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Jan 6, 2017
01/17
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in europe it is still a little bit of uncertainty. stocksf the cyclical actually benefit from the weekly euro. an economy to strengthen are still quite attractive from the valuation. >> you mentioned emerging market currency. it sounds dangerous to me. >> it is still a risky exposure but there is not a lot of value opportunity. it is the currencies we are seeing some opportunities. part of it because of the decline associated with their own internal government struggles. part of it is tied to the u.s. election. we do think they are bottoming out at this point. we actually have a basket that consists of everything. >> in the biggest central-bank risks. aboutwe are wrong inflation decelerating we will be wrong about the trade. >> we will put your feet to the fire on that just yet. thank you for joining us. later today and exclusive interview with robert caps on. more on bloomberg markets ahead. this is bloomberg. mark: live from london and new york. vonnie: this is bloomberg markets. for aeceived a request review of its deal with time w
in europe it is still a little bit of uncertainty. stocksf the cyclical actually benefit from the weekly euro. an economy to strengthen are still quite attractive from the valuation. >> you mentioned emerging market currency. it sounds dangerous to me. >> it is still a risky exposure but there is not a lot of value opportunity. it is the currencies we are seeing some opportunities. part of it because of the decline associated with their own internal government struggles. part of it...
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Jan 26, 2017
01/17
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and that this is to stay on the all the for europe. mark: we will continue positive performance in china and europe. we expect europe to be down a bit based on the weakening of the sterling because of brexit. mark: johnson & johnson is making a $30 billion acquisition , the world's biggest maker of health care products agreed to buy swiss drugmaker actelion with one of their biggest acquisitions ever. j&j will become the leader in medicine, treating a rare type of high blood pressure. our bloombergor could take, or we provide background on issues of interest. with president trump smart aggressive stance toward china, taiwan's female president is [indiscernible] our quick take explains. >> taiwan has a constitution, army and elected government, yet the united nations does not formally recognize it. china considers diamond one of its provinces. they talk of independence and it is hostile. independent meeting democratic progressive party test china's tolerance, as is a new president in washington. here is the situation, taiwan's first fem
and that this is to stay on the all the for europe. mark: we will continue positive performance in china and europe. we expect europe to be down a bit based on the weakening of the sterling because of brexit. mark: johnson & johnson is making a $30 billion acquisition , the world's biggest maker of health care products agreed to buy swiss drugmaker actelion with one of their biggest acquisitions ever. j&j will become the leader in medicine, treating a rare type of high blood pressure....
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Jan 16, 2017
01/17
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sick they really smaller in europe -- significantly smaller in europe. they are all different problems with different solutions. anna: what are we looking for when we get results from european banks? jonathan: hopefully they will continue to make headway with market share gains and things like fixed income. as long as we get these in equity and fixed income trading, i think people will be reasonably happy. anna: thank you very much per jonathan tice will be with us again later on the program. still ahead, we will take you to davos, switzerland, well we will hear that where we will hear about president-elect donald trump. as a previewo come of the events set to take place in davos this week in switzerland. this is bloomberg. ♪ back.welcome this is bloomberg markets. we are getting breaking news from the japanese prime minister. he is speaking on a trip in vietnam. he says japan will continue to flak for free trade. he says he has agreed on mr. to aim to bring tpp, into effect one of the concerns the vietnamese have at the moment. concerns on where the t
sick they really smaller in europe -- significantly smaller in europe. they are all different problems with different solutions. anna: what are we looking for when we get results from european banks? jonathan: hopefully they will continue to make headway with market share gains and things like fixed income. as long as we get these in equity and fixed income trading, i think people will be reasonably happy. anna: thank you very much per jonathan tice will be with us again later on the program....
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Jan 24, 2017
01/17
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mark: you say europe looks attractive to the u.s. you're looking at euro denominated debt relative to the u.s. just elaborate. >> sure thing. the nice thing about europe is it is earlier in the cycle both economic and credit to the u.s.. that means it is still going through a healing process that is not later in the economic cycle where unemployment is superlow and the ecb is hiking rates. frankly, it is still in quantitative easing. that is a really good thing for financials. it means, like the countries forselves, have opportunity return. we love credit in europe. we are finding great opportunities there, particularly in at1'a. using get 6%, 7% yields. you can hedge them back like we do in the global bond fund. you can add in another 2%. really attractive returns that are available in the bond space that are not particularly sensitive to interest rate rises in the u.s. that is the key, diversify. mark: you're saying you like high yields, but avoid ccc's. why is that? >> we think you have to be more selective in the lower quality pa
mark: you say europe looks attractive to the u.s. you're looking at euro denominated debt relative to the u.s. just elaborate. >> sure thing. the nice thing about europe is it is earlier in the cycle both economic and credit to the u.s.. that means it is still going through a healing process that is not later in the economic cycle where unemployment is superlow and the ecb is hiking rates. frankly, it is still in quantitative easing. that is a really good thing for financials. it means,...
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Jan 3, 2017
01/17
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or other companies in europe? ashok: every time there are walls erected or trait values exited, there is a backlash. 80% of my revenue is from the united states, 15% from western europe, so i feel confident that we are in the right geography or the right mix of services and we have a low -- eight loyal client base. -- we have a loyal client base. vonnie: he was instrumental in this spinoff to begin with. tell us about what he has spoken to about. carl icahn has been represented on their board. hisre in touch with him and board members, like we are with other large investors, but i think for us, it is to demonstrate [indiscernible] and that is that we tend to do. one of those is getting listed on the nyse. vonnie: you have a quote from a 10k margin expansion at 700 million dollars of cost savings into 2018, however, green capital to one says it is not really a slamdunk. how do you plan to prove them wrong and expand margins? ashok: we are not saying it is a slamdunk. it requires a lot of effort and bestbe done in t
or other companies in europe? ashok: every time there are walls erected or trait values exited, there is a backlash. 80% of my revenue is from the united states, 15% from western europe, so i feel confident that we are in the right geography or the right mix of services and we have a low -- eight loyal client base. -- we have a loyal client base. vonnie: he was instrumental in this spinoff to begin with. tell us about what he has spoken to about. carl icahn has been represented on their board....
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Jan 27, 2017
01/17
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thats keen to point out europe needs to do more. the u.k. is one of a handful of nations within europe that contributes more than the 2%. that is a finger pointed firmly at germany which does not. it will be interesting how the conversation will go with the germans tomorrow on that note. scarlet: one thing they did agree on was to disagree on a number of issues come including russia. theresa may did not say that in some new words, did she? u.k.'s hawkish compared to the line we've had coming out of the trumpet ministration. that's trump administration. the russians need to stick with it will bed -- interesting to see how that one feeds through. president points out he doesn't know how that relationship is going to go. we've been hearing this from inside congress as well. the idea that the americans should be watering down the current sanctions. that includes the british at this stage. there are a lot of core principles behind brexit and the rise of trump that would lead us to believe that theresa may and the u.k. in the west should have a lo
thats keen to point out europe needs to do more. the u.k. is one of a handful of nations within europe that contributes more than the 2%. that is a finger pointed firmly at germany which does not. it will be interesting how the conversation will go with the germans tomorrow on that note. scarlet: one thing they did agree on was to disagree on a number of issues come including russia. theresa may did not say that in some new words, did she? u.k.'s hawkish compared to the line we've had coming...
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Jan 19, 2017
01/17
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and they need to europe to provide that capacity. europe is not going to disintegrate. but coming under the dominance russia would be , undermining all the values that europe stands for. it is really not much better being -- coming under the russia then putin's to disintegrate. francine: you also have said that open society needs defending. why is it such under attack? basically, it is threatened by a different model . i distinguish between 2 as a generalization, but basically, there are 2 forms of government. one where the leaders are ,lected in a democratic process and they are supposed to serve the interests of the people who have in acted them. "supposed" say because there is an element of hypocrisy there. but it is much preferable to the other model, where the rulers are manipulating the people to serve their purposes. that is the other model. and currently, unfortunately, rise.ther model is on the in, ofpreading, both course, russia, china possibly, and many other countries, including my own. get people we can who believe in an open society together and defend the
and they need to europe to provide that capacity. europe is not going to disintegrate. but coming under the dominance russia would be , undermining all the values that europe stands for. it is really not much better being -- coming under the russia then putin's to disintegrate. francine: you also have said that open society needs defending. why is it such under attack? basically, it is threatened by a different model . i distinguish between 2 as a generalization, but basically, there are 2...
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Jan 10, 2017
01/17
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stocks rise in europe today. look at the currency board. how is the euro fairing against the dollar? it is up, as is the pound. stocks are rising. currencies are rising against the dollar. funds are falling today. london, germany, unchanged in spain and in italy. the european close is literally minutes away. this is bloomberg. ♪ . mark: 11:00 a.m. in new york and midnight in hong kong, 30 minutes left in the trading day in europe. i am mark barton. vonnie: i am vonnie quinn and this is the european close on bloomberg markets. ♪ mark: we will take you from new york to amsterdam, covering stories, london, washington, in the next hour. here is what we are watching. sterling set for its worst three-day drop since october on brexit concerns. outliningos of today dire threats if officials fail to implement an orderly transition out of the eu. vonnie: console business before nameext flight, the klm one of the best advice when it comes to online -- on time travel. jeff sessions seems -- seeks to become the attorney general come he is testifying
stocks rise in europe today. look at the currency board. how is the euro fairing against the dollar? it is up, as is the pound. stocks are rising. currencies are rising against the dollar. funds are falling today. london, germany, unchanged in spain and in italy. the european close is literally minutes away. this is bloomberg. ♪ . mark: 11:00 a.m. in new york and midnight in hong kong, 30 minutes left in the trading day in europe. i am mark barton. vonnie: i am vonnie quinn and this is the...
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Jan 30, 2017
01/17
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how can europe ensure that the thesenterests -- alliances aren't afraid by executive actions from the white house. >> you hear statements by mainstream western european politicians that the united states is going to go protectionist. the idea that the u.s. can buy twitter and by executive order manage things is just taking people, they are aghast. this is not serious. people depend on billions or trillions of dollars of management and study rules on predictability, on trust. and a lot of that is undermined very quickly right now. is all the thundering against china and mexico. it is america first, america first, america first. meaner --general general demeanor of what happened in the last couple of days. >> the pushback could be felt in not only anti-american sentiment, but it could be felt in the fight against terrorism. ironically the measures were put into place to stem terrorism. >> i think anyone who thinks this through a little bit knows that a blunderbuss puts a complete bar on immigration. whether it was friends, translator for american forces. is -- whether it is people fleei
how can europe ensure that the thesenterests -- alliances aren't afraid by executive actions from the white house. >> you hear statements by mainstream western european politicians that the united states is going to go protectionist. the idea that the u.s. can buy twitter and by executive order manage things is just taking people, they are aghast. this is not serious. people depend on billions or trillions of dollars of management and study rules on predictability, on trust. and a lot of...
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Jan 4, 2017
01/17
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what about the banks in europe? it all plays out to the markets in various ways. the yields would impact banks that are already in trouble. >> just as in 2008 and 2009, europe cannot allow these to meltdown and we cannot allow our banks to melt down. survive but will hold on by their fingernails. made there is money to be if your calls on dollar-yen and the pound dollar and on euro-dollar are to be believed. >> right. i hope they will be believed. i think the dollar will continue to be strong and the u.s. will be the best of the major markets. i think japan will do well. year is starting out the relatively strong. i think japan can grow at 2% and most people are not expecting that. vonnie: within 2017? i want to ask you about mexico. the peso is trading about 21 today, weaker than 21. you say trump will not be bad for china. will he be bad for mexico and particular? >> no. i do not think he will tear up nafta either. in my view, the and i states benefits from nafta. he will deal with individual companies. vonnie: we have to stop you there and thank you. to the to
what about the banks in europe? it all plays out to the markets in various ways. the yields would impact banks that are already in trouble. >> just as in 2008 and 2009, europe cannot allow these to meltdown and we cannot allow our banks to melt down. survive but will hold on by their fingernails. made there is money to be if your calls on dollar-yen and the pound dollar and on euro-dollar are to be believed. >> right. i hope they will be believed. i think the dollar will continue to...
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Jan 25, 2017
01/17
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the dow is that 20,000 but stocks are rallying in europe. biggest is the stoxx 600 since november 9, 1.3% gain today some of the highest level of the year since december the 30th. ftse up by one third -- .331%. it was at a record. the dax is also higher, 1.8%. gains in france, as well, so not just the u.s. with shares. no records for those [indiscernible] this is bloomberg. ♪ live from bloomberg world headquarters in new york and london. i am vonnie quinn. mark: i am mark barton. weis all about dow 20000 and are watching oil, weekly inventories down. what are you expecting? 52nie: crude trading at point $93 a barrel and we all are waiting figures. lastly, we had a built of 2.8 4 million and this week, more barrels that we were looking for, almost double what we were looking for. you can see that crude trading cents..42 -- 42 there was less than the drawdown we were looking for, so bearish oil prices. this as inventories were higher, and we will looking for a drop of more than half a million barrels. the forecast were all in the wrong direc
the dow is that 20,000 but stocks are rallying in europe. biggest is the stoxx 600 since november 9, 1.3% gain today some of the highest level of the year since december the 30th. ftse up by one third -- .331%. it was at a record. the dax is also higher, 1.8%. gains in france, as well, so not just the u.s. with shares. no records for those [indiscernible] this is bloomberg. ♪ live from bloomberg world headquarters in new york and london. i am vonnie quinn. mark: i am mark barton. weis all...
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Jan 31, 2017
01/17
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it is about trade in europe. the strength of that business and how that business grows is much more dependent on how different countries across the continent are trading. at the same time, all of those have to come back into u.s. profits and we now use a dollar-cost averaging hedge program to protect profits so we can restate them correctly. that isow big a role of uncertainty or the lack of political clarity playing for ups right now? richard: there's been a lot of noise -- excuse me, a lot of news. david: both. richard: the environment for business looks like we are that willo a period be good. the competitiveness of the u.s. economy is something the administration is talking about, whether it be trade, simple fight regulations, or reform on taxes, they do things to help corporations and the u.s. generally compete better on the world stage. so much of the details are not out yet, it is premature to talk about any one of those. david: a few months back i was talking with your colleague, the ceo of ups about the
it is about trade in europe. the strength of that business and how that business grows is much more dependent on how different countries across the continent are trading. at the same time, all of those have to come back into u.s. profits and we now use a dollar-cost averaging hedge program to protect profits so we can restate them correctly. that isow big a role of uncertainty or the lack of political clarity playing for ups right now? richard: there's been a lot of noise -- excuse me, a lot of...
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Jan 17, 2017
01/17
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., not europe, she said. what a day to use our wonderful wcrs function. the big mover i want to talk about -- sterling-dollar. biggest intraday move for the pad against the dollar since 2008. shows the one-day percentage moves. we have risen as much as 2.5%. the biggest move since 2000. yesterday, we fell 1.1%. close sinceowest 1985, yesterday. day after brexit, when sterling fell against the dollar most it percent. the part investors seem to like is that mp's get a vote, they have to rubberstamp the final brexit deal. ands stick with sterling sterling volatility against the dollar. yesterday, we saw a fourth consecutive gain in sterling implied volatility. 19%,, we are falling down the most in september, the second after rising to 15.94. we are well below those levels we saw before brexit. this is implied volatility. expectations of price movement in the pound-dollar exchange rate in the next week or so. how things have changed the last on it for hours. 30 minutes into the trading day. how are things looking there? abigail: there's a distinct risk off fe
., not europe, she said. what a day to use our wonderful wcrs function. the big mover i want to talk about -- sterling-dollar. biggest intraday move for the pad against the dollar since 2008. shows the one-day percentage moves. we have risen as much as 2.5%. the biggest move since 2000. yesterday, we fell 1.1%. close sinceowest 1985, yesterday. day after brexit, when sterling fell against the dollar most it percent. the part investors seem to like is that mp's get a vote, they have to...
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Jan 31, 2017
01/17
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the vonnie:eft in trading day in europe. i'm mark barton. and in new york, i'm vonnie quinn is the european close on bloomberg. mark: we are going to take you from new york to london to stockholm in the next hour. stories out of washington and japan as well. here are the top stories we're parliamentoday -- begins debating on the brexit ifl with david davis asking nations trust the people. prime minister may is eyeing march 9 as the day to trigger article 50. vonnie: in the united states, another political storm brewing as president donald trump meets with the ceos of lawmaker -- of talk onrs as lawmakers capitol hill. and the first 10 days in office -- blackstone's global head of private equity joins us. mark:
the vonnie:eft in trading day in europe. i'm mark barton. and in new york, i'm vonnie quinn is the european close on bloomberg. mark: we are going to take you from new york to london to stockholm in the next hour. stories out of washington and japan as well. here are the top stories we're parliamentoday -- begins debating on the brexit ifl with david davis asking nations trust the people. prime minister may is eyeing march 9 as the day to trigger article 50. vonnie: in the united states,...
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Jan 26, 2017
01/17
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are you shifting toward europe and china? you were profitable in europe for the first time last year. of our objectives as a company is to get a better balance of profitability. as we get into 2017 we expect that our profits are going to be -- continue to be strong. at the same time in europe and china, we are going to continue our positive performance. we expect europe to be that -- to be down a bit based on the weakening of the sterling because of brexit. david w: i am glad you mentioned 2010 at you are indicating it might be a little bit softer. that is based on your new initiatives. tell us about those plans and what they do to your bottom line. mark: when we look at 2017 we will have another good year at fort. it will be a bit down from last year and the reason is because we are investing in emerging opportunities around autonomous vehicles and mobility, which will open up more growth opportunities for us down the road. we are investing for the medium and long-term and putting in a big -- good year for 2017. david: -- da
are you shifting toward europe and china? you were profitable in europe for the first time last year. of our objectives as a company is to get a better balance of profitability. as we get into 2017 we expect that our profits are going to be -- continue to be strong. at the same time in europe and china, we are going to continue our positive performance. we expect europe to be that -- to be down a bit based on the weakening of the sterling because of brexit. david w: i am glad you mentioned 2010...
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Jan 11, 2017
01/17
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other countries typically in europe negotiate directly with drugmakers. they say if you want to sell this here, you have to sell it for this much. we have seen cases where they have refused to cover these drugs. that can be bad for patients. whereas in the u.s., if you can pay for it, you can get it. oliver: member ranked returns for the nasdaq biotechs. the story is clear. everything is in the red apart from a few stocks. we have seen that he has a habit specific out of the traded companies. is there anyone on this list of its endangered or he could point out their prices? drew: the folks he was see him go after, deftly have to take a guess, he will not go after some obscure pharmaceutical company that only folks trading on the nvi have heard of. equal go up to the biggest, best known automakers. the biggest, best known aerospace companies. this is an issue that is not getting what specific company. this is a sector-white issue that affects not just what pharmaceutical companies are able to charge now, but what are they going to be returning on r&d. is h
other countries typically in europe negotiate directly with drugmakers. they say if you want to sell this here, you have to sell it for this much. we have seen cases where they have refused to cover these drugs. that can be bad for patients. whereas in the u.s., if you can pay for it, you can get it. oliver: member ranked returns for the nasdaq biotechs. the story is clear. everything is in the red apart from a few stocks. we have seen that he has a habit specific out of the traded companies....
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Jan 17, 2017
01/17
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and england and other countries in europe. we need to be involved in the conversation about what are the policies going to be. we have to recognize that people want solutions that will protect them. at the same time that they want economic growth. those things can be resolved in a way that works for the u.s. economy. erik: you mentioned tax reform. your company and others in your industry have a high marginal tax rate. could that be hugely beneficial to you? arne: it depends on the way it develops. we have no tax benefits. we are not a real estate owner, so we don't have any depreciation associated with that. we're not investing in certain extractionneral to or other things where you get special rules. there is a possibility to get lower base rates. if we can get tax reform where money that is being kept offshore by american copies can come back to the u.s. and be returned to u.s. shareholders or entered into the u.s. economy, that would be good for the economy broadly, including us. erik: if the base corporate rate goes down
and england and other countries in europe. we need to be involved in the conversation about what are the policies going to be. we have to recognize that people want solutions that will protect them. at the same time that they want economic growth. those things can be resolved in a way that works for the u.s. economy. erik: you mentioned tax reform. your company and others in your industry have a high marginal tax rate. could that be hugely beneficial to you? arne: it depends on the way it...
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Jan 23, 2017
01/17
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vonnie: in markets stocks decline in europe. a little change in the u.s.. investor still looking for more clues for president trump's fiscal policy and tax cuts. we are 30 minutes into the trading day. abigail doolittle has what is going on beneath the surface. the dow s&p 500 and the nasdaq trading down ever so slightly around the open. this does follow weekly declines for the major averages. two weeks of decline. on pace for a third week down. worth noting that was the most since the middle of october. a little bit of bearishness. arequestion is whether we going to see a burst of intraday volatility. be seeing these bursts of volatility, but when we take a look at the #-- we are looking at a very tight range of the s&p 500. it has been 30 days since the s&p 500 has made a 1% move up or more. and it has been a record since 2006, a record of 70 days. we are seeing more volatility on the day, but on a closing basis not so much. it will be interesting to see if it does catch up. aroundthe movers here the open, we are looking at qualcomm. its worst drop since
vonnie: in markets stocks decline in europe. a little change in the u.s.. investor still looking for more clues for president trump's fiscal policy and tax cuts. we are 30 minutes into the trading day. abigail doolittle has what is going on beneath the surface. the dow s&p 500 and the nasdaq trading down ever so slightly around the open. this does follow weekly declines for the major averages. two weeks of decline. on pace for a third week down. worth noting that was the most since the...
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Jan 16, 2017
01/17
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that is where we find mark barton, pouring of the details of the day's equity trading session in europe. mark: great to see you, too. resources up by a quarter of 1%. the only gaming industry group today, the gauge to the stoxx majors.y are low on the
that is where we find mark barton, pouring of the details of the day's equity trading session in europe. mark: great to see you, too. resources up by a quarter of 1%. the only gaming industry group today, the gauge to the stoxx majors.y are low on the
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Jan 5, 2017
01/17
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that are a number of banks we do own in europe that we think are significantly undervalued. mark: and david, let's get to them. ubs is among them. is there a temptation to love this bank in with some of the more fragile lenders in europe? david: there is a temptation to do that. speaking, with the advent of eds, where all banks get lumped into the same trading patterns, a good, healthy organization like ubs, it is the largest wealth manager in the trillion has $1.1 worth of client assets that they manage and a very low capital intensive operation, that is worth a very high multiple of earnings. while it gets lumped in with other banks that are much more capital intensive, much more regulatory driven in terms of the amount of capital that they must retain, and, as a result, it trades at a multiple priced to books, it does not really reflect the underlying quality of its business. mark: i've got a chart here theh shows samsung share of south korean stock market. it is up to 20%. in 2016, thea year stock rose by 43%. has it managed to salvage its reputation after the note 7 deb
that are a number of banks we do own in europe that we think are significantly undervalued. mark: and david, let's get to them. ubs is among them. is there a temptation to love this bank in with some of the more fragile lenders in europe? david: there is a temptation to do that. speaking, with the advent of eds, where all banks get lumped into the same trading patterns, a good, healthy organization like ubs, it is the largest wealth manager in the trillion has $1.1 worth of client assets that...
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Jan 27, 2017
01/17
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it is one of the biggest concerns in europe at the moment. theresa may is going to be keen to have that on the table. a special relationship is likely to come up again. great headlines for the u.k. prime minister. this is an opportunity to say we may be on the brink of exiting the eu. look at all these fantastic deals we can make. >> it is not just about the u.k.. the president tweeted this morning mexico is taking advantage of the u.s. long enough, massive trade deficits -- trade deficits must change now. we thought that the idea that there may be a 20% border tax, it has been punted around the white house, whether it will actually come into play or not is another question. why continue to antagonize the mexico government? >> that border tax originally part of a border health proposal. i pose that question to the chairman of the foreign relations committee, senator ron johnson. he told me are what republicans and their aides are echoing through the echo chamber. they believe president trump is beginning negotiations, that this is just the fi
it is one of the biggest concerns in europe at the moment. theresa may is going to be keen to have that on the table. a special relationship is likely to come up again. great headlines for the u.k. prime minister. this is an opportunity to say we may be on the brink of exiting the eu. look at all these fantastic deals we can make. >> it is not just about the u.k.. the president tweeted this morning mexico is taking advantage of the u.s. long enough, massive trade deficits -- trade...
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Jan 27, 2017
01/17
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comingople in europe directly from syria into the european countries. because of the rules, they can go straight into the u.k., whereas syrian refugees in the u.s. are already extremely vetted. it may not be the same thing. as anay talk about syria issue but may not drill down to threfugees. cirilli, guy johnson, and here in new york, michael mckee. we will bring you that news conference as soon as it starts. this is bloomberg. ♪ vonnie: we begin with breaking news. the prime minister of the united kingdom theresa may and u.s. president donald trump meeting right now at the white house. we expect a joint news conference any minute from them. the prime minister is expected to pitch a free trade deal as the u.s. president puts together his vision for a more assertive bilateral approach to trading relationships. we will be going to that news conference live, but before we go to that, let's check in with kevin cirilli, guy johnson, standing by at the white house. here in the studio is michael mckee. guy johnson, let me start with you. theresa may cannot g
comingople in europe directly from syria into the european countries. because of the rules, they can go straight into the u.k., whereas syrian refugees in the u.s. are already extremely vetted. it may not be the same thing. as anay talk about syria issue but may not drill down to threfugees. cirilli, guy johnson, and here in new york, michael mckee. we will bring you that news conference as soon as it starts. this is bloomberg. ♪ vonnie: we begin with breaking news. the prime minister of the...
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Jan 11, 2017
01/17
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we went to europe and were able to get europe to act. the united states, in my view, wanted to go even further, but we could not get europe to go beyond what they were willing to do. you agree or disagree with that strategy for the united states to lead by sanctions, as we did? mr. tillerson: senator, sanctions are a powerful tool and an important tool in terms of deterring additional action. once actors have acted up, and we want to deter any further action on their part, yes, american leadership is often times -- if not almost always -- required to demonstrate that first step. sen. cardin: as you understand, unless we move -- and we have to move in a strong position -- we are going to get the strongest reaction on sanctions from the united states. we saw that in iran. i know that some of us have mentioned to you the legislation that was filed yesterday. i do not know if you have had a chance yet to respond to it or not. i would like you to do that for questions for the record. but we have legislation i would urge you to take a look at
we went to europe and were able to get europe to act. the united states, in my view, wanted to go even further, but we could not get europe to go beyond what they were willing to do. you agree or disagree with that strategy for the united states to lead by sanctions, as we did? mr. tillerson: senator, sanctions are a powerful tool and an important tool in terms of deterring additional action. once actors have acted up, and we want to deter any further action on their part, yes, american...
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Jan 9, 2017
01/17
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there is lots going on in europe. mark: the ftse, 10 days of gains. eight have propelled the ftse to a record high, just under an hour to go before the end of the session. we are in london. -- we are up in london. ♪ ♪ vonnie: live from bloomberg world headquarters. markets."loomberg i am a vonnie quinn. mark: and i and mark parker. let's go to first word news with emma chandra. korean leader kim jong-un says that the missiles -- the missile is in the final stage of development. a new poll shows that more than half of americans view president obama favorably as he leaves the office. merrick is said they view him aboutbly and that only 37% viewed him unfavorably. the family is trying to rain -- afterin spending shortfall due to oil prices. millionsars who stole of dollars of jewelry from kim kardashian have been arrested. authorities say they forced their way into the home she was staying at in october, and they tied her up before stealing visuals. global news 24 hours a day, powered by 2600 journalists and analysts in more than 120 countries. i am
there is lots going on in europe. mark: the ftse, 10 days of gains. eight have propelled the ftse to a record high, just under an hour to go before the end of the session. we are in london. -- we are up in london. ♪ ♪ vonnie: live from bloomberg world headquarters. markets."loomberg i am a vonnie quinn. mark: and i and mark parker. let's go to first word news with emma chandra. korean leader kim jong-un says that the missiles -- the missile is in the final stage of development. a new...
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Jan 13, 2017
01/17
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this is a big worry for europe, as we are -- it is a worry for japan. we have to see how this will really happen in reality. an united states is also export champion. staging ae etf comeback as donald trump appears to take office. we are talking revival next. this is bloomberg. ♪ vonnie: this is "bloomberg markets." i am vonnie quinn in new york. mark: in london, mark. our weekly etf report. applico? abigail: the often overlooked dow jones etf staging a comeback. joining us is the senior etf analyst with bloomberg. the dow may not have achieved doubt 20 thousand. some experts say it won't. since the election it is outperforming sp y. we have a report showing this. 5574.s g #btv -- i have blown off the diamond for a while. really, it is beating the s&p. the space you see, almost all over the s&p is from goldman sachs. this brings into account how the dow is weighted. with about the weight indexing. it is price weighted. if the stock is trading at a high price it gets a high weighti 8.4%ng. , a monster weighting. is goldman is the 15th biggest company w
this is a big worry for europe, as we are -- it is a worry for japan. we have to see how this will really happen in reality. an united states is also export champion. staging ae etf comeback as donald trump appears to take office. we are talking revival next. this is bloomberg. ♪ vonnie: this is "bloomberg markets." i am vonnie quinn in new york. mark: in london, mark. our weekly etf report. applico? abigail: the often overlooked dow jones etf staging a comeback. joining us is the...
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Jan 9, 2017
01/17
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we are facing it in china, europe, japan, u.s., everywhere. we need zero emission technology everywhere to overcome these challenges. electric cars are here to stay. david: we have a new administration coming in. if you talk to mr. trump today and you say these are the regulatory changes that you would like to see for the auto industry, what would they be? beingrything which is done in collaboration with the industry is much easier. no matter what the administration wants, the industry can do a lot of things, as long as it is a collaborative effort, as long as we have some visibility of what will happen. we can do a lot of things. the only thing that we do not like is being caught by surprise all of a sudden. david: there have been some tweets coming out of the president-elect and some of your compatriots are waking up to see some of these. you have 25% of your production in mexico. do you have a bowl ability there? we adopted the strategy along time ago to localize production as much as we can. controlker can really the exchange rate. the dol
we are facing it in china, europe, japan, u.s., everywhere. we need zero emission technology everywhere to overcome these challenges. electric cars are here to stay. david: we have a new administration coming in. if you talk to mr. trump today and you say these are the regulatory changes that you would like to see for the auto industry, what would they be? beingrything which is done in collaboration with the industry is much easier. no matter what the administration wants, the industry can do a...
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Jan 12, 2017
01/17
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i don't even think it's been submitted to europe yet. it will probably take a few more months. mark: given what happened in 2011, given the political outcry following phone hacking saga, are you wary of all of that? for purpose concerns, corporate governance concerns? martin: it's not up to me to put 21st century's fox's case. the newspapers are in a separate company. it's a much tougher market. a lot more competition out there for sky. it's a very different environment. i would say that occasion they offered a 20% premium. this time they've offered a 40% premium. there's a huge break the. -- it's very different. disappointment today that there was not any devil in the details. some of his fiscal plan. does a bit of red on our screens today. martin: i suspect the markets have almost run ahead of themselves to a certain extent anyway. they've had a phenomenal rise, especially the banks. some of them are up 50%. average up 30%. some very sharp movements. i would expect a bit of retrenchment from the trump affect. mark: our banks a by? martin: i think they have had a good run. the
i don't even think it's been submitted to europe yet. it will probably take a few more months. mark: given what happened in 2011, given the political outcry following phone hacking saga, are you wary of all of that? for purpose concerns, corporate governance concerns? martin: it's not up to me to put 21st century's fox's case. the newspapers are in a separate company. it's a much tougher market. a lot more competition out there for sky. it's a very different environment. i would say that...
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Jan 4, 2017
01/17
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and europe. erik: how are those credit affected by what we have seen? small future increases in the benchmark interest rates. more important, the dramatic steepening of the yield curve over the past few months. >> most of what we do is sub investment grade credit. we are less yield curve sensitive than some other guys. about 80% of our assets in come from bank loans and generally private credit. increasehe short-term or ongoing increase in short-term rates is a benefit to us. our assets pay us more, and our returns go up. the only thing that should make you worried with rising rates is high-yield in how you respond to that. we have been defensively efficient on the high-yield side for a while now. we've been trying to be -- we're double be inin the single be names rather than triple b. spreads depends on your basis points. you are asking a non-high-heeled got a high-yield question. when we have spoken to our high-yield pms, they have expect a lot of skittishness in the market. they've been trading their portfolio rather actively. erik: how about the pri
and europe. erik: how are those credit affected by what we have seen? small future increases in the benchmark interest rates. more important, the dramatic steepening of the yield curve over the past few months. >> most of what we do is sub investment grade credit. we are less yield curve sensitive than some other guys. about 80% of our assets in come from bank loans and generally private credit. increasehe short-term or ongoing increase in short-term rates is a benefit to us. our assets...
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Jan 13, 2017
01/17
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scarlet: we will discuss more on europe as well. this is bloomberg. ♪ scarlet: this is bloomberg markets. oliver: we're back with the chief economist at time bridge which has $83 billion under management. but continue the conversation. i want to get a little bit lyrical if you do not mind. we're talking about the economic there is data from china. there is economic strain amid this rebound. strain,dd political does it concern you about what could happen when these countries get back to into a corner on both fronts? >> yes, it does. world growth around the is becoming more synchronous. i am seeing more business investment. as a result of low productivity. that typically means more synchronous global growth, that is the underlying economy. on top of that is the politics, absolutely right. that poses a risk in equity. we do not get to this more synchronous growth and we go back to having pockets of growth on countries that are fairly independent of the global cycle like india was always the darling of the merger markets. it is not co
scarlet: we will discuss more on europe as well. this is bloomberg. ♪ scarlet: this is bloomberg markets. oliver: we're back with the chief economist at time bridge which has $83 billion under management. but continue the conversation. i want to get a little bit lyrical if you do not mind. we're talking about the economic there is data from china. there is economic strain amid this rebound. strain,dd political does it concern you about what could happen when these countries get back to into a...
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Jan 10, 2017
01/17
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and the a or between the day and europe, say. >> it is clear the u.s. will always want to find ways to invest in a relationship with them in the future as well as pursue a rudder trade relationship with the european union. until the u.k. sorts itself out and with the european union, the nature of its relationship will be with europe, it is not practically possible to negotiate a trade agreement. for example, if they agree to have a customs agreement, that means the european union controls the tariffs and they cannot negotiate a trade agreement if they do not have sovereignty. we have to wait to see how that gets sorted out. >> a lot of your argument centered on national security and china's role in the world. could you have done more? is it something you could have advised your secretary more about, a more inclusive trade policy? click straight agreements must be justified on economic merit and what they do to improve wages, strengthen the middle last in the u.s. i think we won the case in congress. every member i spoke to was convinced of the benefits
and the a or between the day and europe, say. >> it is clear the u.s. will always want to find ways to invest in a relationship with them in the future as well as pursue a rudder trade relationship with the european union. until the u.k. sorts itself out and with the european union, the nature of its relationship will be with europe, it is not practically possible to negotiate a trade agreement. for example, if they agree to have a customs agreement, that means the european union controls...
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Jan 5, 2017
01/17
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the more fragile lenders in europe? david: all banks get lumped into the same trading pattern on uts. a good, healthy organization like ubs, the largest wealth manager in the world, $1.1 trillion worth of client assets that they manage in a very low capital-intensive operation, that is worth a high multiple of earnings. much more capital-intensive, much more regulatory driven in terms of the amount of capital they must retain. as a result, a trait that he altiple -- it trades at multiple of price-to-book that does not reflect the underlying quality of its business. mark: i have a chart that shows samsung's share of the south korean stock market. it had quite a year in 2016. the stock rose by 43%, snapping the three-year losing streak. has it managed to salvage its reputation after the note 7 debacle? issues you number of would like to see the company address. these the evidence it's doing that tested to use the evidence it's doing that? david: even though the share price has had a tremendous performance last year, the s
the more fragile lenders in europe? david: all banks get lumped into the same trading pattern on uts. a good, healthy organization like ubs, the largest wealth manager in the world, $1.1 trillion worth of client assets that they manage in a very low capital-intensive operation, that is worth a high multiple of earnings. much more capital-intensive, much more regulatory driven in terms of the amount of capital they must retain. as a result, a trait that he altiple -- it trades at multiple of...
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Jan 6, 2017
01/17
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there's been no fiscal austerity now for a year, nearly two years in europe. i worry that in some countries when you go too far the other --ection, too successful fiscal policy was too tight. it is now about right. now, there's uncertainty in the u.s. people want to cut taxes, do infrastructure, finance it by debt. you have people in congress who want to balance the budget at all costs. who is going to win? enormous uncertainty here. mike: you held a panel here on brexit. you were one of the people demise foran early the british economy out of that boat. what are you saying now? olivier: people say i was wrong. mike: wrong or early? was if: my assessment i'm a firm in the u.k., i'm thinking of moving my back office or not or creating a new plant, i will say, look, uncertainty will be resolved within a year or two. let's wait. i really thought investment structures would drop. that just hasn't happened. i've been waiting for three quarters and it has not happened yet. suspect i missed something. the immediate effect of uncertainty is not as strong as i thought
there's been no fiscal austerity now for a year, nearly two years in europe. i worry that in some countries when you go too far the other --ection, too successful fiscal policy was too tight. it is now about right. now, there's uncertainty in the u.s. people want to cut taxes, do infrastructure, finance it by debt. you have people in congress who want to balance the budget at all costs. who is going to win? enormous uncertainty here. mike: you held a panel here on brexit. you were one of the...
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Jan 12, 2017
01/17
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investors europe for a kickoff tomorrow morning. expectedet firms are to post the biggest fourth-quarter since the financial crisis. we speak to an expert on emerging markets and what is next for the country. and the senate took the first steps towards repealing the affordable care act in a razor thin boat. the tradingay to day. stocks pulledng back sharply. rallied goingy into today so this is the first decline we have seen this year. back thend s&p pulling most since october it some caution coming back into the market about what the future holds in terms of policies of the incoming administration and global economy. that is being felt in other classes. the rally is continuing in the treasury market even as investors call for a possible and to the treasury bull market. we are seeing tender yield down. the dollar is now lower and gold future is catching a bid. the dollar falling against the japanese yen. financials are down sharply today. bank of america, jp morgan, wells fargo, delta one of the biggest drags. banks,s of the interes
investors europe for a kickoff tomorrow morning. expectedet firms are to post the biggest fourth-quarter since the financial crisis. we speak to an expert on emerging markets and what is next for the country. and the senate took the first steps towards repealing the affordable care act in a razor thin boat. the tradingay to day. stocks pulledng back sharply. rallied goingy into today so this is the first decline we have seen this year. back thend s&p pulling most since october it some...
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Jan 3, 2017
01/17
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and europe. tom: this is a top risks eurasia group for 2017 and the power of this study is it is this thick. i love the concision and brevity from eurasia group. there is always a quiet section in your top risks. this year, it is the reform needle. you are hugely skeptical of performing one of the country at is. explain that would capitol hill. i am usually skeptical because the leaders do not have the political capital. and you look at the world and say, where are the strong leaders, they are largely in asia. china has been trying to do big structural reform across the board but they have a major leadership party congress in the fall coming up, so that will quiet this year. you have india and mexico doing a lot and now they are quite into their election cycle. you have countries that need to do a lot, like saudi arabia, and it is a bridge too far for them. you have germany and france that cannot go anywhere. it really lost the referendum, so when you look around the world and ask, who is doing t
and europe. tom: this is a top risks eurasia group for 2017 and the power of this study is it is this thick. i love the concision and brevity from eurasia group. there is always a quiet section in your top risks. this year, it is the reform needle. you are hugely skeptical of performing one of the country at is. explain that would capitol hill. i am usually skeptical because the leaders do not have the political capital. and you look at the world and say, where are the strong leaders, they are...
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Jan 25, 2017
01/17
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we are going to eliminate off shoring and europe stealing our tech space. we are going to get fair shakes and better deals with our trading partners. all those things are going to happen at basically full employment. we are going to see a very stimulative environment as trump is successful in his endeavors. it's want to be very positive for the united states and slightly negative for the rest of the world, but it's not like a globalist nightmare in my opinion as they are trying to make it. we have talked off-line. athink the u.s. has been which give her enterprise take her for the last decade or so. wage takeo be a which tak her. r. erik: potentially inflationary for the u.s. economy. better for the u.s. at the expense of the rest of the world. is as simple as short rates and dollar strong? kyle: if you need to boil it down to a soundbite, i would say yes. their idiosyncrasies in every trade relationship. the question is how do we pay for it? had we pay for cutting the corporate tax rate? it is my view and argue at the firm that the border text adjustabilit
we are going to eliminate off shoring and europe stealing our tech space. we are going to get fair shakes and better deals with our trading partners. all those things are going to happen at basically full employment. we are going to see a very stimulative environment as trump is successful in his endeavors. it's want to be very positive for the united states and slightly negative for the rest of the world, but it's not like a globalist nightmare in my opinion as they are trying to make it. we...
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Jan 18, 2017
01/17
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he says europe is threatened economically and is in need of usl. president-elect trump talked to andrew cuomo for nearly one hour today. cuomo says he talked about the impact of federal spending on state budget spirit the governor said they discussed the impacts of federal tax policy in the potential appeal of the act on new york state. cuomo could possibly be a presidential candidate in 2020. price -- vice president is in davos, and he says who 10 is trying to undermine the european alliance. -- he said an attack on one member is an attack on all. the widow of the orlando, florida, nightclub gun man is in court today. she faces a transfer of her case to federal court in orlando. she was arrested in california for allegedly knowing that her husband, omar mateen, was planning the june attack that killed 49 people. global news 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. i am emma chandra. this is bloomberg. vonnie: thank you. south carolina governor nikki haley's confirmation for u.s. ambassador to t
he says europe is threatened economically and is in need of usl. president-elect trump talked to andrew cuomo for nearly one hour today. cuomo says he talked about the impact of federal spending on state budget spirit the governor said they discussed the impacts of federal tax policy in the potential appeal of the act on new york state. cuomo could possibly be a presidential candidate in 2020. price -- vice president is in davos, and he says who 10 is trying to undermine the european alliance....
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Jan 18, 2017
01/17
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existing businesses in continental europe. we will decide how to best leverage those abilities depending on how things play out . very good outcome of yesterday's speech by theresa may, she is the preferred hazmat -- a pragmatic phaseout. i think that is the most important issue: a lot of what they decide. more instability potentially globally. from fo'sio ermotti in switzerland. -- from davos in switzerland. , the companyrson cuts its profit forecast and critics years of gloom. vonnie: happening right now in washington wilbur ross nominated to serve as commerce secretary or it questioned before the senate commerce committee. the north american free trade agreement is the first thing than a trump administration will deal with in terms of trade. he's also being questioned on climate change as the commerce department has jurisdiction over -- youional oceanic and can watch this hearing right now on the bloomberg at live ago. ♪ vonnie: this is bloomberg markets. i'm vonnie quinn in new york. mark: from london, i'm mark barton. i
existing businesses in continental europe. we will decide how to best leverage those abilities depending on how things play out . very good outcome of yesterday's speech by theresa may, she is the preferred hazmat -- a pragmatic phaseout. i think that is the most important issue: a lot of what they decide. more instability potentially globally. from fo'sio ermotti in switzerland. -- from davos in switzerland. , the companyrson cuts its profit forecast and critics years of gloom. vonnie:...
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Jan 24, 2017
01/17
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what is mainly unknown is how europe will respond. europe is staying very conservative in its common, speaking about how they will not discuss the deal until the formal notice is served, saying theresa may cannot cherry pick. it left doubts in what she seeks does not answer what the 27 european countries will seek. whether they will punish britain -- they do not want to many contestants. it will enhance the europeans to drive this forward. vonnie: what is jeremy corbyn doing right now -- is he preparing any kind of response to this in any practical way, or has he just rolled over? simon: i do not think you can ever say the leader of the butsition has rolled over, he has been criticized for not necessarily leading the opposition in the way past oppositions have been led, and he came out today say while they will not block breaks it or the trigger of -- brexit, or the trigger of it, they will try to amend it. he will also require to come back and report to parliament on multiple occasions in the future. they want more control here. parl
what is mainly unknown is how europe will respond. europe is staying very conservative in its common, speaking about how they will not discuss the deal until the formal notice is served, saying theresa may cannot cherry pick. it left doubts in what she seeks does not answer what the 27 european countries will seek. whether they will punish britain -- they do not want to many contestants. it will enhance the europeans to drive this forward. vonnie: what is jeremy corbyn doing right now -- is he...
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Jan 19, 2017
01/17
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my grandfather was a first-generation american whose father immigrated from europe. he truly embodied the american dream. he started out blowing glass builds by hand and later midland glass into one of the largest manufacturing companies in the united states with five factories employing thousands of workers. my first job ever was in his factory when i was in high school. it was there that i first learned the importance of humility, hard work, and commitment. for those of you who don't know my background, i studied economics at yale university. at the age of 22 after graduating, i got a job at goldman sachs where i spent the next 17 years. i started on a folding chair in the mortgage department. nine years later, after many sleepless nights, i was put in charge of mortgages, u.s. government bonds, municipal securities. several years after that, i worked directly or future secretary of the treasury, hank paulson, as the firm's chief information officer. in that role, he oversaw 5000 people in a $1 billion budget. sachs, igoldman learned the importance of the financial
my grandfather was a first-generation american whose father immigrated from europe. he truly embodied the american dream. he started out blowing glass builds by hand and later midland glass into one of the largest manufacturing companies in the united states with five factories employing thousands of workers. my first job ever was in his factory when i was in high school. it was there that i first learned the importance of humility, hard work, and commitment. for those of you who don't know my...
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Jan 30, 2017
01/17
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really fly to these countries, although they do pick up these passengers in connecting flights from europe. generally speaking, most analysts say that this will pass and leveler heads will prevail. ,carlet: ok, michael sasso thank you. we will be hearing more from the general -- ceo coming up on wednesday. and still ahead, the options inside. trading as the fed gets ready to announce their decision on wednesday. from new york, this is bloomberg. ♪ oliver: we are looking at updates here on mylan. the stock is falling about 1.6%, paring some of the losses that it posted originally. it had dropped as much as 4% as we get reports that it is facing an antitrust investigation on epipen pricing. scarlet: it received requests for information, part of a preliminary investigation. mylan saying they have not done anything wrong to prevent generic competition. oliver: time for options inside with julie hyman. julie: thank you. joining me today is jim's do-gooder of mk holdings. we have seen after suppressed volatility, an uptick today in the vix. it is not a big one, it is still at low levels, but d
really fly to these countries, although they do pick up these passengers in connecting flights from europe. generally speaking, most analysts say that this will pass and leveler heads will prevail. ,carlet: ok, michael sasso thank you. we will be hearing more from the general -- ceo coming up on wednesday. and still ahead, the options inside. trading as the fed gets ready to announce their decision on wednesday. from new york, this is bloomberg. ♪ oliver: we are looking at updates here on...
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Jan 23, 2017
01/17
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companies be interested or concerned that if they acquire a company in europe or asia or latin america that suddenly they are going to be bashed for that? might beder m&a touchy, at least in the first few months. jeff: you think there will be a wait and see. before they move on that canada thing? frank: i have not heard definity from clients on that. it's something you have to be concerned about. jeff: since the election results came down, the market has reacted well. it's way up. m&a when thep equity markets have pushed up stock values? going to use are stock for the acquisition, it allows you to buy another company with your currency. however, if you are buying for cash and the target company has gone up, it's more difficult. to some extent, some companies have gotten ahead of where earnings are. in stock market went up expectation that we will have a better economy. we will have to see. i think high valuations for companies, some have dampened acquisition activity. the belief is we are going to have greatest -- greater growth. it's going to be greater than 3%. jeff: the biggest fact
companies be interested or concerned that if they acquire a company in europe or asia or latin america that suddenly they are going to be bashed for that? might beder m&a touchy, at least in the first few months. jeff: you think there will be a wait and see. before they move on that canada thing? frank: i have not heard definity from clients on that. it's something you have to be concerned about. jeff: since the election results came down, the market has reacted well. it's way up. m&a...