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tv   Bloomberg Markets Americas  Bloomberg  March 25, 2019 10:00am-11:00am EDT

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30 minutes into the trading session in new york. from new york, i'm vonnie quinn. guy: from london, i'm guy johnson. this is "bloomberg markets." vonnie: democrats on the hill are digesting the contents of the barr letter. everything from what it will give the president and his trade negotiations to what the climate will be like in washington, d.c. in terms of policy going forward and posturing. of course, investigations continue in new york. the s&p 500 down 4/10 of 1%. we've been watching the banking index. kennett bounce back? are banks -- can it's bounce back? are banks oversold? apple has a big event today, as we've been talking about. down 1.6% as of now.
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chip stocks in general are lower today. deutsche bank downgrading akamai. we will be looking at that a little later as well. guy: we have negative equity markets, a continuation of what we saw friday. the big repricing that went through the markets friday certainly reverberating, but signs of stabilization i think, as well. the stoxx 600 down by about half of 1% today. we have the german ten-year in negative territory, basically round tripping throughout most of the day. we did see yields climbing a little higher before fading back again. it was the big move early friday which is the dominant factor for the european bond space right now. one thing i do want to highlight is we have seen a bounce back from turkish lira today. the central bank coming out and trying to stabilize the situation, reiterating its commitment to price stability. we've also got an ongoing
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investigation into some of the banks the turkish authorities think could be involved in some of the recent turbulence. signs of stabilization, but still feeling a little on the jittery side. vonnie: let's get a read on what markets are digesting today. we are joined by the coanchor of "what you missed." obviously on the mind is digestion of the mueller report in washington. >> the market reaction has been fairly muted because it leaves us at the status quo right now. at most, what the market is reading into this is it removes the extreme threat of some sort of impeachment or removal of the president. at least you have some guidance for the next two years that the current administration is going to be there, and the policies he's pushing are still going to be there. guy: have we figured out what friday was? , a it a repricing of the fed concern in markets that the german economy is in a worse
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state than originally anticipated? reporter: when you look at the front of the yield curve, it was clearly a repricing of fed expectations, but one thing we are seeing today in a lot of the chatter around the markets is that there was a re-examination of the global growth forecast. some people were maybe reading a little too much into that fed does this tilt, that may be the under number underpinnings -- the economic underpinnings were crumbling. you saw some stabilization this morning before the u.s. markets opened, but again, you are still seeing a lot of activity on the long end of the treasury curve. that seems to suggest there are still a lot of traders looking idea ofection or this longer duration until they get a better sense of not just where the u.s. economy is going, but the global economy. vonnie: obviously awaiting apple event today. i reverse of its services company, it would appear. what are analysts saying about
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banks this week? reporter: we are only about two and a half weeks away from the next earnings season here in the u.s., and there was a lot of concern about what we are going to see with regards to their deposit data and net interest margin. the outlook right now is pretty pessimistic. if we get a sort of upside surprise, that could provide a lot more fuel to this market. then a company like apple, just because it seems to give investors some sort of hope that it pivots to services, it is going to be a lot bigger than maybe what they've had so far where we are only talking about 20% of revenue. if it can that revenue bump up as a percentage basis higher, it gives you another reason to get back into apple, and that would give a big boost to the market. guy: friday, everybody was freaking about about the inverted yield curve. are we still as scared as we were then? reporter: i guess it depends on who you ask. there are a lot of chicken littles still running around -- still running
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around saying that that is cause for concern. i don't think the concern is so much the recession aspect of it because we know the lag time for a recession to materialize often take some time, but there is a lot of concern that when you look at what it means in regards to the outlook for growth, the idea that right now there isn't a lot of catalyst in terms of economic growth in europe, asia, and may be the u.s.. that means you want to be a little more defensive. if you look at what is happening today in the market, how we kind of faded after the opening and some of the sectors that have been rallying, and the earnings outlook going forward for this you only have really three sectors expected to post year-over-year earnings growth, and they are all defensive sectors. vonnie: romaine bostick, thank you for joining us. democrats digesting on the hill be mueller report, and william barr's letter.
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let's get to bloomberg's chief washington correspondent kevin cirilli. kevin: we are joined by a democratic member of the house , jeremyy committee raskin. where do things go from here? jerry nadler has said he once attorney general barr to testify publicly. is we the first thing need to actually get the mueller report. we've not read the mueller liket, so it is sort of reading the cliff notes version of "macbeth." we don't have the narrative recitation of the events. we don't have mueller's interpretation of either questions of conspiracy or collusion, or his direct interpretation of obstruction. we know that he said he thought there was substantial evidence of obstruction by the president. carefullyt is this
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worded version by attorney general barr, who, after all, doesn't believe the president can ever be guilty of obstruction of justice because he controls the executive branch of government, so if he tells prosecutors to stand down on a case, they have a responsibility to do that. basically, what we feel is we know very little. what we do know may be misleading, and we are demanding what the full house of representatives demanded on a 420-0 vote, which is the full mueller report and all of the underlying basis. kevin: do you accept the conclusion that there was no underlying conspiracy with russia? guest: if the molar report says that donald trump is an eagle scout and a decorated vietnam war hiller -- mueller report says that donald trump is an eagle scout and a decorated vietnam war hero, i would believe it, but we don't know
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exact what it is . we don't know, did he find that there was no evidence of conspiratorial activity, or substantial evidence, but it wasn't sufficient to bring a case because he didn't think he could prove it beyond a reasonable doubt? kevin: to be more precise, you accept attorney general barr's assessment in the letter that there was no conspiracy when he cites the special counselor mueller's probe? do you accept that there was no conspiracy with russia? guest: between who? kevin: between trump officials and russia. guest: he never said anything about that. he said the russian government. he doesn't talk about other russian actors. you've got to parse the language very carefully. i am keen to accept whatever mueller found, but right now we are interpreting it through the lens of an attorney general who doesn't think the president should be subject to justice at
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all. we want to see the report. kevin: on the issue of impeachment, do you think that door is closed, or do you think that is still open? guest: impeachment of the president? kevin: yes. guest: there are no articles of impeachment against the president right now. but we are trying to do is collect the report of the special counsel in order to conduct the investigations that we've got going into corruption at the highest levels of government. kevin: from a broader standpoint as a member of the judiciary committee, as we head into a new week with congress returning ,ack from congressional recess the conversation now is whether, as republicans are suggesting, democrats ought to move forward, turn the page, talk about other things. from what i am gathering from you, this is far from over, and the pressure on the administration, as well as on the special counsel to release the full findings of the mueller report, that this is a conversation that, for democrats, is far from over.
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no? guest: it is a bipartisan commitment we passed on a unanimous vote in the house that we want to see the complete report. obviously the attorney general has his particular spin on it, but we want to read it. i don't see how anyone can contradict the importance of our having the full report that has been worked on for two years as opposed to a four-page memo worked on for a couple of hours or days. kevin: all right, cumbersome and jamie raskin, a democrat from ash congressman jamie raskin, a democrat -- congressman jamie raskin, a democrat from maryland, thank you. guy: let's catch up on all of the other news you need to know. here is the bloomberg first word news. here is kailey leinz. kailey: russia is urging president trump to reset relations between the kremlin and the white house. a number of the russian parliament wants to restart talks on limiting nuclear weapons after the mueller report found no evidence of collusion between moscow and the trump campaign. the president called the 22
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month cory into russian it -- 22 months inquiry into russian interference "an illegal takedown that failed." prime minister benjamin netanyahu says he is cutting short his visit to washington because of an attack. he will meet with president trump this morning before heading back to israel. kang has canceled a has canceled a visit to recognize jerusalem as israel's capital. jordan is the can study and -- is the custodian of muslim historic sites in jerusalem. -- goldman sachs announced last week measures to promote gender equality in both
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pay and fair staff representation. british finance firms have gender pay gaps at more than twice the country's average across all industries. 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'm kailey leinz. this is bloomberg. guy: thank you very much indeed. what have we got coming up for you? will be mueller report mean a reset in u.s./russia relations? that conversation is coming up. this is bloomberg. ♪
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vonnie: live from new york, i'm vonnie quinn. guy: from london, i'm guy
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johnson. this is "bloomberg markets." let's get a sense of how the mueller probe is going to change the narrative potentially at a geopolitical level. plenty to talk about in foreign affairs, including brexit, nato, and the mueller story. joining us from berlin is wolfgang ischinger, chairman of the munich security conference and former german abbasid or to the united states. thank you for your time. we've already got some reports of the mueller probe and the events of the last 48 hours as an opportunity to reset relations between moscow and washington. did you see that opportunity as well? that's probably a little premature, but i would say this certainly goes in the right direction. we have in just a few days time in early april 70 years of nato coming up, a celebration in
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washington, d.c. all nato foreign ministers will , canere, and the question we restart some kind of discussion with the russian federation, hopefully including the united states, hopefully led by the united states? i think that will be an important question on the agenda. from a german point of view, this is certainly desirable. russia exists in our neighborhood. we have huge problems, and therefore i think we need to talk. guy: ok. at the moment, though, relations remain very tense, particularly between europe and moscow. there is this feeling in washington, d.c. that germany doesn't pay enough in dealing with the military threat that russia poses at the moment. indeed, the president has suggested potential he that we end up with a cost plus 50
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scenario, i.e. the cost of station u.s. troops must 50%. is that reasonable? guest: i really don't think so. aware of the discussion of this idea, but quite frankly i nato from being political, military alliance of common values into a kind of commercial arrangement where pay for soldiers being sent from another country to help protect them. , andld be the first to say i think i am being joined by thatof my countrymen, that the 2%countrymen, that
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german goal on nato is insufficient. it is fair for germany to be criticized for lagging behind. wholethink that nato as a should actually be in great shape, and its fundamental purpose should not be questioned at a moment, as you correctly said, when we are still facing huge problems as we look at russia, as we look at the middle east, as we look at a huge number of unresolved military conflicts in our neighborhood. vonnie: so the idea is that a host country where there are u.s. security forces would pay all of that plus 50%. in the u.s. there is already bipartisan criticism for the idea. guest: i think it is simply a very bad idea. take the case of germany.
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, because we are no longer a frontline state, a very small u.s. component of actual combat troops. but we have the largest american military hospital outside of the united states. we have the huge airbase which services u.s. military needs throughout the middle east and across the transatlantic. well, if the united states wants to close those, it wouldn't represent a loss for germany. it would be a loss for the united states. so i think we need to take a at what'sational look actually we have on the ground, and i think there is no need, and actually no concern, on our vision.ut the plus 50%
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i think this is unrealistic. vonnie: how concerned are munich security council members about successful international trade policy? how integral is it to international security policy overall? it is certainly very important. as we look not only get transatlantic trade imbalances, which are also a cause of concern because in the u.s./german relationship, we are also looking with serious concern at a relationship with past, ourre in the relationship with china was primarily and almost exclusively a commercial relationship, where we sold export goods to china. we are now beginning in europe, not only in germany, to understand that our relationship with china needs to be far more complex and comprehensive. we need to think of cyber.
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we need to think of intellectual property rights. we need to think of chinese foreign policy influence in europe through the belt and road initiative, et cetera. in other words, we need to develop something which we don't have today, namely a comprehensive and common china policy of the european union, hopefully coordinated with united states. germany, from a security point of view, ready for a no deal brexit? what would be the applications of that? guest: it would be terrible. i do not know a single responsible political leader or spokesperson in this country who is not deeply worried about brexit in general, and of course, no deal brexit in particular. widelyman majority view
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held in this country is that we would love to keep the brits in the eu, and if the brits have decided to leave the eu, that we should then have the closest possible relationship post-brexit that intelligent people can imagine. we want the united kingdom inside our tent, if we can, and if they are not inside the tent, we want them right outside the tent. we have so many common interests, so brexit for us is a terrible idea, and some of us are still believing that maybe it can be prevented. guy: going to be an interesting week. we will see what happens. , chairman ofinger the munich secure the conference, thank you very much for your time. this is bloomberg. ♪
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vonnie: we are starting off the week on a negative note in the united states. let's check global markets with abigail doolittle. abigail: we are looking at a risk off tone on this monday following the big decline in volatility last week in response to the fed's decision. the s&p 500 and the nasdaq on pace for the worst two days of the year. the nasdaq shedding more than 3% over the last few days. we also have the ftse 100 lower and emerging markets down 1.5%. let's take a look at some haven assets because we are going to see a pretty big rally. we have the dollar down against yen. -- against the they are also going towards u.s. andy vixe german bund, index. apple down ahead of its big event, also intel lower, and
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j.p. morgan and citigroup lower. let's go into the bloomberg and take a look at a one your chart. this is a chart we've looked at many times. this is the range between 2600, where the buyers have tended to step up, andy 2800, where the sellers have tended to step up -- and the 2800, where the sellers have tended to stand up. there could be more they pull up ahead for stocks. guy: plenty to the get out from a technical level. thank you very much. still ahead, prime minister may's cabinet reportedly pushing her to name a date when she will step down. some big votes coming up tonight. a statement at 3:30 p.m. this is bloomberg. ♪
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vonnie: live from new york, i'm vonnie quinn. guy: from london, i'm guy johnson. this is "bloomberg markets." vonnie: let's check in with the bloomberg first word news. here's kailey leinz.
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kailey: the supreme court is rejecting an appeal from companies that sought to avoid turning over information related to special counsel robert mueller's investigation. the firm is owned by an unidentified foreign government. to $50,000 fined up per day for refusing to reply to a grand jury subpoena. least one prominent republican economist is calling on the senate to block the appointive stephen moore. the former heritage foundation fitcial, they say, is not for the position. there is speculation that boeing software could up and did to two
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max 8 crashes. theresa may's cabinet is reportedly pressuring her to pick a date to step down. said theyry secretary would leave without a deal if that is necessary to ensure brexit. 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'm kailey leinz. this is bloomberg. vonnie: thank you. president trump is claiming victory after the special counsel found no evidence of collusion with russia. attorney general william barr has
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and there could be more to emerge from the mueller report we don't know. reporter: that's true, but it is a day for the president to take a victory lap. he's had this issue of collusion hanging over his presidency to the inauguration. he's been the subject of a massive amount of investigation. he didn't get indicted by bob mueller, and his children didn't get indicted, so this is a significant victory for him. on the other hand, we still don't know everything in the mueller report, and i think a lot of conclusions about it are going to have to await public knowledge on what is in it. i think it is significant that william barr decided there wasn't an obstruction of justice violation here even though mueller himself had not drawn that conclusion. members of congress and the public need to see more information in the document. vonnie: how much will democrats bog themselves down on the ins and outs of what is going on investigation wise, both from their point of view and the sdny ? how much will they start to pivot two issues and things that
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other voters care about? reporter: i don't think swing voters have cared that much about the russia issue from the beginning. i think swing voters care about jobs and the economy, and i think that trump is going to have to campaign on that as much is anything. if he campaigns on no collusion, he's going to give his opponents a gift in terms of revisiting these things that have snared him since he was inaugurated. i think democrats, however, are going to put up quite a fight to get their hands on the mueller report. there's also five separate congressional committees still looking at the president's activities. they are going to draw some other conclusions, probably interview people bob mueller didn't and look at records bob mueller didn't. the mother investigation was narrowly focused on russian interference -- the mother investigation was narrowly focused on russian interference and collusion -- the mueller investigation was narrowly
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focused on russian interference and collusion. guy: is there any chance he has to testify on the hill? what good would that do? reporter: i think bob mueller is not going to testify about things he chose to leave out of this report perhaps he thinks still touch on national security issues or ongoing law enforcement investigations. i don't think he's going to elaborate in a public forum about those things. i suspect anything he's already written that is in that report that then becomes public, he would be quite content to go and speak to congress about it. i don't think the issue is necessary well or -- necessarily whether bob mueller gets subpoenaed. i think it is what avenues congress pursues that he did not cover. i think he chose to interpret his made it very narrowly to avoid partisan battles and some of the legal issues that would come from trying to indict or more aggressively pursue a sitting president. nonetheless, a lot of those
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issues are out there and there are other jurisdictions and other regulatory and law-enforcement agencies looking at those. guy: in your opinion, is this an anti-climax? or am i missing something? reporter: i think collusion has been an issue that has been the focus of a lot of political, law-enforcement, and media debates for quite some time, so i think it is climactic and a coup for the president that he's moved beyond that. i don't think the collusion issue is the most significant thing facing him since his inauguration. he, i think, has identified issues around his business dealings and financial dealings that he thinks are sacrosanct and shouldn't be probed that are now being probed. i think that is where the real issues with side. the number to federal prosecutor now in manhattan at the sdny continues the work that had been started. how long before we get an idea of what the outcome will be?
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will it have any impact on current washington policy? reporter: i have absolutely no idea. they are going to pursue these issues to the full extent they think they need to if they believe there's evidence of a crime. they clearly do believe there's evidence of a crime in terms of some of the dealings that went on inside the trump organization , the trump foundation, the inauguration, and his transition. let's not forget that bob mueller found several members of trump's advisory group guilty of crimes. so there's still a lot to explore that is going to take some time. vonnie: some say democrats will accelerate their probes into the president tied to banks. will that yield anything useful politically? reporter: the bank everyone is talking about is deutsche bank. it is the main global commercial bank that has had a long-standing relationship with the president when many other money centers moved away from him. congress has said they want to look into the nature of deutsche bank and the president's lending
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and business dealings, so that is fair game. i think once you go down that road, other rocks are going to be overturned about his finances and business that could open new doors. is there anything surprising that has come out of this? as far as i can tell, this is a kind of status quo scenario. we pretty much know what we knew before. i am just wondering if there is anything that looks surprising that appears puzzling that has come out of this mueller report. reporter: we don't really have the mueller report. the most we have at this point is the attorney general's summary of what he found in the mueller report, so we don't know the full scope of the report. barr went out of his way to say that while trump didn't collude, the report itself doesn't completely exonerate him, but we don't know what it doesn't completely exonerate him for. that needs to be explored. i think the other thing that hangs over this is bob mueller decided not to ask the president
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to sit for an interview. he didn't subpoena him and he didn't get into trump's own thinking. one of the issues surrounding obstruction of justice is intent, and you can't really determine someone's intent without speaking to them directly. i think it is going to be very interesting from a legal standpoint as to why bob mueller decided not to interview the president. vonnie: our thanks to tim o'brien. a wonderful column today on "bloomberg opinion." guy: let's turn to another of those. u.k. prime minister theresa may's cabinet is reportedly pushing her to name a date she will step down ahead of critical votes tonight in the house of commons, including an attempt for parliament to seize control of the proceedings. we are joined now by the editor for bloomberg opinion. good afternoon. we are going to get a vote tonight, 10:00 p.m., which could allow parliament to take control of the process and would lead to
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indicative votes. is this going to happen, and how is it going to play out? reporter: both sides have promised indicative votes. the government and parliament provide theey will opportunity to vote on options, but indicative votes can be done various ways. you could have a process of elimination which could then be subject to a lot of tactical voting. it will be harder to find the will of parliament that way. or, as some mps are promoting, you could have them ranked. to the first question we are going to hopefully get the answer to tonight, whether parliament is going to run the process or the government. for example, one of the amendments has parliament taking control of the process on wednesday, which would give them the ability to decide how these indicative votes would work. other amendments allow the government to decide. that is the first thing. the question for parliament is are they willing to go for a long extension, or do they want this resolved now in the time
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period the eu has set out. that dictates the action that follow. vonnie: do you think it is increasingly likely the u.k. will leave the eu without a deal? also, the eu saying the u.k. and ireland need to take unilateral steps without a deal. is that this illusion -- dissolution, that the eu gives ireland the ability to negotiate separately with the u.k.? reporter: of course they want to give the impression they are prepared for no deal, expecting no deal. we for different noises out of france, out of emmanuel macron, who has struck a note suggesting he is very concerned about no deal. the irish border issue would have to be resolved in a new deal situation. the eu almost has little choice , look,short term to say find a way to keep the border open. but that doesn't speak to but that doesn't speak to what the
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longer-term solutions would be, which would include some kind of customs border, if not on ireland, then in the irish sea, which is the main thing theresa may and the conservatives and northern irish allies are keen to avoid. guy: there is a suggestion that theresa may, if she decides she is going to step down and provide a date for doing so, that she would somehow be able to get her deal across the line. i struggled to join the dots on this one. reporter: it is an odd one. if those who oppose her deal oppose it for principled reasons because they think it is a bad deal for britain, because they think the backstop is unacceptable, and they know her days as prime minister are numbered, why would they do that trade? the fact that is being talked about tells us that perhaps those conservatives that are opposed to a deal are looking for a way out. they actually don't want to own a no deal situation. i think that is true of both the eu and most of parliament. even the conservatives who say
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they are keen to have a no deal or willing to accept a no deal, you really wonder if that is something they want to accept. the fact they are talking about may's succession and when she leaves suggests to me there really is a pretty serious discussion to avoid a no deal exit. vonnie: there are a million anti-brexit protesters in london and around england. does that make it any more likely there will be a confirmatory referendum at some point? reporter: i think it is hard to ignore when you have around a million people in london at the kind of protests we saw, 5 million signing a petition to revoke the article 50 notification, canceling brexit. ultimately it is going to be up to parliament to vote and he parliament tree arithmetic is very different. for example, the labour party has a majority of mps representing leave voting
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constituencies, but they will not be able to ignore the sense that public opinion has been shifting, that people want a revolution -- a resolution. they want to avoid a no deal, and there are increasing calls for a second referendum. we even heard the chancellor today saying that is a perfectly reasonable position to take. guy: where do you think we land? reporter: i think this parliament is going to want to avoid no deal at all costs, so i think that will be their first objective. i have a hard time seeing how theresa may's deal it's over the line. i think if she puts it to parliament tomorrow, i don't think it will get through unless the dup had a massive change of heart. we may be looking for a long extension, but i have a horrible record of protecting these things. [laughter] guy: i think we all do, to be honest. thank you very much indeed. with "bloomberg opinion." vonnie: coming up, why this
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south african technology investor is carving out its multibillion-dollar tencent stake. this is bloomberg. ♪
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♪ guy: live from london, i'm guy johnson. vonnie: from new york, i'm vonnie quinn. this is "bloomberg markets." the meaty company based in south africa and the sub-saharan competent -- a media company based in south africa and the sub-saharan continent manages a 10% stake in tencent. give us some context for what is
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naspers to the standard sub-saharan african. reporter: basically, it is one of our oldest companies in sub-saharan africa. it started as a media company about 104 years ago. people know it as your basic pay-tv company or media and newspaper company. now it is getting almost 100% of revenues from its is near -- from its internet businesses globally. guy: the issue here is the big discount when it comes to the tencent stake. basically, we've got a market of $90 billion, yet that stake is worth over $130 billion. is this move going to solve that discount tissue? -- discount issue? reporter: i think to some extent
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, diminishment hopes it will solve some of the discount in time. maybe not all of it. basically, by just giving them andss to new investors opening up the markets a bit , eliminating some of the institutional limits that africa has, that could well help them quite a bit with the discount they have toward the stake in tencent. vonnie: how can the new structure help it value its other businesses? and why amsterdam, loni? reporter: i think there has been -- i think they have been in amsterdam for about 50 years already. they have a team in and stir dam 1/3 of itsve about investment team there.
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they are quite familiar with that market. also, the regulation in terms of theerdam and listing on stock exchange is quite similar, so they don't have to have big changes in terms of the management and the board. , there's always a risk if you use other that probably pushed them a little towards amsterdam in the end. if: if this doesn't work, this doesn't close the discount, is there a plan b? the most logical thing to do would be to sell the stake and crystallize it. it is hard to see how a move through amsterdam is going to fully resolve this issue.
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reporter: they did say while this is their focus at the moment, getting the listing going in amsterdam, other options will be considered. keen toly they are not sell any sort of stake in tencent for at least a three year period, and after a three year period, the company might potentially to sell a bit more of tencent. but for the next three years, selling more of tencent is not an option. guy: loni prinsloo in johannesburg, thank you very much indeed. vonnie: happening right now in paris, chinese president xi jinping with french president emmanuel macron. china's xi jinping has been on a bit of a tour of europe, going to italy as well to join its
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global road and infrastructure project. there you have them, china's xi jinping and emmanuel macron meeting in paris. this is bloomberg. ♪
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♪ guy: time now for futures and focus. joining us from the cme is scott from tjm investments. what happened in friday -- what happened on friday? walk me through what we are seeing today. unfortunately it made me feel like we were going back to the 2008 to 2015 playbook when barack obama was in charge because of all of the easy money that is out there. at the same time you had yields go cratering and the stock market not really knowing what to do, i ultimately think that is going to be the place where folks end up going, but they
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still have to go to the place where maybe we will have a recession. here's what isaac about recessions, or at least to be calls for of the now -- calls for them now. it is like an earthquake or tornado. yes, we are going to get one, but unless you can tell me when, it doesn't matter. you need to be a little more present on this one. sure, we are slowing down, but we are growing slower and still growing. two minds about what the fed has done. they scared some people with their stance. that's why you seen the equities get a little spooked. where else are you going to put your money? once again, back to that 2008 playbook. guy: that is worth referencing back. as you said, you can get a big equity rally right at the last minute. with tjmlladyady,
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investments, think you very much indeed. vonnie: bayer is our stock of the hour, stocks trading at their lowest since july 2012. emma chandra has more. unfavorable analyst action, it would seem, is the culprit today. emma: you are absolutely right. seeing two upgrades for bayer from bank of america and another . analysts have become more bearish on bayer over the past few months, cutting price targets by some 30% since the past summer. hopefully we can show you that, but you might just have to take my word for it. it is all over the legal wrangling's over its roundup weed killer, over it allegedly causing cancer. just reached a second jury in the u.s. that blue line shows how analyst price targets have fallen. going back to bank of america's
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cut to the stock today, they are saying the legal effects of this wrangling over the roundup weed killer are set to linger. meanwhile, the stock is not going to realize any of that value. vonnie: emma chandra with our stock of the hour. thank you. markets in the u.s. have turned positive. look at that. the s&p 500 is now up 1/10 of 1%, the dow up 2/10 of 1%. viacom settling that dispute with at&t, back on directv screens. "balance of power" is next. this is bloomberg. ♪ this isn't just any moving day.
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headquarters, in for westin, i'm jason kelly for a special edition of "balance of power." the mother report clearing president -- the mueller report clearing president trump of any collision with russia during the 2016 campaign. we are going to have all the angles, from the legal to the political to 2020. for the latest on how washington is reacting, let's go to chief washington correspondent kevin cirilli. probably haven't slept in 72 hours, and that's how we like him. kevin: how are you? the white house is declaring victory, and special counsel are to the president kellyanne conway and press secondary sarah sanders out in full force, saying that on the issue of collusion, this is a settled score, and endpoint, trying to turn the page on this particular front. then, in regards to obstruction of justice, i can tell you

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