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tv   Bloomberg Markets Americas  Bloomberg  July 27, 2017 10:00am-11:00am EDT

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vonnie: here are the top stories we are covering. investors are scrambling to react to a wave of earnings reports on both sides of the atlantic. from energy to format the banks, we are covering the biggest movers. then, move over bill gets --bill gates. we look at how he did it as amazon is to report results later today. banking, -- headed to the graveyard. julie hyman is with us. it is 30 minutes into the trading day and we are off to a another record start. julie: it is the day from hell
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for analysts. many companies have reported. we have another big list after the close. the earnings on balance have been better than estimated. we are getting positive forecasts. trending major averages higher. let's look at the bloomberg. let's look at earnings analysis. this is the scorecard if you want to look for the s&p 500. we have learned 238 of the 500 of the s&p. have reported the average growth in sales -- s&p have reported. the average growth in sales have beat estimates. 79% have beat earnings-per-share. let's look at a few of them. facebook is the biggest report of the day. the stock is up 5% after the
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company's earnings beat estimates. mark zuckerberg, the ceo, offered encouragement on growth in some of the chat businesses -- messenger and whatsapp. that is creating optimism. verizon is having a blockbuster month. earnings ands sales match estimates. the stock of 5.5%. there are some laggards that are holding back the gains in the s&p 500. bristol-myers squibb, that company's blockbuster cancer treatment facing challenges, facing the competition. the company's second-quarter sales coming in slightly higher than analysts dissipated, so there is concern of that drug. stockn controls, that down 9% after its forecast fell short of estimates.
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and finally, southwest airlines, the company predicting its unit revenue will climb only 1% in the current quarter, although the ceo said that the goal to grow annual unit revenue does remain intact. we will be hearing more from him throughout the day. though shares down by 5%. then there are the companies with not reported yet today after the close of trading. amazon top that list. as we have been talking about, jeff bezos, with the recent price of the stock is now the richest man in the world, topping bill gates. the company setting to report after the close. vonnie? vonnie: you are out of breath. [laughter] ,ulie: i feel like i have to do we did not start the fire-type montage. it vonnie: feel free to jump into song anytime today, julie. [laughter] vonnie: the rise of amazon stock propelling ceo jeff bezos to the
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richest in the world over microsoft founder bill gates. so what exactly makes him the richest in the world? is it because he is the world's ceo? brad, does this mean that jeff bezos is also the best ceo in the world? gateslet's be clear, bill is giving away his fortune, so that does make it easier for jeff, but look, amazon is done an amazing job. the stock is up 20% this year. sincek it is a force 2013. there are a couple of pieces to it. the retail business itself is 20 three quarters of 20% growth. an entirely, different business that jeff's bond within amazon -- that jeff
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spawned within amazon. presented a lot of versatility. mark: what distinguishes him as a chief executive? brad: i think it is the ability to manage some a disparate parts of the business. it is also -- he has created a and ay that is relentless forward march. in terms of building these fulfillment centers close to customers, and then to continue to invent new things. you have to give amazon credit. they were probably the most poorly positioned to lead the tech industry in artificial intelligence, and yet, they got into the living room first with the amazon echo and the personal assistant. he has created a very fertile culture as amazon. vonnie: is it sustainable given the pace? you look at our chart you will the stock has
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been rising slowly and staying at the level. whereas amazon, there has been three exponential moves? mark: -- brad: it is a growth of a lot of different factors. a 40 plus percent of annual growth. spansion -- expansion into many markets. they're entering into australia, singapore. amazon plays a huge markets. they are talking about being a monopoly, but yet they are less than 50% of e-commerce. they are still at the beginning of a very long runway, which is why jeff always says that it is day one. mark: and he is young, 53 years old. can you for see life without jeff bezos in 50 years? it is too early to even consider
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that, isn't it? brad: yes, and it is the biggest risk to the stock. is anyone else their versatile enough, and has enough credibility, you know, on wall street and within a company to run such a complicated company and to get the leeway that just does? he does have outside interests. he is spending a lot of his personal wealth on blue origin, his space company. you look at his pictures from sun valley, and you see what great personal shape he is in. image you wonder if he is an astronaut training -- it makes you wonder if he is in astronaut training? i think the day of amazon about jeff bezos is a long way off. he does have other personal interest that could maybe take him that outside of the company, i don't think he would leave, but gradually reduces time there. vonnie: thank you to brad, bloomberg's head of global technology coverage.
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let's focus on the market action in treasuries. u.s. dollar following the latest fomc statement, signaling that inflation remains persistently low, and signals that it will shrinking the balance sheet closing relatively soon. the big announcement may be made at the next fed meeting in september. joining us to discuss it is george, head of fixed income strategy. george, relatively soon, does that mean an announcement in september, and maybe some action in october? there are a lot of sticking point in september. it could influence the fed's decision for a start in q4. but they almost in the opposite of what they did in 2013. they put out all of that ahead
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of time before pulling the trigger. you talk about positioning, this cycle of being in an anomaly. let's cut to the chase. what does it mean for trade? what should we buy as a result of that? george: it is a function of buy and sell. there are a lot of relative i opportunities throughout this. in the treasury space and beyond -- opportunities throughout this period, in the treasury space and beyond. we had been living in a world where investors have not had to hedge for two way risk. that will cause volatility over the course of time. the first three months may seem like a snoozer because they will go slow, but we do think that is a look towards next year, they are going to be putting a lot of
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paper back into the system. the private sector will discounted at a much lower yield. vonnie: the low end getting steeper if you look at the spread, but you said it is pretty narrow. where does that go on how do you benefit trading-wise? --rge: any normal fed cycle in a normal fed cycle, this is an unconventional period. the curve has flattened down toward zero, completely going away -- a number of things are happening. -- the market is preparing for the fed announcement, but the treasury has to finance all of this paper. rates are low. secretary mnuchin has mentioned that rates are low comes at the advantage of that.
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there is going to be more bonds in the system and a longer duration nature. mark: your terminal rate for tax -- or terminal rate forecast is 2%. is your forecast to optimistic? george: it all depends on how we get there. pathways werious can take that could dictate where we end up on the short rate side. if the potential for the changing of leadership at the fed. they want to take a positive recess reassess the situation, and that could prolong the cycle, and ultimately, they get to 3%. i don't think the fed would admit that they are not going to go towards 3% anytime soon, whereas we are of the belief that term premium covering back with long-term rates will do a tiny for the fed, therefore do less overtime. vonnie: everybody is coming back into the market, it seems coming clean the bank of japan. is that more of a function of
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the stronger yen? the other part of the question is the others seem to be for corporate? view.: we change our we feel like we are in the middle of the cycle. the fed is still tightening. foreign investors, the cost of funding starts to go up and they find treasuries in some segments of the fixed income markets less attractive. you see less demand from overseas investors. we are still very early on in the story, but we think there is going to be a slowdown in foreign participation, too. vonnie: thank you so much for joining us in the studio. they are calling in the earnings for a massive day in europe. look at the biggest decline ever for this drugmaker. they had a big announcer -- had
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a big announcement. deutsche bank and the news reporting a 10% drop in second-quarter revenue. announcedcompany has a buyback. shell is up.-- and rising to the highest since the oil slump started in 2014. two down, two up. this is bloomberg. ♪
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♪ vonnie: live from new york and london, i'm vonnie quinn. mark: and i'm mark barton. this is "bloomberg markets" undelivered television. it european --
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european oil giants reporting today, including shell. even with the oil price, a chief executive says the deal for bg is paying off. >> it has a lot of growth opportunity. they are still growing a castle on the back of the deal as well. altogether, it is a debit has worked out very well. the senators -- the synergies, by the end of the year, the $4.5 billion promising capital, we will get that by the end of this year. what i do something like this again? absolutely. is ready to pursue growth. their profit soared since before the oil crash after drastic cost-cutting.
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let's talk about futures in focusing -- futures in focus. joining us from the cna is the chief strategist. let's start with gold. 1269 is a key level. what a stay above it? >> i think this market could push through. i am looking for a test to 1300. this is from the august contract. againstl puts it right the long-term trendline from 2011 highs. it comes to about 1275. i am wanting is on a monthly basis. they could close out above there, it to gravitate towards 1300. that is a level everyone will be watching. ultimately, it is the currency is moving this market, too. the big word is inflection point. other currencies are against the
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dollar at an inflection point. if the dollar continues to go lower, gold will be a key beneficiary of this. the dollar index at 9230. if it goes below there, you will see gold get above 1300. and you will see extreme selling in the dollar and the euro as well. you got a watch these markets right here. gold is going to trade off the currencies and you have to see if these things can breakout or not. mark: we will leave it there. will check you later. mark.: thanks, still ahead, southwest airlines closed today, down 4%, but turning the corner on a two-year slump, but the rebound will take time. i will speak with the chairman of southwest next. this is bloomberg. ♪
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♪ mark: this is "bloomberg markets." i'm mark barton in london. vonnie: and in your, i'm vonnie quinn. southwest airlines is one of the a secondanies posted quarterly earnings beat, but closely watching earning power sending them lower today. it we are joined by the ceo and chairman of southwest airlines, gary kelly, joining us from the headquarters in dallas, texas. congratulations on the earnings beat. you are finding it difficult to raise prices following the 2015 price war. what is weighing on that? the only managed to raise up by 1% this quarter? gary: well, we were very pleased with the quarter. as you have pointed out, it was a solid quarter. it was a bead on the earnings per share.
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and the unit revenues were up 1.5% despite some new reservations and a system dragged we had. i was pleased with that. it was in line with our guidance all quarter long. we're pretty happy. it is a very competitive environment out there. it is nice to see average fares increasing modestly again. modest farerget a increase. our outlook for the third quarter is very solid, and sequentially, very much in line with what we would expect compared to the second quarter. so, hopefully we will see more strengthening than what we had in second quarter, but at this point, i do not see any softening. vonnie: the new reservation system accounted for 100 basis points worth. is that out of the way? gary: not quite that much. we were estimating one to 2% -- 1% to 2% unit quarter growth without any drag from the new system.
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i think we will see a similar penalty in the third quarter, and we have worked under way to remedy those couple of items, and hopefully that will be done by the time we hit the fourth quarter. me, is most interesting to how do things develop in the fourth quarter of the year to be continue to see revenue improvement? we have reckitt low factors and -- we have record low factors and a strengthening environment. seat,: the cost for each the total operating costs were up when revenues were only up 7%. how are you going to get that down? forr contracts it accounts two thirds of the 5.3% increase, but you still need to get costs down. what are you targeting? gary: well, all of that is within our plans. we had a better cost performance in the second quarter than what we had budgeted for, so that is
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where the beat came from year-over-year. the cost pressure will ease in the third quarter and again in the fourth quarter. the cost outlook, quite frankly, is very good. coming from is concluding labor contract negotiations in the fourth quarter and zero go after many years. there is a significant snap up in wages, so if you take that distortion into account, the overall cost performance is very good. one thing you will notice in the quarter is you are beginning to see the benefit of the early retirement of our older fleet. our fleet monetization will be a big part of the cost story improvement going forward. vonnie: do have a conference call coming up. one will be looking for on the competitive environment after united spooked investors a little bit. tell us a little bit about the competitive environment around the denver area and in other places? gary: you know, in my opinion,
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denver is no more competitive than any other place else. it is a very competitive environment. that is not new. we performed very well in a competitive environment because we have the 1-2 punch -- great service, very low fares, very transparent, customers hate bag fees. a lot of people like to fly southwest and. that is how we will compete in denver and other places. but even within that competitive environment, we are growing our unit revenues and that is my expectation for the balance of the year. vonnie: how are increase security rules affecting passenger's moods, passenger bookings, cost for you guys? we had record low factors again in the second quarter of this year, so i realize that is really before the implementation of the new security procedures, but i think we will be very well prepared for that. s arenternational flight
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impacted first. we only have 3.5% of our route system flying internationally. we are very efficient in turning our airplanes, airline runs on time. overall, it is a very good customer experience. we work with the tsa to make sure that they are adequately staffed so the customers can dependably get through the lines. i think that will be fine. vonnie: gary kelly, chairman and ceo of southwest airlines. thank you and congratulations. ahead, european close. mark: this is bloomberg.
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♪ mark: live from bloomberg headquarters in london and new york, i'm mark barton. this is "bloomberg markets." one hour until the close.
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one analyst called it the busiest earnings day he has experience in 20 years, and another one called it a day from hell. many -- as many of 85 of stoxx 600 reporting today. let's get to the earnings. shares of deutsche bank falling as much as 4.7%. biggest drop since march, reporting a 10% drop in second-quarter revenue. that missed earnings of the reorganization of the bank. the bank cautioned that revenues of its operating businesses will decline this year. earlier, we spoke to the chief executive, john cryan. john: the headcount will come to reduce cost, but we will continue to try to modernize the bank, distinguishing between running expenses and investing, but he wanted to but the investment because we do need to move all of the modernization program. .e have been focusing on costs
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now we have to focus on revenues. mark: we will hear more from john cryan in the next half. fixed income trading dropping 12%. equities falling as well. bank,ite line is deutsche .489 is where we are today when it they said existential crisis leisure, it was below .80. gap between those two lenders. lloyds poised thing -- posting a bigger drop in expected. protectionment insurance scandal, the been -- 17 a 700 million pound time the total chart 18 pounds per share.
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zeneca biggest decline on record, suffering a below to its next generation cancer therapy promising a new drug combination failed to check the growth of long tumors than chemotherapy. 13.6% is the decline, equating dollars of value. let's check with emma chandra. emma: senate republicans are still trying to deliver on the promise of repealing obamacare. rejected a plan that was has scrapped the major parts of the affordable care act. critics say the measure would have left millions of people without health insurance. we will have more on that in a moment. meanwhile, president trump's chief judges, steve bannon, once to make middle-class tax cuts. dan and would have -- steve bannon would have had --
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that would be the highest level. it is not clear if president trump would support the move. ,hite house communication anthony scaramucci, is suggesting that -- apart of a leak. scaramucci is unhappy that his financial disclosure form will leak. that theother sign economy is keeping up with its momentum. industrial profits rose more than 19% in june from a year ago. helping chinese companies deal with a heavy debt load. news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i'm emma chandra. this is bloomberg. vonnie: thank you. high-stakes for health care in washington. kevin cirilli joins us for details on capitol hill. remind us, what has been taken
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up today, or how many amendments are being taken up today? kevin: the senate is trying to advance the skinny version of its health care repeal bill to get rid of the individual an employer mandates. that said, i just spoke moments ago with representative -- with an ultraconservative representative. the skinny version will not advance out of the house of representatives as it is written down. -- will not advance out of the house of representatives as it is written. they are beginning to grapple with what will come next? the senate advances legislation is one step in what could potentially be weeks or months of a process. mark: how did you get that through the house and senate then? in the house of representatives, they would have to head to a conference, and
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there would be a lot of deals going on. yesterday, the jockeying on the transgender ban of the military and with the religious freedom lot is important for political freedom watchers because it would suggest there our negotiations going on with conservative members. with that said, i can tell you that the window of opportunity for there to be a significant legislative approach on health care reform will begin to close at they are not able to do this i the august recess. vonnie: yeah. mitch mcconnell want something done tonight. it will be a long night. what would be a win for him on this particular day, kevin? kevin: health. that is the bottom line. get this back to the house. i did my job, got this through, and now it is up to you. let's hammer it out and try to advance this. you have been seen this coming from the white house. but you are seeing that pressure
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from the president himself kind of pressure republicans to get this done. beforee able to do it the august recess, that is a significant win. but if they are not able to do that, he gets tough for them to continue on health care. vonnie: our thanks to kevin cirilli, our chief washington correspondent. mark: coming up, diverting parts of facebook and twitter. shares of facebook getting a boost from small -- from strong, monthly active users. and then amazon taking the spotlight. this is bloomberg. ♪
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♪ london, i'm mark
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barton. vonnie: and in new york, i'm vonnie quinn. this is "bloomberg markets." we focus on a notable topic. hospital operator says it expects to your patience this year and release preliminary results that missed analyst's estimates. julie hyman is here. julie: this is the third hospital chain operator in three days to report these kinds of numbers following universal health services yesterday. it is saying adjusted admissions will fall 1% to 2%. what is going on? there are a couple of different things at play. community health got an influx of patients couple of years ago because of the aca. folks, orand insured people coming through the door, giving it a temporary lift. at the same time, you are coming off of that accelerated,
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inpatient traffic. community health has locations and a lot of brewery areas -- rural areas. bloomberg intelligence took a look at the world hospitals in terms of the competitive world hospitals, and found that their admissions were lower, which suggests that has something to do with execution as well. if you take a look at the bloomberg intelligence track, community health is in orange. other hospitals, collectively, or in white. you can see pretty consistently since 2013 at least, it has had a lower numbers and competitors, so this is an ongoing issue. vonnie: i am looking at the debt profile. pretty highe it is bond principal there. julie: that was the screen i just switched to. that is a background issue for this company. debt ate $15 billion in
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the end of march. they plan to sell about 30 hospitals. the stock has soared year to date on that plan, on the hope that it will be able to pay down its debt. bloomberg intelligence means this will help to start to pay down the debt, and these going through next or, perhaps going until 2019. but that is a background issue almost that you can take a look at. the other way to look at it on the bloomberg, are charged meister that are chart meister, the blue bars are the next -- are the net debt. the equity market cap is -- you can see the debt issue that the company does have. and then to add everything else, you have the health care debate. vonnie: we will be watching that closely. julie: all of these issues are
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aside for that ongoing debate. this uncertainty about whether medicaid funding will decrease. whether the number of insured people will decrease? what effect will that have? one thing i want to mention is that there is also a secular trend of people going to outpatient centers, going to dr.'s offices, versus going to hospitals. that is not just affecting committee health, but hospitals as well. vonnie: julie hyman, thank you. facebook setting the bar high last night after reporting a milestone of 2 billion monthly active users. shares of twitter plunging after the company failed to boost its monthly audience. -- chief executive jeff bezos has reason to celebrate. he has become the richest man in the world one hour ago. let's bring in caroline hyde. if you are with facebook, you
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have reason to celebrate today, record high. caroline: this company is unstoppable. it's got scale, growth, and profitability. 2 billion, the number is mind-boggling. they have the same growth as 17% in daily active users. 3 billion checking their facebook account every single day. revenue, up 45% and earnings per share up 69%. the growth drivers are very evident. instagram will be helping, videos will be helping, but they will start monetizing significantly the likes of messenger and whatsapp. there is firing on all furnaces. this company has 41 buys. vonnie: twitter is a different story -- mark: twitter is a different story.
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andmonthly users are stuck it is heavily reflected in the stock prices. caroline: while jpmorgan says facebook has profitability and scale, these other three things that twitter does not have right now. it is not profitable and the growth is lackluster. there was no growth in terms of monthly active users quarter on quarter. u.s.have lost users in the with the tweeter in chief. the sco -- the cfo said they could not explain the causality. daily was going up. there were a few rays of light. but the second half does not look pretty in terms of revenue. they took a hit in their net revenue. they invested in soundcloud. they had to write off at investment. they are trying to steady the
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ship. they are trying to focus heavily on video. they are trying to focus on great new partnerships, sports, life content. -- live content. vonnie: it is hard to change investor's perceptions what they had been made, right, caroline? you really have to do something massive. that brings me to amazon because investors are liking amazon, and a matter what happens, it will continue to like amazon. is there anything that can cause of this to falter? caroline: fascinating. amazon only has oneself from analysts' perspective. that it frustration is doesn't matter about profitability. they focus on investment, investment, investment. who wante an investor to be rewarded by dividends and profit, that might not happen, but you will be rewarded by share price increases.
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this is why jeff bezos is the wealthiest in the world. he is a 16% holder of shares in amazon, the biggest holder. services faces an area of growth. retail --g the fulfilling the retail. notably, they are liking the advertising revenue growth. this is a company that continues to fire on all cylinders, but continues to reinvest in itself, particularly when it comes to video content women want to lord and the new -- they want to lure in. the area of concern is if you wanted to see money be rewarded to the shareholder, i am afraid you wait. mark: i did not know jeff bezos trek,"an alien in "star beyond."
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bill gates have held the top spot since may 2013. that has been a long stretch. caroline: and warren buffett, you cannot take that away from him, he is a long-term investor. he wants to see investment-winning companies. dallas -- $91 billion is worth is what jeff bezos is worth -- $91 billion is what you pesos is worth -- $91 billion is what jeff bezos is worth it mark: thank you so much. vonnie? vonnie: time for our quick takes where we provide context and background issues of interest. the u.s. stock market plundered and interest of traders yelling and an image is now a memory because computers are doing most of the trading. american equities change hands
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on 50 markets. microsecond reaction times have lowered costs and given an advantage to trading firms trying to proceed all increasing the risk of errors that paralyze trading and shake investor confidence. here is a situation. the new situation is when everyone is fast, there is less profit to be made, but despite critics, traders face the challenges and less turbulent markets with low trading volume. market makers in u.s. stocks and $1.1 billion in revenue in 2016 compared with $7.2 billion back in 2009. it forced them to branch out. holdings.ased kcg they have retreated from the business altogether.
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automated trading firms are stepping in. another big shift came in 2007 with regulation -- mmf, requiring a stock the traded at a particular time. raisedsh of 2010 the billions of dollars in a matter of minutes. the nyse blamed a three-hour close on a computer malfunction. argument, critics argue markets have been too beholden to cutting-edge technology, saying the risk of breakdowns has grown dangerous -- breakout has grown to dangerous levels. they say it hurts investors in the long-term. defenders of the practice say it has reduced training cost to ordinary investors. you can read more about high-speed trading on the bloomberg. mark: after years of scandal,
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exchange rate is being put to rest. debt hasloomberg its nothing to do with this manipulation. details next, plus, a confirmation hearing the president's trump of the top -- president trump for the top watchdog. you can watch the entire hearing on the bloomberg. this is bloomberg. ♪
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♪ vonnie: live from london and new york, i'm vonnie quinn. mark: i'm mark barton. this is "bloomberg markets" on bloomberg television. the end insight for libor. their products will be phased out by the end of 2021.
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regulators and thanks for try to replace it with a more reliable system since it became the word for corruption after traders were caught trying to manipulate it. financial conduct chief authority andrew bailey telling bloomberg surveillance, the decision was within the scandal. >> we observed since libor was reset post the crisis that the assumption behind the resetting was the transactions in bank funding would reemerge. so, the assumption that we have a market in money that will support libor has not happened. on current structure depends expert judgment by the banks. by the way, they do well. i said it is not another scandal, it is about the long-term sustainability of the structure. reporter suzy, was it always doomed after the
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financial crisis? suzy: i think so. the question was, why did it take so long? -- there was a lot done around governance. to some extent, it has helped governance within the bank, but it does not change the fact that it is a low interest rate environment. people cannot predict five years ago. vonnie: this 350 trillion worth libor,rities tied to will that stay depending on what replaces it? seems to be it would be due to something else. what that other thing is, we don't know yet. the next we have to figure out
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is what benchmarks would replace it. mark: concerns are mounting in the eurozone over the arrival of the bureau area of libor -- the euro area of libor. suzi: they were happy to distance himself from that question. he clearly wanted to focus on libor and what the future was not about. mark: what about the united states, replacing it with a sort of new, broad repo rate? suzi: they are looking at kind of more u.s. treasuries. something less risky, and more transaction-based, but they have not been able to materialize that. fear?what is the suzi: it is a long road.
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45 years of the minimum amount they thought they could do it in -- four to five years is the minimum they thought they could do it in. they are going to have to keep a clear eye on that. we have seen what has happened in the past. mark: thank you. you are watching bloomberg television. coming up on the european close, we are following stocks, 35 minutes from the end of the session. the closes 34 minutes away. this is bloomberg. ♪
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this is "a european close" on bloomberg. one of the biggest earnings days in recent memory, covering everything from nestle 2 -- hello more -- the bank is still lagging u.s. rivals. his warning about noble group is ringing true.
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