tv Bloomberg Markets Americas Bloomberg June 5, 2018 10:00am-11:00am EDT
markets for their securities? that is a very interesting oversight. i think the reason for that is -- i was talking to a friend who was peripherally involved in the annual preparation of this joint congressional committee report on the u.s.-china economic relationship. that came out in november of last year. i tot of the moves by cbs were drawn from that report. is funny, you are not talking about capital markets. he said, because in government we don't have that expertise that somebody like you have. i hope that is going to change. i hope that we start having conversations also about the capital market with respect to china. >> i don't know how everybody else feels, that at the very least, let me put it this way, if we were talking about something on the order of a chinese conspiracy in u.s.
capital markets, in and of itself, it might sound conspiratorial or crazy, notwithstanding the fact that you have a measured tone and are sitting here smart the -- smartly dressed. when you put it in context, it begins to make more sense to more people. lkst said, there may be fo in this room, folks watching this conversation asking themselves, to what end? i know you have an answer because i read it in forbes magazine back in march. he said, china has a strategy to degrade the economiesf and transfer wealth from western economies. is the i believe that intent. you had a number of bad actors get across intermediaries who
said you have the heads you win, tails they lose proposition. was donatedk that by the -- coordinated by the chinese government. in 2012, the go china started cracking down on due diligence of companies that were listed overseas and also hong kong. then what happened was they began financing the take privates of a number of companies, and many of these companies were just complete zeros. u.s. investors in some of those cases got paid. and that debt financing is often policyed by u.s. banks. here comes the alibaba and the exploding of all of these other companies. i think that was a key part of the strategy, lola's into
complacency and try to -- lull us into complacency and try to sweep this under the rug. they know us better than we know ourselves. >> let's talk about that. investors, institutional investors, individual investors shouldat chinocks as sin stocks, which is to say what? you are drawing the parallel to tobacco and other things, alcohol, let's say. why? there are lots of people who look on drugs and alcohol and tobacco as a sin, but are quite happy to own the stoxx. -- those stocks. theon: let's go back to congressional report i referenced earlier. according to that report, china's artificial intelligence is reportedly on par with that of the u.s. this is a major area of
competition. according to the report, the entity in china that has the leading development of a is -- ai is baidu. at the end of the day, none of these companies will act solely as private companies. to some extent, they will act as extensions of the state. why does baidu have a liquid market for securities in the u.s.? >> are you making the case that we should lock chinese companies out of the u.s. capital market? carson: there are different problems and different remedies. when i talk about doing that as stocks, that is something alligators have to think about. if you are running pension money, are you tobacco financing -- >> you are making the case for governance. carson: i want to differentiate here.
i am for free trade, competition. you have competition within the rules and competition outside the rules. too often, china is falling well outside the rules. i think that has important dimensions for how you vote with your dollars. are you abetting this, or are you saying we are diving back our allocations? i think that is one view. the regulatory standpoint, pca still doesn't have inspection of auditors in china. this is the bare minimum that can be done. repeatedly gotca the finger every time they requested that. we don't have the ability to bring anybody to justice from china were defrauding u.s. investors. if there were some government to government cooperation in that area, it would be helpful.
the basic structure is ripe for abuse. one point that i like to make is you as thevie's, shareholder of the public company don't actually hold the operating business. the chairman and a few friends actually on that. they're supposed to be this contractual agreement between listco. and the you can look at the taxes these companies pay, and you can see virtually no vie actually makes the payments they are supposed to make. they are all in material breach probably since day one of putting those packages in place. why are we allowing that situation to graduate in u.s. markets -- perpetuate in u.s. markets? >> how do you reconcile the
obvious conflict between the everyo find returns -- equity investor is looking for growth. there is growth in china. the economy is growing faster than this one. there are companies within that economy that are growing at rates far beyond many things we see within this capital market, other capital markets like europe, for example. this question you raise and governance burden you are trying to place on investors to think about the national security risks that chinese investors pose, how do you reconcile that? carson: we are in a new era where our investment dollars matter more to our national security than they ever did governments control technology. i am not expecting anybody to walk out of here and say wow, that was smart, i'm going to puke my chinese stocks. that is not without the for people that are allocating
stocks china, i hope i have posed some questions that you're going to ask yourself. if your answer is i have a fiduciary duty to investors. i think this is the best way to fill my fiduciary duty. fiduciary duties at this point don't let me carve out my moral problem with what china is doing. that is your answer. at least ask the question. >> i knew you would be provocative at the very the least. join me in thanking carson block. vonnie: that was carson block of muddy waters. we have many more great interviews coming up from bloomberg invest, including an exclusive this hour with even hunt of pgim. hunt of pgim.
we are about 40 minutes into the yesterdajulie: rally continuinga third straight session. it is a tepid one when it comes to the doubticular. we did see an expansion that was faster than it is to for the month of may because of stronger orders and sales. material prices continued to advance. raised to 58.6ex from 56.8. that is giving some support to the market today and adding to the string of positive economic data. likeds for stocks microsoft and amazon in today's session. one weak spot continues to be oil. oil prices took a tumble this
morning after bloomberg reported that the u.s. government has quietly asked saudi arabia and other opec producers to increase oil production by about one million barrels a day. his is a rare and un requests. crude oil prices remain below $65 a barrel. today,eing some weakness cruise line operators. morgan stanley analysts are warning of possible weakness in coming quarters. they did a survey of travel agents who said there was an unusually strong may, but many said the third and fourth quarters in the caribbean are a concern. cruise line operators trading lower. we continue to watch the drugmaker today. mylan bioproved a similar to amgen calledulasta.
it was initially rejected in 2017. this replaces white blood cells in cancer treatment as patients are undergoing chemo treatment. threatens about 20% of revenue. their shares down 1%. mylan shares getting a boost of 7%. >> i am looking at european equities. we are off about 0.1%. we are holding onto gains, but just. there is this push and pull of where to be adding that money and where to be pulling away. we are seeing the tech sector again following the u.s. and asia. we see chipmakers on the higher side. autos up 0.8%. on the downside is the energy stocks as well. italiancern about politics here.
check out financials, the worst performing industry group. let's check out one bank that is leading us lower, rbs. royal bank of scotland. there is more suppg out there. we are off to .3% because the government is offloading its stakes. more to come. that will be capping the overall price point for rbs going forward. that is good news if want t be getti dividends if you hold rbs going forward. sky, not a massive moves, but we get the thumbs up that they are 20owed they are to see century fox buy sky if they offload the news part of the business. vying for that particular asset. it is the day to be looking at italy. check out what is happening in terms of italian that yield.
we are seeing the premium taking a higher. we are not near the selloff we saw last week. that yield spread over the german bund is more than two percentage points. the concern about giuseppe conti, the newme minister behind the populist vote. you will see money go to the poor, cisco expansion to the tune of 120 billion eurosaccordi that will start to increase the pressure between the eu and those budget commitments. let's check out what is happening in terms of fx. i want to take a look at the great british pound. up 0.2%. we havee fuel of the u.k. economy doing better than expected, three-month high or services. see the british pound tick higher as the boe seems to be
vindicated for that selloff. that issue with the overall gdp growth was just a temporary one. julie: let's check in on bloomberg first word news. >> the u.s. has quietly asked saudi arabia and other opec members to boost oil production. the trumpinion wants anonlln barrels a day to become. u.s. gasoline prices have hit their highest levels in three years. the trump administration has publicly complained about oil prices. the present tweeted that the russian witchhunt hopes continues because jeff sessions .id not tell him leaderu.k., labour party jimmy carter will accuse promised her of failing to stand up to president trump. he wi say she is not fighting
back because she wants a presidential trade deal after brexit. in italy, new prime minister giuseppe conti promised that his government will push through a populist agenda. he promised guaranteed income for the poor, tax cuts, and limits on immigration. he called for a fairer, stronger euro. global news 24 hours a day, on air and @tictoc on twitter, by more than 2700 journalists and analysts in more 'kailey leinz.ries. this is oomberg. thank you very much. hunt for anavid exclusive interview. don't miss it. this is bloomberg. ♪ ♪
caroline: live from london, i ro hyde. vonnie: 10 from new york, i am vonnie quinn. this is "bloomberg markets." rising rates for sure, some hawkish central banks, all potentially stressing the bull market which may be in its late phase. careful investors are hedging. yie-hsin hung to we have been wanting to have you on the show for a long time. so happy it is happening. tell us about taking over the the of the company and pressures that brings. yie-hsin: absolutely. it is my pleasure to be here. the way to think about new york life investments is really the .
in investment boutique together with a long-term perspective of new york life. we come back this business as an investor. we have been around a lon time, through the civil war, two world wars, the great recession, and today are among the strongest national institutions. we joy a triple a rating. the way we enjoyed the business is first and foremost thinking about our clients, doing for them that we do for ourselves. that means taking the time to understand what problems they are trying to solve and the challenges they face. that has helped me as i step into this role as ceo to buil up our business. together with a strong foundation. not going to ask you how things have changed in three years, but in the last it seems to have
given the investment management industry a different color. how do you manage that? how do you find opportunities for your clients now? what rates of return are you targeting? yie-hsin: we beeve opportunities are in every portfolio. we have seen firsthand the diversifying benefits of having that in every portfolio. in a market environment we are in with rising valuations and high interest rates, it makes a great difference to take a long-term perspective to at these in so we can really manage through the bumps in the road. yie-hsin talking about the bounce in the road, how are using the international side of your business? this is a place you look to expand, plus the exchange traded fus.
how are the international markets doing in terms of appetite? yie-hsin: we have seen tremendous growth in internet markets, especially asia. institutions in japan and korea are really investing outside of their borders. we are seeing folks really moving intretirement. in my mind, that is going to continue to create demand for fixed income, especially for municipal's. you would think the demand would be limited just to the u.s., yet institutions in europe and asia are finding great value in duration, which is hard to come by. is that where you are trying to show your performance, active management caps off overpasses? we are seeing this continued rise of passive model. yie-hsin: we think the advent of passive is a great development for investors. they have far more choice today
to express their views in that portfolio. where we are spending a lot more time is in between passive and active. leveraging our quantitative abilities to deliver rules-based etf that can provide returns.thr arbitrage. all of those things really fit in a bucket that we believe is essential for our investors to gain exposure to. vonnie: i just want to show viewers this bloomberg terminal. d shows you how the 64 portfolio is back in the green. to what extent do your models fit into this portfolio? yie-hsin: we think that in this marketplace, equity valuations are elevated.
to the extent that one can introduce a cap percent or 50% of one's portfolio into these alternative asset classes, it improves the overall risk reward ratio and positions investors in a much better place to achieve their objectives. vonnie: what is new york life investment management targeted return? marketn: with this environment, the returns we have seen in the last year, investors need to reset their expectations going forward. that said, that is the asset side. we focus just as much on the obligations and needs individual investors have. vonnie: the you have a number in mind? yie-hsin: it depends on the asset class. it is a variety of returns depending on various exposures. caroline: i am looking at how we ha seen bouts of volatility. you mentioned the civil war earlier.
just the last year how we have seen volatility spike in february and april and on the back of italy recently. how are you seeing movement in certain asset classes? you talked about the eller of fixed income. is that one you will continue to see money move into as we start to see normalization in the u.s. but not many other places? yie-hsin: we see fixed income filling a number of roles, whether it is income, managing liabilities, so in my view there will continue to be a demand. there are many subclasses within it. it is important, and this is what we do, work with our clients to understand what their objectives are and create that widespread fixed income exposure. in times of stress, stocks and s tend to rise together and fall together. in our view, adding more alternatives to fixed incomes
and equities is the best way to position portfolios. vonnie: how esoteric are you getting? when youalk about fixed income, you talk about municipals. vanilla.retty with clients like institutions, endowments, how esoteric do you get? yie-hsin: we really don't get so esoteric. we are today more focused on the quality end of the spectrum when it comes to fixed income. we are even interested in categories such as distressed debt investing, preparing our clients for potential credit default scenarios. itnie: how important is choosing the best managers when it comes to distressed that? yie-hsin: it takes a lot of time. we have been doing this for 104 what, really understanding
it takes the best managers. vonnie: glad to have you. is the ceo of new york life investment management. david hunt is going to tell us why he is not worried about the ongoing trade troubles. as we head to the close of trading today, we are seeing tentative signs of growth in european stocks. the dax up 0.8%. underperforming in italy. more concerns about that populist government. this is bloomberg. ♪ ♪
word news. >> special counsel robert mueller has accused paul manafort of trying to tamper with witnesses. manafort is confined to his home while awaiting trial on charges of money laundering and acting as an unregistered foreign agent. meets today with senate republicans unhappy about limits on chinese investment in the u.s. lawmakers will tell the president that unilateral investments are popular in congress. they want to discuss his investigation into chinese violations of intellectual property rights. in guatemalal from th has climbed to 89 and is expected to go higher. emergency workers are working through the debris and mud to search for more victims. u.k. government has announced plans for a long debated expansion at the airport.
the proposal calls for building a third runway, the first one in the london area in seven cades. of parliament still has to sign off. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. vonnie: thank you. nversation with david hunt,t ceo of pgim inc. china says it will withdraw commitments if donald trump goes ahead with all of those tariffs. again, let's get to david hunt of pgim inc, ceo and president. $1.2 trillion in asset funds. david: thank you for having me on. vonnie: no pressure. let's talk trade. columnists say this isn't where the conversation should be, trade is not the problem. we talked to asset managers, it
impacts everything they do every day. right now, we have no resolution on anything. are you concerned about these trade negotiations? david: i am. our clients are more concerned. i just got back from 10 days in europe. i met with a lot of the leading cios there. there were three major takeaways for me. they generally agree with the markets. we are mostly about bark and not a lot of bite. everyone is in the negotiating stance, there will be lots of gives and takes. probably we will find a way global growth.hat doesn't damage that is there feeling. -- their feeling. the second one is that this is not all bad for european companies. to the extent that the u.s. and china have difficulties, there
are a lot of european producers and manufacturers who are willing to step into that. while americans often think if we pull back the world comes to a halt, it keeps moving ahead without us. in the attitude of investors toward european firms. isn'trtant piece, it amazing that we are now talking about political risks in developed countries? we always have political risk. argentina, the philippines. now, we are talking about brexit and the difficulties with that. we talking about trade and the new italian government. no questions on the fed raising interest rates and most of the questions were around developed market political risk. isn't that extraordinary? vonnie: absolutely fascinating. consumer dollars might be domestic, investment dollars are global no matter what happens to trade. what flows are you seeing?
what are you doing with the $1.2 trillion in assets under management you have? our clients have never believed more firmly endeavor sufficient. the europeans have been the vanguard of this. -- more firmly in diversification. we see people understanding that you want to be broadly diversified across asset classes and countries. we are seeing people invested in really understanding the political risk of individual countries. brexit was a great case in point. when that it, many of our clients said to themselves, what is our exposure to the u.k.? becauset the ftse 100 most of those have global revenue bases. they had to date to figure out what their real exposure was to the u.k.
we are working with a number of our clients to do factor theysis to unpick what is real exposure across our complete portfolio to individual countries? it is not an easy task. you are the head of the whole thing. on curious as to where you your travels to europe and hong kong and other parts of asia see the opportunities. david: i think the most interesting thing is that we are that investedrld in a multiregional weight. that invested in a multiregional weight. been used to be that a global bond fund menu gave a third to your european guy and a third to the u.s. and a third to asia. that is not what the world wants today. they want to look all around the world at all the fixed income opportunities to pick the best relative value.
that is the same in real estate. i rarely get the question of where you are investing in the u.s. or paris. i get questions about global relative value. money is moving to both managers are able toes who operate on a global scale and run a process that operates around the world. that is a big change and it is quite exciting. caroline: fascinating that you reference such a global perspective. awant to get your sense on fundamental view on particular industry groups as well. you have said before how much you are looking in china. trend oranization internet stocks -- i'm seeing it here in europe as well. do you see particular industry groups outperforming? david: that's a really great
point. there's no question that we would say that the role of country in how investment portfolios are put together is less important than it has been in the past. let's take emerging markets as an example. they are a grouping countries that doesn't make sense anymore. you are much better off looking at the tech companies you like across asia, the health care companies you like across asia, than you are trying to figure out what are the indian companies that we like. our processes are much more operating across regions and looking along important growth industries. they do play into long-term trends like urbanization. that is a big shift from one which historically has been a country bottom-up approach. caroline: there's also been a shift into passive management. the past this is
healthy competition for the likes of yourselves. do you agree with that? david: i do very much. cheaper beta has a very important role to play in most large institutional investors' portfolios and individuals. we believe we are the providers of much higher active, real active share management. we think that works very well with passive strategies and we think investors are better off and the reduction in fees effectively the chasing out of many asset managers who were hugging the benchmark by charging active management fees for that. institutions have benefited from the move into passive. intoink it will continue the future. vonnie: let's talk about alternatives for a second. is a team.rnatives -- theme.
when pension started to allocate -- it's being slipped under the car bit. they haven't been useful in this environment. alternatives have been growing and getting stronger and stronger in terms of investment. where are you most excited about alternative investing? david: we had a close look at alternatives and the role they play in a portfolio for the last 30 years. the important thing about our research, we look not just at the return but also at the correlation benefits you get from a risk perspective. both of those are reasons that people invest in alternatives. a number of alternative strategies really helped. real estate absolutely did better on a return and a correlation perspective. private equity did very well. hedge funds did not.
that's less because hedge funds did and perform -- didn't perform, but they were highly correlated to the equity markets. some relative value funds did well. we think you've got to be very careful about how you put alternatives into your portfolio and make sure you are still getting the return benefit and the correlation benefit you want we believe alternatives will continue to grow, they will continue to be more important pieces. we think the industry will more and alternatives together under the same roof. caroline: what is your one key concern? david: right now, my most key concern is clearly how to invest widely in a market that is very pricey no matter where you look. th is true around the world and true in emerging markets and true in europe and in the u.s. and inequities and in fixed income. -- and true in equities and in
fixed income. when you get in is the most important determinant of your ultimate return. how to buy cheaply enough in a world that is very expensive. vonnie: how much time do you spend on currency risk and hedging for currency fluctuations? that's one asset class where we've seen a lot of volatility. david: i'm glad you brought that up. it is driving long-term flows. for the last several years, we've seen a lot of flows from japan and europe back into the u.s. almost all of that money was spot back into their local currencies. you were able tt at vely inexpensive price. in the last few months, the price of hedging things back has gone up dramatically. we are seeing many of our clients and we can't come into investment grade corporates in the u.s. we need to move out the risk
spectrum and look for more yield . have ap costs fundamental effect on the global flowital. vonnie: you have to promise to back. david: pleasure. thank you. vonnie: that was wonderful to have david hunt, pgim inc back. ceo and president. caroline: big names from --ombe investor court including interviews with bill .cglashan that is coming up. this is bloomberg. ♪
live fr london, i'm caroline hyde. , i'me: live from new york vonnie quinn. this is "bloomberg markets." our conference is underway in manhattan. we are discussing the challenges and opportunities posed by a rapidly, i'm vonnie quinn. changing market. erik schatzker joins us with a special guest from the event. >> i'm delighted to introduce bill mcglashan. he's the founder and managing partner of tpg growth. more recently, he's become the cofounder and ceo of a $2.1 billion social impact investing fund. that's where we will spend the bulk of our time this morning. good to see you. the last time i talked to you about the fund was back at the world economic forum in davos. at the time, you made nine investments and you committed about a quarter of your capital.
what the you spend today? bill: we've16 investments and we are halfway through the in the space of less than a year. pretty quick. bill: things are moving well. the impact that we've committed to is going extraordinarily well. we are ahead of plan on fundamental performance of the business, which ties to the impact. erik: i want to talk about impact. let's get into this. it is a thorny subject that many people wrestle with, both conceptually and practically. how do you measure impact? half we spend a year and a before launching the fund working with bridge span and 80 different organizations that have done a lot of great work over the years trying to figure out how you can actually
credibly measure, underwrite and report audit impact. we got play place where we were confident we could do it. week published -- we got to a place where we were confident we could do it. that washed a report audited by kpmg. that came out three weeks ago. we connect the dots between the output of the business both positive and negative thernalities, we underwrite amount of that output we are generating and translate that into a monetary measure of the impact that our dollars invested are generating. >> your deciding where you are looking for that impact and at the same time, there is some confirmation bias there. some of the negative impacts
that an investment or business may be having aren't as adequately measured. the key to this whole effort of the rise fund is to come up with a credible way for investors, both institutional investors and direct investors, governments, philanthropies to measure ultimately the positive and negative effects of their investments. we are very rigorous about it. we are making good progress. i can't represent to you that we've nailed it across all sectors. the sectors we been investing, we have measures that are good enough that third data validates what we are generating. them?can we talk about --l: one is a company called the third largest dairy business in india. it's an interesting model. they collect milk twice a day from 280,000 small farmers. this is the 70% of the world that are the poor.
the milk and pay them with long-term contracts on the spot for their milk. over the course of improving their productivity in providing offtake, we've generated a 50% uplift in the household income of those farmers. by improving the productivity, we create collinear improvement in the business. there's no conflict between the two. >> i don't see a whole lot of downside there. ifldn't it have been great we started the rise fund before tpg invested in uber? uber has had some benefits on an individual level, but it's also been disruptive. theexample, destroying black car industry in new york city. bill: there's always positive and negative.
every investment has an impact. positive, neutral or negative. exercise today is to figure out how you measure it. on a comprehensive, sophisticated, basis, how do you --sure and effect of sophisticated basis, how do you measure an effect of an uber? with all the work we are doing and with the help of the other players in the industry, we can come up with a way of measuring it such that we can bring that lens to bear when we are making investments. erik: how competitive is it getting? bill: i wouldn't say it is competitive at all. when you look at the overall private equity landscape, for example, it is enormous. >> but not every private equity investment is suitable for a social impact fund.
bill: the total dollars invested last year in impact was $6 billion. it's a very small industry. it is our hope that it will become very competitive. it is our commitment that the measurement standard we are developing with rise labs will be available for others to use. we make that commitment to our lps, the bignstitutional investors. to be a benchmark that allows others to participate in this effort. problem,40 trillion investment challenge we need to address labeled the u.n. sustainable development goals. there isn't enough philanthropy or government dollars to get their. we need to orient scalable enterprise to address these big social issues. it will require this kind of investing at scale. >> people don't realize that it's just investing, which is to say you are buying whole
companies or stakes in companies just like you would if you were in private equity in tpg growth. have a double bottom line. you want to generate a financial return and a social, meaningful return. bill: it's critical that we bring the same drive and energy that we brought to all the investing we've done over the last 25 years as a firm to these companies. they are no different. an impact company doesn't have a different set of rules applied. it requires the same great leadership teams and access to capital markets and all the other business building tools we bring to bear to help these entrepreneurs. >> that help it makes sense for tpg growth to be doin this. the question it raises for me and others, does the fact that you have a secondary objective mean that you are prepared to pay more for a socially impactful business than any
other private equity or growth fund would? they might find them attractive strictly for financial purposes. you have another reason to want it. bill: it's ironically because of the interest in entrepreneurs that have been part of the rise fund and part of a purpose driven effort like this that it's precisely the opposite taking place. we are getting a lot of proprietary opportunities, we are paying less for investments because these entrepreneurs want to be part of the rise fund movement, if you will. >> you don't feel you are competing at all with traditional private equity? bill: for sure. it would be an inconceivable scenario that we would find a great company where there weren't other capital sources. we are finding we get a proprietary look asesult of what the rise fund stands for,
our commitment to impact, the fact that we can characterize the impact and present it to the world. they want to be with the people who are part of the founders to support their journey, which they do. ironically,to get, a lower priced entry in many cases because it is considered differentiated in the market. >> as we established at the outset, you have committed half of the $2.1 billion that you raised. if you continue at the same pace, you will be fully committed in less than two years. what then? are you already -- let me put it this way -- can this fund be opened? are you already thinking about rise two? bill:e cannot raise more
capital into the existing rise fund. we are building these businesses and investing. we haven't had to worry much about raising the next fund. when you deliver on the promise and you are performing, raising capital is not the challenge. it is doing the core job that is always the challenge. as long as we keep delivering the returns and exceeding the impact that we committed to, which we are, and delivering a measurement methodology that is truly credible, raising the capital is not the problem. the problem is to do what we are doing for a living. >> what are the most salient lessons you've learned thus far? bill: i've been amazed at how to one oft goes back the questions you've asked me -- it is everywhere. as soon as you can measure it, you see it in the derivative and
second derivative, which is extraordinaire. -- extraordinary. ,rik: that's bill mcglashan the founder of tpg growth rise fund. caroline: we will have many more interviews from the investor conference, including carlyle investment management co-ceos, kewsong lee a glenn a youngkin . coming uheck out the european close. we are currently up on the stoxx 600. the banks are the key laggard, along with oil and gas. this is bloomberg. ♪ s. this is bloomberg. ♪
quinn -- i'm vonnie quinn. this is the european close on "bloomberg markets." mark: here are the top stories we are covering around the world. ubs chief executive talks exclusively to us about deutsche bank's turnaround plan. our coverage of the investment summit continues with the carlyle group co-ceos. u.s. said to be pressuring opec to hike its daily output. crude prices falling on the news. have a look at what's happening to markets today. we've run out of steam, stocks are lower, they were higher for the third consecutive day up until an hour or so ago. greece is