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tv   Bloomberg Markets Americas  Bloomberg  June 28, 2017 12:00pm-1:01pm EDT

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vonnie: from new york, here are the top stories. haggling at the senate, lawmakers work towards reaching a health care deal by friday, before congress goes on its fourth of july recess. appetite for blue apron, the company set to price assets after the close, it ipo range has been slashed. puerto rico versus its creditors , former new york governor george for jackie, and advisor -- george for tacky, and advisor, will be joining us. day,ay into the trading partially in the green. julie hyman is with us. more in the green than we were the nasdaq was
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unchanged at that point and it seems to have bounced off of its 50 day moving average, moving higher along with the other major averages. what is leading is not technology, not in the s&p 500. it is the financials, up more than 1%. a broad-based rally with no sign of red on this wheel. materials, industrial, consuming .ery -- consumer industrial as for the financials, a couple of things driving the gains. today, the bank, the second part of the bank stress test coming from the government after the close. more importantly, details of their plans to return capital to shareholders. they have to undergo the stress tests first. and other types of financials rising. america rise, prudential, raymond james all gaining, part
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of that because of the movement in the 10 year treasury. yesterday, a big increase in yields. itay, that has continued but moderated to some degree with an eight basis point move over the past two sessions, something we have not seen in some time and the yield now at 2.22%. oil worth mentioning. this morning's inventory report, oil bouncing around all over the place, at one point of 1.25% and no up 7/10 of 1%. murphy oil and transocean a couple of gains. built in crude oil inventories but a drawdown in gasoline and distal it's which appears to be behind the gain in oil prices. additionally, a high short interest, the highest this year as oil has moved lower, we have the oil shorts that have moved higher. there could be some short
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covering element to the rally today. halted,shares of fedex pending some kind of news. we will be watching to see if the news comes out. shares up a little more than 1% but halted, so this was as of the last trade. anna: thank you. health care debate, the senate vote delayed until mid july and the majority leader mitch mcconnell scrambling to win support for the plan. our correspondent. where do we stand at the moment? the cbo will have a busy weekend. >> they are likely to have a busy weekend as senate republicans are trying to reach a deal sometime this week. and to have the cbo score it next week, congress off for fourth of july recess and the week after that a want to try to
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get it done and vote on it. it is an uphill climb because they have opposition from moderates and conservatives who want different things. vonnie: it was fascinating, the gop went into a meeting with donald trump and came out and there were more against the bill then before. does that mean the president might have been offering them something or giving them new ideas that have not been thought of? or where they turned off more by voting for that kind of health care bill? >> i think there were a number of republican senators not happy with the bill and not planning to vote for it but only after senator mcconnell told it that the major opposition public because they thought it could change and wanted to keep the negotiating plan. the president does not seem to be involved in the policy details of this bill. ,e has not played a heavy hand it has mostly been a senate
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republican leaders, most notably senator mcconnell who have been crafting this bill. the president is likely to play an important role, if republicans get this through -- and sitomer -- senator mcconnell signal this as well. we want to go to breaking news, donald trump speaking at the white house. president trump: we had close to 50 of them, 52, we need all of them which is never easy. we had 50 show up to the meeting and the other two are on our side. i think we will get at least very close and i think we will get it over the line. it was a great feeling in the room yesterday. what also came out is the fact that this health care would be so good, far better than obamacare. much less expensive for the people and much less expensive for the country. those are a lot of good factors. we will see what happens and we
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are working very hard. we are giving ourselves more time to make it perfect. -- this has a chance to be great health care at a reasonable cost and people can save a lot of money, we get rid of mandates, get rid of so much, get rid of a lot of the taxes, all of the bad parts of obamacare. essentially, it is a repeal and replace and i look forward to working with the republican senators over a short time. rick is excited about the health care bill. >> having these governors sitting around the table is a great example and one of the kim and know cam -- paul, they would like to put health care into place that they helped write and their citizens helped write because i know -- i do not know the build that well, i bet he is the same, you give him the authority to take care of their citizens, they can have more people -- do it at less
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cost. vonnie: you are watching the president at a meeting. with the energy and tribal leaders, state leaders as well, he made the comments on health care. it is energy week in washington at the white house. i wanted to ask one more question. about the comments. the president seems pretty optimistic that he will get at least a very close. close to what? the house or senate bill? and what will it involve? >> it seems the president wants to get it done, claimed a victory and say he delivered on the campaign promise, i think he in saying theynt were close to 50 votes, i do not think there were at close with a number of conservatives against it as they want some of the things in the affordable care act to be gone but that does not
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sit well with moderates who want to keep pre-existing conditions. moderates are concerned about the depth of the cuts to medicaid, particularly in expansion states like ohio and west virginia. republican senators dealing with opioid epidemics in their state. i spoke to rand paul, a conservative form -- from kentucky, he has been one of the this, hel people about said it will only get 50 votes if it becomes more conservatives and gets rid of more subsidies and medicaid spending, get rid of more regulation, what the moderates want less of. a doctor senator from louisiana, the less ideological in the group wants to increase the subsidy cut off from 350% of the poverty level to 400%, the level it is in obamacare because his constituents have that. it is a tough battle. anna: thank you. insight on how
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the debate over health care could affect the markets. -- isg us is our global the global market strategist at invesco. what has the market been pricing in around health care and where do you see the risks at the moment? >> the market is repricing on a daily basis based on the development, legislatively, something that will be a story we will see again in different sectors this year. right now, we are seeing concern that this may not come to fruition. what i would say is that perhaps the area that you can be most positive on within the health care space is biotech and pharma. the fundamentals there are very good which is an area benefiting from deregulation. we will see volatility and the overall health care sector because so much is uncertain right now. so many questions. even if we can get a bill passed ofthe senate, we have a lot
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negotiations before it gets sent back to both houses. we know how poorly the house the first time around. if this iteration looks more like the first iteration in the house, we could be back where we started from. vonnie: is this what is behind the selloff in tech right now? >> i think that has to do with valuations having gotten over done. vonnie: they have been overdone, why now, is it that washington looks unworkable at the moment? >> it raises questions about the entire stock market. argued argue -- i would that the stock market is why for legislative protection and less likely to see we will see that in 2017. not get we do legislative protection when the president controls both the executive and legislative branch, when do you get it? one of the big learning's of the donald trump presidency so far. >> that is the huge question and
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we could take a page from the book of france which is been surprisingly politically functional. you have a party created out of nothing about one year ago that now has the majority in parliament. something to be said for having flexibility and fluidity. perhaps the lesson we are learning from what is going on in congress is that we cannot think of this as two parties. perhaps there are multiple factions that represent three parties or for parties and we have to find enough consensus to get a consensus. anna: mitch mcconnell has a tough job. vonnie: the tuesday group, how freedom caucus, only one side of the aisle with the other sites littering as well. what do you do in the meantime? >> if you have a long enough time, stay invested but be well diversified, that means some exposure to u.s. stocks but exposure outside the united states. where valuations are looking attractive and where there is some significant growth
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opportunities. and being well diversified by asset classes, not just fixed income but a healthy dose of alternatives. anna: is the market vulnerable to a correction? how persistent would that be and if so, why? we have been stretched valuations for so long and people keep saying it but it does not change anything. what is the catalyst? >> we are getting to where the rubber needs to meet the road because every day we sin -- been negotiating the health care bill is a day we cannot get to tax reform. we have another specter in the background, the debt ceiling. this is where the congestion starts to make a negative difference. and we could start seeing stocks come under pressure and if we having fed-more, without -- that could be another catalyst, multiple catalysts could create a perfect storm for stocks. vonnie: you talk about being
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well the rest of five and having alternatives, where, what is the value in alternative at the moment? kristina: there are a lot of different strategies that comprise or alternative bucket. some of them will not give you significant returns but they are there to be a diversifiers. some option strategies and some structured strategies and you will get a decent yield from those strategies. vonnie: what is a decent yield these days? >> about 2%, there are some municipals, -- vonnie: about 2%? >> when treasury yields are where they are, when the 10 year is where it is, anything above that is a decent yield and we need to diversify our sources of yield. we have to also look at alternatives, not as a source of big returns but as a diversifiers. right now, what we need good exposure to risk assets, we need
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to have some areas of downside protection. this is a stock market that is vulnerable. that does not mean we will see 20% drop but we could see a significant drop. every day we go without a 5% or 10% correction come every day is the likelihood -- vonnie: thank you. let's check in on the first word news. >> president trump will go to paris, the french president says donald trump has accepted an invitation to attend the this deal they celebrations on july 14. american troops will march in a parade to mark the 100 anniversary of the u.s. entry into world war i. the defense secretary james mattis said the syrian government is taking the warning from the united states seriously. the u.s. has threatened president bashar al-assad with a heavy price it is not just another chemical attack.
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the u.s. says it's all active preparations at the syrian airfield or using such weapons. the secretary says there has been no such attacks since the white house issued the surprise statement. british prosecutors have charged six people in the 1989 hillsborough stadium disaster, 96 soccer fans were crushed to death. among those drugs is the police commander in charge that day and a former chief of the south yorkshire police. the disaster led to stadiums across the uk's being modernized. talk aimed at reunifying the mediterranean island of cyprus return today with crucial discussions over future security arrangements topping the agenda. one big disagreement between the sides is regarding the future of the 35,000 turkish troops on the outings. the highest level in six months with the foreign ministers of turkey and greece joining in the negotiations. global news 24 hours a day, powered by more than 2600 -- 2700 journalist and analysts
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in more than 120 countries. this is bloomberg. vonnie: thank you. some breaking news, senator mitch mcconnell has been talking -- this following the failure for any debate to go ahead on the bill, the health care bill. he says the gop had productive conversations with president trump, they were speaking. he says the gop is working to get health care bill. that will be posed july 4 recess. this is bloomberg. ♪
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anna: this is bloomberg markets,
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imf anna edwards. -- i am anna edwards. vonnie: i am vonnie quinn. blue apron slashing the price range for its initial public offering by one third, aiming for $10, $11 a share. joining us with more is our ipo reporter. is it too convenient to say this is because amazon has decided to buy whole foods? >> convenient but true, another stock that has been dragged on by the amazon and whole foods deal and not even trading yet. when the deal announcement came out, a source of mine says the blue apron management on the ipo isew -- i feel that talking about how they add value to the milk it. --meal kit. this knee-jerk reaction to the amazon deal has taken heart in a
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significant way. if you look at the potential market value, targeting $3.2 billion as the market violation. billion.r to $2.1 a base hit for blue apron in a space that is yes, competitive, but when you have the mammoth of amazon looming, it is a bit more of an issue. anna: 34% cut in price. is that big for an ipo at this stage? a disappointment for management. >> the biggest i have seen for the big deals i have covered, especially in a name folks recognize that applies not only to the tech space that also consumer, a name people know. vonnie: why not pull the ipo? we have been waiting for the tech ipo's. not that urgent. >> a money-losing company and
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they need cash, they issued convertibles to fidelity and they still need the money because they do not make money at this point. expanding a blue apron it says they only address .7% of the addressable market they see in terms of u.s. households in the u.s. they have big growth plans but a capital-intensive business, you have to manage logistics and 17% to 20% of their annual expenditures go to marketing. there is so much competition and they have to grab the consumer. anna: a transatlantic contrast in the staging which is a different conversation which we have no time for. thank you. coming up, the deals report and the latest in the wireless worst , sprint holds discussion with comcast and charter. this is bloomberg. ♪
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vonnie: this is bloomberg
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market. i am vonnie quinn. anna: i am anna edwards. in our deals report, the wireless wars with sprint said to be in talks with charter and comcast. joining us is our m&a reporter. give us the latest. >> yesterday, a big kerfuffle about sprint being bought potentially by comcast and charter. some sort of acquisition or even minority investment is very unlikely. instead, this will be a much smaller, not even an m&a deal, potentially a partnership, and in the end of -- mvando it allows cable companies to sell wireless service with their current product. internet, home phone, landline phone, not wireless. and television. a sprint deal would allow cable companies to deal with they can
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do with verizon. charter has not started doing this what it could do it later on. the difference would be the sprint deal would come with new terms, maybe cheaper terms to the cable companies. you may be able to get an unlimited wireless service bundled with your current products through sprint network. whereas maybe you could not get that with the current deal with verizon. this would mean that you have to sign up for wireless service through your cable company, rather than signing up through verizon or sprint. how many people will this affect? we do not know, probably not many. pipelinesy future, french, would it be possible for comcast and/or charter to upgrade? >> a good and that is the argument for why these companies have talked to sprint. g, network, it may be worth an acquisition and that maybe the thinking of what john malone, the charter biggest
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shareholder, is coming to the table with. do not expect a deal to happen with either comcast or charter. or both. vonnie: both -- great stuff as we wait for updates. coming up, the puerto rico bankruptcy judge rejects creditors dispute with westing, saying the sales forecast will not go to the islands. we will discuss that and more issues with all of this. the former new york governor. this is bloomberg. ♪ .
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ofa beautiful, sunny shot manhattan. i am vonnie quinn.
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anna: i am anna edwards. speaking of the markets, a quick check on the u.s. majors where we found ourselves on the u.s. indices. nasdaq doing pretty well, shy of 1%, a bit of a rebound from the nasdaq. the google related selloff yesterday. central banks are rolling the currency markets and giving it a boost to equities. let's go to abigail doolittle. she has more details. abigail: indeed. this is a great way to get a quick look of what is happening at the s&p 500. .e see all agreement up top, the banks, up, the best sector of the day. a big green down -- rebound three days in a row. the big banks trading higher helping, bank of america, jp morgan, citibank in nice, rally
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mode for a 30 day in a row. -- third day in a row. they arest told me looking forward to the stress test coming out and we will find banks willh capital release. it is expected to be $122 billion and that is a positive. rising and that is helping the banks trade higher and investors think that will happen with the lending activity. bonds are trading off. we have popped up back into bloomberg, a look at a greater chart. treasuries andve they are higher on the year. in blue.ook at it that beauty bonds up even more than treasuries. a positive strength. it reports came out recently
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from moody's telling does that 2016 was a record year for municipal bond default. we have a chart that goes back about 50 years, 47 years, the , this was the washington power supply system will. we see not a lot of municipal bond default. look at a 2016, pretty amazingly, four of those defaults, all of them puerto rico. 2017, this year could be even double as puerto rico deals with the bankruptcy process. >> it is funny you bring up puerto rico. thank you, abigail doolittle. on that, puerto rico debt restructuring, i want to bring in the former governor of new york state, george pataki. $74 billion debt crisis and has some of they and
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bondholders feel like they are getting the short end of the stick and can you explain. george pataki: they are getting the short end of the stick. puerto rico, fiscally, can pay its debts. i know it does not sound like it. when you look at the numbers, the governor allegedly is proposing an increase to budget by about $575 million. now set aside surpluses and they have seven under $50 million. when i took over governor of new york, we had a $5 billion deficit and a $5 million surplus. >> you cannot compare the two. a little bit of spending now will boost gdp growth? george pataki: that is not how it works. you have no access to the credit markets and no confidence in the
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capital markets. people will not want to invest. we see we have the washington- obama controlled board that has had a heavy hand in the finances of puerto rico since the day it was created. we almost had an agreement with 20, and the gop on holder's but the plug was pulled -- we almost had an agreement between the government and the gop bondholders but the plug was pulled. look at puerto rico right now. they are in bankruptcy and the lawyers are making a fortune. they had a consensual agreement. last night with the power of authority bondholders and the control board vetoed it. the board has killed one deal that was done and another very close. the lawyers goodrich. -- get rich. this is constitutionally
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guaranteed debt. when the control board authorization law was passed, the control board was obligated to follow the rule of law and the priorities set up in a law and the constitution, they are not doing it. they should consider removing its members. you said they needed to pay what is legally required. the same could be you about the holders of casinos. are you competing with them for the same money? you seem to be asking for a better recovery. onrge pataki: that depends whether or not you follow the rule of law. we are not competing with anybody. holder's have a claim on all available resources. we do not believe their claim comes before, but after. you saw the municipal bankruptcy in the chart. one has any state -- when has a
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mistake ever defaulted on a jew of debt? never. -- when has a state ever defaulted on a geo debt? -- and never. >> something needs to get it back up. george pataki: puerto rico is growing. is almost anue quarter of a billion higher than estimated a. >> let them decided in the courts then. sued byico is being some bondholders. then it should pay even and this condition and the federal board can be ignored then the court will decide, no? george pataki: it is not in the interest of puerto rico for that to happen. do you won't years of litigation
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-- do you want years of litigation? vonnie: the court will decide friday. george pataki: the court will not decide the resources to puerto rico on friday. it will take years. they do not get done in a week. vonnie: why are they in such a rush? george pataki: the bondholders have no doubt that our legal claim is relevant. the quicker it is resolved the better do this for the people. >> how long are you willing to fight? george pataki: as long as it takes. we are really to sit down. it takes a does cloud off of the finances of puerto rico going forward. i believe the resources are there and i do not think the political will has been there because this control board that should be removed or considered should be removed have ignored
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the rule of law. vonnie: governor, why did you decide to take on this? why take dutch why defend the bondholders -- why defend the bondholders? can you influence president trump? george pataki: i think that is more likely we can converse the elected officials of puerto rico -- and p of puerto rico the people of puerto rico that it is in their interest so the economy can grow and get a control board off their back. vonnie: why sue them on monday? george pataki: give me a chance here. that's what the bondholders tried to do. we were this close to a deal. you have to stop negotiations, file for bankruptcy. i think it was wrong for puerto the standpoint of the finances and making lawyers rich. we think is they took a step
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back, we have filed for bankruptcy but we could reach this agreement. it is the best thing for puerto rico and honoring the constitution. anna: are you getting contention? george pataki: there is a lot of going on in washington and i hope the white house will take a look. thatu saw in illinois, have $14 billion in unpaid bills, let alone multiple -- multiple billions of dollars in unpaid debt. whatever happens in puerto rico, it will be a precedent the others will look at. the law created control board says one of the first obligations should be to try to reach a consensual agreement. the bondholders still want to reach an agreement. vonnie: can we ask you about health care? what should be happening? did you expect is a fall apart? george pataki: it is not the
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easiest thing in the world to create a legislation that will affect the health of virtually every american. everybody as we will sit in a room and two hours later and will have a bill. obamacare, in my view, is a disaster and will fall apart. >> this was the republicans at the table. should they have taken longer? george pataki: sometimes you set up a timetable to get people's attention. even if it is not a deadline required by law, people take things more seriously. i would like to see them pass the law. they will have to look at changes but i am hopeful with can have better health care than obamacare before congress adjourns this year. >> will that resemble either 2 of the bills we saw? george pataki: probably a compromise.
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anna: governor, thank you for your time. governor george pataki, former governor of new york. lesson get a check on first word news here is mark crumpton. mark: the u.s. department of homeland security is said to be pushing overseas airports for greater security on electronics. a ban on in cabin electronics larger than a telephone started airports inering 10 the middle east and africa. there have been months of discussions on whether to increase the ban. europe has pushed back saying they are too disruptive. british prime minister theresa may told parliament she will not accept an unlimited transactional phase as the u.k. leave the eu. there are riffs between her party and the labour party.
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the investigation continues into the deadly london fire. prime minister may said at the outer covering known as cladding was not compliant with building regulations. jeremy corbyn said "it exposed the disastrous effects of austerity." british police have increased the number killed or presumed dead, 80 and a final death toll may not be known for months. abc knows as south dakota beef newscts have reached a -- and south dakota beef products abc reached a deal after claimed one of their products was "pink slime." amicableswoman said an resolution has been reached. global news 24 hours a day, powered by more than 2700 journalists and analysts in over 120 countries, i am mark crumpton. this is bloomberg.
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anna: thank you. breaking news from fedex, shares are still suspended. the company announced tnt express september rate have been affected due to the infiltration of an information system virus. they said no data breach is known to have occurred a. they are citing this virus and the disruption could be material. -- they said it no data breach is known to have occurred. -- they said no data breach is known to have occurred. coming up on the program, we head to space for an interview to speak to peggy whitson. she told bloomberg's david westin why bloomberg -- why private capital is good for space. this is bloomberg. ♪
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anna: welcome back. vonnie: i am vonnie quinn. time for latest bloomberg flash, some of the biggest stories. amazon is stepping up its ad ga me, it trails other big companies in ad revenue. they will offer more options. 2.4 million in 2019. as a comparison, google generated $79 billion in ads last year and facebook was $27 billion. tesco is cutting 1200 jobs in london and england. they said sourcing costs and strong depreciated following the
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brexit vote. and the new york times is turning is cooking website into a construct -- subscription service for access to get 18,000 recipes. ny cooking has about 10 million monthly breeders. that is euro bloomberg business flash update. how long would it take you to cook 10 million recipes? -- in why cooking has about 10 million monthly readers. from the international space station, peggy whitson spoke to david westin couple asked about the influx of private sector money in two space exploration. peggy whitson: space x and orbital atk are providing cargo appeared to the space nation and hopefully in the next year or so, we will get a crew supplied
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by boeing. i think the commercial, the government to commercialization is transitioning right now. it is fantastic to see the cargo on all of these different vehicles. and i really do think it is the future because just like aviation, it has to expand in order to be really prolific. and having these programs in place now is definitely a stepping stone for further development. that allows and the government then to spend more money on a going and expanded -- going and exploring beyond below orbit which is what the current limitations are planned for some of the commercial providers. we do hope to encourage them to keep on into further deep space. david: let's go beyond lower earth. there is a lot of talk about colonizing mars.
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you have been living in space for the past 15 years. is that a realistic goal to said to have a colony on mars? peggy whitson: i do think it is a fantastic gold to have. we should have colonies on mars and the moon and we should be expanded and exploring even further. -- it is a fantastic goal to have. we are using the international space station here to perfect some of those technology. if we go on a multiyear mission to mars, we need to bring to have a closed life support system which means we need to them to process our urine and make it into drinking water. we do the on board the space station. we are into percent of closing the loop of life-support systems at least in the water balance system. it is very exciting to be a part thosese investigations,
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testing and engineering going on up here. ,nna: that was peggy whitson nasa astronaut speaking from the johnson space center. note, tune into popsberg july 4 the boston fireworks spectacular live. coming up, bank a plans are expected to be improved in the fed stress test. this is bloomberg. ♪
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vonnie: this is bloomberg markets.
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to the banking sector, later the federal reserve is set to announce round 2 of these stress tests. joining us is our correspondent. good afternoon to you. from this second round of stress, moving off the first every cap what the first a showed. theverybody passed quantitative version. in other words when under stress during the next where crisis where stock markets tank, the global economy really goes down, wouldn't they still have out all of the losses that would occur, would the banks have enough capital to withstand such a crisis? they looked very good in the numbers. the numbers have been getting better and better because the banks have more capital. anna: no surprise. thepull it up and it shows
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way that have been rebuilding capital since the crisis at that has given them what they need. yalman onaran: these stress test has been one of the told for set -- one of the tools for several years. it started in 2009 and the fed would not let the big banks distribute any of your profits to shareholders and forced them to hold. on so it became capital stress test have started an important purpose. in today's results, we are going to see additionally because of the banks wanted to increase their dividends and buybacks. that is going to play to the numbers. vonnie: let's look at the payout ratio. ratio ofend payout goldman sachs have plummeted, for the other banks not so much. bank of america in yellow. ? what happens yalman onaran: all of these -- what happens? : these bands have
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to wait and not distribute the cash. they also buy back a lot of shares especially the banks do a lot of their compensation to their executives, to their traders in shares. of shares.ut a lot if they do not give it back, a lot of dilution. applying that is crucial. -- abiding back is crucial -- buying back is crucial. there is change to change the stress test and make it easier. let'sdoing it and frugally and maybe excluding certain banks. is that something the sector is expanding? yalman onaran: yes. the quantitative part is much more subjective is only for a dozen banks and he used to be for everybody. even before president trump was
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elected, the governor who designed -- who resigned earlier this year was talking about making certain things easier. governors are talking, governors there now are talking about it. trump has really talked about deregulation. with these things combined, it will go easier. vonnie: yalman onaran will be all over them. still ahead, an exclusive interview with a dnc chairman tom perez on the program. this is bloomberg. ♪
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...on the hotel you want. trust this bird's words. tripadvisor. the latest reviews. the lowest prices. david: it is 1:00 in new york. from the world headquarters, i am david gura. anna: i am and edwards. david: the top stories.
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mitch mcconnell scrambles to win republican votes to pass at the health care bill ahead of recess. image of american leadership plunges. we will dig into a survey that ranks president trump at the lowest among world leaders and will have a conversation with a dnc chairman tom perez. ♪ anna: welcome. let's dive into the story dominating conversation the battle over health care. president trump expressed his optimism on the senate legislation earlier. president trump: i think we will get it over the line. it was a great feeling in the room yesterday. what's also came out is the health care would be so god


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