tv Bloomberg Markets European Close Bloomberg June 15, 2018 11:00am-12:00pm EDT
vonnie quinn. this is the european close on bloomberg markets. ♪ mark: here are the top stories we are covering on the bloomberg and around the world. president trump ratchets up trade tensions with china, asking for $50 billion in tariffs. china says it will retaliate. meanwhile, china has approved qualcomm's acquisition of an xp -- nxp. tubell talk to the investment strategist at jpmorgan. his take on a big, big week or monetary policy. we have decisions from the fed, ecb, and the boj. gmm is your function. stocks are lower in the wake of tariffs on china.
greece, luxembourg, ftse in london, portugal down by 1.1%. to talk about the world cup, that is the current sweep. the swedish and icelandic kroner lower against the dollar. europe saw the biggest decline yesterday since june 24. 2016 on the wake of the ecb rate decision, which was no change, but they are facing out -- .hasing out kiwi -- qe we are seeing bond yields decline for the second consecutive day. tesco racked up a 10th consecutive quarter of growth. rice cuts,up escalating pressure on rivals as they seek to challenge its role as the uk's biggest retailer. and tesco up by 2.5%. excluding its acquisition of a wholesaler, which it acquired this year, same-store sales rose ending the 13th weeks
may 26, beating estimates in just under four years. lewisief executive david has taken tesco from a company in disarray to one of the most reliable performers in the industry by cutting prices and slashing costs. rolls-royce was in the news yesterday, it is in the news today. shares rising as much as 13% after yesterday's 6.5% rise. the jet engine maker said it is itspt -- set to exceed target of 100 billion euros in free cash flow by 2020 following the announcement of job cuts affecting white-collar staff. a midterm ambition was set of achieving more than one pound per share of free cash. yesterday's news of job cuts since the shares higher, the biggest two-day gain since 2003. and because we are in the world cup move, iran taking on morocco
as i speak. i thought we would look at this wonderful charge. relativet goals scored to the number of world cup teams in the tournament, the best here was 1954, 1954 was when we had the most gold scored -- goals scored relative to the number of world cup teams. for those with a terrible memory like myself, that year west germany beat hungary 3-2 in the final. it was in switzerland, and one of germany's first ever world cup victories. they have four in total, and as if you needed reminding, in barton's world cup bracket, germany will be the champion. julie, how is it looking over their? julie: maybe i need to get on this whole bracket thing, but i think i am too late. let's take a look at what is going on with most stocks. declines across the board, and the dow doing worse because of the perception that the tariffs will be hurting industrial
companies, but technology is also taking a hit today on concern about what tariffs are going to mean for large-cap tech companies. some of those companies are the biggest drags on the s&p 500 today. we have a look at those companies, i believe, if we can bring that up. we have been seeing declines there. adobe, apple, intel, and cisco some examples. adobe is also forecasting sales that were just in line, did not beat estimates, so that is one of the reasons that stock is down as well. but there has been some talk recently about a potential tech bubble because of tech that has been climbing day after day. this is a chart we came up with someone something that who works on blackrock was talking about, and he said we are not seeing valuations anywhere near inflated as relative to the rest of the market as they were during the dot-com bubble. informations&p 500 technology, no more than 13%
above the s&p 500 this year. you can see it has been trending below that level for much of the past decade or so. he is not concerned. , so aak premium was 166% far cry from that. finally, energy stocks the worst performers today, oil just above $65 a barrel but down by nearly 3% on can learn about a split within opec about whether they will use production or not. also, many oil and gas drilling in the united take up 3.1% month over month, and we are already at quite high production here. more drilling, more production. vonnie: not a quiet summer friday. julie, thank you. president trump moving ahead with tariffs on $50 billion worth of chinese imports. beijing says it will retaliate. if china trump says does, he will impose additional tariffs. the administration of the movies response -- administration's
move is a response to an investigation -- kevin, we were waiting for this day and it is just the beginning. kevin: yes, it is just the beginning here in washington as president trump is taking on china, this after just earlier this week in singapore, the president praising chinese president she shin ping for his cooperation in his efforts to denuclearize north korea. not forgotten, president trump doubling down on assertions he made in april to continue with this tariffs proposal. -- $50 billionn worth initially, which stems to $34 billion. 1100 different products starting on july 6. we are hearing a $100 billion additional form of tariffs could also be in the pipeline. now let's take a look at what
the chinese are responding, because they are responding and saying, the chinese foreign minister, if the u.s. rolls out --lateralist let unilateralist and protectionist measures, we will respond with necessary measures to safeguard our rights and interest. that's coming from the chinese foreign ministry spokesman. all of this comes as the president is not only facing backlash from china, but europe and canada. thise: we were expecting to a certain extent, kevin, so why is this suddenly a surprise? expecting the pushback from the u.s. allies around the world and we have heard it, but we have not been expecting the adamant push back the president is receiving from republicans on capitol hill, in his own party. should the president try to get any new type of bilateral trade deals, he might need congressional approval. some talk in congress
that republicans are working, including retiring republican senator bob corker, to limit the president's scope in being able to get this done. many republicans are nervous that just ahead of the midterms, the supply chains impacted by these bilateral trade deals might be negatively impacted, and that is a jobs message. cohn, whoave gary says these might hurt the economic growth that came from tax reform, he is speaking from a tea partyk that or is speaking from. you have an interesting dynamic where republicans are unified and pushing back against what this president is arguing on trade. mark: the state-run china daily said china and other nations should join together to counter trump's aggressive trade policies. what sort of coup with that be for china if it gets the likes of europe to bands together with against sort of be
china's anti--- china's tariffs measures? it would be huge. the president has said repeatedly that he prefers to have a bilateral trade negotiation. but what he has not been anticipating is a multilateral response. and that is what i hear from multiple sources both on the left and the right, is that there is a concern that this multilateral response could end china thethe will -- upper can't -- upper hand. and we've seen this in some extents with the president's decision to withdraw from the iran nuclear disarmament deal. what does russia feel about this? it is interesting that the president would head to the g7 and propose really and raise the discussion that russia be brought to the negotiation table and potentially raise the issue of including them back in the g8
, because it would suggest that the president is seeing there is a multilateral response and wants to bring them back in and say wait a minute, russia, deal with us. we can bring you back into the g7. that is what i am hearing from sources who have worked on this. vonnie: our thanks to kevin's our chief washington correspondent. onwill keep you updated anything else that comes in from china or elsewhere. let's check in on the first word news with kailey leinz. kailey: president trump said he would like to talk to special counsel robert mueller, but says the russia investigation seems to be biased against him. the president also said that the watched ourhe fbi shows the fbi was plotting against him. paul manafort could go to jail as early as today. a judge will decide whether he agrees with special counsel robert mueller's argument that mina for try to tamper with witnesses under house arrest. of moneyis accused laundering and acting as an
unregistered foreign agent in the ukraine. president trump's decision to reimpose sanctions on iran might be discouraging some buyers. iranian exports of oil pledged 16% in the first week of june. and if talks between the u.k. and the european union get any messier, one of the options could be postponements. bloomberg has learned senior eu official might have discussed whether the u.k. needs to stay in the block until after the deadline. brexit negotiations are at a standstill. global news, 24 hours a day, on air and on tic-toc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i'm kailey leinz, this is bloomberg. vonnie? vonnie: thank you. do ahead, a big week for military policy with decisions from the fed, ecb, and the boj. we get insight on what it means for the market. and next week, full coverage of the ecb meeting.
vonnie: live from new york, i'm vonnie quinn. i'm mark barton, counting you down to the european close. of nxp chairs -- shares semiconductors are higher today after qualcomm's takeover of the company has been approved by chinese regulators. joining us with the latest is a bloomberg senior analyst for semiconductors and hardware.
does this mean the deal gets done? get done,eve it will despite the speculation about it that happens about three times a day as to whether chinese regulators are approving it or not. we believe the deal will get done, but either the deal gets done or not, we will have finality on this by july 25. either the deal gets done and qualcomm is in a rush to close by that time, or they are embarked on a massive buyback program that will create $1.50 perf about share. so we will have closure on this by the end of july. vonnie: the timing is odd, because we get this news and then the wave of tariffs is slapped on china goods. it is one have to do with the other? a couple of years ago, i would say that these things would have been coincidental in
timing and nothing to do with one another, but it appears that everything is connected to political posturing. should have been done and the regulators in china and globally should have approved this deal a long time ago, but it got extended in china, potentially as a result of some of qualcomm's missteps, and entered political posturing on the part of trade policy, the impact, and- zte that created one hot mess with the issue. so as of yesterday night, where things stand are potentially the chinese regulators have approved it, and this warning we had news that it is not a done deal, and shortly after we had news that the president might impose strong tariffs on china. so -- mark: and remind us why qualcomm needs and xp -- nxp?
anand: if you look at the broader picture, the handset market is in a lackluster market. units are not growing, if at all. prices of the phones are generally flat down, and if you look at qualcomm, it is disproportionally exposed to the handset market and does not have a lot of exposure in any other areas. you look at autos or industrials, particularly hard growing areas in the semiconductor space, qualcomm has no exposure. nxp is m&a with an xp -- to solve that problem. diversify as far away from handsets as possible, and an xp being number one in the autogives it some solve of there. that is why qualcomm needs nxp desperately. mark: is there further consolidation to be had in this
section of the industry? i think semis have a lot of room to grow in terms of consolidation, despite the regulatory blocks of various kinds, particularly driven by the impact here on the qualcomm,--- qualcomm-broadcom deal. there is consolidation we had in industrials and autos, they are particularly a fragmented market, unlike handsets or pcs, and i think there is a lot of room left for consolidation. an edge of a 5% stake at one point recently. anand: that is a great point, because elliott advisor's state tostate drove the price $127.50 per share, and potentially we thought solve that problem from our dutch tender perspective, but who knows. so two more fun month to report on this.
live from new york, i'm vonnie quinn. mark: and live from the headquarters in london, i'm mark here with the european close. an uncertain political future in italy and heightening trade tensions changing the investment outlook in europe. let's bring in david stubbs with j.p. morgan private bank in em ea. i would like your call on european equities. we prefer france and germany, particularly france, considering
france, speaking with macron. why france and germany? where we this climate have so much to worry about, it is refreshing to be positive about a leadership. that is what you have in france. you have a leader that has proven itself -- himself to take on the political issues, you have clear room to grow, unemployment is ill relatively high, that can fall. i think you have a whole collection of industries that have been waiting for a better regulatory environment and better overall confidence in the country to make that investment. and if you are going into the equity market, that has less exposure to the international trade issues of germany, and is not in the periphery, where there is an aggression overseas after italy. france answered a lot of questions. mark: on italy at one point this year, at -- it was a standout performer, but times have
changed. is it time to get our toes back in or is it too risky? what is interesting about the italian equity market is how many themes you can play outside of italy. in the small-cap space, absolutely. it is a good feeding ground for those kinds of buy and hold companies to have what we call economic moats. that can be the type of long-term hold you would expect. you are seeing some of those, you can play the strength of the german housing market. there are a range of things that it can do. but i think you would need to be brave to buy the whole index right now. your hope fors where the euro goes, david? think the main courses that have pushed the euro down are now in play and are behind us. we do expect the euro to rise moderately. we have had takedowns a little
bit recently, i think a lot of people have, but after draghi's master call this week with the doves and the hawks, you are getting something each. we now think that growth will is a very what stimulative environment and also forming the currency itself. the ecb has projections themselves that are positive on growth going forward. we think the euro pushes back up -- 1.20 against the u.s. dollar as people and thed with europe situation calms down. that is obviously a caveat in there. and now we have clarity over the central bank and that dovishness is now priced into the yield curves. vonnie: i am interested into what you are bullish recommendation is. what is the one where there is the most risk and reward potentially? david: i think you would have to
look at the u.k.. we are not out there table pounding for the u.k. to be alone, but we have been referring to it in a moment as a dangerous short. why is it dangerous? your evaluation is relatively attractive against its own history and the guest the rest -- and against the rest of european equities. it is underweight in almost every portfolio you name, a consensus underweight around the world of investors. this was obviously a caveat that is incredibly uncertain, but it seems the likelihood of a hard brexit has probably declined when you combine the northern ireland with a lack of majority for no deal in the , thatof parliament potentially after some positivity over the summer, we get a pro-market outcome. in that case, you could see a move up, and if oil continues its path upward, we know the
u.k. is heavily exposed to that in a large cap space as well. things look better for the em that people have been worrying about. you can put together a case for the u.k. supporting the upside. mark: david, you will be staying with us for a moment. david stubbs, from j.p. morgan private banking ema. up next, here is what is happening to markets. three minutes 25 seconds away from the end of the friday session. trade concerns weighing on stocks on both sides of the atlantic. ftse down by 1.4%, the dax down by half a percent. write a big week for central banks, what we will talk about with david next. this is bloomberg. oomberg.
a decline in france, spain, and germany. not as great, but the trump terrace wait on sentiment today after we saw a big increase yesterday, the biggest increase since april. that could be on the back of the ecb decision yesterday, 1.2%. up by 2% for the week. a lot to chat about today, including h&m, the swedish retailerretail your -- reeling from discounts that were eroding its sales, shares down by 1.4 praise percent -- 1.43% today. tax rose 1.2%,ng missing estimates. the report comes three days after their apparent reported weaker than expected sales in its first quarter, and clothing retailers are suffering from unusually cold weather in the first few months of the year. that's h&m. this is the difference in the
year between the german and italian 10 year bond. the spread coming down as it did yesterday in the wake of the draghi announcement that the qe program will be tapered come the end of the year and ended, and rates will not be raised until at least the summer. next year might be even longer. we have come down a good bit. btp's areainty with calling for practical, short-term longs. expect the bond spreads to come in under 200 basis points over the summer. foreign investor selling is likely to dry up instead in the coming weeks. hesitantnment will be in unveiling new economic policies, saying that the risks of going up on a tactical basis could rise next summer. keep an eye on that spread and at the end of what has been a dramatic week at the end in
politics. the sterling are rebounding from the lows earlier, the weakest level against the dollar since july. theresa may's flagship brexit bill goes to the house of lords on monday and back to the house of commons on wednesday. the elements of that deal, the meaningful vote clause seemingly has yet to be agreed upon. that provides parliament if may comes back from brussels this year with some say in the process. it seems as though she has not managed to hammer out a compromise between the remainders and the brexiteers. next week is due to be another --matic week in you take u.k. politics with sterling up by one quarter of 1%. the 2-10 curve getting flatter and flatter. we have reached the 35 basis point mark, because the 10 year yield has come down a little bit to 2.9 1%. but we are continuing to see strength, although we are off the highs a little bit today. and we are seeing some right lactation in the crude oil market as well, down 3.2% today.
let's take a look at gmm, because we are obviously well aware of all of the asset market turmoil we have seen this weekend all of the moves, but -- week and all of the moves, but i want to look at currencies that are gaining. 1.1%exican peso is up versus the u.s. dollar, but still 20 point evony almost, so that will tell you how far we have come. same with the real, it is strengthening and at 3.78. a wayse currencies have to go before we see improvement. the commodities index is down. we are just ingesting all of the china tariffs and waiting for a risk wants in this arc it right now. david stubbs, chief client investment strategist at jpmorgan friday bank -- private bank. i'll most wanted to say draghi discussed the superlatives were
as flowing as ever after an ecb meeting. consecutiveixth meeting where the euro has fallen on the day of the ecb announced it. this way of balancing the factions -- david: he is a master. mark: when i want to ask you, the next leader of the ecb, whoever it is, might have to be raising rates he quickly if draghi does not manage by the end of october. a tricky term. that onmagine having your plate. years of negative rates behind you, a banking sector that has improved but has its own issues, all the tough work ahead after a central banker who has become legendary in his communication abilities, and will be judged positively by the board. at the situation he inherited, look at the strong statements, do whatever it takes, look at the effect it had on the unemployment rate in the eurozone, the recovering
industrial production, the boost in confidence consumers and business. he is going to go down as a very successful central banker, but that does not mean he is leaving an easy job a high. -- behind. raised -- whoecb knows when it will be, some are saying december will be the next rate hike. then, the ecb might have raised another five times, that it will be talking about the next recession. can the ecb be raising rates when the fed is coming to the end of its rate hiking cycle? they will be pretty much out of ink, aren't they? david: if both futures pricing and our views from fixed income teams play out, that is exactly what we will be looking at, pushing the spread between a whole array of interest rate. -- interest rates between one currency and another to record levels potentially. i do not think there is a problem if the fed is slowing down, and i hope that they do. if you are going to a destination, they are trying to
get to neutral. if you are going to a destination, you do not arrive at full need, you slow down. .aybe they can reduce the pace this is completely speculation, but as you said, they might be slowing down and the ecb stops hiking. tot is fine, but if you are get a u.s. recession in 2020 and the ecb has only started its nightmare will be a scenario in frankfurt, because the u.s. is so big it would affect the global picture. this would probably take the ofs under credible cases raising interest rates in that scenario. so hopefully that doesn't happen. vonnie: david, do you have any china strategies at all given this morning's announcement? where the chinese economy is. it is slowing down, and for very good reason because they are getting a grip on some of the systemic problems. if they look at the strength of the consumer, consumption is the main driver of growth, not
investment anymore. there is a lot to like in the china investment space. we like the earnings of the chinese banks, and we think clients can raise closer to that. we have been pulling some clients into structures around the chinese banks. obviously, no one in the investment community loves this we are seeing with all the tariffs, but firstly, this would take a huge escalation to get any kind of really significant increase in the overall tariff applied to u.s. imports. i think the u.s. imports or something like $2 trillion a year or something. we would need to see this really escalate beyond that. secondly, if you have a very pessimistic view about your trade relations breaking down, if you think about it, one of the hedges would be to on the domestic chinese companies in china, because you are playing the underlying chinese story, not the linkages between the two economies. so there is any reason for this
to go south potentially, playing to the same themes we like with chinese consumption, primary service by companies in china, even financing through public markets, we see great potential in those as well. markets,nd emerging which ones do you like, especially given the currency turmoil we are seeing right now? the turmoil is very concentrated in countries that have a small part of the investment landscape. argentina is not even a an emerging market -- an emerging market, it is a frontier market. think thati would this dollar squeezed tighter, dollar liquidity environment around the world will continue to get worse. weaklings in some of the emerging markets will continue to struggle, but large parts of affected by not too that. we will continue to focus on asia, around the china complex. we focus on the underlying growth and urbanization you see,
consumption, productivity away from particular trait focuses. we would be raising some exposure to commodities if you do not have any in a port olio, we are not huge commodity bulls, but huge portfolios have no exposure whatsoever. rights probably not the place to be. absolutely, i think we would continue to see emerging markets as a key long-term driver in most portfolios. mark: quickly rattle through your idiosyncratic opportunities. [laughter] david: corporate syndication is basically a word for spinoffs. you are doing too many different things and put the companies elsewhere. if you look at how those companies perform, they do pretty well. there is a lot going on as part of the m&a environment. small caps are partly covering italy, and europe as a region benefits from the small-cap approach. there is not enough endless coverage in these companies and --t of the countries companies in europe are dominating those niche is as well. -- those are some
of the clear, idiosyncratic picks. we also talked about risk and inard, and government debt turkey over 8%. what if the lira stabilizes? ever in europe, both equities and debt, there are a lot of different themes in the region. mark: david, great to see you. david stubbs, chief investment strategist at jpmorgan private banking. up next, president draghi speaking alongside his after thes from the ecb -- from fed, boj, and rba. can't wait for that. vonnie: let's check on the first word news. kailey: the u.s. is now on the brink of a trade war with china. president trump has announced tariffs on $50 billion of chinese imports. beijing says it will retaliate, and president trump says if it
does, he will impose additional tariffs. ding toiffs are respon an investigation that accused china of stealing american intellectual property. and the president told foxnews he would not sign what is being built as a moderate immigration measure. the plan would curb his america -- administrations widely criticized policy of separating children and parents seeking asylum at the u.s. border. againstpeso rose today the u.s. dollar after former finance minister leak muto -- luis caputo took over. this is coming off a record low. global news, 24 hours a day, on on twitter,ic-toc powered by journalists and analysts in over 120 countries. coming up on battle of the charts, we will take a look at some extremely cracking charts. a quick look at equities as we
vonnie: breaking news now, paul manafort has been sent to jail. the judge has revoked house arrest. this is because of charges of trying to tamper with witnesses while under house arrest. those are the charges that came before the judge today. ignored that he could be locked up as soon as today if the judge agrees with special counsel robert mueller's argument that he tried to tamper with witnesses. let's get to kevin cirilli in washington, d.c. to see what
kind of implications this has for the other charges that paul manafort is facing. this has giant and locations for the other charges paul manafort is facing. of course, chief among them, that he was charged with conspiring against the united states. that is clearly the most significant charge. the former presidential campaign presidentfor now donald trump, has really become the face of the russia investigation in terms of the campaign staffers for his financial dealings with the ukraine. sources close to the white house note that this was someone who these charges were spanning before his time on the campaign, but there is no question that he has been engulfed in every twist and turn of this ongoing investigation. maintains his innocence, but just the other week in a court filing, not any additional charges, but a court filing, it was noted that he was
of trying to tamper with witnesses as well as to get witnesses in an illegal way to change their stories. he has been on house arrest and trying to travel, and all of that is now revoked. his bail is revoked, and this witness tampering hearing really was what caused it. again, he will now be behind bars. it is a remarkable, remarkable notion that a campaign chairman is now in jail, vonnie. exactly. there were arguments from the team, manafort lawyers, and obviously the mueller team one those arguments. what does it mean now? what is the next hearing date and what will we learn on that particular day? kevin: there is no clear -- for whenr then the investigation of the court proceedings will end, but there
is some indication that bob mueller's investigation team could be trying to file some type of broader report in the coming months, maybe even before the midterms. i would note that president trump himself earlier this morning on the white house north thatwas telling reporters he is planning to be involved in these ongoing court cases. there have been reports out this morning that a decision could come next week for whether or not he will, in fact, testified with bob mueller's team. there has been conflicting legal advice to the president on whether or not he should do that, but put more broadly, whether you are a republican or a democrat, paul manafort is in jail, going behind bars. the former trump campaign cochairman is now behind bars and in jail. turn in what has been an ongoing investigation from bob mueller's team. vonnie: he has actually been
live from new york, i'm vonnie quinn. mark: and i mark barton. this is the european close on bloomberg television. let's talk about glencore. it will resume royalty payments to israeli billionaire dan sanctioneder he was by the u.s. for alleged corruption. covers mining,o metals, and agriculture is here. how unusual is this?
>> very unusual. i have not seen a company the size of glencore with it status on the market. a ftse 100 company come out and say we are actively going to avoid u.s. sanctions and try to get around them to keep our business partner happy. does this emphasize how important congo is to glencore? >> i think it does. congo has some of the world's most riches assets in cobalt and copper, and those are key to powering -- if you believe in the electric car revolution, this is a big part of that. glencore is clearly banking that it can benefit from this. heir tod glencoe is a diamond fortune. david: and a club -- >> and a close friend of joseph kabila, and i think these government ties have put a lot of scrutiny on glencore and girl are as well. mark: what are analysts saying? >> the broad consensus is
glencore is making some way insulting its problems. i think that -- i think it is interesting that the shares have not moved much today. if it is good news, shouldn't the shares be rallying more? they are clearly trying hard to solve these issues. isn't this tricky, because they are contractually obliged to pay him mining royalties, but it is not straightforward? >> it is a very competent issue. had threatened to take him to court and take over glencore's access -- assets of the congo. they figured this was the best solution all around. mark: and the u.k.'s white-collar crime prosecutor is planning on opening a full bribery investigation? a glencore has really been in pickle in the congo this year. it will be interesting to see how the u.k. bribery investigation plays out, what happens with that. it is safe to say that we just don't know.
mark: and glencore is doing well? >> it has underperformed its peers. the fourne less than mining majors this year, and that is probably due to their problems in congo. you think that investors would see this as a step to fixing that, but in a sense, they are also obliging themselves to pay someone that is sanctioned, so that is a big risk for a lot of people. on thend very quickly whole terrace thing, how is the mining industry playing into that right now? what are people drawing conclusions from the tariffs to the miners? >> i think it is hard to tell at this point. a lot of these miners are global company that it will be interesting to see how that plays out, but at this stage, we are not eating an effect on the miners. mark: lynn thomasson. vonnie? ofnie: time for our stock the hour.
shares for luxury park a maker canada goose are soaring. abigail: there was an expectation that they would put up a loss, but those thousand dollar plus parkas are selling quite well. we see them here in new york all of the time. apparently, they are doing very well on a global basis. of nine up a profit canadian cents per share. they also be revenue estimates by 62%. $125 million, but moving in the right directions. gross margins, and behind this, they added stores in london and chicago, expanding their online presence. they also introduce a lightweight windbreaker and reinforces the company's goal to become a billion-dollar brand within about three years, and you and i both watch the bear short interest. there is not a big one here, about 7%. some of this is a squeeze today, but you can make more of a case
that this is actual buying activity. abigail lewis, we will keep an eye on that stop. we wanted to recap some headlines that came out a little while ago. paul manafort has been sent to jail, house arrest canceled by a judge today. a judge in washington indeed revokes manafort's bail after being told by special counsel robert mueller's lawyers that the former campaign chairman for u.s. president donald trump attempted to tamper with witnesses for his trial. the tampering had taken place while he was on house arrest and the judge, a jackson, said manafort had "abused the trust placed in him six months ago." once again, paul manafort is in custody. he is headed to jail after house were revokedeges by a judge after hearing arguments that paul manafort tried to tamper with witnesses while he was under house arrest.
separately, we also have some news from rudy giuliani, saying that trump called on a mueller interview will be decided next week. there is a good chance of that. that is also just out in the last few minutes. mark: a quick peek of what happened at the end of the day in new york. we did rise, the first weekly gain before the week finished on a negative note. 1.7%, but as we said, the first weekly gain in ford dominated by trump trade terrace. dominated by week global central banks. this is bloomberg. ♪
focus of the intersection of politics and the economy. breaking news -- former trump campaign chairman paul manafort sent to jail by a judge. we have complete coverage of the breaking story. we are joined by kevin cirilli, chief washington correspondent, from our d.c. euro. and from new york, someone who has been following every twist and turn of the mueller investigation. mr. manafort has been accused of many things, including money laundering. he is going to jail today because of something else. kevin: yes, just within the last several weeks paul manafort was accused of witness tampering, and that is likely is going time bars today. that court ruling just within the last hour.