tv Bloomberg Markets Americas Bloomberg March 29, 2017 10:00am-11:01am EDT
♪ vonnie: we will take you from new york to london and uncover stories out of brussels and tokyo. but first we are getting to breaking economic data. julie hyman is here with that. julie: pending home sales, and looks like we have a bigger than estimated again, building on other better than estimated economic data we got yesterday to the case schiller home price index. 5.5%, overnt5 -- the percent estimated. on the month my month basis there was the bigger than estimated gain. perhaps not entirely surprising, given the price increases that were reported yesterday, as well as the idea that we saw the consumer confidence number .esterday coming in very strong
again was the biggest since july 2010. if you look at stocks, this is not a number that tends to necessarily move around entire market. we may see stocks little changed in the u.s. after the biggest rally yesterday that we've seen in two weeks. s&p almost entirely unchanged. nasdaq gaining a little. ow falling back a little. we're looking at vertex pharmaceuticals. the leading treatment is a drug, nation to treat cystic fibrosis. the line disease showed -- the g disease treatment chart success in final stages of study. restoration hardware bouncing back in a big way with sales topping estimates. big upside surprise. beating buster's also
estimates for the comparable sales. that is what is behind a pullback in the shares. little. dollar is a changed today, gaining a tiny bit of steam as we are watching was going on with your concurrence. -- going on in the european currency. after the big rally yesterday and after some bigger swings we have seen recently, volatility is coming back down. this is the vix versus the various moving averages. bit of ann a little object and volatility but it is back down below the moving averages. the calm has returned to the markets in the u.s. julie, article 50 of the lisbon treaty has been invoked. the real negotiations begin between the u.k. and the eu. extrication process begins right now.
european stocks rising on this day. we move from up to down for most of today's session. the is the pound versus dollar. g wedrawn 2 trendlines have stuck -- since october we have been stuck in this narrow trading range. in 19% decline pretty much heaven from june through october. the low was in january. to be fair, that low was when 18. forecast 1.21 in the second quarter, 123 in the fourth. hsbc is forecasting 110. net short scum don't forget, or at a record. -- net shorts, don't forget, are at a record. this is the ftse.
you know what happens in the days after the brexit vote. ftse. 14% slump for the we saw 7% for the small-cap index. significant a crime for the ftse 100 -- significant decline for the ftse 100. will liee of the ftse in the future of sterling. the future in the more domestic-centric ftse 250 will depend on the strength of the u.k. economy very, very quickly i want to show you the u.k. 10-year. should have had it up. this is it since brexit. 1.37%. 50 basis points in august. changed as article 50 was
triggered today. staying within the big story, theresa may officially triggering article 50, kicking off formal brexit negotiations with the european union. let's listen to the announcement and reaction. y: the permanent representative to the you added a letter on my behalf informing the government's decision to invoke article 50 on the treaty on european union. >> we will remain determined and united during the difficult negotiations ahead. >> my expectations are that the europeans had will want to , first the divorce settlement, then the future status. >> there is going to be some uncertainty the market place for 3, 4, 5 years in the very least. when the country leave
the european union, we will have control of our budget and decide how the money is spent. >> it will be the worst deal of all. --the people of scotland that is the unacceptable. --. may: now is not the time independence referendum. >> no reason to pretend this is a happy day, in brussels or in london. today of all days we should be coming together as a united kingdom to get the best deal for brexit. mark: historic and emotional day for the u.k. in the eu. what struck me was the conciliatory tone of prime may -- a day for seven to the house of commons conciliatory nature of the letter itself. the letter that invoked article 50 today. yes, there certainly was a softening of the tone on theresa may's part.
conciliatory is the perfect way to describe it. the delivery of this letter to the eu triggering article 50 and starting 2 years of negotiations was billed as a divorce, almost like a delivery of the divorce papers. if that is what it was, i can say that this so far is looking like a good start as an amicable one. not only did we get a conciliatory tone from theresa may, but from donald tusk, the eu president, even a little bit of emotion coming in to his statement. the work starts now and we are starting to see where the battle lines might be drawn. in her letter, theresa may talks about wanting to simultaneously negotiate not just the withdrawal but also the free-trade pact with the eu and britain does exit. what donald tusk talked more about getting an orderly withdrawal. really we are seeing already that the eu might want to just focus on the u.k.'s exit, whereas the u.k. wants to work on the free-trade pact
simultaneously. of menacee was a hint can was in there -- we talked about the conciliatory nature -- there was a hint of menace because within the six pages was almost a threat to use security as an explicit bargaining chip overtrained. yeah, that is one way that one of the lines in the letter is being interpreted, mark, because this is one of the things that will have to be agreed during the two-year negotiations and two-year being the maximum timeframe there is for the negotiations. but you could argue that any kind of threat to the eu would be a threat to the u.k. as well. with this really be a good road to go down? one thing theresa may emphasized very much as you wanted a free-trade deal for key industries like financial services and technology as well. the other sticking point that could come up early on is the
u.k.'s obligations. we heard from angela merkel, the german chancellor, saying the u.k. will need to meet its obligations and she talked about this before. the eu pushing for the u.k. to pay a $65 billion bill on exit. this is one sticking point that could come up early on. well if some of the conciliatory tone we have at the moment? sourll it's our -- will it the conciliatory tone we have at the moment? mark: much much more on the program. vonnie: let's get more on what brexit will mean for the markets. joining us is the chief global strategist for deutsche bank. what has changed in global markets today? >> today i would say not too much. this has been very well anticipated and i think when the surprise happened it happened and it is pretty well placed in. it is a slow process so things are going to change.
i would say today is the day -- vonnie: except as we hit roadblocks along the way, do other things get priced in? for any negotiations get underway, negotiations about the negotiations. binky: for sure. i don't have a strong view as to how this will play out, but you could make the case for the optimist excited, the --simistic side of the the optimistic side, the pessimistic side. wanting it -- one thing that is clear is that it will be uncertain and will take a while. prospects for global growth, the much, much more important driver, are very good. we are having currently a more synchronized global expansion than we have had for the last six years. binky, is that the
reason you are overweight equities, putting aside trump's agenda, or failed agenda so far? it is the backdrop of the global economy? binky: absolutely. i would say it is u.s. growth, emerging markets growth, it is global growth as a result, and the fact that we are having the most synchronized global growth that we have had at the last six years. whenever global growth is more sacred has come at the rebound tends to be stronger for good reason. growth isr global strong, the rebound tends to be stronger for good reason. the data that just came out yesterday, we have been having a string that is almost five months of positive data. it is very unusual. mark: that is perfected in her call for european equities. -- reflected in your call for european equities.
what i would say is that there is a number of catalysts to tactically go along. we think about it as a minimum of opportunity more than anything else. -- window of opportunity more than anything else. if you look at european growth and earnings growth and in particular on a relative basis in the u.s., outperforming for a little while. if you look at european multiples, they are at the bottom of the range relative to the u.s. that prevails for the last 20 years. growth is happening, equities are cheap. why go overweight now? 2 key catalysts. number one, we will be having a presidential election in france, and if you think about how some of the past terrorist events tail-risk -- past events played out, you go back to brexit, the market position
in the options space will in anticipation, the tail-risk materialized it'd had to cover those positions, which means you had to buy the market. we had a similar kind of ofitioning around tail risk the time of the u.s. presidential election. that took a few hours. the third example would be really the italian referendum. arguably anticipated, came out worse than would have expected. that is the day european equities began to catch up. you saw the same disconnect today. vonnie: you are advocating, then, momentum trade, at least for now. at what point does it stop becoming momentum trade? binky: another way to put it is people are putting a positive probability that this is a risk or volatility event.
and they will cover that position. if you are a real money investor as opposed to leveraged investor , or if you are doing this in the future space, the relative trade is very attractive and i would argue if you are thinking of things from the point of view of the next three months, we have the presidential election -- vonnie: where is the particularly short, that? where should we be looking for those opportunities? binky: from the strategic point of view, across the main regions. the biggest allocation is really the u.s. it has received the least amount of inflows contrary to the popular perception that, given the performance and that is where the money has been going. the u.s. is the least, emerging markets the second lowest. and then europe, which is pretty close to what i would say
neutral, and japan has been the recipient. i would emphasize that we remain very constructive on u.s. equities but this up three-month call because if we have a favorable outcome from the risk point of view or perceived point of view in france and we should also see the ecb in response to the better data and rebound in global goods price inflation to continue to move in a less dovish direction. upside for rates and european financials. vonnie: we want to revisit this in three months. thank you. be sure to join us today at 4:00 p.m. new york time for "what'd you miss." a special report on how populism is changing the dynamics of the global economy. our guest is former ecb president jean-claude touchet, former a time prime minister chiefmonti, and citi's global analyst tina for the.
let's check in with emma chandra. one person was arrested after a driver started capitol police car and tried running over officers on foot. there were reports that shots were fired and members of congress were told not to leave the b president -- leave the capital. choice for the's food and drug administration wants to lower drug costs. familiar to a person with his thinking, he wants to make streamlining approval his top priority. in asia, research group in japan's ruling party will propose the country arm itself with defensive weapons, the first since world war ii, according to prime minister shinzo abe a's liberal democratic party. there is growing concern over north korea's recent missile tests. in south america, the worst may be over in brazil's meatpacking scandal. the largest destination for the
beef, hong kong, is the latest to lift restrictions. there were reports the government inspectors were bribed to allow tainted meat to be exported. global news 24 hours a day powered by more than 2600 journalists and analysts in over 120 countries. i am emma chandra. this is bloomberg. mark: coming up, why some analysts see gold soaring to $1500 an ounce. that is next. and this is bloomberg. ♪
as inflation is poised for a comeback. market us is the chief strategist at bull's-eye. 1500 is a long way away from the 1250 we are at now and we are testing the 200 -- 200-day moving average. what is the argument? inflation primarily? but500 is a bit aggressive, we are still a long ways away from the halfway point of this big selloff we've seen the last few years from the all-time highs. there is a lot more upside. i'm focused on the euro. that could be supported in the fact that it is broken out of a ande, trading between 104 108. it would push the dollar down and be positive for gold. the efficient aspect. i like silver better from the technical standpoint. if we break from these recent highs in silver, 10% above where
we are right now. vonnie: we have seen this big unwind of the dollar strengthening in recent days. i guess a little bit of the reflation trade coming off. is that having an impact on gold? if that momentum stops them with a gold also stop -- will the gold also stop? alan: very much so. there was concern that the dollar would strengthen with rate hike after rate hike. the rate hikes will be slow and gradual and the dollar over strengthened but from the technical standpoint, with the breakup on the upside, it is very much positive on gold. it will spill over to crude oil. a man hit a bottom recently. -- it may have hit a bottom recently. crude is not over yet.
you have macro growth momentum and you somehow the s&p bounced back. we are making a move and a lot of these markets that are refighting. inflation and reflation a positive for the commodities markets. how about trading at the cme today? alan: not much. a cool event. people twice in what they think is best people price in what they think is going to happen. people -- the market views it as a positive and let's see if it falls into place and the sentiment has shifted where everyone was negative on the euro currency and it is looking technically like it is getting some strength. vonnie: thanks for joining. mark: coming up later today we will be discussing monetary policy with eric rosengren, federal reserve bank of boston president. at exclusive interview at 2:00 p.m. new york time, seven :00 p.m. in london. this is bloomberg. ♪
mark: this is "bloomberg markets ." i am mark barton in london. vonnie: in new york, i'm vonnie quinn. time for the biggest business stories in the news right now. a deal that would create the largest supplier of gases has run into a roadblock as employees of the german company have signaled strong opposition to the combination. the 2 companies reached a nonbinding agreement in december. a billionmaking dollar bet on the 747 as a cargo plane. the company has a temporary plan to save the slow selling jumbo jet. emand has fallen for the 4 engine planes carrying passengers. domino's will start using robots to deliver pizza in europe. the self driving vehicles are made by starship technologies.
they deliver pizzas to customers in germany and the netherlands within a mile of certain outlets. it is kicking off. and that is your "bloomberg business flash." mark: still ahead, key oil inventory data out in a few minutes. while the numbers of enough to keep crude rising? it is rising. nymex crude up by .5%. side.barrel on one record inventory levels on the other side. opec possibly rolling over production cuts into the second half. ♪ careful joe, they've got you outnumbered.
something for everyone is awesome. find your awesome with the xfinity stream app. more to stream to every screen. thank you so much for that down home welcome. show me female vocalist of the year. thank you so much. thank you so much acm's, i appreciate it. show me acm best moments. i could never have wished for, asked for and dreamt of anything more than this. catch your favorite moments from the acm awards and an exclusive encore performance by kelsea ballerini following the show on xfinity x1. the acm awards. live on sunday, april 2nd 8/7 central on cbs.
so here is julie hyman now with the data just out. it looks like we have a smaller than estimated built in inventories. it hundred 57,000 barrels, less than the million or so estimated. in cushing in particular, which can be bullish for oil prices. bigger than estimated drawdown and gasoline and distillate inventories as well. gasoline, drop of 3.7 million barrels. refinery utilization picking up or above estimate from even though it is lower than the prior week. all this is, at least at first flash, extending gains in crude.
i'm seeing the reaction even know you don't see it on the screen here. looks like we are seeing almost a percentage point increase in oil prices. you do tend -- always my disclaimer -- cebit of bouncing around in the wake of the numbers. bullish,r is pretty especially the drawdowns in the refined products. looks like there is demand, vo nnie. vonnie: look at that spite. all right, julie, thank you. $49 o a barrel now. let's check in with "first word" with taylor riggs. taylor: eu president donald tusk says he hopes the u.k. will be a partner even after leaving the bloc. british prime minister theresa may said brexit is a zürich moment from which there can be no turning back. anxious --on, if you
a few anxious moments new the capital. a cruiser was brand-new the capital and this ramp near the capital. at one point -- a cruiser was rammed near the capital. familiar with the matter say the president's chief economic advisor will be among those conducting a briefing. one of their proposals is the border adjusted tax. that would replace the 35% corporate tax with a 20% tax on domestic sales and imported goods. bob dylan, winner of the 2016 nobel prize for literature come will get his metal this weekend in sweden. he did not attend the ceremony in december, saying had other commitments. global news 24 hours a day powered by more than 2600 journalists and analysts in over 120 countries. i am taylor riggs. this is bloomberg. mark: back to brexit. what happens next?
prime minister theresa may for a sweeping free-trade deal encompassing financial services. what does it mean for the banking industry? joining us with that part of the a reporter who covers it for us. the messages simms to be industry has been reassured by finances, key industry that theresa may will be looking out for as the trade negotiations begin. uncertainty prevails. does that mean that thanks go to weeks in the process of moving some of the london-based operations into new hubs? elisa: i don't think that is changed today. what we have been picking up in the last few weeks and months is that the banks are preparing for the worst, prepare for having no access.
that means that the clock is ticking very rapidly because it is only two years to that day. until there is the , thementation period worst-case scenario must proceed. we will be doing more of those i'm going for the planning phase to the actual and limitation face. -- actual implementation phase. vonnie: how much are various employees of banks getting a say in this? are they being asked their opinion on whether in frankfurt or dublin or the netherlands? elisa: i don't think that will be down to the employees very much. we are hearing the banks are putting out reassuring messages for staff but of course, ultimately, it will depend on where it makes sense for the banks to have their operation. at the moment it seems to be that these. request european -- these will
scatter across the european union. while dublin and frankfurt appeared to be the biggest gainers, a lot of the positions will relocate throughout the union. when a change in the culture of how bankers are paid -- traditionally they did not get as big about us as bankers in london would get. if they move, mike that change-- might that change? elisa: i don't think there will be change in that in the near term. what will be interesting is whether we see positions moving from the u.k. as opposed to positions being created within the european union filled with local personnel. at the moment indication is that the hiring will be local. 40 --you mentioned past passporting. it seems that banks have given up on that idea.
equipment, the next best thing, they will have to get used to it next month, possibly years? elisa: right, but so much detail needs to be ironed out it is not clear what that looks like and what it means for the industry at the moment. that theygnition leave the u.k. -- believe the u.k.'s rule to be a stringent. which cities are best positioned to top london as the financial services hub? elisa: we are picking up dublin in frankfurt at the moment as the main places. in his early days. of course, banks will be looking at labor laws, looking at costs. mark: cocktails. elisa: price of real estate, most importantly. mark: that was a survey that we mentioned last week. we will be chatting to
you a lot more in the next few months and years. she covers european investing and finance for us. vonnie: let's get more on how the u.k. moves from here. nejra is back from westminster with the former u.k. deputy prime minister. nejra: yes, thanks, vonnie. i'm joined by the former deputy u.k. prime minister. also the founder of haymarket group and a lifelong conservative. thank you for joining us on the program. a conciliatory tone seems to have instructed to begin with, both on the part of prime minister theresa may and the you. -- the eu. does it give you hope? it doesn't give me hope because i know how rocky the journey is going to be. i think it was a great mistake. i thinkriggering article 50 is right, because unless we have done that, we would never have known the reality, and people
would always go on saying, oh, we are having proper negotiations could we have ministers in charge to believe deeply it is a good idea. we will see how we get on. but my own view remains very clear that this triggering of article 50 signals the biggest diminishment of british sovereignty and influence in my experience. clear you have been very all along that you are pro-remain. in terms of prime minister theresa may addressing the house of commons today, she did make it very clear that she wanted to bring about more certainty for the u.k. and businesses in the u.k. particularly. how realistic is it that we would get any of the certainty not just in the next two years but perhaps for a long time after that? mr. heseltine: ask the europeans, because they are the ones who will tell us. this is the point.
they will tell us what the deal is. take it or leave it. that is why i see british influence on sovereignty so diminished. i lived through the whole process of creating the european union and many arguments -- one was that we would be a more effective voice representing the commonwealth inside europe and a more effective voice representing the virtues of the transatlantic alliance inside europe. that has come to an end. we will not have any voice inside europe. there will not be in a picture when the self interests are discussed -- not the energy chair when the british self interests are discussed by our partners. i find that unacceptable. of thisime minister country since the war have found it on except vrabel. some: what about the hints are interpreting in the prime minister's letter that if we don't get a deal, there could be a threat to the security
negotiations and the alliances between the u.k. and the you? do you -- anti-e.u. -- and the eu? do you think that will hold water at all? mr. heseltine: i figured must be a mistake. no british prime minister would gamble with the nation's security, particularly this one, who set out in the clearest theuage how important security relationships are with europe and why we should maintain them. the idea that we would threaten them, you can't threaten them without threatening other people. the security of europe is interwoven, as it is with america. we are all part of a prosperous northern world in which -- which attract enemies. working together with intelligence is the front trench of our security. i think there must be a mistake in the interpretation of that document. nejra: you have talked about the fact that it is all in the eu's
hanscom and the timing of when you official talks -- official talk start is, and we know that the white paper is going to be published on this tomorrow. what are your hopes for the effectiveness of that side of things? if we look at the u.k. parliament for transferring these eu laws into u.k. laws? essenceltine: well, the of my belief is that that place is sovereign. the members will determine what happens over this whole situation. it was right to trigger article 50. i played no part in tried to resist that. right to put the brexit ministers in charge of it. but the decision-making will rest with members of parliament and they will interpret whether the deal we managed to conclude from if we can get one can with the europeans is better than what we have got now. we will see. no one knows. nejra: no one knows indeed.
very quick final question. do you fear that we will see a return to the u.k. of the 1970's economically? lived through the creation of the eu. mr. heseltine: every prime minister since the war has believed our fortunes are interwoven with europe. i see no alternative. there is no easy way to replace the diminishing and trade elsewhere in the world. if there was, we would already have been doing it. i think there is a certain risk to investment, the strength of our economy. but all of this is now to be determined in fact as opposed to the -- as opposed to theory. nejra: thank you for joining us. vonnie: wonderful interview there with michael heseltine. be sure to join us for clock p.m. new york time with "what'd you miss."
a special report on how obvious it is changing the global dynamics of the economy. our guests are chocolate touché, mario monti, the jean-claude cliché, mario monti, and tina for. coming up, the westinghouse unit files for chapter 11. what does it mean for toshiba, which was counting on its nuclear unit to help diversify away from consumer electronics? this is bloomberg. ♪
could more than double after the nuclear unit filed for bankruptcy protection. blocks the european unit under which of course plan to take over -- the georgia force plan to take over the london stock exchange. and the debate over organic food -- are these more expensive foods really worth the cost? vonnie: toshiba's u.s. nuclear unit, westinghouse, has filed for bankruptcy protection. toshiba once it may have to take a $6.2 billion write-down on the business. it is the ceo speaking on the filing. >> the bankruptcy filing by westinghouse is a very important step to revive the company. it is also significant for two sheep as we try to block the risk of overseas nuclear business. continuing to work to announce put quarter earnings on april 11. mark: cricketers have blocked deutsche bo -- regulators have
blocked deutsche borses's takeover of the london stock exchange. critics say you would have harmed, -- it would have harmed competition. response, a $250 million share buyback. calls it aerses setback for you. the world's largest asset counting jobs, reorganizing funds, and lowering fees. clients have been moving to cheaper index tracking exchange traded funds. that benefits the etf business while hurting active managers. delta airlines and korean air lines are forming a joint venture for flights across the pacific. they are trying to the workers -- lure customers and a time when competition has increased. will offer aean network with 370 destination in
americas and asia. vonnie: time now for our "quick take," with context and background on issues of interest. organic or no? it is a key question for consumers. while many believe the organic items are safer and more nutritious, it is far from clear. what is clear is that the organic market is growing fast and consumers are paying premium prices, a premium that may not be everything promised pictures the situation -- while organic makes up for percent of total u.s. food sales, demand in the u.s. and europe is falling. the transistor and by rising interest in locally grown foods and fears about food safety. to be labeled organic in the u.s., food must be grown without synthetic fertilizers and must be free of genetically modified organisms. meat must be raised without antibiotics and growth hormones. there are standards in the european union and japan. after rachel carson's book "silent spring" documented the
dangers of ddt, it was banned for use as a pesticide in the u.s. around this time health food stores began appearing. in 1990, after usda pass the organic foods act to develop national standards, organic products became more common. mainstream grocery chains started their own lines of grocery foods. large food makers snapped up organic startups. proponents say they have more nutrients than conventionally grown fruits and vegetables and reduces exposure to toxic chemicals. nonorganic makers see the commercial appeal as a piggyback on the organic reputation by using labels like "all-natural," though these can contain pesticides and chemicals. skeptics point out that just because food is organic does it --n it won't make people does not mean it won't make people sick, and there is still the risk of e. coli
mark: live from london and new york, i am mark barton. vonnie: i am vonnie quinn. this is "bloomberg markets." is president donald trump now ready to reach across the aisle? it seems like he may be preparing to work with democrats to get back on track after his health care bill stalled last week. joining us is national political reporter sahil kapur. reach across the aisle, tell us about it, because until recently he had not even spoken with chuck schumer. sahil: that's right, vonnie.
president trump is sending signals he wants to work with democrats after the failure of the health care bill. it will be very difficult to pass any major pieces of legislation in congress with only republican votes. speaker ryan, despite having a significant majority and houston was not able to get it through because the conference is divided between the moderates and the ultraconservatives, who have a lot of influence there. is ascendingmp early singles that he wants to shift direction but democrats are skeptical for a number of reasons that he really means it. vonnie: who else has the president spoken with in this regard and who on the other side is amenable to taking those calls and listening? sahil: the president has not spoken to any democrats on a consistent basis before on any particular issues. my colleagues spoke to a few democratic senators yesterday, including vulnerable democrats
facing reelection in 2018 and read states like missouri and north dakota. these are the people that trump should be able to win because their constituents like him better than they like democrats, but there is not been a consistent outreach to them. so far trump has been tried to get things done with republicans in congress. a lot of these democrats would like to show they have some are partisan bona fides. mark: you talk about the election cycle, sahil, affecting democrats, but trump's ratings are very low. does that preclude the agency among democrats to compromise with the president? sahil: it certainly dampens prospects of that, and the key thing to remember, mark, is that on capitol hill, bipartisan dealmaking is about political incentives. it is not about playing golf with the president or having beers between certain lawmakers. it is about whether it makes sense for democrats on a political level to work with the president, his approval rating
is very low for a president just a couple months into office, 40% according to a cbs poll today, among the general public, but among democratic voters it is 12%. that will give democrats pause before they do work with him. also, there is an avalanche of opposition from the left that is very, very energized in this era. that is something democrats will have to watch their backs for. vonnie: what is on the agenda today? talks might be happening on the hill. there is some talk among house republicans about how this health care bill may not actually be dead. take that with a dose of skepticism. they still are short on the votes. we are hearing from a number of republican leaders that they want to move on to taxes. they want to tax reform, a big tax overhaul and rewrite of the code for the first time since 1986. this will be a long project. they are in the beginning stages of this. they want to overhaul income taxes and corporate taxes. it could potentially take --
house republicans want to get it done by august but senate republicans say it could take longer. it is unclear if this will be a permanent overhaul. some are skeptical, some say it may be temporary because they may not have the votes to unite the party and congress to get it done on a permanent basis. kapur, always love speaking to you on capitol hill. mark: we will follow stocks just about 35 minutes until the end of the trading day dominated by the triggering of article 50. the two-year process whereby the u.k. tries to extricate itself from the eu has formally begun. this is bloomberg. ♪ .
this is the european close on "bloomberg markets." ♪ mark: we will take you from new york to london. and covering stories out of brussels and washington. the top stories we're following. in politics, it is official, the u.k. triggers article 50. theresa may valves to get the best deal for the u.k. while eu leaders seek an orderly withdrawal. we are live and westminster and brussels. vonnie: how global markets are reacting to brexit near-term and long-term. the pound sterling on this historic day. and company news, samsung set to unveil the lates