tv Bloomberg Markets Americas Bloomberg April 18, 2019 10:00am-11:00am EDT
forceful and defensive than any of us expected. now we can turn to the actual document and people can form their own opinion. and allis this report of its offshoots are nothing more than a political rorschach test where both ends of the ideological spectrum will be able to choose their own storyline and re-create their own press soundbites. from a market perspective, this doesn't change the political dynamics in washington or the market's near-term policy expectations. jonathan: i would totally agree with you, and pre-much everyone of spoken to this morning agrees as well. if this causes some trouble at home, if the idea of our bipartisan policy efforts remain a pipe dream, doesn't mean the president is pushed to get some success abroad? isaac: i think that should still be our operating view through
this year and into the next. mirage oftisan things at home like infrastructure are a nonstarter. the president is going to have to go legacy shopping abroad. that reinforces my bullishness on the china deal and a number of other markers ahead on the international front. jonathan: great to catch up with you as always. the coverage will continue right here on bloomberg tv and on bloomberg radio. we are about 31 minutes into the session. price action shaping up as follows. amid all of the politics and opinion in washington, d.c., what we got earlier was a disappointing pmi read out of the united states. treasuries with a bid. in the bond market, yields down five basis points on the u.s. 10 year to 2.55%. in new york city, this was "countdown to the open."
♪ guy: live from london, i'm guy johnson. vonnie: from new york, i'm vonnie quinn. this is a special edition of "bloomberg markets." we are just finished with the news conference promised by william barr, the attorney general, on the mueller report. that report is going to go to congress at 11 a clock a.m. and posted on the department of justice website very shortly thereafter. the attorney general, along with rod rosenstein and the acting principal associate deputy attorney general, making a statement in taking a handful of questions.
we would like to invite our panel here in new york. several interesting little tidbits out of this because, of course, we knew a lot of this in advance, but we are getting a lot more now. russian operatives did not have the knowing assistance of any american, and we are also finding out there were 10 episodes of potential trump obstruction. what does that mean? barr wasey general careful to say there was a difference of opinion between what he thought amounted to obstruction and what bob mueller thought amounted to obstruction. that will be very interesting to tease into. there are 10 elements. there were some public ones we already know about. now that we've identified 10 areas of obstruction, that is going to be a big focus of today when it is released. guy: marty, let's talk about this in a little more detail. thateport did not conclude
trump, from a legal point of view, required any legal prosecution. i don't see how we take this any further forward. marty: i think a lot of people would hope that we are done, but we are not going to be done. first of all, the political aspect. the opposition to donald trump is going to mine this report for anecdotes and incidents that buttress their case that he is unfit for the presidency. that ultimately is not a legal question. it is a political question. whether or not they take that step to initiate impeachment proceedings against the president based on some of the evidence of the report, that will be up to the democrats to calculate whether that actually works in their interest. , it was a bill barr bravado performance for him. i keep thinking about jeff
sessions, and had he been the attorney general what kind of performance he would have in comparison to bill barr, which i think donald trump picked this attorney general for just this moment. vonnie: we want to get to the white house now and our washington correspondent, kevin cirilli. what did we learn from william barr we didn't already know? kevin: we are awaiting word from president trump later this hour. he will be in the same room as reporters when he is set to attend an event with wounded warriors, so we could be hearing first response from the president himself later this hour. the president has tweeted out, "game over," with a meme referencing the popular "game of thrones." it seems like the white house is in a celebratory mood as they .ry to turn the page on this attorney general william barr
saying he himself, as well as the deputy attorney general rod rosenstein, ultimately disagreed with robert mueller on what they found. in that four-page memo, they said there was not the intent of obstruction of justice, which ultimately is why they did not decide to bring charges against the president. , but theys in recess will receive a less redacted version of the report in less than an hour. from there, attorney general william barr says he will post publicly that report from the farm of justice website -- from the departing of justice website. the reaction from republicans has been somewhat expected. they feel that it is time to move on. democrats are saying that this is just the beginning. in fact, attorney general william barr himself saying he would not withhold special counsel bob mueller from
testifying once lawmakers do return from recess in a public hearing. guy: as kevin says, a less redacted version, not a fully open document for congress. do you think congress is going to want to get that completely unredacted? how could they go about doing that? this grand jury, this is a difficult never geisha and that they are going to have to make from a legal point of view. marty: that is correct. offer asaid he would bipartisan group of congressional leaders everything unredacted except the prohibitive grand jury testimony. there is a way for congress to even get at that if they want to take that route, but they would have to start impeachment proceedings to do it. again, that is a political calculation if they really want to go there. i do think that if you harken back to watergate, remember, it
was the cover-up, not the crime. mueller concluded there was no crime of collusion with the russians, so then you have to pave it to the obstruction charges -- you have to pivot to the obstruction charges. he has apparently concluded there was no criminal case to be made that there was a criminal cover-up of his investigation. i do think that it's going to be very difficult for the democrats to navigate that line between seeming to be on a vendetta against this president and being legislators. we will just have to see how that plays out. vonnie: william barr saying he has no objection to rod rosenstein testifying. he says because the special counsel didn't make that decision, he felt it was the prerogative of the to permit of justice to make it. when the president was told, that is when the president said it is his prerogative. does that tell us anything more about how the conclusion would
come? greg: no, but mueller will definitely be called to testify. this is not over insofar as a lot of people want to hear from mueller himself. barr did do a masterful job today setting expectations and putting a box around this, but until congress and the public sees a lot more, i think there is going to be a desire to find out what the actual case is of potential obstruction were. that is what we are looking forward to today. guy: kevin, what do using the objective was of that press conference? presumably to set the narrative, to get in front of the story to make sure the white house has the ability to do that. let me ask that question to greg farrell. clearly they were trying to get in front of this. do you think that press conference succeeded in that objective? greg: in the short term, yes. but this report was done days
ago. they could have just made it public last night or during the day. the fact that it was teed up and not to be released until the attorney general had his say showed a clear attempt to try to define politically how this is going to be. vonnie: greg, talk to us a little bit about what we are learning about the trump organization and the rest of the report, given the areas that will be redacted, and that most of it will be to protect other ongoing investigations. greg: one thing that struck me in the press conference was he got into details about wikileaks , the theft of documents from the democrats, and whether or not the trump campaign participated or had any interaction with the release of those. he carefully said there was no illegal participation, illegal suggesting that the trump campaign might have been in on the theft, which they clearly weren't. thatnk what we will see is
the trump campaign did interact with wikileaks about the release of these. it is just the fact that they were not involved in any theft or criminal conduct means it was not an illegal participation. i think there will be more moments like that we will be able to tease through in the report. guy: marty, how will this change the president's behavior? he's just put out a "game of thrones" meme. he's clearly feeling pretty punchy about this. marty: it is meant to tweak his opponents, and he's really good about that. one thing we have to remember about william barr's press conference, he's a lawyer. himselfeally asserting as the arbiter. he really stuck to that. he did not address any of the anecdotes, incidents, things we know about the trump tower meeting, things we may not know
about that are in the report about the behavior of the trump campaign committee and him as president that may cast him in a very negative light. coulds something that still affect the political narrative if it comes across as him being in some way incompetent or disloyal in the conduct of his campaign and his presidency. as greg says, let's see what's in the report. the whole narrative can change politically based on some of the things bob mueller found. vonnie: jerry nadler is tweeting now, "it is clear congress and the american people must hear from special counsel robert mueller in person to better understand his findings. toare now requesting mueller appear before the house judiciary as soon as possible." when might that be, and what will mueller feel at liberty to say that isn't already in the report? greg: i think it will be as soon
as possible, probably in may. mueller will be the opposite of jim comey. comey has great stage presence. mueller is not that guy, and i'm sure does not want to be drawn into any political back-and-forth become a pawn of one party or the other. i think he will be dissatisfying and provide monosyllabic answers to a lot of questions he gets, but he will have to testify in front of congress definitely. much going on in the political world at the moment in the united states. with got this going on. health care stocks are getting better because the market is getting considered bernie sanders is gaining a little but attraction. had this major day in terms of the mueller investigation, how does this now allow us to understand the size, scope, and shape of how the 2020 election is going to develop? marty: i think you raise a very
good point because it is not just congress here. there are almost 20 democratic candidates running for the nomination to run against donald trump. what stance do they take? do they encourage congress to go into donald trump and his behavior? him as ansh inappropriate person to be president? or do they come up what a lot of polls -- do they, what a lot of polls say, talk about the issues? it will be interesting to see how the potential candidates for the presidency deal with this report once the details come out. vonnie: greg, is there any sense whether some of the redacted material will ever become public? greg: i think the fact that some of it is going to be shared with congress, i think they will be very careful at first. i do think from a political point of view, things that
administrations try to keep hidden often dribble out one way or another. probably not the grand jury material because that would be criminal. but once the door is open to more of congress seeing this, more will come. guy: how does this play outside of the beltway? we are obsessed with this. the courts are obsessed with this. we got teams of people churning through this stuff right now, trying to figure it out. everyone in washington is going to be doing exactly the same thing. outside that, how does this change the narrative? you talk about the other issues in house democrats are going to play this. is there anything in here that is going to change the kitchen table narrative? the issue of health care, people getting paid, what is happening in terms of the employment situation. i am curious as to how this all stacks up. variationade this on -- this observation on air before. many candidates, when they go
out into the field and talk to rank-and-file voters in medical america -- in middle america, they are not interested in russian collusion. they know the president they have. they don't necessarily approve of a lot of his methods. the economy is extremely strong, as donald trump points out. that is the delicate calculation the democrats have to make. if they are just singing the one note that there was obstruction of justice and he must be brought to justice, instead of here is how my presidency would be different than this one, i think they risk losing the election in 2020. right now, i would think that donald trump is in a very good position for reelection barring any new, startling revelation in this report. vonnie: do we learn anything more about the extent to which there might be future interference, or whether that is being combated already from this
report? greg: no. this is strictly looking back. however, it is also a great blueprint for congress, and would be a very positive thing for both parties to embrace and say let's make sure this does not happen again next year. vonnie: we have to leave it there. greg farrell, thank you, investigative legal reporter. marty schenker, chief content officer in london, as well. we are awaiting remarks from president trump speaking at a wooded warriors site. he will also potential he -- wounded warriors site. he will also potentially be addressing what has happened in the last hour. also waiting for pinterest to start trading. this is bloomberg. ♪
markets looked like. here's abigail doolittle. abigail: small decline for major averages in the u.s. after opening slightly higher. the s&p and the nasdaq down for the second day in a row. the nasdaq is flipping for its worst two days of the month of april. all of this as we are waiting for shares of pinterest to open. the digital scrapbook company did raise $1.4 billion in their ipo. over in asia, we have seen some even more weakness than here in the u.s.. the nikkei down 8/10 of 1% in the shanghai composite down for tenths of 1%. let's take a look at the german dax. over the last seven days, the german dax trading higher, up 2.9% over that time despite the fact there's been some pretty disappointing data out of europe. investors looking past it, apparently priced in considering we did have the imf tell ahead on that a couple of weeks ago. as we take a look at what has
been happening over the last five days, really just bloodshed here in the s&p 500 health care sector, down 6.4%. nasdaq biotech index, which had been leading the s&p 500, now down 7.8%. the health care sector overall now negative on the year. this rotation out of health care into financials certainly happening, and here are two of the bigger losers on the day. finally, confirming the risk obsession, take a look at the 10 year yield, down five basis points on the day. the biggest rally for bonds in the month of april as stocks are pulling back may just suggest ahead of the long holiday weekend in the u.s. we do have a bit of a risk off tone. guy: abigail, thank you very much indeed. a bit of breaking news, tobacco stocks are going down over the last couple of seconds. gop leader mitch mcconnell seeking to raise the tobacco purchase age to 21. that is knocking shares in some
of the tobacco companies pretty hard. we will come back to this and show you some share prices in just a moment. in the meantime, shares of blackstone jumping today. the world's largest alternative asset manager plans to convert to a corporation from a pub weekly traded partnership. bloomberg's jason kelly spoke with ceo steve schwarzman on why the investment firm decided to make the decision. stephen: the reason right now is by studying it, we learned some interesting facts we probably should have known before. in the united states, there's about $12 billion of assets in the money management business, of which there are mutual funds and index funds. only 4.5 trillion dollars out of , so $12 trillion can buy us we've handicapped ourselves our corporate form. by changing just the form, we will pick up another $4.5
trillion, doubling the amount of money that can buy our stock. the same type of thing has happened abroad, and that is not trillion, so we are going to pick up a lot of buying interest there. for the regular investor, this is all triggered around receiving something called a k-1, a tax form that is very cumbersome, as opposed to a 1099, which people are used to getting. easier formake this retail investors in the united states. as you look around, our ability to reach a dramatically larger audience and people in my , for example, when we
fill out a mutual fund, two people will say we can buy out your stock, and eight portfolio managers say i wish we could come about we just can't do it. -- wish we could, but we just can't do it. so the moment is now. corporate tax rates are lower, in any case, so we think that even though it will increase our taxes a little bit, it is worth it paying more taxes to benefit our shareholders to have much bigger potential audience to buy, and i believe they will. ♪ moving is hard.
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[ sigh ] introducing an easier way to move with xfinity. it's just another way we're working to make your life simple, easy, awesome. go to xfinity.com/moving to get started. vonnie: an interesting hour for the markets and for the u.s. william barr, attorney general, making a news conference. he recounted 10 episodes of potential obstruction by trump,
according to the special counsel report. he says it did not establish corrupt noted -- corrupt motive necessary for a crime. that is one of the aspects that emerged from this news conference. also establishing an opinion that a president cannot be convicted of obstruction of justice, but that this did not factor into the decision. the attorney general did take a couple of questions. we are anticipating president trump will make remarks on the whole thing. he is excited to be at a wounded warriors event in three or four minutes. guy: i think his tweeting is giving a sense of how he feels about what's been going on thus far. there is shot of the room. we are anticipating the president has soon as he speaks. go to thoughts from
gop leader mitch mcconnell seeking to raise the tobacco purchase age to 21 in the united states. that is certainly having an impact in london. brands trading down quite sharply. stocks coming down, phillip morris down 2.5%. you saw instant reaction and those stocks as result of that crossing the bloomberg. vonnie: we are going to have more on the is conference this morning, what we've now learned, and we are into spitting that will be entered to congress in the next half-hour, and there will be -- we are anticipating that will be entered to congress and the next half-hour, and there will be less reductions. redactions. first, here's the first word news. kailey: north korea is demanding secretary of state mike pompeo be removed from direct nuclear
negotiations, accused of making reckless remarks. the u.s. and china hoping to reach a trade deal in early may. bloomberg has learned the plan calls for president trump and xi jinping to sign a deal later this month. treasury secretary steven mnuchin said last week negotiations are in the final stages. there is a sign that consumers are giving the economy greater support. retail sales in the u.s. rose the most since december 2017. the value of overall sales in march was up 1.6%. venezuela has again won the title of the world's most miserable economy. for the fifth year in a row, it tops the bluebird misery index that looks at inflation and unemployment outlooks -- the bloomberg misery index that looks at inflation and unemployment outlooks. venezuelan inflation is set to hit 8,000,000% this year. 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. just want to recap some of the details from this morning. we got the news conference from attorney general william barr. he cited the special counsel's report and said that mueller recounted 10 episodes of potential obstruction by the president. he also said the russians did not have the knowing assistance of any americans in the 2016 election. took a couple of questions from the media, and then he was out the door. he will be giving the redacted report to the chairman of the house and senate committees. reaction ando some context before we get to the president, who may or may not address, but it is likely that he will because he has been tweeting. we are joined by the compass point director of policy research. we have attorney general william barr making those comments, taking one or two short questions. what did we learn that was new?
guest: good morning. i think we could definitely presidentthe addressing these remarks. what we have learned today is very little. this was a forceful defensive statement from the attorney general, one that i think will be chided and attacked by democrats. we still don't know what is in the actual report. discussing this with our clients is simply that the left and the right will be provided with new talking points, and this battle will continue. go ahead. vonnie: there were some , ortions on potential bias questions may have been directed in that direction towards the attorney general, whether they may have been special consideration for why he decided one thing or another. did you feel that was helpful in any way? i think what we saw from the attorney general was a more
forceful and protective statement then anyone in washington expected. there was a belief that this would simply be a procedural press conference, when in reality, this was an incredibly defensive press conference for the attorney general. i think that is going to lead to democrats on the hill pivoting their focus somewhat away from the mueller report itself toward newfound attacks on the attorney general, whether because of the dactions,ith re the determination regarding obstruction, or what was arguably a politically skewed press conference. guy: i am just wondering how the democrats should react to this. over the last couple of days, it has been fascinating to watch two competing stories develop, one of which is the mueller report building up to today, and attention toing
this, and the other story is the financial markets selling off health care stocks and for that issue to come really into focus as well. whate democrats look into has happened this week, the health-care story developing is clearly something americans pay a great deal of attention to, and what is happening within the beltway with the mueller report, do you think they will have to pick one of those two things to go after? isaac: this is one of the vitally important questions heading into 2020. who wins for the soul of the democratic party? is it the moderates who want to generally avoid this impeachment debate and instead focus on kitchen table issues like health care and retirement security? or will it be the farther left of the party, which is uniquely and almost solely focused on the issue of impeachment? which course they decide i think is going to have a clear and undeniable impact on 2020 because if they choose that
middle course, the dumb across are far better positioned for a number of reasons -- the democrats are far better positioned for a number of reasons. guy: what does the polling point to at this point? this will be a numbers driven election. what does it tell us about the relative importance of these issues? interesting poll from fox yesterday said 65% of respondents believed that the mueller report would not or has not changed their opinion about the president. i look at that data point and combine it with the fact we are still 564 days away from the general election, and the point i try to make is we have a lot of time left on the clock before the next decision. forth, as we go back and the questions we should be asking our what are the second derivative and third derivative from what we are watching today. i think what we will see on the democratic side is a renewed focus on attorney general barr and how he has handled this,
which will be a display on capitol hill, and on the right, a focus on investigating the investigators and trying to get a new look at the genesis of these investigations. vonnie: and of course, william barr has said that will continue. there will be an investigation into the fbi counter investigation into russian interference. what did we learn about wikileaks involvement at all? isaac: i think we will be going through this, and all of washington will be going through this report is a fine tooth comb to look into wikileaks and each specific meeting. i think there will be a focus on trying to see what institutions, whether social media players or banks, are named in this report. i think that is the hierarchy of what we will be looking for first. beyond that, we will be looking at those 10 instances that the attorney general referenced of potential obstruction that are
purportedly in this report. vonnie: how do you imagine the president will react? he's obviously tweeted out already, saying, "game over." will he now try to take the higher ground and maybe not comment, or do you imagine he will react and act like the war is won? isaac: i think the president is going to declare victory once again. i think this is, in his view, and unquestioned victory, both collectively -- both politically and from a policy perspective. we still have miles to go with regard to congressional involvement. vonnie: thank you for your context. sky,think to isaac boltan policy point director of research. waiting on some other
news today. pinterest and zoom video shares start trading, both ipo's priced after the market closed yesterday. joining us to discuss is bloomberg's eric newcomer. what were the pricings like, and how do you anticipate things going today? eric: we are still waiting right now. pinterest ipo price around $19 a share, which would put it below its last private round. there's a lot of enthusiasm around zoom. it is amazing that both of these companies are going today, when you want attention, and the mueller report is coming out, so it is just a very busy newsday for these two companies to try and draw attention. guy: zoom seems to be gathering an awful lot of interest. i think i read somewhere that these are some of the best financials analysts have ever seen for a company coming to market. what makes zoom so attractive, and can you compare and contrast how you think these two
companies may trade today? eric: i think investors really this sort ofd like repeatable software enterprise model. story, pinterest has a that is not quite going to be the next huge consumer social media company. in fact, it doesn't want to be thought of as a huge social media company. it is something different. it is a sort of advertising business, but people are still trying to figure out. and it is obviously a consumer business. there's a split in enthusiasm for a company that sells to zoom'sses, and financials look great, whereas pinterest doesn't look like it is going to be the next facebook. it is trying to be its own thing, but investors don't seem to understand it. vonnie: in fact, they are trying not to be the next facebook. what about demand? haveusly the lyft ipo will
burned a few bridges when it comes to retail demand. eric: investors have been watching for these companies for a long time. they have certainly had room to prepare for this rush of ipo's. everybody is watching uber, and i think of all tried to make space for it and get out ahead of it. one of the funny things here is -- were is ae user customer of -- uber is a customer of zoom. it is funny that this product i first learned about at uber's offices is now getting ahead of uber. but i think investors have figured out that all of these companies are coming, and a lot of them are the same investors that have been deploying capital on the private markets and are now going to re-up or try to exit their positions once these companies start trading. guy: can the market take another ?ift bang -- another lyft
not a failure, but that wasn't the ideal outcome when it comes to an ipo. the damage was done. it takes a long time to recover. can the ipo pipeline take another one of those? eric: i think the market is trying to figure out how much the public and private markets fore the same tolerance losses. i think that is why zoom is a much more comfortable bet because it is a company where you can really model how that business will work. --ething like lift bang something like lyft, you are talking about $1 billion of losses in a year. investors want to know if there is the same topline enthusiasm, or much more skepticism. so we need to value this thing differently. pinterest is stuck somewhere in the middle. it doesn't lose anywhere near as much as lyft or a ridesharing
company, but at the same time, it has that sort of consumer sheen and is looking to get special treatment because it is a technology company and has this future prominence. vonnie: who will be exiting? who will be enjoying the day more than most? eric: we will really have to see. there were so many surprises ipo, the heavy shortselling and how it began. it will be interesting to see who is staying in. i think it will take some time. these companies have lockups. we will have to track that as things go on. vonnie: eric newcomer, thank you. eric: thank you. guy: we are going to talk more about the banking and asset sector in a few moments' time. dws said to apparently be potential deals with other companies because
vonnie: this is the stream of the white house. ofare awaiting the reaction president trump before the mueller report gets released to the house and senate committees. the president has been tweeting this morning about the press conference from attorney general william barr. we know there are some questions now we are getting a little more clarity on, but there is a lot left to be answered. guy: i guess there probably is a link with what is happening in
washington and what is happening in frankfurt. deutsche bank arguably could be in that connection. let's focus on deutsche bank from a different angle. there asset management division is said to be looking at potential other mergers. needs to find a way of streamlining its business and potentially raising a little bit of money. steven arons joins us from frankfurt after breaking the story. walk us through the details of what we know about how these talks are ongoing at the moment. steven: it is an interesting situation, obviously. we have the merger talks at a level between deutsche bank and commerzbank, another german bank, and a subsidiary, dws, now in exploratory talks with other asset management about teaming up. , but unlikely to be a sale each bit of deutsche bank seems to have its own little plan to grow, and dws certainly needs to
grow to scale business, and i think that is where we are at now. vonnie: so what happens next, steven? steven: the ws is in talks. it is -- dws is in talks. it is unlikely they will make a decision on this before the commerzbank deal is decided. they will make an announcement whether to go ahead with the talks with commerzbank before they unveil first quarter results next friday, so that is going to be the next big development in this saga that we are all waiting for. guy: who would be the best fit? is it ubs? or does it not matter? steven: that is a good question. each asset manager has their own advantages. anotherously reported interested in dws, too. i don't know if that would be a add ait, but it would
very strong asset and wealth management business. wherek the question is can i get the best for this given that deutsche bank is unlikely to want to sell the asset. it is going to be a very tricky negotiation for that. vonnie: will it help at all when it comes to a deutsche bank merger with another bank to have this cash on the books? i do think it is something that people have been singing about. on the other hand, the willingness month deutsche bank management to sell dws is extremely low. if they can avoid it, they will. what they really need is a growth model. they've been losing revenue for a long time. dws has been providing a stable source of both revenue and them,ability, so to sell many investors would totally hate the idea, and i thick it would be a really tough decision to make something as uncertain
as a deal with commerzbank. guy: have a great weekend, steven. thanks for joining us. steven arons joining us out of frankfurt on the latest with deutsche and dws. we will be taking you back to the east room as soon as we see the president. this story obviously a focus for newsrooms around the world. this is bloomberg. ♪
♪ guy: from london, i'm guy johnson. vonnie: in new york, i'm vonnie quinn. this is "bloomberg markets." guy: the book bill still underway regarding pinterest and zoom. zoom couldo indicate have a really punchy start to trading. it was priced around $36, but looks like it could be opening significantly higher than that.
obviously takes a while to build a book around some of these things. as soon as we get that first trade, we will bring it straight to you. vonnie: let's take you to the east room of the white house now. we are awaiting remarks from president trump ahead of the redacted version of the mullah report being handed to congress. that is -- the mueller report being handed to congress. that was due to happen in just about six minutes. we heard from the attorney general. the president may or may not make remarks. let's get to futures in focus. we are joined from the cme. what are traders talking about doing? guest: they are talking about the move in the 10 year, actually, reversing the course of the last week and a half. we are seeing it dip back down, so we are seeing a bid in the 10 year and the middle of the curve. the fives, sevens, and tends are a bit higher today. vonnie: what is that a tribute
it to? -- ild think that would think there would be a lot of talk about the attorney general's press conference. dan: we are paying attention to it, but i don't know what overall effect that would have on the markets. it makes great theater, but at the same time, the market has been telling us for the last month as news continues to roll out that it is really not impacting the market. vonnie: is this a short-term move for the 10 year, or do we get another reversal next week? dan: it is continuing to adjust. , so wethe price movement are seeing adjustment in reversion. but some of these economic numbers continue to unfold, and you see them impacting the price movement in the 10 year as well. i do expect it will continue to be volatile, but this range seems to be kind of the magnet for the 10 year right now. vonnie: there was news during
the week on china and commodities. i am curious as to what is moving down there and what is getting people's attention commodities wise. dan: crude is continuing to hold out its top end of the range, and you are seeing some currency movement as well. that is one area we are focused on as well. the u.s. dollar is pushing, and the euro and the pound coming under pressure, mainly due to inflation numbers you mentioned. vonnie: thank you. that is dan deming from the cme. we will take you to the east room of the white house very shortly. we are awaiting remarks from president trump. this is bloomberg. ♪
european trading week. from london, i'm guy johnson. vonnie: in new york, i'm vonnie quinn. this is the european close on "bloomberg markets." we are awaiting marks from -- awaiting remarks from president trump. we will be getting the mueller report on the justice to part my website in just a few minutes. it is due to be handed to the house and senate justice committees right now. attorney general barr said earlier today they would be handing discs of the redacted report to congress. it is due to be on the justice tavarez website in just a few minutes. as we can see -- the justice to barb and website in just a few minutes -- the justice department website in just a few and it's -- in just a few minutes. in the meantime, we have markets to check. guy: delivered on cd-roms.