tv Bloomberg Markets European Close Bloomberg March 30, 2017 11:00am-12:01pm EDT
this is the european close on "bloomberg markets." ♪ nejra: we will take you from new york to london in the next hour. covering stories out of washington, rome, and johannesburg. the top stories on the bloomberg and around the world. with the next phase of brexit underway, pressure rising on prime minister theresa may and the u.k. government. we will look at where the good news is priced into u.k. pound sterling. u.s. politics, what is the next move for paul ryan? will he bring back the health care bill or try to pass reform? he may have hence later this hour. the south african president could face a mask cabinet walked out and a potential market meltdown if he fires the finance minister.
we will get the latest on the drama. let's look at where european equities are trading now. under 30 minutes to the close. quite a bit more green populating the equity part of the screen then one hour ago with portugal up 1.9%. gains in switzerland, luxembourg, norway. the stoxx 600 perhaps heading for a third day of gains. the bloomberg dollar index erased an earlier gains but downside on euro-dollar, down 3/10 of 1%. sterling rebounding, up 5/10 of 1%. looking at what is happening with bond yields, downward pressure on the front end of guild. the two-year yield down almost four basis points. the euro down for a third day, the divergence bets are back.
the dollar has moderated that has come up comments from donald trump. comments did push the dollar higher. the euro has been weakening on reports that the ecb sees investors have over interpreted its intent to exit stimulus. german regional inflation data coming in on the weaker side. the bloomberg euro index moving. it may extend declines should a close for the day below the technical gauges. after show you this yield spread on the treasury, the 10 year yield spread widening on the policy outlook. i said we could be heading for a third day of gains for european stocks, stoxx 600 up 2/10 of 1% with energy leading the gains, up a tens of 1%, followed by
materials. risk on, real estate is the lacquered. julie: all three major averages near their highs, no huge gains. some of that has to do with the revised fourth quarter gdp data which came out this morning, 2.1%, on the strength of consumer spending. which was up by 3.5%. one place where not as many consumers are spending, not as many as analysts had anticipated, lily lemon -- lululemon, not participating in the gains. the early hours of today, stock down 22%, the biggest one-day drop in more than eight years. --the company is for cap forecast for profit for as much as $2.36, and was looking for two dollars -- $2.56, product misfires and competition. there has been lagging in sales within this industry.
looking at banks, the group gaining today, leading the gains . bank of america and citigroup doing well but regionals doing better. data, we have bond yields moving higher in the session today. that is helping the banks. 10-year note and yields, selloff in bonds as the yield gaining yields aren as -- gaining but still seen yield curve flattening. the spread between the two-year and 10 year, the five and the 30, and the 10 and the 30, all flattening. in theory, that is not good for banks, even as we see yields standalone, go higher today. vonnie: thank you. the u.s. economy grew in the fourth quarter at the fastest
than previously recorded thanks to more consumer spending , according data released by the commerce department. initial jobless claims. tomorrow, bp one for the week, personal income and spending. havethis that officials indicated rates may need to raise after. fed officials have indicated rates need to rise faster. talk to us about what julie was saying. the flattening trade. japan fiscal year on friday,ay -- end will we break through the lows on rates? >> key thing to watch is the personal income report which comes out tomorrow. we need to see where inflation is sitting, the federal
reserve's preferred measure of inflation. it indicates there is upward pressure on prices within the economy as these energy affects rolloff. you will hear the continued drumbeat for a couple more rate hikes this year. two more, one in june and one in september, nothing crazy. the fed wants to get on with things. vonnie: how much of that is priced into the treasury market has to do with the federal reserve and the fundamentals of the economy? and what about the political agenda and lack of progress on anything we have been promised in the campaign? >> over the next 12 months, the economy will be the more significant driver of the treasury market. lot i think about policy, a of these more progrowth agenda items should generate inflation. if we think about interest rates as a credit premium and inflation premium, the inflation premium, in theory, should increase, something we have not
seen for the better part of the cycle. we think the path of least resistance for rate is up and he range bound behavior you have seen this year is indicative of some of the political uncertainty, not only in the u.s., but globally. thinking about europe as well. nejra: how do you separate the noise and the signals when it comes to the reflation trade? >> a great question, you have a fantastic chart where you can separate the u.s. economic surprise index into it's hard data component, and the survey and business cycle indicators. it shows that the pmi and consumer confidence have gone off to the races. , things have not passed through into the hard data quite as much. we do not think that means it will not happen, there is room for improvement in things like durable goods orders and industrial production. some of the more concrete economic metrics. that is the big question the market is asking itself -- how
much is improvement in the way people feel versus how much an improvement in the actual underlying economy? nejra: how does this leave through to the dollar -- feed through to the dollar? versus realized volatility, a little bit of a gap -- gap, if the options traders are correct, we said -- ftse dollar-yen stuck in the range. interesting moves over the past couple of days and euro-dollar and in sterling. what will be the driver for the dollar now? where does it go? >> if you are thinking about the dollar broadly, think about the composition of the broad dollar index, with heavily weighted towards the yen and the euro. , thee, for our team easiest path for the yen is probably down. it could weaken against the dollar because of a divergence and monetary policy.
be fed working to normalize things here and the bank of japan taking the 10 year yield at zero. vonnie: they do not like it strengthening. >> it should provide a boost to the underlying economy which is what the are targeting. we could see euro strength against the dollar. going forward. the view is that, on the one hand, the federal reserve normalizing policy. he bought the ecb would stay easy but now the ecb is probably becoming more hawkish. starting to talk about some of the removal of monetary policy, very easy monetary policy, which surprise -- provide support for the euro. nejra: the euro has weakened over the past three days, part of that on comments from the ecb that investors overanalyzing and overestimating the withdrawal of stimulus. euro strength, this chart i
wanted to highlight, european stocks rallying along with the euro. this chart signals improving fundamentals. and therefore, the direction of where european stocks to go, along with the euro, would you agree? >> that is the right way to think about it, the correlation between the euro and broader european equity markets has been negative would be better part of the past few years. there was a time before the european double-dip when it was positive. in an environment where the ecb is saying we are making the type of progress we want, european data is looking better. the unemployment rate is back down to current was before the double-dip in 2012 and capacity utilization looking fairly healthy. you can see the euro rally alongside the european equity markets, simply because it is indicative of better data. vonnie: local market strategist for jpmorgan, what has run its course and what may not have run its course? >> a balanced approach given
some of the uncertainty. vonnie: give us more. >> the one idea i am talking about more is emerging markets. people are comfortable in the u.s. we like the asian economies, manufacturers more than the one heavily exposed to commodities. there could be volatility in commodity going forward. vonnie: in spite of the potential for protectionist movement in the u.s.? .> absolutely when we think about the forward returns we can get from different asset classes. in the u.s., they look lower than in the past couple of years . we think that european and emerging-market equities have some of that elevated return potential. there is more risk but more reward. investors may be well served by thinking about em. ttra: the return on em developed markets in 2017, is it not too late to get on this bull
run as we see short billing up? -- building up? -- there is they plenty of room for equities to appreciate and plenty of room for things to catch up. there is a better domestic story any merging markets. currencies are coming back and current account, which are much more stable, the overall activity data beginning to pick up. there is a positive picture being painted for em. back to the currency, the thing that has killed the u.s. based investors in international investments over the past couple of years has been the dollar. ,he dollar has reached its peak barring significant change in the state of global monetary policy. international investments for u.s. investors could be coming back. , the morgan global market strategist. tomorrow, we have exclusive conversations with two federal reserve bank president, bill dudley of new york and jim
bullard of st. louis. tomorrow on bloomberg tv. let's check in on the bloomberg first word news. last out at trump conservative house members who block a repeal of obamacare. he wrote that the freedom caucus will hurt the entire republican agenda if they do not get on the team. he said the party must fight them and the democrats in next year's election. house speaker paul ryan is warning republicans to unify around a new push to repeal and replace the affordable care act. if not, he says the president may cut a deal with the democrats. here be is on cbs news. >> we talk about how we get this bill passed. >> you are not changing the policy? >> if we can make improvements, all the better, if improvements can be made to get people to yes, that is great. >> he says he wants a plan that gives people choices while
saying democrats want government running health care. nancy pelosi, the house minority leader now at her weekly news conference, watch that on bloomberg at tv . diplomatic standoff between north korea and malaysia that begin with a murder has been resolved. the body of north korea's dictator's brother will be released to north korea. he was murdered in malaysia last month and north korea's suspected. non-malaysians more from north korea are on their way home. theresa may will begin to take control of thousands of european union laws. her team will publish proposals to incorporate 19,000 european-based rules and u.k. law, the date of the country leave the eu. it will be up to british lawmakers to decide which ones to keep. global news 24 hours a day, powered by more than 2600 journalist and analysts in more than 120 countries. i am courtney donohoe. this is bloomberg. nejra: the great repeal bill.
♪ vonnie: live from bloomberg world headquarters in york. i am vonnie quinn. nejra: live from london i am nejra cehic. 15 minutes away from the european close. all-out pre-brexit rearing its head, the u.k. prime minister looking to fill the "large holes that brexit will leave in business regulations." records of many top global bank from jpmorgan to lloyd's of london, the insurance market
moving -- looking to move personnel. warning us is simon kennedy. -- joining us is simon kennedy. some key dates we want to look at. is the ball in the eu's court in terms of timing? >> absolutely, time for the europeans to bring together their response to the letter theresa may sent yesterday. the first item on the agenda tomorrow. the eu council president will official meeting throughout the with hishe capitals draft guidelines for negotiations. and then, at the end of the month, the leaders will gather in brussels to ratify the guidelines, which will go to the eu negotiator. those will be the parameters in which he can conduct the negotiations. nejra: we have seen where the battle lines are being drawn. >> the first one up -- the first
one the talk will be about r about the talks. .- are about the talks theresa may would like to negotiate everything at the same time, trade at the same time as the financial settlement. the europeans are hartline in agreeing -- hardline in dealing you have to make the decisions with systems and dealing with each other's countries and how much money britain does and the eu owes britain. are -- theresa may will not enjoy negotiating, they are hard work and will have a negative effect potentially on her standing. she wants to talk about trade while the eu says not now. vonnie: we could get that response tomorrow, supposed to be within two days of the letter. how obstructionist do you imagine it will be? the talk of the check that is
owed to the eu will be a thorny point? >> obstructionist is the wrong word, it is a two-part negotiation. britain is the one leaving. the europeans goal is to maintain the stability and unity of the region. they do not want to do anything like caesarritain's outside the club then it was inside, doing that would encourage others to exit. the goal of europe is desk until it for a language yesterday but they control the clock and the agenda. they do not want to give the u.k. too much. vonnie: that is what i mean by a instruction is. to the u.k. leaving, not making it easy. the first part of that will be the decision over what will be paid to the eu. how will they resolved that?
>> a hard discussion that last four months. some analysis that the first job will be to work out a framework to come up with that number. theresa may gave a nod that there will have to be conversation about that. she says britain has right, assets on the european books that britain will claim a share of. this fee or bill that has been talked about, will be a difficult first part of the conversation. the eu does have leverage over the conversation, until you have worked out the bill, we will not talk about trade which theresa may needs the trivial -- trade deal to make brexit a success. nejra: we have had the great repeal bill today, 19,000 eu laws that need to be transferred to the u.k. loss -- laws. realistic within two years? >> yes, conservatives are in the
majority and not as much -- irritation within that bill within their own ranks. this puts eu law on british law books. that allow certainty for businesses. the day exit happens, they will have regulatory insight. the ministers can go through the european loss and get rid of what they do not like. nejra: simon kennedy, thank you for joining us. vonnie: coming up, to the close of trading in europe, let's look at some notable currencies. look at that strength for the ruble. the u.s. dollar is at 55 496 and the ruble stronger by 1.15%. in czechoslovakia, weakness for the currency.
♪ nejra: live from london, i am a nejra cehic with the european close moments away. five minutes away. vonnie: from new york i am vonnie quinn. time for the bloomberg business flash. the u.s. economy grew in the fourth quarter at a faster pace than previously reported thanks to higher consumer spending. the commerce department says gdp rose at a two-point 1% annualized pace. consumer spending climbed at a 3.5% race. saudi aramco has chosen jpmorgan , and hsbc and what could be the biggest ipo ever. they will act as advisors on the
listing. the saudi government estimates the state run oil company to be valued at $2 trillion. has agreed to hire 400 employees from blackberry to work on connected cars. that deep the relationship between the companies and will help ford built its own wireless technology in-house while helping blackberry cut costs. the canadian company shifting from selling phones to selling software. that is your bloomberg business flash. nejra: let's look at where european markets are trading, we could see a third day of gains for the stoxx 600. gains across indexes, the ftse 100 off a little bit. this is bloomberg. ♪
you can see quite a bit of green in the equity space. you will see green pretty much across the board. portugal of 1.8%. the fx space, we have been closely watching the euro. down for the third day in a row. 107.28. sterling up 124.88. we've seen the bloomberg dollar index. these have maintained the move throughout the day. if you look what happening in the sovereign bond space, we see the 10 year bund yield lower. the mention -- i mentioned the euro. this is showing stocks rallying along with euro-dollar. along the euro is down for the third day, basically the euro stock 50 index and the euro have gained at least 1% for the first month in a year, with a 20 day correlation.
earlier reaching the highest since october. the two asset classes usually have an inverse relationship. this rally could signal improving fundamentals according to some strategists. that's an interesting one to keep in -- keep an eye on. 600, thek 50, stoxx broad index almost of 310 to 1%. this is how industry groups distribute it towards the end of the trading session. energy and materials outperforming. a bit of a risk happening here with real estate underperforming. i talked about euro-dollar. part of the euro weakness has been done to the divergence coming back. the euro weakening on reports the ecb sees investors and have over interpreted its intent to exit. if we talk about the emergence, it's interesting to look at this spread between the 10 year u.s. yield and the tenure -- 10 year bund yield.
vonnie: we are checking the dollar index. 101.3. yen isse we see the actually weakening slightly. 8.1.3 good news for the bank of japan. strength for the mexican peso as well. i want to take a look at the 10 year yield. tomorrow is quarter end and japan's fiscal year end. 2.30, the recent low. looks like we will stay in that range. let's move to global macro movers. a look at a few other interesting things going on. the russian ruble is also strengthening today. -- below which is a 56, which is a figure we are not seen for a while. the south african rand had a phenomenal day.
this have to heard from central bank its rate increase cycle is over, and also on the gordon news. let's get more from abigail. she has a look at oil. up again today. abigail: up three days in a row. this week is been a big week for oil. oil is on pace for its best week of the year. the best week since the beginning of december, right after the initial opec cuts were announced. let's break it down into three pieces. gains on tuesday. that may have had to do with a story that libya shut off some supplies from one of his big fields. yesterday we see big spikes after better-than-expected government inventory. and today we have kuwait saying opec is extending talks about trying to extend the supply cut into the second half. this is something bloomberg lotsligence told us
of momentum around that could support oil. wti crude above 50. at btb 7299.ok u.s. inventories have been building, something that more recently had dragged. cost of a decline. oil down on the year. on pace for the worst year since 2014. more recently, last week monday inventories were less than expected, about flat, oil was higher, back about 50. that's one reason oil is trading higher. as for what it means for the broader markets, this is btp 67 2. we take a cross asset class. we have the s&p 500. higher of the year by about 6%. down here is oil, down 6% of the year. the trade is not just stocks. it is also oil and oil is unable to recover, it could drag on the
s&p 500. now a bit of a recovery in oil. vonnie: thank you for that. i want to bring you some headlines from the paul ryan conference going on now. he is talking a little bit about president trump's frustration on health care, which he says he shares. he says he completely understands the president's frustration with the freedom caucus after the president tweeted about the house freedom caucus today and the obstructionists. he's talking about russia and the intelligence committee. he says there should be a bipartisan investigation and european allies need to guard against russian efforts. you can see it. taking bribes it in their stride with the triggering of article 50 yesterday. many including our next guest think there are still risks ahead for sterling as negotiations unfold. ashworthked wort --
wrote about this in joins us now. pound pimco say underway is a good risk combination. agree? marcus: i think he is spot on. sterling is a sensitive way looking at brexit is being remarkably very brexit sensitive. even the strong growth we've but across numbers, the board i think it's a good approach for those. sterling is no reflected that. still -- ifink it's a story on the bloomberg saying euro sterling hedging costs have been rising. i want to c -- i'm wondering had a position to yourself. are we going to see a recovery or no? marcus: we are in a tight range. maybe the high one 20's. there was a flop quite clearly
around the 120 mark. it bounced nicely not to on video. we know where the boundaries are. there is nothing new at the moment as far as this tumbleweed moment triggered and everyone blame what happens next? until we know we are stuck in that range. it is quite clear that at some point the economics are nice and moving up towards the 130 mark. the negotiation's go badly, will have a serious test at 120. we will wait and see. to bring up this chart human looking at showing how u.k. stocks outperform when guilts rise. the ftse 100 hitting 8000 and we have for example the upside striven by earnings increase. also the narrowing gap between the credit yields. marcus: the credit yields are doing very well.
the bank of england is still doing corporate qe. the bank of england has been doing a lot of he the, but that is now -- qe, but now that has stopped. that is quite a long way away. we had 70 odd billion last year both qe and that is going to zero. now less gilts issued, 30 billion less this year. around 40 billion less from the bank of england on gilts, and the 10 billion for corporate will end in may. it looks great now but at some point you have to look back and think gilts are probably overpriced. and respected to stocks, that relationship purely from foreigners coming in and buying u.k. assets. the two have gone together. finite assets for infinite
money. vonnie: let's switch countries to south africa. rand having a phenomenal day after the central bank made the decision. toing andlitical frowing. marcus: he has a real cabinet crisis on his hands indicates that his finest minister. senty serious message was when he rate called -- he recalled from the national roadshow. but he has obviously not quite got the power to go through with his threats to come in his party numbers who would be against it. i think more importantly the president would quite possibly
resign and several other cabinet ministers with him that would cause essentially a zuma. for mr. he has a difficult position and trapped himself into a corner. at the moment the market seems to think he doesn't have the momentum to carry out his threats. vonnie: the economy is weak right now and heading for another weak year. doesn't lose power and is a benefit south africa in the end? marcus: wow. how do you answer that question? the rand is the most risk on risk currency and is doing extremely well the last two months. perhaps a little bit too much with his current political crisis. the economy is in a difficult time. in theory, if he is replaced by some incredible, it would be is surely positive for south africa. they have world for many years now and i don't think he will let go of its power at all lately. : is south africa at the end
of a rate increase i? marcus: it's a question of how the rent performs -- rand performs. i think the have some serious decisions to make but at the moment they are holding at 7%. nera: thank you so much, marcus ashworth. vonnie: our face the marcus as well from this side of the pond. paul ryan just finishing his news conference. let's recap some of the headlines. teasing tax oras formerly harder to the failure to pass the american health care bill in the house. he also said he shares the president's frustrations on the house freedom caucus. tweeting out earlier today he of frustrated with the hfc structuralism and warning the united kingdom on russia and its
interference and talking about how your big united kingdom need to be on its guard. let's check in with first word news. courtney donohoe is here. the senatecourtney: intelligence committees holding hearing on russian interference in the presidential election. a top democrat on the committee took aim at russian president radnor couldn't -- vladimir putin. he said he ordered a campaign to undermine the race for the white house. there was a deal in north carolina to repeal the controversial bathroom law. the current legal protection for lesbians, gays, bisexuals and transgender people. leagues torts boycott north carolina. the proposal is not perfect, but he supports it. u.s. secretary of state rex tillerson told turkey the two countries face tough choices in the fight against islamic state. turkey disagrees with the u.s.'
position that kurdish forces should take a role to battle for the strongholds in syria. as we were reporting before south africa's president faces a -- ifio in the he fires his finance minister. andinisters may resign remain in parliament were they could oppose zuma. the president told political allies he was so fired him because he's blocking his policies. global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. donohoe, this is bloomberg. italy'sill ahead, finance minister on breaking negotiations and what a la pe victory would mean for europe. this is bloomberg. ♪
♪ vonnie: live from london and new york, i'm vonnie quinn. : this is the european close on bloomberg markets. says theo padoan country has solved us banking problems in conjunction with the european commission. he is leading a dedication to london this week to bring investors to the table has a country continues to implement reforms and tackle a mountain of debt. in an exclusive interview with francine lacqua, he says closer integration and cooperation within europe is necessary and will be to italy's benefit. he says the brexit transition will be a tough one. pier: difficult negotiations. was not underestimate the
different points of views and the fact europe would probably take not an easy stands vis-a-vis negotiations. and also some time it will have to be devoted to any transition measures which will be needed to allow a new arrangement to work. otherwise there is risk of disruptions of marcus economic underestimated. francine: dee you think europe will speak with one voice? pier: yes, it will. eventually as negotiations will proceed under the leadership of the commission europe will speak definitely with one voice. francine: how much do you think the u.k. needs to pay? for different figures. has that been discussing your level? pier: it has not been discussed at this level. is not a real issue how much will be paid. we come down to an agreement which is as peaceful and forward-looking as possible. ourselvesen ask what will be europe after brexit is completed.
this is the big question mark. francine: willoughby significantly weekend? pier: this is a delicate political season for europe. in many countries that are key elections to be carried out. i continue to be hopeful europe will renovate itself deeply enough to answer the demands coming from the european citizens, was called increasingly for disintegration rather than integration. the elections in france going away were have a stronger franco german axis. pier: if there is stronger support at the political level for european projects, not just italy will benefit. is not just about winning elections. it is about using the political mandate that hopefully we will get to change europe for the better. and to go on with integration. this has been a success story
for 60 years. we just signed the declaration of rome, a very important result. 27 countries agreeing to sign. that with brussels and the policy actions and fax. penting: what happens if le wins in france? negative -- that forget europeptation to leave is widely spread in a number of countries. francine: with that hurt significantly yields or the spread between italian and german yields? that would hurt a lot of your financial institutions? pier: markets are beginning to price political risk. the victory of marine le pen and france of the permanent political risk to europe. i expect that to be -- nera: that was pier carlo padoan
in an inclusive interview with francine lacqua. time for the bloomberg business flash and some of the biggest stories in the news right now. retailer fast fashion h&m fell to a four-year low. this we discover the magic of the second quarter by more than last year to reduce inventory. they suggested that reaching its sales targets for this year will be challenging. jpmorgan is looking to expand in dublin in the wake of the brexit vote. according to people familiar with the matter, they are in talks to buy an office building don't have enough space for more than 1000 workers. jpmorgan says other options are on the table and no decision has been made. thousands of former trump university students will get refunds from a $25 million settlement that donald trump to before he was elected president. a federal judge in india go is said to have approved the deal today. the students sued for fraud.
♪ nera: in honor of march madness, a sudden death round of the elite eight. what a time to be alive. vonnie: that's very enthusiastic. i agree with you wholeheartedly. battling it out today until that stung forget we had other leads in the mix in the final 16. they are all in lead in our hearts. let's get straight to alix steel. alix: i love the headshot. so serious. oliver: very prescient. alix: i'm looking at the
economic surprise index in u.s. versus the s&p. the blue line. the surprise index is the white line. the circles tell you a potential correlation between the two. when you have the economic surprise index hitting at the top, they can be a little bit of decline of the s&p. here and hit another top saw little decline on the s&p. a little bit different back in 2015. he had a steep decline. the economic surprise index and the s&p treaded water. later in the year you saw another decline of the surprise index and the s&p. i brought that up because if we continue to see economic surprise index top out, although we rolled over a touch, does s&p wind up following? it easy analyst rerate expectations to the economy, economy can't quite needed. you can really see that as corporate profits on some angles was a little disappointing. vonnie: absolute genius. oliver: speaking of surprises,
i've got an economic surprise myself. i'm looking at best i will boil it down to two different parts. i got the idea for michael mcdonagh. this is looking get the 10 year yield, the line in the blue. up about 50 bit since the election. notification.s my what we are looking at -- if somebody can click that -- the 10 year yield is sold off. the surprise index has gone up. if the economic data is good and beat expectations, you know what a hold treasury bonds. michael points out get a think about soft data versus hard data. that's white and purple. the white line is that soft data, the survey data. the correlation is very positive. correlation to the hard data is the opposite, negative. the hard data has not been anywhere in that's really important.
btb 7030. nera: what to great charts. i will go for alix. when you give the wrong answer usa, is that the right answer? that's what i'm saying to you today. oliver: and injection of cultural diversity. vonnie: alix, you are the winner. she's interviewing the konica phillips ceo. the oil giant having a new deal. this is bloomberg. ♪
vonnie: from bloomberg world headquarters we are you from washington to mexico city and seattle. here other top stories on the bloomberg and from around the world. u.s. stocks off session highs. six straight quarterly gains. financials, energy and industrials are leaving the s&p 500 higher. ishness giving a boost to the dollar. oil is up after collates -- -- alixake -- kuwait steel will be speaking with the conoco phillips ceo. they have done a deal to on the canadian reserves that is expected to accelerate payouts. i will be speaking to alan miller, chairman of universal health, one of the