tv Bloomberg Markets Americas Bloomberg October 5, 2017 10:00am-11:00am EDT
breaking economic data in the u.s.. factory orders and more, let's get to julie hyman. ,ulie: factory orders of 1.2% 2/10 of a percent better than estimated excluding transportation, up 4/10 of 1%. it looks like these numbers coming in roughly in line with estimates. these are the august numbers. the durable goods reading is the final one for august. we had an initial reading. recent datamore we've gotten affected by the various hurricanes perhaps not seeing as much of an effect in some of these numbers we are getting for august. just to keep in mind as we look
in the data today and as we look to the jobs report tomorrow. if you look at what's going on in stocks, we are seeing very similar action to recent -- to action reasonably. gains across the board. all three major averages higher. onenasdaq is only up quarter of 1%. all three averages are trading at records on a closing basis. the s&p and nasdaq are on an intraday basis as well. one group we've seen lagging, the so-called fang stocks is rebounding. all trading higher. netflix in particular, it has been bugging the recent downtrend. mashable is reporting the company will raise prices in the u.s. in november on its middle and top-tier plans. that stock is doing the best among the fang.
some of the best include constellation brands. mexican beers earnings desk paper earnings estimates. also growth on its higher-margin brands. raising its forecast as well as those shares rise. bio jen, morgan stanley is saying the company has been robbed of medication remains underappreciated after they outpaced invest -- investors predictions. freeport-mcmoran copper the from three weeks. one of the charts look to the copper gold ratio. seen -- isld which seen more as a haven. copper as a proxy for the economy. the gold copper ratio has collapsed, which is another way of looking at the low risk of
version had been seeing in the market now. the fact gold is trading at a low level relative to copper. resources companies are rising, leading the advance with oil, gas and banks. the top-quality spending, the cattle and parliamentary session on monday. cattle and is said to be divided . the push among leaders to declare independence has stalled , leaders are divided according to people familiar with the matter. the market reaction, the ibex 2.5%,is rallying, up by this is the divide between the stoxx 600, the ibex, the spanish gauge is the blue line. this is the price to earnings spreads between the two gauges.
the spanish gauge rising. yesterday it came down, but yesterday we saw a peak yesterday. , the biggesting discount to the european benchmark since august 2016. 1.5%bex nursing losses of this week. a similar move in the bond market reaction to that news. n independence leaders are divided. we saw the yield difference between the germans and the spanish to the highest since april. we've calmed down by nine basis points, the biggest drop in yields since june the eighth. it is all happening, we had an auction today. the bank in spain sold bonds to 2.12.rates rising to that was seen as the previous sale on september the seventh.
the average yield more than double to .5% from .21%. rising the euro earlier just coming down. 1.1720. the euro-dollar, sitting close to that 200 simple moving average of the weekly chart that closed below that would've been into the bearish technical signals that were triggered by the drop in the value at the start of the week. we are close to that level as of now. keeping an eye on spain, it's all happening. vonnie: we will be. lots to discuss later on. meantime, municipal bond markets are trying to sort out the aftermath of president trump's comments on wiping out puerto rico's massive debt. we were speaking with the governor yesterday and even he punted the question a little bit. the suggesting that puerto rico has already been beaten down benchmark bonds to new lows.
mark palmer, managing director said the markets sharp reaction. >> what you saw was sheer panic on the part of bondholders and the equity holders in -- and minas will bond insurers. once we begin to look at what president trump could actually do, which is limited, there is a judicial process in place in puerto rico. we will he once we get through that process it will be favorable for bond owners. there a constitutional guarantee from puerto rico for debt holders such that they get paid before any other expenses are made. municipalining us is credit strategist for bloomberg intelligence, he joins us from new jersey. yesterday you said the day was hairpin turns in the municipal bond market. what about today? >> is a little bit calmer this
morning. dayas up about 43% day over , the bulk of that coming from puerto rico trade on the heels of the president's comments. vonnie: let's look at the plummeting bonds. you can see where hurricane maria heads and suddenly there is that drop. settle until we know definitively whether there's going to be an outcome? could it be months down the road? eric: you have a prolonged legal battle ahead, but if you're talking about price stability and the bond, to me it seemed like a floor has been set up later in the afternoon in trading at least in the gl bonds. at about 9:16 in the morning and then crept up from there. they were up from their lows. mark: what sort of influence is puerto rico having on the bloomberg barclays high yield
index? what does it tell us? eric: that was the top question i got from clients yesterday. what will this do with my high-yield exposure? we went back and look. in 2015, puerto rico was about 25% of the high-yield index. because of the bankruptcy issues, they are down to about 11% now. tobacco, sothem are not much trading activity if any. back to the general obligation bonds, what sort of recovery rate, i know it so tricky even putting aside trump's comments given the aftermath of the hurricane, what sort of recovery rates are analysts forecasting? eric: i've seen anywhere from $.20 on the dollar to $.50 on the dollar, it is all over the place and i couldn't venture a guess right now. there is a legal a battle just legal battle ahead. vonnie: does this change the
courts? -- at the center of it, but now more so than ever , the viability of the island, of a territory, a u.s. commonwealth, does it change the dialogue when it comes to prosecution and arguments? sway inolders have less the courts? ability toresident's wipe out bondholders is something no one really things could happen. there is a possibility that redick like that could -- rhetoric like that could soften conditions for everyone involved. vonnie: wednesday you think puerto rico will gain access to capital markets? we asked the governor yesterday and he said it will be a long time. they won't be would get revenue or sales taxes, they don't have a power grid.
eric: that last point is right. it is primarily the focus getting federal money to flow in for rebuilding efforts. that first and foremost getting their citizens back on their feet and then worrying about capital market access should be the steps. vonnie: eric, great work. municipal credit analyst at bloomberg intelligence. let's check in on first word news. here is emma chandra. emma: republican senator first concrete step towards a major tax cut today. the house and senate budget committee host the budget resolution, and acting in budget release arepublicans tax bill without democratic votes in the senate. the girlfriend of the las vegas shooter says she did not know he was planning to hurt anyone. it was her first public statement since the massacre and it came after she was questioned by the fbi.
she says that stephen paddock had center on a trip to the philippines and wired her money. there was a historic meeting at the kremlin today. vladimir putin that with saudi arabia's king. it is the first time a saudi leader has visited russia. seekingcountries are understanding on whether to extend the agreement to curb oil production. country's top -- a proposed catalonia's session on independence. said --lonian president did not say if he will declare independence. in an exclusive interview with bloomberg, the economy minister rejected the idea. ofif we accept any sort negotiation, what we are saying is a very dangerous president for the whole europe.
emma: he also said the independence movement in catalonia is doomed. global 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. mark: coming up on "bloomberg markets." gold trying to hold on to gains. of then the strength economy. futures in focus is next. this is bloomberg. ♪
" on bloomberg television. gains.ring modest early u.s. dollar rallying, lingering passion -- tensions in catalonia weighing on the euro. bob, good to see you. your medium-term bearish on gold. why is that? bob: i think it is flipped. when you are looking at gold a couple weeks ago trading above 1300, the resistance for balance comes in at 1298, but people look at 1300 because they love round numbers. you have to still -- sell rallies in goal and there is significant resistance up there. if you look at the fundamental picture, there is no adjustment in supply and demand with gold. all we have seen is the pricing of gold based on the stronger dollar turning around. the geopolitical headlines at least calm and. toseems like pressure
ratchet down the rhetoric has started to take effect and as long as those headlines are in the news, they will sell rallies in gold. mark: is the dollar going to hold on to its gains or not? >> short-term i think we are steady as she goes. to me it is actually starting to convince the market that whether the economy needs the rate hikes or not, they are going to do it. using the cme sent watch tools in terms of the process -- pop -- probability go up 80% now. to march of next year and we bumped up to 25% of an additional rate hike there. obviously the diminishing of the balance sheet is going to begin or has begun. the market is starting to believe this and when you look the dollar index, there is quite a ways to go. we are still down over 6.5% on dollar index. there is plenty of room for to run. short-term is steady. medium-term we go higher. mark: how much attention should
be paid to who might be the next fed chair? >> quite a bit actually. you are looking at someone who is not an academic. a little bit out of the mold of the last few fed chairs. is definitely considered to be pro-business. is in interest-rate hawk or dove? we don't know yet. he was definitely siding with ben bernanke he most of the time. although voicing the opinions to the 2010 version of qe versus the original, so it's going to be, that to me is the want to look at. the rest of the candidates are in the traditional mold and will continue along the path of janet yellen. this seems pretty much assured today. could change tomorrow. quick comments on oil holding below 50. you've the export data yesterday from the u.s.. flipside we had putin speaking, it looks like he is -- it is definitely an option, the production cuts to be extended next year, next march when this program comes to any indeed, how
are you feeling? where are you? >> i think this is also short to medium term. short-term we are stable. oil does not stay stable for long. longer-term i am bullish, i think the saudi arabia trip is a big deal. the production cut will be extended. we just won't talk about until january as the russian oil minister said. vonnie. vonnie: great stuff. it's time now for the latest bloomberg business flash. a look at some of the biggest business stories in the news. amazon is exterminating with its own delivery service to make more products available for free , two day delivery. the company will oversee pickup and delivery of packages from warehouses of third-party merchants selling goods on amazon. that is now often handled by fed
ex or ups. hit an 11rade deficit month low in august, improving global demand and a weaker u.s. dollar helping boost american exports. thanll to a little more $42 billion. more popular exports were pharmaceuticals, cars and telephone equipment. legolandsh owner of has approach seaworld about a potential deal. according to people familiar with the matter. merlin entertainment has mitigated to own part of seaworld. seaworld prefers an outside sale. more on seaworld coming this hour. not sure how that would work, but we will find out. still ahead, we will take you toide the -- threatening split the boutique investment firm. on capitol hill, the senate is voting on the nomination for the
♪ mark: this is "bloomberg markets." now for it inside look into guggenheim partners. tensions appear to be rising at the boutique investment firm. haveore on the turmoil, we bloomberg's --, she covers boutique firms and cowrote the story. it is a fascinating story, tell us what caused some of the tension? ,> early last year, this woman
alexandra court got promoted to lead institutional sales and global client relationship. about 22 people were fired when that happened. at that time there was a lot of concern about whether there was a non-business relationship between mark walter and alex court. the company has said there is no non-business relationship, but if there were it was fully and properly disclosed to the board. since then, the revenue has dropped and that has contributed to a small decline in overall value. vonnie: these are does go the main characters, but there are more characters including michael milken. people have always wondered what his relationship was with guggenheim, we found fcc,hat in 2015, the guggenheim had to pay $20 million to the sec and they had been wondering what kind of relationship they had.
did somebody at guggenheim take a personal -- from michael milken? boley, who was todd has since left the firm. mark: let's talk about mark walter. he is the chief executive, you reported he is looking to separate his interests from the firm. what else has he been up to on the side? plantationhas a huge in florida that has why not services and giraffes. something you read in your college degrees, he said all he wanted to do ever was own a farm. he has that on a side, he is the owner of the los angeles dodgers , the los angeles sparks and with the old owners of the los angeles dodgers, he created another investing venture, about $1 billion on the side. mark: a lot of people are leaving. your reporting more than 60 in two years.
is the concern that will continue? who is left that is big and how many big names are remaining? sonali: 60 doesn't even count all the people who are in the 22 that were fired early last year. there are big names if you even put those time draws, there are more. it was todd boley, there is also the former ceo of yahoo!, he actually worked it guggenheim. they no longer have this enterprise. in the sales and distribution team, a handful of portfolio managers. the 60 people includes people on the investment banking side. vonnie: how much more will be learned and are there more court documents to come? sonali: we definitely will see. we had more than 60 people leaving the last two years. what happens from now until the next end of the year? vonnie: you and john will be on
the case. definitely have to have a read of that one. still ahead, we have an exclusive interview with lloyd dean, the ceo of dignity health. is the fifth-largest health system in the u.s.. what he sees ahead for the future of the affordable care act and how the debate will affect the nation's hospitals. looking at u.s. markets of course, that is all too calm. this is bloomberg. ♪
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emma chandra has more. emma: police in las vegas say stephen paddock did not intend to kill himself. investigators searched his hotel room and found a note. they would not reveal its contents, but they say paddock was planning to escape. he ended up killing himself when police stormed the room. 58 people or killed and almost 500 were injured. the public and senators are -- y to consider the las vegas shooter used a so-called bump stock that let them fire more rapidly. the number two republican senate leaders said lawmaker should hold a hearing on the device. south korea has agreed to amend its five-year-old agreement with the u.s.. the trump administration has blamed the deal for increasing its trade deficit. south korea plans to start the process for amending the treaty
but isn't saying how it might be changed. the u.s. since out -- is south korea's second-largest trading partner. the impact of hurricanes on the job markets in several states have faded. first-time filings for unemployment benefits fell more than expected last week. jobless claims were down 12,000 to 265,000. global 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. back to the debate over the future of health care in the united states, which has taken a step out of the limelight over the last couple of weeks. how it could affect the nation's hospitals is one question. joining us is lloyd dean, ceo of dignity health. it is the largest hospital provider in california. he is also the keynote speaker at the barclays health care
summit. let's start not repeals, not replace. what's next for the affordable care act? lloyd: i think what's next is ,here will be continued debate because we have a bipartisan if it will debate that while has slowed right now certainly, it will pick up again. wea health care provider, continue to focus on those things that we think regard late -- regardless of the outcome of the debate, we are called to do. knowincludes costs, we that the current cost of health care in this nation has to decrease. we are focused on new care models. how can we do what we do more efficiently, more effective. how do we make sure that
patients are at the center of our care and they are involved. how do we use these great technologies that other technologies that other sectors have and apply them to health care so that consumers can have data, better information and also how do we make sure we use for healtho advocate care for all in this nation? vonnie: fantastic goals and a assion statement, but how as hospital group have you navigate in last 18 months or two years when it seems like there was real potential for massive change in the insurance markets and in coverage and availability for people, which would've affected hospitals either way whether coverage went away or stay. lloyd: what we've continue to do during this unstable period is
focus on our care models and how we can deliver the right gear -- care, at the right place in the right time and ensure positive clinical outcomes for our patients. we've been looking at how can we partner with others in the community so that we can make sure that our constituency, that their health care needs are being addressed in a comprehensive way. --nie: you are emerging with you are emerging with chi. you are in three states right now. you will eventually be in 22 states. from 40 hospitals you will go to something like 150 hospitals. will that help with costs? just the overall cost curve of health care in the united states? certainly. we think this potential alignment with catholic health initiatives will be helpful to those that we serve, the
communities that we serve. when we look at the investments that we are making in technology that they are making in technology, we think there is some economies and efficiencies there. when you look at duplication in terms of what i will call nonpatient related costs. we think that allows for significant improvements. vonnie: congress is working to re-the children's health insurance program, it is set to september 30. how likely is it that it gets reauthorized? how necessary is it for underserved, underprivileged children? lloyd: i'm optimistic in all of the indicators -- and all the indicators would tidy that congress would be able to come together on this very important program. when you think there are 9 million children in this country program, itfrom the
would be a travesty if that program was not reauthorized. just in california alone, we have 2 million children who are benefiting and receiving care. .t's the most vulnerable vonnie: when you talk to your colleagues, there has been a few tries at repealing the affordable care act. , a lot of theize population is for repeal even if they don't know exactly what that will mean for them. insurance markets are suffering. there is very low choice when it comes to insurance. do you imagine there will be some kind of vote on repeal at some point? there i think obviously
will be an ultimate vote on repeal. i've been an advocate for repairing because i think that any program that in the end is instituted, has to ensure that our citizens of the country will have access to quality health care where and when they want it. so i think there is opportunities for improvement and i think ultimately the public will continue to speak out about whether it's pre-existing conditions, whether it's coverage for college students in that gap that there will be some form of health care. i'm hopeful that addresses the needs of the citizens of the country. vonnie: a probability of single-payer in the next decade? lloyd: that is much more complicated. i think that will be a very robust debate.
i never say never, but my advocacy is around a universal plan that provides care to all americans. vonnie: have to ask about your board service. senator elizabeth warren has some stern words for tim sloan yesterday. should he be the person leading wells fargo after such a massive scandal? lloyd: i think absolutely. i thought tim did an excellent job yesterday of articulating not only what we are currently doing, but the changes that have been made as the director. i can ensure you the board is focused and committed to make sure that the changes that need to be made to ensure that what happens does not happen again. a greatrgo is organization that serves many in this country, but that should not have happened and we are all
working very hard, both management and the board to ensure it will never happen. vonnie: the board wasn't tempted to look outside seeing as how insiders had not seen this coming? lloyd: i think tim brought the skills and the credibility and the relationship necessary so that we were able to go inside and i think we made the right decision and i think senator warren certainly articulated her point of view. i think we will work through this. vonnie: thank you for your candid answer. lloyd dean, he will be committing that merger with chi and hopefully he will be back. ceo of dignity health mark. said to ben is testing a delivery service that aims to challenge fedex and ups. what could it mean for the industry?
♪ live from london, i'm mark barton. vonnie: this is "bloomberg markets." trading all over the map are shares of seaworld entertainment. this after gaining nearly 5% yesterday. let's bring in abigail doolittle to talk about what's happening. all of this has to do with takeover talk from a strange source. strange story.a up 5% in the premarket, gaining
5% yesterday. now down. this on the bloomberg scoop that merlin entertainment in london could be interested in buying parts of seaworld. parkswn the legoland along with other parts globally. maryland and seaworld, it will paint some of the picture. top in white we have merlin entertainment up on 3% of the year. we see a rocky road. they of been losing some visitors to their mark just park in london. , the sharesin blue of seaworld down 30%, really struggling. it was thought that merlin might be interested in buying seaworld , busch gardens. they have a rule about not having whales were dolphins. -- sticking point could be seaworld is only wanting to sell
the whole company, not part in that way. that is a bit of a sticking point. vonnie: sounds like they are trying to cherry pick. .ne holds up the other what happens to the other part. are exactly right. attendance for seaworld has been weak. disney, their annual attendance is 140 million people, seaworld 's is 20 million. there was a document terry documentary called "blackfish" about killer whales. vonnie: we've covered that in the past as well. abigail doolittle, thank you. that is our stock of the hour. time now for the business flash. mark: the boom -- a look at some of the biggest business stories in the news. billionaire oleg guerra pascal's
business is plenty to biggest ipo. they plan to raise 1.5 billion and trade in london and moscow. goldman sachs is starting desk setting its post-brexit home in frankfurt. they are going to leave space for a thousand workers in eight-hour tower being built in the 15th financial district. goldman has 200 workers in frankfurt. that is your latest bloomberg business flash. vonnie: now to technology. amazon is set to be experimenting with a new delivery service that could take a business away from long-term partners ups and fedex. joining us is cory johnson in studio in new york city and r fedex.hold on it a cell on ups.
the price target there, $80 a share. corey i will let you take it away. ravi, i have to ask you first. they won't be based solely on what amazon makes? >> they are on several things. also on what happens with amazon in sourcing. it is not just amazon. walmart is doing this as well. a lot of the all -- a lot of the giants are as well. it is a combination of all the above. vonnie: how is amazon going to deal with this? dealing with been several parts of their phone -- supply chains. they are for film and centers. centers.lment they really change your business .odel they really pushed, they did not
just adopt places in california, new york and new jersey. pushed the distribution out closer to customers and change the notion of how this would work. it also started to work on delivery on the ground. prime, it's groceries or amazon is a company that has a history of its fermentation. planesey started leasing in the fleet of over a dozen planes to really deliver stuff from point a to point b, that is when they made a substantial change to get closer to what fedex and ups at least look like in this offering. we aree of the business talking about they are competing with is so huge that it would take enormous sums of money and time to get things in this industry. just getting a lot bigger now from what we understand. mark: should we ask him that.
trying to get into this industry in a big way? said, i think amazon's impairment in with different things. what we think of as the underlying factor here is that you and i and individual customers have basically said we don't pay anything for shipping. we think amazon is trying to reduce its overall cost per package of delivery. buy arek and best trying to reduce their cost per package delivery. they are trying different things. we think it's absolutely possible amazon does push deeper into this, maybe even open up their in-house network of third parties to try and lower their package cost distribution. cory: i was with amazon a few months ago in early summer and they were doing a survey, they
put us in front of amazon plane at the seattle-tacoma airport and i was able to interview the guy who runs a distribution network and i put this question to them. are you going to go head-to-head with fedex and ups? him very specifically are you going head-to-head with fedex and ups and listen to them take. >> if you go over to their places you also see a lot of amazon boxes in those places. we the great group of care partners around the world. i expect that to continue. this is about innovating for customers and supplementing available capacity. you, arequestion to they just showing this to get better negotiating power with fedex or ups or do they really want to compete? ravi: there is no incentive to come out and say we want to compete because they are certainly dependent on them and the u.s. postal service today. who knows what amazon's missions are. it is already a very ambitious company.
we know that if amazon does this themselves, they could potentially lower their per package cost of logistics by up -- ne third of what the ups shipping? if they are and breaks a loss ? try: we think amazon will different things. at worst it's probably a leverage ploy. at best this could be a complete initiative. vonnie: we have to leave it there. some and more questions. shanker and bloomberg's cory johnson, thank you. the senate has just confirmed nomination for vice chair of supervision at the federal reserve. he is the new vice chair for supervision of the federal reserve bank. this is bloomberg.
♪ live from new york and london, i'm vonnie quinn. mark: i'm mark barton. russian president vladimir putin met yesterday at the kremlin with the saudi arabian king salmon. a big topic was whether russia will agree to an extension of oil production cuts. putin was asking -- asked the question yesterday in moscow. >> all i'm saying that we don't know yet whether we are going to extend or not. it questions being asked until when will we extend this. once we decide to extend or not to extend, that is when we will decide on a time frame. overall speaking about the possible extension is a minimum towards the end of 2018. moscow,ining us from
henry. what is it mean this new saudi russian relationship? is it good for the world? henry: it depends on where you are looking from. if you're looking from washington, definitely not. this is a challenge to traditional u.s. leadership in the region and it is the a russian policy aimed at bolstering its influence in the middle east. the syria conflict, russia's success in bolstering its ally , has really efforts transformed the situation. from the u.s. perspective, they deftly don't see this in a good light. saudi arabia cut off relations with the communist state in 1938, it restored them after the serbian collapse.
there are huge challenges if these wants to maintain ties to saudi arabia. one of those challenges? -- what are those challenges? henry: the chief challenges the problem with iran. russia has a strong relationship any conflict syria in syria, iranian forces have in fighting alongside russian backed syrian troops. as a mortalsee iran threat and in fact they just king salman spoke about a ron paul's role in the region and criticized it is a destabilizing the middle east. the russians will find that very hard to square. on the one hand keeping friendly relationship with the saudi's but at the same time they want to maintain their ties with iran. mark: briefly on the oil supplier call. is this dealer between russia and opec going to
last? and yesterday seemed keen on expanding it. henry: he did. the russiansink don't want to extend it for too long. 2018 andned the end of it's not clear whether they will agree to maintain the current , but of production curbs certainly they understand it is having a positive impact and therefore they are willing to continue for some time. mark: henry, thank you for that. isay, the european close next. we are 35 minutes away from the and of the session. are you on medicare?
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vonnie quinn. this is the european close on bloomberg markets. mark: here are the top stories we are covering from the bloomberg and around the world. spain fires back at catalonia, aspending a court session catalano leaders are said to waffle on independence. we hear from spain's economy minister on the crisis. as the u.s. race for the fed chair heats up, the critical september jobs report is due to be released tomorrow. we look at how the numbers could impact the fed's path forward. in markets, we find out how institutional investors get that investors are getting more interested in the etf's here in europe. a look at what is