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tv   Bloomberg Markets Balance of Power  Bloomberg  December 7, 2018 12:00pm-1:01pm EST

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from bloomberg world headquarters, i'm jason kelly in for david westin. welcome to balance of power, where the world of politics meets business. -- we havereally and kevin on personnel changes, and matt miller on the election of the new leader for germany. kevin, we are going to go to you down in washington. what is going on. it's quite a day -- going on? it's quite a day. a lot of personnel changes at the white house. >> the musical chairs has begun here in washington with the trump administration. to ber new art is going named the u.n. ambassador, hasacing nikki haley who announced that she is departing in the administration at the end of the year. reports of surfaced that john
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kelly my the on his way out within the next couple of days. cnn breaking that story earlier this morning. finally you have william barr, who the president says he will name as attorney to replace jeff sessions. this is someone who had served under the previous president, george h.w. bush. i have to be honest. i have been looking up his faceous comments, he will a tough confirmation hearing on capitol hill and he will get questions about these comments where he has said he does not like how some folks on the mueller team gave campaign donations to democrats. he wants to see that non-politicized. but that with the new senate math about to take way in january, it appears that if he of now, have a clear path to be attorney general. sherry: thank -- jason: thank you kevin, stick
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with us. let's turn to tina davis on the opec decision to cut production. what is going on? this has been one of the most-watched stories in the past few days. >> the russian energy minister described it as a long and hard negotiation. there was some negative comments yesterday from the saudi oil minister, that drove the market down quite a bit. today's a different story. you could say that opec has underpromise and over delivered. daye was a million barrel a cut, but they have agreed to a formillion barrel a day, opec and opec plus allies, mostly russia. that's from october levels. if you look at the saudi output, they were producing at a record last month, they will be cutting 9000 barrels a day from that level starting in january. this is a six-month agreement that they will review again in april. this: you are watching
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closely, what is the market reaction? immediatelyt spiked on the news that we broke the 1.2 million barrels a day. we have analysts telling us between the opec production cut, and the cuts announced in canada , and whatever will happen with venezuela and iran going forward we could be a $70 price again. have a lot to you do. thank you for joining us. there are many more likes to the story. tina, thank you. let's go to matt miller in armany, and success -- successor for angela merkel, what happened yet go -- happened? >> it was a close and exciting race. there were three candidates to be her successor as the leader. akk, annegret kramp-karrenbauer was the front
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runner. at the end it was the woman known as akk, angela merkel's hair -- hand-picked successor. but the other candidate tried to throw a wrench in the plans and started a conservative candidacy to try to pull the party more to the right. he lost that. it is expected to be more of the same with annegret kramp-karrenbauer herself admitting that she is a bit of a copy.erkel and a carbon she does have her own oppositions chu wants to push forward. this is very good for berlin's relationship with brussels. all theou speak to ceos time, a sigh of relief for mini merkel? or were they looking for a change? jason: -- >> it depends on who they spoke to. the conservatives first wanted the other candidate and they thought perhaps it needs it --
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the party needs a change. they had been battered in the polls, they were able to form a grand coalition with their opposition to lead. but they have really been losing points with the people. losing voters to the right and to the left. investors onhand, wall street like more of the same. they like consistency. there were a lot of investors who will appreciate a little bit of the status quo. matt miller in hamburg, we will let you get back to it. back with kevin from the white house. our colleague spoke with larry kudlow earlier. he addressed the tensions between the u.s. and china surrounding wall way. differenthem on tracks, i see the trade
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negotiations which has a lot of momentum, those are going to continue. i do not believe they will be interrupted by the huawei enforcement action. what: he also addressed you talked about at the top of the show, the kelly trump -- kelly-trump meeting. kudlow saying he is still very much in the mix. what did you make of that? huawei, the to president has not received pushback on capitol hill from republicans or democrats, noting that mark warner, a democrat from virginia and telecom executive formerly saying that he did not disagree with president trump but that u.s. businesses a should be skeptical about doing business with huawei, particularly when a cfo is doing business with iran. that's notable.
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the second point i would make is that while president trump and president xi were meeting in was another, there meeting 7000 miles away. i was at the business roundtable yesterday and this was the talk of the chatter, privately among the c level executives there. to see if this blemish will be just a blemish in the ongoing trade dispute, or if it will emerge at the forefront as to be something that will be much more problematic. larry kudlow says now. with regard to general kelly, i -- tell you that there is that nick is widely thought to be the successor, he served for vice president mike pence and has been prominent in republican circles. and he is someone who has kept his head down in the past is go years and developed a close relationship with president
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trump in addition to the vice president. kevin.thank you let's get a check on the markets , falling again today, with sawing all over the -- whip sawing all over the place. a final --ooking at mood for the u.s. averages. the dow jones, nasdaq, and s&p 500 are all down. take a look at the nasdaq 100, down over 2%, this is the worst performing sector on the s&p 500. you can see trade uncertainty is back in the dock -- the spotlight is dragging tech stocks lower. if you are looking at the big 2%, soapple is down over our semiconductor stocks like as well asell as -- an apple supplier that has not cut guidance for the next year.
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we are also looking at ulta 10%,y down almost investors not liking the market pressure and american airlines are falling 7.5% after they were downgraded. look take a step back and at things at a weekly basis, i have a chart showing how the basis, ir have a chart showing how the u.s. major indexes have performed over the last few weeks. the last number of weeks actually. at the end of last week we were looking at the biggest weekly games in seven years. we are now looking at all of the games, -- gains. opec, they have struck a deal and they will cut production by 1.2 million barrels a day, more than was expected. that has at the oil price rising over 4%. can't complain about that. back with you will be
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your stock of the hour. barng up, mary barra facing partisan blowback, but will lawmakers change her mind about the layoffs. we will speak to one of the lawmakers who met with the gm ceo. a congresswoman who was also a gm alum. this is bloomberg. ♪
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this is balance of power, we turn now to first word news. the legislation funds key government departments for does go weeks, it's a temporary measure that gives lawmakers and the president more time to find
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a resolution to their biggest hurdle, funding a wall on the u.s.-mexico border. the president says he will nominate william barr as attorney general. he made the announcement while leaving the white house for a trip to missouri. ,e called him a terrific man and one of the most respected jurists in the country. if confirmed he would succeed jeff sessions, who was fired by president trump last month. >> hopefully that process will go quickly. i think it will go quickly. i have seen good things about him, even the last day or so when people thought it might be bill bar. so he will be nominated. >> he served as attorney general for two years after president george h.w. bush. impasse andken an agreed with a larger than expected cut. they will remove 1.2 million barrels a day from the market. opec will account for two thirds of that.
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one of the winners in the negotiation is iran, saying it has an exemption from the cuts because it is hurting from u.s. sanctions. in greece more than 100 people were detained during rioting followed events -- following events marking the anniversary of a police shooting of a teenager. responded with tear gas, hand grenades, and water cannons. the 2008 death of a 15-year-old sparked the worst rioting that greece had seen in decades. global news, 24 hours a day on air and on tictoc on twitter, powered by more than 2700 journalists in more than 120 countries. i am mark crumpton, this is bloomberg. thank you. , one is blood in the water capitol hill, for general motors. five factories in north america will be shuttered by the end of next year, the decision will
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impact close to 15,000 jobs. they sing criticism on both sides of the aisle, ceo mary bar went to washington to meet with the white house. joining us now from outside detroit is one of the lawmakers that was in the room, congresswoman debbie dingell, a democrat from michigan who works for more than three decades. it's nice to have you with us. . turbulent couple weeks tell us about the meeting. take us inside the room. what did you hear? debbie: she knew she was coming into a room that was not happy. this is a conjugated subject, we all remember what happened 10 years ago -- a complicated subject. we all remember what happened 10 years ago. we have to make sure they remain competitive. i was not the only person last week, she managed to do something no one else had done. which was unite republicans and
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democrats, there were lawmakers on both sides of the room. the biggest issue discussed was why general motors is putting so much production in mexico. how we need to have a level playing field. several people brought it up. talked about it i production figures and that general motors produced close to 700 -- 730,000 vehicles in imported 80% of those to the u.s.. we want to know what we need to do to keep those jobs in the united states and ensure that we are helping the working men and women of this country. jason: it is a complicated issue. let's take a listen to what mary barra had to say about the decision-making. >> the thing that i need to do to make sure that i'm living up to that and to the u.s. taxpayers, for whom we will be forever grateful, is make sure that we are strong going forward
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and that we continue to manufacture and provide jobs. that's what i intend to do. congresswoman, you heard what mary barra had to say publicly and you heard a lot of what she had to say privately. you understand, having worked there, this is complicated. she is doing what she feels like she needs to do to keep the company going forward, even having been bailed out by the government. as you well know -- do you buy it? that this is something she had to do? all of the auto companies are struggling with decisions right now. let's talk about the fact that the auto industry is cyclical, when i worked at general motors, i worked for the industry until i went to congress in different ways. it used to be 14 to 15 million sales the year was a good year. the reality is that it has been an 18 million the last couple of
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years in the industry has had the longest run it has ever had since its founding of good sales cycles. now it's back to 17 million. anyone who works in the industry knows there will be -- and the companies were not prepared a decade ago. decision.ed to make a and on the day they made their announcement, which was not handled well, and it's this disturbed -- and it is disturbing that their closing this many plants. so when the motor company tells me that they are eliminating a shift there and kentucky, but showed concern, for was moving workers to other plants, they made tough decisions as well. it's how you are announcing it and what you are telling your employees. of thisrast is -- all country -- these companies are getting ready to go through a tough time. as policymakers, we need to make sure they have a level playing
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field. i don't like the fact -- why did they take the blazer plant to mexico? why did they not put it into one of these plants with excess capacity? jason: after you had this meeting you huddled with your colleagues. what happens next from a congressional perspective? your colleagues, representative leven talked about maybe the trade agreement that the 2.0,dent -- the nafta maybe that's in play in a different way. i also wonder are you going to call mary barra back to testify before congress in a more open hearing? i think there are a number of things that will happen. the administration signed a trade deal last week. i call it nafta 2.0. others call it something else. i have spoken to ambassador light hauser directly in several times to people at the white house. they are hoping that people like me will support it. i will not support something
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that is still shipping jobs to mexico. general motors understands that, i said that to the ambassador. the enforcing legislation is going to be important and what else is written to that. and keeping jobs here. there are a number of other issues that the industry has divided on. it's very hard for all of us that are looking at policy issues. bet do they need to be to healthy? we want to keep them at the forefront of innovation and technology. what does that mean with a mission standards and feel efficiency standards? all of these are important pieces of legislation that we are all looking out. we will ask questions. we are looking at taxes, how much are they using, what was in the tax bill to shipp jobs overseas? the industry is not together in terms of what they want in terms
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of electric vehicles, or tax credits, i don't want to subsidize them but i do want to incentivize them. lots of tough questions that we will be asking and working with the company. the we are not going to be -- but we are not going to be rubberstamped. our job is to protect jobs in this country. jason: will we see mary barra back on capitol hill? --i think mary understood and by the way, it's not just general motors. all of the companies, i spoke to the industry the night before to all the companies and told them that everybody after 2008 and and theyauto fatigue had avoided capitol hill to some extent and legislators did not want to talk about it. there are a lot of critical issues impacting the industry and we need to see all of them on the hill, relationships matter. legislators need to visit the plants and suppliers so that we
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are educated on what those issues are so that we are making smart decisions. jason: congresswoman debbie zynga joining us from just outside of detroit. thank you. we are following the markets on another down day. let's take a quick look, there's a lot of red on the screen. all of the majors are down more than 1%. the nasdaq down to tsipras -- at 2%. it looks like traders on investors minds. this is bloomberg. ♪
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jason: you are watching balance of power on bloomberg television. i am jason kelly. let's get more on that selloff. we are joined by emma chandra. it's a lot of red. we dide is a lot of red, go briefly into the green when the market opened, we had a softer than expected jobs report and we thought we might see the fed ease off on their rate hike,
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and we heard from the fed governor and she said she is still expecting the rate increasing in the near term, which is the crucial part. now we are seeing that things are back in the red. we are looking at the dow jones down at one and a half percent. nasdaq is down 15%. it all seems to be led by tech and trade fears. jason: tech seems to give and away.t away -- taketh and we saw the tech drive down, ms trade you think? >> there is uncertainty about what will happen with the u.s. and china, and looking with a tray truce might mean. it was only a week ago we were heading into the meeting in argentina between the president of the u.s. and china, expecting to get results. like we wouldel
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get this truce and now there are differing interpretations of what came out of that meeting in argentina. and the moves that each side is making towards brokering a trade deal. we had does go different white house advisers, peter navarro saying that tariffs would rise saying -- andow we don't know who to believe. and such have huawei patent holdings in tech right there. thank you. up next, the colorado governor joins us to reflect of his time on governor, and he might be throwing his hat into the race for the white house. this is bloomberg. ♪
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place, the xfinity xfi gateway. and it's strengthened by xfi pods, which plug in to extend the wifi even farther, past anything that stands in its way. ...well almost anything.
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leave no room behind with xfi pods. simple. easy. awesome. click or visit a retail store today. ♪ this is "balance of power." i am jason kelly. for first word news, let's go to mark crumpton for you -- mark
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crumpton. another change in the trump administration, white house chief of staff john kelly could resign at any moment and the president may replace them with the vice president's top aide. mr. trump has made it known he will not force kelly out. former fbi director james comey on the hill today as house republicans are questioning him behind closed doors on decisions made by the justice department during the 2016 election. to block this last week because he wanted his testimony public. they agreed to make a transcript public within 24 hours. ukraine is warning russia that it will soon send naval ships. tensions between the two countries have been escalating
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since russia seized two ships weeks ago. ukraine says that russia is deliberately creating a bottleneck for ukrainian ships, with excessive checks and delays. the second largest ebola outbreak has spread to a major city in their eastern congo. there are more than 400 confirmed cases in congo, more than 40,000 people have been vaccinated. health officials worry that they will run out of an experimental believe has they prevented thousands more from catching the virus. global news, 24 hours a day on air and on @tiktok on twitter powered by more than 2,700 journalists and analysts in more than 120 countries. i am mark crumpton, this is bloomberg. jason: thank you. cannabis into colorado. it is a $1.5 billion industry.
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claiming that they are stretched because of increasing competition from canada. joining us from denver is the democratic governor from colorado, thank you for joining us. you havebis economy, had a front-row seat and that is being legalized more and more across the country but not on a federal level. what have you learned from seeing it up close? if you believe that states are laboratories for democracy, we really have had a front-row seat in that laboratory. theainly some bumps along road, but for a large extent, our worst fears have not been realized. we did not see a giant increase of people driving while high. a black market, but the experiment has gone surprisingly well. jason: you are skeptic.
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sure even though you come from another elements of consumption as it were, the beer industry, you were not quite sure that this had the social good that maybe others thought. gov. hickenlooper: i knew it would have an economic good. there are a couple of things -- you do not want to be the first if you can avoid it. even amsterdam just decriminalized it, not legalized it. we had to create a whole framework while in conflict with federal law. we took that on but from the very beginning, we were worried about the negative consequences. it is now a regulated commodity, it creates jobs for people are being paid above the table -- those are great improvements compared to the previous. an interestingre
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laboratory, but this is a states versus federal issue and a lot of ways. we are going to get the national politics and a second. what do you make of the fact that we have the new, potentially incoming attorney general? we knew where attorney general sessions fell on this. hereoes this go from especially as this becomes more widespread across other states? i think theyoper: are going to have to continue their hands-off policy that they followed so far. attorney general sessions was no histhat she told me in office, anybody, any additional person taking any kind of drugs does not make this country stronger, it makes it weaker, but at the same time, he realized that heroine and opo ids and other issues were much higher priorities. i am hoping that the federal government will allow us to begin doing legal banking,
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because of the force and adustry and all cash, that is guaranteed way to encourage mom and gang-related activity. jason: an interesting moment for the democratic party. where are the democrats right now -- are they coming together in the necessary way? gov. hickenlooper: i think so. the midterms demonstrated that it is a big tent and a lot of different types of democrats won. some democrats are more strident about one issue or another, and some are more moderate, but the bottom line -- they are democrats. we look at the governor's races. the democrats did not lose as single governors share, they pick up new ones. a record number of women, two muslim, and to native americans -- these are steps forward. jason: what place do yo u --
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you have in that big tent? you'll been interviewing folks to have maybe working on a 2020 campaign. where are you now? gov. hickenlooper: we formed a pac a couple of months ago and now we are staffing and looking at the things that we have done in colorado. we have not been so partisan and we have gotten everybody together to work in concert on reducing methane emissions to trying to find ways to promote family planning. a lot of these things that we have succeeded in somehow have not been successful in washington. we want to talk about the right approach to getting things done. jason: every time you are hanging out with your buddy john kasich, the former ohio governor, people start to speculate about a ticket.
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any chance? gov. hickenlooper: as governor kasich has said, it is too long for a bumper sticker. [laughter] the real bottom line is i admire him. john kasich is one of the long-term, committed public service that has done so much for this country. in 1990 four, he was a chair of the house budget committee. i was still washing pint glasses . he has come a long ways of the abballa's work together on health care, we got other republican and democratic governors to stand up and not dismantled the affordable care act. sure -- i do not know who you'll ever see the two of us running together. jason: it is a long way to 2020, but do you have a light deadline of when you want to make a go for no go decision? gov. hickenlooper: yeah, my wife
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and i have talked about it. of talks withlot people and i think by the end of february and the middle of march, if you're going to do it, you have got to be all in, but you also cannot wait to long. jason: colorado governor john hickenlooper, always great to catch up with you. coming up, the year of the woman. ushering in a record number of women into congress, but how can republicans close that gap? this is bloomberg. ♪
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you are watching "balance of power." i am jason kelly. 2018 has been done of the year of the woman with the midterms ushering in a record number of female candidates to the house and senate. alonggender gains came party lines with democrats reaping the vast majority of those benefits. some republicans now pressuring party leadership to wake up and change that. for more, let's bring in the president and ceo of the republican main street partnership. nice to see you. >> thanks for having me. jason: i am not sure we can call it a state of crisis here, but there is a big, big difference and what is happening on the gop side and what happened with the d's in the midterms. what is the next step? republican women come january 3 when the new congress gets sworn in the house.
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we are going to unite together to try to find more for the 2020 cycle. it is becoming a top priority, especially for the women in the house. jason: why was it so tough? you can take a case-by-case, but can you generalize why you think the wins did not come in the midterms. were: sure, a lot of women running but they did not make it through the primaries. they were not as well-funded as they should've been, which we will correct, and they left a lot of them on the table. there was a great woman in tennessee that could not make it through the primary. we will not make the same mistake. jason: i want to read you a quotes because this is a really interesting sentiment. it feels like there has been in theo no introspection gop conference and really nothing coming next, i should say.
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what do you all with that lack of introspection to? sarah: first of all, that is not quite accurate. the women and i have gone together a few times. the women are talking about it and have an introspective and figure out what we are going to do moving forward. the women are all over this. jason: what do you need to do to close the funding gap you mentioned? you said, we are on it for 2020. is it finding a new category of donors, is it finding different pockets of money that may not have been tapped, is it switching some traditionally democratic funders over to your side? sarah: it is a combination. certainly bringing in more funders would be important. starting a republican list of small dollar donors would be helpful. and playing in the primaries. unfortunately, the republicans have a history of not getting
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involved. we are going to begin to change that and we are actively be playing in open states and in primaries. jason: there is been a lot of criticism of the leader of the party, president trump, about some of his commentary related to women over the years. how you circle that square? what is the message you take from the administration? sarah: we spend a lot of time out in the suburban districts, and what i will find is that the women in the suburbs, they like the policies. they would really like to join with the first lady and wishing he would tweet less. wish, itd get one would be that he stops tweeting. i am not sure that is going to happen, but that is what we would like to see. probablyliday wishes shared by many. sarah chamberlain, thanks for
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your time. coming up, we are going to have more on the markets. as a look across the major indices. not quite hitting the 2% down level on the dow and s&p, but the nasdaq as we talked about with emma chandra earlier in the show, techs leading the way down. and the trade fears widely held stocks, facebook, google, dragging the broader market. this is bloomberg. ♪
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♪ "balance upis our." the leg over out asian and -- foundation -- the wife anchor, david
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westin. great to be with you. this puts global politics in a different light. we hear a lot about children being the victims of so much global conflict. tell us what you are doing. >> thank you for having me on. we are so pleased to be able to announce this partnership we have with sesame workshop. 60 million people around the world that are displaced because of conflict and half of those our children. with sesameng workshop in order to bring play-based learning to children and early childhood. 6, thereages of 0 and that goesevelopment on and kids need stimulation and joyful, playful experiences and that is what we are doing with sesame workshop and its partners. jason: how do you get to them?
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that seems like the biggest challenges that they are displaced. how does this work? >> there are two ways that -- most exist, in camp ideas are pretty true of what it looks like. we are working in bangladesh not only in the camps, but also the surrounding communities, so it is easy to target kids in that area because we know where they are. it is aan crisis, little more difficult because a lot of the refugees are in communities. we work in center-based programs, home visits, and through the multimedia that the three workshop does. -- that sesame workshop does. jason: how did you come to this? you have a built-in customer based in the developed world. working with a
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sesame workshop since 2015 and is several different countries helping parents and young children to come together and try to get them to be more playful with children. learning through play is the best way for children to grow and learn. both of us share that. a year ago, the macarthur foundation gave $100 million grant to one of the largest issues of our time and they chose the sesame workshop in the idea of early childhood development in refugee settings, and we thought, this is a great partner, great cause, we as the lego foundation can step up. jason: thank you. it is really a great reminder especially we talk about politics at a high level, this gets us down into the reality. thank you. >> thank you for having me. onon: we are keeping an eye
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the markets with stocks about 2% lower with the nasdaq leading the th -- the decline. what are the drivers? emma: the uncertainty over trade. we keep talking about it. people not able to make sense of what is happening between the u.s. and china, and we are seeing the major indexes hit session lows. we are looking at the major indexes down close to 2% now. if i am looking at the markets live blog, the s&p 500 push through the 2-650 level. they are making a big deal of that. it is trade that is one of the concerns as well as other things. we had the issues of brexit. the pound fall again today, that is going to be something on deck at next week that investors are
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going to be concerned about with the big brexit vote coming. concerns about slowing global growth and that is feeding into the negative sentiment. and if you look back to how november and october played out, it has been tough the last few months. jason: it also seems like we are hanging on every single word that comes out of anyone mildly related to the federal reserve, right? emma: right. andduring this hour, one representative said that she hikinge rate continuing. the jobs report that came in a little bit softer. that is something that perhaps is shifting market thinking today. jason: let's talk about the jobs report because we heard from larry kudlow early in the show,
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trying to find the goldilocks feeling as it relates to jobs, but it does not seem that investors are buying it. they are worried that this is the sort of job report that makes this next fed meeting a little more complicated. a lockr was seen as such for so long and even on the bloomberg, we have seen the chances of a rate hike starting to into down. december was a lock and it now appears that it is a little more in place from the investor point of view. when we look at some of the fed speak, it seems like in the near term, we are still very on the path of tightening. we will not to know until they meet which is the end of december. a lot can happen in between that time. hanging on of every word out of allfed, we are hanging on
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of the words out of the white house as you heard from two different white house advisers today. peter navarro, he came out saying that if a deal is not made in 90 days, tariffs rise. larry kudlow saying that talks are positive. so that feeds into the uncertainty that we are seeing. and you have two different advisors giving very different takes about what is happening. jason: also so interesting because we have been talking to investors about this -- the economic data does not show any real weakness and yet, valuations are starting to come down, but you have investors and saying it, it does not seem bad yet, but things are getting cheaper. it does not see much we are going to get the santa claus rally. maybe 2019 is when we see movement upward. emma: yes, perhaps.
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the is like we still have a very long day to go given all the moves we have seen. jason: emma chandra, thank you. coming up, real yieldless jonathan ferro. the show dedicated -- real yield with jonathan ferro. bloomberg users can interact with the chart shown using gtv . york, this is bloomberg. ♪
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for ourm new york city viewers worldwide, i am jonathan ferro. bloomberg's "real yield starts right now. ♪ jon: coming up, payrolls coming in below forecasts and wages missing estimates. investors pricing out fed rate hikes in 2019. market volatility leaving global bond funds facing the first outflows in a decade. the big issue, the jobs report adding fuel to the rates debate. >> the weights number was rf


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