tv Bloomberg Technology Bloomberg February 13, 2018 12:00am-1:00am EST
>> it is 1:00 p.m. in hong kong. equities across the asia-pacific extending this post route rally, signs that global markets are stabilizing after the biggest weekly selloff in tooling -- two years. the index essentially erased initial gains later in the session. red-hotg kong's property market is helping a group paydown debt. bought these for -- these are year ago.
now, [indiscernible] sites. back bidding.nds on it's looking to add to his assets. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. let me leave you with a look across equity markets, australia closing up shop for tuesday, hong kong and china coming on in the afternoon session. we are up about 8/10 of 1% if you put everything together aggregate late. ♪ emily: this is "bloomberg
technology." coming up, facebook's cool factor on the line, a record number of teens are jumping ship and making a beeline for snapchat. plus, our deep dive in how to get more women into technology. on apple will double down substance over style this fall in a renewed focus on software. he will discuss changes in the business plan for the world's most viable company. but first, to our lead. u.s. stocks surged on monday, the market showing signs of recovery after its worst performance in two years. the dow and s&p are only down a ofcent since the end december. abigail, give us some context on the trends we are seeing and the way the market open today. abigail: the bulls were out, and the sellers tried to push the major averages lower at 10:00
this morning, but the buyers stepped up. we had a big rally. the s&p on pace for its best day since november 2016. it is the best day for averages, and the first and we have seen that in february. all of this opposite of the action of last week and the question is what next? what way will the volatility go? today's buying action was a little bit less enthusiastic than what we saw last tuesday and friday, but even so a lot of , old tech names trading higher, such as apple, intel, microsoft, and cisco. what makes this interesting, some of these names, all of these names in fact, last week were being sold off. nothing has changed fundamentally, so it points to the degree that sentiment and confidence are playing into the upside and downside. that could change on a dime. perhaps there is more work on the downside to be done. emily: the banks did well, opec
rebounding, what does that mean for the future? abigail: the banks did well, and last week some of these nature being sold as well, apple, netflix, alphabet. is 3382. a big moveay, we see higher, but interestingly, not bigger than last tuesday's action, where the selling last thursday was stronger. all of this suggests that sellers may come out in droves and perhaps cause more downside. interestingly, the s&p 500 off just slightly on the year, down slightly on the year. the fangs may shift in the days or weeks ahead. emily: abigail, thanks so much. when it comes to the sheer amount of global users, facebook
reigns supreme, but it is not a completely rosy outlook. a new report shows facebook is losing ground to snapchat in the teen demographic. facebook is set to lose 2 million users under the age of 25 in the u.s. this year. snapchat is set to gain nearly 2 million. here with more, principal analyst and marketer and activate ceo and my guest post for the hour. deborah, let's start with you. what did you find and how do you come up with this 2 million number? deborah: as you mentioned, facebook is set to lose 2 million users under the age of 25 this year. particularly in the teen demographic, 12-17-year-olds. we have seen some of the declining usage there over the past year or two, but the decline has steepened quite a bit this year. for the first time, we are also seeing a decline in usage this year among people 18 to 24 in
the u.s., and people ages zero to 11. we know facebook isn't technically allowed for that age group, but we know people are using it in that age group. unfortunately not as many as perhaps facebook had hoped. as far as how we got the numbers, they come from an analysis of third-party survey data as well as public information released by facebook and government information as well on population trends and internet usage trends. emily: do we have any idea if facebook's algorithm changes to show more friends and family versus news had an impact here? is this a decision that facebook is consciously making to sacrifice users in order to improve the overall experience? deborah: they did say that in their last quarterly earnings call, but i think this problem has to do with the fact that for
teens, interacting with video is a popular way, and that is why snapchat is rising in popularity. we are seeing a factor that facebook have a lot more older people on it, so perhaps that is not cool for teens. we are also seeing that teens may not be interested in keeping things for prosperity. on facebook, you can say things snapchat,hereas on things disappear. emily: michael, how troublesome is this for facebook? back, thehen you step biggest issue is that this isn't about teens anymore. 80% of the users are over the age of 25. instagram is a lot younger, but not that much. 70% of the users are over the age of 25. if you look at snapchat, it is only 50%. how troubling? not that troubling because a lot of what facebook is going to do
in terms of growth is it is going to be among people who are older and it is about people who have the time for more usage. yes, teens and the younger audience is going to snapchat, but we also don't know what is what to happen next. in the last week or so, snapchat redesigned its interface and there were a lot of people across the internet who were unhappy with that. these things are very much in flux, and a couple of million users one way or the other is not going to make a huge difference in the whole facebook universe. emily: deborah, would you a that?ith facebook is the victim of the law of large numbers, but does 2 million not matter that much? or is it part of the longer-term trend that is going to continue? deborah: we are going to be watching the numbers to see if this is a longer-term trend, but michael is right, when it comes to the important work of facebook, which is how much
advertising revenue they are generating, we are not seeing any impact at all. we are forecasting facebook will have a quarter of all u.s. digital ad revenues this year, and 10% of all media spending and united states this year. that is still expected to grow up in double digit percentages over the next couple of years, so advertisers are still very interested in that facebook audience, even if the teen audience is not using facebook itself. they may be using instagram. instagram is also popular with teens and young adults, and that is growing its ad revenue as well. facebook has a lot of hedges against this potential problem. emily: michael, quickly, unilever is threatening to pull advertising from facebook and google, saying this platform has become a swamp for fake news, sexism, racism, extremism, how serious is this? michael: the problem is truly serious, and it is more likely that facebook and google will
respond to their biggest customers and advertisers than they will to regulators. the biggest advertisers are concerned not just about the content going across things that are promoting hate, but they are also concerned in the wake of the 2016 election that one way or the other, these platforms contributed to the sharing of fake news and misinformation. and going for it, they don't want to be responsible for that or part of it. emily: we will continue talking about this. michael j wolf, you are with me throughout the show. , thank you so much for sharing your report with us. coming up, we talk to the man used to run twitter and talk about ginger inequality in tech, twitter turnaround and more. this is bloomberg.
♪ over the last week or more, we have been examining the male-dominated culture in tech, and my next guest is well aware of the problem. -- detailed in my new book, "brotopia: breaking up the boys' club of silicon valley." he has made it his mission to hire as many women as men, and i would like to welcome former twitter ceo, great to have you back on the show. >> great to be back, i was hoping you would call me abigail. [laughter] emily: how about i call you abigail? >> people just tuning in are going what? emily: i want to start on a positive note. when you left twitter and start
chorus, you approached hiring differently than most ceos and said i'm not going to hire more minutes until a higher women and you continued that one for one as you grew. why did you do that? >> i tried to keep it 50% across engineering and the company because i felt like when you fall behind, which is common knowledge based on gender and diversity studies at comes out from all of these companies once , you get behind on things like gender diversity in your engineering team, it becomes frankly impossible to catch up. you have women engineers interviewing at the company and want to meet other women engineers and there are only so many women engineers, and then the women engineers spend all of their time interviewing other women engineers and they are not writing code, and it is hard to
catch up when you fall behind, and i just decided that the way to deal with that is to start off by not falling behind. not say give yourself the excuse , in the early days that we have to get the right seven people in here on day one, and if there is seven men, you catch up later, but you don't catch up. on,cided it was 50-50 early and it would be easier to stay that way, and it has proven to be true. emily: why don't other founders think like you? dick: i don't think they think about it. you are trying to raise money and waking up every morning, i'm responsible for people i haven't been responsible for before, and you want to squeeze your head together and cry about all the things you are worried about, so you don't think about it. or they feel like it is something i can deal with later. there's probably a general sense
of their is only 30 people in the company now, 40 people, 50 people, that is going to be an issue, but we will deal with that later. and the reality is that once you fall behind, it is almost impossible to catch up. everything in the organization starts to work to favor the existing imbalance and to keep going. not for any nefarious reason, just because that is the way everything in the company is. for example, if you have 90% men in engineering and 10% women, the way you bring people into engineering is referrals. engineering guys are hanging out with other junior engineer guys. that is who gets referred in. that is what i mean that once you fall behind, that imbalance starts to reinforce itself. emily: is there anything in particular -- we know twitter is not unique in this, but is there anything in particular you learned at twitter where you saw things go the wrong way that
could have been better if there had been more equality? dick: i would frame it differently in that i always felt that when i had a more diverse group of perspectives on a decision that needed to be made -- when you are a leader or manager, 80% of what you are doing is listening and gathering feedback in order to make the best decisions. if you have the broadest set of perspectives to make a decision, that is better than having a very narrow set of perspectives. emily: you can move more quickly, you don't have to ask people about your products. dick: if you have a leadership team that is 10 guys, and your leadership base is 70% men, you are going to have a lack of what half of your user base is thinking. one of the benefits is that we
had a team that matches the user base. i always thought that was something you should work toward, to have more kind of -- less narrow socio-economic, demographic, gender-based perspectives in any decision being made. emily: in the book, i interview evan williams, cofounder of twitter, and he thinks that if they were more women on the founding team of twitter, in the early stages, then maybe online harassment and trolling would not be such a problem because they were not thinking about it. there were only thinking about wonderful things being done with the product and not how it could harass people. do think if there were more women, the product would be different? dick: there are two different things there, i'm not sure i necessarily agree that if there were more women on the founding of twitter that some of the
issues wouldn't exist. it is hard to anticipate how the products will evolve and how it will be used. there always lots of unintended consequences, and even out there -- even now there will be unintended consequences from a couple of years now. i am not sure i am of the same opinion on that point. there's no question that in the founding of any product or any organization or business that to the extent there are more women around the table at the beginning, you are going to end up with a different set of decisions from day one. and that is a good thing. emily: you are sticking with me. we'll talk more about future -- the future of social media. this is bloomberg. ♪
first real profit in its earnings results. we are continuing the discussion with the man who ran the social media platform, the former ceo of twitter. the numbers have been looking good. and yet, anthony noto recently left to become ceo of another company. how big of an impact is that? will they fill his job? i will tell you, jack has been very careful and thoughtful backfilling the ranks of the management team over the past few years, since i left in 2015. there was a lot of news of executive departures in 2016 , but at the same time, jack was doing a great job of bringing people to fill those positions. the cmo from american express has done a world-class job. the new cfo, i don't know him personally but everyone speaks highly of him, and the same
would be leadership team. anthony is world-class, a great human being, he is going to be an extraordinary ceo and i'm excited for him. but jack has done a great job of building the bench over there, and anthony did a great job of bringing people and to keep the financial house in order. emily: do you think the turnaround is long-term or a short-term thing? i know we are always rooting for twitter. dick: twitter is one of the most important platforms and mediums in the world. i have every belief and hope continue to be an independent company and thrive. one of the many things that i adore about jack is that he is a very calm and patient and thoughtful leader. which is exactly what you want in these sort of, over the long
course of the future, this is how we are going to steer the ship and build a successful company and not freak out when the market zigs and changes in the near term. all by way of saying, i think he is the right person, now they have the company on a financial trajectory that the market and internal team alike and work against, he will continue to be the right person to lead the company. i love that the folks at the company feel like to have the ,ind in their sales -- sails you can see it when you hang out with folks in the company now. they are more confident and happy and they feel they have momentum. emily: what do you make of the sale chatter of who could be a likely suitor? dick: that chatter comes, it did
when i ran the company, and every couple of months there was a story about someone or the other being interested in the company. i am confident and sure that jack has them focused on what they need to be focused on internally. the beauty of the chatter happening so frequently is that people in the company know not to pay any heed. emily: big story in wired magazine this week, inside facebook's hellish two years. we talked about unilever threatening to pull advertising from facebook and google. they call it a swamp. do you think facebook's loss could be twitter's gain, or is this something all platforms will have to reckon with? what will be the consequences? dick: i think the biggest consequence for twitter was the statement coming out of facebook a couple of fridays ago that
they were going to rethink the way the newsfeed works to be much more about social sharing and what your friends are up to and less about news and publishers and media. that to me is a big move to to twitter. twitter has always been about that, what is going on in the world, the pulse of the planet, working closely with media companies and publishers. to the extent they can feel that we are the place for publishers again, we are the source, the single disillusion vehicle we for them to work closely with on real-time events and was going on while an event is happening. that is a giant boon to twitter and its relationship with content providers and advertisers. emily: we will be watching over the next year. former twitter ceo and founder, thank you as always for stopping
david: i am david ingles with your first word news. president trump's proposed $4 moreion budget calls for cash for the military into deep domestic cuts. he wants 827% cut at the state cut at the epa, as well as medicare and other programs. is happening what in london, the city airport is set to reopen as normal over the next hour or so following the removal of a bomb dating back to world war ii. canceled0 flights were on monday after the device was discovered. the city airport is in london's eastern area, which was heavily
bombed during the time. the currency markets, the rand was the big story. zuma -- president temer has been told to resign. was -- bed to be refusing to resign he. by someone else. let's have a look at china, the country has charged a one-time rising political star with bribery. mostmer party chief is the senior official snared in and a corruption campaign. he reportedly accepted payments thisnefits, but some say is largely political. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. let's get you a quick check of
the markets, trading across the region this tuesday, here is a juliette. mostlye: we are seeing positively in the markets, although japan looks like it could end the session on a negative note, and china playing catch-up, the selloff coming to yesterday. using strengthen the end today. has good earnings numbers today, up by 1.2%, hong kong having its tickets again in a few months. of china is the story and hong kong leading the rally today. the pboc offering one year funds, boosting sentiment across asia today. it's pull that out, i want to show you some of the movers we are watching in the region. i mentioned earnings, lion corp. coming through in japan. sony optical has forecast 120% gain in 2017 numbers.
to the downside, using weakness in some of the soul players today. we are live from london at the top of the hour for "daybreak europe," this is bloomberg. ♪ emily: this is the "bloomberg technology." i am emily chang. while apple plans unveiling new features in the fall as part of its annual upgrade, the most important improvement is what is not being debuted. namely, redesigned home screens and revamped photo apps. that is because apple is trying to renew its focus on quality in response to criticism that some of the company's software has become prone to bugs and underdeveloped features. here with that scoop, our reporter and michael j wolf. mark, what can you tell us? focusing on a --
consider focusing on a marketing deadline, they will let the smaller ones fade away to the following year and so they don't put enough attention on the big ones. iphone has been prone to bugs in recent years. emily: why focus on this now versus any other launch? mark: think it comes down to apple's scale. apple has grown in terms of how fromdevices they sell, tens of millions iphones a year, to over 100 million iphones a year. their engineering team has grown from fewer than 100 people to thousands of people around the world. it makes it more difficult to stick to the deadline. things got -- get lost in the development. there is just more opportunity for failure now. they are trying to go back to their origins and focus on the quality that originally differentiated them. emily: michael, what do you make
of it? michael: what is most important is 1.3 billion installed base, 1.3 billion people using an iphone today. it is just important to deliver software that is reliable, features that work. it goes back to steve jobs' original mantra. it just works. when you are focused on selling new devices, it is one thing. another is you have to maintain that group of people using it, otherwise they will migrate to android, which has featured faster, better processing, but has been very buggy and not reliable. emily: mark, how do expect these updates to roll out? mark: they have two major update for your schedule. one minor one in the spring, one coming out in march, a tabbed to turn off the battery slowing mode, and they have one in june
to be released in the september-october timeframe. they will stick to that, but they are splitting some of the features over the next two years. emily: talk to us about the personalities at play. including craig said ricci -- as talkedcrack, not about as a senior executive, but he is senior vice president of engineering. mark: he came back, he used to work at apple many years ago in 2009 and was not a big name, then a year and a half into his time there a french guy who was , the head of apple software engineering left of the company and his boss retired. so he shot up the ranks and was put in charge of max software. -- all mac software. now within the last year, he has been given more power and is in charge of siri as well, so his
story of climbing up the apple foodchain is one of the biggest in apple history. he is probably one of the top three most important people in the company right now. emily: hugely important. michael, when you look at it, there has been some concern with iphone sales in the last quarter. top-sellings the phone in many categories. how much of a concern is it really? michael: people are always trying to look for cracks in apple's foundation. but there is a lot to suggest things are going well. for example, home pod is sold out now. services revenue has grown 20%, and they have a large amount of opportunity in services going forward. at the end of the day, some of the software changes about making sure people find their phone is reliable and everything they use in the ecosystem is something that delights them and
is reliable. emily: mark, you have a couple of other stories out today. one having to do with augmented reality and a company apple is backing and the other has to do with android. tell us about that. : mark: -- mark: the android story is the opposite of apple's approach. apple is going for a small feature set, android, google is going in the direction of redesigning things to attract more iphone users, new icons, animations, and whatnot. deeper integration with google assistant, which is how they are going to make more revenue, because their operating system does not generate as much services as apple does on the revenue side or in terms of apple's growth recently, so google taking the opposite approach. emily: michael, how optimistic are you are about augmented reality and apple's efforts there? michael: i am very optimistic. most of our research shows virtual-reality will be a small business versus augmented
reality, which is not just about consumers but will have some massive opportunities in enterprise. augmented reality will impact everything from medical to engineering to construction. so augmented reality should be a growth engine for anybody who is producing a smart phone, as well as the major software providers. emily: would you agree? mark: definitely. augmented reality will be the hot new topic over the next three years. apple is working on a headset, they hope to have the tech ready for in 2019 and to release their own headset by 2020-2021. emily: great reporting as always. thank you so much, mark. michael, you are sticking with me. broadcom has lined up one of the biggest debt commitments to fund its $120 billion takeover of qualcomm. 12 lenders will provide $100 billion in credit facilities. private lenders will provide $6
billion through convertible notes. qualcomm seems poised to reject broadcom's offer. coming up, amazon eliminating hundreds of jobs. we will discuss the latest moves of the tech giant, next. if you like bloomberg news, check us out on the radio. you can check us out at bloomberg.com and in the u.s. on sirius xm. this is bloomberg. ♪
business, like cloud computing and alexa. still with us, michael j wolf of activate. spencer, what do these job cuts mean? where are they happening? spencer: we can read a couple of things into this. you are used to seeing headlines about amazon hiring 100,000, not cutting a few hundred, but they say it is in the more mature lines of business, the e-commerce business. what we can read into it is that they have been automating a lot of those functions over the years, so that has likely generated some slack in how things are bought and sold, particularly the on vendors and suppliers, they are able to do more things automatically over the platform that used to require manual help. the other thing is that there is a lot of overlap. if you think about all the ways amazon went against the grocery
market, they have amazon fresh and subscribe and save now they , have purchased whole foods and are doing delivery of whole foods with amazon prime now. there is a lot of overlap in these different divisions selling the same things, so there's likely some consolidation there. emily: if you look on the loss, we amazon equity can show you how quickly the workforce has been growing. the white line shows the size of the workforce and the circles are where you can see slight dips. you can see also, into 2017, jobs have skyrocketed. those circles are indicators. amazon doesn't cut jobs often. michael: no, they are going to be a net creator of jobs. you should expect that where you have technology becoming more sophisticated, that you will lose some jobs. the difference is amazon is creating new jobs through new businesses they will get into. if there getting into the package delivery business, they
will expand in the grocery business, as well as amazon's marketplace creates jobs beyond their company. the number of companies selling their goods on amazon and through amazon's marketplace is increasing, so i would expect amazon will continue to be a huge generator of jobs in this economy, especially now that they are creating a second headquarters. emily: let's talk about that second headquarters, spencer. we still don't know where that will be, but amazon has created a lot of suspense and mystery around it. they have said they will be , and how how many jobs many do you think they will actually create as a result of this new headquarters? spencer: i have no idea how many actually. they put out it would be in investment of $5 billion and create up to 50,000 jobs over 15 years. they are putting it out on a long-term time frame. they have approximately 40,000 in seattle. it is a huge investment and they have narrowed it down to 20
cities, which is not narrowing it very much, basically all the major metros in the country are covered. it is still a signal of their growth, that they are still a job creation machine and this is a little blip along that path. emily: it is interesting, amazon has had a history of being a secretive coming, and yet with this headquarters, on the one hand, they are being more open about the process, and on the other hand, they are not telling anybody anything. one of our columnists wrote a piece about how amazon was months -- was once very secretive but they are starting to open up, but there are things they are not telling us. michael: this company does a great job of getting the best price out of its suppliers. having a competition among 20 cities is a great way of getting those cities to negotiate against each other and give amazon the best prices, and
across the board, so i think amazon is becoming more open. yes, because they are involving other people and it is becoming like a reality tv show where we are waiting for the big reveal. emily: absolutely. none of us can wait. spencer, how does the acquisition of whole foods play into this at the same time that instacart, one competitor in the grocery delivery space, is raising more money and trying to step it up? spencer: it is good news and bad , the goodnstacart news is that it is upping the game for every amazon competitor out there. if instacart can step up and help all the companies competing with amazon, walmart, kroger, target, do any kind of grocery delivery then that is good news , for instacart. emily: all right, spencer covers
amazon for us in seattle, and michael j wolf, ceo of activate. thank you as always for joining us. michael: great to be here. emily: coming up, we hear from the cofounders of the nonprofit on what they think the american dream is today and how education balance ofhe in the women in technology. this is bloomberg.
further 90% according to one commodity strategist who says if you compare bitcoin to the historical movements of amazon and the nasdaq during the dot-com bubble, it could fall to $900. twin brothers are investors and entrepreneurs and served as early advisors and investors at many startups, including facebook, airbnb, and uber. they are cofounders of the nonprofit education company code.org. we caught up with the brothers and talked about stem education and the current status of the american dream. >> the entire vision around code.org has been personal relative to our background of coming to this country as immigrants. our family came to america partly because this is the land of opportunity and is a beacon for immigrants. if you can work hard and put everything into it, you can get somewhere. we have seen that come true for
us because of our background in technology. looking at the world at age 40, the american dream does not feel like it is the same way it used to be. politics reflects this as people are arguing with each other, but the core argument is people feeling that opportunity is not what it used to be. there are many things you can argue about how to fix that but the one thing everyone can agree on is schools should provide students equal opportunity, and here is this field that is the basis for our success, not being offered in the vast majority of american schools. the idea for founding code.org was to provide that opportunity for every american as part of fixing the american dream, because that is so important in providing opportunities for all. emily: let's walk through the numbers. women make up a quarter of computing jobs nationwide, they get 18% of bachelor's degrees,
-- bachelor's degrees in computer science, 7% are venture investors, and women ceos and entrepreneurs get 2% of venture funding. how do we change that? >> there are a lot of things that need to change. the part i am focusing on is the education pipeline. i am keenly aware that if we have these girls becoming women becoming computer scientists, if the culture side does not change, it is all for naught. all the numbers you suggest are the same or used to be the same in the k-12 education system. in high school, ap computer science used to be 17% women and highly dominated by white and asian males. if you went back to middle school, it was almost entirely male and driven by the boys in the afterschool club. what we have done at code.org is change the high school and k-12 picture. we start teaching computer science using code.org materials
as early as kindergarten or elementary school. our student base is 25 million students, which is much larger than the software engineering population of the nine states, and it is 45% girls. there are 12 million girls coding on code.org. emily: how did you do that? >> the answer is teachers. great things,f but the key to getting u.s. education to adopt computer science is the american teacher. this has been a heartwarming lesson for me. at the outset i also thought it , was going to be hard. how do you change the school system? everyone said don't try to change the school system. do something after school, summer camps or clubs or something, online only instruction, and i felt if we want to reach every student, especially students least likely to have the opportunity, they are not going to summer camps or afterschool clubs. we need to reach them in school. what really happened is we woke this passion in the american teacher.
teachers who got into the field wanting to live a life of service for their students, and then feeling like they are part of a system that is stuck in the stone ages. emily: how do you recruit teachers when those teachers could be making a lot of money at google or facebook? >> we don't get computer scientists to be teachers. we get teachers to learn computer science. code.org has trained 70,000 teachers how to teach our materials. -- last year,000 50,000 students graduated from college and computer science. that is the total number of people coming out of college. code.org has trained 50% more than that teachers to teach, so it is a dramatic leverage in terms of increasing the access to this field. emily: what are the challenges that still remain? >> changing the school system is hard. funding is hard. emily: code.org is a nonprofit. nonprofit, and we
are funded by the same tech companies that i believe should be fixing a lot of the gender issues in tech, and we are part of the solution. i think those companies should get credit for the work we do. amazon, facebook, and microsoft are our three largest donors. when we are bringing 12 million girls into this field, those companies should get credit for funding an operation like this that is helping create opportunity for students who want it. ofly: the cofounders code.org. we will have much more of that interview on studio 1.0 later this year. a great and fascinating conversation talking about what they are working on. that does it for this edition of "bloomberg technology." this tuesday, we will be at the goldman sachs conference here in san francisco talking to a great lineup of guests.
♪ anna: good morning from bloomberg's new european headquarters in the city of london. manus: these are today's top stories. anna: asian stocks rally after up s&p 500 closed back almost 2%. morgan stanley joins the call. is the goldilocks market really over? manus: president trump proposes budget,rillion federal favoring military spending and a mexican border wall. anna: south africa's ruling anc