tv Mornings With Maria Bartiromo FOX Business April 27, 2018 6:00am-9:00am EDT
mixed story later this morning we will get the first read on first-quarter gdp, the dow industrials expected to be down 80 points, s&p 5, nasdaq is up about 9 points. nasdaq snapped losing streak, check it out, dow industrials up 238, 1%, 238, s&p was up 27 points and nasdaq up one and two third percent, best performer of the day up 115 point higher, we are watching amazon this morning. in europe meanwhile all the indices are higher across the board, two-thirds of a percent on ftse, up a quarter of a percent and up two in germany. investors shaking off weak growth data out of france and uk this morning, we will bring you those numbers. the korean kospi index up two-thirds of a percent. plus, bias in the bureau, newly unveiled text messages from fbi
agents peter and lisa page, shocking twist coming up this morning. unfriended, new fox news poll, how americans are considering leaving facebook on privacy issues. slice of history, new york cooking up its own pizza museum, from tourists can expect from the mouth-watering exhibit when it opens in the fall. joining know break it all down fox business network dagen mcdowell, the king of college business and economic's professor brian broken berlg and benchmark managing partner kevin kelly. i have the a team here. [laughter] dagen: you're back two days in the same week, y'all are doing pretty good. [laughter] kevin: we have crazy numbers. we knew technology was going to
dictate where the market went, right, now it's the biggest question mark, how is technology going to react. brian: nobody expected amazon and facebook with the numbers, huge numbers. kevin: i expected amazon, amazon, amazon, amazon. brian: yeah, but there was no bad news here. it was really extraordinary. dagen: and my question, pardon me for cutting you off, my question to you both, can jeff bezos as this company gets bigger, bigger and bigger, can he manage it? is he a jack welch. kevin: and i can answer that, the answer is yes. dagen: i said that as a tease. [laughter] maria: he wants to answer it now. dagen: lure the audience in. kevin: jeff bezos wakes up every day, am i going to be disruptor or disrupted. that's the question he asks
every day. maria: it's not easy about not caring about profit -- dagen: we will talk about it, but bret baier's interview with jim comey, jim comey should be embarrassed. he doesn't know that hillary clinton and the dnc funded the dossier, i don't know that. maria: come on. come on. [laughter] maria: coming up this morning we have a lot to talk about, steven, my special guest this morning along with new york congressman chris collins, former german defense angela merkel is here. former trump campaign manager, corey lewandowski, president and ceo and author corey lewandowski. we kick it off right here with breaking news. north and south korea have agree today take steps to completely denuclearize the korean peninsula.
fox news senior affairs greg palcock from seoul, we have been saying, greg, this is history in the making. >> history in the making for sure, maria, remarkable statements at the end of it, could have wished for a few more details, hey that goes with the territory with these things. north korean leader kim jong un, south korean president moon jae-in making historic line into south korea, in concluding statement they say that there will be no more war in korean peninsula. this is what the white house is looking for, complete denuclearization, that means the north is a common goal, they did write a proviso, carried out in a fazed and gradual way, the white house would like that. a headline, they are calling for a peace treaty, formally end the korean war which started 68
years ago where there's only been armist and they have to bring in u.s., china and others, they are promising more meetings including another summit in the fall. they are making progress towards peace. again, it has been a day of images, a day of photo-opts crossing the dmz, honor guard, writing book, start of age of peace, two long sessions in the south where they worked out the details about the denuclearization, again, white house applauding this and saying they want more discussions for their own big meeting between kim jong un and president trump, i think they will see this as a start, i think they will would have wanted more details but the vibrations, anyway, very good, back to you, maria. >> really incredible watching kim jong un over the line between south and north korea was pretty incredible.
greg palkot thank you, live from south korea. anyway, look at this, this is history in the making. brian: there seems something special going on here. you don't want to get too optimistic because you have a long way to go, there seems to be something happening. maria: practically speaking, dagen, we are not going to see the missile testing, what does this mean on practical basis in your view? dagen: well, we have to look at it from the potential meeting, the planned meeting with president trump and kim jong un and is it all for show because in the past -- this is a huge step not to dismiss, diminish that, but it's all been show in terms of getting sanctions relief and not standing by its agreement to basically pull back on its weapon's program, i'm talking about north korea. it's big step yesterday with the confirmation of mike pompeo that president trump finally has his foreign policy team in place, pompeo having already gone and
met with kim jong un and i think that that's an important step in terms of what we are doing and ahead of the trump and kim jong un -- maria: if it is real, will the mainstream media admit that donald trump's tough talk is working? dagen: no, they'll never admit that. kevin: they may admit that the sanctions are work chg has led to this, star contrast from when kim jong un was sending missiles over japan that was very scary, sanctions happened and president trump started talking with president xi jinping and have china step up to forefront and push pressure on north korea. maria: this is incredible. dagen: it is, but the issue will be if they demand sanctions relief ahead of them doing anything with their own nuclear program. maria: absolutely. we have to watch that. all right, meanwhile back here in the u.s. technology focus on wall street, silicon valley exceeding wall street expectations this week with earnings, investors are watching amazon this morning, the
e-commerce giant reported adjusted earn 3.27 on roughly $51 billion on revenue for the quarter. the stock is on a tear as it has been. it's up another 7% this morning. let's talk tech and investing today with the chief equity market strategists with fed rated investors phil orlando, great to see you. >> thanks for having me. maria: reaction on earning season and strength technology we are seeing this week? >> fen father or motherral earning season. revenues up year over year. maria: that's good. >> contrast that with earning season, this is phenomena. stocks should be moving up to reflect earnings but it's been terrific and about 7% of the earnings gain is reflected, the
tax changes that we saw at tend of last year, the companies have been talking them through in terms of guidance, i think the fiscal policy initiatives that the administration put in place will have long-ranging effects. earnings could be up about 20%. maria: huge number, would you buy into stocks on that phenomena? >> we actually did right at tend of march, stocks were sitting right around 200-day moving average. they looked cheap to us down around 16 times earnings or so, we added more to equity specifically small cap growth and obviously there's technology companies that are in the mix. maria: yeah. >> phil, facebook and amazon came so strong which is significant given the concerns of political level and yet their earnings were very strong, facebook 70 million new daily active users in the first quarter, is that going to put a lot of the political concerns to bed when it comes to the fang stocks or is this a temporary blip and good news for the companies?
>> that's the whole separating from the chap, the political noise is what knocked down facebook. the underlying is fundamentals have pretty good. what we don't know is will some percentage of their user base decide not to use them because of the political nonsense. but -- dagen: pushback on that, it's not political nonsense, a company that basically abused the data of it's very customers and was not honest with them for more than a decade and so now the world got wind of it finally with this cambridge scandal. maria: they may find more regulations as a result of this. dagen: it's regulation but the question is do advertisers go somewhere else? maria: but they haven't. kevin: goldman sachs estimates that the european regulations are going to impact facebook's revenue to tune of 7%.
that's just on the revenue side not on the cost side and you need to think about the type of advertising can delineates facebook from amazon, right, amazon has purchased history, facebook tried to sell you diet pills, they're all fake, right, the quarter was so good on advertising side because all those -- that affiliated marketing was bought before the new rules and regulations came into effect from facebook on itself. maria: what's your point? [laughter] maria: i'm just trying -- kevin: my point is facebook's quarter is great but it's the last great quarter they will have because they have amazon on their heels. maria: do you agree with that. >> let me help kevin out here, what happened in washington came right at the very end of the quarter likely baked and quarters of instability in terms of what's going to shake out. by the time we get to fourth quarter, technology, facebook in
particular will be okay but we will have choppy for -- maria: seller here? >> i'm a complete seller. margins are not going to compressed. they may be worth 18 time's earning, they know what you like in your habits. amazon, likes, habits, purchases are, more traditional brands are advertising on amazon now than independent brands and amazon itself. maria: nice room to increase prices, amazon announcing 20% increase in annual price membership price, members are now going to start paying $119 a year that begins in the two months. dagen: they locked us in and jacking the prices which is what a giant company can do. but to kevin's point i do want to note that amazon better than expected results were cloud division but also as you said strong growth in the company's
advertising. maria: we saw the advertising bids -- business doing well. >> 3.4 billion this year, right, it's gain busters. dagen: this was the point i was trying to make, you can't dismiss facebook's problems, it's just something concocted by washington. they have been showing reckless on privacy and finally somebody opened the garage door, if you will and we are seeing them standing there naked. maria: could mean structural change to the business. phil, before you go, there's a narrative going on right now where this economy is down considerably in 19 and 20. are they going to slow things down from 3% year this year to 1.3 -- 1 and three quarters percent in 1920? >> the short answer is no. we are 2 and a half percent.
the street is at 2%, the number will come in light because january and february numbers which is the basis for stage report will be light. we are 2 and a half percent because when the march data comes in on revision both trade and consumers, the numbers will come up, we will get a bounce in second quarter, we are expecting 3% gdp growth this year, 3% gdp next year, 3% we have seen last year and last three quarters is sustainable. maria: good stuff, phil orlando, thank you, we will be right back
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maria: breaking news right now from kensington palace. cheryl: prince lewis arthur charles, much anticipated announcement came four days after the duchess of cambridge gave birth to the couple's first child. a lot of people had money writing on this one. bets across the uk, royal highness prince lewis arthur of cambridge. let's talk about another headline at home, tom broka is denying a sexual misconduct claim by a former reporter. linda vester claiming ha he groped her and twice tried to forcibly kiss her, misbehavior took places in denver and new york in 1990's.
he met her twice and he made, quote, romantic oversures towards her. wells fargo could be in hot water again, it just doesn't stop, wall street journal report that the labor department is investigating whether wells have been pushing people in low-cost 401(k) plans to work hold negotiation more expense i have retirements, investigations looking into whether retirement units pushed to buy which are more profitable, which, of course, means more revenue. shares are down 12% so far this year. we do have a programming note for you this morning, maria will interview bank ceo sloan from annual conference. okay, another maria story for you, pizza is religion to many people in new york, finally right that new york is getting museum. the world's first experimental adventure that's going to be a
pizza cave, beach, a wave of cheese, i'm excited about that, museum october 13th to 28th, it does come with a slice of pizza, one of my favorite videos is you outside of the plaza when you were showing your doug-tossing skills, remember that? look at you. favorite moments. maria: my sister and me when we made my dad's recipe on "fox & friends". they guilted me into it, let's see if you can toss it and i took a shot and tossed it. [laughter] maria: i'm glad i caught it. that's cool. i love making pizza. dagen: that expression on your face. [laughter] brian: look at the focus. dagen: focus and concentration. [laughter] maria: i want to make sure i catch that dough. i love making pizza with my dad
actually. we are going to take a break, coming up a sonic boom, that's how one person described the explosion at oil refinery in wisconsin that injured nearly a thousand people and forced thousands of others from their home, plus president trump honoring wounded warriors at the white house today. find out why one of the heros called out commander in chief about golf, back in a minute. we have got a problem. a few problems actually. we've got aging roadways, aging power grids, ...aging everything. we also have the age-old problem of bias in the workplace. really... never heard of it. the question is... who's going to fix all of this? an actor?
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>> facebook censored their political content. the pair getting into a heated exchange with lawmakers saying they want clear answers on why that happened. they will discuss allegations of censorship and facebook after protrump page was labeled unsafe. >> what we did on how facebook has been -- >> have you been making -- >> 29 days, five hours, 43 minutes and 40 second, that's what they did. >> facebook ceo mark zuckerberg testified that the unsafe label was a technical error and the latest fox poll, fox news poll found that after bam bridge scandal three quarters, 73% of users care facebook shares information with others, 43% of those people have thought about
deleting facebook accounts in order to protect privacy, almost half of millennials in the survey saying that they have considered getting rid of facebook account, 11% say hey, that account is gone altogether. maria: i don't know how easy it is to get rid of it. people were trying to delete it, asks for your password. >> find the special page on facebook that allows you to take it apart, it's difficult to do. people have complained about this because they want to keep getting information on you and your friends so they can sell you more stuff. [laughter] maria: incredible. >> the only people being connected from facebook are advertisers in facebook, yes, you can connect with your friends. maria: what does zuckerberg have to say about claims. >> hey, it was a mistake, gee, we are sorry. kevin: he consistent i will says technical errors and the issue that they have over 200 data points on you, they know more about you than you know about
yourself and the problem is that their platform was use today exploit people, right, as well as skirt loss. for the law, you didn't want ads to be shown to mothers, minorities, to certain types of people and there's no leadership over there, technical error, we are sorry, we will fix it. >> they are doing a great job of making money, right, that's working well. the concerns are on our side. kevin: that's not leadership. you need to take care of all holders, customers, clients, employees, the issue here is that that's not leadership. in the long run, you need to have leadership to have a successful business. they -- their multiple is going to compressed. dagen: who is sick we are trying to bring people together. maria: share all of your information. dagen: we are just about
building communities really quickly. for advertisers to pull back dollars on media form you only have to see people use it less. it doesn't have to be a yes or no, i'm either on facebook or not. if people start spending less time on facebook that will ultimately impact ad dollars that are directed to facebook. >> crack cocaine to advertisers, they can get exactly the audience they want. you want blue-cheese eaters in wisconsin, we will give you that. they can drill down in a way that practically no other advertiser can. kevin: the last report they didn't say how many people spent last time, last quarter they said 5%. maria: we will leave it there, a story that's not going away. gerri, thank you so much. gerri willis, newly unveiled text messages from peter strzok and lisa page, wait till you see revealing reaction to james comey's fire bing and what the foarm fbi director is saying
about bias in the agency, he sat down with bret baier last night. we will tell you about the first antigravity beer. back in a minute. of growth opportunities in up markets, while maintaining a level of protection in down markets. so they can focus on new things like exotic snacks. talk with your advisor about shield annuities from brighthouse financial- established by metlife. metastatic breast cancer is relentless, but i'm relentless too. mbc doesn't take a day off, and neither will i. and i treat my mbc with new everyday verzenio-
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stories right now 6:30 a.m. on the east coast. breaking news this morning, path to denuclearization, north korea and south korea are claiming the end of the korean war, kim jong un and south korea's moon jae agreeing on monogoal to completely denuclearize peninsula. both sides looking to establish solid peace, very latest on the historic meeting today. from technology to energy, earnings the story, oil giants execs monomobile and chevron to report first quarter numbers. s&p 500 also down 3 points but the nasdaq is higher by 16, partly due to amazon, first reading of gdp is out this morning, economists are expecting growth of 2%, nasdaq snapped a 5-session losing streak, check it out. dow up a percent, 238 points
higher, the nasdaq up 115 points. one and two-thirds percent. european indices looking like this this morning. 51 points higher, cac quarante up a quarter of a percent, 13 points higher, dax in germany up 99 points higher. investors are shaking off weak data growth out of france and uk. in asia overnight, green across the word amid interkorean meeting as you can see. james comey on his heels last night over bias at the law enforcement agency. fox news' bret baier questioned him what he knew about lisa page and peter strzok. >> when i saw the text i was deeply disappointed but i never saw any bias including me. maria: more on that plus reports of how page and peter strzok react today comey's firing, president trump is tweeting this morning, we will tell you what
he has to say. that's straight ahead. automaker betting big on the carrolla sedan adding hundreds of jobs in one plant. we have the details on the first antigravity beer, yeah, that's coming up. fox news alert, president trump tweeting this. is everybody believing what is going on, james comey can't define what a leak is, doesn't understand what he did or how serious it is, he lied all over the place to cover it up, he's either very sick or very dumb, remember sailor. lisa page and peter strzok reported express disappoint. comey was questioned about the slew of antitrump messages between two officials during interview with special report on fox last night. watch. >> when i saw the texts i was deeply disappointed in them but
i never saw any bias, any reflection of any kind of animus, including me, i'm not going to read them all, never saw it. that's why we have such a big team of people. maria: i just want to point this out before we bring corey lewendowsky in. he was all and about trashing tg the president, he doesn't like his clothing, the ties are too long, i mean, how is it possible that he could sit there and say i've never seen any bias when he's out trashing the president up and down the street? brian: he has trouble defining the term leak, maybe he has trouble defining animus. kevin: you're bias if you're needing behind the drapes. he had an agenda. dagen: the most shocking thing about the interview, when did
you learn that dnc and hillary clinton's campaign funded christopher steele's work, we are talking about the dossier? >> i still don't know that for a fact. what do you mean? i have only seen it in the media i never knew exactly which democrats funded it. i knew it was funned first by republicans which isn't true. maria: he's lying. dagen: debunk. maria: he didn't. he knew exactly what was going on. let's bring in former trump campaign corey lewandowsky, coauthor of let trump be trump. corey lewandowsky, your reaction. >> the interview last night with bret baier was amazing on so many fronts. either jim comey is the most inept fbi leader in history or obtuse of what takes place or bold-face liar. this reminds me of the days of bill clinton of saying what is
is. jim comey's question is what is a leak, you give out information that you're not supposed to. bret pressed him on the issue. you cannot disclose information you've obtained as member of the fbi without written authorization from your supervisor and he didn't even answer the question. he's now proven to have given out classified information without -- without the authorization, he said, well, i didn't think it was classified. that's not for him to determine, there has to be more accountability, we know he gave out this information to put it in the media and now we find out about a special government employee, only one that was part of the fbi that he gave this information to. i've never heard this term before and bret asked him, how many other people are special government employees and he said, well, just this one, this whole thing is insane and between him and mccabe and the waiting ig waiting, we can see how faulty the leadership has been at the fbi and the american people deserve better. maria: what i want to know is
how high up the poll this goes because, you know, the other night allen dershowitz was on laura ingraham show and he said basically what's going on is jim comey is protecting president obama because that's where all the directives were coming from and we know that this bias was going on across the leadership of the fbi and the doj, the number three guy at the department of justice was bruce orr and his wife was most orr working for fusion gps, comey was also questioned about the origins after the antitrump dossier as dagen said minutes ago, compiled by former british spy christopher steele paid for by the democrats, thereon this. >> when did you learn that the dnc and hillary clinton campaign had funded christopher steele's work? >> i still don't know that for a fact. >> what do you mean? >> i never knew exactly which democrats had funded. i knew it was funded first by republicans. >> that's not true. >> i'm sorry? >> that's not true that the dossier, that christopher steele
was funded by republicans? >> my understanding is that steele hired to look into by republicans and then picked up by the democrats. maria: how are you the fbi director and you don't know who gave you a piece of research to get warrant to spy on americans, right there that's a lie. >> this is so insane, you the head of the fbi who i believe signed a fisa application warrant to a federal judge saying that the information we are providing you to the best of your knowledge is full and accurate and they used information to -- the fourth amendment of constitution to spy on americans on u.s. soil and now saying we don't know where the information came from. originally this came from a trusted fbi source which refers to cristfear steel, now he's saying i don't know where it
came from, he has lied and lied and when the ig report came out he will be in the best predicament that his best friend mccabe is in. they better be accountability for the individuals. maria: you're talking about criminal charges referral? >> absolutely. maria: he knows the criminal charges will be recommended, he has to stoic to a story. dagen: i want to see a trial of andy mccabe because andy mccabe said that -- andy mccabe according to ig report not only lied to jim comey but about jim comey, put them -- put them both on witness stand. maria: let's get to loretta lynch too. kevin: she's busy on the tarmac with bill clinton. [laughter] kevin: he released, quote, unquote, dairies, explicit effect of getting a special prosecutor. maria: he's in charge of the
world. kevin: he had an agenda. maria: yes, he did. reason we are fired up about this because this is much bigger than donald trump at this point. this is about america, this is about the rule of law and when you are in a position of power you are not to abuse the power and that's what's going on here. dagen: corey, you've had a dossier that was funded by trump -- the trump opponent. maria: political opponent. dagen: to spy on a member of trump campaign and james comey says, i don't know who funded it. >> the largest messiah complex there is, he has determined what is right and wrong for the country, he's determining what information should or should not have gotten out. it's not his determination. he has done everything that has benefited gyms comey because his friends, mccabe, peter strzok, page, they had insurance policy against policy and they woke up
on election day, we are in trouble, they know they were covering from the clinton campaign. maria: we know what the insurance policy is, investigation after investigation after investigation after investigation to try to delegitimize this president. bottom line, they wanted to change the election, they we wanted to change the results of a presidential election after half the country voted for him, they didn't like the outcome. that's it. that's what they wanted to do, corey, thank you. >> thank you. maria: corey lewandowski, we will be right back
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maria: why did you change your mind? >> you know, i think we have been at war for too long and too many places and i kept asking director pompeo was it a iraq war and did you agreed with the president and i wasn't getting a good answer and finally i got a succinct answer from pompeo and the president. i think that combined with the fact that the president now has opened the door to negotiations
with north korea and that pompeo's part of that, all of that figured into it. >> he's proven himself not just as director of cia but in leading diplomatic efforts with north korea. >> once every 30 years we reform the tax code, in between we fall farther behind and we do a lot of special breaks, we are talking about trying to do what businesses do which is every year congress looks at tax code and asks themselves can we be more competitive as country. maria: congratulations, paul ryan endorsed you. >> we have to make sure that there's a republican to run for speaker next year. maria: what was going through your mind? >> the barrel was down and i saw him reloading, i made up my mind if he was going to kill me, he was going to have to work for the kill.
maria: we love you, james, thank you so much, you're a hero. i had the opportunity to honor former federal reserve chair janet yellen with award in 2018 brooklyn public library gala. dr. yellen, congratulations on the incredible accomplishments and thank you for a proving that a kid from brooklyn given the right resources and hard work can rise to the greatest seat of power anywhere in the world today, congratulations dr. yellen. [cheers and applause] maria: one clothing store is growing like a vine, talk to us about how you started this and left your desk job to go into retail like this? >> sure, we were working down the street in manhattan and we didn't like our jobs, we were young, i decided we could sell neckties, wants to -- can't wear
t-shirts. >> our company mantra is every day should feel this good. maria: those who suffer from indigestion. >> if you have a milk allergy, the difference a1 and a2 mill south carolina no different. mean if you have lactose intolerance, they will both trigger symptoms. maria: let's start with the piece, tell us about it. >> greatest private collection that is will come to life in our lifetime. what he has here is one of the great paintings that he painted in his garden. maria: this national pretzel we are celebrating in style that's growing fast. i love that mornings with maria, that's very cool. nice touch. the republican's tax plan, did that impact you as a small
business? >> it absolutely did. more money for the small businesses. >> is it okay if i have the r? maria: those pretzels were good. breaking news, president trump just tweeted this, after year of missile launches and nuclear testing historic meeting between north and south korea is now taking place. good things are happening but only time will tell. the president just talking there about the incredible meeting and, of course, we know he's got an upcoming meeting with kim jong un. meanwhile there's this, the fire at wisconsin oil refinery is now out but evacuation order is still in effect. cheryl casone with the details. cheryl: we have been following this overnight, the oil refinery exploded thursday, thick smoke and air and nearby residents have evacuated and are being told they can't go back home. officials are still trying to determine when it's safe to lift the evacuation order.
the u.s. chemical safety board will be investigating the cause of the blast. well, toyota announcing expansion plans for plant in mississippi, the company will invest 170 million hiring 400 workers over the next 12 months, they will build the next generation sedan, also shipping from canada to u.s. facilities shares up 3% this year. president trump honoring wounded warriors at the white house yesterday. he met the president at golf's president and the president's golf ball was well away from him. the room laughed this, watch. >> while on combat mission his vehicle was struck by a roadside bomb, dan was severely injured,
ultimately losing both legs. wounded warrior project was there to help dan along his difficult journey. i also know from personal experience that dan is a great golfer. [laughter] cheryl: that went on from there. talked a lot about golf. the white house has hosted wounded warrior project every year since 2008 and then there's the beer in space story, have you ever wanted to have a beer in space, guess what, two companies four spines brewing and savior are trying to make this happen, they want to create the first zero-gravity beer in a bottle not anything that gets out in squeezy straw, space beer, dry fulled flavored, irish stout, who is going to drink it, space tourists and the beer can be bought here on earth. maybe we will do that for now, maria, those are your headlines. maria: okay. >> did you call light beer?
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>> hello, maria. maria: we missed you. no doubt one of the biggest films in the year. >> ten years in the making, the marvel movie everybody has been waiting for, practically every marvel character makes appearance, budget of $300 million, the movie started breaking records around the world including in previews here, domestically last night, it opened up last night in south korea and it's the biggest opening in that nation's history and, you know, kim jong un happens to be a big movie buff so could this have been what got him across the border? just throwing it out there. it may take four to bring about peace. maria: we were wonder if there was super hero fatigue, we had black panther pulling in $200 million in opening weekend. will we see those numbers in
infinity? >> probably over a billion dollars. good movies, it was a fun movie to see and, you know, when disney bought marvel back in 2009 for about $4 billion it really revitalized that studio's live action franchise in a huge way. these are ten-pole movies for the studio. brian: michael, what can fans expect that's going to be different? it brings everybody together, that's great, is there a cork or something going on here that fans will find interesting? >> there is something for everyone in this movie. probably if you're not that familiar with marvel, probably not the movie for you start with but there is something for everyone. a little shakespearean theme. maria: you have the hulk in the background there. you think last week's top movie quiet place was going to put up
a fight for avengers or still popular as well? >> probably number two but not close to 230-$50 million that avengers is expect to go make this weekend. maria: did you see harvey, all the president's men, interesting, your take. >> send me to oscars now, critical and popular hit. first of all, journalism, you know, from all the president's men, big hit with critics and audiences and then plan b, brad pitt does a great job with these. maria: thank you.
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call right now. - [eckstein] call the number on your screen. >> maria: welcome back. good friday morning, everybody. happy friday. i'm maria bartiromo. it is friday, april 27th. your top stories right now, 7:0. history seven decades in the making, kim jong un has droved the dmv line to meet with south korea's moon jae-in. they announced plans for a peace deal to formally end the korean war and work towards denuclearization. we'll tell you what president trump had to say about this history in the making. energy earnings in focus on wall street this morning. we'll bring you the numbers as soon as they're out. futures take a look at markets this morning and what we're expecting. we're looking for a lower
opening for the dow industrials and the s&p 500. dow is down 87 points right now. we're waiting on the first read of first quarter gdp. economists are expected the first quarter to generate growth of about 2%. nasdaq is up right now 10 points. the nasdaq yesterday snapped a five session losing streak after strong earnings from the technology sector. nays takinnasdaq was up 115 pois yesterday. amazon shares soared in the extended hours after amazon reported stellar profits last night and announced plans to raise the cost of a prime membership by $20. stock is up 7% as we speak. in europe this morning, markets look like this, dax index is up across the board. that's between a quarter of a percent on the cac to three-quarters percent higher on the dax. investors shaking off weak growth data. best performer, hang seng in hong kong, up about 1%.
welcome to the league, the nfl draft picks off. we'll break down the wild first round picks. a royal reveal, the duke and duchess of cambridge announcing the name of their third child. we'll introduce you to the new little prince. all those stories coming up this friday morning. joining me to break is down, dagen mcdowell, brian ben brynburg and kevin kelly. >> we finally have an ambassador to germany. >> maria: rick grinell. >> it's well deserved. i would love to hear his take. >> maria: they finally stopped slow-walking. >> 42 democrats opposed this. this is the highest ranking openly gay member of the administration. 42 democrats, this resist movement is getting absurd. >> a meeting with merkel today,
good timing on this. trade will be the key conversation, th do the tariffsf aluminum and steel continue. >> maria: the administration want the rick grinell to be confirmed before angela merkel showed up. >> dagen: ronny jackson has withdrawn his name as running the veterans affairs administration, becoming the secretary of the v.a. the wall street journal editor page writes about this is the kind of resistance that you're going to see as th -- if the des take the senate. this is a message from democrats to anybody who thinks about serving in the trump administration, that we'll destroy you with anonymous allegations, we will not use discretion, we will destroy your life and it's their effort to take a chainsaw to what the trump administration's trying to do. >> maria: will the voters be onto this come november and say you know what, no more resist, i'm done. i want to get things done in the
done. >> dagen: they're willing to destroy a man's life just for politics because they don't like president trump. >> maria: history in the making, our first top story this morning, ending a history of confrontation. north korea and south korea coming to an agreement with a common goal to denuclearize the peninsula. the president tweeted his reaction this morning saying this, after a furious year of missile launches and nuclear testing, an historic meeting between north and south korea is taking place. good things are happening but only time will tell. addings this, korean war to end, the united states and all of its great people should be very proud of what is now taking place in korea, the president writes. the leaders of north and south korea now say they plan to sign a peace treaty to formally end the korean war later this year. they're going to do that later this year, 65 years after the end of the hostilities. kim made history by crossing the line divided the demilitaryized
zone earlier, the first time a north korean leader has set foot in south korea since 1953. joining me right now to weigh in, house come her committee member, congressman chris collins of new york. thank you for weighing in this morning. your reaction to this historic summit? >> it is historic, and when you think back 65 years, the number of presidents who have served and been frustrated endlessly by the conflict in korea as north korea looked to build up a nuclear arsenal, putting certainly japan and parts of the u.s. at risk, to me this is another accomplishment, frankly, for president trump. the accomplishments keep mounting, 14, 15 months into this administration, whether moving the e embassy to jerusalm where we hear very little about that where six presidents promised to do, only trump did. and to think we could have peace on the korean peninsula with no nuclear weapons whatsoever, that
is beyond historic and certainly it's going to be tougher and tougher for these democrats to continue, even though they're going to try, to paint trump in the light that they have, not suited to be president when we have tax reform, we've got a historic supreme court, jerusalem and now north korea. the successes keep piling up. imagine what he'll accomplish over four years. >> maria: i feel like the president has been working toward this since he started in office, talking with the president of china while they're having dinner, telling the president of china we just struck syria, you know, just to show how serious he has been, telling china we're going to get tough, you need to help us with north korea, being really tough in terms of his rhetoric with the head of north korea. but why now? we know what went on with otto warmbeer, you've got otto warm.
warmbeer's president suing north korea because their some came back comatose and died. why is kim jong un doing this now. >> when you look at the rhetoric and the back and forth, this is the art of the deal with president trump. he sets the stage. people know he's not someone who bluffs. he knows what it takes to get through a negotiation in his gut. he knows where he's got to go to get results. people who haven't been in those types of negotiations can't understand the back and forth. but there is actually a method to what he's doing and sure enough, kim jong un took note and kim jong un wants to wake up in the morning and he said you know, with president trump if he continues down the nuclear path, there could be a day he doesn't wake up in the morning. >> maria: we know this dramatic summit is coming a few weeks before kim is set to meet with
president trump to talk about denuclearization. this is what president trump had to say about that yesterday. >> everybody said this guy is going to get us into a nuclear war. the nuclear war would have happened if you had weak people. this should have been settled long before i came into office. this is a much different ballgame than if they did it fine, 10 or 20 years ago. this is a more dangerous ballgame now. i will tell you, it's going very well. >> maria: so your expectations for this meeting in may that the president is planning on having with kim jong un. >> i think we have a real chance, especially with the announcement that south and north korea are going to sign a peace deal or have agreed to do it, this could actually end the nuclear weapons program in the north, denenuclearize the peninsula and economically, this is what kim jong un needs. his country is in dire, dire, dire straits. the people there, their life exec takeexpectancy, their heals is a chance for kim jong un to
become a hero in his country, to get them moving forward economically and things we take for granted in the u.s., whether it's antibiotics or other health treatments that are not available in the north, our sanctions have worked and i have a feeling that china right now, which is another issue for us, is looking at this and thinking uh oh, our influence in this area will be greatly diminished. what does this mean for china, the largest, most populated country in the world. i don't know how that's going to play out on the trade front, but let's face it. president trump has got balls in the air every which way and he's handling it extremely well, whether on the trade issue or now this. he's looking every day to accomplish more. >> maria: we'll see in the mainstream medium and the left admits -- >> good luck on that. >> maria: it's very clear what has taken place here and the president's approach to this is obviously working and has worked. i want to turn to domestic issues and that is taxes,
specifically the impact of that elimination of the state and local tax deduction and the impact you're seeing. in a recent op ed they write this, in years to come millions of people, thousands of businesses and tens of billions of dollars of net income will leave high tax blue states for low tax red states. congressman, we've been talking about a potential exodus, people leaving new york because they've lost that deduction. are you seeing that take place? >> maria, people have been leaving new york for the last 50 years, regardless of that. we used to have 45 members of congress. we now have 27. we're going to lose another one. they have been leaving new york as the highest taxed, most regulated, least busy friendly state in the nation for 50 years. the exodus continues, unfortunately. it's strictly self-inflicted with our high taxes. in the case of not being able to deduct the state and local taxes, that only impacts the extraordinarily wealthy
individuals in new york. >> maria: you don't want the money people to leave, right? >> that's when you've got $160 billion budget and the upper incomers pay a big piece of that, that's where our governor and the folks in albany need to get our house in order, much like florida. i always laugh in the winter, they not only have 82-degree weather, they have no estate tax or income tax. >> maria: that's incredible. no wonder people move to florida. let me ask you about moving to the u.s. the immigration story is getting a little scary. this caravan bringing migrants from central america seeking asylum has arrived at the u.s./mexico border. your take on the caravan coming to the u.s. and the implications. >> i think it's proper if the u.s. turns that back. we still -- >> maria: what about catch and release? if you step foot in the u.s., we can't even send you back. we've got to catch and release. >> that's something that's got to end. we have to secure the border. that discussion continues .
the democrats keep playing hard ball on that. we're making some progress. right now immigration, if the democrats wanted a deal, there's a deal to be had. but for them, this is a political hot potato issue. obama could have solved this in 2009 with 60 senators, democratic senators. he chose to do daca in 2012, pandering to hispanic voters three months before the election. frankly, maria, the democrats don't want a solution here because this is a political sound bite they believe works for them in elections. everything is about their elections. i wish they would come to the table in a sincere way to talk abougetting immigration -- talk about getting immigration policy. the daca kids deserve something but the democrats, frankly, don't want a solution here. >> maria: it's disheartening that everything leads to politics. they wanted a daca deal. the president gave them better than what they asked for and now
it's radio silence. they want the daca deal to go before the midterm elections. we've got the north korea deal where we see incredible progress, where they'll have a peace deal here. will voters hold the democrats to account come november with the midterm elections? will they remember all of the obstructionism and the slow-walking of nominees and the obstructionism to try to delegit delegitmize this president. >> i think they do. when you having as historic as moving the embassy and jerusalem and now north korea, it will be impossible for the voters to look at trump and the republicans in any way as a party that gets things down, making things better in the world, and he's going to continue to hit on the trade issue, bringing jobs back. we're already seeing other countries for the first time saying we've got to deal with our tariff as well. it's progress, progress and
progress. >> maria: chris, thank you so much. coming up, how much an electronics signature software firm is raising from the fourth biggest tech ipo this year. we're learning the name of prince william and kate middleton's -- to launch thousands of attacks. luckily security analysts and watson are on his side. spotting threats faster and protecting his data with the most securely encrypted main frame in the world. it's a smart way to eat lunch in peace. sweet, oblivious peace.
going o to be arraigned today on murder charges. authorities believe he is behind 12 killings and more than 50 rapes in the '70670s and '80s. investigators used dna from one of the crime scenes and compared it to genetic profiles from a geneology side site and that's how he found him. bill cosby has been convicted of drugging and molesting a woman in 2004. the jury deliberated more than 14 hours, convicting him on three counts of aggravated indecent assault. cosby remained stoic as the jury was read until the prosecutor tried to revoke his bail. cosby cursed out the d.a., among other insults. cosby has been placed under house arrest. well, docusign raising
$620 million after pricing the initial public offering at $29 a share many this came in above a prproposed range. this is an e-signature company. they'll start trading today under the nasdaq. finally, this, the new prince has a name. prince louis arthur charles. the announcement came four days after the duchess of came fringe gave birth to the couple's third child. earlier this week prince william had been teasing people, saying it could be alexander. more than 100,000 bets were placed across the u.k. he will be known as his royal highness, prince louis of cambridge. what a cute kid. >> maria: you called it, louis. louis arthur. >> dagen: i thought it would be arthur. it's a salad bowl, like it's
rearranging the names. >> maria: coming up, a blowout quarter for amazon, the e-commerce giant more than doubling its profit as the p company raises the price of its prime membership by $20. nintendo switches up its ceo after the company launched the biggest hit in years, the switch. back in a minute. ♪ come tomorrow. ♪ tomorrow i'll be gone. ♪ stay tonight and fight the break of dawn. ♪ come tomorrow, tomorrow i'll be gone. jeff and susan are heading into retirement. and market volatility isn't top of mind. that's because they have a shield annuity from brighthouse financial, which allows them to take advantage of growth opportunities in up markets, while maintaining a level of protection in down markets. so they're less concerned with market volatility
should i change something? well, you're asking the right questions. i just want to know, am i gonna be okay? i know people who specialize in "am i going to be okay." i like that. you may need glasses though. yeah. schedule a complimentary goal planning session today with td ameritrade. >> maria: welcome back. a technology earnings blitz this morning, silicon valley beating expectations on wall street this week. amazon among the latest tech giants to report last night,
hitting the tape with adjusted earnings of $3.27 a share, revenue $51 billion for the quarter. amazon set to open at a new record high this morning, up 7%. intel and microsoft also reported strong earnings. joining us right now is lee munson. good to see you. thanks for joining us. >> thank you. >> maria: your take on the tech earnings so far? obviously amazon leading the way this morning. >> absolutely. this was a week where the bears want to take control, they wanted to have amazon earnings defined by some tweets from the president. that didn't happen. even in my own notes that i wrote you yesterday earlier in the day, i said the only problem with amazon is when they jack up the price for prime memberships eventually, the stock tanks and becomes a buying opportunity. i'm wrong on that. i don't think amazon will tank on the announcement because revenue will bump up. facebook is great. intel not left for dead.
even the places where they said it would be a problem, for instance they said altria, they'll have bad earnings. they didn't. chipolte, dominoes, albeiting. we had bad reports from deutsche bank. please, that's like saying alcoa represents industrials. barclays, outside of a weakness in their investment banking unit, not being able to compete with america, they have big fines. i think the euro banks are not putting a rei rain on this para. >> everybody knew it would be a great quarter coming in and we were anticipating every sector was going to beat on the bottom line, nine out of 11 sectors would beat on the top line. it's exceeding expectations. but is that a worry, given the fact we're having rising input costs, the fed's goin raise thre times, possibly four. where do you see us going from here? you i see amazon is up 7%. i think it's a great stock. they were talking about
basically prime memberships going up, the stock. 55% of families in the united states have it. but all the good news is already out there. >> it is. and that's why we had grumbling this week. when the ceo from caterpillar says we might have peak earnings at cal caterpillar for a little, that disturbs people like me. i don't like if analysts are going to guide upwards. i just need the earnings that we thought we were going to have this year to make this market still be able to get to 2900, 3,000 on the s&p by december 31st. but yeah, that's a good point. next quarter we could be in for a little softness, simply because we've raised expectations so much. >> dagen: kevin, you're right, this week one of the concerns that we haven't seen more of a real pop in the markets is because you've heard from the
likes of american airlines and 3m that these higher oil prices, not just -- you look at a range of higher input prices, but just oil is putting pressure on their expenses this year. and any you whic which way you s not good for the stock market. either it eats boo profi into pt margins or if they pass on the costs to customer, it's bad for the market, bad tore th for the- bad for the economy. >> we have inflation with oil and gas. we're talking about whether fresh youlies will exceed -- treasuries will exceed 3%. are you concerned about where interest rates are or do you think we've got a long way to run before that really has a meaningful effect on valuations and what's going on in the stock market? >> i do, and my quick comment on oil is i have a lot of clients, a lot of my clients out here that are in the gas and oil business. i am zero convinced that we're going to have sustainable higher
oil prices. there's still too much supply. in terms of interest rates, i have a very basic thesis. until i see that 10 year treasury at 4 to 4.25, i'm not concerned about the balance sheets for corporate america. so i think that we have a lot -- i'm sure that once we hit 4% it's going to be a problem. until then, it's clear sailing. i'm not concerned about inflation. in fact, a lot of the mutual fund outflows that we saw, that was really about volatility. i've only had one client, shout out to aubrey out there, who has had inflation concerns. most of my clients are mostly concerned about top level media risk, like what the president tweets at this point. >> maria: what about apple? apple will be reporting in may. there's now an increasing feeling that the company misses the estimates, dan niles was one of them who came out and said what we saw in terms of the tech wreck a week and-a-half ago with the semiconductors and the
companies tied to apple is a an indication of what's to come. what do you want to do to apple? do you think that undoes markets when apple reports in may? >> apple used to be such a bell weather. it still is to a certain extent. my point is this. i think apple is going to mess up on earnings. i think that's a stock that i'm most concerned about. i no longer believe that apple defines the market's momentum today. two years ago i think it would be a more material issue. i think i'm more concerned about amazon, more concerned about facebook, and some of these little tertiary things like is tesla going to go broke, i think those are going to be the things people are going to focus on. i think apple's a little long in the tooth to dominate markets. just like intel's great that they beat but i don't think intel also is going to define a tech wreck at this point. >> maria: we will leave it there. lee, good to see you. thanks so much. >> thank you.
>> maria: angela merkel meeting with president trump today following a visit from france's president earlier this week. we'll talk about that. steve irwin gets his star, he was celebrated on the hollywood walk of fame with help from his family and a giant python. back in a minute. ♪ i keep a close watch on this heart of mine. ♪ i keep my eyes wide open all the time. ♪ i keep the ends out for the ties that bind. ♪ because you're mine, i walk the line.
>> maria: welcome back. good friday morning, everybody. thanks so much for joining us. i'm maria bartiromo. it is friday, april 27th. breaking news overnight, history made on the korean peninsula. kim jong un crossed the dmz into south korea. he and south korea's leader agreed on a common goal to denuclearize the peninsula and create peace. from technology to energy, oil giants, exxon mobil and chevron set to report first quarter earnings ahead of the opening bell this morning. another company reporting, colgate. broader markets pointing to a mixed open at the start of trade, dow industrials down 90
points right now. the nasdaq is up about 13. we are waiting on the first reading of the first quarter gdp, that is out in one hour from now. economists are expecting growth in the gdp of 2%. the nasdaq yesterday snapped a five session losing streak after strong earnings from the technology sector. that momentum continues this morning on amazon's numbers. in europe this morning, european indices are higher across the board. the dax index in germany is up three-quarters of 1%. in asia overnight, green across the board. best performer was hong kong, hang seng index up about 1%. plus, it is one of football's biggest nights, the draft. >> with the first pick in the 2018 nfl draft, the cleveland browns select baker mayfield.
>> maria: we've got all the highlights including an emotional appearance of ryan shazeer who suffered a devastating spine injury last season. and president bill clinton attended the celtics, bucs game last night. one young girl is going viral after taking a picture with clinton. we'll tell you what she says. the top story, president trump's next guest, german chance letter angela merkel set to have lunch with the president in washington today. on top of the agenda is the controversial iran deal along with impending u.s. tariffs on steel and aluminum products. tense relations could be especially apparent coming off of the president's warm reception of president emmanuel macron of france. joining us to talk about that is k.t. gutenberg. thank you for weighing in this morning. >> good morning.
>> maria: your thoughts on what will take place at the lunch between angela merkel and donald trump. >> was we're seeing this week is the european diplomatic caravan coming to washington, d.c. however, after bromance, after the poster boy from paris, we have prague m pragmatism approag today with a working lunch, which doesn't raise much expectation from my side. if you're honest, macron had more to offer to donald trump. so my highest expectation or problem you bring the biggest outcome of german/american relationship will be that we finally have a new ambassador for germany from the usa, actually a great guy, rick grinell. all the hot topics, i don't have much expectations.
>> maria: germany has a $70 billion surplus with the u.s. we have a deficit with germany. is that going to be lowered? what happens with the aluminum and steel tariffs? where do you think the positioning is on that conversation? that's going to be real important to obviously the chancellor. >> definitely. and this is a point where the europeans stick together and they do have an tha interest tht doesn't come to the first of may imposing of the tariffs. as you have heard, the europeans and the european commission is prepared to answer that, it's prepared to answer any step coming from the u.s. side with measures coming from the european side. i can only say we have to do everything to avoid that because that could lead to trade conflict nobody will profit from and that will be the point that angela merkel will be making today. will she achieve anything here? macron was successful with his approach. i think there's a good possibility they might see trade
tariffs being imposed next week. i don't think it's a good solution. i think it will harm our relationship even further and that's nothing we could have an interest in. >> does macron's visit change the possibilities for merkel? we know her first meeting with the president was less than cordial. it was cordial but there wasn't a strong relationship there. because the president seems to have a strong relationship with macron, does that make things easier for merkel or does it put her in a tougher spot coming to the u.s. on his heels. >> it's a good opportunity to play some kind of a good cop, bad cop game from the european side. on the other hand, it's no game. it's dead serious topics we're talking about here. and i think donald trump understands that he's still dealing with the most powerful european leader here. macron might be the most charming one at the moment but germany's the strongest economy. germany is still responsible for a lot of things that have impact on american interest as well.
so specifically regarding all the economic interests we have, specifically also the interest we have on how to tackle china in the few churks i think it's a good -- future, i think it's a good point to make from angela merkel's side to say let's tackle these things together, let no's not go separate ways h. that might be her approach. i've never seen a german delegation beforehand lowering expectations of a visit as much as this time. >> dagen: i want to raise the issue of iran. that seemed to be the biggest news out of the macron visit earlier in the week that emmanuel macron seemed to be willing to accept a revised iran deal with some of president trump's demands in it, real progress toward iranian nuclear deal revision with the u.s. and europe standing side-by-side. where does merkel stand on that? will that be a point of focus? >> it will definitely be a point
of focus. what i hear from my european friends is that they were surprised about that step macron took, because they expected him to stand firmly on the lines they have negotiated beforehand and to say okay, we're not moving a single inch because otherwise we're opening a gate here and we might even seem inconsistent for any future deal, for instance, for north korea and this is the big news of last night as well. so all these things have to be taken into account. what i hear was that the german delegation was surprised about macron's step but i think they will follow his line because the last thing we need here now is the european union being separated on that issue as well because that plays into the hands of those who would like to play with our common shared interests on both sides of the atlantic. >> you mentioned angela merkel is the strongest european leader. it seems since the last german
election, her influence has been waning. how much influence does she have over what the german people want and is that one of the reasons why you're seeing macron starting to take the lead because she doesn't know how much influence she will be able to sway over in germany. >.>> that's a good point. macron by himself and france alone cannot push the european union forward. it needs a coalition between berlin and paris and that's exactly what they are trying to form. so a lot of power still is at least theoretically given in berlin. of course she has lost influence after the election but mainly domestically. on the european stage she is extremely influential because of the economic power germany has. that's one of the things we have to take into account. europe has problems, the u.s. has problems. there are a lot of movements going on we have to fight and there are more things we can look at, whether we can tackle that on a governmental level and
also from private fish ya activities and other -- initiatives and other things, so there are things happening on both sides of the atlantic. we have to concentrate on those things too. >> maria: do you think he will pull out of the iran deal and how would chancellor merkel feel about that if he ton doesn't rew it on may 12th. >> from a european point of view, that would be a does as tear. the europeans would not follow americans' lead here. the europeans will most likely try to keep ties alive with iran. we have to take into consideration is it not only the europeans, it's also russia and china sitting in the boat and they'll shake the boat even more if we show unity on both sides of the atlantic. pulling out of the iran deal entirely leaves us with nothing. renewing the deal or coming to a deal that's a bit more creative than the lousy deal we have seen so far is probably the better
option than nothing. and what she'll tell the president as macron did, if you pull out and if you try then to find a solution with north korea, you might not be he very credible. >> maria: we will leave it there. thank you, sir. >> thanks very much. >> maria: tune into fox business for live coverage of the joint press conference with president trump and angela merkel. we will take you there live. join us. coming up first, t-mobile and sprint calling it a deal. the companies reportedly aiming to complete their merger talks as early as next week. celebrating the live of steve irwin, the crocodile hunter honored with his own star on the hollywood walk of fame with help from a giant python. back i in a minute. ♪ i'll never forget you and you'll always be by my side. ♪ from the day that i met you, i knew that i would love you until the day i died. ♪ think your large cap equity fund
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>> maria: welcome back. ticket sales are down at southwest airlines following last week's fatal accident. cheryl casone has the details. >> cheryl: southwest said the accident will weigh on second quarter bookings. the loss in ticket sales expected to shave up to $100 million off of the bottom line. investigators continue to probe the events that led to the first passenger death in the airline's history. taking a look at the stocks, shares of southwest are down almost 18% so far this year. well, t-mobile and sprint reportedly making progress in their merger talks. sources tell reuters that negotiations could be wrapped up as early as next week. deutsche telecom, t-mobile's majority shareholder and soft bank are discussing how to split voting control over the joint company. t-mobile and sprint came close to a merger deal in november before south bank pulled out of the talks.
shares of t-mobile and sprint are trading higher in the premarket right now. well, nintendo is switching it up, ceos, anyway. 68-year-old chief executive is stepping down in june. he will clear the way for a new ceo who is 46. he has been with nintendo since 1994. thanks to the success of the nintendo switch, he's leaving at a time of booming success for the company. nintendo's releasing a new mobile rpg, a role playing game this summer. it will be rolled out in japan and other countries. it will be in north america sometime after that. another hit game. then there is this, steve irwin was honored with a walk of fame star more than a decade after his tragic death. his family bringing an anaconda
to his new star on the hollywood walk of fame yesterday. the beloved crocodile hunter died after a stingray pierced his heart in the ocean in 2006. he was 44 at the time and his wife teared up at the ceremony and said living with steve was like living with a cyclone but she loved the marriage because every day was a brand-new adventure and she never knew where they were going to go together. >> maria: he was incredible, actually. you i use -- i used to enjoy watching him. >> it was a true tragedy. then you saw his daughter started to take over a little bit and faux lol follow in her t steps. >> maria: how sad that he died, getting stung by a stingray. >> would you ever let a python come out on set. >> maria: maybe dagen would like it. >> you could have your britney spears moment. >> maria: why do you like snakes
so much? >> dagen: i alway find them fascinating. unlike a politician, you can count on a snake being a snake. you mess with a snake, it's going to bite you. politicians, they say they're your friend and they turn around and stab you in the back. >> maria: when we come back, the first round of the most anticipated nfl draft in years did not disappoint last night. we've got the winners and losers right here. back in a minute. ♪
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president trump just tweeting please do not forget the great help that my good friend president xi of china has given to the united states, particularly at the border of north korea. without him it woul would have a longer, tougher progress. he is referring to the help that president xi of china has contributed. a landmark night at the nfl draft last night. jared max has the highlights. >> jared: i look at this like spring cleaning in the nfl. tom brady will be 41 the start of next season, eli manning, 37, ben roethlisberger, 36. five nfl teams began to sew their futures. five quarterbacks were picked in the first round of the draft. cleveland browns took baker mayfield. the second quarterback take was sam darnold to the jets. the bills took josh allen out of
wyoming. a josh rosen went to the cardinals. four quare backs wer quarterbace first 10 fits. the ravens got lamar jackson from louisville. rogeroger goodell was. >> brian: booed all night except for one event of the night. >> ryan shezeer. >> the bit the pittsburgh steels select terrel edmonds. >> jared: he suffered a near crippling injury five months ago. two brothers went in the first round of the nfl draft. game six in the nba for the mi
milwaukee bucks. it's a winner take all game seven in boston tomorrow. home team has won every game. bill clinton was at the game last night. he stopped for photos with fans. a young girl goes to pose. read her lips, she says to her mother, who was that? and then she says that was donald trump. [ laughter ] >> jared: mom must have said something, go there, that's president clinton or something like that. president trump will welcome american olympians and pair paraolympians to the white house. some will miss out on the trip. they're going to the white house. >> maria: should be exciting. >> i can picture my kids getting a picture with somebody like bill clinton and sawing who is that, dad. >> maria: that was really cute. no ordinary fan, take a look at
this brazilian football fan. he got the club shirt tattooed onto his body. >> i just watched this video a little while ago. i kept thinking why are we doing this? i barely see anything on the left. then i realized it's a whole tattoo. >> maria: where is your sun devil's tattoo? >> it's on my lower back. i'm just kidding. [ laughter ] >> that was a joke. actually a lot of sun devils -- when i go to the games n. have the sparky tattoo, it does have the walt disney face on sparky, if you didn't know that. its emulated after walt disney. >> dagen: nat has an awful mets tattoo that isn't even mets blue. it's like green. i think he had it done in long s angeles. i said why would you have a mets
tattoo done in los angeles. >> maria: nat's our floor director. we'll have to give him a hard time now. >> it will be cool when they win. >> maria: maybe it's this year. >> maybe it is this year. you know who will win this year, the denver broncos who got the best pick, bradley chubb. defense wins champio championsh. >> jared: it's round two and three tonight on fox. >> maria: catch jared's sports reports on sirius xm115. pursuing peace on the korean peninsula, the major developments from that historic summit between north korean leader kim jong un and south korean president moon jae-in, next hour, right here. can i get some help. watch his head. ♪ i'm so happy.
. maria: welcome back. good friday morning. thanks so much for joining us. i ammap. it is friday, april 27, top stories right now 8:00 a.m. on the east coast. breaking news, history decades in the making kim jong-un crosses dmz line meeting with south korea moon jae-in announcing plans for a peace deal to formally end the korean war work towards denuclearization, together, president trump's reaction to historic summit coming up oil earnings fueling markets this morning dow exxonmobil chevron expecting to report this hour we will have numbers as soon as they are out. futures this morning indicating a mixed omit dow
industrials off lows nonetheless in the red down 75 points we are waiting on the first read on first quarter gdp, economists expecting growth 2% numbers hit in 30 minutes right now, the nasdaq is up, 20 points nasdaq snapped 5 session losing streak yesterday after strong earnings from technology secret dow up 1% s&p up better than 1% 27 points higher nasdaq clocking in one and two-thirds% gain 115 points higher amazon part of the story stock soaring this morning, and in premarket after company reported stellar profits of yesterday announced plans to raise the cost of prime membership 20 dollars, up 7 1/2% on amazon shares right now in europe markets right now higher, ft 100 up about a% cac quarante up a third of a percent dax higher almost 1% investors chaiking off weak growth data out of france uk, asia overnight
green across the board take a look best performer hong kong up 1%, on hang seng. bias in the bureau newly unveiled text messages from fbi agitate peter strzok lisa page reportedly revealed reaction to the firing of jim comey former fbi director spoke about two agents with bret baier. >> o i would have removed both from any contact with significant investigation. >> -- nothing -- everybody including candidate trump when i saw text i was deeply disappointed in them. >> latest in this investigation coming up, a name for a prince deals as duke and duchess of cambridge unveil newborn's boy's title this morning, joining me to wreak it down fox business network dagen mcdowell, about king of college business economics professor brian brenberg benchmark managing party kevin kelly great to see you. greet two hours. >> exxonmobil numbers hitting the tape right now, analysts
expecting a profit of 1.12 a share the numbers hitting right now revenues currently better than estimate 62.6 billion dollars, the -- chevron down 1 3/4 percent earnings missing -- chevron to report later this hour watching exxon this is the dow component -- dow component on that is note chevron, and on is down one and 3 kwaerz percent one of the reasons lower dow industrials expected lower. >> joining us andy, good to see you numbers coming out what is your take on oil numbers? >> well, very surprising for exxonmobil caution they should be a big beneficiary of the higher oil prices as well as better refining marginalize first quarter i was looking for -- that in fact is not the case. maria: what is driving the earnings story or quarter at
this point for exxon? >> well, i think you know they still need to get comforts under control. they had an issue, with national gas plant probably dragged them down pressure on chemical business significant expansion capacity have come online, pressuring some of those prices. >> are you surprised at resilience price of oil, u.s. pitchering out so much oil never produced as much oil since 1975 from united states oil going to 70 dollars a barrel what do you make of that? well, i am quite constructive on oil point u.s. oil production hitting all-time record in 2018 the fact is that oil demand continues to grow, receiving international
energy to increase one and one half million dollars this year expected next couple years when you combine with geopolitical risks venezuela continued decline in production, as well as some missiles over saudi arabia, oil price, is constructive. maria: the revenue is beating expectations, on xon 68.212 billion dollars that was a beat the earnings seem a miss that is 1.09, down 2%. >> andy can you talk more about as you brought up a second ago, kevin is working on how is per mean basin punching out so much are we seeing prices higher a story of venezuela in terms of global markets do you see that getting worse in year ahead propping up prices more? >> well, i do, in fact i expect that venezuelan production is going to continue to decline, plagued by lack of workers leaving the job, of course, there is not
been vote. in the oil field. they have about electricity problems playing industry no power not getting oil out of the ground in fact, the venezuelans so tied in with chinese russians lending them significant amount of money that even the chinese and russians no longer willing to invest in their refining system, they have got to just see entire place be mothballs. dagen: it is dagen mcdowell talk about global demand, demand numbers you are seeing particularly in the united states does that indicates gdp out at bottom of the hour -- indicate a strong economy here in the u.s.? >> well it certainly does especially with gasoline demanned i expect gasoline demand at or near record this year as more people are working more people are working they are going to be driving. on the fund really indicative of industrial demand we're seeing diesel demand go up,
reflected in more trucking and railroads, jet fuel demanded all-time record as people are flying all over the pays, and in fact, last week we saw u.s. export a record amount diesel fuel as well as crude oil to supply the rest the of the world. maria: we had a strong start for the year oil angelo kutch giant shell reporting largest quarterly profit five years, conoco phillips saw profits surge 52% is it your estimation given the supply-side of the market that oil prices go lower because the u.s. iis going to be supplying so much more in global market? or do you think that we stay at these elevated levels go higher from here? >> i think what they will go mooir in fact i examine to see wti 73 dollars a barrel while true very focused on permian basin all the oil out of the ground the fact is in the rest
of the world they are looking for our types of oil, and as a result i expect to see record oil exports out of u.s. to supply markets in asia as well as europe really surprising how much oil europe is taking up to about 500,000 barrels a day u.s. oil now. maria: should we focus on the oil producers looking at -- conference xop stay away from big integrated like exxonmobil reporting on this morning is that the way to play this rise in demand and rising price you are talking about? >> yeah certainly is, i mean pure play producers especially, in the permean basin a way to play rising prices so you have a number of companies concho, occidental, number of others. >> talk a little bit about the infrastructure problems down by permian basin one issue getting oil out of there to the markets it needs to go to having trouble with pipelines
workers what is going on do you see that problem resolving itself? >> first biggest issue in oil industry is a lack of pipeline space we built a number of new pipelines but they have rapidly filled up out of per mean basin to houston area in fact there is no relief on that front, until later in 2019 when companies like planes, phillips 66 condition brand-new huge pipelines to move that oil to market. so that is one problem that is plaguing producers. >> if you are expecting oil to go much higher, i mean is that going to be an issue for the economy? >> well it certainly is because, gasoline prices nationally over $2.80 a gallon headed to $2.890 i think rinse it is a 3 dollars a gallon a concern certainly rising diesels prices affect moving
agriculture goods to market moving other guides and services to the maul so sxhoor is going to pay more that is a concern could dampen economic growth. >> are you worried at all, i am looking deeper into exxonmobil earnings they are missing on the production side is this a concern that we should be looking at when it comes to big integrateors they complete missed expected 10.5 only 10.01 on production side, barrel. so what do you think in that regard? >> well that certainly would be a concern i have he to really look into it, a little bit deeper to see where did they miss. whats in it permanent foreign ministril. >> per mean basin it would be a concern especially when we focus on north america where
drilling efficiencies has grown gotten better, and enables conocophillips to beat expectations. >> andy good to see you thanks so much. >> thanks for having me. >> we have breaking news, north and south korea agreed to take historic step to examine compleept denuclearize korean peninsula blake history in the making. reporter: talking about this it is more than six daiecades in making the package entry seen earlier today leaders of north korea and south korea meeting for more than 8 hours, and during that meeting, vowing at some point, to end the korean war, kim jong-un moon jae-in signing a proclamation calling for thawing of texts reading south and north korea form common goal realizing complete denuclearization a nuclear free korean peninsula here is
kim jong-un. >> i sincerely hope that u.s. and south koreans can move freely through -- come today, and we are going to -- be one again sear same history same language same culture, same blood. >> proclamation talks about talks with united states in recent days president trump has said, about his upcoming meeting with kim jong-un expected in up coming week if it doesn't go well he could walk away. earlier this morning, on twitter, the president was both cautious and celebratory at one point writing after a for us a year of missile launches nuclear testing historic meeting between north and south korea taking place good things are happening but only time will tell then followed that up by writing all caps korean war to end.
the united states and all great people should be very proud of what is now taking place in korea maria official line from the whlths and statement overnight in any case they are hopeful that this will lead to peace. maria: blake burman with the latest there, fox business taking you live to the coverage of the joint press conference withp trump and german chancellor angela merkel 1:50 pm eastern today join us for that, by all accounts going on in north and south korea you have to believe this is incredible moment in history. dagen: absolutely. maria: do you believe that they will actually denuclearize. dagen: trust verifier we pointed out earlier in terms of when why it is more he man raoul macron was here earlier in the week basically conseeded that he is willing to accept nuclear deal from iran with this changes they
price has recently increased over one hundred percent. cruz cobalt has amassed 9 of the highest historically graded cobalt projects in north america with multiple work programs now underway. down busy earnings week half s&p 500 compensation have rortsdz their first-quarter results, communications -- both out nicole petallides
look at impact on markets good morning. >> good morning, maria. what a busy week we've had, companies reported thus far 79% beating on earnings per share going to break down moments ago charter communications comes out with numbers, a slight beat on revenue, you can see slightly higher, we did see revenue 10.6 billion earnings per share 70 cents bloomberg talking about they met revenue numbers i don't think it was a blowout look at other we are looking at colgate disappointing, the demand in emerging markets latin america below expectations, col gate pal model i have down 2.7%, ceo saying first quarter was challenging, category growth remains soft so seeing that under pressure, and amazon, one of the morning is going to be over 100 dollars going to break out to a record new high just when you weren't sure if
bank stocks would take off again saw with facebook now amazon up 7 1/2% online shopping higher demanded on conference call said strong ad growth contributed to profit buzz going to take on goobl facebook with adds prime going to have to pay 119 bucks renewing deal with nfl thursday night, back to you. >> thank you so much nicole on interior wells fargo under fire labor market department investigating the 401(k) practices that is next, exclusively with chairman ceo blackstone, here get his take on trade with china tax reform next wave of growth. stay with us. ♪ manhunt on for
suspected cop killer in maine. cheryl: fbi released new photos of this suspect this is 29-year-old john williams offering 20,000 dollar reward for information leading to his arrest, accused of killing corporate eugene cole wednesday morning stealing police cruiser robbing a convenience store police say he is considered to be armed and dangerous. well, new text messages coming to lighted from disgraced fbi agents, a sense of loss after he jim comey was fired meanwhile, comey telling fox news bret baier he would have moved fbi agents from working
russia probe calling text messages poor judgment, also defended himself against charges from president trump that he leaked classified information. >> i didn't consider it part of fbi file all the things i talked about -- >> as fbi director work product. >> no, it was not it was my personal. >> you were talking to the president? >> sure. i two copies one to keep in personal safe at home i left another one at fbi so bureau could always have access to it i always thought of it as mine like a dairy. >> that prompted tweet from president trump this morning, ebb is everybody believing what is going on jim comey can't define have a leak is illegal leaked classified information doesn't understand what he did how series it is lied all over the place to cover up either very sick or very dumb rome sailor, apparently a researchers to the former u.s. navy sailor a
year behind bars, trump recently pardoned him a lot of back-and-forth after that comey interview with bret baier. >> wells fargo could be in hot water, again, the "the wall street journal" reporting that labor department investigating whether wells has been pushing people in low cost corporate 401(k) plans to roll holdings into more expensive retirement accounts, the journal says investigation is looking into whether the banks retirement unit pushed customers to airfare funds managed by wells fargo bank has more revenue from fees, shares of wells fargo slightly lower in premarket trading down more than a quarter of a percent, programming note is going to interview bank ceo sloan tuesday from from the institute annual conference. finally loving this new member of the royal family now has a name, let's there can at louis
arthur charles four days after the duchess gave birth to third child people had money riding 100,000 bets across uk going to be money as his royal highness of cambridge, they have very cute kids. >> thank you, cheryl, going back to text message between peter strzok and lisa page dagen if you are fbi director you are running fbi is it even possible that you think you are going to write something about a meeting with president trump, and then say it is your diary not ownership of fbi? it is just does anybody really believe this. dagen: no, he struggled in that interview jim comey did he would have removed, strzok and page for bias but was trying to justify why their work product is still valid so you remove them why the case he said to brett that is a
fair question but then wouldn't he didn't really have any reasonable answer, as kimberly from "the wall street journal" pointed out he said that a lot, fair question the answer was gobbledygook, one of the biggest the most shocking things to me was the fact that he still acts he was this -- director to fbi, and said he didn't know who financed the dossier still didn't know. >> if you are director of the fbi, you want to get a fisa warrant to spy on american citizen you better know where that evidence came from, you better know who wrote and paid for that dossier, that is why i do not believe that he did not know the hillary clinton paid for it. dagen: didn't know didn't know didn't know didn't know didn't know the name he lied to fbi, was dismissed didn't know who fund dossier, asserted it was republicans first funding dossier bret baier shot down said that is
not true. >> another lie. dagen: just not true i i said top of the show jim comey running fbi finishing nerz ears going la la la la. >> they hating trump so much wanted an insurance policy to change results of an election. >> there was no animus there was no bias? >> coming up treasury secretary steven mnuchin here blackstone chairman ceo he stephanie schwarzman weighing in exclusively on that, first read on first quarter gdp expecting 2% growth. the number right after this. you know what goes here... and your approval rating... goes here. test drive the ztrak z540r at your john deere dealer and learn why it's not how fast you mow, it's how well you mow fast. nothing runs like a deere.
maria: well back good friday morning. thanks for joining us. i'm maria bartiromo. it is friday, april 27. top stories 8:30 a.m. on the east coast breaking news right now on the economy the first quarter, reading on first quarter gdp this is first reading on first quarter gdp hitting tape right now we were expecting expectation of growth of 2%, the numbers are expected any second now, in terms of of that first reading on first quarter gdp, 2.3% the number better than expected 2.3% good for first time quarter the first reading of the first quarter gdp with jon hilsenrath, with his take on this number first quarter first read 2.3% expectations,
your take. reporter: it better than expected i was looking at 1.8, 1.9 would like breakdown waiting for that to come through if my own in box how much from consumer spending business vote. inventories otherwise you have to be pretty pleased with numbers first quarter tends to be sort of than other quarters in the year, so you know, it looks like the economy came through what is a soft period pretty well. dagen: we were looking at weakening consumer into this dagen one issue stephanie pomboy brings up feels consumer saving money from tax plan not spending it we need more income from spending not sure what this tells us in that regard. dagen: i think interesting to look at business component still waiting for the write threw on members. >> definitely. dagen: very interesting that this came in, this is this is
quite above expectations but to give phil orlando credit thought 2 1/2%. maria: he had. dagen: the high end of that, came in well north of 2% an economy that is beginning to see the impact of that tax reform. maria: . >> numbers as come in 1.1 on consumer spending matched the estimate, nonresidential fixed investment very solid 6.1%, so that is the business spending that we're looking at then you have inventories, net exports added to growth for combined .63% that beat expectations and you look at that, when it says, net o exports inventories that goes back to what we've talked about you know, i know this is sort of ugly word steel, aluminum tariffs strong adding .62 pnlts points a really strong healthy number getting back to jon's point five past eighth years first
quarter turned out worst of year if worst is 2.3% this year we get above 3% gdp. maria: ask 6.1% business spending that is a big number jon one of the big issues for this economy, business spending money, sitting on capital for eight years under obama administration animal spirits have been moved. >> i tell you a couple things on business investment, 6% number is pretty good a slowdown from the fourth quarter you know i am trying to figure out, how these the tax cuts affected investment it might have been the case, that businesses pulled investments back into the fourth quarter last year, because some of those tax cuts were retroactive, and so that might account for slowdown the other thing i would say is the inventory piece of this isn't something to get excited about when inventories add to growth you have inventories piling up
people's shefltz tend to get payback later. >> adding the anticipation selling future business sales from that right so you are only going to add inventory if you expect economic activity to grow further. >> it could go that way or it could be the case that they added inventory they didn't expect to add because they produced stuff that didn't get sold. so you know, all i am saying sometimes when we get an inventory buildup there is payback later on. dagen: to back up you raised this issue, with stephanie pomboy has been talking about what are consumers doing with money personal saving came in much higher first quarter than fourth they personal saving rate, as a percentage of disposable personal income 3.1% compared with 2.6% fourth quarter is to personal saving 452.1 billion dollars first yaert. >> pce?
the pce jon 2.7%. >> 2.5%. maria: 2 -- >> i have 2.5. maria: we got core 2.5 but regardless, this number is the number federal reserve focuses on rights in terms of inflation? >> it certainly is, we've been expecting a pick up getting it now, you know that keeps the fed on track to do at least three interest rate increases this year possibility of fourth in december, inflation numbers expecting to firm exactly what we're seeing inflation has been running below the fed 2% target for years now, so i wouldn't see them getting alarmed by these numbers but shows forecast is on track, they are going to keep raising interest rates. >> you said fed not going to do anything next week going to fed meeting exnext week thoughts on number 2 1/2% on core, going into fed meeting. >> this is -- since 2011
annualized peas core pce h-- p.e. has overshot, i want to breakdown of number about what that is because if that goes back into where consumer spending even more we could actually see a higher pickup in inflation that could exceed the fed's expectations can lead to four rate hikes would that fourth rate hike be in december? >> maria, as to next week tend to do rate increases in meetings where they have press conferences put out new forecasts, they don't have a press conference not putting out a new forecast next week so they will wait until june but i think it would have been have been to get them to move in nonpress conference meeting. dagen: i said on this show in 2016 that they only do rate increases when they have a press conference, janet yellen
was running central bank you told me that wasn't true they could raise it -- we were debating whether how many times they would hike ahead of the presidential election, i think you shot me down jon hilsenrath. reporter: in theory they could do it any time they want, but only going to do it -- in a nonpress conference meeting -- if something unusual happens, nothing unusual happened so not going to do it now. >> in context you were talking about a 1.8 number coming into this conversation, we're now talking 2.3 the conversation throughout the year has been getting 3% growth this year, on the back of 1.8 first quarter, now we've got 2.3 first quarter where does that take your full year projections what we see in gdp? >> well, i mean, i don't know, i've got to look more carefully to breakdown i think most people are going to keep their i don't see a forecast -- gdp -- >> most economists on wall street are going to keep their
numbers around where they are, maybe shade a little bit upside but, again, as i said, the inventory piece was -- is one reason why you might expect payback later on. dagen: stephanie pomboy agrees with you ex inventory gdp in line with expectations -- deinflationariry combo. >> private sector wages biggest gain since 2008. maria: there you go -- jon hilsenrath thank you so much good to see you. thank you, coming up i will sit downs exclusively with chairman ceo of blackstone group stephen schwarzman here take on economy china president trump's tax reform plan and a lot more. stay with us. that is next. ♪ if you are going away in texas you got to have a -- ♪
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maria: breaking news first reading first quarter gdp coming in 2.3%, beating economistss expectations talk about the economy globally speaking how to invest joining me right now fox business exclusive chairmen ceo founder of the blackstone group stephen schwarzman great to see you. >> thank you for joining us that number we are looking at 3% expectations for the year, what is your take on where we are today, in the u.s., when you look at growth, and then i want to ask you look around the world because you obviously, about traveling a lot have been investing globally. >> u.s. is really good shape, you can see the earnings numbers that are coming in, with a huge number of i guess you would call them beats, you know we're seeing very strong activity in our portfolio companies, and you know there is a lot of business
confidence at record levels a lot of good things going on, and not a lot of bad things going on so i -- anticipate we're going to have several years of a good run. maria: you know it is interesting to look at your mostly recent earnings, because i had another incredible strong showing for the model that you have even with walkdrop of very fragile volatile public markets tell us about that what portfolio is doing to be so resilient even in face of volatility elsewhere. >> way you have good results you have companies that grow very rapidly compared to indices, we have some real competitive indiaadvance we hav plan growing more robust way more money, ultimately hiring
more people, and we settle that up before we do it, and so we're not trying to buy you averages not trying to perform in an average way. then we put he leverage on it make sure the maturities are out very far so we don't get into financial difficulties and that approach should get you somewhere between 750 and 1,000 basis points more than the stock market, overtime has done that when you control things fix them accelerate growth invest in companies should do well they do. >> in terms of of the global story you've been investing a lot over the years, certainly recently you talked a lot more about europe, because of valuations there asia take a look around the world tell us where you see opportunities right now. >> the easiest place the walk is asia china growing 6 1/2 to
7%, india growing faster than that. this is two very large countries. australia hasn't had a recessionings in 25 years. to continue to i don't asia has a very strong growth bias, europe was quite slow two or three years ago has come up, and has had i would say acceptable levels of growth lower than u.s. still for europe, quite strong. and we've had a chance to do a lot of investing, in all of these areas turned out uniformly to be very good. >> back to china in a moment i want to talk about schwarzeneggerman scholars also what u.s. is doing right now in terms of the china u.s. trade relationship. but let me stay on blackstone model for a second in terms of industry in materialize of
kinds of companies generating this type of growth, are they the same has it evolved i don't mean specific situation but if you can talk about industry where you are seeing big growth numbers. >> well, we're spread pretty far around industry, because we see life from perspective of what we can buy what we can improve. so you know we keep away from certain industries. sometimes, it is like a doctor doing no harm. >> when ones do you want to keep away from keep away from retailing almost no exposure to that business for example when has been good we have been quite heavy in terms of putting out money in oil and gas business starting right near the low prices down around 26, 27 a barrel. maria: that is terrific. >> wheef had all kinds of interesting things and we are also not in private equity
just about apple quarter of the firm a broad business broader than anyone in alternative asset area real estate is continuing to be good around the world, particularly in europe. it has been a real strong spot. as well as certain types of credit. and our group outperformed indices in this down period overall our style of investing, leads to long-term pretty good success. >> well real estate business is a powerhouse business obviously. are you going to buy more in china? you referred about what is going on in china in terms of real estate opportunities, in the last earnings release are you looking to add to the real estate holgsdings in china. >> not the targeted on that real estate is volatile in
china because the stock market is quite immature savings for family 30% plus range people have a lot of cash because the government ironically hasn't had the safety net that you would have in a developed country and so people save their own money, and he there are very few places to put it you can put it in a bank you can put it in a sort of a near bank has higher interest rates but higher risk, or you can put it in real estate, and as a result of that, the chinese real estate market really pretty cyclical, today may not be the time to load the boat there are interesting are things in terms of buying bad loans if you will when get cited certain point in the cycle. >> in the credit business steve do you expect a big change from the fed this year a the will have people come on
program say biggest risk for markets right now fed blowing it in terms of raising rates time names maintaining winding down balance sheet what does that mean for your credit business. >> first of all, all things you described are voluntary somebody has to make decision to do wrong thing repeatedly. >> you don't think they will have more confidence it sounded like. >> i think the fed certainly last 10 years has had a bias for conservatism. let's not create a problem that doesn't exist. at some point we're going to start having some faciinflation needs to be dealt with we're not in that position yet so term reversing balance sheet right now fed is making plenty of money on their position, and best you sell that down
more drag on economy in a way you have interest rates one hand could slow the economy, you have selling assets off the fed balance sheet, about it would be irrational to do both in ask a he will to try to drive u.s. into a recession, so usually when things are completely irrational to do, responsible people don't do that. . >> steve, the blackstone group has been focused on retail, and also the insurance business let me ask you about two areas, and what this is going to mean for the next growth move for blackstone, why is insurance business so important for you. >> well it is interesting. this is an industry with about 30 trillion dollars it suffers from very low interest rates it is hard for them to earn money, and so very title regulated that stops them from
doing some types of investing other people do. we think there is an opportunity to help that industry. to earn higher returns. if they don't get those higher returns they can't earn more money their stock can't perform, and ultimately it hurts them, in terms of their ability to -- to write more product. so there is a huge need by almost every insurance campaicompany around the world the products we can manufacture when are safe that are good for them that help them increase earnings should be to us having a very big business -- >> let's talk about real and china take a break more with steve schwarzeneggermwhen we co. stay with us. #
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>> well book i am back with chairman ceo cofounder of blackstone group steve schwarzman you were telling me about new lines of business one business is retail is private equity alternatives resonating with retail investor. >> i think so but retail investors for a variety of reasons some regulatory some regarding liquidity are only like 4% of their portfolios in alternative some of those are not -- in lockup investments that we typically have so a huge pool of money, and those individuals dramatically under earn typically have to take care of their own timent now i think u.s. government is going to start looking at what is suitable for 401(k) investors.
and previous government basically said there has to be one hundred percent liquidity, and basically a prohibition on alternative assets which interestingly, have a record of barely -- at losing money and earning vastly sue perrior returns, people who need to retire, should be able to have the same availability for people who have a little more money are allowed to invest in these products maria: why not? >> it is somewhat discriminator against people who don't have much money. >> the trade are you worried about trade with china you've got the president top economic trade advisory kudlow, lighthizer headed to china treasury secretary mnuchin what is advice to them what
can they get done. >> i think this has been a long time coming. and not trip per se built issue in china has been relatively closed as trading pattern large parts of the economy were you know -- foreigners can't invest very high tariffs compared to what for example states charge them to come in, and those types of things, are normal for a developing country that has got a small economic position in the world. china has -- second to this economy so there needs to be some adjustments. i believe the chinese --
>> thanks for joining us everybody have a great weekend here's "varney & company" stuart take it away. >> good morning, good morning everyone. all right, with it is not what the president wanted to see. it is not what republican ares but really hoping for in the first three months of the year economy grew annual rate of 2.3%. and i should tell you that is much better than almost all of the forecasts. so now, those same say reverse looking to the next quarter they now see a 3.5% gain for the economy. wool see. but clearly, this economy is still doing very well. there's other news about money. amazon seems like it is got a license to print it doesn't it? or