Skip to main content

tv   Bloomberg Markets European Close  Bloomberg  June 8, 2018 11:00am-12:00pm EDT

11:00 am
force one has -- as he goes to meet the gathered world leaders. the president will be leaving a bit early from the summit in order to head to singapore and prepare for the north korean summit scheduled to happen june 12. talks of hims leaving early as there is a lot of strife and discord among members of the g7 particularly over president trump's push on trade and tariffs against some of the u.s.'s closest allies. canada has been outspoken on this point. it will be interesting to see if there is, indeed, a communique agreed upon coming out of the g7. i am here in new york, i am julie hyman. this is bloomberg markets. i am in for vonnie quinn. joining me in london is mark barton. mark: we are 30 minutes away from the end of the friday session. you can see it for yourself. gmm is the function.
11:01 am
stocks are lower by italy and spain, they have been the center of the political storm. all of these currencies falling against the dollar. we are seeing a flight to safety and quality. german bund's yields -- bund yields falling. g7 to consider. we've got the trump north korea boj,ng next tuesday, fed, ecb, what a week we have in store next week. it seems like we never have a day without a deutsche bank story. the chairman is on his third strategic overhaul. now he is mulling a solution and has been raised's -- that has been raised countless times, possible merger with canards bank. these of thoughts of pairing have been floated before. the concepts reemergence shows pressure is building to snap deutsche bank out of what it
11:02 am
calls the vicious circle. something which the cfa alluded to yesterday. it's a great chart, tells you everything you need to know about deutsche bank. shares fell to a record close last week. nine euros, 51 is where we are today. with the financials theme, lloyds banking group selling its remaining 3.3% stake and standard life after the money manager with which it locked in -- it is locked in arbitration after a asset managementn mandate -- and asset management mandate. aberdeen standard life merging a year ago, they intend to create this $1 trillion but he missed money manager -- $1 trillion pulling money manager, $109 billion because it claims the merger created a competitor
11:03 am
to the lender's insurance business. that is aberdeen and production in germany dropping in april, signaling the growth moderation in europe's powerhouse might be more severe than anticipated. latest in a the long line of disappointing data out of germany and the rest of europe and it cast a bit of a ecb meeting of the next week when it will discuss that you and you of its qe program. abigail. abigail: we have much smaller declines in the u.s. than over there in europe with the dow, the s&p 500, and the nasdaq declining moments ago. a bit of a pause to the rally and if you take a look at the nasdaq, once again underperforming down .3% over the last two days, down about 1%, the worst two-day stretch since april. tech taking a breather. i mentioned the rally for stock even as we go into this g7
11:04 am
meeting with uncertainty. you can view this chart and we are going to see on the week we are looking at gains for the dow, the s&p 500, and the nasdaq. the dow in white up more than 2%, the s&p 500 in yellow. the nasdaq underperforming considering the weakness for tech. we have for the s&p 500 and nasdaq three up weeks in a row and we have much less volatility .han earlier this year it will be interesting to see what happens next. sometimes smaller moves can produce a bigger moves. it has all been about technology today and yesterday. we want to look at consumer staples and other members. let's look at home depot over the last five days. it shares up 7.6%. --s best week since 2015 mcdonald's, it's best week since -- they introduced a new
11:05 am
franchise structure consistent with their goal to save $500 million in gma and the wall street journal reports there is corporate restructuring and layoffs. home depot up 5%, nice gains helped by soaring lumber and one of the woes for homebuilders. procter & gamble up 3.5 port -- 4.8% on the week. said procterlysis and gamble is worth $104 per share if they break the company up as some investors want. julie: interesting flip on the day. tech underperforming and staples outperforming. thank you so much. .urning back to the g7 president trump just arrived in quebec for the g7 meeting, running a little bit behind schedule. he will be leaving early as well. a has been on the defensive bit about his expectations for the gathering. before he left for quebec, he
11:06 am
spoke to reporters earlier this morning. president trump: they are trying to act like we felt with you on the wars and do not mention the fact that they have trade barriers against our farmers. they don't mention the fact they are charging almost 300% tariffs . when it all straightens out, we will all be in love again. julie: we are joined by michael mckee. will they all be in love again, mike? it is hard to look into the future. there is a lot of unpredictability. messythis is a hard relationship breakup. i suspect we will not be in love again until a new president comes into office and makes nice with the allies. it depends on how much damage is done with the possibility of trade wars and how that plays out politically back home. right now, for other members of the g7, it pays politically and
11:07 am
economically to be opposed to donald trump. julie: take a step back and talk about what the g7 meeting is for. what does it look like, what do they do while they are there and what are the goals of it? yearel: it depends on the and what the issues are. it is an opportunity for the leaders of the 7 biggest -- not the biggest anymore, but the most influential economies in the world to come together and discuss the issues of the day and talk about things where they might want to have coordination or iron out problems. it is not a place where they come to figure out your is what we are going to do to attack x. that rarely happens. maybe during the financial crisis there was one year at the u.k. in britain. in the past, they talked about currencies when companies were interbeing and currency markets, in those -- intervening in currency markets, they would -- it has been a forum for security
11:08 am
issues when there is something going on in the world the rest of us need to stand up to and how they managed the collapse of the soviet union and a communist world in the 1990's. it hasn't been particularly relevant on a year to year basis on the financial crisis, but apparently it will be more so now. mark: just hearing the macron -trump meeting is delayed until g7 priorities from the french perspective, trade, climate, iran, libya. might macron and trudeau, all trumpried to be pally to to an effect. is there any way any of the other g7 leaders can win trump ear onry and bend his any of these key priorities the french are listing as i speak? michael: it doesn't look like
11:09 am
it. the thing we seem to have learned over -- about donald trump is he has no friends. he basically has people he uses situationally and for the rest of the g7 who look at that, they can say we can work with him on butssue that benefits us, if he is opposed to our best interest, we will have the ability and desire to stand up to him. in the past, the u.s. had such influence that it might bend countries to his will. it seems to be going the other way and the old saying they teach you in diplomatic school is countries don't have friends, they have interests. this will cause the other 6 to focus on their own individual interest. mark: is it going to be a g-8 soon, will russia be welcomed back? putin thinking today on the back of those comments>? michael: you can make a lot of jokes about what putin might be
11:10 am
thinking. it -- it probably will not happen soon, but it is a possibility. as long as you have donald trump in favor, the italians have also suggested they are in favor. it all depends on whether the companies in these countries push their governments to include russia because it is beneficial to live commercially. there is no real security benefit at this point to having russia back in. they kicked them out over from a -- crimea and they prefer to keep vladimir putin more isolated and not make friends. sometimes you keep your friends close and your enemies closer. you could see the possibility of them coming back sometime in the future. julie: when you look at these other countries at the g7, there has been talk about some of president trump's rhetoric pushing them closer to china, the other party that is not
11:11 am
present at these talks. have we other seen any concrete signs of that as of yet? michael: we have not. we have had people talking about it and the chinese making diplomatic overtures. with china, it will be more about where you confront them and over what. it is not so much alliances, but will the other members let them have a little more influence with the one belt, one road project around the world? will they push them harder on intellectual property as a group more individually? do we sign agreements with them then where do we confront them and how hard do we confront them? julie: thank you so much, mike. thank you so much. ours time to get a check of first word news. we bring in courtney donohoe. courtney: president trump does not appear to be concerned about next week's summit with kim
11:12 am
jong-un. today he says he is preparing for the kim meeting "all my life." he spoke before leaving for the summit in quebec. the chief brexit negotiator is rejecting a key part of the latest proposal. michel barnier i says prime forster may's proposal avoiding a border between ireland and northern ireland cannot play -- can apply to the rest of the u.k. celebrity chefs and travel host .nthony bourdain has died he was working on an episode of cnn's travel show "parts unknown." he was a chef in new york whose memoir launched his career in television. anthony moore dane -- anthony was 61g -- bourdain years old. global news 24 hours a day, on air and tictoc at twitter, powered by more 2700 journalists and analysts in more than 120
11:13 am
countries. i am courtney donohoe. this is bloomberg. mark: thank you very much. lionel --peak to our on the possibility of commerce bank and deutsche bank merging. he likens it to two turkeys being strapped together in the hope they will fly. this is bloomberg. ♪
11:14 am
11:15 am
julie: live from new york, i am julie hyman. mark: i am mark barton. we are 15 minutes away from the end of the european equity trading day. let's talk deutsche' and the possibility of i converging with -- bank.
11:16 am
i love your comment, like tying two turkey's together and hoping -- turkies together and hoping they will fly. quite a fewen muted days in a row. these are good ideas, more mergers in europe, good ideas. germany is a fragmented market and if you take the banks together, they are company every businesses and a boost market share and that is great. straits on such dire their own, they need to do way more to improve their business. mark: the chairman laid out a vision we all understood to help deutsche returned to revenue growth. we learned yesterday it will be the 6th or seventh quarter of declining revenue in the last period is that what you would rather than wastingoc÷ time, soe might say, on talking about mergers? lionel: i think the chairman's
11:17 am
controversial figure because he has been there throughout all these years of losses and he even booted out the last ceo years ago to replace him with a new ceo who has not done what you described. i think we need management to take responsibility and explain what is going on. that is what needs to be done first before we get into the whole why do we merge and get a more complicated restructuring layoffs. if the chairman is going to stick around, which he has for a long time, management needs to do something. julie: what do you think deutsche needs to do? we reported yesterday it was interested in selling the energy portfolio. presumably it needs to get more dramatic. what would be some suggestions? big.l: it is still very
11:18 am
it employs something like 100,000 people and they are promising to take down several thousand. even that hasn't been enough to lift the share price. they have to choose businesses to get out of. why do we still not know whether they want to quit the u.s., stay the same, or grow in the u.s.? it seems like every time they announce something they have to walk it back. i think they need to choose the business they want to be in, get real on the u.s., and shrink all around. that would be one step forward in terms of clarity. mark: it has been a couple of weeks of interesting dream banking mergers. there was the barclays story, commerce bank, deutsche bank, which was -- which is old, clearly something is going on. can any of these big e's work when you say relatively -- banks should be leaner, smaller, more
11:19 am
safe. bigger isn't necessarily bigger? you have to maybe -- better? you have to maybe put aside more capital? in this era of wanting more mergers, what size are we looking at? work,: i think they could but i think the reason we are floated isse ideas because regulators and politicians need to accept them. there is a resistance to big mergers because of a few good reasons, if you create a bank the size of hsbc, you are going to have to watch after it. it needs progress in practice. mark: thank you very much, lionel. julie: we continue to monitor the g7, where president trump has arrived. quebec.ed in he is at the hotel where the
11:20 am
meeting will be happening. very pretty picture. it might not be so pretty inside where there might be strife over trade. this is bloomberg. ♪
11:21 am
11:22 am
-- despite claims from putin and the bank of russia, russian state-controlled banks control 70% of all banking assets in the country. ofe to discuss, the ceo tinkoff bank. 2015, one dollar 60 sent . 20 $1.60, that is quite arise. can you sustain that kind of increase in what behind it? oliver: it is about execution. we are in a good market with good fundamentals. we are seeing an economy that is growing and we are mainly consumer and small business.
11:23 am
we work for a digital platform. we are building -- 7 million customers and growing quickly. in a market where we can compete, that explains the willingness -- mark: how long can you compete -- has it signs on russia and amazon is everywhere. can you compete with those two? oliver: absolutely. a revolution was -- revoluters was actually started by a russian. we have a full-blown financial -- moving out into trouble, entertainment, contents , all mobile and out. we are able to build this ecosystem approach and withstand the onslaught of big tech such as amazon am a win eventually they come to russia. with whom --mes
11:24 am
very good names with whom we compete. hadi withstand the proverbial onslaught of russian sanctions that have been -- how do you withstand the proverbial onslaught of russian shank -- russian sanctions? oliver: it doesn't affect the business climate or the operating environment. if you are a well rounded, well story completely unaffiliated with the government, this just goes above your head. that is exactly what happens now. there is nothing to help is this sentiment -- business sentiment in general. that what is the impact of on your products, services right now? oliver: in russia, we have had a data protection act for 14 years. i have been in russia for nearly 20 years. the russian government borrowed from the franco germanic model.
11:25 am
we have lived with very strict data protection privacy requirement almost 15 years now. mark: the battleground in banking, it is an incredible landscape, isn't it? financial services. what is the next battleground? how is it going to next -- look in the next five to 10 years in what is your position within that? oliver: it will be the battle of the ecosystems. it sounds intergalactic, but it is true. just don't understand it yet. if you cater to a new innovation of millennial's, you need interface, data, customer services., joined these big cap -- big tech pay.anies, alibaba with ali we've got this interesting
11:26 am
picture emerging where we don't just have the tech, but also banks building ecosystems out of financial platform. mark: great to see you today, please come back. oliver hughes, ceo of tinkoff bank. we are 4 minutes away from the end of the friday session. banksifecta of central meeting, the trump-north korea meeting, the g7 today. european stocks low and down over the week as well. i will leave you with the currency board as we approach the european close. ♪
11:27 am
11:28 am
11:29 am
mark: have a look at where thepean equities finished friday session. third day of declines, worst run since -- ftse come bts,
11:30 am
biggest european equities, focused bts had the worst outflow in three months. investors start to rethink when and if the ecb will tweak its monetary policy settings and raise rates. the qe program is one thing and raising rates is an entirely other thing. we have the trifecta of central banks next week. trump-kim meeting as well and there is a lot to consider, as is a busy week for u.k. some commentators dismissed brexit negotiations as a soap opera. a big event on tuesday when the withdrawal bill comes back to the house of commons and the premium, traders will ensure against volatility, sterling in fouro the highest
11:31 am
months. still on track for a second weekly gain against the dollar. that e.u. withdrawal bill debate could be as long as 12 hours on tuesday, it will be -- let's talk about italy, the italian stock market has been one of the underperformers this week. they have been underperforming. -- widened the evaluation -- valuation discount. leadership continuing to worry investors. we had credit suisse reducing its earnings estimates amid currents of potential economic consequences of the government's new fiscal program. one interesting corporate story is bt group. gavin patterson is leaving after almost five years and his term after a strategy reset last month failed to win over
11:32 am
investors. he will step down later this year and the board has searched to identify a replacement. his departure follows a rough stretch. scandal inaccounting italy and a profit warning early last year. yesterdaygy relaunch went down poorly with investors. they announced the revenue downgrade blaming heists -- blaming wholesale price. a-shares rising today -- shares rising today as you can see from the chart. julie: interesting we are seeing that leadership transition as we learn about a leadership transition in verizon. we are seeing a bit of a decline . i decided to look at the week for the major averages and it has been a good week, third of gains for the s&p 500 and the dow is that outperform are on the week, up by 2.4%. it is interesting we have
11:33 am
substantial gains even as there has been a wrap off in momentum to close the week. i wanted to remind you the nasdaq and the nasdaq want -- 100 was seeing record closes and so was the russell 2000, the gain on the week about even with the s&p 500. let's look at other assets on the week as well. 2.92% even though there was a drop yesterday. the u.s. dollar up .1% and crude oil, despite a couple of days of gains to close the week, still finishing lower by .5%. still a lot of concerns about opec potentially increasing production. i am looking up tennis because our next guest is a massive tennis fan and nadal di
11:34 am
d win. he is dominating now. the drop in em assets. here to talk about this, alan --gins and a tennis coach alan higgins. he won the first set and the second set against del potro. what is going on lately? is it the fed? is it qt, the worry of higher rates? there has been quite a few scare stories across the world in the last week or two, primarily in emerging markets. what is going on? alan: there are any look at the u.s. equity market and very calm, week, although it looks like a risk off day in emerging markets is quite specific, a few scare stories and now people are focused on elections in mexico and brazil.
11:35 am
i always look at the chinese yuan. if there is a real problem in emerging markets, it will come through china. the fact that currency is holding up well reassures me. what were tuesday, you thinking? stoic -- cally, stay we have some bank bonds and held on, so we have unicredit bonds being hit, but that is after a $13 billion rights issue. we added risk in february to equities, unloved u.s. equities. you asked me what is the greatest contrary in trade, i think it is u.s. equities. they are so unloved. i want to get back to e.m. because i know you own emerging-market debt. i have a chart on bloomberg looking at high-yield spreads in
11:36 am
asia, which have really been spiking and so i am curious if you are changing your positioning at all in the wake of what we have seen over the past few days and weeks. guessing looking at that, it will be dollar denominated. that was accompanied by a slump in the chinese yuan, maybe that would be cause for concern. asia would be a component of that and we held em local debt for two years. it has been successful. we have taken a loss in the past couple of months. for now, we are keeping with it. julie: where are you positioned with regard to the u.s.? especially as we see the president arriving in quebec. is that informing some investment decisions you are making? alan: in terms of risk assets
11:37 am
and u.s. equities, we like equities and have a modest preference away from the u.s. equities and japan. we like u.s. equities. expectations look low for the summit. with the number of tweets and comments -- if anything, it could come out on the positive side. we believe it is right to be long equities in general, including the u.s.. mark: and europe? all asset classes? alan: europe is underperforming. if you are looking for earnings, u.s. markets led by tech. if you are looking for value, eurozone. the return from equities compared to bonds. mark: yeah. anymore contrarians? alan: beyond u.k. stocks, probably sterling. mark: sterling is starting to rise. alan: we are still positive on sterling. that has relatively long
11:38 am
standing. we have had that for a year or so, very successful last year. sterling euro has edged up a bit. sterling dollar, you have that fascinating russian bank, so we still have russian stocks. i am not sure that is contrarian. have a look at the ruble, rocksolid. if there was anything dramatically wrong with emerging markets come i think we would see pressure on chinese currency and russian currency. ball what is alan's brexit looking like? we look at your crystal ball, what do you see? alan: very tough. what we see is a deal in the end. what you tend to see is deals at the last moment. we do see a deal as a commercial angle. there is a sum of money involved, but difficult to get
11:39 am
there. our buy would be on thes softer side. because of that, we think gradually in the u.k., we will get back to business and you see improvement in confidence and therefore, sterling will rise. tricky, but we think the money dynamics, the game theory of money versus needs all look at -- mark: who is going to win the french open? alan: that is an easy one, nadal. even a tall man like you would be a nightmare against nadal's forehand. we should not talk about it too much because it is live right now. julie: rarely do we need a spoiler alert for a segment not on investing. let's check on the bloomberg first word news. courtney: the health ministry says nearly 400 palestinians have been injured in protests by the coast -- the latest in a
11:40 am
series of protests against the decades-long blockade of gaza. president trump says russia should be at the g7 summit in quebec this weekend. before leaving for the meeting, the president said g7 should once again become g8. and that is what it was before russia was removed. president trump says "we should have russia at the negotiating table." president trump says he may pardon muhammad ali. his lawyer says he appreciates the sentiment, but there is nothing to pardon. the u.s. supreme court overturned his conviction for draft evasion. family members of the victims for the pulse nightclub shooting are suing the city of orlando and 31 police officers. the suit claims the officers
11:41 am
acted too slowly and failed to protect patrons. suit wastiff in the previously honored for his actions as the first to exchange gunfire with the shooter. global news 24 hours a day, on air and tictoc at twitter, powered by more 2700 journalists and analysts in more than 120 countries. i am courtney donohoe. this is bloomberg. julie: coming up on battle of the charts, president trump where heh the g7 today will come face-to-face with unhappy allies after slapping tariffs on steel and aluminum. we have a chart looking at the biggest u.s. producer of aluminum and what the tariffs mean for that company. this is bloomberg. ♪
11:42 am
11:43 am
globalime for our
11:44 am
that'll of the charts. you can see them on the bloomberg. kicking things off, taylor riggs. taylor: lucky number one. i heard your conversation with alan higgins of coutts. in blue you have the dollar. we have a stronger dollar story since april and that is relative to what looks like a negative one correlation in white to the msdi emerging markets index. you have heard about turkey, argentina, the rand getting crushed, all of these kind of brazil coming to the forefront. with the fed decision next week, if you continue to see a stronger dollar, what does that mean for emerging-market equities? we spoke with gabriel at santos and j.p. morgan asset management this morning and she said behind the headlines, fundamentals look strong and maybe this is a buying opportunity. julie: we shall see. let's turn over.
11:45 am
a stockve]y alcoa, just chart of alcoa in 2018. a lot of people thinking maybe they will benefit from these tariffs on aluminum. they are down 8.5% this year. they were ñ! bunch of other aluminum companies in montreal. they were at a conference this week in chicago. they actually produce more aluminum in canada than the united states and the rest of the globe. when it comes to tariffs in the u.s., maybe it is good for u.s. production, but more coming from outside the united states, which does not get the benefit of the tariffs. is where you can find that. taylor, em, it is all about em this week. i will vouch for taylor. julie, what do you think? julie: i am going to say it is all about tariffs.
11:46 am
i like learning something i did not know as well. control room, what do you say? joe, joe gets it. well played guys. mark: this is bloomberg. well done. ♪
11:47 am
11:48 am
julie: live from new york, i am julie hyman. mark: i am mark barton in london. this is the european close on bloomberg markets. time for the bloomberg business flash, a look at the business stories in the news right now. a new challenge for the american rival, boeing. the european playmaker has control of the barnier series jet program. shakeup at the top of
11:49 am
bt group. will stepexecutive down later this year after a strategy reset failed to win over investors. patterson has cut thousands of jobs and overhauled management, but the stock has fallen roughly 36% since last august. the payment giant controlled by chinese billionaire jack ma raised about $14 million in italy's latest funding round and at $150to be valued billion. investors in the latest round including singapore's sovereign wealth fund. that is your latest bloomberg business flash. julie: it is time for our stock of the hour, general electric. shares rising more than 2%. after surprising wall street keeping the dividend intact although they paired some of that advance. emma chandra is here with more
11:50 am
and even though john flannery has said we are not cutting it, a lot of people were expecting it. emma: they were expecting it and ge doesn't usually change the dividend midyear. andlowing cash generation shrinking asset base, they kept the dividend at 12%. take a look at my bloomberg. this shows how ge -- the ge has paid. john flannery cut it back in november and he sort of cut it in half and cap it at that -- kept it at that same level. the last time they cut below was after the financial crisis. there were some real concerns it would go again. flannery hasn't ruled out it could be cut again in the future. he is saying it depends on market conditions. julie: ge's troubles have been
11:51 am
well documented. are there any great spots right now? emma: they did not cut the dividend? were not huge bright spot sprayed investors are reeling over the fact of the slump that wiped out $120 billion from the market value this past year and they are contending with troubles with financial liabilities and with an accounting investigation by u.s. regulators and a weak market for the gas turbines. it is looking pretty difficult for them at the moment and if you take a look at the bloomberg, i have pulled up r function for the dow jones and they are at the bottom. they have been all year. stey were the wor performer last year. we are expecting an update from john flannery in the next few months. we might see something there
11:52 am
that is a little more interesting. julie: thank you, we appreciate it. chief brexit.'s negotiator says the proposal for avoiding a hard border with northern ireland cannot apply to the rest of the u.k. we are expecting to see prime minister may in a few moments at the g7 in canada as we await the official welcoming ceremony. president trump is the late arrival. he should be arriving any moment. with, i the country suppose a minor victory, whatever you want to call it. yesterday, but barnier has spoken out today and given a little olive branch. he has not been totally dismissive. talks will continue. it could be worse. >>ux absolutely. it was interesting to watch because it sounded pretty harsh downed he seemed to shut
11:53 am
all the compromises and said none of this would be possible. when he stepped down, he quickly sent a tweet. maybe somebody told him he sounded harsh. he sent a tweet saying crucially, talks continue. we are not at a complete stalemate. both sides are telling us today there is room for maneuver and crucially, on the u.k. side, what we understand this afternoon is there is a new -- isal the u.k. may table am getting technical here, but staysole of the u.k. within the customs arrangement and northern ireland stays within the lines of the rules of the single market. there's a big problem with that, that creates regulatory the virgins between northern -- divergence between northern they say this would be a
11:54 am
complete red line and they are prepared to bring down mrs. may's government after this. mark: she went to quebec probably relieved she avoided another -- they gave a statement which leaked to buzzfeed and said all sorts of things. a top three things he said. >> it was a private dinner supposedly on chat up house and somebody was regarding it. there probably is an expectation the foreign secretary isn't quite so loose lipped, he is critical about may's strategy and talked about how he would like mr. trump to be driving brexit negotiations prayed he wants more of this chaos, as he called it, to provoke maybe more about confrontation. he thought that would bring a better outcome. in a normal universe, you might
11:55 am
expect the foreign secretary to lose their job over something like this. we are not in a normal universe, we are in brexit land and may is not in a position where she can fire boris johnson. he lives to breathe another day. she is going into these negotiations -- talks with the and wither g7 partners all of this going on in the background, it cannot look good for her. to project an image of statesmanship. she needs a trade deal with the united states and japan and canada and yet, behind the scenes, she is being undermined by her very own cabinet. mark: and you mentioned johnson's comments on hammond, the chancellor. he has come to terms with it now. >> he said it was like a divorce , nobody wanted it, but he has come to terms with it. --is probably trying to
11:56 am
perhaps trying to make light of boris johnson's comments. we are going to make briggs at work and it will be an ok work and itrexit will be an ok outcome. he really believes britain is better off in the european union . we will have to wait and see how the cabinet comes together. julie: we are awaiting president trump's delayed arrival. he has arrived in quebec and we arrival at thes ceremony. quite an idyllic scene in quebec. we will be talking much more about the g7. "balance of power" is next. this is bloomberg. ♪
11:57 am
11:58 am
11:59 am
d to preserve and secure. ♪ >> nude in washington, 5:00 in washington and midnight in hong kong. from new york, i'm shery ahn. kevin: i'm kevin cirilli, welcome to "bloomberg markets: balance of power," with a focus
12:00 pm
on the intersection of politics and the economy. stories, global leaders are gathering at the g7 summit in quebec. it is one of the most closely watched in years as president trump's policies put him at odds with other leaders, the president is due to arrive in minutes. north korea and the looming summit, we discussed the key issues for the summit days away. still,nts -- immigration a political war. leading to one of the figures on the issue, jeff denham. ♪ shery: president trump will leave early from the group of sevemi


info Stream Only

Uploaded by TV Archive on