeastern, and badly, but the latest data available from 2015 ranked massachusetts last among the 50 states inability to higher tech talent. listen to the ceo of hub spot, a sales and market software company which often ranked among the best companies to work for. >> it is a very tight labor market, particularly in computer science. the supply and demand is amazingly out of whack, even in a town like boston. it is really out of whack. >> and you have all of these world-class universities here. >> we have all of these universities, but the supply of engineers and computer ecientists coming out of ther relative to than a man's -- it is out of balance. we have to be aggressive in recruiting them and retaining them. what you do to recruit them?
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>> we are aggressive on the work ring front. if you prefer a computer scientist to come work for us, so -- referral a computer scientist to come work for us, we give you a $10,000 bonus. we have a team to work with universities and internship programs, and have had a robust effort in pulling people in and a bigger effort in making them happy and engaged and motivated while they are here. >> you are here, the students are here, why do they not want to stay here? >> i think a lot of students wants to stay -- want to stay in boston. in my mind, every industry is turning into a software industry. mark zuckerberg said something clever in terms of software in eating the world. every company is turning into a software company, and the number of computer science graduates are not keeping up with the demand for people hiring software engineers. unique int is not
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unemployment in the boston area, but it is a cautionary tale for the rest of the country is unemployment continues to fall. it is not an unambiguous good you do -- good, you run into talent shortages. david: and that is sobering, especially in a place where there are some any well-trained people looking for work. what does that say to people who live in cities or towns where there are not academic and egyptians like that? institutions like that? >> it is tough. one thing i asked about doing to change this was that cities should look to world-class universities or at least establish research campuses so they can spread some of the knowledges from those campuses and the talent is available for companies to hire. he also said that because there is such demand, even in towns that have graduates being turned out, they are looking at establishing workplaces, offices for hub spot. this is true of other companies
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in places that do not have tech clusters, because those people might be there and they cannot find them anywhere else. david: michael, i appreciate it. reporting live from cambridge, massachusetts this afternoon. we have some footage here of those protests and clashes with police officers here. as we have just heard from my colleague in hamburg, the president of the united states has had a series of meetings this afternoon, sitting down with chancellor of germany, angela merkel, for a one-on-one meeting. he is heels of that, scheduled to go to dinner with the prime minister of japan and the new president of south korea. we are looking at pictures of protests, live pictures of protests outside of this side of the g-20 summit. have some information about these protests. as we are from my colleague at the top of the hour, 15,000
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police officers across germany have been brought into the side of this summit to contain protests like these. we are showing new images of the protest throughout the afternoon on bloomberg your. it seems like there are many more clashes, bigger clashes heating up, more than what we saw earlier. this is scheduled to get underway tomorrow. we have more footage of the president of turkey, president thegan arriving from airport. much more coverage of the g-20 here on bloomberg television. --oss our number platforms we will be seeing this across our platforms of the next few days. this is bloomberg.
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scarlet: i'm scarlet fu. julia: and i'm julia chatterley. welcome to bloomberg markets. ♪
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scarlet: we are live on bloomberg world headquarters in new york over the next hour. here are the top stories we are covering from around the world and on the bloomberg. let's start with markets. tech stocks are recovering slightly. -- gives usaying his investment playbook. in politics, tensions running high on the streets of hamburg as the g-20 summit takes center stage. resident donald trump meeting with angela merkel earlier, and now getting the chance to meet with russia's vladimir putin. and billionaire john malone set toes interactive is put hsm under one roof in a 1.3 billion dollars deal -- $1.3 billion deal. when it comes to market, it is not just tech stocks.

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