the transition will only become a certainty when the final brexit deal is ratified. it was a not very surprising landslide victory for vladimir putin, pressure's long serving -- longest serving leaders since joseph stalin, easily risk -- reelected for a fourth term as president. with all ballots counted he had 70% of voters. his defiance of the west .esonated well with voters president trump calling for drug dealers to get the death penalty in some cases as part of dealistration efforts to with the opioid crisis. the white house is also telling other initiatives to combat the opioid crisis. president trump will roll out more later today in new hampshire.

all long serving deputy governor will take over at the people's bank of china. it is a sign that it is wanted that there be continuity at the bank. continue the measures of his predecessor. global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. i am taylor riggs. this is bloomberg. citye: 10 a.m. in new york , 10 p.m. in hong kong. on vonnie quinn. -- i am vonnie quinn. shery: and i'm shery ahn. welcome to "bloomberg markets." ♪ from bloomberg world headquarters in new york, here are the top stories on the bloomberg around the world where following. facebook tell more than 5% as american and european officials demand answers to reports that

an advertising firm retained information of millions of facebook users without their consent. in principleement -- the eu and the u.k. have agreed on a large part of the brexit transition deal, but issues still hang in the balance including the northern ireland border. and apple buyers beware -- -- apple suppliers beware. another push for independence. we will bring you the latest on the bloomberg. were about a half-hour into the u.s. trading session and big moves. julie hyman is here. moves in tech in particular as you alluded to with the facebook story. we will get to that. underperformer outpacing the declines in the s&p 500 and the dow as well. the nasdaq 100 is down for the fifth straight session, the longest streak of declines going

back to november 2016. take a look at the bloomberg to compare the action in the tech sector with the broader markets. we have the information technology index. they hit records back in late january. we have the chart. as you can see the broader market has underperformed. tech was outperforming and had indeed made new record highs, but has come back down. the yellow line shows it has gone back to unchanged. those gains.e a lot of that has to do with the fang stocks, facebook and particular, and having its worst day going back to before the presidential election of 2016. onnienny mentioned -- as v mentioned, that has to do with cambridge analytica.

those shares are down 5% and we are seeing a hit to other tech stocks as well. finally, away from stocks, we have jay powell presiding over his first meeting. yields ate two-year their highest level since 2008. and it's only monday. facebook under fire. officials demanding answers after reports that cambridge used private information from the facebook profiles of 15 million people without their consent. this news has sent facebook shares down more than 5%. hall sweeney is joining us now with the details.

paul, what is the problem here? we understand that cambridge analytica received this information from another developer that had consent through a personality test? is didight, the issue facebook users give consent for the data to be used by someone other than this professor who ultimately use the data on behalf of the trump candidacy? it kind of goes to the issue of data integrity, where does the data reside, who has access to it, who can repurpose that data? just an issue that is not a facebook issue. it goes to all of these social media companies dealing with unstructured data that users provide voluntarily. jonathan: -- about: what does it say the facebook notification process when they find an app

developer is being liberal with information and the app developers says, oh, we destroyed that. it seems like facebook has not verified that information? the caset seems to be here. what is their level of control over the data they have on their servers, for example, for their users? again, not being able to verify that data no longer existed is something that facebook will have to address here. ,f you lose the trust of users that becomes the business case, the business risk. if users feel they are not in a safe environment, that will affect common user sign-up, and that is what phasers -- what facebook sells to advertisers. it definitely makes me think twice. but they have been underscore me for a long time because of the

russian election-meddling. case. how much of a challenge will this pose now that they are calling mark zuckerberg to appear before congress? is a growinghis concern for facebook and other tech companies in general, but for facebook clearly as relates to the election and the russians. when we talk about long-term bulls for facebook and some of these fang stocks under pressure today, it calls into question the long-term risk for these companies may be a regulatory risk. the businesses do well, global advertising is a great story, but these companies are getting so big, so successful, they are inviting regulatory risk. the concern is it will come to represents athat risk for large tech companies. vonnie: we have to leave that there. paul sweeney on facebook there,

which is down five personnel. invokedt trump has special counsel robert mueller by name for the first time in a flurry of tweets over the weekend attacking is investigation as politically corrupt. as ezra nude concern in washington that the president could fire the special counsel, but republicans speaking out on the issue -- some are speaking out -- this has renewed concern in washington that the president could fire the special counsel. many were pleading with the president not to even think about firing the special counsel. what is the relationship between gop leadership in the administration right now? not wantaders do mueller fired. they want the investigation to continue. paul ryan's spokeswoman put out a statement reiterating that one more time. willingy have not been to say there would be any specific consequences for the president if he fires mueller and that is something frustrating to democrats.

they want much stronger statements, and also statements from mitch mcconnell, who has not really weighed in on this over the weekend. in january, i asked mcconnell if he felt the need to protect mueller. he felt there was no official effort to undermine the mueller investigation, and therefore he did not need to protect him. well, now we have a weekend of and statements from the president's personal lawyer talking about shutting down the investigation even though the president's other personal lawyer, ty cobb, less nice of the present is not considering or discussing firing mueller. it will be harder and harder for republicans to keep this at arms length and continue with the rest of their agenda as long as the president keeps up this attack, which is new. in the past he has called this a witchhunt. now he is calling out mueller by name and basically saying it's not fair that there are so many democrats investigating him even

though mueller is a lifelong republican. shery: i was going to say exactly that. but republicans right now can't really oppose the president overly, can they? poll saying that president trump's at approval rating is actually increased. teven: that's absolutely right. it's not just his overall a propyl rating, it's his approval rating among republican voters be are keep in mind we are hitting into -- we are heading into the primary season and republicans have to face republican voters. they do not want to go against the president because right now republican voters are with the president. ryan,ind, if you are paul if you were to come out really strong against the president, you might not be speaker. there are a lot of republicans that support the speaker in the house. this is a very dicey situation for leaders. it's kind of a no-win situation for them. if the president were to fire

mueller and they were to do nothing, then you could see a potential wipe out in the midterm elections. this is something they are worried about. sort of slowto things down and hope it will calm down and hopefully, you saw senator langford, a member of the intelligence committee, urging mueller to wrap things up , but there is no sign mueller is going to be done anytime soon . and you know, he still wants to interview the president, asking some tough questions. they want documents from the trump organization, the president's business. this gets closer and closer to trump and his family. you know, this is a guy who was fired a lot of people already in this administration, so who knows? we will be watching. with those firings, the one that mr. trump did celebrate was the former fbi deputy director andrew mccabe late on friday. yes, and the mccabe

firing, the president basically telegraphed that he wanted that -- he tweeted about three months ago that mccabe was trying to get his pension, and had accused him of being in the tank for hillary clinton because his wife had run for state senate in virginia and have received money from a clinton ally. this has been a long-running efforts to get mccabe. and you have had some support for firing mccabe on capitol hill. chuck grassley told me last year he wanted christopher wray, the fbi director, to remove mccabe. this is something that is a little bit less clear-cut than mueller, who has pretty much universal support on the hill, certainly in the senate. there are no senate republicans calling on him to fire mueller. , thank you for that roundup. coming up, the eu and the u.k.

agree on brexit transition terms. we have the latest from london. this is bloomberg. ♪

shery: this is "bloomberg markets." i'm shery ahn. vonnie: and him vonnie quinn. the eu and the u.k. have agreed on a large part of the agreement by which the u.k. will withdraw from the european union. they still have to agree on the northern irish border. no practical agreement there yet. we must seize the moment and carry forward the momentum of the past few weeks. the deal was struck today. that should give us confidence

that a good deal for the united kingdom and the european union is closer than ever before. now, ouroining us correspondent who has been following this story from london. give us a breakdown on the terms agreed upon, david? two main things, first be very important transition the british calling for a break the day in about a years time. nothing really changes in terms of the trade agreement. companies, people, can move freely between written and the eu. and the eu.ritain businesses have been clamoring for that. they have agreed almost -- not completely -- on the terms of the exit. that is things like the bill, the financial settlement, citizens rights, and the third issue is around the northern irish border, but that is one where they still do not have a

full answer, but what they have done is change the wording to satisfy both cams. if you will recall a few weeks ago, this was the clause that mrs. may said no british prime minister could ever accept. it was a huge sticking point. they have softened that language to remove this idea that northern ireland could somehow be separated from the rest of the u.k. with its own agreement and they really have just agreed to agree at a future date. they are kicking the can down the road on that when anna green bay will now move ahead, with the european council meeting at the end of this week to officially announce talks are going on to trade and they can start hashing out what the final deal, in terms of a free trade agreement, is going to look like. binding is this agreement? is this any more than a political commitment? certainly is that. it is a political commitment. that is why businesses have voiced some concern. nothing is really agreed until everything is agreed.

there is the outside chance that things could fall apart. is not resolved in time for breaks a day, the transition itself will not come into effect. so, no, it's not completely binding. it is a statement of political intent. having said that, investors are seeing some relief today. the pound took a big leg up on this announcement. conference,he press there was none of the antagonism we have seen in a lot of these occasions in the past. there were lots of compliments about how hard the negotiating teams have been working, through the weekend, through the night, to get to where we are, and optimism for the future. investors are taking consolation in that. vonnie: is it true, david, david davis was clearer on some things than michel barnier was? comical toas been

see how down the michele bonnier was and how rosy things are through mr. davis. they have come together a bit more. what has changed in the last two weeks? well, we have had a nerve agent, attributed to russia, used on british soil, condemned by the british, the french, the germans, and the americans as well. we saw mr. putin reelected with yesterday.rgin perhaps europe is thinking a united front is more appropriate rather than squabbling over the details of brexit. that is important and that is why we see the markets embracing the comments today. david, thank you so much for that from london with the latest on brexit. plenty more coming up from new york. this is bloomberg. ♪

shery: you are watching -- abigail: you're watching " and i'mg markets, abigail doolittle. we are looking at the s&p 500 with stocks lower again. tour-daying its first flight of the year, the s&p 500 is down again today. first four-day slide of the year, the s&p 500 is down again today. this is something that can put investors on edge, and particularly with modestly extended valuations. but what about the technical? are they extended as well yet the let's hop into the bloomberg and take a look at a chart of the s&p 500 and this is g#bt v4399. g#btv4399.

it is a longer-term chart. we are seeing --

♪

vonnie quinn. shery: shery ahn. equities and bonds following the session of the dow down .7% in every sector in the s&p 500 is in the red. the global talks a lot continues in the u.s. session, the nasdaq is at the lowest in more than a week and we have reports of facebook date of an apples effort to develop their own screens. on treasury market focused the first fomc meeting under chairman powell and we are seeing the 10 year yield gaining for the third consecutive session. take a look at strengthen the pound up .7% as the u.k. and the eu reach a deal on the transition agreement after brexit. and the japanese yen has been haver by .2% and we do living support for the japanese prime minister -- slipping

support for the japanese prime minister in his cabinet. bloomberg first word news with taylor riggs. taylor: the white house says president trump is not considering firing special counsel robert mueller. it came after the president made his most direct attack into the justice investigation into the meddling in 2016 election. -- miller's name in a tweet robert mueller's name in a tweet and criticize the investigation. in austin, texas, two people were injured in an explosion. three other explosions were caused by package bombs and authorities warned people in austin not to touch any unexpected packages left at their homes. germany's chancellor angela merkel is stepping up efforts to over a trade war with the u.s.. will be ine minister washington just to discuss president trump's new tariffs on steel and aluminum. the president brutally criticized germany when he talks about trade analysis with the

u.s. feelings from the saudi prince who was detained for several months in the anticorruption crackdown. he spoke to bloomberg's in its list of interview. >> i'm for the anticorruption that took place in saudi arabia. unfortunately, i was added to that group, but fortunately, i'm out of it right now and life is back to normal. i'm not the person who is going i forgive, but don't forget, i say i forgive and i forget the same time. interviewtch the full right here on bloomberg tv. global news, 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i'm taylor riggs. this is bloomberg. taylor, thank you. supermarket casualties are as a regional chains file for bankruptcy, highlighting just how tough

competition has got for groceries. the increasingly bleak outlook for the sector comes as program walmart continue investing in technology and expanding delivery as they try to fend off incursion by amazon. joining us to discuss his latest story is bloomberg's craig g mona. mona.ig g it seemed like the saving grace might be the customers actually want to feel the fruit they are buying and pick up the bread as fresh as possible. is that not what's happening? itg: is a long time where was considered safe from e-commerce and was insulated from all of that. there was a lot of building in the world changed last june. it's got off to someone of a slow start and amazon is not come change things drastically. we are already seeing those competitive pressures showing up in the industry and the first clear-sighted some of these bankers these at regional chains. shery: i've never shopped and regional chains you are mentioning, southeastern grocers and by low supermarket chains

and they are all going bankrupt. greg: when the amazon deal was announced, people said that's going to the point of pressure these week or regional chains. the stores are old and outdated and they are not going to be will defend against amazon, walmart, and kroger. they are investing to fight with amazon. ans all leading up to incredibly competitive atmosphere in an industry that was known for being tough. areie: some of these chains very geographically concentrated, you might have a rural community that has one chain. why is amazon such a threat to that particular chain, for example? craig: is the trickle-down effect come i don't think it is amazon that is in a threat to a low store. amazon is here and that forces tozon and sf forces kroger

step up their game. they don't have the capital to make themselves relevant. this is a ton of options and walmart finding their stride in grocery might be the biggest factor in the entire industry. walmart has done better and better. that might be the biggest thing. amazon is forcing them to get going. shery: have we seen any growth in this industry? or are all these companies trying to find for the same slice of that one pie? craig: people do not eat, but that's going to be 2% growth, it grows with population and in line with the economy. restaurants, people eat out a lot and you can get seamless and that's been a pressure. meal kits are pressure. going totry is not grow a lot, comes down to a battle over that pie that is flat. vonnie: how much is general food inflation contributed? craig: that was the story before

amazon, kroger put declining sales for two straight quarters, deflation was really pressuring them and the feeling was inflation will help once a comes back, in the meantime, we have amazon deal. inflation could hurt them because prices are going up and they are not able to raise prices because of how competitive it is. the storyline of last year that we just need some inflation has been amended by the amazon deal. vonnie: i would urge everyone to read craig's story. craig g mona joined the us -- craig giammona. joining us. brings another key design in-house. the latest on this bloomberg scoop is next. this is bloomberg. ♪

shery: this is "bloomberg markets," i'm shery ahn. vonnie: by vonnie quinn. the company is teaming up with activist investor carl icahn in an agreement on a transformation plan for grants -- newell brands. joining us now is taylor riggs. kelso brees. andor: shares were up 2.5% now shares are down 5%. i think investors are taking in with carl icahn onboard, they're

going to go through those asset sales. we have a board showing what assets they are talking about. it's a broad range that ranges from goodies haircare products -- goody's haircare products to rollins warnings good -- rawlings sporting goods. waddington makes up 19% of sales. it's all over the place, there's not one specific thing they are targeting and i think they are looking at a lot of different options to sort of bring in value. they said that we can bring in about $10 billion in after-tax net proceeds from the sales. with the shared decline today, that's not helping shares, g #btv 3103 in my computer, you can take a look here i will bring my mouse, around september, we are starting to ,ee when the 50 day can peak 100 average and green crosses down below that is a bearish signal that it certainly follow-through.

take a look at what's happening in the recent days. aboveeek we had it come the 50 day moving average but still nonetheless, they lost a lot of key support from the technical standpoint. shery: what are analysts saying about the face-off? heard fromhave keybank, one analyst so far that say this is a good thing, getting carl icahn on board. he is 7% of shares and shows investors a vote of confidence as investors have sort of lost certainty in the company. he said that is a positive and they also revised the net asset sales up to $10 billion, the company said they would only get $6 billion from these sales. some good news at least from keybank. shery: taylor riggs here with the latest. on that face-off between icon and star wars. concerning news for apple suppliers, the tech giant is designing and producing its own screens of the first time, that the burning of people familiar with the matter.

the ambitions they are taking on is the latest example of bringing the design of key components in-house. joining us to discuss is mark gurman, who brought us the scoop. congratulations on this story by think the key christian should be whether or not apple can actually manage to mass-produce these screens, so it will be commercially viable. mark: that's a good question. if you're talking about apple doing mass production and mass manufacturing, they could absolutely pull it off. they have the resources and the people in their 50's, the supply chain, maestro in tim cook, and the money merely a $1 trillion company to do it. will they do it? it's unlikely they are going to want to take on the responsibility of doing its own mass manufacturing. manufacture, there are so many potential snafus, screens, things that don't work out but they have to write off. they don't want be part of that.

that's why they have a network of suppliers and manufacturing partners in asia. they are doing their own small-scale manufacturing for the first time of displays at a facility in santa clara, california their campus. ultimately in the long term, it's highly likely they will work with other manufacturing partner like foxconn as they do today to actually produce these and hundreds of millions of quantities per year. vonnie: what would it mean for the samsung electronics relationship, because that's a $3.4 billion relationship right now, mark. mark: the apple samsung story has always been so interesting. samsung is a huge conglomerate with different divisions, they have their electronics division and mobile division which sells the galaxy phones, but they also have the sti company which makes displays and their biggest customer is apple. your pocket, in actually has a samsung designed to display, it's a samsung screen inside and iphone x.

it's ironic because apple and samsung is such a rivalry, they are apple's biggest competitor in the mobile space. you can't think of any phone maker outside of apple and samsung in the u.s. and other times of the world -- other parts of the world. is theyle wants to do want to reduce the reliance as much as possible on samsung and you have seen the move away from samsung processors, the chips power iphones, ipads, and apple watches to couple -- to custom apple designed chips screens is another big component, that's another thing on the table as the story indicates today. shery: as feels the guy was a function on the bloomberg brief can see the supply chain of apple product and you can see samsung and japan display, so the big question mark would be what happens to these asian suppliers and the development of this technology which is not easy. mark: the development of micro technology is a fairly complex and this is apple going

into the display space and starting with something really hard, is a difficult challenge. the process that we detail, i won't bore you all with that now is so complex, things just don't work out and it's expensive. they have several different facilities and people working on this and they made acquisitions in the past to get to this point. nonetheless, they are working on it. apple engineers have grown confident in recent months and their eventual ability to replace samsung. it's to be seen how long that will take, but it will happen is on their confidence right now. is not the only screen technology. ,apan display, sharp, samsung those are technologies that are going to be around. apple is publicly is all in on oled for the perceivable future. they have one and they are coming out with a second oled model in the fall. expanding their supply relationship to not only include samsung but lg display as well beginning in the fall. shery: mark gurman, thank you so

much for that. latest time now for the bloomberg business flash, the biggest business stories in the news right now. activists investor edmund branson's firm has acquired 5.2% of voting rights in barclays. bramson is known for targeting a number of british money manager firms. the retail of our in the u.s. claimed another victim, between jewelry store -- the tween jewelry store claire's agreed to a debt restructuring management. safety relators in the u.s. are investigating flawed airbags in certain key and hyundai vehicles that are linked to four deaths. 425,000 cars may be affected. the airbags failed to deploy in frontal collisions.

that is your bloomberg business flash update. using up on wednesday, join with a new fed chairman jerome powell's first-ever rate decision and news conference. we speak with former fed officials and jeff rosenberg of black rock and diane swonk of grant thornton. that's wednesday starting at 1:00. this is bloomberg. ♪

shery: this is "bloomberg markets," i'm shery ahn. vonnie: and i'm vonnie quinn. president donald trump's threat of trade war looms large over the g20 son in argentina -- summit in argentina, where they react to steel and aluminum tariffs and the president's stance generally. michael mckee set down with australia's prisoner, scott morrison inverness heiress. -- in buenos aires.

michael: australia has got an extension from steel and aluminum tariffs, how concerned are you that this could read -- lead to trade disruptions or a trade war? >> we have a free-trade soaignments -- arrangements i'm not surprisingly, we have a typical arrangement. -- a reciprocal arrangements. we welcome that with no strings attached. it's a good outcome for us to really about the product of how we do business. more broadly, i think it's a matter of taking one's head to ensure there is an spillover effects that are damaging more broadly. more to theerning wider community and we just need to make sure that we keep cool heads in the room. the u.s. is preparing to launch tariffs against china for international property theft -- intellectual property theft. where does that leave australia?

quacks just maintaining dialogue with all the players on this and ensuring that we remain focused on what is truly his interest are ultimately. there clearly are some issues between some of these major players and making sure that australia doesn't become collateral damage in any of these things and that we can continue to navigate a very good path for the australian economy and population. michael: would you be sympathetic to the argument that china does cheat on trade? >> we enjoy good relations with both companies -- with both countries and we have a long-standing alliance with united states the goes well beyond the economic relationship but we haven't outstanding economic relationship with china and we to pursue both of those relationships enthusiastically. a couple of big issues for ministers, digital taxation. you argue that companies should pay their fair share wherever, but how does that happen? are we along with from any kind of consensus?

>> we have a new economy which tax systems were not built for and the new economy shouldn't be some sort of tax-free environment. that cannot be the sustainable position of advantage for the new economy. i think it's important that we were together with industry, with other countries to ensure that our tax spaces can move with the new economy. it's important we do this together, otherwise, it will be clunky and clumsy and it will be well targeted and it will steal from the potential growth that can be achieved by the new economy. the idea that the new economy should be a tax-free environment i think is nonsense and it's very important that we set out clear principles and rules about how we can migrate our tax systems to cope with the new economy, which is exciting and great and from it jobs and growth and innovation. but it can't be a tax-free club. michael: are we a few years away from some sort of tax regime? >> australia moved to have one of the most extensive tax

avoidance operations in the world and we are taking advice from countries like the united kingdom and have similar measures. of the whole issue source-based taxation, you see those issues explored in the recent u.s. tax package. and some of the issues that have been identified there beyond the company tax rate cuts. it's a form of destination-based taxing in the u.s. arrangement. these are difficult questions and they are just a function of the translation of our economy into a completely new phase. to think the relation and tax might have to make similar changes i think would be against history. michael: cryptocurrencies are on the agenda of the central bankers meeting this week suggested they are not a systemic threat yet but somewhere down the road the need to be addressed. where is australia on that? >> we are anxious about this. blockchain technology we see is a positive thing and we are working now on becoming the first real-time exchange of the

world using blockchain and we think that's an exciting innovation. the same time, cryptocurrencies, i would agree with mark carney others that this is not a systemic risk issue at the moment, they are consumer protection issues we have to be across. real-timene is payments, the claimant's platform that has been launched in australia over the last month i think leapfrogs so many others, 24/7 real settlement to the banking system, that's what the economy needs. it needs that real-time capacity within payments systems and the payment routes i think that will lead to a lot of innovation and a lot of new applications. australia is positioning itself to be a world leader in fin tech and where top five in the cities around the world we're looking to expand upon that. cryptocurrencies are very fashionable to talk about at the moment, but at the end of the day, what matters is you have real-time payment systems. michael: obvious trillion economy, the fed meets this week

in washington unlikely to raise interest rates, how does that affect interest rates for you? >> i don't think those two are related. i think what's happening with the fed is well telecast and well forecast as well and i think a lot of that has been factored in. 's monetary settings have been far more stable in terms of the outlook and have been that way for some time. the factors keeping them in that frame, there's no real view that's about to change anytime soon. i think that flows through to the volatility might see on exchange rates that are more modest in australia, which is also a positive for us. michael: u.n. prime minister turnbull campaigned to cut the corporate interest rate to match was going on in the united states, and yet you have governor low suggesting that could cause a big budget deficit and you don't want that either. where does that leave you? >> you have to be able to fund it within your budget and a

knowledge that what we put forward is funded our budget. of course in the australian setting, we have ensured that lowering our corporate tax rates is done at the same time as bring our budget back to balance in 2021. that's been consistent for five successive statements now of our budget updates and that is our plan and we will return to circles in 2021, that's the reason why we are only one of 10 countries with a triple-a credit rating from the three major agencies and we stuck to that track, while at the same time being able to exhort having lower tax rates for business. we are driving investment, which will lift earnings in this jobs. we already legislated half the package for businesses of to 50 million and we are hoping to expand that the broader economy and we commenced that process back in 2016. i'm glad the americas decided to follow us. shery: the treasurer of australia, scott morrison. this is bloomberg. ♪

vonnie: it's 3:00 p.m. in london

and 11:00 am in hong kong. from new york, i'm vonnie quinn. mark: by mark barton. welcome to "bloomberg markets." vonnie: here are the top stories we are covering from the bloomberg and around the world. deal time in europe, you -- eu officials say they made an official agreement on the plan that businesses have been pushing to pin down. facebook shares continuing to slide the session as pressure mounts on mark zuckerberg. u.s. and european lawmakers are asking why a political advertising firm was allowed to harvest data on millions of users without their consent. new phase, same problems. the pboc gets a new governor. how will he tackle china's big debt issues?

mark: right. 90 minutes in to the end of the session today, a bit of a surprise, gnma goes the function, we are down today for the first day in three after dropping for the second week and three. , the bank ofacked england, that big brexit meeting today as well. we are down because of the plethora risk events taking place this week. investors pausing for breath. let's talk with hammerson, they rejected an offer that would have created one of the biggest shopping lords. french shopping mall or greater -- buying hammerson would be of them access to a fast-growing luxury outlet industry, where values are still rising as global

tourism boosts sales and also prime u.k.'s shopping malls. hammerson is trying to buy into properties. the deal which would make it the biggest ever acquisition of u.k. real estate company. a by 25%, shares of hammerson. was under the u.k. property market, sticking with property. london property asking prices slumping for a seventh straight month, sellers holding off putting their homes on the market according to write moves latest survey. the drop may be welcome news for some after years of rampant inflation have pushed ownership out of reach for a great many. nationally, the picture was less dismal, asking prices of by 1.5% in the month in march versus february after strong demand from home movers in the first couple of months of the average price of by 2.1% year on year. versus gains of roughly 6% seem less than two years ago.

this is the stoxx story of the day. micro focus shares getting absolutely hammered. fallen earlier by 50%, the biggest decline on record and the 46% decline is the biggest on record, more than its year on year revenue drop will be greater than expected, as chief executive is stepping down and stephen murdoch, this current coo has become the new chief executive in september. micro focus wrapped up the $40 billion purchase of hewlett-packard enterprise software, the recent drop in revenue performance was put down primarily to lower-than-expected licensing income and as a result of a number of factors which management believes to be largely one of transitional for that commendation with hp software, but it doesn't detract from the decline in the share price of micro focus down by 46%. is some slide, that's for sure. here in the u.s., we are 90

minutes into the trading day and a few stocks are sliding here. julie hyman has more. julie: more than a few. we see stocks go to the lowest of the session, accelerating to the downside out of the open. the s&p 500's breath broadly negative, for stocks falling for everyone that is rising here. selloff coming in technology, nasdaq down 1.6% down the the nasdaq 100 down 1.9% and the nasdaq composite was at a record a few days ago and since then, it is down by 3%. the nasdaq 100 down for the fifth straight session. quite a lot of selling going on in the s&p 500, also below the overnight lows that we saw in the futures. when you look within technology, facebook has a lot to do with what's going on today. that stock having his worst session back to november of 2016 on these concerns about favorite access to having

facebook users information and holding on to that information, what it did with it. facebook now facing questions from a lot of regulators about what it is doing to stop this in the future. both here in the u.s. and in europe. microsoft selling off as well, after participating in the selloff separately, the company saying or reporting finding that the company is looking for internally sourcing led screens and alphabet as well down 3%. within technology, we of a deal here sending shares of kla-tencor lower, that maker of chip agreement agreeing to require an israeli firm that develops ways to enhance manufacturing -- that is that we are looking at. climbing,the u.s. are kla-tencor chairs are falling. ofs is the weighting technology within the s&p 500. it's now more than .25% of the whole s&p 500. if the selling continues, that could present a problem for future gains for the index.

finally, a little bit of green here today comes from potential targets of unilever, the times in the u.k. reported over the weekend that unilever preparing for a series of blockbuster mergers that include deals with rivals like colgate, palmolive, or estee lauder. you see colgate-palmolive shares of 120% and estee lauder only up .2%. rising on the day when so many things are falling is quite a feat. agreedhe u.k. and the eu on a transition deal and in the press rating earlier in brussels, david davis and michelle barnier said the two sides agreed on a 21 month transition phase clearing the way for a trade deal discussion to begin. let's bring in david merritt for the details. today feels different. in 20s when we look back years time going to be one of the more significant days in the brexit journey, david?

we've seen the word brexit breakthrough many times, but yesterday has been significant. the long touted transition period government that is necessary to give mrs. is the certainty they need to go on doing business between britain and the u.k. has been agreed today. only a few weeks ago, they were saying there were big gaps between written and the eu on this, so something has changed. britain has compromised. there have been a few concessions on the european side but as so often in this process, it's been britain really making -- moving the goalposts more to get to that agreement. the other thing that has been agreed is that most of the details of the exit agreements have finally been bridged as well. few was having that just a weeks ago, mrs. may was saying was unacceptable. they said most of the things have been agreed and they put a chart with all the text -- mark: it's going to the front page of all the newspapers. david: the thing today was the tone.

we had them stand on the podium in the past looking grim faced. and harsh words. today was very different. the language is all very complement rate, praising the teams that have been working through the night and over the weekend, that every is moving in the right direction, davis always more optimistic than his counterpart but he said a really good deal is now even closer than ever. mark: this transition period means nothing until the exit agreement has actually been reached. the transition -- is not so certain for businesses. discuss that and how the business is responding. david: it's a little more lukewarm. the pound was rising and traders are liking it. businesses say how valuable is this transition deal if we still don't know whether it's going to actually happen until just before brexit day when the whole thing assigned next year? it's been called a diminishing resource the closer you get to legal certainty that is what we

are faced with also. we know that a trade deal, the final trade deal is still not going to be agreed by the end of 2020 when the transition period runs out. mark: the second transition, which the ideas: four. david: this is me said the whole point -- theresa may said the whole point is systems only have to change their systems once. maybe when you to extend it or do something more by 2020. mark: they're going to dedicate the next month to it. david: they agreed to agree on something on the island issue. there needs to be some sort of backstop which aggravated misses may and hurled for unionist supporters, they are going to come to some arrangement which means you can avoid this hard border. we still know the details of that, just another promise that may not happen. mark: david merritt, bloomberg's london bureau chief. coming up tomorrow, we speak to a key brexit voice, we are joined by arlene foster

discussing those exact matters that david and i were just addressing. the border in ireland. vonnie: the fascinating interview right now. looking forward to it. in the u.s., we have a monday hiring, the white house just announced a new deputy chief of staff, after a weekend of president trump taking aim at special counsel robert mueller on twitter. and a late-night friday firing of fbi director deputy andrew mccabe. live at the white house. we were just getting the news of a personal edition. why is even named deputy director for policy coordination? washris flavelle -- liddell many of -- one of the many people brought in during the transition to have a business friendly relation between the white house and the business committee.

he's been promoted to deputy chief of staff and he will be doing a lot to fill out the team of john kelly, the chief of staff who has been working with a very small team. he is driving the policy initiatives for the white house and ornate with the other parts of the west wing and with the legislative affairs team to drive president trump's agenda. he was the former cfo and microsoft and he has that corporate background and the ability according to the white house to manage a large team and make sure everyone is running on the same platform and that is the spin from the white house this morning that chris lindell -- chris lindell -- chris liddell will keep the team on track. vonnie: it does come after days of days of president trump itching to fire somebody.

to shield johnrt kelly? toluse: this is a move to try and beat of the team. -- of beef up the team. he also has lost other deputies. everything vacation director and closest advisor hope hicks decided to leave along with gary cohn. there's a lot of turmoil because the president has really ramped up his attacks against the special counselor bob mueller and given find he is ready to take some's action to rein in bob mueller saying the russian investigation has political tainted and is a witchhunt against him. it's very important for john kelly to have people on his team who can keep the organization of the rest of the white house running in a smooth fashion when there is so much turmoil coming from the top and with the president's tweets over the weekend really making it clear

that he has grown very uncomfortable with what bob mueller is doing and is going to take some action. vonnie: several republicans coming out on sunday shows pleading with the people around president trump to not have him fire mueller or disrupt in any way. how likely is a disruption to the investigation at this point? hard to tell with his white house. every day there is something new about president trump's lawyers who put out a statement saying the president is not considering were planning firing the special counsel. this is different from one another lawyer, the president's personal lawyer said on saturday when he said that the entire investigation should be shut down and should be ended on the merits as soon as possible and the president's tweets over the weekend seem to back that up saying investigation by bob mueller should have started and he mentioned bob mueller by name for the first time. really the president wants to take some action. tok: -- vonnie: thank you

toluse olorunnipa outside the white house. here's gordon done i hope. isrtney: president trump calling for drug get the death penalty in some cases. it's part of his evisceration's efforts to deal with the opioid crisis. the white house also floated several other initiatives to combat opioid overdoses that killed more than 40,000 people in 2016. president trump will roll out more details today in new hampshire. the supreme court will review a ruling the trump administration says would hurt attempts to deport criminals. the case centers on people who are released after serving a criminal sentence and are then arrested by immigration agents. an appeals court in san francisco ruled that they are entitled to a bond hearing and that the possibility of being released again. in austin, texas, two people were injured and another bomb explosion. police say it was detonated by a tripwire through -- a tripwire.

authorities have warned people in austin not to touch any unexpected packages left of their homes. no hard feelings from saudi who wasire prince detained for several months in the anticorruption crackdown. he spoke with bloomberg's erik schatzker and was an interview. >> i am for the anticorruption that took place in saudi arabia. unfortunately, i was under that group, but fortunately, i'm out of it right now. and life is back to normal. i'm not the person who is going to come and say i forgive but don't forget, i say i forgive and i forget at the same time also. watch the full interview right here on bloomberg tv. global news, 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i'm courtney donohoe. this is bloomberg. vonnie: still ahead, treasury undersecretary david malpass

saidhe misspoke when he the u.s. of an informal economic dialogue with china. we get the latest from buenos aires next. this is bloomberg. ♪

mark: live from london, i am mark barton. vonnie: and live from new york, vonnie quinn. this is "bloomberg markets." confusion over u.s. trade policy, david malpass of the treasury department says treasury had discontinued the formal u.s. china comprehensive economic dialogue. interview, he said it was due to the lack of progress from the chinese. >> china appoints in its recent history has moved towards

markets, they are joined international institutions, and they were allowing market pricing within their own economy. but in recent years, that has stalled or even reversed. that's a concern for the world, because it means that the world can grow as fast as it should. vonnie: he later said he had misspoke and that high-level talks to continue between the treasury and china. michael mckee conducted that interview earlier today and he joins us now. what is the official u.s. position on the china dialogue? the china dialogue continues, but not in the way it had. the comprehensive economic dialogue is a series of meetings that started back in the george w. bush administration and they sort of fell apart last summer under the new trump team and while they are continuing to talk at higher levels, the treasury secretary to his

counterparts, they are not having his regular scheduled meetings. with the u.s. was afraid of was that it appeared the undersecretary was suggesting a new turn in the relationship and a new development, that is not the case. talks have installed since the summertime. what they are trying to do here thisrn attention away from steel and aluminum tariffs and put more on china. u.s. is thinking about tariffs on china for international -- intellectual property theft and they want allies among the g20 and they're taking the opportunity to point out where china has fallen short in terms of being fair on international trade. vonnie: are they going to get anywhere with china on international trade and tariffs, michael? is this an effort to strong-arm china into some action? michael: well, it is an effort to at least put some pressure on china and they would like the rest of the g20 countries to do so as well. it doesn't appear that the administration is working at the moment on any kind of compromises. the president seems set on

imposing some tariffs. -- one thing you do know learn, we talked all the ministers here, central bankers and finance ministers is pretty much everyone agrees that the chinese do not play fair and something should be done about it. the question is what? there's no agreement and is not a formal part of the g20 agenda. mark: given that trade is the big elephant in the room, how do you reach a consensus on the subject of trade in the communiqué? it,ael: you dance around mark. that's what they have had to do over the past year. , he refusedast year to sign onto lynwood committing tony to free trade. we were talking about efforts to the global economy. and we hope the u.s. can live with that. that's the formulation the used with donald trump at last

summer's meetings and they think they can get that by this time. there are a number of other areas in which there are disagreements and by no means is the communiqué final at this point. mark: another sticking point. vonnie: i was going to mention the digital taxation issue, that's also up for discussion. right, michael? that's a big issue and it is not likely to be solved at this meeting. they are talking about whether or not companies like amazon, google, facebook should pay taxes on their cross-border revenue. everybody agrees they probably should, but it's how you do it that is a risk in the european union doesn't want to wait around, they are proposing later this month some specific tax regimes and that has the u.s. back against that. it's a matter of timing they will hash out here, whether or not they can postpone this and the future years and the general feeling is that this will be put aside some of the european union

may publish its review only wonder what effect for many years yet. vonnie: michael mckee at the g20 4s in buenos aires in argentina. coming up wednesday, join us for fed chairman jerome powell's first-ever rate decision and news conference. we speak with former fed officials and jeffrey rosenberger blackrock and diane swonk of grant thornton. that starts at one 5 p.m. eastern. this is bloomberg. -- 1:00 p.m. eastern. this is bloomberg. ♪

mark: this is "bloomberg markets," by mark barton from london. vonnie: and from new york, on vonnie quinn. time for the latest bloomberg business flash, the biggest business stories in the news right now. miller brands teamed up with carl icahn defend off activist investors starboard value. ell will go ahead ,ith plans to sell some assets

which star were opposes. officials in the u.s. and europe are demanding answers from facebook mark zuckerberg over massive data breaches. a report says cambridge analytica retained information on tens of millions of facebook users without their consent. cambridge is the firm that helps donald trump when the election, according to sources. lawmakers on both sides of the atlantic once a question zuckerberg. the retail apocalypse in the u.s. claimed another victim, the tween jewelry store claire's file from encrypted protection. they agreed to a debt restructuring plan with a group of creditors headed by elliott management. that is your latest bloomberg business flash. mark: coming up here on "bloomberg markets," as putin pummels the electoral polls, we are live in russia to look at the challenges they face. this is bloomberg. ♪ retail.

under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store

near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. oh hi sweetie, i just want to show you something. xfinity mobile: find my phone. [ phone rings ] look at you. this tech stuff is easy. [ whirring sound ] you want a cookie? it's a drone! i know. find your phone easily with the xfinity voice remote. one more way comcast is working to fit into your life, not the other way around. vonnie: by from bloomberg world headquarters in new york, i'm vonnie quinn. mark: live from bloomberg's european headquarters in london, i mark barton. let's check in with courtney

donohoe. courtney: the european union and u.k. have reached a deal on the exit transition agreement. businesses have an anxious to get details. leaders are expected to sign off on the agreements at a summit thursday and friday. eu negotiator michel barnier says the transition comes with certainty when the final brexit deal is ratified. the white house says president trump is not considering firing robert mueller. the statement came after the president made his most direct attack yet on the justice department's investigation into russian meddling in the 2016 election. president trump used mother's name in the tweet for the first time in criticized his staff. millennials found their "safe space." 19 percent of those aged 18 to 37 report feelings of excitement during the selloff.

that compares with a percent for generation x and 4% for baby boomers. bank rates as millennials were excited by the chance to add to their accounts at a lower price. the voters in russia have given vladimir putin there approval for a fourth term as president. with almost all of the ballot counted couldn't have 77% of the vote. he barely campaigned. trying toed to keep rebuild russia as a global power with a stagnant economy at home. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. mark: with a stagnant economy at home. thanks very much. let's get more on the russian election. putin winning almost 77% of the vote. his closest challenger was a communist party challenger who won 11.8%. joining us is anne-marie horton.

just proves victory give him a new mandate for his confrontation with the west? anne-marie: good afternoon. the kremlin thinks so. proves victory givethis is morn his rule in leadership that it election which many candidates called a farce. this is going to be top of his his next he takes on term. his spokesman was thanking great britain for all their support in terms of getting people out to vote who wanted to back putin in lines against the u.k. he spoke about the spat that's going on with united kingdom last night. his most detailed public comments sang it is complete nonsense to imagine anyone in russia would do this ahead of the presidential election. this comes up the heels of russia retaliating this weekend throwing out 23 british diplomats from moscow.

although there is brink mentioned from the west and may be galvanized some people that he's going to be judged on this last term and what happens domestically. livingare upset with conditions, stagnant living wages and if you look at opinion polls in russia, foreign policy is not on top of russia's list. on top of the list's pensions and wages. mark: what is doable when it comes to the economy as you say? this is an economy that is stagnating after the longest recession in two decades. there are promises and there's funding those promises. what is doable in the next 60 the next six years my comes to boosting economy that is overreliance on oil? an economy that's enslaved to oil. if you look at the 2012 promises

, most of them fall short especially when talking about the salaries of state workers, lights of doctors and teachers. this is an economy enslaved to oil. it is what theresa may was talking about. the fact that russia uses energy as leverage in politics. ricky's -- theresa may, we could see more sanctions on the table for russia. still struggling to recover from sanctions over there annexation of crimea. they may look for other sources of russian gas. i spoke to the russian energy minister over the weekend and i asked if this could hurt russian businesses. we can guarantee the compliance with our commitment we have two or consumers before. we have been doing that for 50 years and we have resources capabilities and opportunities to ensure long-term and reliable supply of gas. that was alexander

novak. he was critical to putin's last term clenching that opec not opec deal boost global oil prices. vonnie: what is his ambition for this term? the next several years. he just got out of a meeting with the other candidates. the next six years is focused on what happens after 2024. many say this will be a transition government. into identify a successor terms of how he passes on power or passes on this sort of political system. who i -- who he identifies as is next in line. will couldn't change the constitution? he is obliged to step down after this term. some say he might just change the constitution and stay on. one of our reporters was at his

campaign headquarters last night answered would you run again in 2030 and putin laughed and said it's a funny comment. and i can't live until 100 so no. vonnie: thank you. coming up, with political instability looming worldwide we .ill speak with ray washburne this is bloomberg.

mark: sen. purdue:. vonnie: with political instability looming, kevin cirilli spoke with a key trump administrative official. kevin: we are here with ray washburne, a former republican donor but also the president and ceo of opec. in the new york times as a potential replacement to secretary perry. is that a job he would be interested in? ray: last week i was in houston

with secretary perry and we were in energy conference. we do a lot together. opec and the energy department are involved with a lot of project. i got so much i'm doing it opic, we are deep in the weeds for our projects. kevin: would you be interested should that opportunity open up? ray: i've got so much going on i have not thought about it. kevin: you guys and congresskevd should that opportunity open introduced legislation that would create a bigger development finance institution. opic?oes that mean for it would expand everything under one umbrella but look with that mean specifically for opic? ray: the financial tools it was .iven in 1971 were cutting-edge it is not innovative itself to the point where financial markets are today.

senator corker and senator cowan's introduced legislation to or three weeks ago modernizing our ability to do business in these countries. kevin: what specifically -- would that mean opec would -- ?pic would fall under there what they're talking about doing is bolting on parts of usaid. what we have right now are three silos. political risk insurance, private equity, fund investing and we also do structured finance which is debt financing. equity the ability to do investing as well as the ability to do feasibility studies so we can go into a country earmarked to do projects. we do not have the ability to independently assessed on our own before private companies come see us. when private companies come to see you -- kevin: when private

companies come to see you, in particular with the backdrop of everything going on with trade or terrace, what is the comfort -- or tariffs, what is the conversation been like, the developments of these traits and tariffs have gone on and received criticism from the private sector. opic -- we cannot lend money to anyone who will this place a single american job. the tariff thing does not affect us. countries we go to will produce for their domestic consumption or for regional consumption. kevin: you are launching a new initiative tonight helping women in developing countries. nominatedi was first and confirmed last summer i told the senate formulations -- specifically in

zambia where my family and i helped out with some orphanage i've seen how women spend -- don't have access to the credit markets, specifically water. done, thingic has called water health in india. they enable communities to have clean water so women don't spend the entire day going to get water to bring it back for cleaning, for food preparation. their whole day goes away. it enables clean water to have -- that is one specific example. also, there is a huge platform for women to have access to credit through their cell phones and other ways they currently don't have. staffr -- we've hired a led by katie kaufman. we are openly looking for u.s. companies that would like to create a women lead type initiative.

kevin: how does that help u.s. businesses? opic is, foreign policy and national security. more women that have jobs and stabilize families, stabilizing countries. she came out and spoke on our behalf. she has been very involved in helping us. kevin: you are down in texas the other week with secretary kerry, this did not come up, you replacing? .ay: 2.5 weeks ago way before all this commotion started last week. kevin: you come back when you have news about whether or not you are interested in coming on to replace secretary perry at the energy department. will leave it there. ray washburne. this new restructuring happens

as well as the launch of this women's initiative. vonnie: bloomberg's chief washington correspondent, kevin cirilli. ray washburne, ceo of the overseas private investment corporation. mark: a look at some of the biggest business stories in the news right now. safety regulators in the u.s. are investigating forward airbags in certain kia and hyundai vehicles linked to four deaths. as many as 425,000 cars made by the south korean company may be affected. the airbags failed to deploy in frontal collision. the software company warned sales shortfall will be bigger than expected. an company is grappling with $8.8 billion acquisition of hp software assets. more on that story, shortly. hasrd branson's firm

acquired 5.2% of voting rights in barclays. the u.k. bank says it welcomes investors. branson is targeting a number of british money management firms. that is the latest bloomberg business flash. vonnie: facebook under pressure. shares are down following reports of a data breach. facebook weighing on the nasdaq too. the dow, the s&p 500, the nasdaq and the stoxx 600, also having a down day.

mark: live from london, i'm mark barton. vonnie: facebook is falling off the back of another social media scandal. the data from that helped elect president trump is said to have

private information from 50 million users without their consent. government officials in the u.s. and europe are demanding -- sarah frier joins us now from san francisco. how is mark zuckerberg avoided the spotlight until now? seems to have made no public comment on this. sarah: lawmakers in the past have mostly said we want to hear from whichever executives can get us closest to the answers. facebook has sent its chief legal counsel, it's policy executives, but now, this is one last straw. lawmakers in the u.s. and europe are saying we want to hear from the top guy himself. we want to hear from sandberg too. a new push for this kind of thing. we heard a lot of that bit about this as recently as last week. the fuel -- the fire is under

facebook to prevent somebody who can really take responsibility for what happened. vonnie: an automaker scandal or some other scandal we've seen the ceo, out and try to fend off the crisis early. why does zuckerberg think he does not need to do this? sarah: zuckerberg has resorted to a lot of carefully written posts on his own facebook page. he's come out and made select public appearances where he can control the conversation and is not really being asked a lot of questions. facebook has allowed a lot of top executive to answer questions on twitter. a strange public relations strategy here. they have people over the weekend for example when this cambridge analytica news came

out, facebook executives were out in force saying this is not a data breach. a data breach is something that would cause them to have to disclose it to the people that were affected. cambridge analytic a received this data from a third party and not through hacking. facebook does not want it to be known as a breach. it seemed like a weird semantic argument to be having when there are broader issues about whether people feel secure with facebook having so much of their data. mark: how does facebook avoid a regulatory clampdown, which of course would severely hit its main advertising business? for right now i've seen a lot of analysts sarah: that say this regulation is the top concern here. facebook still has an on mobileg duopoly advertising with google. they're getting majority of growth in the markets. analysts don't see it affecting

facebook's core business. there is a lot of headline risk. the stock is falling today. because people perceive there actually is more momentum for some kind of regulation than there was in the past. the way facebook wants to avoid this is by seeming to regulate itself. by trying to control the conversation and establish trust . not just with lawmakers, but with users, that they have everyone's best interests at heart. when situations like this,, all of that trust facebook has built questions. again, gets brought into the spotlight. mark: this is not just in u.s. issue. we got a u.k. lawmaker was questionsmaking the same reque. they want zuckerberg or a senior executive to appear in front of parliamentary committee.

zuckerberg is facing all over the place. sarah: he is facing questions all over the place. this is an issue that has struck at old coast. europe has stronger privacy laws than the u.s. does. they are about to undergo a lot of stricter rules for facebook than these gdp are rules that will have facebook even more under fire and they do anything with regard to user privacy. researcher involved with cambridge analytic a was of course a cambridge professor. a bipartisan issue. we've seen senators on both sides. issueides of the atlantic . seeing a lot of concern about what facebook can do. vonnie: our thanks to sarah frier in san francisco. time for talk of the hour.

the stock is down nearly 50% in london. immediately. first, explain what does micro focus do. >> a small to mid cap enterprise software company. allow their customers to manage existing applications relative to the plunge being hit by a double whammy. first by taking down their sales forecast to negative down 6% to 9% down slightly. the ceo is leaving. when you put that together some investors might be nervous that flag.some sort of red if we go back this is not entirely a surprise. 629. take a look at g btv shares of micro focus, the software company until today a company, software

plodding along. in january they preannounced, to the sales forecast down into the negative territory. cross.rmed a bearish 11 sellers start to dominate buyers. that proved to be a good morning. we have huge drop down nearly 60%. mark: given that the ceo took on or came on board after the hewlett packard software , does thatcquisition begged the question is that take over a big mistake? abigail: that is an interesting question. in e $.8 billion acquisition of some of hp's legacy software that tends to do less well when newer software comes in. current management of micro focus is saying they think it is probably a one-time deal. the firing of the old ceo who comeeen on board from hpe on for about six months, he's

taking the hit. the chairman of micro focus is saying this is unlikely to be a longer-term issue. he believe over the long term this acquisition will work out. mark: thanks a lot. let's have a look at what's happening to markets. 34 minutes away from the end of the monday session. stocks are falling. a massive risk event week. the fed, the boe. stocks declining. down by a minimum of 1.2%. indices.three i will leave you with the currency boards as we approach european close in 34 minutes time. i will leave you with the currency

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seems a bit long, but okay... set a memorable wifi password with xfinity my account. one more way comcast is working to fit into your life, not the other way around. retail. under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. mark: 30 minutes left in the trading day in europe. from bloomberg's european headquarters, i'm mark barton. vonnie: from new york, i'm

vonnie quinn. the european close on bloomberg markets. ♪ -- this is the european close on bloomberg markets. ♪ mark: here are top stories we are covering from the bloomberg and around the world. a weekrs bracing for .acked with risk events barclays in the crosshairs. edward branson taking a 5.2% to have a say in the bank's turnaround plan. the supplyto disrupt chain. the company said to be developing a new type of display that would produce itself instead of using some sunscreen. european equities, stocks are sinking. a big week for risk events. the ftse down by 1.2%.