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tv   Bloomberg Markets Americas  Bloomberg  May 3, 2017 10:00am-11:01am EDT

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hour andto london this cover stories outside of south africa and iran. we have breaking economic data. more for the fed to ponder over although, they were not have much time left. asie: nonmanufacturing index measured services in the u.s. economy coming in at 57.5, higher than the estimate. this is for the month of april. this is an important economic measure because it measures the biggest part of the u.s. economy, services versus what we see in terms of manufacturing. again, this is an expansion, more than projected. is part off order this reaching the highest level since 2005. that gauge of orders at 63.2. a measure business activity
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from 58.9.to 62.4 it does not seem to be helping stocks at the moment because we have a drag from the technology sector and those apple earnings. not seeing much change based on numbers at this point. if you take a look at those tech stocks, there has been talk about how the largest companies in the s&p 500 and the largest contributors to the s&p 500 are having a disproportionate affect on what is going on with stocks. those were some of the largest stocks you saw on that chart and what they have done this year versus the s&p 500. oliver renick writing a great story today on what has been going on with those stocks and how much there could to be did. you can see some of the top earnings we are watching. apple shares down 1.8% and tumbling in the wake of iphone unit sales being lower than estimated.
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aadp cutting its booking forecast for the year and anadarko missing estimates. a check of oil ahead of the industry number -- we are going back to this now. oil, there we go. quick check, it has come down from its highs of the early session. industry read on inventories shary drawdown. we will see with the government data shows in half an hour. mark: we are down for the fourth day, down by about .2. supplies of apple or falling today, fewer iphones sold in predicted, but little change after reaching that 20 month high yesterday. the earnings season continues for banks. drive increase in the first quarter profit. global revenue rising 33%. net income up by 4.4%. to the executive -- one of the
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few european banking offices targeting growth from a trading business, aiming to increase global market revenue. down 5% annually. deutsche credits with berkeley and ubs, total dollar revenue from trading stocks and bonds fell 6% in the quarter. since the first-round of the presidential elections in france, they are the highest since 2008, up .6. u.s. listed french etf's today are 506 $2 million in the last 562, the most since -- million dollars in the last week. french equities surging 5% since the french election. the cac 40 closing at its highest level since 2008 yesterday, reporting over $3 billion into the country's etf this year, mirroring that broad
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preference for european equities. all of our guests seem to be caught -- talking about this, but keep an eye on italy, the next flashpoint only talk about political risk if we overcome the results of the second round of the french presidential election. this is the spread between the french and the italian 10 year, where yesterday rose to the highest level since 2014. we have overcome the massive hurdle, but it really is a little bit over that. there will be an italian election by spring 2018. vonnie: do not forget, the french parliamentary elections happen right after that in june. two pounds of that. it will be a fun -- rounds of that. it will be a fun summer to watch her political risk. let's get back to apple. during the earnings call yesterday, tim cook offered this
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explanation for the sales slump. tim: we are seeing what we believe to be a pause in purchases on iphones, which we earlierare due to the and much more frequent reports about future iphone. vonnie: joining us on the phone from palo alto is a managing partner and veteran apple analyst. the iphone numbers missed your estimates and by about 12% for more. is it anything to be concerned about given we had the eighth generation coming up? it 10 was awas -- concern on a scale of one to 10, it is a two or three. it does not change the trajectory that the next big cycle is going to have a javad impact on the iphone growth, so that answer is, i would not be too worried about this. the work we have done has suggested what tim could talk talked about,ook
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which is people are closing up which explains the shortfall. vonnie: you called the services in the quarter solid. is that enough? we had an analyst yesterday saying services is lagging and it is not a company that can just depend on two or three products. i think that is the wrong take. i think services is imparted -- is important. it grew at the same place -- same pace in the march quarter, so that is a positive sign. the key metrics around services phoness of the number of that they happened amount of paying, when you put all this together, there is a big opportunity for apple to build a more sustainable business around services. tgrk: we spoke to b
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and he said to us yesterday, i do not feel like current management is tilting a platform that will fuel growth -- building a platform that will fuel growth lasting a dedicated. percent me that it is -- lasting a decade. persuade me that it is. grow at will probably 15% for the next five years and eventually be 20%. is ayou are getting too key question. we are focused on the iphone 10 right now and this will continue to push the stock higher. eventually, we have to answer your question, which is how will apple grow longer term? we think the answer is twofold and we are getting slow parts of that. one is around augmented reality, which the next iphone will have more of those futures. second, the company talked about this last night for the first time. i think that is an important nod
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and where the wearable segment is, which is the watch and work in progress two, which is some form of glasses, we will call the apple glasses, which is our best guess in 2020. the exciting part is their ability to get into some of these new markets, which plan to a paradigm shift in technology. mark: what is in the price when it comes to the cash? 257 billion and must is abroad, what is in the price when it comes to prospects for corporate tax cut and some sort of cash perpetuation? what if it -- repatriation? what if it doesn't play out? nation think we preacher is priced -- i think we pictures should as priced in and if you look at how much more they can buy back, it is 4% of the business. to get reversed, i
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would expect the stock to be done several percent. i think that is essentially priced in. vonnie: a final question on apple. if the stock is up 50% year-over-year, it was suggest that there is a lot of optimism. if it is fully price now, if the it cycle is the iphone priced into the stock already? gene: i don't think so. is in thee risk here august timeframe, one month before the next one comes out. to see investors unwinding their trade into this. that is where you start to see a shift from optimism about the potential to some inside the about what the tale of the iphone 10 cycle is going to look like. investors are looking six months in advance, so i think that is the roadmap. i think it goes higher over the next months and shifts. vonnie: i have to ask you about this book. what will you be -- but
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facebook. what would you be looking for in the earnings call? gene: we want to hear how much their monetizing instagram. our guess is there 30% through the way through cranking up instagram and when what they monetize what is out? does it the two weakest lovers. secondly, arp in apple. developmentok conference, zuckerberg made the majority of these comments around augmented reality and how facebook wants to play into that area we will be tuned into how they will -- into that. we will be tuned into how they will play that into the future. mark: spell it out for us, what does it mean? it is important for apple, facebook, but put some nuts and look on it, what will ar like in 10 or 15 years? gene: ar is augmented reality, so we will see the regular world but there will be visual
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information overlaid onto it. pokemon go or snapchat rudimentary examples of what is, but it, -- ar totally changes how we interact with machines. today it is touchscreen and a mouse. in the future, we will be interacting with their voice more and this makes the way we interact with computers much more natural. there is a big opportunity for new applications and a better user experience around ar and that is what these companies are pursuing. we think this is going to be as profound of a change, ar, as was the mobile phone. vonnie: gene munster, managing partner of loup ventures. let's check in with emma chandra. at the white house, president needs today with the palestinian president. the palestinian president is concerned he might have to say no in their first meeting. president trump may ask about of payments to families
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palestinians jailed or killed in the conflict with israel. companies in the u.s. and in 177,000 workers in april -- added 170 7000 workers in april, slightly more than estimated trade on friday, the government will really staple jobs report. theurope, talks about brexit negotiations. the brexit secretary has a warning for the european union, he is willing to walk without a deal if provoked and he says the u.k. will not pay a brexit bill of $110 billion. the eu brexit negotiator says the eu wants to reach a deal with britain. time is running short. global news 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. i am emma chandra. this is bloomberg. vonnie: thank you. happening now, fbi director
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james comey facing the senate judiciary committee. he is not started to speak it. you can watch this hearing on the bloomberg, type in tv . this is bloomberg. ♪
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live from london, i am mark aaron. vonnie: from new york, -- i am mark barton. vonnie: i am vonnie quinn. gold holding near its lowest in three weeks as the good, job data and more boom. joining us to discuss this phil from rjo futures. our traders keeping one eye on
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the statement? yes, he will continue to monitor this statement until june, where it has a 60% chance that federal raise rates. near zero.nces are we are looking for commentary we will see gradual increases and that buying down of the government down toward the edge of the year -- end of the year. all of this will have that spillover effect until the gold 13tht, where it has been out of the last 15 days, so it has been under pressure. i expect that coming into the statement. we might see one of these buy after the fed commentary to get this behind us but we have a lot of headwinds and a lot of key data coming up for this gold market, especially jobs data later in the week. he will continue to monitor european union. vonnie: talk to us about rates and how this idea of ultralong
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bonds coming out tonight affect rates and the funding we heard of this morning. phil: we will most likely see this ultralong bond come out. it is another product we are rolling out. that will give us a bigger gauge on interest rates farther out. there is no telling where it will be priced at, but bond yields have come down a bit, so it has a lot to recover from and that could or should the gold market. vonnie: phillip streible, thank you. special coverage of the fed decision that 2:00 p.m. in new york and 7:00 p.m. in london. we will get the latest reaction from bill gross. mark: what a big day we have got today. south africa's junk rating. we will hear from the country's new finance minister, next. this is bloomberg. ♪
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vonnie: this is bloomberg markets. i am vonnie quinn. ink: i am mark barton london. let's get to south africa because we will focus on the nation now, president zuma is facing pressure to resign following a cabinet reshuffling and march, which led to the country's credit rating being cut to junk status. then you finance minister malusi gigaba joins us from the world economic forum. thank you for joining us. do you think president zuma well last through his term in 2019? i think the president is stand determined in 2019. as a democratic country, we untilthe president and
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they change their minds, the president will remain the president. this morning, the president said this is a democratic country and people have the right to protest. those who protest must continue protesting but we have a country to run and an economy to build and we're going to focus on doing business for the government. minister, some voices in the business community have been critical of the president following that cabinet reshuffle and the ratings downgrade that took place after. how are you winning back the trust between business and government? thence minister gigaba: concern from the business community is part of the process . they have not questioned the whatdent and in so far as consents, we are engaging with
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the business community. we have had several meetings already and we established business in other meetings to take place. we have been engaging with domestic investors that own about 60% of our bonds, and ,uring the imf spring meeting we engaged with some of the investors in the rating agencies that had discussions with them. i need to say we are committed to ensuring that we grow the south african economy. we are focused on growth. secondly, we are focused on meeting in a manner that shows to raise the budget and we are committed to continuing to work with business on a number of initiatives, , and thehe s&p fund
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youth employment service, implementing the nation minimum wage agreement, so we can out so all that was sent it can boost business confidence and trade more investments and restore our investment grades and ensure the economy grows and expands. mark: finance minister, one of your three advisors is a professor. you asked him to stop speaking publicly after advocated nationally -- nationalizing mines and banks but he did the same last week in. how do you reconcile that, having an advisor who says such things, when at the same time, you are trying to convince investors their assets in south africa are say? -- are safe? finance minister gigaba: south africa is safe. our policy is the south african
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on the continent. they will be various voices outside that will speak, and do not affect your opinions of government in so far as our fiscal policy. i am the government spokesperson ispolicy, and therefore, it that they must continue to listen to what i say. my advisor expresses his own opinions as the next endemic. -- as connected them up. i think the conscious must continue -- as in academic. we need to continue to listen to different opinions that are expressed, but they do not reflect the decisions of government. having said this, i need to emphasize that i have once again
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and he understands his role as an advisor and the responsibility of government. he cannot speak out of place with me with regards to what we need to do, and therefore, the policies of government insofar as policies contents, they are what i articulate, not by people outside of myself. tok: you have a big role fill. it is the role of the director general of the national treasury, the incumbents will be leaving -- income been will be leaving -- incumbent will be leaving one year early. you said you will have that killed by the end of april. how close to tickling that post? -- you said that you will have that filled by the end of the april month. how close are you to filling that post? finance minister gigaba: the shortlisting is going to be undertaken. andll set up the interview
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take the recommended candidates to. hopefully by the second on a cabinet, we should be toward the end and i will make a recommendation to and they will the candidates and make the necessary announcements. we are committed to ensuring that we get the replacement. country needs a new treasurer. thank you for joining us today on bloomberg television. this is bloomberg. ♪
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live from bloomberg world headquarters in london and new york, i am mark artan. vonnie: i am vonnie quinn. this is bloomberg markets. -- mark: i am mark barton.
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vonnie: i am vonnie quinn. a forecast calling for a drawdown and another in crude to be exact, but a gain in inventory of gas. fuels trade around the lowest level in more than a month. let's get the number now from julie hyman. there is a drawdown. -- julie: there is a drawdownjulie: , but nearly 3 million barrels and 2.9 million barrels was the anticipated drawdown. gasoline inventories is smaller than estimated, about 1.6 million barrels was anticipated. inventories falling unexpectedly by 562,000 barrels. on balance, the headline number looks to be bearish, but those underlying numbers for that refined products look more positive. that said, take a look at the
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bloomberg because we are not seeing immediate reaction, so oil prices look to be taking a leg lower on headlines. two thirds of 1%. it takes time for folks to sort through the numbers and those underlying numbers are more positive, so we will see that mitigates or stems some of that decline we are seeing. mark: let's check in on first word news. emma chandra has more from new york. emma: jpmorgan is preparing for the uk's european union access to the european union's single market after brexit. they plan to move lancashire london to dublin and luxembourg -- move anchors from london to dublin and luxembourg. goldman sachs says it will probably begin relocations next year. in the u.s., the pentagon plans to test a new missile by the end of the month. the goal is to be able to intercept a missile like the
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ones north korea is trying to develop. it will be the first interception attempt since a successful test three years ago. in saudi arabia, the government plans to spend at least have the money from the aramco ipo on domestic investments. they say the government to abuse some of the aramco proceeds to develop armed many fracturing mining and the entertainment sector. the saudi economy is in its worst slowdown since 2009. the president of russia and turkey are holding talks on the situations in syria and to restore economic ties between their countries. russian president vladimir putin told the turkish president that their ability to discuss key issues shows relations are being restored. the meeting on the black sea coincides with serious cease-fire talks that are cosponsored by russia and turkey. global news 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. i am emma chandra. this is bloomberg. thanks.
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happening now, fbi director james comey facing the senate judiciary committee. he is giving his opening statements, which he says he intends to answer hard questions from the committee and says he never leaked information on trump or on clinton and he never authorized the leaks on trump or clinton on those probes. feinstein has already spoken, saying the announcement from comey on clinton before the election was "extraordinary." you can watch all of this on the bloomberg at tv . conference in beverly hills this week leading investors to discuss out there navigating the term economy. -- the trump economy. with a focus on global real withe, we get one outtake -- one take with erik schatzker. >> we have had a long recovery without wage growth rate what i
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was hoping either president was going to get was wage growth. the first quarter number was a little disappointing, but a lot of people talk about the industry adjusted number and people smarter than me say we will accelerate going out of this, which is probably right. if the president gets one of his five policies do, you'll continue to see job growth and wage pressures, especially with sort of bad toward immigration. i think we will see a good cycle coming out of this. i think that kind of cycle that rates go up with it is ok. we will get inflation with real estate, more spending, pricing power, and that is more important than interest rates. what i did not want to see was a number structure government. i do not want the right wing of the party to do all five programs and cut all corporate taxes, do infrastructure spending and you deregulation at
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once. thought you would see the cycle length after interest rates soar, but you need fiscal discipline. you cannot pass this tax cut because that will cause the deficit. you could have in this volatile .orld -- buyers do not buy debt there is too much supply paper not enough demand and that will cause rates to rise that economic growth rate that is a bad idea. erik: where are you allocating capital? are buying and selling. we have been cautious over the election period and the first 100 days. cautious in real estate is buying apartments. we have 1000 plus units today. most a $20 billion portfolio, and we have done some land deals because we think the residential complexes strong. in europe, we have been busy trying to buy stuff for the banks.
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we focus their more on the periphery of europe. we are avoiding the london office but we like london hotels because of the pound's position. erik: you are also way owner of single-family homes great at what point will millennial -- barry: colony north star. pointexcuse me, i went can millennium -- at what point can millennialsba afford a home? millennials a four-day home? harry: not for a wild. that is right -- barry: not for a wild. more --als one to be less loyal, were able to jump from -- where they have more choice, and they're getting married later, we have so many single-family households.
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and yet the demographics of the country, so i think that is going to stay for a wild, the rental complex will be pretty good. erik: you develop hotel properties that offer guests experiences. w is one hotel in brooklyn. barry: w one. erik: this is over the span of a career. why not partner with the fastest-growing guest experience company, airbnb, do something? barry: it could happen. i would not call it -- : they want to be a guest experience company. barry: they are talented. is an interesting distribution channel now and i think it is very interesting. clout,ve a lot of especially when running a house. doing, onewe are
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brandon is ego green, it has found its niche. we are running 90% plus occupancy and in market, we were up 20% year-over-year, so we seem to have run away with this brand. we just awarded a project in paris. we have construction in china. in salt lake soon, i hope, and california. we are working on something in l.a. it is fun. it is fine to do something good and doing business and make money out of doing good. vonnie: that was barry sternlicht, ceo of starwood capital group speaking with erik schatzker at the milken conference. mark: coming up, we will look for the best em opportunities from the middle east to latin america, including the impact of -- trump residency on mexico presidency and mexico. plus, an interview with u.s. commerce secretary wilbur ross from the bloomberg draco a
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summit. -- bloomberg breakaway summit. this is bloomberg. ♪ you
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vonnie: live from new york, i am vonnie quinn. mark: in london, i am mark barton. this is bloomberg markets. tentative bloomberg business flash -- time for the bloomberg business flash. u.s.ited data plans in the has lost more subscribers in the last quarter. 118,000. the country's fourth biggest wireless provider did manage to post sales big estimates. are announcing that a sprint merger would be a better
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way to take on at&t and verizon. it just raises prices. the parents of seeing in an hbo posted first-quarter earnings that beat estimates. time warner was helped by the pay-tv providers like comcast. companies waited to be taken over by at&t in an $85 billion deal. fast food come back. eurosxican inspired chain 8% in the first quarter. that boosted earnings and revenue. beatarent company yum estimates. kfc and pizza hut are there other chains. that is your latest bloomberg business flash. vonnie: time now for our bloomberg quick take, or we provide context and background on issues of interest. iran has been wary of outside
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influences, especially when it comes to exploding its natural resources. the government is offering international oil companies their biggest role since 1979. it is when they nationalized the country's reserves. iran needs oil revenue to revive its economy, which was set that i years of sanctions. foreign companies are tempted right of potential promise but there are plenty of risks to investing in iran. here is the situation, iran's oil output has settled below its pre-sanction level, following the lifting of moist measures -- lifting of most measures. supply cutnt opec deal, iran was branded an exemption, allowing it to raise reductions further. expanding elements of oil will require outside technology, management, expertise and capital. called onment has foreign companies to invest one hundred billion dollars in the
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oil industry. companies breaching agreements include shell and france's e.talitarian -- total one of their first acts was to nationalize iran's oil. for two decades, the oil company operated in iran. and they came back, they operated on short-term contracts. many of those companies stopped operating in iran by 2010. here's the argument, big oil companies will not pass up iran's see a lightly. the countries crude is cheap to 10%act and the hold about of the world's proven reserves. the list of risks is long. complex business regulations, uncertainties around the may elections, and the chance that president donald trump and his administration rips up the nuclear deal and slaps new sanctions on iran. those are some of the pressing issues. can read more about iran at ni quick on the bloomberg. breaking news, prime
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minister theresa may is making a statement outside 10 downing street. queens just visited the and she is giving a statement. she says the election winner must get the best possible brexit deal. she says the u.k. wants a deal, but no deal is better than a bad one. reiterating a comment she has made a number of times since the ..k. held that referendum she says there are serious consequences if we do not get brexit writes, and she says, finally, leaks to the really , ofnd the election results course, referring to the meeting she had last week and that german newspaper aboard the set rate essentially, it was a disaster. that's get back to oil prices meeting to rising a meter growth in countries from latin america
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to the middle east. emerging markets portfolio manager recently visited the middle east. thanks for joining us today. you had just come back from the middle east, how is the region dealing with lower oil prices, and the continuing heavy debt issuance calendar that we are seeing there? >> good morning. i think we are observing a wall that some of the austerity measures last week in saudi it was paid to civil servants, but we are and july and june whether they will be a listing of some of the lifting of subsidies. i think that is what matters because we want to see countries running fiscal deficits and we went to see them introduce measures to close the gap. at the same time, we are seeing debt issuance from kuwait, and
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some of that coming in at attractive levels with countries that have a significant level. nonetheless, we need to observe the path of reform and how they would deal with budget deficits in the face. it is benign but slow grind in oil prices. vonnie: how investable are those countries? example, and for rate does it and? is -- and where does it end? is iran investable? arabia, all of those invest bonds, they're technically not considered emerging markets due to ratings. we do invest and follow them and we find the stories quite compelling because of the reserves. you have a lot of offers in place in those countries. mark: can we talk about the fed because we are waiting on h on the breat
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non-announcement that takes place later? bonds, stocks and currencies on whether the anticipated have to 2017, whate hikes in happens if the turn more hawkish, does the dynamic change? yacov: it is important in regards to today that we anticipate a nonevent of the guards to the bed. it is a june -- in regards to the fed worried we are waiting on a june meeting. the fed will probably hike rates to more times this year, two times three times next year and e.m. has withered so far. if anything, we have seen inflows into the emerging markets this year and last year and we see a lot of em central banks that are able to implement cutting rates all the fed is hiking. vonnie: that is fascinating to me because emerging markets do extraordinarily well him and
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risk in developed markets, but that kind of political risk is all over emerging markets from hungary to the middle eastern markets we were talking about to places like south africa. we spoke to the finance minister and it may be more the market, but can that continue? yacov: it is also a question of starting points. there is concern about the so-called fragile five, fiscales that have deficits. we have seen a huge improvement in the fragile five over the past years, so they have been able to reduce imbalances. it comes to the fact that em remains attractive for investors, especially given the rates in those markets and ongoing qe in developed markets. you see people flocking into e.m. last year and this year
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after significant underperformance. vonnie: is there going to be a day of reckoning? we see plenty of things happening, just picking hungary in turkey as examples, but they are concerning, even though there are possibilities that end up causing these political changes to occur? africa, there is a lot of political risk. is there a day of reckoning? turkey and south africa are great examples. it comes down to policy credibility. after the reshuffle the financial ministry, we met with the prime -- the finance minister of south africa and it comes down to ensuring the finance minister remains credible and you do not have a runaway fiscal policy. our censure with south africa is it remains to be seen. --we would like to give them they benefit of the doubt, but they have to keep defending
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their ratings. in turkey, post elections, obviously, the president has consolidated power and we are seeing prudent fiscal policy. improvement onor the monetary side but it comes down to what they hike rates on runaway inflation? credibility is key. vonnie: i know you like brazil. great to have you back yacov arnopolin. mark: theresa may racking up those comments outside downing street. she met the queen, the queen dissolving parliament ahead of the election on june 8. some interesting comments on brexit given the changing dynamics between the u k and e u. may saying some in europe do not want brexit to leak. she says those leaks deliver the timed surrounding her meeting a german, which
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newspaper for to us disastrous. she said there are serious consequences if we do not get brexit writes. those of the big headlines from theresa may. vonnie: in u.s. politics earlier today, kevin cirilli asked freedom caucus co-founder jim jordan of ohio if we can expect a vote on health care bill this week? >> i think so. i hope so. inthink we got this bill predicted position, certainly, it is not where we wanted it, it is not a full repeal, but it is a good piece of legislation and let's get it to the senate and keep working on full repeal. kevin: there are some articles suggesting there are more moderates who have some concerns about this and they seem to be the ones not on board. what can you tell us about the new developments? >> their conversations going on. -- there are conversations going on. you know how this works with
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talks ongoing. he will see how it plays out the next couple of days but we think it will happen. talks about maybe a few more dollars going into it because this safety net provision to deal with the pre-existing condition concern. we will see that plays out, that we are close. -- but we are close and we are hoping the votes will be there. kevin: the white house has been pushing for this. everybody in the republican caucus wants to get this done, but there seem to be deadlines. why are we hearing all of these deadlines and does that hurt or help the process? >> who knows? right andget it done as soon as possible because i know that obamacare has not been good for the american people. we had elections in 2010, 2014 and 2016, where it was a central issue appealing the law, bringing in a more market, patient, dr. centered approach. centric approach.
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we do not need an artificial deadline. i believe because we are on break next week -- vonnie: we will take you straight to the president of the united states a few moments ago. president trump: where funding allows families in our nation's public schoolse and attended private school, making an extraordinary difference in these incredible, young lives. are you happy about it? [applause] 98% of scholarships recipients represent their high school diplomas and they are really go through tremendous successes, so i think you will all be successful. you have a great start. there is a beautiful event that
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i am throw to be here. i congratulate the families. their families are very proud of their children. [applause] during my campaign for president, i promised to fight for school choice. very important. it was featured in my joint address to congress, and today, i am calling on all law enforcement to help work with us to extend school choice to poor children across -- vonnie: that was the president a moment ago that an education events. fbirately happening now, director james comey is facing the senate judiciary committee. you can see him giving testimony on ei oversight. -- on fbi oversight. you can see his complete testimony on tv . i will give you some headlines from that testimony now. he said that the beginning he was expecting to answer
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difficult questions. right now, he is saying he never authorized the leak on donald trump or on clinton. --s after minority men there minority member feinstein said he made the announcement on clinton before the election was "extraordinary." he said he never leaked orormation himself on trump clinton. the hearing continues and you can watch this at tv . this is bloomberg. ♪
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mark: it's 11:00 in new york. 4:00 in london. 30 minutes left in the trading day in europe. i'm mark barton. vonnie: i'm vonnie quinn.
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this is the european close on bloomberg markets. ♪ will take you from new york to london. covering stories out of frankfurt, paris and washington. you're the top stories -- here are the top stories. theresa may saying some eu officials have made threats to britain and once the brexit negotiations to fail. sterling moving on the news. vonnie: emmanuel macron and marine le pen face-off tonight in their final debate. our asset managers increasing european holdings with polls showing a 10 point macron lead? debt crisiss continues, the u.s. is dealing with its own debt headache.

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