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tv   Whatd You Miss  Bloomberg  February 28, 2019 4:00pm-5:00pm EST

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consolidating above it. you can see the markets settle back down to the 200 day moving average, but as far as we are concerned, you need to get bad news, whether it is the trade front or whether it is acceleration in the pakistan situation, whether you see eurozone growth drop off a cliff, something like that to knock this market down. scarlet: right now, we are not getting bad news or not necessarily constructive news either. we have the index is closing down 3/10 of 1%. almost eightosing points. modest losses for the s&p and dow. caroline: we are still above the 200 and moving average, but a miss day -- a meh day. joe: and this is a week that saw tension between four different nuclear powers because we saw
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the collapse of the u.s. and north korea talk and the india pakistan -- even that can't -- caroline: i blame the fed. joe: always blame the fed. abigail: let's get excited about the s&p 500 range, but the leading range is really for the stoxx with the philadelphia semiconductor index. here's the range last year. the reason this index matter is it is a leading index. 30%as downward from relative to the s&p 500 fourth-quarter decline of 20%. now they are up 30%, but it is ,apped, but my a much longer stronger range -- but by a much longer and a stronger range. stock investors are coming out of overbought conditions and it may suggest more weakness ahead for chips, and perhaps the broader markets.
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romaine: thanks, abigail. there was interesting price action in hilton grand vacations. that's the timeshare company hilton worldwide spun off. as shares were up as much 5%, but closed down about 1.9% after reporting earnings that came in above analyst expectations and he gave guidance higher than what analysts were expecting on eps bases -- basis is -- asis. this company was one of the worst-performing spinoffs for a while that we have seen in quite time, but this has
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rebounded since december 4, rallying about 30%. take the yield on the 10 year. range is thehe smallest since 1979. the range moved 11.6 basis points in the first three days of the month, but held since then. it is not been able to break that range. stronger than expected gdp support -- report. the director of rates admission financial said this is because the playbook has been defined and we could be looking at the fed being done this year. scarlet: thank you for setting that up. still with us is scott wren of wells fargo and luke kawa. rates, was talking about i was checking the best
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performers and they are all bond proxies. on the downside, you have materials and energy. where do you want to be in this markets when we are treading water? scott: for us, we have been leaning cyclically. industrials, consumer discretionary, technology, those are the sectors that we want to be leaning toward. financials, even, as well. as the yield curve steepened today, it may not steepen a lot more, but if we see consistency in economic growth, i think financials can do better here as well. we don't want our clients to get defensive. today, it does not surprise me we would have defensive's outperforming, what's in our opinion, we don't expect it to be the trend. we took a little risk off of the table recently. we downgraded small-cap u.s. stocks.
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are leaning cyclically, but were not leaning as hard as we did. right now is the time to be looking for opportunities because in our opinion, we think stocks are fairly valued right now. joe: what is the impact of trade talks on this market? we have larry kudlow commenting today and he was sounding positive about the deal that would be more than just china buy more stuff. markets didn't seem to care at all. is that because markets didn't buy it or the trade story, in your view, is not as big of a deal on the market as people think? luke: i think it has been a big deal for the markets, but something changed after the initial trade truce. chinese stocks with a lot of u.s. exposure and vice versa. they both outperformed in a big way. the market is pricing any benign intinuation in talks, so
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think it is hard for these platitudes to push the market higher. to a certain extent, at least kicking the can is [indiscernible] scarlet: nordstrom reporting because it is the retailers turn to report. a gain of 1/10 of 1% and analysts were looking for 1.2%. gross margin is coming and softer than what analysts had been looking for. fourth-quarter revenue is also missing the estimates. $4.48 billion for the fourth quarter and analysts were looking for $4.6 billion. caroline: earnings-per-share are looking good. $1.48 and the estimate is $1.42. perhaps that's why were going up? we are certainly coming off of the highs already, so a bit of volatility. joe: most of the numbers appeared to be missed. scarlet: the robots are catching up. eps, iter than the
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looks like a mess on pretty much all of the majors. we will continue to dive into that. caroline: let's take it to scott. people are starting to say its earnings leading is higher or in some sort of catalyst. do you buy that? scott: for us, in terms of earnings, you are going to see very modest earnings this year, certainly compared to next. you mentioned retailers and there is a lot of discussion out there about the consumer and what they will do. we had bad retail sales in december and those types of things. if you look at jobless claims which is an accident -- an excellent indicator, that continues to be a great number. wages are rising. we will probably see it take up a little more when we see the employment report next week. , soumer sentiment is good consumers are out there and willing to spend money.
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for us, we have been overweight in consumer discretionary's are a long time -- in the consumer discretionary sector for a long time. joe: i dismissed the gdp number earlier, thinking 2018 old news, but there were interesting things in it includingearlier,
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luke: what did stand out in the data, to your point, was the story and it was more positive than people thought and underlying demand is still doing good. scarlet: i'm looking at the vix and it is sub 15. averaged 15.2 in february, 19 in january, 4.6 in december. there is no volatility or fear in the market it seems. come late march, you might see things pick up a little bit in terms of volatility with brexit, china trade discussions heating up as well. what's positioning the you see ahead of late march? our people positioning for pickup in volatility? scott: people have been talking about volatility, and we have been. we had a discussion in our strategy group where we were like ok, 10 years trapped in a range, and s&p is back to fair
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value, we have had a few other financial markets that have been trapped in a range like the dollar for quite a while. are we over anticipating how much volatility we are going to get? clearly, we will get volatility. see good trade news, there's probably more downside than the market is pricing in positives out of trade for sure. if brexit is a no deal, that's will probably show volatility. there are a few things that have the potential to cause volatility, but we have had six or four to six months of a lot of volatility. to take a timeout here wouldn't surprise us at all. the vix, every time the market rallies, it drops like a rock. it's a coincident indicator at best, not a leading indicator. the vix is showing all
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is not come. we are headed toward december measures. is there something brewing underneath it all? luke: i think the be vix is showing the possibility -- vvix is showing the possibility to go up and down is possible. the longer we stick at these , right now we are talking about how low the vix is, but you can paint a picture it is far too high. we are a lot closer in terms of realized volatility. joe: you know how quiet things are. caroline: keep digging. scarlet: we will keep looking. thank you scott wren of wells eyeo and luke kawa keep an on those numbers for us. that does it for the closing bell and for me. romaine bostick will be stepping in for me to look at the fourth quarter gdp from --
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this is bloomberg. ♪
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caroline: live from bloomberg's world headquarters in new york, i'm caroline hyde. scarlet: i'm romaine bostick -- romaine: i'm romaine bostick. joe: i'm joe weisenthal. caroline: here's what happened to u.s. stocks, not much. joe: the question is "what'd you miss?" caroline: business investment. it may be too soon to give it a clean bill of health. we talk with kevin hassett.
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from handshake to empty-handed, president trump gets bipartisan praise for walking out on kim while north korea disputes the president's account of the summit in hanoi. decision day. offshore investors loaded up on china shares. romaine: a quick recap of some of the earnings we have out here. nordstrom, the department store, arriving after hours here. their eps is coming in above estimates and it's saying for fiscal year -- the full fiscal year, net sales will grow about one to 2%. the cloud computing company and they are also beating estimates and giving guidance for 2020. subscription revenue of .03 to 3.0 4 billion. caroline: we have gap coming out and there will be two
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independent publicly traded companies. they say old navy is to become a standalone company. this is interesting as gap continues to struggle in the retail world. the formula has not been working for them. it seems they will be separating the two independence. romaine: a lot of investors have been saying that is the main driver of growth and that is the company they want to invest in, old navy. joe: this is one of the company stocks that does not go anywhere. the stock is trading at the same place it wasn't 2002. sometimes it gets momentum, and then falls. it seems like they need a shakeup, but people might get excited about a standalone old navy. caroline: we will see whether that separation of value will help move gap going forward. mover,alk about another tesla's big surprise. electric carmaker's ceo took to
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twitter to tease an announcement coming at 2:00 p.m. california time. tesla has stopped taking orders for vehicles on its website and said they are redirecting customers to a preview page. here is our detroit bureau chief, david welch. is it a car? >> we don't know yet but they suspended orders of the model three. they said the wait is finally over and speculation is that maybe this is the $35,000 version of the model three. he could throw all kinds of things out there. waiting toeeps us see what will happen next in so many ways. over 400,000e people put one thousand dollars down and are basically waiting on a car that did not exist for the longest time. most model threes were selling for 45 to $50,000 or much more. a lot thought they were getting into the tesla brand for
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$35,000, but the car has not been there. it doesn't exist, until maybe today. if they are suspending orders, it's a good hint that is where it is. joe: it seems i can most elon thing, to build up so much excitement, shut down the website, all of these tweets, for something three-year-old news -- something that is three-year-old news. david: the $35,000 model three in essence is three-year-old news because that is what they were supposed to sell it for in the first place. his initial projections on the model s were 55 to $60,000. in a
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romaine: insider trading has been banned since the 1930's in the aftermath of the great depression, but some insiders are able to circumvent those rules. congress is trying to change that with a bipartisan bill. we're joined by one of the senators behind the legislation, a democrat from maryland. senator, welcome. aboutw the general just corporate executives structure -- their share of sales or products.
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your legislation seems to imply some executives have been making an end run around by exploiting a loophole. >> that's right. there are a number of studies that show executives, even when they have these plants in place, are doing a whole lot better than the market would suggest in -- kind of random periodic than any kind of random periodic trading would suggest. i have teamed up with the senator from nebraska with this legislation to say to the sec, we want you to take a look at this, look at the evidence, and craft a rule if you find there is abuse. we should all agree that executives and other insiders should not be trading and benefiting based on that inside information. that is the principle. we want to make sure it is
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enforced and no one is teaching. caroline: talking a potential cheating and the sec, more recently, we heard the sec is going to investigate danske bank. what's your opinion of the banking system and perhaps threats or behaviors when it comes to the money laundering and the like. is this more prevalent than it was? sen. van hollen: i don't think were doing a good enough job. all of the revelations about dansk a bank indicates we still have big holes in our system. deutsche bank continues to be a bad actor here. we are following the hearings in europe closely. i have asked chairman of the to holdanking committee a hearing on the united states senate on deutsche bank because of these concerns about money laundering. we want to look at that specific example, but look at the problem broadly. joe: do you think the president
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to damage and set us back with the conversations with kim that did not result in anything? sen. van hollen: i do. trump has, president elevated the north korean leader , kim jong-un, on the world stage. he met with him as an equal on the international stage, and yet, we have seen no concessions at all. it appears the dprk did not even bring their nuclear negotiating team to hunt noise, which you would -- to hanoi, which you would do if you were serious about the goal of the nuclear relation -- denuclearization. the north koreans are playing with president trump. this was amateur hour from our president. the north koreans are exploiting that.
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they also got our president to say he agrees with the north korean leader. the north korean leader could not have possibly known about the gross human rights violations that led to the death a man. isaine: a lot of attention turning to china and the administration focus as well. you have been involved in some of the issues going on with zte. how do you feel about the administration's approach not only to the china trade deal but how it is dealing with some of the companies in china? sen. van hollen: i think we would all like to see a deal with china that dealt with the tariff issues, but also dealt with the important issues about china's continuing theft of u.s. technology. thatules they put in place require u.s. companies doing business in china to turn over the crown jewels of their
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proprietary information, that has to end. there's broad support for that. respectis spinning with to how the president is dealing with this. ,ur own negotiating team trump's negotiating team, feels more whipsawed than the chinese. inhave our trade ambassador the white house and the president saying a memorandum of understanding is no good. you have our team overseas trying to discourage our european partners from purchasing huawei 5g technology and the president tweets out, in total contradiction to what he had been saying, something about how we have to compete on a technology -- the technology and forget about other issues and concerns, security issues. i do not have confidence in the way the president has been zte inhing huawei and
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the last couple weeks. caroline: senator, thank you for your time. now, let's return to breaking news on gap. we're joined by emma chandra to dig into what is fourth-quarter numbers and news of a separation in the company. let's start with the numbers. they are ugly when you look at sales. old navy flatlining. emma: that is right. in terms of the numbers, not great when it comes to gap. the expectation is that they would not be as good, but old navy has been the upper former for gap for a long time to the fact that they are not doing quite as well and not great. the fact they are being spun off, a lot of people like that. joe: why? now you can invest in the growth of the company more directly, but it was always there. what is it about the combined company now worth 14% more than it was half an hour ago? emma: i was speaking with
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bloomberg intelligence and one of the things they were saying navy, itf gap and old was in the broader portfolio of brands. on its own, it will get a much better fail value. the analyst community has wanted this for a long time. romaine: talk to me about the fashion trend. and oldo into a gap navy, i don't see a ton of difference in terms of what they are offering. there is some demarcation, but there seems to be overlap. you get more upscale with banana republic, but this has seemed to be the problem of gap for years. emma: the namesake brand has struggled to figure out who it is, what its price point should be for some time. the thing with old navy, and i spoke with the ceo last year before the holiday, and they have been focused on who their customer is, what is their price point, and it is slightly lower
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than the gap price point because they go after customers -- she told me that customers are focused on value and want to be able to prove -- and they want to provide that value. joe: what about these other brands? i've never heard of hill city. emma: i know about flakka -- athleta. it's a much smaller part of gap in but it is growing -- gap inc, but it is growing and doing well. caroline: who knew. thank you. let's get the first word news. mark: talks between the u.s. and north korea are not over. from secretary of state, mike pompeo, who says nuclear negotiations will resume following the collapse of president trump's summit with kim jong-un. , pompeoay from vietnam said his team will get back to work tomorrow, although no new
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meetings have been scheduled. at a refueling stop in alaska headed back to washington, trump stressed america's military power. the president did not directly respond to north korea's assertion that he had mischaracterized the reason the summit collapsed. said the u.s.rump was investing in missile defense technology and issued a broad warning to america's enemies. >> you are a powerful warning to the world, to never strike american soil. you are a warning everyone knows about and nobody wants to play with. mark: uncertainty over brexit is having an impact on the number of people moving to the u.k.. according to statistics out today, nets migration to britain from other european union nations is at its lowest level in a decade. migration has plunged by 70% since britain voted to leave iraq in the 2016 referendum. global news, 24 hours a day on
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air and on tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. joe: the latest gdp numbers the u.s.showing economy was steadier than anticipated at the end of last year. the figures were delayed because of the partial government shutdown. here with more's the white house council of economic advisor chairman, kevin. thank you so much for joining us. the economy is growing roughly or take a, give little bit, depending on how you want to measure it. --you see every dense evidence that the productive capacity of the country has moved higher? kevin: absolutely. if you look at capital spending last year, we had more equipment, 11% more intellectual that kindand i think
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of stuff tends to create positive momentum. they have been building factories all year, and this on, sohey will turn them it gives a reason to have optimism about growth through this year and continuing about -- at about 3%. very often, first quarter there about 1% lower than the rest of the year, so i'm thinking 2% first quarter. romaine: one of the criticisms or skepticism that some people are putting into this report is the idea a lot of what we saw in 2018 was fueled by tax cuts and fueled by other administrative measures that were temporary. is, in 2019, what do we have to push us forward with those things not having the same effect? kevin: first of all, deregulation is continuing and i think even accelerating this year, a lot of times when you
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deregulate, you have to study it for a long time and figure out how to change it so it is better. there's a lot of deregulation plane in the labor department. the tax cuts are permanent, and what happens is if you cut the cost of capital for firms, they have a higher long-run target capacity, but is not easy to get capacity online. there's a much higher target capacity. right a big step in the direction moving towards it, but there is room to go. caroline: talking the tax cuts, what they do is add to the budget deficit. worried aboutou the debt load of the united states and impact it has on the economy in the long-term? kevin: in the long run, there is a problem everybody writes about. in the short run, we are looking at 3% in stead 2% growth because of the tax cuts. that extra percent is something that will help make it easier to fix the problem in the long run. if you get 1% more per year for 10 years, you are looking at a
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lot of wealth for americans that can be turned into tax revenue if you needed to be. in the short run, we started at the high tax place on earth -- as the highest tax place on earth. doubled our about growth and doing it at higher target capacity. that has to put the economy and taxpayers on a firmer footing. in the long run, these budget problems will have to be addressed. joe: let's talk about trade. the threat of an increase in tariffs on china has been delayed for a while amid progress in trade talks. assuming trade talks come to fruition and there is a deal, we know there is not going to be a tariff increase, what about the existing tariffs levied on chinese goods? with those disappear? dashwood those disappear? kevin: i can't get into the negotiations, but we made an enormous amount of progress.
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the ambassador testified about the progress. some of the most interesting things he talks about is the sketch of an agreement on enforcement. can't get in front of everybody to say what is going to happen with of the tariffs, that is something people are discussing. romaine: from being an economic advisor and an economist, do you see some net added benefit to the bottom line, meaning the somegdp, productivity once of these geopolitical issues are finally settled? the resolution of uncertainty is a big upside risk for the economy. i think it is great for china and for the u.s. if we get a deal that we are seeing sketches of. that would be great for both of us. it would open up chinese markets for u.s. firms in a way that does not a consign over intellectual property, and open up the u.s. market for chinese firms.
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there's a big upside for the trade deal. we are beginning to see a sketch of it. from the point of view of u.s. investors, the way to think the chinese theft of intellectual property was costing hundreds of billions of dollars. if that stops, that is hundreds of billions of dollars in our pockets instead of going to the chinese. caroline: you were talking about how we might see further taxation in the future if we are going to tackle the debt. put the taxyou upon, consumers, businesses? where do you see that having the biggest bang for the buck? kevin: revenue can go up without going up in gdp. if you have three children -- three children -- 3 trillion more gdp, that would be 600 billion of the tenure alone.
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if you look at the statics cost of the tax cuts, in the 10th year alone, you are almost half of that because of normal growth. we need to watch the growth involve and think about what is happening to income, and look at the long-term budget challenges to think about what to do. if you look at the history of fiscal consolidation around the world, what tends to happen is people on the left and right get together and think about how to address the long run problems. in a study i did with matt jensen a number of years ago, we that fiscal consolidations for the most successful were the ones that focused on spending, not on tax increases. joe: we know the president has not been crazy about a lot of it policy decisions, though has been quieter lately. there are two open seats on the fomc, so an opportunity for the to exertse to continue influence or get economists on
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there who see the economy the same way. how soon might we see those seats filled? kevin: it is definitely something we are actively and so on, andle the timing is not something i'm necessarily involved in, but there are candidates being vetted and talk to. we are moving forward with a plan to get people in their this year. caroline: thank you so much for your time, kevin hassett. great to have you. mci is set to announce whether they are increasing chinese representation in the industry. this is bloomberg. ♪ y. this is bloomberg. ♪
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romaine: quick breaking news here. kim jong-un is basically telling
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his own news agency in korea he is bound to meet with donald trump again in the future. we don't have any more details, but we will bring them to you as we get them. turning back to the market, tesla is not going to be the only big announcement today. msci, the index tracking companies, announcing it will potentially increase the weighting of chinese industries. the ceo says beijing is accelerating at the opening of its markets. in his last appearance on bloomberg, he talked about a liberalized chinese market. >> and the emerging market index, china is about 30%. mostly made up of chinese companies listed outside of china. but we're not talking about is the opening up of the asian markets, the domestic listed companies. that is very promising. our next guest is
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watching the msci decision closely. is a chief investment officer of crane shares which manages china focused etf's. he joins us over the phone. we know last year we got a pretty big boost when a lot of these companies were first added to the msci index. with the change in the weightings, how much of a change are we expecting today and what will be the effect once the changes take place? has already added all 235 names. of theirthey added 5% free flow market caps, meaning we had another 95% to go. will be raising the 5%lusion factor from 2018's to 15%, or a total of 20% in 2019. joe: what kind of impact will that have or has the impact already been felt in markets with people anticipating them?
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brendan: i think markets are anticipating them. thehink strong inflows with stock trading program, but msci dictates four -- 14.8 trillion of assets. this is a meaningful increase for china in terms of its percentage weight and the potential impact from passive investors by etf index funds buying the stoxx. -- stocks. caroline: we have seen the best-performing index to start the year, and therefore, do we then see positive momentum building in chinese stocks going forward as we see the ramifications of this? do believe this is a positive catalyst for active and passive. managers will have to own the securities. we have had a nice move thus far. apt to differentiate its definition of chinese a-shares from the csi 300. it is apt they will add small
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in 2019 and mid-caps in 2019 and mid-caps and 2022 differentiate the msci china a-shares index. romaine:romaine: we heard from the ceo of msci and he said china's economy and markets are opening up faster than a lot of people thought, they are much more transparent. this comes against the backdrop of trade negotiations with the u.s. where a lot of the skeletons are being exposed. how do you square this expansion of the weightings and msci index with the current state of the transparency and this free-form nature of the markets there in china? brendan: i think china has opened up in a significant way for those in the financial market. what we're doing at crane chairs would not have been feasible a couple of years ago. the msci inclusion will require more global investors and american investors to go to china to see the experience themselves. the msci decision could go a long way to improving relations
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between the u.s. and china. joe: go into that. what is the process on how that would occur? that having more exposure to china, causing more people to be aware of what is going on, and bringing the country together. msci's 14 20in trillion, 2 trillion is in emerging markets. 500 billion is passive, but 1.5 trillion is active managers. be 10% within the benchmark over the next three to five years because of the china a inclusion. largestl require the active managers globally to go to china. when you see the experience where you have the hospitality that i have experienced, the openness to do business, it has a real effect. seeing is believing. for the first time, the largest asset managers globally will
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have no choice but to go on a plane and seeds themselves. caroline: it's great to get your perspective on all things china as we head toward the announcement. breaking news regarding a hedge fund firm. they are expecting a $5 million sec fine and telling their clients that the sep -- sec found failures and they will settle a case without admitting wrongdoing. we're now getting news upon that. this is the hedge fund founded by michael craig. also breaking news, the call on gap. cap splits itself into separating old navy and telling us disappointing fourth-quarter numbers. let's get to the retail reporter . 20% move, clearly many feel this will be more valuable if you hack off old navy. >> this has been out there for a
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long time. old navy was the growth engine of the company. this is a discount play. banana republic, gap brand, has been struggling for years. the ceo has tried a bunch of different things and got nowhere with them. this is something investors have been clamoring for a while. romaine: so old navy, it makes up the bulk of the sales even though it has fewer stores than gap itself. for those of a certain generation, the gap brand was magnificent for a while. what happened? what is old navy doing that gap cannot manage to do? matt: it is mostly kids and families shopping there. romaine: so it's cheaper? matt: yes. anyone with small kids have probably shop that old navy. brand, who is the customer? that's the big question.
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most people know about gap, it is 40% off. this gives investors the chance to lock in the growth of old navy. joe: we were talking about these other brands with the legacy company. why wouldn't the hill city and those be part of the growth? matt: that's a good question. be a caught 5:00 to talk about it. i'm sure that's will be one of the questions. part of thea good business, although not as big maybe -- old navy. that you have to give investors something. if you want to invest in the gap company, you have this other hill city brand. romaine: how good are they at marketing? if joe has never heard of hill city, that has to be something. this is high-performance where -- wear. it: i'm embarrassed because
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is exactly like all the ads i get online. don't feel bad if you have not heard of it. caroline: it's building, but perhaps not the growth part of the business. you will getting more information from matt townsend. send us your messages if you have been shopping at hill city. this is bloomberg. ♪ y. this is bloomberg. ♪
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>> i think we are cautious on how look of credits given the uncertainty of the u.k. economy. of the letdown -- caroline: tesla shares fall after hours because a headline has, from electric, an electric vehicle focus website, saying tesla launches its $35,000 model three with a shorter range. in the story, it says you will model three with a standard interior and 220 mile battery pack. this is a 2006 plan finally
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coming out. 2016 plan finally coming out. romaine: at least you get something. i think there was so much disappointment you didn't have a lower price model. even if it is a stripped down version, at least you get something in the price point. we will see if it excites people. get the fullwill headlines coming up at 5:00 p.m. which is when tesla will do the unveil. president trump is walking away from a second summit with kim jong-un is no deal. -- north korean for minister foreign minister is holding a today, but thee trump administration says the u.s. and china are on the verge of a historic trade agreement. let's bring in shery ahn. we're talking china, korea, so let's start with what did not happen, shery. was there much of a letdown in hanoi? was,: there clearly
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because we were expecting at least some sort of peace declaration. it was supposed to be signed thursday afternoon and it was not. now, the leaders don't seem to be on the same page either on what was on the negotiating table. a rare press from conference that they have offered what they call a realistic proposal to begin the process of denuclearization. kimident trump has said jong-un wanted the sanctions lifted in their entirety, and they couldn't do that. this puts the two leaders at odds but president trump said the meeting ended amicably. they sure can's, but what is next is the key question. where can they go from here if they haven't even agreed on what would be on the negotiating table? joe: how much of a surprise was it when north korean officials
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announced a press conference? follow ourhave to bloomberg colleagues, because we are all trying to scramble to get there. know what he was aware the north koreans would hold a press conference -- nobody was aware of the north koreans would hold a press conference. we are talking about engagement directly with western media. what was interesting not only about the summit but from the singapore summit, the north koreans seem to more open to engaging with the world. you had seen north koreans hanoi -- touring hanoi. they seem to be opening up to the world. thesee: for more on stories and others, don't miss "bloomberg daybreak: asia" at 6:00 p.m. eastern time. caroline: that's all for "what'd you miss?" romaine: "bloomberg technology" is up -- joe: "bloomberg technology" is up next in the u.s.. romaine: have a great evening. this is bloomberg. ♪
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emily: i'm emily chang in san francisco and this is "bloomberg technology." hour, tech names plunge. in a single day, hb think drops , fitbit sinks 14%, and all on the back of earnings. what does it mean for the rest of tech? could uber make a big global play ahead of its planned ipo? ahey are in talks to buy middle east competitor.

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