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willing to walk away because he is worried about the price action in the market. are you saying that is not true? the market is not a factor in the negotiations? larry: that is just not true. he has to do what is best for american technology, for american workers, american manufacturers, american farmers and it has to be enforceable. it has to be ambassador lighthizer has put together a very detailed and innovative enforcement procedure, ok? the chinese and signed on to it when they were here two weeks ago. we are waiting to see if president xi in the politburo in beijing will continue to stay signed on. we have to protect the united states, we have to protect our own interests, our own security. no. a few points one way or the
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other on the dow is not driving his thinking -- never has, i don't know where that came from. let me underscore this point -- the president is cautiously optimistic, so am i, so is the trade policy group, our colleagues. i don't want to say we are about to leave. but if it is not the ideal for this country, and this country's long-term future, jon, and potus has made this clear. jonathan: let's talk about the enforcement mechanism, larry. a lot of people are confused about enforcement mechanism with the chinese to make sure they don't do anything funny with currency. what is the enforcement mechanism aside from the written agreement from the chinese to pledge not to do it? on the currency point we have asked for currency stability, number one, no manipulation. number two, we have asked for greater transparency, jon.
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transparency in this case means we would like to know as quickly as also will -- quickly as possible any currency interventions undertaken by china. we would like to know that that is part of the deal. that is what was agreed to in the talks here in washington. you will see if we get a sign off from the top leaders in beijing. jonathan: as you know, the trade deficit in the united states came in at the highs level in a decade. the economy is strong, importing in the united states. that was inevitable. the president wants to close the trading cap. how much of that is in your control and how much of that will be down to the fx market? larry: well, look, on that point, i think the increase in the trade gap is largely a function of american growth. we are the fastest-growing economy of all the major countries, and supply-side policies on low tax rate and
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deregulation, and trade reform, by the way -- we have a very good trade deal cooking with congress. nobody ever wants to talk about that. i think it is really important and i think it is progrowth. our growth right now is generating a faster, wider trade gap, you are quite right. but that is a good reason. i would like to see these other countries grow faster. that would help us. with regard to china and any other trading space, jon, the key point for us is to break down barriers so we have reciprocal tariffs, fonterra deals -- non-caret deals-- nontariff deals from and allow american businesses to export. we are the most competitive economy in the world today, and if you open the door, we will sell you tons and tons and tons of goods, and that will shrink
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the trade deficit. that is a progrowth solution to trade. i'm hoping -- again, i am guardedly optimistic, as the president is -- with regard to china, i believe we are moving in that direction. market openings for usa, export sales, industrial commodities, agriculture commodities, and ir, and legal technology discussions and laws. that is what we are in for. i am not a bear. believe me. i'm just saying to your point that there is no willy-nilly fast deal to get 30 points on the dow. this is a long-term historic, historic opportunity for the future of the united states. jonathan: do we have a date for the meeting with president xi, larry? larry: i bigger part -- i beg your pardon? jonathan: do we have a date with president xi? larry: nothing in cement.
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you could go into april -- it could go into april. here again, let me fall back -- we want to get it right. we made a lot of agreements here in washington two weeks ago, very fruitful, positive talks with the vice premier and his group. now it has to go back and clearly top level of president xi and the politburo in beijing. we want to get it right, jon. that is the key. not the time, not the place. jonathan: always great to get the insight from you and the administration. larry kudlow joining us from washington, d.c. price action for you, 35 minutes into the session. equities of software and midsession low down .9%. bigust had this will
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payrolls number that confuse things a little bit and confused the bond market and fx. treasury yields pretty much unchanged. dollar really strong through the week, a bit weaker on the session now. from new york city, for our audience, worldwide, this was the countdown to the open. this is bloomberg tv. ♪
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guy: live from london, i am guy johnson. vonnie: from new york, i'm vonnie quinn. this is "bloomberg markets." we are joined by the chief strategist at investment management. we are getting reaction all
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morning long to this jobs report. was it a disappointment? >> disappointment on the headline, but it was n.y.c. month. we heard that from every -- it was a noisy month. we heard that from larry kudlow on your segment. we did see the unemployment rate go down and we saw which numbers go up by a nice amount. coupled with a low inflation rate across the economy, it is pretty good news. vonnie: we are seeing the market drop again today, s&p down .9%, eerie echo of 10 years ago, perhaps. is this something that will be sustained? terrific, had a terrific rally of the low of this you, and it was a v-shaped rally, where you came straight down and went straight back up. it is the fourth time the market has priced a rally and couldn't quite do it. thee is a risk probably to 2650, 2640, if only because it
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was such a ferocious rally. that is pretty much typical for markets and recoveries when you have a selloff like this. the headlines are not great globally. we had yesterday ecb funding us how weekly european economy is. -- reminding us how we the european economy is. risk-offittle bit of for now until we get further headlines that can support the market. guy: alicia, good morning. was there anything in today's data that would turn you off such the position? alicia: i think that what is interesting here is that we really see inflation being mild. we are going to see the long end on the u.s. sovereign debt side being held out by what is going on europe and the german bonds. we see a flattening of the curve here.
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although it seems that the fed is going to do its best to lower the short end. guy: in terms of what is happening in europe, the fed seems to have a symmetrical inflation target. they could run the u.s. economy a little hotter for a little longer to average the number out. mario draghi was talking about this yesterday. jean-claude trichet and him always talk about the fact that inflation is their primary mandate. as result of which, is it more likely that the european curve stays flat for longer? alicia: europe has a little bit of the japan problem, edits and they cannot grow enough -- that instantly cannot grow enough to generate internal inflation. the curve stays longer in europe as well. you have a better chance of growth in the u.s. and the long end getting high. in the short term -- i will define the short term as the next 12 months -- i don't see it getting much higher. even the global growth data and the inflation rate in the u.s.
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10-year right the now. where does that stabilize? itoubt you would call stabilization here. of 240 it is in a range to 290 for the rest of the year. a year ago it looks like we would grow our way out. i think we stay lower, and in some ways it depends on what happens with the china stimulus and what happens with china stimulus, helping china, but i just helping china, but stimulating global demand. it is all linked, and in some ways it starts with china. vonnie: are the risks to the downside or the upside? if we get european auto tariffs, that would be a negative catalyst. if china doesn't come in where it should, that is obviously a negative catalyst. what is the more likely
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scenario? alicia: it is highly likely that we get tariffs slapped on europe. it seems the tariff strategy has been very successful for this administration in renegotiating trade deals. i think europe is most at risk here of the probability of tariffs. having said that, the tone of the market is a lot better than it was six months ago. you have the index outperforming the market cap on the s&p. it shows there was a healthier market. ultimately there is an upward bias. i would like to see the 2650 level met first for i am comfortable saying we are moving higher. terms, ina, in dollar china it is a circa 24% at the moment -- 21% in local currency. today down by over 4%. would you start to take money out of the chinese market at
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this point? alicia: i think the 20% rally in any market, it is not a bad idea to take money off the table. the interesting thing about the china market right now is there was a debate about whether or not stimulus will work. we think it is too little too late, because china does not have a trade issue with external demand weakening, but it also has a consumer issue where the consumer is weakening internally. as you know, the chinese government tried to stimulate morenal demand to have a sustainable path of growth for the country. what we have seen with the internal and external site is weaker. we would like to see china stabilize. i'm just not sure the stimulus is sufficient at this point. guy: alicia, very briefly, the dollar, up or down from your? alicia: up in the short-term, down the second half of the year. vonnie: alicia, thank you. alicia: u2, funny. vonnie: alicia levine of bny
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mellon. we have abigail doolittle with us. abigail: we are looking at a selloff of the major averages in the u.s. it is a global selloff. look at the s&p 500 and the nasdaq, southerly lower for the fifth day in a row. for the nasdaq the longest losing streak going back to 2015. big rally clearly breaking with investors citing the uncertainty in the jobs numbers not helping. but the selloff is starting in china. take a look at the shanghai composite. worst day of the year. as our guest and i were just talking about, -- and i were just talking about, it is reminiscent of 2015 when we had lots of volatility and that could portend more of the same. down 3.5%. it is a complete risk asset selloff. if we go into the bloomberg and look at a chart we had yesterday where do investors go?
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this is back to the s&p 500 last all-time high. china in a bear market. daxother index, s&p 500, also in a bear market. in white yesterday, the china index up more than 10%. now these other three are negative. perhaps china is going to follow the u.s., germany, along with the emerging markets to the downside. it is a bit bearish. as for what is dragging on the s&p 500 on this day, these of the biggest drags. investors are taking profits off of the table. amazon and apple are down sharply. this could be taking some profits off the table and chips off the table. it could be the fact that senator elizabeth warren is thought to be introducing a plan to break up some of the big tech
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names. that has been if you're over the last year. investors reacting to that. confirming risk off -- take a look at the three-day chart of the yen. this is the dollar against the yen. the dollar falling against the .aven yen as they are fleeing riskier assets, they are seeking safety. pretty much risk-off day, risk of -- risk-off week. vonnie: next up, talking about the sale of tv station to complete nextar's tribune takeover. this is bloomberg. ♪
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vonnie: live from new york, i'm vonnie quinn. guy: in london, i am guy johnson. this is "bloomberg markets." european equities have had a
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bumpy ride the last couple of sessions. chinese narrative coming out of the session didn't help. cyclicals under pressure, banking stocks down, oil companies down. bp, shell, all trading lower. visit resources stocks trading low as well. miners under pressure. down by .8%. the last 24 hours very bumpy for european markets. people are rotating back into the defensive end of the market. telecoms doing much better over the last two sessions. vonnie: here in the u.s. we are seeing a selloff. the s&p 500, positive performances for the likes of klesko after a gold star quarter, as they are calling it -- likes of costco after a gold star quarter, as they are calling it. oil stocks are selling off in the u.s. as well. norway's sovereign wealth fund selling stocks, delivering one below. we will talk about oil stocks
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later in the program now it is time for etf friday. stirring up the markets the last two days. us this bloomberg intelligence's etf analyst. what is going on with the timeline? how is it affecting the markets? >> the flows into chinese etf's have increased dramatically. there are two ways to look at those. the most common this right is china money going into a bank. -- in there. china makes up 30%. more money typically goes into emerging-market etf's and 30% is chinese equity. typically that makes it the dominant flow into chinese equities. but after this announcement we saw 700 million go into chinese etf and that is a change. guy: not all chinese etf's are
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made equal. you dig around and you realize $.10 andhem are like the olympic stocks and the others are much broader. go to the differences. james: to understand the differences you need to understand the chinese market, which is pretty segmented. they are broken up based on where the companies incorporate , howho can invest in them much of the company is owned by the government of china. we are not going to get into too many details on all of those things, but the ones you care about our notice a-shares and their listed on shenzhen and shanghai. up till 2003 they were restricted to foreign investors. msci has rewarded by including these things in their indices. 't that surprising isn they are including the a-shares, put on february 28 they made the
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announcement that they were stepping up the gradual inclusion. vonnie: what are some of the etf's involved? james: when you are looking at these things, some of the etf's, you need to know which shares are allowed to invest in etf's. ashr.rst etf's deutsche a lot of these earlier ones had nothing exposed to that type of market. and were very nuanced narrow in what they could invest in. performance-wise, a-shares have outperformed the s&p 500 the last two years. this is the only etf out there that gives you the most broad exposure to what is the chinese equity market. that has even performed better and with less volatility. the underperforms of chinese equities overnight in trading in asia, chinese equities got hit hard, especially tech stocks.
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we will see how that goes today. guy: james, great stuff. thank you very much indeed. one of the big stories we have been tracking. we have got some -- as vonnie said, it is international women's day, and we have two finance ministers on the program. we will be talking to the finance ministers of sweden and norway, both women talking about big subjects on the program, one is the oil story and the other is the money laundering story. vonnie: i'm excited for it. let's talk about our latest "bloomberg business flash."bloomberg has learned the new york yankees have come to a deal to buy back the yes network for $300 billion with backing from amazon.com and others. the network will broadcast yankees games and games from the nba's brooklyn nets. it is the crown jewel of the collection that disney is
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selling after acquiring 20th century fox. federal communications commission says more time is needed to review arguments for a deal presented by the company's list agency said it wants to review significant new information. shares of costco are higher today. the chain posted same-store sales that were better than expected in the latest quarter and profit margins expended. costco extended its same day delivery service to cover most of the united states and will open its first store in china later this year. that is your latest bloomberg "business flash."coming up on the show investor, streetwear icon. she will join us to discuss for latest project to help people innovators and entrepreneurs. a big effort by the united nations to drop attention to international women's day.
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guy: and we are also going to hear about what is going on in the banking sector. deutsche bank and commerzbank potentially being spurred into a merger by the german government in berlin. we will find out why this is accelerating. this is bloomberg. ♪
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vonnie: live from new york, i am vonnie quinn. guy: from london, i am guy johnson. this is "bloomberg markets."
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let's catch up with "first word ." your with the details, kailey leinz. kailey: u.s. employers hired the fewest number of workers in years, just 20,000. the jobless rate went to 3.8%. the payroll increase was well below estimates. economists say the data can jump around from month-to-month. u.s. new-home construction bounced back by more than expected in january residential starts rose 18.6%. permits hit a nine-month high. the data points to how lower mortgage rates are encouraging builders and supporting demand. democratic presidential candidate owes before and is proposing to break up tech giants -- elizabeth warren is proposing to break up tech giants like amazon and google. in finland, the center-right
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government has resigned. the biggest project, social care reform, collapsed in parliament weeks before the presidential election. global news 24 hours a day, on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i am kailey leinz. this is bloomberg. guy: thank you very much indeed. reports from germany this morning suggests that merger talks with deutsche bank and commerzbank are picking up. at present, the discussions are still informal, for the government of berlin is increasingly worried that lending could be affected if ranks continue to start -- if banks continue to struggle. the talks -- the suggestion is that the talks are at a fairly informal stage. what exactly does that mean? was mean, everybody
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scratching their head a little bit, what intensifying talks exactly means. basically what we are reporting for a while now that lenders are from time to time speaking to each other and the ceo's are in touch and know each other. i guess there is a lot of stuff to go through before they can even think about going into more organizelks is how to before they can do anything with a larger. thatjp, the suggestion was they were against such a deal. is that still the case? jan-patrick: as far as we know, it is. he has not said otherwise in recent weeks. i think the environment for banks with the ecb yesterday saying to keep rates lower for longer is deteriorating. maybe this is at least changing his mind in the way that he says
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let's have a look at it at least and what it means for both of us if we can figure out a way that is helpful. guy: why is the german government prodding these two banks to make progress? the recording to suggest it is about lending. best reporting seems to suggest it is about lending. is that the reason? jan-patrick: i'm a little puzzled by that argument because i'm not seeing any of those two lenders reducing lending to the middle shine, and then we have lots of other banks in germany who are keen to take on that business because it is good credit. they certainly think that the government is still involved in a stake in commerz, and are trying to find a solution and the merger could maybe help there. the question is for the time being that the government is working and not really saying what they want to achieve here. guy: jp, there was a plant
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apparently when this was look at last time, where what you would do would be to put the retail operations of deutsche bank and commerzbank together and then to effectively the investment bank could be sold or find another home. do we know roughly what structure these two could be looking at? jan-patrick: that would make perfect sense, i guess, especially since commerzbank has produced a lot of its invest -- reduced a lot of its investment banking activity and focusing more on the classic banking. not immediately selling the investment banking arm, but at least having the option to do something else with it. guy: what other options does deutsche half at this point? jan-patrick: ha, not too many, i
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guess. commerce bank is the only lender grupo would make sense to merge in germany. the other option would be something cross-border, but that is more difficult than doing something in germany, because the rules of the framework is just not there for any cross-border merger that is so big between deutsche bank. i guess for deutsche bank it is really the only way they can go, decides, of course,, doing something on their own and going down what they have started in making the bank little that smaller and getting books in order. guy: that is a tough road to go down. jp, thank you indeed. joining us out of frankfurt on the deutsche bank story. vonnie: great stuff, guy. we will keep our eyes open on any headlines on that. coming up, breaking the gender
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barrier. designer, innovator, kimora lee simmons is all of that, and she is joining us on the latest project to help fema entrepreneurs. this is bloomberg. ♪
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guy: live from london, i'm guy johnson. vonnie: i'm vonnie quinn. this is "bloomberg markets." in celebration of international women's day, a global call to action with a new program called she innovates. here to explain is an icon in the u.s. kimora lee simmons, global ambassador for this program,
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also fashion designer, model, innovator herself, and creator of the baby phat collection. she has a well-timed business announcement of her own. welcome to bloomberg. kimora: thank you so much. vonnie: expect to us what this human program is. kimora: i am a champion for innovation -- i believe that is an official title. i certainly hope it is. we champion gender equality rights -- rights for gender equality for women. we are launching today a program called she innovates, which basically puts forth a set of principles or guidelines, or i would like to think of them as rules but they are more guidelines for women in the workplace and ways that business foran implement change women and gender equality as we move this whole conversation forward.
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vonnie: you have been a champion of this for 20 years at this point. kimora: even longer. vonnie: modeling for chanel and the creation of baby phat, which launched the whole streetwear idea and concept which is now mainstream but back then was so underground. talk about the economic impact of more equality in the workplace. kimora: double idea -- like you said, i've been doing this -- i'm only of a certain age -- vonnie: [laughter] kimora: but doing this roughly 30 years or more. it is important we have these conversations, and the time is now. it is no better time, no bigger platform that we have now. we have been taking small steps all along, from my days in fashion as a model and on the other side as a designer and as it relates to me transforming into the business summit and the
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ceo, it is important that you have women as the end user, women as the creator. it is going to make it -- we are such a big consumer, we are responsible for so many of the dollars floating around. we need to take more of that responsibility and own it, and it needs to be targeted towards us. vonnie: part of the she innovates program messaging is that equality, closing the gender gap ads $17 trillion to the global economy. talk about this new announcement you have today, because it is very exciting and it goes to your entrepreneurship as well. kimora: i am excited to actually announce this on international women's day, that i have a brand called baby phat that i started 20-something years ago, and i recently just purchased the company back, and so i will be
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relaunching that and rolling that out is year too many people who know me and know of my start and may remember that it has been a family journey for me and i have two little girls and i but theyyoung boys, know them from the show and being with me in the design and going down the runway. now they are older, 16 and 19, and they will be helping me with the reins, helping me at the helm. vonnie: what is your read on consumers and how things have changed? you did this years ago and it was a hygienic success. now streetwear is main street -- it was a gigantic success. now streetwear is mainstream. how do you read the situation? kimora: i think for me it has always been about answering a orstion or filling a void,
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really -- i have great communication with my consumer and my customer. for me it is about pushing the agenda of women business owners, women ceo's, women with creative positions, women of color. for me i feel like it is no better time. business is great. i always have that core group and core supporter. many people have come along with me on the journey, whether they are my kids' age, the millennials, or my age, a little bit older. no better time, but you deftly hectic navigated -- definitely have to navigate it carefully. vonnie: we are looking forward to an update on all of your wonderful work as u.n. global investor on various programs. kimora: thank you. vonnie: thanks to kimora lee simmons leissner. vonnie, thank you very
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much indeed. we earlier on on bloomberg spoke to the finance minister of norway, looking at the sovereign wealth fund it to cut the money it invests in exploration companies in the oil sector. risk thatflects the the norwegian government is taking here in norway. we are moving these companies and will be better at cap to reduce -- better attempt to aggregate our risk. companies that are asked to invest more in noble energy -- in renewable energy. guy: siv jensen, the norwegian
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finance minister. i guess you could call this a half step away from the oil industry, quitting you. -- couldn't you? >> exactly right, it is glass half-full, in a way. in one sense it was a huge blow. western europe's biggest celebrities are, 20% of the revenue comes from oil. the question 2017 put on the table was does it make sense to extract all this money from oil and put it back into oil stocks? in one sense it is a huge blow, but it is only $7.5 billion. in one sense a huge blow, would be a harbinger of things to come in the future. kind of opens up the floodgates to other sovereign wealth funds and pension funds to invest in stocks. but big oil was saved -- shell, exxon mobil, follow of these companies are going to continue
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to invest. hell, big money there. one of the things the finance minister said to me is that these companies are investing individuals, and the sovereign wealth fund will be part of that future. many people workers and for more climate-change -- who are pushing for more climate-change action say that is not fair to integrated companies, although they do other things. but it is a first step. a bit of a blow, a bit of a safe for big oil. guy: interesting you bring up that mix. how much of this is the long-term structural decline of oil and it is locking itself into that story? or how much of it is down to what is a reasonably environmentally friendly population wanting to make change? how does the mix work? annmarie: the government will say it is 100% financially driven.
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this is about the fact that they want to hedge against the risk of any volatility in the oil market, seeing that they get funds directly from the industry, and investing back into it didn't make much sense. but you have to think about the fact that this is a country where elon musk was here just a few weeks ago, quite a small population in norway, and yet it is tesla's third-biggest market. this is a country that wants to see that social change and social impact. and a lot of activists were hoping that they would invest fully in the oil and gas sector. guy: interesting interview. thanks very much indeed, annmarie hordern joining us from oslo. -- we: coming up, nexstar will have the ceo with us. shares have been on a tear as the company tries to acquire tribute. this is bloomberg.
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guy: live from london, i am guy johnson. vonnie: from new york, time vonnie quinn. this is "bloomberg markets." nexstar is looking for buyers for more than 10 tv stations. in needs to sell them as a condition for buying tribune. ceo perry is nexstar sook. perry, congratulations. the stock is close to all-time highs and has been on a tear the announcement. they: we looked at tribune first time around and had a good knowledge base in the company.
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the company had seen improvement in their operations. between the first bit and the second bid we were able to increase our price and meet the return parameter. we are excited about closing the deal this year and becoming the largest operator of local television stations in the country. vonnie: you were already pretty massive before this,-30 something percent of the households, and a lot of local content as well. it had been a worry that local content was going with. how many stations do you need to sell for this deal to be complete? perry: we have a package of domestic church markets and -- divestituree -- markets and stations. we have free markets we have to sell to conform with the fcc's current cap.
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all total the acquisition will be a billion dollars worth of divestitures. the bidding process is robust, so we can improve on that number. >> one of the ones fine for the stations, can you tell us more about the process? perry: we anticipate having our divestitures announced sooner than later, hopefully by the for need to over quarter, and then they will have to go through the same fcc process, which will probably four or five months. >> how does the emergence of apollo as a big player in the area -- how does that affect you guys and how you do business, the emergence and private equity? perry: i had a private equity partner for the first 13 years of nexstar's business, and the look at the business the same way. to grow your top line and drive value for your shareholders, --
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you want to grow your top line and drive value for your shareholders, public or private. there is private equity interest in the business for quite some time and i think it is a net positive as a shareholder of nexstar. guy: good morning, mr. sook. we have seen the u.s. payroll numbers, out. average hourly earnings continue to climb, 3.4% this time around. what does the advertising market look like right now? perry: we talked to a lot of main street advertisers, and i think they are fairly confident. it is a long recovery, but it is a fairly muted one. folks are taking it at face low-single-e see digit growth in advertising. this division revenues are growing at double-digit, but we think it is going along this goldilocks economy, not too overheated and we don't see any thering or possession in windshield at this point in time. guy: you talk about the
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investments you are making and clearly you are making big investments at the moment. but the media sector at the moment is in a state of change. technology is making big differences in the way we do our business right now. 5g has been one of those pieces of technology that has been touted in terms of the difference it will make. where are you investing at the moment? could 5g make a big difference? perry: the broadcast industry is 3.0 whichin ntsc could be a competitor. there is a transmission from atsc 3.0 that will take several years. we ultimately have the ability to be the wireless internet of things. i think that has application on autonomous car's, application in data delivery. it will take a while for the transition to take place, but we
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think five to 10 years from now this will be significant value driver for those of us in the local television business who have that spectrum that is ubiquitous across each of the markets we serve. vonnie: we are seeing more tech players get into the broadcast environment, the latest being amazon. growth aroundp local provisioning and not the -- be a monopoly in doing so? perry: with the diminishing of newspaper, we are the local news authority and the originator of local content, and in every one of the tribune markets i have atked at the start,--looked thus far, we see an opportunity to be more local and do more local news. the only content we own. everything else we rent from networks or syndicators or whatever. we will be a company that will
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have substantial national scale, but we are focused on local markets. we are not looking to develop a national network of anything unless it is on the ad site. from the content perspective, our wheelhouse is local. otherslook at patch and who have said let's put 60 people in a room in salt lake city and generate content to see if anybody will pay for it, that didn't go so well. we have infrastructure. i think we will build on that strength, but our strength is local. vonnie: perry sook. stock up 40% year-over-year. nexstar's ceo. european close is next. this is bloomberg. ♪ you.
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>> 30 minutes left in the european trading day. from london, i am guy johnson. vonnie: and from new york, i am vonnie quinn. this is the european close. guy: a global story that is very interesting. stocks are down by .8%. cyclicals are under pressure in europe, started with draghi and the ecb yesterday. we have many stock trading down, banks trading down. oil companies are also trading down. it is interesting, it is a risk-off kind of session. the divide is there in the foreign exchange market. dollar-yen on the move today. the dollar coming under some pressure. the big one is the chinese market. . it saw a real depth earlier on. we saw some week trade data trade out -- some weak
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data, and that kind of set

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