tv Whatd You Miss Bloomberg March 6, 2019 4:00pm-5:00pm EST
faangs have been trying to push higher. what i find interesting is the fact that utilities are making new highs. arehe one end, the things trying to push higher, and on the other, you have the most offensive of the defenses leading higher. scarlet: how much traction can the s&p 500 gain in that environment? read now or today, not much of any. the s&p is down for third day -- its third day. the nasdaq is the worst performer. caroline: it seems though tech managed to pull higher as it studied yesterday. 5/10.w jones up by section,on the spare -- on this bearish action, i'm on a stall. let's take a look at this one your chart of the s&p 500.
we are looking at the range between 2600 or the buyers have stepped up eight times telling you valuation and other factors are attractive for them. up2800, the sellers stopped -- stepped up. plus, overbought conditions starting to ram down, telling you momentum is fading. that thisorry is monster rally, the uptrend is reversing. the pilot trend is to show when it is reversing. the stoxx on the close today could and lower lows, suggesting we could see something similar for the s&p 500. you always want to look at symmetry in this chart. range,we go down in the it appears we would match the lows of last year. closer to the 2600 level. bearish technicals for the s&p 500 on small declines. emma: i'm looking at the small iss, the russell 2000
outperforming the s&p 500's year, getting 14% compared to than 11% gainss on the year. if you look at the performers of the russell 2000 versus the s&p 500 on a daily basis, you can see it has outperformed him and to a higher degree. if you look at the three downward facing bars, the russell performance did significantly worse than the s&p 500. the russell 2000 close to down about 2% today. better performance of small caps is needed to confirm the progress of the other major industries -- indices. they say the russell needs to close around a 600 basis. romaine: barring some sort of catastrophic failure over the next few days, we will mark the 10th anniversary of this bull market. i want to take you back to 10 years ago today. droppedthat the s&p 500
to an intraday low of 666. it was the ominous signal for the market. that proved to be a turning point for the market that set the stage for the bull run we are on. about 300% was up since that day, beating every major index around the world. it would be hard pressed to find any other equity markets around the world where any other asset class and matches that return. the s&p returning on an annualized basis, about 18% over the past year. it has not been a smooth ride. we had six market corrections coming close to a bear market at the end of last year. every time someone is called to enter the bull market, the market has found a way to bounce back, away to be resilient, for way tohan 3600 days -- a be resilient, for more than
3600 days. scarlet: american eagle coming out with its numbers. the outlook for this quarter, the fourth-quarter adjusted eps is missing the average analyst estimate. $.19 to $.21 and the midpoint would be $.20. analysts were looking for $.23. they our off about 5% in after-hours trade. still what this is stephen and sarah ponczek. stephen, you will watching remain start and nodding your head to the tenure performance of the s&p 500. is thatis interesting you have tripled the performance in u.s. stocks many non-us stocks. economicpted recovery, a better monetary policy for the most part, qe was extremely effective, but from the very bottom, you can see a representation of em, no qe in
emerging markets. this is at massive performance differences across the world. when we think about the stock market and where is it going, you will see valuation differences and differentiated returns from here. i'm not saying over one month, earlier on somebody -- earlier on, somebody said it was earlier off, but it was three days. we have more breaking headlines. this is coming from the likes of -- joe: the berkshire hathaway. haven is going to be what that joint venture to control health care. it was announced last year and no one knew what they were going to do or what it was going to be. at least we have a name and the goals are going to be simpler, better, and lower cost. scarlet: and that's why we
couldn't find it because we didn't know the name is a haven. we only knew it was a joint venture between these three names. caroline: we have see how the rest of the health care market performs. joe: amazon want to these , people would just sell these stocks before anything happened. scarlet: what you make of the health care names and pressure they have been under. sara, there's a lot of noise from congressional democrats about medicare for all and there was hearing into drug pricing, pricing. -- pricing. sarah: clearly after gottlieb's announcement of his departure, he is well respected and also understood what he stands for, so now that he is retiring, this adds more uncertainty to the
space. who's going to fill his shoes and what are those policies going to dive in upon? then you thrown medicare for all because it is such a hot topic being discussed, that throws another uncertainty. health care was the best-performing sector last year. put on top of a sector that has performed so well will bring it down. joe: in d.c. policy uncertainty, is it something you are thinking about when it comes to medicare for all, something that comes closer interview and different democratic candidates try to stake out their lands with proposals that are more headline grabbing, is that something we will see more impact on the market? >> think it will be larger in 2020 and maybe more so second half of 2020. a big impact on policy changes could take place after the 2016 election. it was unanticipated, but this
is probably the reason why you want to be a global investor. idiosyncratic local political risk. brazil it was mexico, before that, all of these places can create very specific issues for one single market. when you talk about the united states we are talking about 52% of global equities nation. thetimes people ignore world opportunity, but there are years were certain things happen. 2002 with the accounting scandals, or political issues like the ones you're talking about. these can matter more for the home market. when you think about that, you want better valuation, and you will have a less volatile portfolio if you were invested around the world. caroline: stephen, how do you hedge out, or don't you, the fx risk? the dax has done rather well for all of those buying it in euros, and the ftse's are much better
if you are in pound. how do you play this out? steven: this time around, that's was the drag on the performance of these international markets. the u.s. has had the third-largest dollar bull market in history, and again for all of the good reasons. the fed was there to tighten first, no one raise money tell policies-- monetary because they want so -- 12. -- want to. the dollar has held onto fantastic games since 2011. when you think about the next 10 years, you are probably going to end up with contribution from currency returns, not drags. scarlet: stephen waiting with a long-term perspective of city private bank. with an wieting --g-term perspective of the perspective from citibank. that does it for me, romaine
caroline: live from bloomberg's world headquarters in new york. i'm caroline hyde. romaine: i'm romaine bostick. joe: and i'm joe weisenthal. caroline: here's a snapshot about the markets close. a third day of losses for the s&p 500. joe: "what'd you miss?" caroline: haven unveiled. amazon, berkshire hathaway, and others -- some bankers in new york are receiving the pats at all according to exclusive bloomberg reporting. a clash within brazil. the conservative president is
lashing out at his beloved carnival celebration which dates back centuries. we have a name. jpmorgan, berkshire hathaway, and amazon announced the name of their health care venture. haven. haven ifarly not a you're looking at competitors. we get some leadership from the ceo, does this mean more pain to come from the insurance sector? john: i think it's too soon to say what the implications are for insurance companies, but this is the most detail we have heard from this mysterious venture from the three in the year plus since it was announced. the announcement rattled stocks, and initially, it would be interesting to see what happens in the market tomorrow. yet thewe don't know
degree to which this is going to be a company that works on behalf of employees of these three companies versus something that tries to develop solutions, which it can then sell and license out to others? nowsa in and it's official -- it makes it internet official now. john: they have said their initial focus will be on improving health care and reducing costs for the 1.2 million employees of the three founding companies. they also said they plan to share their solutions widely and described this as a long-term effort that will be free from profit-making incentives. surplus will be reinvested into the venture to further its mission. romaine: long-term is the key word, because they announced this january of last year and we're just now getting the name. what is the pace of this? it seemed like a good idea at
the time, but when you're seems echo long time with companies with these resources to not have more to show for it. you look at the $3.5 trillion of u.s. health care with tremendous inefficiencies, tons of complexity, a lot of problems that a lot of companies have been trying to solve for years. maybe the question is should they have more to show for it in the past year, but what are the long-term implications of seeing theseies like -- we know are serious companies that have seen what amazon has done in the markets that it has disrupted. for existing established players in the health care market, long-term commitment is maybe something to be even more cautious about that if they said we were going to have a silver bullet tomorrow. caroline: fascinating. we look at the legal conflicts ahead.
john tozzi. lvmh chairman has topped berkshire hathaway's chairman to become the world's third-largest person on the billionaire index. he has added over $32 billion to his net worth in the past five years. he's one of two europeans to ever make this spot. leadervious guy was the of a chain. it seems there's more money to be made when you're backing the likes of others rather than heinz big beans. joe: heinz big beans can go in fashion, but at least these luxury brands have more staying power. romaine: this is all just jockeying, but can we talk about the real billionaire of the moment, kylie jenner. no disrespect, but the 21-year-old "self-made" billionaire. caroline: you are stirring issues.
romaine: it's fascinating because you talk about what people are getting rich off of and you think her push into makeup and leveraging instagram and all of that, that is fascinating. maybe one day she tops this list and maybe warren buffett should be shaking in his boots. joe: how many famous people and things kids have gone on to be billionaires? it's pretty rare. it's still impressive, right? romaine: i appreciate the levity. caroline: maybe we are all just spending too much time on instagram in general. we're all tapping into a luxury want of a lifestyle and making people richer. the issues of capitalism. romaine: we chronicle it all here. president trump this is the world leader -- president trump is not the only world leader to rile up the base on twitter. that's next, this is bloomberg. ♪
romaine: a bit of breaking news on the drugmaker. they are releasing results on a study from one of their depression medication saying the interim data suggests the primary endpoint won't be met. shares are moving lower at one point. at one point, they were done as much as 6%. they're basically saying this phase three study of the drug did not meet its primary endpoint. caroline: great expertise there. our attention to global things at work, particularly when it comes of growth. european central bank is poised to cut its forecast by not to satisfy another round of banks. the oecd has cut his global
growth outlook saying trade tensions and political uncertainty are weighing on the global economy. bring in steve matthews. i'm interested by this bloomberg scoop that moved the euro expectations we will see inflation growth downgraded tomorrow at the ecb meeting. ifseems as though -- is the china ripple effect? steve: it's really interesting. tellingle familiar are our reporters the ecb has cut its estimates for growth and inflation. this is a continuation of a thread. just one bad that of news after another in europe. italy in recession, germany is stumbling, some of this seems to slowing,d to china's and because of the slowdown in
china, that has affected exports in the industrial economy in germany and overall in europe. you had consumption affects as well. if you look at what is happening with car sales over the last few months, they have been weak. no one was expecting this kind of sharp slowdown, and it has been a big disappointment. the ecb is now having to react to it. joe: when was the last time any central bank anywhere in the got the inflation forecast right and didn't prove to be disappointed by where the numbers came in? [laughter] , if youeah, inflation are paying for performance on inflation forecasts, then the central bankers would be getting like a zero or dollar per day. disappointing, including the fed.
the fed has been more successful than any of the central banks in normalizing rates. rates are over 2% now. you don't have inflation meeting targets. you have one more year of inflation under target. who knows what will happen this year, but it is not encouraging anywhere. romaine: to build off of joe's point, we know the central banks frequently get it wrong, that i'm amazed at how wrong they got it so fast. a few months ago, several central banks, here in the the you -- the u.s., are talking about the global economy. data thate this oecd seems to be gloomy as well. steve: yet the oecd cut the estimates for global growth by 2/10 of 1%. fed, as recently
as december, was raising rates and said the outlook looks pretty strong. fairlyly, things have dramatically changed. some of that is the u.s. -- in the u.s. seems to be because of physical -- fiscal stimulus. you had huge growth in the second and third quarter after the $1.5 trillion tax overhaul and a big spending bill. year.s waning this really affected by china. china's slowdown has been much sharper and effective. caroline: we will have to leave it there. in presidentsten trump speaking with none other than tim cook. take a listen. >> the number of jobs versus the number of candidates. we are proud to take part and alignment get this much better between education
and private sector. we realize that in something this large, it takes government, private sector and education going in the same direction. we are proud to be a part of it. pres. trump: thank you, tim. kim? >> i want to echo my appreciation for having the opportunity to serve on this board. i'm excited about what is happening across the country. i will has the lowest unemployment rate in the nation. our economy is growing. we have had four straight quarters of growth in iowa and are no different than other states. we have jobs looking for people. toanxious to work -- work and this is the way to do it. we are at about 58%, but we set and work hard to get it.
throughing that apprenticeship programs and will be launching an initiative computer sciences elementary that will launch six computer science elementary can the state targeting high needs areas so we can help produce a cable combo -- capable, ready workforce. we want to make sure that students and islands know there are multiple paths to great careers and they exist in iowa. pres. trump: can just had a great victory. she just of egypt -- just had a great victory. she defeated somebody that had unlimited money. it is called talent. >> mr. president, thank you for the opportunity to be here. what im charlotte and would like to say is that we are a city where we want everyone to have the ability to participate in the economic opportunity. where the second-largest banking center in the country.
that may be good or bad, but when we look at that, we have to weigh it against those who have not had a chance. uss opportunity will provide pathways, innovations, collaborations to accomplish that so that people left out can get in a great home, a safe place to live, and a job they can be proud of. very trump: thank you much. we have our big convention in your city and we work very hard. a lot of people wanted it, and you got it. congratulations, and see you soon. want toresident, i too thank you for the opportunity to work with colleagues around the stable -- around this table. that weo let you know made a commitment last year of 250,000 new apprentices over the next five years, and 56,000 of
them, last year, were registered with the department of labor. we are following through on our commitment. thank you. >> mr. president, i'm from the great commonwealth of kentucky, representing 4.3 million people, and more particularly, representing the 16 comprehensive community colleges in our campuses around the state. committed towe are speeding the time to a degree and credential, because we know the workforce needs us to turn out our workers faster. we like to say instead of a career pathway, a career freeway with many on ramps and exit ramps, so the students can come into our institutions at any time and exit once they get a credential, right into the workforce. later on, they can come in for further skill training. it's nice toent,
see you. i am pleased to be here. tos project addresses itself the two fundamental challenges we face in the business community. our society. that is people without jobs and massive numbers of jobs without people. i believe the work that will take place here, immediately, just with people working with one another, will add to the solution of both of those challenges. thank you very much. you, mr. president. i'm scott sanders. it has been great to be around this table with employers, educators, and others. we have talked with time about how we can help across all of to get those unemployed and under skilled out of the workforce and get them -- skilled that are out
of the workforce and get them back in. mr. president, i'm very happy to be here. very honored to be serving on this. it's wonderful we have this issue to deal with and to find solutions for. take you for your efforts toward that. we say at our college, hope has a face, and it is the face of our students. we know from education -- caroline: that is trump speaking at the advisory board meeting in the white house. you have the likes of bill ,cdermott, tim cook representatives from walmart, and many institutions whether they be governorship of certain states or even those representing certain schooling's. joe: president trump is not the only world leader who can drive the new cycle with a provocative tweet. -- brazil's new
president ignited the firestorm on the platform by attacking the morality, or lack thereof, of one of his country's most beloved traditions. bruce douglas joins us from brazil with the story. bruce, thank you for joining us. hackedht bolsonaro got when i saw his tweets that rhetoricalhere is a question asking people to describe a vulgar sexual term -- i don't know if you want to say on their -- what was that about-- on air -- what was that about? bruce: there was a grotesque video he all posted -- video which he posted and placed on his twitter feed tuesday which reportedly comes from a street party in brazil. , bolsonaroque act what --ming was in
was an example of how the carnival to generated -- --nival degenerated into a it shocked opponents and supporters alike. romaine: i assume there were probably thousands of people out there partying and taking part festivities. singling out one group of people that may have been misbehaving, it seems like a distraction for some of the other issues going on. i'm wondering, what is the tactic of this administration is regards to how they are approaching the culture wars, if you will, in brazil? bruce: you have to remember that the election took place last year and bolsonaro is still in campaign mode. -- tactic ofbove provocative comments and videos worked well during his election campaign. the question is, is it a presidential move?
we're starting to get into the serious business of how do you accelerate brazil's recovery. there are major issues facing facing congress, at least of which is this huge shakeup of brazil's security system, which everyone agrees to getting the brazilian economy back in some kind of shape. many people, even supporters, are critical that the president seems distracted by these .ultural issues caroline: what has been the general reaction to this tweet that went viral and whether this builds his supporters? is he playing to his base here? is one of the top twitter topics in brazil. you really got to the brazilian politics because you have tweets bringinglsonaro is
shame on brazil and others saying also narrow is right to show the moral filth that the carnival has become. brazil remains highly polarized. that is likely to carry on. the question is whether energizing his base will be sufficient to keep those supporters, not out of any great love for his tactics, but more out the dislike of the opposition. whethere question is repeatedly riling up his hard-core fan base is enough. romaine: thank you, bruce. bruce douglas reporting from brazil. thank you. let's turn to wall street and the wall street beats. let's start with disappointing news for some bankers. slashed bonuses and some employees walk away with nothing.
we have our bloomberg reporter. sensitivend of a topic for a lot of our viewers and a lot of our bloomberg clients. is this a trend we are going through? is it just about the performances of the banks, or is there a broader trend with regard to this? >> this was different for firms across the board. one least it -- morgan stanley had a blowout here and it was good for equity traders, for the most part. to see this in a year for equity traders, it is never good for morale. particular,k, in has saved their bonuses for but then performers they gave retention bonuses to a lot of their top performances and the strike price for those bonuses, their stock is less than half of what it needs to be. joe: so it's no surprise that deutsche bank has one bad story after another.
the bonuses specifically, how much are these numbers worse than people might have expected? sonali: we reported about 10% lower, and now it is at least 15% lower. some people are getting none at all. we see some departures, even this week, before bonuses were announced. the cohead of equity sales in new york is leaving and others leaving as well. there's a story out that said they considered shutting down desk at one point. the restructuring is a big question mark, and the bonuses are not liar. caroline: this is what -- bonuses are an outlier. caroline: this is what bonuses are for. if you don't have a good year, you don't get the money. sonali: the question is -- it is definitely a vicious cycle -- caroline: it's going to make hiring hard, right? sonali: it's going to make hiring hard and they are trying to play moneyball so they are trying to hire younger, more nimble people. let's see how the strategy plays out.
romaine: i want to raise an issue, because there was a story going around that federal regulators in the u.s. might be interested in putting some restrictions on incentive pay happens.hat sonali: in the lightly regulated arena for banks right now, under the trump administration, you want to get this done sooner rather than later, increase the democrats -- in case the democrats take on this. you would think bankers want more pay but they want the rule settled before it could get worse. joe: these are bonus rules that have to get settled at some point. oute are still regulations there that require more defined rules about them, but it was only a matter of when. sonali: there are multiple offices -- regulatory offices involved. the idea is to limit excessive risk taking soma order pay will be deferred. -- so more pay will be deferred. if you look at the top 20
richest people on our list, none of them are in banking. that says something about where finance stands among the wealthy. caroline: interesting that ubs and jpmorgan i shifting their attention to the wealthy. toali basak, always great get your expertise across the banking center. from new york, this is bloomberg. ♪ k, this is bloomberg. ♪
tariffs from 2018, especially in the later part, and increasing worry about economic conflict between the united states and china was one factor that weighed on chinese growth last year. throatas a substantial -- slowdown in china, even more than the global average. chinese growth was about 7.5% in early 2018, and it came down to the fives or low fives by the end of the year. trade was one reason for that. it was the tightening of lending and an effort by the policymakers to reduce the very rapid debt roles. that has been weighing on growth. more recently, you have easing of trade tensions that probably
helped at the margin, but what may have been more important is that the policymakers are now trying to boost a little bit on spending and macro policy. on january money and credit china were quite a bit stronger than anything we saw in quite a while. it's an early day. the monthly numbers can be noisy, but it seems policymakers are, for the first time in quite a while, really trying to put a floor on these economic activities. taylor: so if the climate feels healthy in the u.s., you think the fed is behind the curve? are they on pause and should be hiking? >> no. i think it is appropriate to be on pause at the moment. isht now, while the economy looking a little better in the , we are notr so
growing above trend at the moment. we are growing at a trend pace. inflation numbers are at or slightly below the fed's target. isthat environment, waiting not a bad strategy. you don't have a major tightening in financial conditions late last year and a some of that -- you had a major tightening in financial conditions late last year, and some of that is still working through the economy. as we go through the year, we probably get back to and above trend growth environment and we expect the numbers to go a little bit below the 2% target to a little above. in that environment, it is reasonable to expect the rate hikes that we've seen in the last couple of years are not totally behind us yet. are definitely, very likely, towards the end of that, but we have one hike in 2000 19 and in
our forecast. that does not -- 2019 and in our forecast. that doesn't mean being on hold is a mistake. that says by the time we get into the second half, we will be seeing things -- they will be seeing things. caroline: that is our exclusive interview. he spoke to us today about the risks in the bond market. b if you look at the triple markets, it's makes up over half of the investment rate that out there. that's a risk. apart from fraud or a lehman event, we will get the very gradual decrease in the ratings that these bonds have, so it is a concern of us. but focusing b's,
on high quality in good sectors that will benefit in this economic environment is critical. caroline: mcgrew chose -- nick maroutsoshere -- nick there. --er brant lent billionaires have their pieces for the exhibition. collectors -- ago, they said they sold their first piece of art created by a eye, but the human was involved. the work is selling off and purely curated by a computer. this is forever mutating. and thee too screens artificial intelligence continues to generate new,
ever-changing pieces of art. romaine: i think it's a crime we put that up after the bus yacht baskiat after the thing. joe: i'm not depressed by the robot. those faces looked distorted. romaine: you mean like picasso? joe: draw a normal looking face, is that a crime? [laughter] caroline: i feel maybe this is the new area of art because others are selling paintings at the same time. romaine: this is the most interesting thing. and no about that these, one sells these things because they keep appreciating in value. .veryone is holding onto them caroline: i have to say, i kind of like it. there was one sold for 400 grand. those 27 times more than they
expected. romaine: diverse smart charts where we walked through the latest market analysis with the streets top technicians. let's turn it over to abigail doolittle. charts, here to analyze not art, david keller of sierra alpha research. this huge we had rally, but we are on this pause. the s&p 500 is putting up its worst seven days of the year. the technicals are not looking great. let's take a look at your s&p 500 chart so you can break down what could be ahead. david: when you look at this market from a technical perspective, you key in on how we have approached the key resistance level a number of times. the 2800 to 2020 level is key. oncechnicians, we only say his chance, twice as coincidence, and three times as a pattern. we tested that level and come down a little each time.
if you look second-level below there, look at the threat characteristics leading up to that these. percent of stocks in the s&p 500 that are overbought, meaning rsi above 70. , down to is around 30% about 10%. is the percent of s&p stocks above their 50 day moving average, a short-term trend following device. their, andll above that shows you how much things swung to the upside. if you look deeper at sectors like technology, industrials, financials, they had 100% above the 50 day moving average. that lines up to the fact that we hit this meaningful price level and characteristics that tell me we have to expect a pullback to digest the quick gains. abigail: see you are cautious on the s&p 500, maybe putting symmetry toward the 50% retracement. if the company -- money comes
out of the u.s., will it go into china? is a weekly chart. david: when one market is struggling, where do you go? for me, emerging markets first came on my radar at the end of last year when emerging markets made a higher low when the u.s. another markets were making a lower low into december. it started to be interesting. china had followed the really compelling technical transition of a. -- of a feeling of distribution, --eriod of consolidation period of distribution, a period of consolidation. this shows you the rotation from distribution to accumulation. that is the market i would want in the end. this is the weekly mcafee -- weekly indicator. this really identifies this rotation more on the positive side.
abigail: so you like china, don't like u.s. stocks, what about gold? david: gold is interesting. it has been one of my favorite longside ideas because we have this -- we think about the transition with the china chart and you see the same transition from weakness to strength pushing and a great pattern of higher highs and higher lows. that pattern broke below 1300 and broke the low of the most recent swing lows in the last couple of days after the big couple days of selloff. now we are stabilizing. i identified this key support level around 1275. when a market has a big rally and starts to pull back, you are looking for meaningful levels where a pullback has tended to bottom historically. 38.2% tense to lineup well with the 1275 level. as long as we stay above there, it is pretty attractive. momentum wise, we came out of the overbought region. right below 40.
abigail: so gold, keep an eye on that 1275 level. china, you like. david keller, thank you so much for joining us for's smart charts. caroline: a great broad conversation. coming up, carlos ghosn is out on bail. more on the road ahead for the former executive. that's coming up next. this is bloomberg. ♪ ♪
caroline: to asia ahead, carlos ghosn is released on bail. the chairman walks free from a il after posting $9 million bond. he's preparing for the legal fight of his life. let's bring in shery ahn. the sleekest -- legal fight, the odds are stacked against him. 99% conviction rate? shery: it's really putting the
spotlight on the japanese justice system, but for now, third time was the charm. he tried to get bail the last two times and the prosecution blocked those attempts. he was free, left jail last night and you couldn't even recognize him. bloomberg reporters were all over the place trying to figure out if he left or not because he was wearing a baseball cap and a facemask. he went straight to his lawyers office which tells you a lot about what the benefits will be of him being free. he will have more access to his defense team. joe: do we know anything about his legal strategy? he had this big overhaul of his legal team a while back. now, his main lawyer is a man who is a person that is well known in the law community to be more aggressive. through what he is saying, it it seems he is trying to establish
the case of what did nissan kn ow. they can establish that, the blame would not follow squarely on carlos ghosn. he also warned this whole scandal up in japan will dent investor confidence in the world's second-largest economy. romaine: in the u.s., you can manipulate the court system for public opinion, does it work over there? shery: you will have to see -- we will have to see. it's a 99% conviction rate. still, carlos ghosn is a titan of the industry. we haven't seen a case like this, every before. now, he will have access to public opinion. caroline: we will see how that plays out. thank you very much. ahn, and another executive with legal troubles. huawei has found a way to
campaign on behalf of their cfo. she is in canada awaiting possible extradition to the u.s. other headquarters shows a shoreline and slogan, the lighthouses waiting, come home. romaine: that's a play off of her name, right? name -- from her chinese name? i think it is sweet. joe: is not likely to be particularly effective. they are really going at it, the whole defense -- global offensive. caroline: you hope your company would be fighting for you, in some way, if you are the cfo. shery: and you are also the daughter of the founder. [laughter] caroline: one use of your coffee cups at least. that is all for "what'd you miss?" romaine: "bloomberg technology"
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emily: i'm emily chang in san francisco and this is "bloomberg technology." coming up the next hour, the social network is about to get a lot less social. mark zuckerberg says he thinks the future is a more private platform. day in court. we look at how the legal battle between a chinese telecom giant and the u.s. accounted a is heating up