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tv   Whatd You Miss  Bloomberg  November 8, 2017 3:30pm-5:00pm EST

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committee will take the lead on the proposal. >> members will have a chance to engage in discussions and debate. perhaps as early as next week we will markup that bill. >> senator cornyn says he hopes to have the tax bill on president trump desk by christmas. tax writers are considering keeping the number of individual income tax rates at seven. in new congressional budget adds at least $259 billion to the national
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cost at $1.7s the trillion over 10 years. the study is based on last and's version of the bill amendment added $160 billion to the cost. in an exclusive conversation, steve mnuchin discussed his support for tax cuts. >> our strong preference is that the corporate tax rate starts next year. we look forward to working with the senate as the details come out. >> federal judge has issued a gag order in the paul manafort case.
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the judge has part all parties from making statements to the press or public that might influence a jury. thanl news powered by more 100 to journalists and analysts in 120 countries. this is bloomberg. 30live from new york, we are minutes from the close of trading here in the united states. after theixed even surge in tech stocks earlier. >> the question is, what did you miss? >> the china -- in washington, the spotlight is
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on the senate. republican senators expected to reveal their bill tomorrow. machineca's drilling keeps on rolling. production rising over the next few years within that look on the industry. theonald trump touring urban city, but the president is hoping to come with more than just a visit. whiteill be a test of the house is economic security promises as president trump pressures china on the trade deficit. for more, we are joined by marty shanker. great to have you on. back at the step welcome donald trump has received in china.
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the welcome that they provided donald trump is meant to impress in soft and him up. that trump loves that in he equates that with friendship and cooperation so i think the chinese want to impress donald trump. the question is does it facilitate in the agreements on trade? diplomacy the kind of donald trump loves. if he can announce deals, he will be able to cast that as a , thery in his own mind devil is in the details.
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trade dealed at a and there is no sign that that was actually happened great >> earlier, our team leader in washington, the president flexibly confrontational when he is not with the leader he tends to soft in his approach. president trump has an incentive to come out of this meeting with something to show for. >> i don't think so at all. he is coming to this meeting out of strength wears donald trump has weakened. it is going to be an interesting contrast. my prediction is he will get and that he will profess to do everything he can on north korea and nothing
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concrete. senseer two trumps in the chuck schumer on twitter and then have a great conversation with him in the oval office. phenomenon? >> he has these two modes. when he is on his iphone and able to tweet, it is sort of the spontaneous congestion. >> let's talk about the election because that was very eye-opening for republicans who are planning to run on trumps brand of populism. it does not work. to cater toe tried
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some of the broad -- all around the country, just scattered winds everywhere. is a sense you get that people are thinking this could portend a wave like we saw in 2010? pundits like to say you cannot take away from and on your election. that said, this was the first opportunity for voters to give direct feedback to how they think things are going and you cannot take much effort if you are a gop strategist. ofit is what we are kind
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alluding to. out of the democrats grab this and say let's have momentum? >> i think they have to come out with a national candidate. there has to be new voices and personalities that can march forward these. marty shanker, thank you. coming up, we have an keeping an eye on show all week. we will go to the exchange. this is bloomberg.
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>> a $1 billion message. bloombergs alix steel is standing at the new york stock exchange. a year ago today, we were here and ryan announced a plan he would be more conservative and sell assets and buy back shares. is the entire industry following what you did. >> what is next for you? >> it is a pretty moment place the are go and i think people have come around with a proposition of returns that we laid out the your goat. market bypdated the lowering our sustained capital.
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it is a place we thought we needed to get to. we see a lot of growth coming the next few years. we have the chart, we can put up. all in theormed them last year. >> i think the market is starting to take notice. when you go back a year ago, it has outperformed all the energy benchmarks. we want to bring investors back into the market that has underperformed for too long. going todayrsation
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focusing on buybacks and more growth. that is at $50 oil. what you do at 60 -- we will generate cash. investors wehe have a history of disturbing that, whether it was a .ransaction we did last year we have a history. we may put some cash on the balance sheet. as the middle east produces more more -- more oil, -- we are
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concerned. yesterday he will see 7 million barrels of oil next eight years. >> we believe that. you look at our portfolio, this year, we will probably grow on the u.s. side. that tohat and expect go to $1 million. are you ahead? >> know, we are not. we were in unhinged company so as the prices rise, the cash flow goes back to the country. about production issues. ratio was fueled a little bit. i think that was an interesting story because some have never responded.
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i thought the market overreacted. what we have done is take a measured pace. in some cases, we are accused of going slowly and we have been indicated -- implicated in that. we want to make sure it is durable and the right technology because once he can into that, you cannot go back and fix that. opportunityl that still in front of us to develop that and that is because we are not chasing the growth that many of our peers are trying to chase. >> something else, you mentioned an increase of 30%. is that sustainable question
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marks >> we think it is sustainable. we have seen those efficiencies and still expect those. efficiency of setting those. >> let's talk about the balance sheet. up togress opens drilling, which is dell? it.ill take a look at we would absolutely take a look at it. reserve topetroleum see in terms of minimizing the footprint.
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on the constituents and all the stakeholders that support what we are doing. >> we would absolutely take a look at it. >> what is your worst-case narrow? >> frustum up, we try to build a plan that is resilient. we try to take the market volatility out of our plan. come up with an our plan.impacts >> really appreciate it. back to you. steel reporting from the
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new york stock exchange. join tomorrow night for an hour .ong special that begins at 9:00 p.m. new york time. -- the stocks have had its worst is line in three months. in much andra is here. just we thought it could not get any worse did. >> another superlative is stocks are already down. struggling has been for while. they expectsays as 11%. grow by as much
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--will take a look at the total here. we like to think that will .ontinue to happen -- ihave been suffering can't remember the last time i walked across a fossil store. >> how much is it a brand thing thehow much of it is category. you mentioned the department store. -- apple has a very successful device which is taking away from fossil.
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they said that growth profit decreased in the last quarter and gross margin declined. they said that was primarily driven by domestic products. if you remember from the earnings leslie, apple said that 30% andhad grown from even so, wearables were taking away all fronts really. >> it is time for the bloomberg business flash. tencent has taken 10% of
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snapchat. the company has just decided to overhaul the messaging at. a netis working on generation ipad. andill include summer edges facial recognition. thes unlikely to include oled screen. it is expected to be released later next year. that is our bloomberg business flash. >> coming up, today marks one has since president trump been elected. we look at the impact coming up.
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and you miss it. it has been one year to the day since president trump was elected. up near record highs. group expecty telecom is higher in the past 12 months. when because the best performance, it is the growth value. then it got banks and the insurance companies. we know that nvidia is the best-performing. qualcomm the only decline are.
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>> it is just extraordinary looking at this. >> at&t and verizon -- the ideatake a look at from the currency standpoint. >> this is the world currency ranking. of their the top, we have a lot of emerging europe. some of the big ones. we will actually talk more about those on the show. what about at the bottom question mark >> a lot of your classic e.m.'s down 18%. a few above the south african brand. a very interesting look at how the world has evolved.
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>> it would be highly remiss to not talk about this particular currency that donald trump rim against during the election. is showing you the dollar yuan. trump, he donald called them grand master currency manipulators. look what we and have seen. you can see the dollar coming down. first is headed for its event since 2013. the blue line showing historic volatility. we have also seen quite a dramatic pick up and volatility.
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here in the u.s., the market closes next. the s&p 500 moving up. this is bloomberg or it -- this is bloomberg. ♪ who knew that phones would start doing everything?
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makes. mixed. >> if you are tuning in live, we want to welcome you to the closing bell coverage. let's take a look at how the market close. we have little change here for u.s. stocks. gang -- of greenh is little bit more than the others. this is even after some companies or high-profile names to not do so well. i'm referring to snap, which came out with a loss.
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what's interesting is this morning, tencent holdings of stakeacquired about a 10% . julie and i were wondering whether there's something friendly or unfriendly about this? >> time will tell. in the meantime, tencent is a major stakeholder. antitrust officials are gearing company should salvage the acquisition of time warner. said there was a short wave of cancellations and bookings are almost back to normal. and lending club down almost
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16%. a real quick look at the government bond market. >> it is interesting. the long end,s in slighty more in the two-year and. the 210 spread has not been this flat. a little bit of further flattening today. >> a look at what is going on in currency land. continuing to flutter and watch headlines. in terms of cross currency, the dollar getting a boost.
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sterling under a bit of pressure to a second cabinet minister stepping down in as many weeks. -- officials -- apparently taken including the weekend -- ahead of going back to brexit negotiations. stops.never >> not a lot of action for commodities.
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those are today's market minutes. >> let's get you some earnings reports. >> another quarter of double-digit growth. when it comes to the bottom line , $.49 matches the consensus estimate that we have surveyed. in terms of guidance and what on company saying, it is track to meet its financial goals for the year. the interesting thing is disney because there have been reports that disney and fox had talks about merging. we can tell you that is no longer happening. the analysts maybe ringing warning bells.
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the potential tax reform has fire.hrown fuel on the let's bring in brian bell. when you look at the headlines coming out of washington with regards to tax reform, wise it that they do not slow down the momentum. a slum move higher. -- slow move higher. move've had such a great upstocks since the election, 21%. the noise out of washington and all the rhetoric is something that we warned investorsof an said --
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i think it proves we are going back to what we believe is good old-fashioned fundamental investing. i think people don't understand this is not how stocks of and run the last 10 years and because of that, we think ultimately stocks will move higher. i think the biggest quandary is the whole time thing and should you buy stocks because tax cuts. >> i love how you describe a tug-of-war that is going on. . strategists have a different view. just talk about this and ultimately it becomes irrelevant as we build attract higher. >> i think a big story that most
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of are not talking about, i think we will enter a. of -- old people with gray hair will be worth something again. -- you have only been a senior analyst the last 10 years. i think the next cycle coming will put stocks in a very good light. tradingo managers are their mutual funds and hedge funds because they have to keep their jobs.
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we are seeing the analysts because more bearish the analysts are talking to companies who are defensive because most of those have less son 10 years experience and i think some of us that have been around the block will be worth something again. >> something you have probably seen multiple times in your career getting a lot of your attention. >> we are still looking for reasons to be bearish on financials. this environment has nothing to do with 2007. market continues to be the
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bully. the bond market has all the money. the barnier has a 10 year treasury yields. yields should be going higher so i think this is thetion trade because of increased noise out of washington. very quickly, -- mywas sick a look at some of biggest clients. with stocksexposed that we think will do well. negative.ll we have been so easy to do the easy thing.
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we are going to go back to investing. if you take a look at performance summer so far, they are outperforming this year. i think we are heading back into it. nameu can pick your through etf as well. >> of course, etf iq is on bloomberg. >> let's get you more results. square eating analysts. toppingalso expectations. stocks a company whose has written 160% this year.
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-- >> no time to talk about this. what if they were subject to come? bloomberg .
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for the second time this week, a british cabinet member has resign. he stepped down after failing to inform prime minister theresa withf her august meetings
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benjamin netanyahu. on november 2, defense secretary michael fallon resigned in the wake of sexual harassment allegations. subpoenaed to appear before the panel today. assembled that alleges ties between trump and russia. other republicans are seeking to andg -- to the dossier whether it was used by law enforcement agencies. president --
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have -- i'm i together that acting and securing its prosperity. he continued that russia is a collaborative effort. president putin is expected to meet with several world leaders. the state department announced new restrictions on u.s. travel with cuba. 83 hotels will be put on the list. officials are also limiting individual exchanges that were allowed under the obama administration. for is also making changes an export licensing program designed to steer economic activities towards the private
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sector. level news powered by more than 2700 journalists and analysts in over 120 countries. this is bloomberg. the woes of america's malls are well-publicized, but -- whether a retail chain is successful or not, most have crippling levels of debt. the outlook for american retail and malls is pretty bleak. more let's bring in matt townsman. this story is just incredible. i think we all read it and were amazed. talk to us about what was going on. perhaps the concerns about retail are being hyped by the media. jcpenney, sears.
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it look at what is going on in retail. right now we have a pretty healthy economy, but all these retail is a pretty -- all these other ones are struggling. if you look at what is coming over the next five to seven years, there is an explosion coming. at a time when overall debt is exporting as well so what is likely to happen, credit markets are likely to tighten. chart showing some these stores and their extraordinary debt levels. one of the types of companies >>t are under stress here?
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sears is at the stress levels and the other ones are ok. the reason this is a big worthy -- worry is a potential spillover. the retail industry employs the most low income people in the country. away, thosees go people will be impacted and then there are all the states that rely on retail jobs. some states have benefited more and others have lost jobs for the is a huge potential to next five to seven years as this shakes out. about thees, talk institutions investors are exposed to?
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>> it is interesting. if you look at the smaller banks , they have more of it than jpmorgan and chase or bank of america. be seeing impacts on a more national basis. that should have a chart highlights that. rates are going to go that high. for me, one of the critical -- the founding company wanted to keep the company private and they tried for months for someone to win the money.
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at 13 to 14%king interest. anotherys "r" us was where they had a lot of debt and they had about 400 million. they couldn't do it in the file for bankruptcy. a lot of people thought they were doing this and anticipating credit markets would get tighter . >> thank you so much. >> global tensions dominating headlines this year. meantime, a howard grabbed by the crown prince of saudi arabia. i'll bloomberg editor-in-chief is joined by former cia director
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general for trace. >> the sleeping economic overhaul of the country is a race against the time. he knows he has to push this through rapidly. the bottom line is within a decade they have to have completed a lot of this transition and if they haven't there is going to be a real challenge ahead or that. then you have a change to the way the country has been governed. one might control the industry of defense from the armed forces the paramilitary. turns in theake
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family gets together and determines who is the best to leave the country. there has been power solidified by the crown prince. is athe most recent national guard commander and i think the tank as well. place.ot a bad ofre are standards detention. began, this is very dramatic. again, some of this very positive. the country that many have seen challenging and so on would not be doing that anymore.
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a division might be that others might emulate. -- you worried at all this broader liberalization at the same time. >> you said a country in transition, i think it is a country of revolutions. some of the senior leaders have said we have got it. we know this is wildly fantastical. if we just get 60%, it would be a dramatic leap forward. 30, 60 or 80 is a great deal.
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that is the central issue here because a country that has traditionally run large surpluses because of the price of oil, all of a sudden is having to tighten its belt and running substantial physical deficits and they have to transform the economy so that is not the case going forward. a contrast between the ruling family and the people of the country. so how saudi arabia goes determines how the gcc country goes. >> the impacts on the rest of the region. there also fighting a war in yemen. certainly dependent
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on saudi arabia. jordan has often been the recipient. -- in that sense, this has a lot of affect. certainly, some of this so sudden, and all of a saudi arabia hosting the prime minister of iraq. it is something i could never get a previous king to the. this is really quite dramatic stuff and we still don't know how well everything shakes out in a rock in syria, keep in mind a ron would love to live in eyes iraq and syria to use these paramilitary forces.
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when i was in the search, -- that because they have leaders and members of parliament. really welcome to the nfl kind of stuff. it is quite a turnaround. i don't think that happens, but it will be very interesting. >> did you think the rise of -- it is result of a number of factors. unquestionably, toppling saddam hussein and country that is a shia majority inevitably meant
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i have to say, the iraqis are very conscious of the differences. they speak arabic. the 51stt want to be state of her on. was former bloomberg editor john mitchell. he was speaking with former cia director general for trace -- general for trace -- >> i have a roku. up next, taxing times.
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senator says the republican commerce -- congress taxable.riefed on the will guide the committee through an open process. the base start once bill is released later this week and perhaps as early as next week we will markup the bill. >> senator cornyn says he hopes
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to have the tax bill on president trump by christmas. >> tax writers are considering keeping the number of individual income tax rates at seven, a departure from the house bill. tenant rand paul says he suffered six broken ribs and a buildup of fluid after a neighbor attacked him outside of his kentucky home last friday. the neighbor has been charged with assault. appreciatesaying i support from everyone. >> king salman's government says his only frozen bank accounts of individuals and not those of companies they own or manage.
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>> near help became a national figure in 1991 when she told the senate judiciary committee that then supreme court nominee terrence thomas -- clarence thomas sexually harassed her. , soy during an interview took issue with ben donald trump's dismissal of sexual harassment accusations. >> what was deeply troubling was butonly the normalizing, his entitlement to behave in a certain way. >> what she added is you know there has not been enough progress.
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>> let's get a recap of today's market action. we should mention -- tech shares leading once again. national line >> strong preference is that the corporate tax rate starts next year. -- longer we wait >> we look forward to working with the senate as he tells come in. plus republicans reportedly expect to unveil their proposal
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tomorrow. let's get some insight -- inside. he joins us from cambridge, massachusetts. great to have you with us. i know it is difficult to assess what is going on because things are changing all the time. how do you assess the package put together. >> i think corporate tax reform absolutely could expand economic growth and could benefit workers. but a key test for that is whether or not it adds to the deficit. if it adds to the deficit, you will call back a lot of benefits back over-- crawl
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time. >> it is above the deficit. if you were to look at it in isolation, you do think it could be found that tax cuts would trickle down. -- that mean we could to tax high income , there are a number of sensible tax plans. what this bill in the house says is cut taxes for high income individuals and the only tax increases are has are for the most part on the middle class.
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>> people have been warning about the deficit for a long time. it doesn't ever seem to come to fruition. never any pushback. why is that? done at of all, we have number of things about the deficit. race tax rates on high income households. we did the budget control act which cut discretionary spending. we have passed a lot of legislation that cuts spending and raises taxes and i think that is part of why you have not seen that sensitivity. if we went eight years and only we did was legislation like this, i think that would start
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to happen of -- have an effect. a wall design personal tax cut. does that exists in boulder look like? >> i think there's much less growth potential. -- the mortgage interest deduction. that is a pretty courageous step of the house and i agree with them on that. i don't think you get a whole lot of growth that is individual tax reform. they are not really cutting rates. it actually raises marginal rates on a lot of households. >> it is something the trump administration has been talking about.
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what's taxes -- there are four important. i remember at the beginning of the trump administration infrastructure spending. , is there a point tothe economic cycle stimulate growth? >> there is a supply side, i don't think there's much of a demand side. if we try to do more stimulus, they would just do it with faster rate hikes. the reason you want infrastructure is what it does to the productive capacity of our economy going forward and i think there's a strong case for we have it is a shame
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major progress. -- an i understand it will actually be stimulative ultimately. >> and sound like some crazy radical. the particular notion is the one that over 220 -- this is aplus -- law.w that after a current the senateappened is
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and in the house just followed suit. suing -- all in saying is let's go back to a month ago when speaker ryan himself was saying we should be paying for this. >> is also fair -- chairman of obama administration. coming up, the strength behind some emerging european currencies. this is bloomberg.
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at is a looking back trump's first year and he was elected and it is not just the u.s. stock market that has been rallying. here is winston, global head at brown brothers. i'm looking here and this is a modification to indicate how currencies have done. everything else has been rallying. the russian ruble leading the way. -- you canthread look over the past year.
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cash weeks, i think that has been broken down the bid. europe stands out for being a really robust economy. we're moving some of that extraordinary stimulus. it -- it really is. >> they are taking a lot of different approaches to monetary policy. bank is likelyal
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to do more. surprised at the hungarian central bank. dangerous going three or 4%. i believe the czech national bank has high twice. they realize they are not doing well, and wise and they need to remove some of the stimulus. somenk there is disinvestment. >> i love getting the notes that they let me do things ahead like czech republic industrial output come up reported retail sales. nobody i get notes from our updating me with that. i really appreciate that. i encourage everyone to get on here. politicsoes individual or the monetary policy diverge
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actually matter, particularly when the central bank is tapering? >> it is interesting to find that tipping point. i would say look at turkey right now. they have 12% inflation and yet hikes.fuse rate i think the turkish is one of the worst performing currencies. at some point, investors will say this is not the right policy. now, if the numbers continue to get strong, you might reset. turkey is certainly an outlier. >> big picture, one of the interesting things we're seeing. we have seen this oil strength slightly and dollar strength amid the oil strength which raises the question is the digitalf what we call
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currency stale question mark over you -- using all categories that don't fit in the post shelf landscape question mark >> i think one thing to keep in mind is that these correlations change. see quite easily they fluctuate between zero and one and even negative territory. it is like they work until they don't. think the commodity story is interesting. it is around the $50 range. part of it is political and part of the is supply. i think the dollar rally around this is on track. banke the only central that is tightening by any consequence and i think that stands out. thank you for that.
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now, some breaking news. the cbo updating the score unit they provided with earlier, saying the end of the individual mandate would add to 13 million .ninsured in 2017 . ,n order to offset maneuverings the house members are trying to agree on. obamacare.sented 34 speak to how hard it would be to bring in health care . many of them would be fallen terrors -- voluntary. ares worth noting why we adding so much, but it does show
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how risky it would be to add a health care element to tax reform. repealing the mandate would add to 4 million uninsured in 2019. negotiations continue and we will continue to update you from new york. this is bloomberg. ♪
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,> after months of deliberating jay powell is offered the role of fed chair, but there are
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still -- still other roles that need to be filled. spoke to usn earlier today and talked about how the administration's proceedings. >> our focus was obviously on the fed chair. process an extensive that the president was extremely involved in. now that we haven't done, we are turning our attention to the other positions and we look forward to filling them. it will be a very low best -- robust process. they are very important jobs to fill. >> are you looking for a vice chair to complement jay powell question mark >> i would not say there is a specific criteria. there is a lot of things we look at. the vice chair is a very important position and that is something we are considering people for. could we face a federal
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reserve with only three governors? the privilege of having breakfast with her. i don't think she has made any decision in regards to that. >> what happens if we end up with only three? the administration has made a notue out of positions being filled. >> i think we will fill the positions quickly. andfocus was on the chair we have resolved that. we are already looking at people for these positions. your treasury office said you can pay the government's bills through january. is that the next date? >> no, what we said is we can pay the bills through january. we felt it was important to set guidance and in the end if a deal wasn't reached, we have the
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ability to get there the beginning of next year. there's a lot of assumptions that go into tax collection and spending. >> you were in saudi arabia before the crown prince moved. when the imagination be in favor of it? in regards to what issues? >> in regards to the arrest and crackdowns that he is instituted. >> we had a lot of discussions on terrorist financing. iran. a lot of focus on we did not have any specific conversations on corruption. does his arrest post any americanfor you or companies in which he has a large financial interests question mark he owns financial stocks. is this a concern for you?
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specific not make any comments on that. we look forward to working with the saudi's as they deal with these corruption issues. we look forward to working with them on the details. >> before he left for asia, the president said he will blame steve mnuchin and gary cohen and they will hear from me. ?s a president called you >> i have spoken to him several times. gary and i are very comfortable with being accountable. >> when are you going to get it passed? >> the plan is to get it to the present sets in december. >> why do we need to do by the end of the year? >> we need economic growth. we need to have sustained growth and a tax package is a major part of that so we want to make sure we get this passed and andanies can make decisions
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we can see the economy continue to be better. speaking within michael mckee earlier today. >> coming up, when you need to know for tomorrow's trading day. this is "bloomberg."
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a record high for your stocks drift coming up, kohl's and macy's report earnings tomorrow. we're getting to the telling of earnings season. >> also reporting, disney. brexit talks resuming tomorrow in brussels. that does it for what you missed. bloomberg technology's next. >> have a great evening. this is "bloomberg."
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alisa: i'm alisa parenti in washington, and you are watching "bloomberg technology." let's check your "first word news." president trump is in china where he is expected to ask president xi jinping to do more
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to pressure north korea to abandon its nuclear weapons program. trump told the south korean national assembly that responsible nations must join forces to isolate north korea. a hearing on the latest challenge to the version of president trump's travel ban on december 8. a judge granted a nationwide preliminary injunction on the ban last month. e state department announced new restrictions on u.s. travel to cuba. dozens of hotels and businesses are now off-limits for u.s. citizens after they were blacklisted for alleged links to the cuban military. rules requiring u.s. visitors to only stay with licensed tour operators will be reinstated. senator rand paul says he suffered broken ribs and fluid buildup in his lungs when a neighbor tackled him outside his home last week. the neighbor has been charged with assault. paul tweeted his banks today to his


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