Skip to main content

tv   Bloomberg Markets European Close  Bloomberg  October 12, 2017 11:00am-12:00pm EDT

11:00 am
in new york, i'm vonnie quinn. this is the european close on bloomberg markets. we have breaking u.s. oil inventories. crude oil lower ahead of the release. julie has the data. have 2.7 million barrels. a little bit more of a decline than estimated. for two inventories point 5 million barrels a drawdown estimated by analysts. a drawdown of distillate inventories of one and a half million barrels. the crude oil number looks bullish. on the flip side the built in gasoline inventories does not. there was a build in cushing specifically. that can offset the effects of the overall drawdown. we will see what this all means for the oil market it.
11:01 am
we are up off the lows of the session actually. still seeing a decline. we were seeing a drop of about into thisprices going report. usually it takes a little time for it to shake out. out later where oil is trading. what's going on in the stock market today. a little bit of a drowned -- -- downdraft. you into thee bloomberg and take a look at the groups on the move. we were just talking about oil prices and energy has been one of the drags in today's session. discretionary stocks are weaker. financials are weaker in the wake of earnings from j.p. morgan and citigroup that the estimates. there were some disappointments in the numbers and telecom stocks falling. lost videot had
11:02 am
subscribers last quarter. we've got them strength in utilities industrials and consumer staples. that is the balancing act we are seeing at the moment. toside of stocks and forgot mention bitcoin rising to a record yet again. $5,200 for one bitcoin. jamie dimon when asked about that coin said, i'm not going to talk about bitcoin anymore. he commented recently saying he was not interested in investing. the bank is interested in technology surrounding cryptocurrency. the u.s. dollar is also gaining some steam. and gold prices are also gaining this morning. mark: 30 minutes away from the end of the thursday's session. stocks little changed as well. equities,the
11:03 am
currencies bonds commodities and cds's. get to the u.k. housing market. real estate agents in london are at their most downbeat since at least 2010. the british capital remains the weakest spot in a slowing market. in market lacking momentum september. the prospect of a boe rate hike buy our. that was the most acutely felt in london. prices nationally did grow marginally. this is this chart last month. the shorter term with three month becoming increasingly negative. the number of britons in low-paid jobs jumping by more than 300,000. the biggest reduction since 1977 thanks to the introduction of a new minimum wage which saw
11:04 am
minimum pay rise by 7.5%. is according to resolution foundation overall pay growth here in the u.k. remaining largely tepid last year. the situation brought into sharper focus since the brexit vote. bluelines andgs realpage the white line minus .4%. lower against is the dollar. currency trade is getting a little bit more concerned about the political fate of prime minister may and the impasse of brexit negotiations. investors anticipate wider swings in sterling. the boe reviews rates on november 2 adding to the clamor we have seen. hsbc naming john flint
11:05 am
as its next chief executive officer after new chairman mark tucker opted not to break with to run europe's largest bank. joins us now. would hsbc have been better off going down the barclays route or the standard route and opting for an outsider? i don't think so and i think it's because there wasn't that much pressure at this particular time to choose an outsider. i think hsbc a year ago was facing very different pressures. all geographies were suffering. oil prices were suffering. markets in general were being hit. now we are seeing u.s. rates normalizing. emerging markets are holding up here it they actually want more of the same which is more cost cuts and a steady hand.
11:06 am
that is what mr. flynt represents. you have more or less answered my next question which is what will shareholders want. morethey also want buybacks, revenue growth? buybacks again. hsbc gave the market a taste of its ability to actually bring cash back to shareholders. one of the few big banks to be really doing this in europe. obviously the share price performance tells the investors want a bit more of that as well. if they are too optimistic on the charts there are a few things coming down the bike -- type. -- pipe. they are still right to say that hsbc is going to stay on the good side of capital. mark: chairman mark flynt is an insider. how is that relationship going to work? >> i think it's good that they
11:07 am
have the outsider chairman. if they had a full insider duo it may have been seen as a bit too cozy. shareholders want to see growth. revenue growth, more loans. they also want to see someone who is able to keep a lid on cost and make sure the bank doesn't grow too quickly. mark: the asian background is key. >> that's where they really want to grow. more investment in asia and growth above gdp is what they want. mark: do you sense there is a when it wastunity highly rumored that flynt was going to be the man -- is a continuity candidate a slight missed opportunity? they have never chosen an outside ceo. it's quite incredible isn't it? >> that situation is a bit
11:08 am
different because they are so big and globally diversified and they are actually not as dependent on investment banking as barclays where you actually saw debate. should thiss model bank take, what structure should it take. the most you can say about hsbc is should it stay in the u.k., is the u.k. bank or in asia bank. mark: does brexit matter or not because of its asia focus? >> it doesn't in the sense that they are still seen as a global bank. the fact they have to spin off could bring this debate back to the fore again. do they need to stay a u.k. bank and the future? mark: thank you, lionel laurent. bloomberg gadfly columnist. vonnie: let's check in on the first word news. president trump couldn't get
11:09 am
congress to repeal obamacare. now he is going after it himself. in just a few minutes he will sign an executive order the white house says will promote health care choice and competition. he is likely to allow people to band together and buy cheaper unsubsidized coverage outside of the affordable care act. critics say the plan would raise costs for this week. -- the sick. at least 23 people are dead. 180 are injured and hundreds have been reported missing. the fires have destroyed at least 3500 homes and businesses. are on theghters job. the house is expected to pass a hurricane aid package totaling $36.5 billion. the bill provides $16 billion to pay for insurance claims and emergency funds to help order ago. florida and texas have pressed for $40 billion more. an american woman, her husband and three young children have
11:10 am
been freed after being held for years in pakistan by a group linked to the taliban. the woman was pregnant when she was captured five years ago. the couple had three children while in captivity. global news 24 hours a day powered by more than 2700 journalists and analysts in over 120 countries. this is bloomberg. still ahead, president trump is set to sign an executive order on health care. we will bring you that when it crosses. this is bloomberg. ♪
11:11 am
11:12 am
vonnie: president donald trump will sign an executive order. it has to do with health care. for 11:15 a.m. eastern.
11:13 am
we will bring it to you live when it crosses. u.k. brexit talks have hit a wall. on this question we have reached a deadlock which is very disturbing for thousands of project promoters in europe and its disturbing also for taxpayers. >> negotiating teams have continued to work constructively and professional this week. >> there is a new momentum and i remain convinced today that with the political will, decisive progress is within our grasp in the next two months. >> there is much work to be done. we have come a long way. >> no deal would be a very bad
11:14 am
deal. mark: i want to do my own chart. that's the end game. we have made significant progress with june. let's pretend that's june. that's the end game. vonnie: the progress that's been made -- progress that's been made is really theresa may's speech in florence. there has been a new momentum. he mentioned her speech in florence and she said that the negotiators here today haven't put any flush on the bones of what she said in florence. the frustration is she said this broad commitment that they would
11:15 am
meet the financial obligations but they haven't said what they are prepared to pay. he has said publicly he will go through line by line. we have heard the u.k. still doesn't recognize it's on the hook for the pensions. all of these pension commitments eu, were undertaken by the they don't recognize that they are on the hook for that. mark: will they even move on to the transition and allow that to be handed or is that moved to december as well? been moved to december as well. we had an interview officials saying it was very unlikely that would be on the table. germans have said they are not too keen on talking about transition until they know where they are transitioning to. what's really striking is the eu 27 remains really really united. mark: december is 15 months away from march.
11:16 am
this week we were talking about contingency plans. plans for if no deal is struck. is that looking more and more likely? the first time i have heard them speaking publicly about contingency plans. the whole issue came up first in because the probe rates a party would really like the government to be spending lots of money on contingency has aso theresa may the contingency plan first came on the table as a political issue if you like. clearly with 50 months to go the u.k. says it wants a bespoke deal. how realistic that is is up for debate. this has to be approved. there's months of approval
11:17 am
process once the deal is agreed. it is looking pretty tight. mark: thank you, emma ross thomas. bluebird brexit editor. -- bloomberg brexit editor. context historical of consider when it comes to sterling. let's bring in paul dobson. lately it has been more economy than brexit because of this keyod leading up to the november boe meeting. >> exactly. the boe speculation has been rocky ride iny terms of the brexit negotiations and all of that. bit ofas a little goodwill for a while that came into sterling. it has gone back out again. everybody is waiting to see whether the boe is going to have enough consequence -- confidence to pull the trigger in november. mark: we are raking over the
11:18 am
results of the catalonian referendum and the speeches. now markets are common in spain and elsewhere. we just have to wait for the next part of this saga. >> everybody is talking about whose court balls are in. there's lots of risk out there in the politics. is obviously trump against everybody else in the world. lots of dollar risk out there. lots of fed risk. markets are unbothered. short --t was a great chart that you showed yesterday. we are not moving anywhere very fast in terms of actual market moves and we are not
11:19 am
pricing in very much for the future either. why is the pound a lot stronger than it was this time last year? have people been squeezed out of their position? pound is about 5% stronger than it was this time a year ago. out of that is because we had the crash in the pound. the short sterling trade got a little bit tired. the bank of england came in and added the extra back stock to the pound as well. had a whole year of a weaker currency. that starts to feed through.
11:20 am
interesting to see we are of in .his interim period interesting to see where we can go from here and a lot of that depends on the messaging we get from the bank of england. to be: investors appear pretty confident. does that also go for consumers? when we start seeing this in consumer data soon? is starting toa wobble a little bit already. one of the more worrying signs that we had over the past 12 creditwas the buildup in , loans, credit card spending. the bank of england was obviously worried about that as well. report we had today there was talk about how defaults are up a little bit. future lending conditions are lower. the problem is one of the things
11:21 am
that has been thwarting the u.k. economy has been consumer spending. that's going to feed back into the economy itself. mark: what could the rail the high percentage likelihood of the boe hiking rates? realistically what can derail the boe hiking rates? they want to make sure the market is fully pricing it to the fact that betting on the boe is so confident almost backs them into a wall. if they want to convince people they are not going to move or put more caution into it they really have to start speaking up. mark: it's not from a position of strength. >> exactly. they want to rein in inflation. at the same time they talked
11:22 am
inut the two-way risk markets and expectations. the only way to have that is at some point to actually show the market that you mean what you are saying and you are ready to pull the trigger. mark: paul dobson, thank you for joining us to give us great insight on the markets. vonnie: president trump will sign an executive order on health care. we are awaiting the president's arrival. you can see steve mnuchin and linda mcmahon is there as well. the acting secretary for health and human services is there. that is the bearded man to the right of the podium. we will bring that to you live. this is bloomberg. ♪
11:23 am
11:24 am
vonnie: president trump is set to sign an executive order in just a few moments on health care in that room. andcan see steven mnuchin
11:25 am
small business administrator linda mcmahon. the acting home secretary for health and human services, the acting hhs secretary and also the owner of i hop. basically it's going to involve cutting back a little bit on what the affordable care act allowed and specifically these association health plans which would allow small groups to band together to buy their own insurance. there's a lot of criticism of this. mark: what are these association health plans? bit like as a little union or a group of like-minded individuals in a small business category. they would get together, negotiate their own price with an insurer. the trouble is according to people like the kaiser family foundation that would discourage people from buying insurance on their own. it would also take healthier people out of the bucket of people buying health insurance
11:26 am
and put them in the smaller associations. it would make the premiums for everybody else go up. this is just an executive order. it would have to be written. it does indicate willingness to change things and roll back some of obamacare's provisions. it would also allow for more crossing state lines with insurance companies. mark: it would likely require new regulations as well. is expected to encourage wouldn't be available until any new rules are actually in place. quick peek of what's happening to european markets. we will go to president trump as soon as this happens. stocks are little changed on both sides of the atlantic. stoxx 600 up by 21%. ♪ who knew that phones would start doing everything?
11:27 am
11:28 am
entertaining us, getting us back on track, and finding us dates. phones really have changed. so why hasn't the way we pay for them? introducing xfinity mobile. you only pay for data and can easily switch between pay per gig and unlimited. no one else lets you do that.
11:29 am
see how much you can save. choose by the gig or unlimited. xfinity mobile. a new kind of network designed to save you money. call, visit or go to vonnie: you're watching bloomberg markets could president trump will sign an executive order any moment now on health care. remarks have just been placed on
11:30 am
the podium. mnuchin and linda mcmahon and others are in the room. we will bring that to you live. first we want to get straight to democratic senator ben cardin of maryland. the ranking member of the senate foreign relations committee. of the senate finance committee. thank you for joining us. i would like to get your thoughts on this executive order that we are about to the -- see signed. it's going to roll back some of the affordable care act provisions. >> it's going to make matters worse for those in the individual market with premium increases. it takes healthier people out of the pool, making it more expensive for those that have no other options. againesident is once taking steps to try to undermine the affordable care act. vonnie: i want to ask you before the president gets to that, you
11:31 am
met with rex tillerson yesterday. what did you have to say to him? >> we had a chance to review foreign policy in several areas. what the president is likely to do on iran, certification. the north korea issue about furthering diplomatic ways to avoid military confrontation with north korea. we talked about a lot of different issues. i expressed my concerns and it was good to get a first-hand report from the secretary. vonnie: did you get the sense that the president and secretary are on the same page and talking for equally? >> i don't want to draw those conclusions as i'm not sure that's accurate. i do think there is an awareness by the state department that a military option in north korea is not one that we hope we never have to use and diplomacy is extremely important. we see actions by president trump that makes it more difficult to pursue a diplomatic answer in north korea. we see thee what state department and president on the same page on the
11:32 am
importance of diplomacy. in regards to iran the president looks like has made a decision which i think is a wrong decision. it's going to compromise america's national security issues and put us in a weaker position on the iran negotiations. i think there is certainly some disagreement going on. vonnie: the president has definitely decided to decertify iran? >> i don't know that for a fact but certainly every indication looks like we -- he is heading in that direction. tonie: you will have 60 days decide whether to reimpose sanctions on iran. how will you vote? >> that's the problem. we don't know how congress will respond because we don't know how the international community will respond. what the president is going to be asking if the reports are accurate is for america to stay in the agreement. congress has an expedited process and it's unclear how
11:33 am
congress will respond. i want us to stay in the agreement. i want to enforce the agreement with iran and make sure they do not become a nuclear weapons state and i want to go after iran more aggressively with our european partners on their nonnuclear violations of terrorism and human rights. vonnie: you and senator mccain put out a statement yesterday that the administration has yet to implement russia sanctions from that august bill. sheryl sandberg at an event this the onus only put congress when it comes to releasing the russian emails. did congress miss a trick here? was it up to commerce to make sure that facebook and other companies shouldn't have the kind of power that it has? >> the law that we passed requires the president to do certain things by october 1. we have not seen those reports released yet. we haven't seen the president take any action.
11:34 am
in regards to the different uses of social media that investigation is ongoing in the congress. i had asked for an independent commission to investigate what russia was doing in the united states. i felt that legislation. vonnie: senator, i have to cut you off. thank you for your time. >> my pleasure. [applause] >> thank you. thank you very much to vice pence for that wonderful introduction and the great job you do. i want to thank secretary acosta, secretary mnuchin, acting secretary harden and administrator mcmahon for joining us today. we are all gathered together for something i believe that's going to be very very powerful for our nation and very good for a lot
11:35 am
of people. afore i begin i have important update. yesterday the united states government working with the government of pakistan secured ,he release of caitlin coleman joshua boyle and their three thedren from captivity from network -- a terrorist organization with ties to the taliban for the pakistani government cooperation is a sign that it is honoring america's wish that it do more to provide security in the region. i want to thank the pakistani government. i want to thank pakistan. they worked very hard on this. i believe they are starting to respect the united states again. it's very important. rightk a lot of countries now are certain to respect the
11:36 am
united states of america once again. we hope to see this type of cooperation and teamwork in helping secure the release of remaining hostages and in our future joint counterterrorism operations. with that i want to begin by saying it's my pleasure to welcome so many great small business and association leaders to the white house as we prepare to make this truly historic announcement. it is.exactly what we have been hearing about the disaster of obamacare for so long. in my case, many years. most of it outside in civilian life. and for a long period of time since i started running and since i became president of the united states. i just keep hearing repeal replace, repeal replace. well we are starting that process and we are starting in a very positive manner. and i can say when you get rand
11:37 am
paul on your side it has to be positive. that i can tell you. [laughter] [applause] sing all of up and these wonderful things about what we are going to be announced in. i said, that's pretty unusual. i'm very impressed. seven years ago congressional democrats broke the american health care system by forcing the obamacare nightmare on to the american people. it has been a nightmare. look at what's happening with the premiums and the increases of 100% and 120% and in alaska over 200%. now every congressional democrats has blocked the effort to save americans from obamacare. small franklyery handful of republicans. three. and we are going to take care of that also because i believe we have the votes to do blood
11:38 am
grants at a little bit later time and we will be able to do that. have gone skyrocketing. today one third of all the counties in america have only a coveragesurer selling on an exchange and the next year it looks like nearly half of all counties in our country. think of that. all of the counties, 1/2 will have coverage only one insurer. and many will have none. many will have absolutely created roadblocks for people to have any form of the insurance we're talking about. is why in a few moments i will sign an executive order taking the first steps to providing millions of americans with obamacare relief. it directs the department of health and human services, the treasury and the department of labor to take action to increase
11:39 am
competition, increased choice and increase access to lower priced health care options. and they will have so many options. this will cost the united states government virtually nothing and people will have great great health care. and when i say people i mean by the millions and millions. aim to allow more small businesses to form associations to buy a ford plant competitive health insurance. this would open up additional options for employers to purchase the health plans their workers want. i am also directing secretary ways too consider expand the associations and health care plans all across state lines. create tremendous and transformative
11:40 am
in so many ways change aimed at creating more and lower prices for millions of americans. but the competition will be staggering. insurance companies will be fighting to get every single person signed up. and you will be hopefully negotiating, negotiating, negotiating. and you will get such low prices for such great care. it should have been done a long time ago and it could have been done a long time ago. ofs will allow thousands small business employers to have the same purchasing power as large employers to get more affordable and generous insurance options for their workers. rich and leslie, where are they? get up here. how are you. nice to see you, leslie.
11:41 am
they are here today from louisiana. great state. just left. they had a little hurricane damage. they got hit, like charles. but we took good care of it, right? we took good care of it. they are great people. they are small business owners and they know personally the benefits of association health used toe of which provide health insurance for their employees. after obamacare they were unable to afford their association plan. so they had a great thing, their employees were happy and then it ended. , youis something i hear know exactly what i'm talking about. greg has been so incredible on the subject. plans that worked and all of a sudden they were just totally cut off. it happens to your company also. and leslie have said they would love once again to use an association health plan and there are millions of americans who want more affordable options just like them.
11:42 am
now with this executive order americans will likely soon have those options. we will be very happy to provide them to you and you will be very happy, rich. i think you're going to be extremely pleased. if you are not, you can tell them right now. thank you very much. my administration will explore how we can expand something called short-term limited duration insurance. insurance policies are not subject to any very expensive obamacare coverage mandates and rules. the cost of the obamacare has been so outrageous it is absolutely destroyed everything in its wake. they were so attractive that just last year the previous administration crippled the keept in an effort to people from fleeing the failing obamacare plan.
11:43 am
theset they prevented plans from lasting more than three months. they will take action to fix that and make these affordable flexible plans of more widely available. we are going to have a very widely available plan that is going to cost much less and from the standpoint of the united states government we will be very happy. won't we, virginia? so it will get better and it will cost us nothing. that's not too bad, right? we need some more answers like that. finally, today's executive order constructs secretary acosta, mnuchin and argan to explore how they can allow more businesses to use tax-free health reimbursement arrangements to compensate their employees for their health care expenses. currently only about one third of small business employees receive coverage at work. forcing millions of workers to
11:44 am
enroll in the exchanges or remain uninsured and pay the individual mandate penalty. not good. not good. that is one of the most unpopular things i've ever seen in government, i can tell you. step to make it easier for businesses to help their workers afford high-quality and more flexible health care through reimbursement accounts. with these actions we are moving toward lower-cost and more in the health care market and taking crucial steps toward saying the american people from the nightmare of obamacare. today is only the beginning. in the coming months we plan to take new measures to provide for people with even more relief and more freedom. another subject, that will include massive tax cuts.
11:45 am
we are going to get massive tax cuts and i believe even senator rand paul and i know virginia, greg, i know you are with us. the whole country is looking for these massive tax cuts and we will get them. we are going to also pressure congress very strongly to finish the repeal and replace of obamacare once and for all. we will have great health care in our country. thank you all very much. appreciate it. thank you. thank you very much.
11:46 am
this is promoting health care, choice and competition all across the united states. this is going to be something that millions and millions of people will be signing up for an they are going to be very happy. this will be great health care. congratulations to everybody. [applause] [applause] thank you everybody. you have been watching
11:47 am
president trump sign an executive order on health care. he talked about boosting costiations -- also low health plans. it turns out he is not taking any questions. a said people would get massive tax cut in the plan. we are going to get more details on this. know,gain just to let you some of the ceos in the room. dave soda, the owner of our top. the ceo of big g express. small business owners that are .bviously behind this effort let's get more on the details of what just happened. areave in washington bloomberg senior washington reporter margaret talev and in the studio zach tracer who covers health care. we were anticipating some of this. give us the lowdown. what exactly did the president just do? measuresled out broad
11:48 am
designed to give people what he's calling cheaper insurance options, more insurance options as a way of avoiding obamacare. we don't have the details right now could he just signed executive order grid that means his agencies are still going to have to write that he's asking them to write. we just have his aspiration which is cheaper insurance and he sees this as a way of undoing some of what he calls obamacare's damage. , this isargaret talev another effort to undo obamacare. one of the campaign promises. does this succeed somehow where efforts in congress failed? >> it may to a large extent. this is the president's way of telling congress, if you want repeal obamacare i will just do it myself. the opening salvo is the health associations. it's a play to small businesses to say you can consolidate your pulling power and offer a kind of insurance option that would
11:49 am
be unencumbered from some of the restrictions that apply to the affordable care act. it can be good if you are healthy, younger, looking for a cheaper plan. the concern on the other side of course is that if you drain some of the cheaper or healthier people who use the obamacare exchanges out of that system you could trigger essentially a death spiral, kill what's left of obamacare by making it the look sicker people. created under these executive order mechanisms. findey should at one point themselves desiring some of those protections that the affordable care act had thought to set up, those would not apply through what's being envisioned here. , the presence of these are the beginnings of actions the administration will take to provide relief to people
11:50 am
harmed in his words by obamacare. what are those other actions that could be taken in coming months? this governs everything from the tax policy of health care to the restrictions that apply now under the affordable care act to what sort of flexibility in individual states and across states more businesses would have. him say he also is continuing to press congress to move ahead with a fuller repeal and we shall see whether this ores that more complicated whether it furthers that along. maybe republicans in some states who are concerned about the invocations of these executive orders, certainly there are democrats who continue to be concerned about them. until the rules are actually proposed and fleshed out in the process moves forward this is still a concept, not an action. it will take some time to watch the details of how this plays out. vonnie: we are right around enrollment time for next year.
11:51 am
does this get written up and implemented in time for insurance for 2018? >> that's right. people are going to start signing up for health plans on november 1. it seems really unlikely that this would get written up in time for 2018. --may create enough conflict confusion that people stay on the sidelines and do not sign up and hold out for cheaper plans. mark: how do you fix this problem? about just talking repeal. how do you fix it in a way that satisfies both sides? >> that is the million-dollar question. you're going to see people really criticizing in particular the short term plans. this issue has not gotten a lot of attention. the short-term plans are going to be extended for a year. that's going to give -- it's going to frustrate a lot of the state officials who see people
11:52 am
with really potentially inadequate coverage. it may not cover your drugs or all of emergency care you need. vonnie: i'm going to pick the topics for a moment. you got an exclusive from gary cohn just a few moments ago. it's quite an interesting story you have to tell. another reporter and i hanging out on a driveway outside of the white house, there gary cohn. we were going to wait for him. he didn't really feel like talking. theid ask him about bloomberg report that the president himself is really concerned about that provision thate tax reform plan would affect the deductions on state and local taxes. cohn is the president rethinking provisions, and he said no. he said no a couple of times very quickly -- clearly.
11:53 am
did he mean is the present thinking about scrapping that entirely? open theving possibility that president might be open to some sort of compromise of $400,000 threshold or something like that? because he wouldn't stay and chat. we certainly hope to be able to ask him the president and the entire white house about some of these details as the talks move forward. it's fascinating. the president talked to a bunch of truckers about this tax plan and then reporting that the president was surprised by the claimant some middle-class folks would have to pay more tax was true. this is where it all and it from, that this particular provision came as a surprise to him suddenly. you are saying now that it's possible that whether it's a surprise or not it's going to stay in the tax reform plan coming out of the administration? >> that's absolutely what gary
11:54 am
cohn indicated in his very brief -- i'm going to emphasize very brief comments to us. president'sf the formulation all along about the messaging on the tax overhaul is that it has to be good not only for businesses but for the middle class. thatis a glaring provision obviously is going to affect some middle-class and iner-middle-class taxpayers big expensive states. places like new york, new jersey, california. president wasthe surprised by the complexities of tax policy or dismayed by the fact that it may impact a group he has stated publicly many times he wants to protect that is certainly all being played theinternally in terms of white house discussions and in terms of how republicans do what their role is on capitol hill as they try to move some sort of compromise forward. get this need to 18 to tax bill through the house. how much of an obstacle is that proving right now?
11:55 am
>> this is going to affect the provisions. the numbers are very tight right now. what is very brief remarks till late is that right now the white house absolutely wants to stand by its ability to keep the deductions as part of the discussion. if congressional lawmakers are committed to moving the goalposts on this even to some degree of hard to imagine that the white house would stand up against that if that were the difference between having or not having legislation that could be passed. vonnie: great exclusive recording, margaret talev. thank you. and of course zach tracer in studio covers health care and will be covering this ongoing story throughout the day. still ahead, senator rand paul.
11:56 am
you just saw him as the president was signed executive order on health care. where is he standing on tax reform? all of that to come. mark: quick check of what happened to european equities today. tuesday -.0 1%. yesterday unchanged and today up 0.3 percent. it has barely budged in three days. gains in the ftse and sterling. i will leave you with the currency board as we wrap up the european close. this is bloomberg. ♪
11:57 am
11:58 am
11:59 am
vonnie: it is noon in new york, 5:00 p.m. in london, midnight in hong kong. welcome to bloomberg markets. ♪
12:00 pm
vonnie: from bloomberg world headquarters, here with a top stories around the world. starting things off with a bank, the biggest bank in the u.s. kicks off the industry's earnings season. a look at what lies ahead for the rest of wall street's biggest firm. getting health care done his way, president donald trump signing executive order month -- moments ago, aimed at expanding health insurance options for some americans. who does it really benefit, and who will that hurt? one voice, why amazon is considering teaming up with its competition to improve the alexa voice activated personal assistant and why google and out for that -- why apple and alphabet would even go along with it.


info Stream Only

Uploaded by TV Archive on