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tv   Bloomberg Markets European Close  Bloomberg  September 8, 2017 11:00am-12:00pm EDT

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hyman. this is the european close from bloomberg markets. ♪ the top stories we're covering from the bloomberg and around the world. they know how to glory for hurricane -- category four hurricane making its way towards florida. the latest update on the storm is due any moment. are investors starting to worry about the uncertainty surrounding the fed a leadership bid we will hear from tom el-erian as get -- bahamas el-erian. theresa may says she trusts donald trump to keep the world safe. does the country trust her with brexit negotiations?
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european equities trading 30 minutes until the end of the session, little change in the stoxx 600 with a couple of stocks lower and if you hire. sterling is up against the dollar. near the highest level since last september. bond yields mixed. -- stocks are down for the week. drinking shares down as much as 50%. -- greene king sinks, down as much as 50%. it is cautious over its near-term prospects with a weaker consumer prospects and higher costs and increase competition, shares have been hammered today. mario draghi referred only to ,he euro volatility yesterday
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rather than explicitly commenting on current market pricing. bidding risks keep reversal across the curb with bullish bets on the six months tenure. -- 10 year. reversal andsk rising for a seventh day, 23 basis points in favor of euro core, the most bullish sentiment from the currency since september of 2009. they data out of china, export growth slowing and global demand for the country's front . -- 13.3%, leaving a trade surplus of $42 billion. geopolitical risk cloud the
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economic outlook, demand for chinese products softening slightly amid mixed performances of some developed countries. the message demand is showing site -- domestic demand showing signs of resilience thanks to steady investment. 19 minutes into the trading day in the u.s. -- 90 minutes into the trading day in the u.s.. >> a mixed picture, the dow and s&p 500 which just slipped higher by the tech heavy nasdaq down fractionally, 1/10 of 1%. flipping between small gains and losses with some uncertainty. it is friday, a holiday shortened week, moves up and down. perhaps investors taking a break and perhaps about fears about north korea into the weekend. a distinct move is oil. ,n intraday chart of oil, 10:00
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it took a very sharp leg lower, down 2% on the day. not clear what is happening, not a fundamental cause. not the dollar which is off of it slows. it could be profit taking, on the week, oil is having its first of week in six. six. week in overall, oil down 10% on the year. more declines been gains. we have had declines over the last five weeks but this week oil is up about 1.8% and commodities -- our commodities reporter says hurricane harvey hitting and energy have is bullish for oil over the long-term. individual movers within the energy complex. occidental petroleum trading down, perhaps in sympathy.
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valero up about 1%. seems they are back in business and trading higher. a look at metals, gold is higher, up 1.5%. it makes sense, considering the dollar is lower and the haven bid. industrial metals all down. one of it -- our commodities strategist says this is long overdue private taking. -- profit taking. julie: industrial metals now a pullback. speaking of hurricanes and the energy complex, the latest on hurricane irma as a goes towards florida with the national hurricane center issuing an a.m., a category four hurricane with winds up to 150 miles per hour and hurricane conditions over parts of cuba and the central bahamas. you can see the latest on the bloomberg. has left at least 11 people
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dead and thousands homeless across the caribbean. threatening to become the most expensive storm in u.s. history. miami-dade county biggest evacuation effort and the national hurricane center extending the hurricane watches north, all the way to the daytona beach area and the storm surge warnings as well. let's bring in our miami-based breaking news reporter, joining us from downtown miami. we actually have you now on camera from your hotel room. tell us a little bit about the storm preparations you have been seeing around you in miami. are you the only one left? pretty sparse in terms of population? >> it is pretty empty, i am in the financial district downtown with a big view of brickle avenue, the financial industry -- area. there is pretty much no one here.
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some other correspondence in the hotel. . am not the only person left a lot of people positioning themselves to respond to the storm once we get through the worst of it. mark: give us a sense of the impact so far on the local economy. and the potential impact, if irma strikes as expected at the weekend. >> you started things -- to see things slow down and stop yesterday. a lot of businesses are shut and people putting sandbags in front of entrance is. people are waiting to see exactly how this storm proceeds, and how the turn goes, and exactly where it hits. it has the potential to disrupt transport, tourism, a big banking and financial community, everyone is waiting to see how bad it is. there has been officials saying
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that parts of the state could be without power for days. people are hunkering down and positioning themselves. if you go to a supermarket, there is not a lot of bottled water. people have been preparing for days and everyone will wait and see how it hits. of, whate us a sense is it like being there? what is it like walking around? i know you have spoken to a number of people. what are you hearing from the community? >> right now, it is still sunny and a beautiful day. it looks like the weather will start to get bad as we get into tomorrow. it has been full of conversations. everyone got back from labor day on tuesday and people started thinking, what am i going to do? you saw people debating whether or not to stay, or try and
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evacuate somewhere on wednesday. yesterday, people who thought they might stay started to get out of the city. people are going to airports and trying to get a flight wherever they can get out. people driving as well. just going up north. the way the storm is looking, it is credible because it looks like it will go up before state. -- at the whole state. people tried to go to tampa or atlanta but it looks like the storm will go up the whole state. i think -- it is almost like there is no escape. those of us here in miami or in florida. it has become a game of making sure you are prepared and ready to ride it out. julie: there are some people there as well who are now getting ready for recovery efforts already, even before it hits. we are showing the map. as you talked about, it
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encompasses the whole state and beyond. what kind of -- not just racing four and -- bracing for impact, but looking beyond the storm for cleanup efforts. how do you do that before the storm begins? >> there have been reports that utility crews are stationed. i do not think anyone is expecting to have full power and communication when the storm is right overhead but there are crews getting ready so they can get back out and running as soon as possible. then we will just have to see how much damage is done. where i am right now in the brickle, if we have a couple of hours of rain, you will see mild flooding and certain parts of the city. if we get a big storm surge and a lot of rain, you could see significant flooding, especially on miami beach and all of the barrier islands. it is not clear how much water
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is going to hit the city and how far the storm surge will go. i know that all of the government officials have said that they are prepared so that, as soon as this is over, they can get working to get things back to normal. we will have to see how the storm hits and exactly where it goes and how fast it moves, and how much water and wind damage there is. julie: good luck to you. i hope everything goes well for you over the weekend, reporting from miami and we will check in with him on monday once the storm passes. let's get to the bloomberg first word news. bymexico has been rocked what is president calls the biggest earthquake in one century. it hit off the mexican southern coast not far from their border with guatemala with a magnitude 8.2. houses crumbled and at least 32 people killed. concerned that aftershocks could make matters worse and soon on the waves could reach 10 feet.
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congress has signed off on the debt ceiling bill that includes more than $15 billion for hurricane harvey relief as the health -- house gave final approval between president trump and democrats to's -- extended debt limit and extend the government staying open until december 8 and goes to the president for signature. the north -- north korea nikkiening the u.s. after haley said north korea was begging for war by detonating its most powerful nuclear bomb on sunday. tim john kuhn said the u.s. would pay dearly for that -- kim jong-un said the u.s. with regular for that. the wife of benjamin netanyahu is told she is facing indictment after misusing public funds. benjamin netanyahu has says the allegations are absurd. global news 24 hours a day, powered by more than 2700 journalist and analysts in more than 120 countries. this is bloomberg.
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mark: coming up, with brexit talks at a stalemate, we will look at what is ahead for the u.k. economy. sterling rising for a five-week i against the weak u.s. dollar today. ♪
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julie: live from new york, i am julie hyman. mark: i am mark barton. european close in roughly 15 minutes west early on the rise and investors covering short position and u.k. manufactory taking beating expectations. joining us is the chairman of the investment committee at outline capital management. have you changed your position on brexit, given the failure of talks last week.
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and the first week back for parliament? >> we are going nowhere. nobody believes there will be a deal. even if there is a number that is agreed by the government, you cannot get it through parliament. two, thein a month or talks will come to an end. it will allow the commission to say, you were never serious and we will not stop trade talks. the whole game will be played out. mark: how does it play out? >> the conservative party is completely divided on europe and has been for 40 years. the prime minister lost her authority and nothing she can do to resolve the issue. it is down to the most powerful politicians. mark: getting their act together on brexit, they seem to be. >> they are keeping their heads down, letting the government
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messes up. -- mess it up. they will eventually have to agree on a compromise, maybe a norway style deal. away and let the whole thing march towards no deal? i think that is what will happen. corbin is keeping his cards close to his just and the official parliamentary view is that it is the closest possible to the single market as possible. will they put -- make it happen, i do not think so. mark: muhammad ali are in spoke -- mohamed el-erian said mr. fish's department -- departure has led to a huge void in the fed. a lot of positions to fill. >> he has the biggest opportunity to completely mold the fed into whatever image she wants. nobody knows where he wants to go.
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we are finding from donald trump, this should not be a surprise, he is a practical person and not ideological. i do not think he is pouring over monetary textbooks and trying to quiz economists and work out a particular viewpoint. he wanted to work. -- wants it to work. i do not think he will be a point janet yellen -- he will appoint janet yellen again. mark: the white house today's says to consider six for the fed chair. >> i think it is completely open, gary cohn is out of now but earlier jeff sessions was. people come in and out-of-favor. i do not think anybody knows and it is completely open. i do not think donald trump is focused on it. mark: what does the market tell us about the assessment of donald trump and his presidency? itsdollar continuing
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decline and treasury yields at 2% with equities near or at record highs. what is the message? >> the market is very short donald trump. the market is very long u.s. treasury's. linked --traits are trades are linked and we saw something new this week, nancy, chuck, and donald show. nobody thought it could happen at in one fail swoop, donald -- he had no it's ranch with politics, -- no experience with politics, these very complicated politicians, he said, republican party, you have the majority in both houses, you repeal obamacare and do this and that. guess what happened? they stymied themselves and have
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not done anything. they are like most political parties, full of different wings and contradictions. donald trump is showing himself to be capable of doing is reaching out and saying, i will get things done. think he was bothered about the debt ceiling but he wanted to get money to harvey. his base is florida and -- sorry, texas, and he did not want to say i cannot get the money to my base, because of arcane rule about the debt ceiling. mark: some say it paves the way and the white house says it is so he can focus on the true love, which is tax reform. >> i think you are right. a much better chance for tax reform to succeed. it may be a different kind of tax reform where the republicans have wanted a few weeks ago, but it does make it much more likely and much more likely to explode
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the federal deficit. we are back to treasuries. mark: treasuries have reversed and the dollar becomes favorable. you are saying the inverse of now. >> this is a turning point for the trump presidency. mark: in december, you have to deal with the ceiling and daca, and other issues. you just kick the can down the road. >> politics is always collocated and a lot of negotiations. -- complicated and a lot of negotiations. the republican party could not deliver on some things and john mccain came off of his deathbed to go back to arizona to jettison the repeal of obamacare. suddenly, there is a new game in town and donald trump is showing himself able -- ineffective presidencies in the past, bill ,linton who did triangulation positioned himself between the republicans, democrats, and use the power of the presidency.
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if donald trump can do that, i -- a lote could be lot more effective and get tax reform but a donald trump style tax reform which will mean a lot more spending and tax cuts, higher -- mark: the ecb, the big takeaway from yesterday and what it means, qe, policy going forward? >> i am depressed as an intellectual because mario draghi has done what he always does, find an excuse to carry on buying 60 billion a month of european government bonds and keeping interest rates negative levels, even when the european economy is doing well. this week his excuse was the euro. we are going nowhere with this trait and it will be very painful and slow. -- this trade and it will be very painful and slow. mark: always great to chat. , chairman of the
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investment committee at alpine capital management. qualcomm, they lost a bid to force for apple contract manufacturers to pay qualcomm hundreds of millions of dollars in royalties for its patented technology used in iphones. qualcomm and apple battle their licensing dispute, while a san diego judge denied the qualcomm request forcing the contractors to resume making payments they had stopped. contractors including foxconn and pegatron who shares are lower. ♪
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♪ mark: let's get to a bloomberg excuse of, the russian central bank governor says she will discuss a reduction of the country's key rate at a meeting next week. she spoke exclusively to bloomberg at the moscow financial forum. cases when webeen
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reduced .5 basis points and cases when we reduced it by 50. -- 25 basis points and sometimes when we reduced it by 50 and sometimes we took more time. it will all be subject to analysis and we will look at the economy and inflation figures, inflation expectations. all of that will determine our decision. mark: an exclusive with the russian central bank governor. more markets coming up in a few minutes. four minutes until the end of the session with stocks little changed, slightly up and down over the week. declines in london and in paris with gains elsewhere. the close is next, this is bloomberg. ♪
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♪ >> live from london and new york, this is the european i am mark barton finishing up the day. we are up for the day, down for the week.
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continuing that trend of alternating between weekly losses and gains that started seven weeks ago. analysts believe stocks will continue to rise despite the strength of the euro. there is concern that the strong euro will dent exporters profits. analysts expect stoxx 600 companies to grow by 13% this year. we are up today and down for the week. euro-dollar, cannot get away from it, 1.2032. rising for the fifth day, best run since august 2016. we are on track for the biggest weekly gain since june. draghi did not say enough to stop the euro's advance. he admitted there was brought concern among the governing
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council, but it wanted monitoring, stopping short of that verbal intervention some thought he would give. 1.2030. remember these levels, 1.03. parity,talking about but it has been a different story ever since. manufacturing data out of the u.k., the economy having a mixed start for the third quarter. manufacturing boosted by a strong rebound in car production. the trade deficit was little changed from the downwardly revised due to construction after plunge in orders in the second quarter. these do little to dispel the view that the economy is stuck in the slowing is a brexit uncertainty -- because of brexit uncertainty. surveys showing the dominant service industry is continuing
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to lose momentum as well. construction the blue line, manufacturing the white line. grew less the economy than the government's preliminary estimates in the second quarter, weighted down by capex. 2.9%. they have maintained six consecutive quarters of growth, the longest expansion since 2006. inflation and tepid wage g issun for a long time for the bank of japan. julie: in the u.s., the white house is considering at least half a dozen candidates for the next head of the federal reserve including economists and expecting officials. bill dudley, the new york federal reserve president made it clear who he favors to lead
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the central bank. >> i think chair yellen has done a fantastic job. i have known janet for years and years. we are good friends. i think she would make a fine choice. i will leave it there. julie: the bloomberg daybreak america team sat down with mohamed el-erian to get his view on the future of the fed. >> this is a very tricky time for the fed, and it is running now with less people on the bench, on the team. what is the board that is being left behind by stanley fischer? this is a guy that guided the careers of ben bernanke and mario draghi. this is the father of modern day central banking. how difficult will it be to fill that void? >> it is a huge void, not just for the fed, but central banking and economic policy more generally. as you say, he was and is a
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great academic, haven't talked lots of people. -- having taught lots of people. he has international experience and renowned judgment and incredible interpersonal skills. it is hard to find that combination in any one person. when that person resigns for personal reasons, the fed and the economic community loses something. alix: a december rate hike might not happen, the change in that composition, what was the takeaway for you on all that? >> i am not one of the people that says this fundamentally changes what is going to happen policy wise. i think what will happen policy wise ultimately comes down to a judgment on two things we don't understand very well. we don't understand why inflation is low. therefore should inflation be an
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over determining factor for monetary policy? on the other hand, how concerned is the fed about elevated asset prices? this is the fundamental trade-off central bankers have to find out in the united states. while they will miss and honestly governor fisher being in the room, i think they still have the capability and the need to sort out that tug-of-war. that was mohamed el-erian. the house has cleared bipartisan legislation to extend the budget and raise the debt ceiling through december. the measure now goes to president trump for his signature. let's go to kevin cirilli on capitol hill. we are hearing the president will hold a cabinet meeting this weekend at camp david.
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what could be on the agenda? kevin: he could actually sign that bill that just advanced and passed out of congress on a 31 - 6-90 vote out of the house of representatives earlier this morning. he will obviously address the hurricane irma situation as it unfolds as it makes landfall in florida over the next couple of days. $15.25 billion in that bill that the president is expected to sign going to be directed not only to hurricane harvey relief but also for assistance for hurricane irma and other potential disasters, not just hurricanes, wild fires as well. mark: how much discontent is there within the republican leadership under house speaker paul ryan? is there growing frustration at failing toshing or
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push through the agenda? kevin: great question. that is where all eyes are headed here in washington. we break down the votes, start to crunch the numbers on that 316-90 vote out of the house of representatives that kicks the can down the road on the debt limit until december 8, all of the votes that were against this were republicans. democrats were united in their support for this three-month extension so to speak, keeping the government-funded through december 8. 90 republicans voted against or abstained on this measure. that suggests there is still an ideological policy difference on this issue with republican leadership. yesterday we heard from the freedom caucus that they are starting to question republican leadership. right now no serious threats to paul ryan. if we get to december and there
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is a lot of political theater and no major legislative accomplishments, i think we will be having a different conversation. julie: we will be talking to you a lot between now and then. thank you. let's check in on first word news for other headlines. >> good morning. lost ane or not -- irma little scene overnight, but it could still be one for the record books. the storm has been downgraded to a category four with wins at 155 miles per hour. forecasters say it could potentially bring catastrophic storm surge to the state. 650,000 people were ordered to leave miami-dade county. that is the biggest evacuation there ever. governor rick scott urged residents to leave the area. >> do not put yourself or your family's life at risk.
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if you have been ordered to evacuate and are still hung, please go -- home, please go. today is the day to do the right thing for your family and get inland to safety. >> irma is threatening to be the most expensive storm in u.s. history . in mexico a major storm destroyed houses and killed -- earthquake destroyed houses and killed at least 32 people. the mexican president called it the biggest to hit mexico in a century. there were reported tsunami waves as high as 10 feet. a new plan to repeal obamacare, president trump seems to have moved on. he tweeted sorry i have been hearing repeal and replace for seven years, did not happen. he wants to focus on tax reform. senators lindsey graham and bill cassidy are pushing for a vote
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this month. shkreli locked up immediately, he has offered a $5,000 bounty for someone to grab hair from secretary of state hillary clinton. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. julie: thanks. the nfl is back. fantasy football is in full action. to find outh up what is ahead after the draftkings merger. this is bloomberg. ♪
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♪ mark: live from london and new york, i am mark barton. julie: i am julie hyman.
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this is the european close on "bloomberg markets." we have been watching equifax today as it falls 17% today after an unprecedented hack compromise the information of about 143 million people. this includes social security numbers, birth dates, and driver's license data. joining us with more is taylor riggs. the scope is huge. taylor: we have had smaller bridges, but this is by far the biggest we have seen. the concerns that are driving the stock lower besides the headline news is that they learned about it on july 29, they are only talking about it now. reports that three executives worth a million dollars at that time. the company saying they did not know about the breach at that moment. what does this mean for experience and trans union?
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xperian down 4%, and trans union down as well. this means we need stronger protection for the consumers according to some. like you had said, in 2013, we had small instances of these companies reporting data breaches, but nothing on this size or scale. julie: thank you. talking about equifax and the other credit bureaus. last night's game between the means nflnd the -- football is back, but that also means that super bowl is back. joining us is nigel eccles of fanduel. >> we have to talk about fantasy football. last night, tom brady and rookied the chiefs
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fumbles early but made up for it in the second half. does an upset like that draw more interest in daily fantasy? >> we love story lines like that. not a great start for the patriots, but a great start for the nfl. this will be exciting. we will see a lot of great stories coming out. from the fantasy angle, that is what you get excited about. who are the sleepers. >> what kind of links do you see or have you seen between declining nfl tv ratings and engagement in daily fantasy sports? >> last year we saw significant declines in nfl ratings. a lot of focus on that, was it the election or one-time events? the most interesting is the ownership among millennials, which has declined for three straight years. we are seeing a macro shift among younger sports fans saying
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i am not going to sit for three hours watching sports on linear television. it needs to come to me. we will continue to see a decline there unless the league and all the folks engaged in this find a way to engage millennials. the nfl toshock to see that the client last year. >> i think the nba is clearly the one. they have a strategy of we need to be where the millennial is. we need to be on facebook and snapchat. are they giving away too much content? i don't think they have a choice. they need to be relevant and where that consumer is. is anr example, nbc which investor must make a huge investment in snapchat. when the olympics come around, their biggest fear is that you don't even know that it happened because it was not on snapchat, we could not market it to you.
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they are doing a great job of being there. >> let's talk a little bit about your business. you and draftkings called off your merger in july. both companies are going at it alone. what are you doing differently now? >> a lot of things we have been working on a number of years. the biggest one is social. most people play fantasy sports because they want to play with friends for social reasons. a variant of that creates the excitement, instant when, big prize. but what was missing was the ability of social to do it with your phone. this year we have the ability to create a league with friends in a daily format. you are not stuck with a running back who is suddenly injured. you not stuck through the season. next week you can choose an
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entirely new plan. and that persists with your group of friends. >> more accessibility for each player. we have seen a lot of the advertisements pop p. you and draftkings have burned through a lot of cash. what have you learned and what adjustments have you made? >> 2015 was about getting the brand out there. we spent a lot of money and were very successful in that way. that brought other challenges, which we all know about. what we have done in marketing since then is to really focus on why you play and put the product front and center in the ad. the product is there in every shot. our players just love that product experience. on nfl sundays, our players will spend at least an hour on our app average. they have it their all the way through the gains. they love it.
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if you had to delete every app on your phone except for a few, what would those be? on top of the list is fanduel. it gives them some much engagement and excitement on a sunday that they need that. >> it enhances the game. i spoke with draftkings. they raised about $100 million during the merger process. when will fanduel need to raise money? >> we have followed a different path. we have focused on getting to profitability. we are on a good path there. the focus is by the end of this year, and we are close to that breakeven path. class of let's keep raising money, we have said to investors we want to show you that we can get to breakeven and grow from there. talk more about partnerships. you have said you have investments from nbc, but what aboutcomcast, sorry, what
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casinos or other potential partners? >> we have partnered with a lot of people. media companies have these sports assets. if we can drive further engagement, so nbc is one we have done a lot of work with. we have partnered with some casinos. in newnered with batavia york. we have brought people to live events there. that is something we want to do. we can bring huge engagements to our mobile product. there are these sports assets we want to partner with, the nba. last year we launched the nba inplay product, which you can play during an nba game. it is incredibly engaging. we are launching that again this season. one sport at a time. it is the nfl time now. nigel eccles, thank you so much.
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ceo and cofounder of fanduel. mark: thank you very much. want to take you to the bloomberg business flash, looking at some of the biggest business stories in the news. in its legal fight with tole, a judge refusing rescind his order for apple to pay qualcomm. profits missed targets due to growing sales in asia, which slowed and missed estimates. rivals in delivering investor results this year. that is the latest bloomberg business flash. coming up, it is botc time. our market experts face-off.
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who is going to rule the day? this is bloomberg. ♪
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♪ mark: botc time. time for our global battle of the charge. we take a look at some of the most telling charts of the day. you can always access these charts by running the function at the bottom of your screen. kicking things off today is abigail doolittle. abigail: i have something i know you love, the death cross. this is when the 50 day moving average crosses below the 200 day moving average on this sellers are taking control. we have seen this for the regional banking etf kre. this matters is because we had the trump trade back after the election, but now we are seeing this dive back,
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the last time we saw this death cross, the all in decline was 30%. we can basically see the entire election rally reverse. right now we have this regional banking index or etf down about 9% on the year. on paper its worst year since 2009. perhaps not the best barometer or tell for what could be ahead for the markets. abigail plane to the judge. what do you have? julie: i don't have any death cross, but this is a timely chart. it is about equifax. three executives at the company selling their shares or selling some shares of the company. that was on august 1. we now have this big drop in the that 143his revelation
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million people's data might have been compromised. you can see this insider sales, and this shows the now 15% or so drop we have seen since the executives sold. a spokesperson said the three sold a small percentage of their equifax shares and had no knowledge that an intrusion had occurred at the time. the cfo among the folks that sold shares. mark: julie, timely equifax. abigail, death cross. it has to be a tie. coming up, apple getting ready for its big iphone revealed tuesday. don't miss it. ♪
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jonathan: from new york city, i'm jonathan ferro. this is "bloomberg real yields." ♪ jonathan: coming up, congress clears legislation to extend the u.s. debt limit. president trump would like to scrap it altogether. synchronized growth story does not seem as with the bond market. 2018 looks increasingly uncertain. the ecb is still exploring qe options. the white house is said to be considering six candidates for the fed chair. the big


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