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tv   Bloomberg Markets European Close  Bloomberg  June 27, 2018 11:00am-12:00pm EDT

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close on bloomberg markets. ♪ mark: the top stories we are ,overing on the blo bloomberg television today and around the world, stocks rise as the trump administration backs away from the brink of a full-blown trade war with china. what it means for markets and the global economy. our exclusive interview with the greek prime minister. why she said he is no longer the bad -- he said he is no longer the bad boy among european leaders. the list of the 25 richest families, how much wealth it takes to join. having a look at what is happening to european equities, a bounceback in the wake of the trump administration officials saying the u.s. will take a less confrontationaltance towards
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china. stocks rising. they were down earlier as much as .75 percent. the stoxx 600 is up, norway and france up. germany is rising. this is down to the lowest level, sterling. now, 131.46. the iceland krona is gaining. we are seeing the italian 10 year down basis points. a big election taking place tomorrow. want to tell you about these charts. european shares seem to be reacting to the region's poor economic data as it starts to improve. this is the stoxx 600, the blue line, versus the city surprise index. surpriseaway from the index in late march, pushing denotes athe csi
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seven-year low. eventually europe stocks turned the lower on concern about trade politics, but the bulls can take some solace from the fact economic indicators are looking healthier in the eurozone, which may limit further downside should the trade clouds blow away. news today, which is a service office company, being sued by several private equity firms. they say the u.k. operations are falling short of management expectations and increased investment in the network will lower profits. they own the regis brand and will now have the equivalent of twice the office space of one world trade center. that is 17% more than previously forecasted. additional space together with issues in britain will reduce group operating profit as much as 20 million pounds. the shares down 2.4%.
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we had some house price data out of the u.k. today, house price growth slowing in june, dropping to its weakest in five years. 2% with annual level, a far cry from 2014. london showing a decline in house prices nationwide expecting house prices to continue toand rise to 1% this year. in line with what other companies are saying, the royal institution of charts and surveyors, its gauge of house prices at minus three last month which is an improvement from april, consistent with no change in prices. keep an eye on house prices 90 minutes into the session in the u.s. reporter: we have a rally on our hands, especially the dow is up 1%. that is on the softened stance of the u.s. towards china on trade. we do see investors stepping up.
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another tailwind for stocks is oil. take a look at the five-day chart. you will see big gains, up 11% over this time. since december 2016. earlier on the opec boost being smaller than expected, l friday,hen yesterday the u.s. and iran. take a look at the imap. you will see the boost it is giving to the s&p 500. all 11 sectors trading higher, so this move higher for stocks on the day has some depth to it, but up top again, energy, 2%. the top sector yesterday as well. helping the s&p 500. for the movers we had strength to the drillers, especially transocean, up 7.6%, best day of the year. and let's take a look at a two-day chart of ge. we have those shares up 12% over the last two days.
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the best stretch since april 2015. this in the news yesterday, that the company is shutting its health care and oil businesses. mark: thanks. let's get more on what is in store for the markets. we have a chiefnvestment strategist from lombardo your. despite rather bullish, the recent trade tensions. if you read that before the announcement from the u.s. on a less confrontational stance, you have scratched your head. but things could change. why do you maintain a risky stance by this up-and-down nature of the trade picture? focused on there macro fundamentals and global growth is quite strong. that is the anchor point. the risk sentiment is the back-and-forth between china and
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the u.s. and the e.u. we have seen the past as well that the u.s. takes a position and then it shifts, but now we have to think about what china willo. it to strong noise. is prettynoise strong, stronger than it has been in a while. is it unfair to link the two times? you have the offshore yuan falling the worst since 2013. can we draw parallels? salman: you are right. chinese assets are under a lot of pressure because they are the biggest loser out of the trade tensions. china is more open than the u.s., more reliant on exports and trade with the u.s. that differentiation between chinese assets and u.s. assets is justified. at the same time if the u.s. shows softening, what we would expect is china does not do more
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because they will lose more than the u.s. on this front. of the what do you make policy? eserve we had larry summers talking about the fed being too tight or easy. policy? we had larrysalman: the fed hasa faster pace of hikes. so far that is justified on how the u.s. economy is doing. you to will be great. there will be 4% growth, inflation is kicking up a little. but at the end of the day it depends on the dollar. if the dollar does value a lot, the fedill have to change stance, but we are not there yet. for rate hikes looks ok. that is not negative. vonnie: what about the dollar? given the trade tit-for-tat, that concessions we are having, we have seen the yuan weakened by 2% versus the u.s. dollar,
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6.6% today. salman: the situation has been and in fact can be connected to because that is one risk. the readthrough china is using to offset these tariffs that the is putting on imports. it is also underlying weakness of data which i think is expanding the weakness for the yuan. we have to look at carefy, the pboc signals coming out that they don't want to create a one-way expectation that this will depreciate. that can be very dangerous for china is the local domestic will that the chinese yuan keep depreciating. mark: the turkish lira has had a couple of bad days, but it is inching gher and is up for a third consecutive day. is it time to take and constructive stance -- a
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constructive stance? salman: no. there have been too many policy theakes being made by turkish government. if they put it at the top of the agenda and show they are serious about it, that means hiking more, taking more economic pain and rolling back the populist measures, then yes. , but what we see is they keep making mistakes. then is to be credible evidence they will build back -- rollback the -- number of others haveust china. been affected. some are in correction ter which is a 10% decline. you are not spooked. you like the em story. surely you have been deterred a little bit? salman: we have become more cautious. ofare focusing on that idea
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a.m., because it is not homogenous. noy are countries who have relation to trade tensions like india and the philippines. it is more about korea and china. so look at underlying fundamentals that are stronger. when internal conditions strengthen, there is called for value. mark: salma ahmed, thank you. breaking news on tesla, let's bring in our reporter on the phone. musk has sepanywide email, responding to goldman sachs' analysts' predictions that they will miss estimates with a crucial model three this quarter. hero they are in for a rude awakening. this is from a story that reported goldman had expected
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the company to deliver 22,000, and that was short of what the analysts said. talk to us about what the ramifications of the companywide email will be? dana: tesla has always had internal build products. there are emails filing -- flying around about the quarter, whether they are achieving target. as we get to the last days of this critical quarter, a lot of people doubt whether tesla can make 5000 cars a week. elon musk is assuring his employees that they will make it. rude awakening is a clear indication he does not agree with goldman sachs' assessment. vonnie: is this another reason for the stock to go highe is always something to do the analysts or anybody to distract from the company, the stock gets pumped. you see some a-shares
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reacting. the news just cross, so it will take a while to absorb it, but provingt his career doubters wrong. no one thought tesla would make a car. a lot of people are very skeptical of this tent which houses another model three assembly line, but i think he is projecting strength and confidence to his employees. fewie: if tesla misses by a thousand, is a big deal anymore? dana: sorry? vonnie: if they miss, is that as major as it once was? dana: long-term investors are willing to give elon a pass as long as they are assured the pathway to get to high-volume, high quality production is intact. i think you have seen -- the are bettingeholders
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on him. it is not much the number but the guidance on where they will be and if they have achieved a study runway. vonnie:everybody in for a rude awakening? dana: we will find out in early july when they release second-quarter delivery and production figures. the production number is the key . it is not so much the delivery but production. there are a lot of ways to gain 5000 a week. is a coming off the factory line, leaving the gate? a lot of people will be digging for those numbers, how many vehicles are in transit. tesla is working 24/7. there are some days left in the quarter. we will not really know until they release the numbers. how is thishey do, sustainable? has tesla set up a process to oversee this?
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dana: they are basically creating processes on the fly. they are literally building or have just built a third assembly line for the model three. whether those are set in stone remains to be seen, but that is what tesla does. they kind of our building the plan why they are flying it -- the plane while they are flying it. it is ultimately what people want to see, pulling out 5000 the week for one week is one thing. can you do it over and over again? then you need 10,000, so what is the plan to ramp additional capacity. vonnie: is elon musk's personality a problem to investors? dana: no. he is tesla. he is the ceo and chairman and public face of the brand. if he was a problem, you would not -- the shares have been resilient, despite the production challenges.
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i don't think there is a way to imagine the company without him. vonnie: check out the story, it is fantastic. mark: getting breaking news across the bloomberg terminal, keep an eye on theungarian , probably to a record low.- falling to a record it started last week, falling to the lowest since 2015. central banker a meeting, skeptical about the commitment of the bank to move away from years of monetary easing. the central bank last week indicating an eventual and to this, saying it will not be able to maintain loose conditions for the entire horizon of five to eight quarters, but seems as if the market was dubious about that and it sent the currency to a record low. this is bloomberg. ♪ ♪
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in new york, i am vonnie quinn. mark: in london, i am mark barton, counting you down to the european close. vonnie: the trump administration taking a softer than expected approach to trade, fighting the harshest measures from chinese inflation. we have a reporter who attended the secretary's briefing this morning. walking back a direct confrontation with china. bring us up-to-date. the administration has decided to abandon any plans or the option they had laid out to use emergency executive branch authority to declare the investment of china into american groups as national
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economic emergency. steve mnuchin has been vying for months to choose a less confrontational approach to use the existing framework of a law that has been modernized in congress. the bill has been in the senate and house the past year and is expected to be approvedo give it broader authority to look at investment coming in overseas. vonnie: i want to play you something that larry summers told us a little while ago from aspen, colorado about his thoughts on how it is playing out. >> the rhetoric from the ofsident is running ahead the reality. and that is why i have got a fairly high level of anxiety at this point about how this is all going to play out. if he has anxiety, the
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chinese do as well. what does it portend for the future of trade? saleha: one thing to remember is china wants none of this. they didn't want the emergency law to be triggered but also they had been pushing back against cvs, the committee for foreign investment into the united states. the trump administration has used that as a foreign-policy tool to block investment into and sensitive technologies out of silicon valley and other parts of the u.s. they don't want any of that. it is hard to say -- they are nervous and worried about the implications. markets have breathed a sigh of relief. morets on monday that the confrontational approach sent markets down. the dow was down. it is now up. so we have to see if this is
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tradeg -- tamping down tensions, noe nuclear option. it is working with congress, and congress has a rare bipartisan support to address china and to modernize and revamp the group to give it more authority. tone wass conciliatory .acked by secretary mnuchin how much of his victory is this for him and what does it say about his standing in the white house? saleha: he appears to play the long game. he has a good relationship with the president. he did not go out speaking publicly against any of his advisers or the trademarks in the administration. when things were not going his way, he chose to remain silent in public. i was told by a source, to work resolve things closed doors so the
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administration could prevent -- present a unified front on china. according to mnuchin, when he advisers morning was 100% agreed with using the law as the main way to address china. mark: will there be some disappointment -- i will use nese word -- with the government? the yuan has fallen in recent weeks. the u.s. has afforded branding it i can -- a currency manipulator but given trump's past, he cannot be pleased with the fact the yuan is heading in one direction. hard to say where thtand. secretary mnuchin and others have said multiple times they don't look at short-term movements in the stock market. this is a longer game. no tariffhave actually been unleashed. there is a date, but nothing has come out. we are waiting to hear china's
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response to today's move to see how negotiations continue. according to the administration, the u.s.' lines remain open for talk. vonnie: all right, bloomberg treasury department reporter, thank you. blake -- breaking news n, disney is set to win the antitrust approval for fox bid today. disney is set to win antitrust approval for fox today, looking at chart -- the shares up now.6. the news. a slight on disney set to win antitrust approval for talks today. this is bloomberg. ♪ t bloomberg. ♪
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disney is set to win antitrust approval from fox today. sources to bloomberg are telling us disney will win antitrust
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approval and we hear that today. shares are spiking on the news, up .9%. fascinating because it is coming as we learn comcast is said to equitying private partnerships for a soft bid. so this bid for fox, disney may is teamings comcast up with private equity investors in order for debt not to be an issue in that. let's see how comcast shares are doing. plenty to be talking about in this story. comcast shares are down .3%. this is bloomberg. ♪
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vonnie: disney is set to win u.s. antitrust approval today for its $71 billion purchase of 21st century fox. this according to a person familiar with matters to
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bloomberg. set to win for fox today. changed.cape is let's talk with david westin, bloomberg anchor and also mr. who follows the media. how does this change the state? it is on the same day we learn comcast will team up to get this done as well. david: it is a race. brianbetween bob iger and roberts for comcast. brian roberts was thought to be behind because of the antitrust clearance, now they are about to get, he is trying to line up more money. if this ist hurdl and the europeans eventually -- they will close the deal. they have a binding agreement now with fox. vonnie: what would disney have to do to get this? reporter: presumably disney
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would have agreed to some sort -- fox sports might be up for discussion because disney-owned espn, and there is some overlap. what does disney nee theyhod shareholder approval and there is no meeting scheduled, so that is an opportunity for comcast to come back. act because it does prove it is disney's point that the doj is likely to allow this to happen. vonnie: disney was the preferred bidder from the murdochs. it was a matter of fights. comcast offered more. what can comcast do now? david: it was price but also the form of payments. murdoch like this because they could take stock and didn't have to pay the taxes right away. disney will offer more, but also
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, we will give you the shareholder choice. if you want cash, you can take cash or stock. if what's comcast in a difficult position because their stock is not as valuable. it is not what depreciation value. comcast has a lot of debt already. that is why they made the play it looks like for private equities. vonnie: is this going up on a limb? adding private equity is a little bit of a risky move, especially for shareholders that start to think, how long does private equity want to be in here, and what will happen to the combined entity? crayton: this is one move comcast is considering among many. bringing private equity is an alternative, so it is something they are trying on their own. there is lots of things on the table, or they could say, disney, you got it. i don't want to go too far down that road, but i do think
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comcast at some point has to address for its own investors, ok, is this too much debt? vonnie: is bob iger talking about regulatory hurdles? he said disney had the upper hand. do they? david: for all intents and purposes as far as regulatory approval. i talked about the last earnings goal and asked about a possible auction. he said we have an advantage because the regulators -- the way the assets are configured, how much is horizontal and vertical. you remember fox had issues of regulation of sky in london. the regulators have been in this for some time. he has taken advantage of it. and that he has the deal clearance. if he has that, that is a big advantage. vonnie: disney's stock is now up 1.1%. our shareholders happy?
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we might have a resolution quickly. crayton: disney has bumped around a bit, but at this point they have made the case that cost potential. they are happy. fox moved down after the headline hit. that is because of how this might affect a bidding war, the end of the road.is might be vonnie: we will bring you up-to-date. we are set to finally hear if disney will win antitrust approval. this according to a person familiar with the matter, but we will let you know as soon as the filing is filed. thank you to crayton harrison and david westin. mark: fox finishing the day in european trading, finishing , toer, a day of two half's use football analogy. -- e was a less
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the boost in shares led by all of the major forces, rebounding earlier in of .76% the day. i want to talk about one of the big moving stories, another big stories investors have got an eye on in china. the offshore yuan dropping .3%, the 10th day of declines, worst run since 2014. the unsure one did decline as much as .6%. bothling 6.6%, you can see here, there could be the floor. we have had a rapid descent recently sparking fears the government has been in competitive depreciation. some bad economic data, stock market escalating, trade tensions weighing on the stock market which enter a bear market tuesday. the bloomberg replica of the cf which tracks the yuan
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against the basket of 24 peers, that is the white line, up 1.5%. keep an eye -- keep an eye on events in china and italy. this is the difference between italy and spain. big auction in italy, yields in italy f today. some say it is good. 4.5 billion selling euros. that confirmed volatility in the debt markets after the unprecedented route we saw in may, yields rising this week comparatively small number of notes being sold for the sale should pass smoothly, fed img and visa international. one positive sign today, we had eight fix up sale drawn the highest demand since october, boosting italian bonds, so the spread is narrowing but very near the recent high of just under 170 basis points.
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really quickly the swedish krona , that worst-performing g10 currencies, could become the basket for over the the remainder of the year. it slumped 5% versus the euro since the end of last year. it will rebound 1.7% the end of the year, calling for the median analysts estimates. that is the most bullish outlook among the g10 currencies. some are much more upbeat in the communities. svenska, others going up. the krona is going up against the euro. this is the prospect of monetary tightening, could get a boost as early as next week when the reichsbank should reiterate a prediction for interest rate increase. that is look at european markets. vonnie: looking at the u.s. majors, the dow is holding onto gains of 1.3%. gains, 500 is paring its
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but is still positive. trade rhetoric is what is impacting the markets overall. the nasdaq as well as -- is flat. the market index is stronger by half percent, 95 points and. you mentioned the reason that is important, one of the reasons is the chinese yuan is up now. that is the offshore, but the basket of currencies the yuan is referenced against and that china takes notice of is showing the yuan is down 2% since its peak, so there is definitely now the idea percolating that china is pulling the currency lever. the south african rand is weaker . you can see a ripple effect in emerging markets currencies. that is bloomberg market tech for now. mark: britain and the e.u. slid without a deal.
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this could go -- that is the warning of mark carney let's bring in our boe reporter. there could be have it if this issue isn't dealt with -- havoc if this issue isn't dealt with. reporter: the european union needs to put their house in order on the directives issue. he said the u. has doe what they can, but it is up to the au -- leo -- the e.u. reporter: one state to another. mark: it has been periodically award about by the -- warred about. why isn't the e.u. addressing this part of the bargain? david: that is the question. it is a strongly worded warning from mark carney. the contract needs to be locked in. mark: what was the general tone
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of the financial stability review report today? i see they judged u.k. domestic ands to be standard requirement for banks at 1%. what was the overall tone? david: they said without brexit, things are pretty solid. that is where most of the risks come from. the bigger domestic risks. the flight concerns about forolitical risks, trade example, which isn't very pronounced and the different rewards going on, but business sentiment, that could have an effect. mark: nothing on monetary policy ? that was big yesterday. .he new member our things slightly dovish? david: certainly more dovish than his predecessor. he has one more week to get his secondary hike area mark: jonathan haskell, we will hear much more about him. vonnie: it is time for a
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bloomberg exclusive. the prime minister of greece said his budget would meet targets, but it is up to greece to say how with international predators. we spoke with him during a visit to london. >> the most important thing today is this is the end of uncertainty for greece. greece is coming back. at the same time, the time of austerity comes to an end in greece. based on a forecast from 2019, 21 and 2022, we have a fiscal margin above 3.5% of the primary surplus between 2019 and 2022. the important thing about the end of this program is the greek government commits to these goals and now the responsibility comes to the greeks ourselves for any elected government. john: the other thing that has
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happened recently is the s&p last night, they upgraded your debt racing -- rating. are you likely to issue more would you do its because of -- when would you do it? alexis: i believe in the coming time, it will be a good news. we had the upgrade showing positive weight in which the european decision was in vegas -- accepted by the community. 'se biggest success for greece it managed within a relatively short time to implement many structural reforms. maybe as a journalist you would like to approach this discussion on the fiscal reforms, and this was huge, especially if you imagine we started from a deficit that went up to 15% gdp
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of the country back in 2010. john: you talked a lot about those eight years of austerity and the cost. looking back, do you think the austerity was worth it? do you get -- you came in as a critic of austerity. was there anything good, or was it too much? i continue to support the view greece should have prioritized in the first two adjustment programs structural reforms and should have had a smoother adjustment. i am an advocate of balanced budgets. what happened in greece in previous years and let us a bankruptcy was a huge waste of money, corruption and irresponsibility in the management of public finance. we should not go back to that. as far as i'm concerned, i will do whatever i can for greece to not go back to that time. vonnie: that was the prime minister of greece alexis
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.sipras with john mickelthwait coming up on battle of the europeaneighing on financials with another record low. we have a must-see chart. this is bloomberg. ♪ ♪
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vonnie: it is time for the global battle of the charts. you can see these on the bloomberg, run the function gtv . it is mike regan. >> obviously industrial stocks have been ground zero of the from war, falling 12% their peak this year. there are concerns some of the big companies like caterpillar and boeing will be vulnerable to reprisals against trump's
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tariffs. and it perked up over the last few days. gd has announced a separation of energy and health business. trade tensions got dialed down, but they couldound regardless based on a simple tio here. this shows the relative strength of industrials to the s&p 500 area this ratio of the industrials actors start to the s&p 500 it all. if you look at the yellow line, when the ratio is going down, industrial stocks are outperforming. when it goes -- underperforming. when it goes up they are outperforming. whenever it has hit this level before in the past, all the way back to the beginning of 2010, the underperformance side started and they started to outperform again. so indicating they could be coming anyway. vonnie: fascinating, uncovering something we have not looked at ourselves. thank you to mike regan.
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mark barton, what do you have? mark: i thought we would look at deutsche bank falling to a record close. look at in the context of the wider banking industry which is the worst performer of the stoxx 600 this year, down 13%, five of arriving this year. the worst to performers are no surprises, commerce and deutsche bank. ,eutsche bank is down 4 political turmoil in italy and spain, trade tensions between the u.s. and china, the evaporation of the probability of a rate hike in the near future has weighed on the banking industry. you have specific issues for deutsche bank as well. the malaise is a reminder of what happened in 2016 went viability was called into question. bank stocks were getting hammered. right now they are trading at their lowest price to estimated earnings ratio since august 2016
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. it is not looking good but look at the wider sector voices -- versus deutsche bank. it is down. not everyone is pessimistic. theiroup has upgraded rating on the sector. the sector may actually be a value trap, but the downside from current levels looks limited as earnings expectations stabilize. keep an eye on deutsche bank and the european stocks index, gtv . vonnie: i like it, but i will go with the industrial theme today and award the winning ticket to mike regan. this is bloomberg. ♪
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$1.1 trillion of the world's wealth is controlled by the 25 richest families. it may come as a bit of a
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surprise the walton family is running two floors of unmarked suites in bentonville, arkansas. joining us now- how did you get on this list besides having a lot of money? >> it helps to have started a famous company, well-known brand , equitably powerful company. on this list you see a lot of families that started companies like should now, others, walmart. others, walmart. why are there so asians? >> we look at families in the second generation and in asia there are few families in the second generation because it is a immersion economy. if people started their wealth, not really gotten there. we do the list, you will see more asian families. mark: there are big names missing, rockefeller, rothschild. what is going on? , their wealthild
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is so old, it goes back to the 1700s, so it -- reds and hundreds of family members, it is diffuse. the family fortune is not really as big compared to the walmart -- talking a revenue. mark: is it possible the family who is not on the list, would be top of the list, the house of saud? >> that would not count because there is no one verifiable person of the fortune. they would say they were taking thiscent of oil revenue. no one would know, so we can't calculate their wealth. vonnie: so what are we talking about? >> like i mentioned, chanel, they released their earnings for the first time ever. we knew they made a lot of revenue, but it is more than we ever realized.
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the brothers, only two brothers controlled the fortune, $40 billion. we have companies like air luxury -- hermes, company. many families worth around $4 ion. mark: you started shirtsleeve to shirtsleeve. how easy and difficult is it to squander fortunes over generations, and what methods do families put in place to ensure that doesn't happen? >> it is incredibly easya trillt is to make the fortune, to lose it. so these families are still around, still this rich because it takes planning, organization. with regards to taxes, you look at these -- families in europe, they are in europe. they have thought about how they will protect against that, and a lot of that comes from keeping their wealth in an operating
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company which is why these families still have operating companies. mark: great piece, our wealth reporter. more breaking news. has filed thes. disney-fox settlement merger. you thatring settlement and its details as soon as we get to see it. disney is up 1.5% now. the top ofods giant the hour. all in the most since 2016 after payment go -- they are down,at more the fact that the benefit of this 1.8 alien dollars deal had been baked -- $1.8 billion deal had been based in. you can see pimlico stocks have risen 28%. -- thoseee conagra
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benefits were baked in. why do they want pinnacle? frozen foods, they will gain big brands and this is a big group that is growing at the moment. so a smart move on conagra's part. vonnie: thank you for that stock of the hour. to reiterate, the news of the filedew minutes, the u.s. the disney-fox merger settlement in federal court. they are requiring the sale of its -- of fox regional sports network. disney is up 1.5%. we will bring you details. this is bloomberg. ♪ ♪
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vonnie: it is noon in washington midnight in hong kong. i am shery ahn. david: welcome t bloomberg markets balance of power with the focus of the economy.
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>> here are the top stor president trump softens his threat against chinese investment in u.s. firms. is it enough to calm trade fears? a major blow to unions, saying -- the cannot doubt governor of illinois joining us. and thunder in new york, a congressman, the number four democrat in the house, ousted by a former bernie sanders campaign worker. what it says about the future of the democratic party. ♪ david: president trump has announced his approach to reviewing chinese investment in u.s. technology and has taken a path of less draconian measures. thune,'se senator john chairman of the commerce committee.
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