tv Bloomberg Markets European Close Bloomberg August 24, 2017 11:00am-12:00pm EDT
mark: the top stories we are covering, jackson hole, what expectations do anything earth shattering. what are the chances that mario draghi or janet yellen could rattle market? another day, another painful earnings report for u.k. company. shares are plunging about 20%. how tepid is consumer spending? corporate news, lady gaga helping put the sparkle back into pennies. we will find out why the pop star is pushing the company back to the edge of glory. a look at trading, 30 minutes away from the thursday session.
stocks are rising today as jackson hole gets underway, gaining for the second day. all the gray currencies, or little moving currencies against the dollar today. sovereign bonds, third column. wanted to talk about crh. shares of as much as 4.7%. biggest gain since november. it announced the sale of its u.s. building interior -- interior building productivity called allied building products. beacon roofing supply price, $2.6 billion. it is a chance to cash in on a business that has been more than 20 years expanding by requisitions coming can generate funds. one of the largest u.s. distributors of construction materials. separatenced a
aggregate for 600 million euros. shares are up by 4.4% today. gdp data out of the u.k., level of-- .3% was the expansion, back in line with previous estimates. slightly up on the previous quarter. the first quarter. we will talk more about this with our guest in a second. i thought we would look at the ftse. given the array of plunging share prices we have seen from ftse 100 and ftse 250 constituents this week, something i will be doing a my battle of the charts later. i won't say too much. this is ftse white line versus blueblue line and -- dax line. the ftse is roughly down. the others are posting gains and 6%.2% that is a fascinating chart, as is this chart as jackson hole
gets underway. euro traders are gearing up for volatility heading into jackson hole. those dealing are dissipating little impact. about 47 basis points. 73 basis points higher than two volatility. that is more than triple the premium of the canadian dollar. yen committeethe ecb president mario draghi speaks at 3:00 p.m. new york time tomorrow, just a few hours after the fed chair janet yellen. euro traders do seem to be gearing up for volatility heading into that speech from oreo draghi tomorrow. abigail, what is it looking like out there?
abigail: the markets are wishy-washy. mix trading. we've been watching the averages move between small gains and small losses. it appears there on hold before janet yellen speaks at jackson hole tomorrow. with the exception of fed chair ben bernanke back in 2010 when he alluded to the possibility of qe2, nothing new comes out of the speeches but investors are waiting for clues. at one sectorook under pressure. this is the consumer staple index. we see over the last two months, it is down about 1.7%. taking a dip lower at its lowest level today since july 24. those lower lows could be bearish. it may suggest there is a possibility of more selling ahead. as for what is pressuring consumer staples, lots of packaged food makers. s&p 1500 have the
been screwed index down sharply today. on pace for its worst day since june. behind that, the likes of others -- smuckers, among stocks. this on a big earnings and revenue miss. interestingly, jpmorgan cut their rating to neutral saying the forecast was not cut enough. can't win it away. smucker down sharply. end on breaking news, let's take a look at the shares of emphasis on an intraday basis. we are going to see this stock is spiking on an intraday basis on the breaking news that the board has been the cofounder as the nonexecutive chairman. here we see that spike appearing to gain a little bit, but nonetheless, this is not
entirely surprising. infosys founders are sent to plot aboard coup to take control. ceo week, we did have the resign. lots of shakeup over there at infosys, the indian i.t. consulting firm. all of thank you for that. let's check in on the first word news with courtney donohoe. >> president trump says raising the debt ceiling could have been so easy, but now it is a mess. the president said in a tweet -- the u.s. troop increase in afghanistan is underway. the commander of the u.s. and nato forces there says the influx of american soldiers will continue over the next few months. most of the new u.s. troops will be used to train afghan security forces. your singapore, the u.s. navy is
calling off the search for sailors missing after the collision between a destroyer and an oil taker. officials say they have identified the remains of one victim. 10 sailors from the uss john s mccain went missing in the accident. migration to be the has fallen to a three-year low in the wake of the brexit vote. it is down 81,000 from the year-earlier. global news 24 hours a day powered by more than journalists 2700 and analysts in more than 120 countries. coming up, going gaga for tiffany's. the pop star collection is getting a boost at tiffany's earnings, not enough to lift the shares today. what is going on? retail roundup is next. this is bloomberg. ♪ is
vonnie: i am vonnie quinn. mark: i am mark barton. retail.rn to tiffany reporting second-quarter better than estimated. same-store sales better than expected. trying to attract younger shoppers by renovating stores, introducing a collection promoted by lady gaga. joining us now is andrea felsted who is also going to talk about dixons car phone. london.ere in that is where i want to start and i am the boss. when the merger happened, many might have thought he would be the electronic side that may be the whirring area, -- worry
ing. >> it is a prize. phones are one of the air is if you're going to be squeezed on income, you're not going to cut back on your phone. it seems they're getting more expensive. ,hen you're upgrading them their less snazzy. where holding on to the longer. the expenditure of, weaker since 2014. clearly, if your phone is becoming more expensive, there is not a snazzy new phone to choose from, you're thinking, you know what? i will save a bit of money and save -- stick with my current phone. that does seem to be the case. i think there are some companies specific factors. they have relied on the past on theire-off items to boost revenue from phones, and that
has reversed. those lumpy earnings. mark: could this have been flagged a few months ago? the ceo, has he lost credibility? of the with the onset iphone 8, he says everything will be rosy. >> they had result of the end of june and they did not raise this issue. he always looks on the bright side, but maybe he was looking on the bright side of it too much in this instance. vonnie: we talk a lot about the amazon affect here when it comes to electronics retailers. is that happening with dixons carphone warehouse, to? onthis is not been blamed amazon. that is one of the ironies. electronics, one of the most competitive areas of the markets. this profit warning is not been blamed on that. the issue is, the next shoe --
is it the next shoe to drop? and other tv's big-ticket items, they take a fair amount of money. if incomes are being squeezed, they're going to be one of the first things we say, you know what? i will just put that off until next year. vonnie: talk about the more luxury end of things for the consumers. tiffany's, seems to be making inroads with the younger demographic. >> that's right. that is the area of the market were all of the luxury groups really want to capture that millennial customer part of duty success is it has revamped -- 's success is it has revamped and caught on with younger shoppers. cartier and those love bangles that are very popular. if you can strike a win in that millennial market, that is very good news. mark: the love bangles. there is a name. let's go back to the u.k.
what is the out like -- outlook for the consumer? is today where the penny really drops in the gdp report showing the household consumption was so weak or had it dropped already? >> i think the penny has been dropping for a while. over the past few weeks, quite a warnings in that particular area of the market. things like clothing is still difficult. incomes are being squeezed. the danger is, does it moved to other parts of the market? mark: who beat brexit? who thrives in this environment? >> discounters and anybody with a competitive price proposition. .e're seen aldi down thing their sales really resurging. it is psychological. we're all hearing all the time about bad news -- mark: overtaking phones.
fourth-largest, fifth-largest. that is incredible. >> our incomes are being squeezed, so we will go to -- mark: andrea, thank you so much. andrea felsted, vonnie. vonnie: time for the bloomberg business flash. sears, reading, being kept afloat by billionaire eddie lambert. loss -- lostars $251 million in the second quarter. the third straight double-digit decline. rising prices and shaking inventories are still having an impact on the u.s. housing market. existing home sells unexpectedly fell in july. .losings were down the and all rate, 5.4 million homes. the median sales price was up to $258,000.
gathering is reminder that central-bank policy still trumps every thing else. from our berlin studio, richard jones. chris, who is more likely to move markets tomorrow gekko yellen or draghi? >> i think yellen, actually. -- he saw his quick reverse. yellen is the one to watch this time around. watch the balance she will speak of with interest rates in the balance sheet reduction. that is where the volatility could start to come through. goingrichard, chris is for yellen in the most liquid a move markets. draghi will be watched in case you touches on the euro. we have the estonian central bank governor who did not seem to perturbed. will draghi even touched on the
euro? does he need to or not, the euro strength? probablyect chris is right and we will probably get more policy wise out of jackson hole from janet yellen then mario draghi. if you look at what draghi said yesterday, sort of and academics reach. i suspect with the ecb beating just around the corner, i think september 6, draghi will probably keep his powder dry. wilmington about either. speaks afteri european markets are closed. janet yellen i guess it's while u.s. markets are still open. will either of them give any sort of hint at hawkishness? chris, let me ask you that. >> i think it is yellen where the hawkishness is likely to come through. you have seen quite a bit of strength coming through the u.s. dollar over the last few days. a solid bounce in what has been
a steady downtrend. this is where we should be watching. the market is primed perhaps for a concession from janet yellen maybe the interest rate rises not going the way we thought they were six months ago. probably more how she phrases that balance sheet reduction and watch the new want we get to go from the con of discussion. will there be a steady move? perhaps pushing the timetable further out? concerns.e fed's these things keep coming back to the fore. that is why think the central banks remain the only game in town. vonnie: richard, most of the economists we speak to say this downturn in inflation, this extra dip is probably not going -- fed.eal the fred you never know why should janet yellen rush things when she has promised that nothing is going to get rushed? moved the the fed has
rate hikes along as far as they want to. we might get another one this year, but it doesn't -- it is not nailed on as far as investors are concerned. what investors are really looking at, do we advance the narrative on balance sheet reduction? i think that is going to be the focus, if anything, from janet yellen market was tomorrow and i think it will be the focus in september. i think that has really overtaken the rates view from market for dissidents in terms of what the focus is. balance sheet reduction is the number one game in town for investors right now. and rates have taken a bit of a backseat. mark: richard, before i ask about u.k. gdp data, i want to ask about a big debate raging, especially on the markets live page. euro pound parity. pence the highest level since 2009 yesterday. only a couple of houses
predicting it through the end of the year, first quarter. is it looking more likely or do you think it is a step too far? >> i think we are probably well on our way to 9415, which was the spike high during the sterling flash crash. be a step too far. having said that, there's still a long way to go before we get the brexit negotiations and everything out of that. i think initially, we're probably going to get to that 94 level and then have a pause. right now i would say parity is probably a step too far. mark: chris, the fact sterling does let's talk about the gdp data. is almost out the headline figure that matters, but the lack of business investment, the household consumption, the fact
that net trade is not having the impact that many would have predicted with sterling's decline. are we truly witnessing the impact of last june's brexit vote? >> i think it is beginning to make itself felt in a way people thought it would immediately afterwards, but i don't think it is time to get to bearish. you see an awful lot of resilience come through. you had further comments this morning about improvement in car exporters. there are reasons for optimism worthy u.k.'s concern. the market reaction, the pound is holding against the dollar. talking about the weakness against the euro, but it is a son we could have turned a quarter in the shorter term. people are still quite negative about the u.k., and it might surprise is just yet. vonnie: what assets look interesting to you price wise at the moment, chris? >> fundamentally, it is a ftse story to look at for the end of the air. if you look at the recent surveys that say, what is your least popular trade?
again and again. if you factor in the weakness of the pound and how it makes it far more attractive to overseas investors, there could be quite a bit of tell wins to push the ftse 100 higher. we've had a lot of sideways trades the last few months. see al think you might push back to the all-time highs and keep going from here. i still think you get equities offer a lot of promise. marko explained the sizable decline we have seen in three stocks in particular. -- mark: explain the sizable decline we have seen in three stocks in particular. you take the cap.com it is august, so we need to be caveat, the reaction -- it is august, so we need to be aware of the reaction.
some are slightly too complacent. these shocks coming out of the blue are catching people on the heart. steady.sed to study -- you have seen a filtering through. maybe your zynga show up on the corporate side of things. i think people should remember we are still in a volatile time. just because we have had periods of quite doesn't mean this will last forever. and chrisard jones beauchamp. good to see you. take a look at my european markets trading as we had to the close. look at this. we up today. all eyes on jackson hole. the close is next. ♪
jackson hole gets underway. investors choosing to overlook what is going on in washington and focus on jackson hole. carphone warehouse and dixons merged years ago to create this entity dixons car phone. biggest decline for the shares since the formation of this company, down by 23%. i'm not going is another word because someone in new york will snap at me if i do because we are having a special segment next. a big decline are in europe. what a we get has been for declining u.k. stocks, more of which i will talk about at the end of this hour. we were talking a few minutes ago, euro-pound parity, how likely. great chart. telling you what some of the houses are saying. morgan stanley is forecasting parity and above by march of next year. hsbc says it will happen by the end of this year. the median forecast from .trategist today, the 90 pence
we're at 92. slightly weaker pound, weaker euro against the pound. from here, interestingly, out of the 62 participants in the bloomberg currency surveyed, only those two houses, hsbc and morgan stanley, that see the pair at or above one by mid-2018. steve barros says it is not a wee leap of faith to suggest could get up to parity area. it would be full hearty to roll out the prospect of the euro trading the one town market according to an analyst. brexit weighing on the pound lately. weak's gdp data came in come in line with estimates, same as the prior estimate. just up from .2% in the prior quarter. the economy is shrugging along
slowly in the first half of the year. this is a great chart to finish today. to see how much central bank bond buying distorted market valuations. take a look at the lowest rated sovereign debt. these are the worst rated sovereign bonds. ,unk emerging target bond deal now yields less than u.s. treasury bills did as recently as 1999. seven levels below investment grade among the world's lowest ranked have dropped down to 6% in the past two months. quite incredible. showing us where this search for yield is taking us. vonnie: pretty phenomenal. i love how our mike regan credit, who flicked the risk switch off? certainly, the yen is a little
weaker today. we're not making a to the $1300 mark for gold, either. crude oil is a different story. down about 1.7%. yield, i thought it would be nice to have a look at that given jackson hole tomorrow. it could be the end of august or the jitters about the potential slowdown. looking at markets, russia is higher, japan a little lower on the yen move and the bloomberg dollar index of is at risk off sentiment sort of creeps back in. car phone has promised the uk's largest electronics retailer forecasting an unexpected drop in earnings today. i showed you be sure applies -- share price plunging. joining us is taylor riggs.
taylor, what is going on and dixons car phone? taylor: thank you for not stealing my thunder with your closing bell data check. like you said, three years of unblemished growth and today's unexpected drop in their forecast for earnings, down 1.30 6%, the lowest since 2012 on the long-term chart. structurally weak upgrade cycle for mobile phones will stop we're waiting for the iphone 8 perhaps. people have not been upgrading their phones. putting pressure on their forecast. we are also starting to see a big discount here when you look at it on the forward pe basis relative to its competitors. the share price drop reflects that. even though it is cheap valuation, investors may not trust the comedy to be buying just yet. i've heard concerns about quality when management knew about some of these concerns with our issuing earnings back in june. they did not mention it until today.
investors get frustrated when they say, why didn't management bring this up within you about it? they must have known a few months ago there were construct -- structural concerns in the market. if you step back and look at the macro picture, mark, a new k, you will like it. like the u.k., you'll this. putting pressure from the drop. this chart, the end number in august, -10%, shows 44% of retailers said volumes were up -- down, compared with 34% that said they were up. that is giving you that -10%, really putting pressure on the stock. vonnie: the ceo, mention breitbart? 8.lor: i mentioned iphone as we wait for that to come out, maybe in september at of the holiday season, the ceo highlighted that could be a push for them. is itsou know the pound
weakest versus the euro since 2008. that is really hurting the consumer. i know this morning that u.k. spending was weak, so if you macro concerns as well for the stock. vonnie: taylor riggs, thank you. let's check in on the first word news with courtney donohoe. courtney: tropical storm harvey could become hurricane by tomorrow. texas has that been hit by a hurricane since 2008. oil workers began leaving the platforms in the gulf and airlines are preparing for flight disruptions. china has accused u.s. of sabotaging the international trading system and warns it will defend its interest if necessary. the issue is the u.s. investigation into china's intellectual property practices. the trump administration says it will determine whether china's actions in areas such a technology transfer are unreasonable or discriminatory. qatar is returning its
ambassador to iran and will seek closer ties with its persian gulf neighbors. this was after an assault on saudi arabia's diplomatic mission in tehran in 2016, but the saudi's are leaving the isolation of qatar over its alleged ties to islamic extremists. germany, angela merkel second term allies say they are wary of does wary of rejoining if she wins another term from suggesting the democratic party will return to the parliament after a four-year absence. a party leader says it once a government that will modernize the country. >> the main thing is, can we the country and make it fit for the future? and do we find the coalition gotners willing yet chancellor says, slightly different.
courtney: global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. vonnie: coming up, kansas city fed president esther george season opportunity to raise interest rates once again this year. our interview with the host of the jackson hole symposium, next. this is bloomberg. ♪
arguing in favor of tighter policy. mckee asked esther george if she was wrong. >> when i think about inflation, i think about our mandate, which is price stability. relative to the economy growing at 2% and is adding jobs, i think we're in a pretty good place. and we still have very accommodative monetary policy. that tells me we should begin to come as we have indicated, gradually removing that accommodation. as long as the outlook supports that we are moving in the right direction. and i think we are. michael: that's a just you are in favor of another rate move? >> that was my last forecast. use town we put those together is an opportunity to look at the data. -- each time we put those together is an opportunity to look at the data. we will see whether that makes
sense based on what i've seen today, i think there's still opportunity to do that. michael: by the end of the year, not necessarily in september. meeting and ik a don't consider that rate pattern is projections committed the desk commitment. it is a general sense of where rate should go. michael: to which is it an indicator? in other words, is it the phillips curve broken or nehru is lower than it has been in the past? >> i don't know i will have a good answer for you because many people are studying that very issue. the things i look at when i look at inflation -- goods, the price of goods. that has been falling. maybe that is good to technology. there are a number of factors i think maybe pressing down. services, two thirds, the economy -- you see those rates are actually staying at 2% and higher. in the context of the economy we have today, that is why i think you have to be caps on getting
too focused on a point estimate as opposed to the broader trends you see and the expectations out there. michael: speaking of expectations, with inflation not rising, five months of disappointment. market expectations are falling. is that problem for a fed that has said expectations are key to keeping prices stable? >> i think you have to pay careful attention to that. i would include myself there. what, you have to know drives those expectations. that is the challenge, constantly looking at what is going on in the economy, what might be reflected in those summers as opposed to overreacting to some specific point estimate you see. michael: there's been talk about financial stability. janet yellen will speak on friday. with financial conditions easing and stock prices continue to rise to new records, is that a reason to continue raising interest rates? do you have a concern about the
level of asset prices? >> i think the qe undertaken over the last 10 years aimed at boosting asset values. when you see we have made four rate moves since december 2015 and financial conditions have eased, i think that points to the idea that we need to adjust the balance sheets. that is a tool we have not had experience with. i think that is an important that, to be looking at that. michael: let me ask you, are investors to complacent these days? >> i don't know. i think you will have to see where that comes out. as i said, we need set conditions that have had easy monetary policy for a long time, the incentives to reach for yield, the committee signals it will be gradual could feed into that. those asset values carefully, but i'm not sure there's anything you can target
specifically when it comes to setting policy. michael: the balance sheet taper, wall street is betting it is september you're going to announce it. any reason they would be wrong, from your point of view? >> i have been in favor of doing this for some time. i think the estimates suggest the economy is in a good place to begin doing that. i will look forward to the discussion in september about that opportunity. michael: do you have any estimate about the impact on financial markets from that, particularly, yields, and whether or not it will i'm out to a de facto tightening -- it will amount to a de facto tightening? weit is hard to know because don't have experience doing this. you would expect because of the duration of these assets that as you begin to shrink that balance sheet, i hope it does get reflected in the yield curve full stop michael: how sensitive will you be to market reactions, to the tapering process? >> i think we are always taking that into account, whether it
alters the path of policy is a broader discussion about what else we see going on. michael: do you think asset prices if late as you shrink the balance sheet as the way they inflate when he blew up the balance sheet? >> i don't know. i wish i had some experience to draw on here. tot i know is the aim was boost asset values. i think we have seen that. whether that ends up having a symmetric reaction on the other side, i think we have to wait and see. approache very gradual is being taken there that gives the committee time. it has given markets time to understand where that balance sheet is headed. michael: the one thing you have not told investors is how big the balance sheet is ultimately going to be and that will depend on what monetary policy system you and abusing. are you -- of using. are you in favor you abusing the current system or would you go back to strictly setting a fed funds target? >> it is appealing to go back
because we know how that looks. but we are where we are today. i think it makes sense to judge as we move forward how we see the economy unfold. what you don't know is you could get hit with a shock at any time. you will have another set of decisions to make. the ultimate operating framework is not something the committee has opined on yet. it has talked about it. there has been analysis underway. but i think for now, we have to reverse repoight tools as part of how we begin to normalize policy. michael: as part of the reasoning for why you want to do this now and for why you want to continue raising rates, is it because you need some cushion, you need some tools should the economy turn down? >> i think that would be, obviously, attractive when you think about the next downturn. i would not say it is my primary motivation. because what you're trying to do is make sure the economy is going to benefit in the ability
to grow in a sustained fashion. the motivation is, where is unemployment, how is inflation performing, and do those suggest you need to begin to have interest rates reflect that? that is my motivation. whether it gives us all the ammunition we need at the time we next need to decide that, would be an added benefit. vonnie: that was kansas city fed president esther george speaking with michael mckee, who joins us now live from jackson hole and a beautiful day. michael, a little rainy yesterday. talk to me about what esther george said about raising this year. did you get the sense that even though she said she would continue to look at the data, is inflation safe where it is now stayingflation were saf where it is now, which you vote to go? if an implement
continues to fall and she believes it is worth raising the fed funds rate also in case the markets are overvalued -- you can't call that, but it is worth having the fed on guard against those things. if she were voting, she would definitely be on that side. vonnie: let's have a quick look at a chart that shows u.s. and eurozone inflation. michael, and not anywhere near the target of 2% for either of the central banks. michael: that will come into play when people start analyzing what janet yellen and mario draghi had to say this week. they're both talking around the idea of what their specific monetary policies are going to be. with inflation that low, do they make a change in what they have already outlined as their present course? a lot of people on wall street are beginning to wonder if perhaps they should come if yellen might want to hold off on the third rate increase and drug you might want to hold off on the idea of ending qe at this
point. that will be something that gets right into the discussion of what they actually end up saying. vonnie: i thought it was interesting when he asked her about asset prices. i am nobody len which expert, -- i am nobody language expert, but does she think even a she can't say it out loud, i mean, that there are sort of really expensive assets out there that might need pricking a little bit? michael: when you put it that way, yes, she probably does think that. i'm not going to presume to read her mind. but in general, the fed has said they don't see a broad-based butlem with asset prices they do see it in certain classes. people are beginning to question whether equities should be included in that class. there is still an earnings argument to be made for where they're going and still the question about whether there was a trump effect rally that has pushed up some stocks that will kind of fade. in general, the fed is not ready
to print any bubbles. they know they have a blunt instrument. they're not going to use it at this point, but they're keep an eye on things. they learned their lesson coming out of 2008. vonnie: michael, thank you, doing sterling work there at jackson hole that is our international economic correspondent. mark: tomorrow, look forward to it. coming up, huge to clinton some ftse 100 companies. huge declines in some ftse 100 companies. this is bloomberg. ♪
sears because this morning, they reported a 250 $1 million loss. however, even though the stock declined about 8% yesterday and see the stocks down since 2008, it is up more than 4% today. some of the reason is, there are a couple of bright spots. i want to bring us back to a plan that eddie lambert had in february to reduce debt and pension obligations i 1.5 billion dollars. what they did today, they not amount inted a lower long-term debt, they also reported another $500 million toe of pension obligations metlife, the second such deal this year. you can see from this chart, the reduction in the liabilities and balance sheet. vonnie: that was beautiful. i think it is definitely a subject -- you could talk about sears and the of session with sears by eddie lambert for years.
i will give you beauty. there been some extraordinary moves on some of the u.k.'s biggest stocks. on tuesday.out it provident financial, 66% drop on tuesday, the biggest drop ever. a number of woes. yesterday, we spoke to the ceo of wpp, big drop, 11%. biggest since 1998. dixon car phone today, 21%, ,iggest drop in three years forecasting an unexpected drop in earnings. what is wonderful -- what is fascinating is the fact four of the biggest 51-day moves on the stoxx 600 this year, they are u.k. stocks. here they are. 11 out of the biggest 20 stocks on the stoxx 600 are u.k. stocks. one-week phenomenon.
back to you. beauty.you did give us however, i'm sorry, i'm awarding the prize -- >> thank you. vonnie: breaking news on htc. they have hired advisers to explore 22 -- strategic options, including on taking on new investments or potentially a sale of the company. much more on htc, looking at strategic obsessions -- options, and the next hour. this is bloomberg markets. ♪
from bloomberg world headquarters in new york, here are the top stories on the bloomberg and around the world we are following in the next hour. hedge funds in the hot seat. we hear from one investor who expensivete structures and even lack of performance, there is still value to be found. jackson hole begins. the janet yellen, mario draghi and central bankers convene in wyoming. we will hear from the kansas city fed president. voicesthe most hawkish saying another rate hike this year despite low target inflation. noteamsung's new galaxy eight restore its reputation and remove the memory of his exploding