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tv   Bloomberg Markets  Bloomberg  May 3, 2016 3:00pm-4:01pm EDT

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from bloomberg's world headquarters, good afternoon. i'm david gora. jury -- energy shares are the hardest hit. , fromlair joins us bright's to the threat of islamic state. speaking out. she talks about her new advocacy group one year after losing her discrimination -- gender discrimination suit. we are one hour from the close of trading. julie: stocks are continuing their downward march. at this point, we have a lot of pessimism around the globe. we had disappointing manufacturing data from china and the u.k.. that pessimism remained in place
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threat the session. that said, we are bouncing off the lows to some degree. part of the reason why might be the turnaround we saw in apple shares. going into today's session, we had an eight-session losing streak aired but the shares are down seeing back today. we are seeing an increase in those shares of more than $1.50. this being the most heavily weighted stock in the s&p 500, it is having at least a little bit of an effect of creating a floor. shares over the course of the day in wide. the dow and the s&p are in yellow and green. they pretty much matched movement for movement throughout the day, although apple clearly is up in the indices are still down. david: keeping the market afloat. energy leading the declines.
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julie: yes, energy is the group that is doing the worst in the s&p 500. that is because true to seeing a tumble of 44 -- of below $44 a barrel. we will be watching the production numbers closely because we have been seeing sliding production of oil. index, just a few moments ago, we're talking about the numbers and commentary coming out of services like halliburton and baker hughes. it is the worst single day performance going back to march 8. i wanted to look at other assets . in the currency market, we have seen something of a bid for the u.s. dollar today as investors look for what they perceive as safety. euro down about a quarter percent versus the u.s. dollar, ending the euro's
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winning streak lately. and we see a movement in the 10-year. it is falling in yield today. again, it looks like the safety trade is something bennett eating treasuries. -- something that is benefiting treasury. david: julie, thank you very much. let's check the headlines good mark crumpton has those from our newsroom. . mark: american servicemen killed in iraq has been identified as a navy seal. he was killed in an attack bites on the state on iraqi-kurdish positions outside of muzzle -- of mosul. whenis servicemember died
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isis penetrated a checkpoint that was manned by iraqi forces. crossingrorists, after the line, went on to attack a mark: it is the third death since the u.s. against isisnched in 2013. nearly 90% of voters requesting absentee ballot applications for the state's primary today have returned them. more than 286,000 completed ballots had been received by indiana county officials by this morning. about 63% of the absentee ballots requested were republican primary ballots. officials for the chicago public schools are outlining new rules that would allow students access to bathrooms and locker rooms that correspond to their gender identity. new rules mean transgender
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students not be denied opportunities, including overnight field trips. governor snyder has blamed his own regulators for the contaminated water. also pointed a finger at the u.s. environmental protection agency. global news 24 hours a day, powered by our toy 400 journalists in more than 150 news bureaus around the world. i am mark from den. david: up next -- i am mark crumpton. david: up next, our exclusive interview with ellen pao and her new adventures.
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david: this is "bloomberg markets." ellen pao is back. started a new advocacy group that will push for diversity and greater inclusion at technology companies. year afterabout a she lost her gender discrimination suit against kleiner perkins. emily chang is standing by with a exquisite interview with ellen pao. emily: that you, david. ellen thank you for joining us. projectou are launching include, to speed up inclusion in tech. why do you think this will work when so many other things haven't? pulled together a team of women who have almost 150 years of collective expanse in tech. we've seen other problems. we've seen on the issues. we have a set of recommendations
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that people will be able to do to solve these problems and i a that are years of experience in the richard -- the research we have done will make a difference. emily: what makes you think they will actually listen? ellen: we've had some that say they want to use our recommendations and anticipate in our starter program. we also met with ceos and tech executives and they say they agree with what we recommended. we are not telling the two fire everybody and start from scratch. these are just ideas that have come through actual experience, things that people have actually done, inc. that we know and are sure will work. it comes out of people's experience. the research is out there. it is all together into one integrated document or website that will help people do what they say they want to do in a way that [indiscernible] emily: the companies have actually committed?
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ellen: we can't talk about that. but we are excited that people are interested and the people agree with what we are saying. emily: you will be working with vcs who have a lot of them lawrence over these companies. who will do this now? ellen: we have two different programs. one is for startups. the one for vcs is still too early to talk about. we are looking for 18 startups that are between 25 to 1000 employees in size. and we want to have three meetings with them. one to get things started commode kind of recommendations are you going to do, where are you in terms of metrics today, what metrics will we clock over the next six months. the second one, three months in, to see where are we, how are you doing, what's working, what's not working, and at what we can do together. and a third one to figure where did we end up, what really worked, what do we want to change in our recommendations based on these experiences and what is next. emily: for a company that is as
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big as google, facebook, apple, tens of thousands of them i is tens of thousands of employees yet 20% are women. ellen: we want to work with companies that they can really make it impact where companies are innovating and moving and changing on the fly. emily: what will your role personally in this initiative be? are you committing to this full-time? ellen: it's been funny. we pulled this object together out of our spare time, working together, really enjoying our process of working together and getting a lot of things done. so this has been a passion project for us on the side. we are all going to continue in our own work, but continue to drive forward as a team. emily: this talk about your own work. he lost in a high profile case in all counts. you are interim ceo at reddit. what has it been like for you? ellen: i took about five or six months off.
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and that was great. i spent time with my family, going on vacation, getting some rest, getting a lot of sleep, which is nice. and then sort of working on this and pulling together the team of people that are there today. we have been working this and pulling it together and i am also writing a book. emily: what is the book about? ellen: it's about a lot of these same issues, animated by individuals' personal stories. why i am still excited about tack and how we can get through and make it a more diverse environment. emily: are you looking for a job? what is that process like?
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people were nervous even to be seen with you and it was a very difficult process. ellen: yeah, when i was at kleiner perkins, it was really hard. people inside and outside did not want to be seen with me. it has changed since then your people are becoming more aware of these issues. it's not my one story. it is a lot of people sharing their stories and having similar experiences. i've been working on the book. i've been not looking for a job until i get this book done. and then we'll see what happens. emily: you say you don't regret it. now that you have had a year to reflect, would you do it again? ellen: it's a good question. i would do it again. but i would tell you the same thing that people told me when i was talking to people who i had sued -- you had sued financial services. they also said that they would do it again but they would not recommend of the people to do it. -- what would you recommend to other women or minorities? or go somewhere that
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they would be more appreciative? ellen: it depends on where you are. if you think you are in a place where people will listen, try to change from within you. at kleiner, i tried to change from within and it did not work very emily: if you believe that you are so wrong, why didn't you appeal? ellen: the process is just really hard. it is so expensive. you are not matched in terms of resources. they've got teams of pr people attacking you and your family. at the end of the day, i thought, i got most of my story out. i can write a book to tell the rest of what i want to share. and i think people heard what i had to say. women kleiner has more partners than most vc firms and they say this wasn't sexism, that you weren't good at your job and you did not deserve to be promoted. over the last year, was there any part of you that thought they be they were right? ellen: now. women who hadr
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similar things that about them and i believe the group of us were not treated fairly. emily: john doerr recently decided to become the chairman of the firm and he was to focus on developing new talent. what would you have to say to him? do you have any of us as he brings up the next generation? ellen: include women and underrepresented people in a group. emily: have you talked to him? do you have any relationship at all? ellen: no. emily: you did some bold and controversial things at reddit. you try to crack down on online harassment, but the community revolted. there was a petition calling for your resignation. what happened? we fired? did you feel pressured to leave? ellen: there are a lot of things that happened back than that are hard to -- i might write a book
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about what happened at rated those last few months. when i took out of that is very difficult to teach a community once it has gone in a certain direction. and what i hope other internet companies realize is, when you have problems, they scale with your company and it becomes very to revise the approach you have taken was that genie is out of the bottle. emily: what can be done to make reddit safer for women, safer for minorities? if you look at what is online, it is outright misogyny, outright rape threats, outright death threats. you were on the receiving end of some of them. you have to hire. you have to build up a team can you have to build up a bunch of technology. it is something -- my understanding they are trying to do and the jury is still out. it is hard to it is much harder to do now than it is to do for much smaller companies with a much smaller community. it's hard work. you see that from twitter.
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you see the firms. -- you see that from facebook. you see that from snapchat. that is why we are focused on the start of side then if he can get your started to be diverse and inclusive in the early stages, hopefully that grows with the company in the community and builds in all of the great things that you want from the get-go. emily: do you think we are harder on women in leadership roles? do you think we hold them to different standards? i'm thinking of was a meyer at yahoo!, who are in eastern around situations. ellen: it is a hard question because i don't other details of what they are doing. i don't know the details of what they have gone through. havew the leadership roles a much lower number of women that should be in there and there should be more women ceos. and there is steadily something go on that is making it harder for them to succeed and making a harder for them to get into those positions.
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emily: so how do we get more women into technology? what is the answer here? ellen: my friend heidi would say it is i think that is one piece of the problem. ishink the bigger problem are we making them in an environment where they have a chance to succeed? are they giving underrepresented people of cover -- of color opportunities to get hired and then promoted and then get into roles where they can actually lead? , you know, weat have a lot of bias. part of that is we are not finding the people and making an effort because we are comfortable with the way things are. so a lot of things have to change for that to be a reality. with projectpao include and also writing a book. david: thank you. still ahead on bloomberg markets, a new round of fund
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raising and preparing a push and took asia -- into asia.
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david: you are watching "bloomberg markets." scarlet fu is standing by with our demands and -- with arty men son. arty: we are excited today to announce that we are continuing our expansion into asia? in the beginning of the year, we sat down and identified the company's leadership team, that asia was an important market for us. someok in investment from legendnvestors led by
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holdings. since then, we have been identifying markets that we really wanted to open during 2016. scarlet: artie: so shanghai is on the board. artie:shang -- scarlet: so shanghai is on the board. shanghai is open. uel by thel open so end of the year. we like to say that we have a global playbook and local execution of that playbook. every market is in fact a different. there is not really a difference in how we enter the market. but there are local components of how we do things slightly differentlyl. and that is the case somewhat. scarlet: given the business in china and korea, you have a deal with currency rates, especially given what we have seen. artie: absolutely. it is something that we are very thoughtful appearance carla: --
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thoughtful of. scarlet: where do you think we are in the growth cycle this year? are we in the second inning? the fourth inning? artie: what i would say on spent an, before wework bunch of time in public companies, if you are a management team and you focus on valuation, you are focused on the wrong thing. i think what you really have to focus on is the experience of your customers. in this case, it's our members. and that's really what we're company,ost as a creating this incredible member experience and that has been a more -- for us. if we get the experience right, everything works out from a member standpoint. we just crossed of the 50,000 physical member mark. we have 5000 virtual members in our network. we can continue to grow our
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membership as i think we can. i'm very confident it will play out well from a valuation standpoint. scarlet: what is your goal in five years? artie: very high. [laughter] because, you know, you think about this asset class. you think of everyone who basically has to get up and go to work in the morning. that's our asset class. one of the things you will experience when you come into therk is that the energy in culture of the places different from anything else you will have experienced. scarlet: that is certainly a distinction. what are the same time, you have been growing very quickly across the united states at a time when funding for startups is drying up a little bit. how will you fill all this space
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in the event of a downturn? artie: i would say couple of things. i think there is this misperception that wework is really all about startups. one ofcome to wework, the fascinating things you see is we have law firms, accounting firms, retailers, traders. things we are mostly excited about is we have started to tap the enterprise market. we have companies from ge to facebook to mckenzie, some of the biggest companies in the world. because they are recognizing a couple of things. one, coming into wework, you can do it cheaper than you can do it on your own. cultureortantly, from a and energy standpoint for their employees, their employees are energized by coming into wework. , thank youtie minson for joining us. david: that's scarlet fu with
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president and ceo of wework talking about expansion into asia. an interview with former british prime minister -- tony blair.
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from bloomberg's world headquarters in midtown manhattan, you are watching "bloomberg markets." it's looking more and more
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like today's indiana primary is a make or break scenario for ted cruz. if the texas senator loses, front runner donald trump would be all but unstoppable in the race for the republican presidential nomination. a cruz victory could raise chances for a contested nomination the summer. credit racehe m a in indiana's much closer, but hillary clinton has a commanding lead over bernie sanders in the number of delegates. i resolution was drafted by five council members, new zealand, spain, egypt, japan and uruguay. explanations have been hollow
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to parents burying their children. mark: the international head of doctors without borders criticized the council saying for the five permanent members have, to varying degrees, been associated with coalitions responsible for a talks -- for attacks on health structures. in detroit, teachers continue their sick-out over pay issues. and today, a michigan legislative committee approved a $500 million plan to restructure the school district by paying off enormous operating that. the bill -- operating debt. the house could vote on them later this week. an airplane powered only by sunlight arrived in a phoenix suburb after completing the latest leg of its global trip. ii swiss-made solar impulse arrived after a 16-hour flight
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from mountain view, california. the plane will make two more u.s. stocks refer crossing the atlantic to europe or north africa. he four hourswhen a day, powered by article he 400 journalists in more than 150 news boroughs -- news bureaus around the world. doubt markets close in a 15 -- in about 50 minutes time. abigail: we are looking at a selloff here for the nasdaq. the index is down about 1%. weighs -- all of this puts the nasdaq on pace to finish at its lowest close in seven weeks. down eight out of the last nine days. this may suggest that a new range of uncertainty is farming. -- is forming. the last two have resolved to the downside.
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tesla consents to post a loss of $.50. kevin tynan says that shares may be more sensitive ahead of the model 3 deliveries. he thinks that the street could be aggressive, calling for tesla to turn profitable in the second quarter. it's been a volatile year for tesla. it may suggest that more of the same could be ahead. david: any bright spots? .bigail: apple very impressive considering there is this down tape. anle is now on pace to snap eight-day losing streak, the longer since 1998. --s has david ein herne david einhorn says he sees value in the brand.
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perhaps we are starting to see a small sentiment shift or some defense here of the stock. this does have apple shares trading off the support of the recent lows for the last three days. david: thank you very much. geopolitics, stopping the spread and influence of islamic state is a top priority for the u.s. and its allies. asked tony blair at the milken institute. prime minister blair: we need a, nation of things. beyond outcome you need the military capability to drive them out of the ground that they are holding. this whole idea of what they call a caliphate or islamic state is that itself is a recruiting tool. so you need to drag them out of their position. i think eventually we will achieve that.
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but i think then there is this deeper and broader question which i have focused a lot of my work on around the ideology of extremists. is, -- you get rid of i of isis, you've got 20 other waiting to take their place. this is a warped view of religion that we need to tackle at its roots. it's in the education system in many countries, educating people to a close minded view of the world. scarlet: this could take generations to change. prime minister blair: the right way to look at this struggle is that it is a generational struggle. every day what my foundation does is tracks this around the world. you go there and see every major extremist influence. it is in the middle east, but also in central africa.
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it is in the far east. this is a global threat. it will take a generation to defeat it. but the sooner we put the right measures in place, the sooner we will get on with doing so. scarlet: what kind of role can our allies in the middle east play? what kind of rolled the saudi arabia play in that? it isminister blair: essential. what is coming out of saudi arabia to mom is really exciting and really important, a development for the country, for the region and the wider world. sometimes when you're talking about this, people say, ok, it's a depressing. some is some good news. -- tell me some good news. the good news is this. the real possibility of alliance within islam and islamic world to fight against this extremist
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view and cross the boundaries of faith and culture. those allies are also there the middle east. the problems come out of the middle east but a lot of the solutions lie there also. -- let: prime minister blair: in the end, it is not just about the person you have is a leader. it is what they are going to do. the role of america is vital because america is the most powerful country in the world and we need an america that is strong and engaged, particularly on this issue. scarlet: let's talk about brexit for a moment. you have a rise of populism in europe and in america confronting some bigger issues, including isis. a -- isextent is that
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that emion taking over a rational take for staying put? prime minister blair: when you look at the polls, it is evenly matched. remain or leave. my instinct about this is that do the sensible thing and stay in the european union get them if we were to leave, it would put a level of ordinaryrisk into the family household that most people would think is a full us risk to take. i believe we will stay. by have to say that i look up politics around the world today and it is an attempted cabal -- in an upper digital state. scarlet: when obama spoke in the u.k. recently, it seemed like he moved the needle in a bit. why did his words have such impact? prime minister blair: if you are rational, the view of the
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president of the most powerful country in the world and our biggest ally should matter. when some of you like president i thinkmes -- firstly, it is important that we know his view on the strength of his view. want you toally stay because it does count. the european union is the largest commercial market in the world. we sell half of our goods and services in the european market. if we get out of europe, the crazy thing about this situation is we will then have to negotiate our way back into the single market. arguments,ack up the the rational side of the argument is very clear. the emotionsatever are, when people take in a rational view of themselves and their country. hangs onso much
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immigration. were you wrong to open the doors to eastern europe without conditional controls? what would you do different way? prime minister blair: there is a big debate about this. personally, i do not feel that the immigration from eastern europe is a problem for britain. i think those people contribute far more come in fact, then they have taken and benefits. they are hard-working people. benefit of having eastern europe in the european union is enormous. think of where we would the -- would be. wethe end, incidentally, if focus to leave and then wanted to go back into the single market, free movement of people is that we would have -- is one of the things we would have to have. we can go back and debate what we could years ago have had people come in at a slower rate. but, all in all, i think europe
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has been good for britain. britain has been good for europe. and the larger europe with eastern europe in the european union is profoundly important for our security and our prosperity appeared in scarlet: i need to talk about the labour party. do you think it has an anti-semitism problem? prime minister blair: i think it is important, in light of the recent events, the leadership step up an inquiry to let that take its course. speak forknow that i an overwhelming majority of members who believe there is no place for anti-semitism in our party. we have always been strong and powerful campaigners against that type of prejudice and that sort of poison. it has been a difficult time, let's say. inquiry take the its course. scarlet: on a lighter note, did you make any wagers on lester foster?
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[laughter] prime minister blair: why couldn't i see that coming? it's a wonderful and exhilarating thing. it is a captivating moment for the country actually. scarlet: the underdog winning. doesn't love that? prime minister blair: exactly. you, theit shows premier league and english football is the most premier league in the world. david: scarlet fu from the milken institute conference. is handling to next.s selloff ♪
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david: stocks poised for their third drop in four days. by with howstanding the options market is handling the market. today's insight is kevin kelly. monitoring the negative sentiment, i guess we are seeing some put buying in the market today as well. kevin: that's right, as a market is going through the jitterbug right now -- [laughter] julie: alluding to our off-camera wham conversation. [laughter] kevin: you are certain to see the markets hedge out. you're saying two to four times puts trading versus calls. and with the vix being relatively low, you see people
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coming in and hedge relatively low. -- and hedge. to hedgee starting their portfolios going into a macro environment when there are not earnings german market. --ie: are there underlying there are not earnings driving the market. there tea leaves that you are looking to see if this will continue? kevin: a lot of indicators show it. the vix is low. you look at the intraday volatility. moneyis closer to at the and strikes. so you are not seeing skewed bets. you are seeing moves between zero and 10% happening. julie: to put that in layman's terms, people are bears, but not that bears. kevin: yeah, that's right. they are basically positioning for a move from here down 10% to
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up 10%. julie: and what are you transitioning for? the market does moveon a lot of macro events, we want to go to the end of june. towards the and of june come he have a lyrical conventions going on as well as the fed and their next meeting. 205 putant to buy a year on the sp five and you want to sell a 190 against it. that costs about $3.50. it only cost you 1.7% of the overall market and portfolio here. it is absolute the most you can lose. but it will protect you hear down a percent. so it is a great strategy where you can ask a protector hereolio -- protect you down 8%. so it is a great strategy for protect your portfolio.
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on theyou protect downside, but do you benefit -- kevin: your underlying portfolio will benefit. this is strict we just a hedge in case the fed does say something because he can as they have caught us by surprise in the last six months. remember in the september meeting when they said there would be for rate hikes. with political conventions coming down the pike as well, wall street is the main culprit that they are attacking as well as a lot of health there. inse are two major sectors the s&p 500. so there could be a lot of negative sentiment relaxing the growth and the yields that we need around the market otherwise. end in.hanks, can we will be talking more george michael. [laughter] coming up, the close of trading is minutes away. we will have an exclusive interview with treasury secretary jack lew. ♪
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david: markets close in about 10 minutes time. right back to julie hyman with the market check. julie: we were just talking with kevin kelly about the negative sentiment we have seen for the major averages and that is being exhibited through the close today. the nasdaq is backed under the lows. we are not seeing a positive session today as we have all of these concerns about global growth been reignited by the manufacturing data overnight from china and the u.k. it really remained throughout the session. we haven't seen that when we've gotten global data overnight. -- but it sort of sustained throughout the day. these are individual stocks that are having the biggest drag on the s&p 500 because of their index waiting -- index weighting.
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the banks taking a hit today as we see rates go lower. and exxon mobil as well, falling along with oil prices. you will see a lot of materials producers as well as energy stocks that are seeing big percentage hits. chesapeake energy has been so volatile, energy prices down 11%. sydney goes is coming out with earnings estimates and southwestern energy company other one of those volatile energy names. i want to bring your attention to the bloomberg here because this is a measure of short interest as a percentage of float for the s&p 500. this is something that bloomberg news's oliver renick pointed out in an article you should check investors are not committed, that they do not believe in the recent rally we sign u.s. stocks. so that is one measure of market sentiment right now. david: thank you very much.
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just a few minutes to go in the trading session. it has been a rough performance in the market. what caused stocks to change or action after yesterday? your colleague mike reagan was here yesterday talking about how it was like puzzle pieces, trying to put them together and looking for some macroeconomic reason for what we saw stocks do yesterday. people were looking for reasons for the gains yesterday. they got a reason to sell today and that really ripped the market. we have data coming out of the u.k. and china and it reminded people that global growth might be selling. so when you, off of the gains and the gains look really solid, combined with earnings that are not that encouraging and you don't have much reason for operant -- optimism, the you get a day like today were losses are nearing 1%. a bipolaron most difference between yesterday and
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today. david: when you look at how sectors are doing today, what does that tell us about the market? some when you drill into industries -- the 10 industries of the s&p are all losing. but when you look at food and staples, they are actually gaining today. that is a telltale sign of a risk off rally. it is kind of interesting because that is actually a rotation from what we saw for the vast majority of this earnings season. staples had been falling and investors really were encouraged to because. this is more of a safer asset class. . usually, when the market is gaining as a whole, they like when the riskier assets are gaining as well. but here we have a flight to safety that he we -- that we really hadn't seen. in april, bank of america put out a survey of what sectors and investors really -- what sectors investors really liked. at low volatility
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etf funds. ,ani: if you look at it especially on a day like today, people will be fleeing to these etf that promise stocks that have low volatility. but when they get really popular , and you can see that popularity is steadily rising -- when they get really popular, it makes these low volatility products sewing more. -- swing more. a couple of weeks ago, they started swinging a little bit more than your standard spider etf. so invite its -- so investors are putting their money in there. if you look at the biggest gaining etf year to date, it is a minimum volatility etf. it is important that investors know that it can affect dynamics when people are fleeing to these safer products. david: we are still in earnings
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season. there has been a lot of disappointment. what do you expect? now, investors are still expecting a little more than an 8% decline this earnings season. so it's still not looking great. and then when you pull that out to next quarter, they are seeing a 4.8% decline. that's considered that's -- that's compared to a 3.7% growth we saw a earlier this year. analysts don't have a great the coming up here. so we may be in for more disappointment. david: thank you so much. that's it for "bloomberg markets." would you miss" is next. ♪
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alix: we are moments away from the closing bell. i am alix steel. joe: and i am joe weisenthal, scarlet is not here today. ♪ [applause]
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[opening bell] alix: u.s. stocks wiping out 40day's gains, in a nearly months rally could be on a shaky ground. joe: "what'd you miss?" uighur factory readings in the u.k., and a drop in chinese manufacturing slowing global growth. cbs should report first-quarter earnings any minute now, can they deliver on all channels? class, pressure secretary jack lew, the full interview in this hour. we begin with our market minutes, it was a brutal day for stocks across the board. the nikkei was down over 3%, you have weaker manufacturing data.


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