we turn to mark crumpton. mark: the european union antitrust chief is looking at ways to seize the blocks most powerful position. she has not been shy about her desire to have the european commission. a summitleaders begin today aimed at determining who will hold the eu's top jobs. a final compromise could affect economic policymaking for the next decade. turkey maybe trying to avoid a looming confrontation with the united states over the purchase of a russian built missile defense system. the turkish official has suggested that the delivery of the system may take place later than planned. the u.s. says the russian system could be used to collect intelligence on american warplanes. in iran, the influential revolutionary guard says it does not your worth united states and says america has not grown in power in recent years. the u.s. recently sent an aircraft carrier and bombers to the region over a still unexplained threat. another 900 american troops also are being deployed. president trump's son-in-law and se

we turn to mark crumpton. mark: maryland governor gary -- larry hogan is calling the allegations against catherine pugh deeply disturbing. the baltimore mayor is resigning immediately. she faces multiple investigations around the sale of the self published children's book series. numerous federal agents raided her office to see if she used book sales to disguise kickbacks. she is the second mayor of baltimore to step down in less than a decade. the last few days of freedom for president trump's former lawyer. michael cohen is due to report to a federal prison north of new york city. he has been sentenced for tax evasion, lying to congress, and campaign finance climbs. forbes once ranked the facility as one of america's 10 cu shiest prisons. fedex -- spacex hasbro's bone the launch of a rocket -- spacex has postponed the launch of a rocket. elon musk's cited technical reasons for the delay. the falcon nine was scheduled to launch from cape canaveral in florida. the company will try again saturday. india is look

i'm mark crumpton. this is bloomberg. thanks so much, mark. geopolitical turmoil was the order of the week, let off by in u.s. china trade talks. in the end, the markets did not suffer all that much. does that take away some of the incentive to get a deal done? a senior fellow at the brookings institution specializing in foreign policy and the global economy. he served at the world bank and at the treasury department as the emissary to china. welcome back. i ask the question, is there something less of an incentive because the markets are not all that roiled by what happened. >> you are right about that, david. been made they have their responded tension between the u.s. and china escalating. if you look back over the week, the market is down somewhat. this week, you have the white house saying they were not moving ahead with auto tariffs, primarily for germany and japan. that was a relief for the market, a signal that president trump is not pursuing trade wars in every direction, just concentrating on china. the market is down a little bit bu

i'm mark crumpton. this is bloomberg. david. david: president trump's tariff against mexico is hitting the market today. the president has enjoyed economic success. consumer sentiment and wait growth our up under the trump administration while unemployment is at the lowest since neil armstrong first stepped on the moon. how will this influence the election? joined by the former spokeswoman of the california republican party, and the current ceo of all in together. lauren, let me start with you. many people think in a 20 election, the economy will help determine who is elected. right now it is looking pretty good. the president thinks tariffs, if anything, are helping. is he wrong? >> there have certainly been net winners and net losers in the economic boom. rural america, noncollege american -- educated americans, the economic boom has passed them by. stagnant wage growth, continuing issues, opioid problems, stagnant job growth. those are the people that are potentially hit by tariffs, especially when you look at the mexican tar

mark: i'm mark crumpton with bloomberg first word news. nancy pelosi says the trump administration's defines of subpoenas could be an impeachable defense -- a fence, trump oned president goading house democrats are to remove him from office. speaking at cornell university, she said one of the articles of impeachment against richard nixon was based on ignoring subpoenas from congress. polos he added, every day he is obstructing justice. prime minister theresa may's government and the opposition labor party are set for crucial --labour party are set for crucial talks today. if they can't, that raises the possibility of another referendum or another general election. the government may accept a temporary customs union with the eu. turkish president erdogan is defending the rerunning of the won by theyoral vote opposition, saying it will only strengthen democracy. ruling in favor of the governing party, the top electoral body unknown the results of the vote in istanbul and scheduled the rerun for june 23. critics call the move apparatus and sa

i'm mark crumpton. this is bloomberg. you, mark.k a china's top trade negotiator liu he is still coming to washington but a day later, despite, or maybe because of president trump saying he will put new tariffs on chinese imports if he does not get a deal by friday. we welcome john thune, senate majority whip, from capitol hill. good to have you here. the president, as i say, came out, reiterated on monday that he will impose these tariffs if he does not get a trade deal. is there a danger the president is painting himself into a corner if we don't get a dealer friday? sen. thune: there is the deadline, for sure. i think the broader debate about a trade do with china -- talking to the trade negotiators last week, china was backing away from some of the commitments they made. that is the reason the president felt like he needed to raise the stakes. iss threat of going to 25% designed to get china back to the table, and evidently it seems like it is working. they are coming to washington to continue the discussions. in my v

we turn to mark crumpton for first word news. mark: a major escalation in the fight between the white house and house over the mueller investigation. president trump has exerted executive privilege over all of the documents. the move comes just as the house judiciary committee votes on in contemptiam barr for not providing an unredacted version of the report. iran will no longer comply with elements of the 2015 nuclear deal. is giving european companies that signed the deal 60 days to fulfill their commitments in the banking and oil sectors. iran's move is in response to new u.s. sanctions. we did not initiate the violation of commitment and we will not initiate any wars. we have never given into bullying and we will never succumb to bullying. we will respond to any aggressor. mark: the trump administration has refused to extend waivers allowing eight countries to import iranian oil. the u.s. bailed out of the nuclear deal one year ago. shows no sign of giving in to she step aside right now. the prime minister's spokesman said sh

coming up, mark candler -- mark chandler of bannockburn. mark: i'm mark crumpton. the house judiciary is not backing down. don mcgann defied a subpoena and didn't show up to testify at today's scheduled hearing. jerrold nadler called his conduct unacceptable and said, let me be clear. this committee will hear mr. mcgann's testimony even if we have to go to court to secure it. >> our subpoenas are not optional. mr. mcgann has the legal obligation to be here for this scheduled appearance. if he does not immediately correct his mistake, this committee will have no choice but to enforce the subpoena against him. ask: democrats want to mcgann if president trump tried to obstruct robert mueller's investigation. a federal judge who struck down mississippi's 15 week abortion bansast year's start abortions even earlier. abortionsohibits most once a fetal heartbeat can be detected. during a hearing today, federal judge asked estate attorneys whether the law would require a 10 or 11-year-old girl who was impregnated by rape to carry the pregnancy to term if she waits too long

we go to mark crumpton. mark: president trump lost the first round of a federal court fight over his financial records. a judge ruled congress has the right to demand personal and business records from his accounting firm. the president called the ruling crazy and has filed an appeal. prosecutors are not finished investigating campaign finance iolations by mr. trump's former lawyer michael:. materials for the investigation are kept under seal in tilman july after the investigation is ongoing. cohen is serving a three-year prison sentence after paying off to women who claim they had president trump. the austrian chancellor is said to face a no-confidence vote as soon as next week. as national deputy monday which triggered the resignation of his remaining freedom party members. he is europe's youngest leader. than $10ke more million a year in the united states your chances of a tax audit have plunged. the government says the irs fell tote for those 6.7%. the wealthiest to have the highest audit rate of any inc

i'm mark crumpton. this is bloomberg. u.s. tariffs are acting like a negative supply shop. -- shock. >> my point of view is to look at the medium term. where is the economy going? to keep monetary policy and a nice balance in terms of our goals. i will not opine whether the markets are right or wrong because we will have to wait and see. the fed is in the mantra of data dependency. that means to continuously reassess what the data is telling us about the economy and focus on the medium-term view of how to best achieve our goals. >> it is said the next move could be in a different direction. aen it does the damage from trade war if it continues, people are not looking for anything quickly. if it starts to be some deal made, the tariffs may stay in place. when would it become severe enough? but it is time to start looking at a possible rate cut? tariffsthink of the like it is a negative supply shock. it has various affects on the economy. it will probably boost inflation. it affects demand and growth. it also has negative effect

with i'm mark crumpton, first word news. iran enriching production of uranium as tensions escalate over the unraveling of the nuclear words. two news agencies made the claim after president trump is warned iran that it would face an official end if it threatened america again. reports said that introductions would be enriched only to a lower limit set by the nuclear deal reached by nuclear powers, meaning that a ron will soon go beyond the stock high limitations established by the agreement. theresa may is looking for ways to keep her brexit deal alive. bloomberg learned that she is considering a much tighter customs relationship with the european union that could win the support of opposition later -- labour party lawmakers, leaving some of her members of the conservative cabinet to quit. and austria, the chancellor is going for broke, his nationalist that beauty resigned over a video props -- showing him promising government contracts for campaign funds, so he dumped his far right partner and began

i'm mark crumpton. this is bloomberg. >> live from bloomberg world headquarters in new york, i'm vonnie quinn. amanda: live in toronto, i'm amanda lang. welcome to "bloomberg markets." here are our top stories that we are following from around the world. uber's ipo is off to a slow start, a rare decline for a high profile ipo as the ride-hailing firm the incidence next chapter as a public company. u.s. and chinese officials wrap up high-level trade talks, avoiding a negotiation breakdown, even as president trump boosted tariffs on $200 billion worth of goods from china. bag full of dirty cash. an update on a money-laundering scheme fueling a housing boom in canada. quick check on the major averages. we are seeing markets, session ,ows, have been trading weaker fearful or run as trade negotiations and comments from president trump. commentary from steven mnuchin and his chinese counterparts. we are still seeing the s&p 500 tracking for what could be the worst week of the year. we did see rate sensitive s

i'm mark crumpton. this is bloomberg. mark. thank you, climate change does not get much attention these days in a washington dominated by trade wars, investigation, and talks about infrastructure. but tina smith has joined with other democratic legislators to introduce new clean energy legislation. summarize your bill for us. what do you want to a conference with this? thank you, david, for having me on the show today. the clean energy bill that i've introduced would establish a goal of getting to 100% net zero carbon emissions in the electricity sector by the middle of this century. it does it by moving where states are already moving. we think in order to achieve that goal, you have to be technology neutral. you cannot prescribe from washington, d.c. how to achieve that goal. we also think it is really important to follow the lead of local utilities who are moving toward clean energy because it is more affordable and helps them to address what their customers want them to address, which is climate change. david: what is the h

i'm mark crumpton. this is bloomberg. david? toid: two days ago we went news that things could be coming to a head in venezuela and nicolas maduro might be leaving the country, but he stayed. the chair for senate foreign relations committee said he missed an opportunity. >> i think nicolas maduro made a horrible mistake for his own personal safety. he was reported to be ready to leave and with encouragement from the russians, he did not. we welcome eric farnsworth, vice president of the council the americans. welcome back. you heard what the senator had to say. did nicolas maduro make a mistake? how solid is his position? eric: i think you made a mistake. that was an obvious exit strategy where he would've been able to leave the country and have a negotiated deal to have access to some of his ill-gotten gains and have safety for the perceivable future. now he has decided to stay and try to have a blood test with the juan guaido government. one of the scenarios a lot of people pointed to as a possible early -- as a possibility fo

mark: i am mark crumpton was "first word" news. president trump and acting defense secretary are distancing themselves from in order to keep a worship named for the late senator john mccain out of sight during the president's recent visit to japan. the president told reporters at the white house that he was "not a big fan of the senator," for that he wasn't involved in the matter. spoke to shanahan reporters as he traveled in jakarta, indonesia. neverhanahan: i would dishonor the memory of a great american patriot like senator mccain. also think it is important, i would never disrespect the young men and women that crew that ship. mark: three u.s. officials confirmed to the associated press that the white house told the navy to keep the war ship named for mccain out of president trump's site during his visit tuesday to a base outside of tokyo. turkey is considering deploying a russian missile-defense system along the country's southern coast. bloomberg has learned that the battery could be delivered within weeks. that would enhance

i am mark crumpton. this is bloomberg. ♪ >> live from bloomberg world headquarters in new york, i am taylor riggs in for shery ahn. amanda: live from toronto, i'm amanda lang. welcome to "bloomberg markets." your other top stories we're following around the world. another fed pick is out the door. resident donald trump says stephen moore is withdrawn from consideration for a spot on the board of governors, hours after moore told bloomberg he was all in. tesla's cash drain. the electric carmaker is hoping to raise $2 billion through debt and stock offerings. and hedge funds are resurrecting the cdo trade. why this time they say it will work. here.check on the market we are seeing a second day of declines, ahead of economic data, jobs numbers tomorrow. we are seeing some consternation around trade news and maybe some disappointment emanating from farmers of what happened between the u.s. and china. it is a down day. we are seeing energy one of the big on the s&p 500. -- one of the big decliners on the s&

i am mark crumpton. this is bloomberg. ♪ scarlet: it is 2:00 in new york, 7:00 p.m. in london. i am scarlet fu. caroline: i am lisa abramowicz. prepares aina sweeping list of foreign firms retaliating after the u.s. shut while way. trade tensions had south of the border. announcedtrump's terrace on mexico -- tariffs on mexico. u.s. stocks limping to the worst week in months while treasuries build on the rally. we have all that and more coming up. lisa: let's get a check on the markets. it has been an ugly day, although unclear to see how ugly we will end up. the russell 2000 i wanted to highlight because it has been underperforming the broader indexes which i think is interesting because it was more immune to trade wars. that was the idea earlier in the year. last year. not so much this month. scarlet: one argument could be smaller companies may not have as much ability to house on the cost -- pass on the cost to consumers. people say they are more expensive than the big caps. lisa: gold having its bes

i'm mark crumpton. this is bloomberg. thanks, mark. the federal reserve is about to reveal its latest rate decision but one important constituent has already weighed in on his policy plan. >> i think the fed has gone crazy. the federal reserve has gotten a little too cute. it is ridiculous what they are doing. the fed is far too stringent, and they are making a mistake. i am paying interest at a high rate because of our fed. beould like the fed not to so aggressive because i think they are making a big mistake. despite that we are doing very well but it is not necessary in my opinion, and i think i know about them better than they do, believe me. inflation is very low. hopefully, the fed will not be raising interest rates anymore. david: we welcome douglas holtz-eakin, former director of the cbo. is anw that there independence of the fed versus the president, and maybe even the bad would not want to follow what the president says because they would not want to appear to be listening to them. but even the president can have a good idea.

i'm mark crumpton. this is bloomberg. shery: live from bloomberg world headquarters in new york, i'm shery ahn. amanda: live in toronto, i'm amanda lang. we are joined by our bloomberg and bnn bloomberg audiences. shery: reversing course. u.s. stocks higher after the white house says china is indicating it want to strike a deal on trade. up for sale. the bearer gold ceo mark bristow says he has earmarked $1.5 billion in assets for sales in the wake of their megamerger with randgold. disney barreling toward a record-setting year in 2019 with avengers end game already poised to become the biggest blockbuster of all time, but what will 2020 hold? a preview of the media giants earnings. let's get a check on markets in the u.s. the s&p 500 gaining a quarter percent. health care and real estate are gaining ground. this of course coming at a time when sentiment is pretty fragile. suffice it to say, markets took a big hit when we had those reports that china is planning to retaliate if the u.s. goes ahead and hikes tariffs on fri

i'm mark crumpton. this is bloomberg. shery: live from bloomberg world headquarters in new york, i'm shery on. amanda: live in toronto, i'm amanda lang. our top stories that we are following from around the world. sounding the alarm on corporate credit. pimco calling for lower returns and higher volatility as junk bond spreads rise. earnings after the closing bell. the ride-hailing giant releasing its first quarterly report after going public earlier this month. vice president mike pence is in ottawa, talking trade with the canadian prime minister justin trudeau. let's get a quick check on the markets. we are seeing u.s. stocks rebounding, the s&p 500 slightly level, after 2785 falling to a two-week low. still below that 2800 level. the energy sector leading the declines. wti down almost 3%. smaller than expected drawdown from u.s. stockpiles. that is leading to concerns over excess supply. continuing to have concerns of global demand, trade tensions, also a sending the treasury to rally. up .1%.aq we did get some positiv

i am mark crumpton, this is bloomberg. i am mark crumpton, this is bloomberg. shery: live, i am shery ahn. john in for amanda lange, we are joined in by our audiences. shery: hear the stories we are following. the white house is ramping up the battle with beijing, moving to restrict -- the cover sacramento area saying that the order will take effect tomorrow. walmart is posting its best first quarter and nine years, the retail giant meant -- giant beating retail estimates with warnings about the future impact of trade tensions. and monty python and the central bankers. we spoke with john cleaves about his unlikely career path. let's get started on the major averages. we are seeing u.s. stocks in the afternoon session gaining ground. we are talking about the s&p 500 gaining 1.2% for a third consecutive session. there are still jitters out there over the latest trade headlines, yet solid earnings from walmart and cisco have lifted sentiment. the dow jones is also up 1% and we are seeing the nasdaq seeing the biggest jump in almost two weeks. not to mention that w

i'm mark crumpton. this is bloomberg. >> live from bloomberg world headquarters in new york, i'm taylor riggs. amanda: live in toronto, i'm amanda lang. we are joined by our bloomberg and bnn bloomberg audiences. global stocks are taking a beating as trade tensions show few signs of easing up. that has investors fleeing to save havens. haves on the u.s. 10 year some to the lowest level since 2017. we will talk treasuries with the head of u.s. rates interest strategy at societe generale. and the mood ring of the future. developing ao be gadget that can recognize human emotion. a quick check on the major averages. we have seen a risk off atmosphere today. energy leading the decliners. across the board, we see weakness. auto,semiconductors, anything related to the ongoing trade dispute between the u.s. and china is displaying weakness. commentary suggesting that trade dispute could stretch into years, some are fearing. pricing in a lot of negativity here. west texas is slumping. the price of oil itself, a

i am mark crumpton. this is bloomberg. ♪ >> live from bloomberg, i am shery ahn. >> i am amanda lange. here are the top stories from around the world. stocks are sinking for a fourth day as china's top negotiator heads to washington. signs of trouble for the bond market. the treasury sees its weakest demand for 10-year note's in a decade. world'sow for the largest mobile phone operator. the fcc is barring china mobile from providing service in the u.s. over espionage concerns. let's get a quick check on the markets. it seems to be a trait that is preoccupying. another down day. although we are off the worst of the lows, still firmly in negative territory. at one point looked as though the momentum would be down to support level of the 200 day moving average. most of the subgroups are negative. real estate has been a bright spot. techs are weak. another name that stands out is chevron, but it walks away with a break fee from the anadarko bid. one other place in view here is the yield curve. once again f

i'm mark crumpton. this is bloomberg. >> >> high from bloomberg, -- world headquarters in new york, i'm vonnie quinn. amanda: i'm amanda lang in toronto. we are now joined by our bloomberg and bnn bloomberg audiences. bank of canada governor stephen poloz warns of a trade war escalation and headwinds in the canadian economy. my exclusive interview with him in a few minutes. opec lustily gets are set to meet in saudi arabia. that amid growing tensions in the middle east. the u.s. is set to lift steel and aluminum duties on canada and mexico. the latest move to clear a path for the usmca deal. let's get a quick check on the major averages. stocks have been buffeted today by computing news on a trade file. that news it seems out of china, better news elsewhere. in and out of positive territory. energy not helping much. it is a big decline are on the s&p 500. move asie did get a stephen poloz spoke a moment ago on bnn bloomberg. we are seeing reaction for some of these steel stocks. diversified aluminum pla

i am mark crumpton. this is bloomberg. montana governor steve bullock was one of the last major democrats to enter the race for the white house, and he hopes cross-party appeal can lift him to the nomination. he joined me in the studio earlier today. gov. bullock: i am the only one in the field who actually won in a trump state with trump on the ballot. he took montana by 21 points in 2016, and i won by four. 25% to 30% of my voters voted for donald trump, and if we can't win back some of the places we lost in the last election and bring it our base, trump will be president again. joe: what is it you did? what is the argument you made to trump voters in montana that resonated? gov. bullock: sure, and this argument is more than about electability from my perspective. how i get things done, because my legislator is about 60% republican, is that folks don't agree with everything that certainly i stand for, but i go out and i listen, i try to understand their life, and i also say both here is where i want to go from a policy p

i'm mark crumpton. this is bloomberg. you, mark.k secretary of state mike pompeo is in finland today leading the u.s. delegation of the arctic council. like his boss, he is still focused on china and did not miss an attempt to take a direct swipe at china, even when coming to the arctic. >> china's aggressive behavior elsewhere should inform what we do and how it may treat the arctic. david: we welcome our political roundtable, senior advisor to economics, and chris wilson, who served on ted cruz's presidential campaign. let's start with the politics of what is going on with history dispute that seems to be escalating at the moment. how does this play for the republican base of donald trump? mostrepublicans -- >> republicans are free traders, but also fair traders. ofen time to see the outcome his strong stances on trade, i think right now the reaction is pretty good. his approval rating with republicans is in the high 80's percentage. now his numbers on approval of the economy is reaching 55%. that is a reflection of the

this is bloomberg. ♪ mark: i'm mark crumpton with bloomberg first word news. president trump is due back in washington within the hour. he wrapped up a visit to japan where his statements were consistently at all to the japanese. he said he was aiming to reach a trade deal by august. japanese officials said there was no such talk, and he brushed off recent north korean missile tests. prime minister shinzo abe called them a violation of united nations resolutions. elected likelys try again today to pass a $19 billion aid bill. freshman republican congressman chip roy of texas blocked an attempt last week to pass the measure. he complained about its cost, in a move by democrats to dump forident trump's request $4.5 billion to address the crisis of central american refugees at the southern border. attorney michael avenatti has pleaded not guilty to charges he defrauded his client stephanie clifford, known as stormy daniels professionally. he must still appear before two more judges, including one handling charges that avenatti tried to extort millions from nike.

i'm mark crumpton. this is bloomberg. david: thanks so much. on monday, the supreme court ruled that plaintiffs could proceed with their trust case against apple in which users are claiming apple's used its position to extricate higher prices from them by charging a 30% fee to all app creators. seniorome jennifer reid, analyst for antitrust litigation and james keith. welcome back. good to have you. always good to have you here. i want to quote from justice kavanaugh's opinion. he said in part, ever since congress passed the sherman act of 1890, protecting consumers has been the central concern of the antitrust laws. the consumers purchased apps directly from apple and they alleged apple used its power over the retail apps market to charge higher prices paired that some straightforward. jennifer: it sure does. david: 1890 sherman a. what is the issue? jennifer: how does this case fit into the case of an old supreme court in the 1970's? in that case, what the supreme court decided is an indirect purchaser of an item from an entity that allegedly

i'm mark crumpton. this is bloomberg. it is 1:00 in new york, 6:00 in london, 1:00 in hong kong. i'm vonnie quinn. welcome to "bloomberg markets." from bloomberg world headquarters in new york, here are the top stories on the bloomberg and around the world we are going. president trump threatens chinesed tariffs on goods into the bureau tweets, changing the tone in the markets. harvard university is doubling down on investments that have fallen out of favor, hedge funds. we have that story. honeywell making a big bet on logistics. seems to be paying off so far. all that in the next 30 minutes. taylor riggs has a look at what is happening in the market today. taylor: it is all trading hitting this risk off feeling that we are getting today. we knew that tech overnight in china was off 8%. certainly seeing that in the u.s. ngs, semiconductors, chipmakers have the most exposure to china, clearly getting the brunt of the selloff. come into my terminal. volume early on this morning between 9:00 and 11:00. above average volume

mark: i am mark crumpton with first word news. president trump announced a deal with canada and mexico that would scrap tariffs, ending a trade dispute that began when the president imposed tariffs on imported steel and aluminum. meantime, at an event in ontario , justin trudeau called the u.s. tariffs on steel and aluminum the biggest obstacle to ratifying the new north american free trade agreement. >> obviously these continued and our countermeasures represented significant barriers to moving forward with the new nafta agreement. now that we have had a lift on the tariffs, we are going to work with united states on timing for ratification. we are optimistic we are going to move forward. mark: prime minister trudeau says the trump administration's national security justification didn't make sense and was hurting workers and consumers in both countries. missouri's legislature has improved a ban on abortions at eight weeks of pregnancy. republican governor mike parson is expected to sign. the proposed bad allows exceptions only in

for bloomberg first word news, we go to mark crumpton. reporting, have been robert mueller broke his silence today about the russia investigation. mueller told reporters there was not enough evidence to charge a broader conspiracy on election interference in 2016, though he did stop short of delivering a full exoneration of president trump. departments justice policy. those were the principles under which we operated. from them we concluded we would not reach a determination one way or the other about whether the president committed a crime. that that is the office -- is the offices final position and we will not comment on any other conclusions or hypotheticals. announced hisler resignation from the justice department so that he can "return to private life." senate majority leader mitch mcconnell says if a vacancy occurs on the supreme court during next year's election cycle, the chamber would likely confirm a gop nominee selected by president trump. three years ago during president obama's term, mcconnell orchestrated a blockade of the

i am mark crumpton. this is bloomberg. ♪ >> it is 2:00 p.m. in new york. i'm caroline hyde. >> i am romaine bostick and this is "bloomberg markets: the close." wage pressure remains muted. buffett bets on bezos. that he wasas not an idiot for not buying into amazon sooner. ny african swine fever is sending shockwaves the global food chain -- and why african swine fever is sending shockwaves. romaine: we are seeing a risk on day here. the doubt, s&p --dow and s&p are up-to-date. small caps are up-to-date. key technicalof a level. at one point we were below 13 on the vix today. caroline: it feels like the calm before the storm. romaine: and then you have the industrials index. obviously this is all just copper right now lifting this up. this is basically the worst week we have seen for this indexing quite some time. weight watchers up about 13%. let's dive deeper into the action with the markets reporters. abigail, get us started. abigail: i am thinking about the small caps as well. look at the russell 2

i am mark crumpton. this is bloomberg. notine: freight markets seeing a light at the end of the tunnel when it comes to persistent trade woes. president trump's threat to place extra tariffs on mexican goods -- here to break it all glasgow from bloomberg intelligence and he covers the freight industry for us. when you look at these class one railroads, they have some exposure to what comes across the border in either direction with mexico. kansas city southern pacific seems to have a real outsized exposure here. inpart of their network is mexico so they do operations domestically in mexico and do a lot of cross-border operations as well. stuff that originates in the u.s. and goes to mexico and vice versa. 48% of their revenue is generated by mexico and 30% of their total revenue is cross-border business. 40% of that is stuff that originates in mexico and heads to the united states. the majority of that stuff is container boxes filled with stuff. we do not know what is in them. and second to that is automotive. there is a l

i am mark renton. this is bloomberg. ♪ -- i am mark crumpton. this is bloomberg. ♪ >> live from bloomberg world headquarters in new york, here are the top stories around the world. intends to keep oil supplies constrained to spy geopolitical tensions. says it will give a merger between sprint and tino -- and t-mobile the green light. president trump us is been promising not to comply with the company until further notice. let's get a check of the major averages. nearlyhose headlines they continued to see markets now with the s&p 500 down down for a third consecutive the energy sector on file oil prices, some tensions. president trump tweeting, if he wants to fight, that would be the official and for the country. signal their intention to keep oil prices constrained. still uncertain with those trade tensions raging. joining us today to discuss all things oil is capital market strategist michael. great to have you with us. oil markets we are talking about, not only the production side of things, not to mention geopolitics. one -- >> look of the

i am mark crumpton. this is bloomberg. mark. thank you so much, president trump and his administration are ratcheting up the battle with beijing, issuing to the orders of the would restrict chinese companies from buying and selling to u.s. companies. my next guest has been a longtime critic of huawei and zte, two of the companies to be largely affected. thank you for being with us, we appreciate it. supplement hollen thank you. david: what will this accomplish? senator van hollen: the goal is to essentially put in check while way and is he de, but the big actor here really is where way. that ability to use telecommunication systems, whether in the u.s. or other parts of the world to spy on people in the rest of the world and use that as a vehicle for chinese government security purposes. we know that while he and zte at the end of the day answer to the government of china, so if they become embedded in the telecommunications networks around the world even more than they are today, then we believe it puts everybody at greater ris

i'm mark crumpton. this is bloomberg. ♪ scarlet: this is bloomberg markets the close. caroline: we are 30 minutes from the end of the trading day. what a week it has been. we are set for the worst five days and the s&p 500 this year. but now the nasdaq could have been an underperformer. apple still off by 1.3%. we've seen the biggest pullback to the tune of three points because it is waiting. technology front and center when it comes to the u.s.-china trade tensions. scarlet: there are certainly in the middle of it. since new and steady move higher in the indexes. we are basically at session highs. the president not so long ago saying china talks are constructive and they will continue even though tariffs in place. bitcoin has been up all along. caroline: it has continued to march upward. a tent straight day of gains. is going.20,000 it we are still a way off. scarlet: uncoordinated asset clearly. chinese markets closed higher. the euphemism for state fund directed to support chinese equities. we continue to keep an eye on oil services companies. headlines that iran ma

. ♪ i am mark crumpton with bloomberg first word news. venezuela's opposition-controlled national assembly could not hold an assembly today. agents were wearing ski masks and carrying rifles as they searched for what they said was a bomb. the national assembly president by theaido, recognized united states and 50 other countries as the legitimate leader of venezuela, wrote that they were trying to take power as the dictator was entrenched alone in his palace suspecting everyone around him. secretary of state mike pompeo says during a meeting with foreign minister sergei lavrov in sochi, he urged russia to end support of president maduro, but acknowledged that washington and moscow when it comes to venezuela are not on the same page. >> we have disagreements. i urged my russian colleagues to support the venezuelan people as they return democracy to their country. the u.s. and 50 other nations agree it is time for nicolas maduro to go. he has brought nothing but misery to the venezuelan people, and we hope russians' support for maduro will

mark: i am mark crumpton. president trump is back in washington after four days in japan. he met japan's new emperor and held discussions with prime minister shinzo abe about north korea, iran and trade. the president and first lady went aboard a japanese destroyer to visit troops. he gave a memorial day speech to hundreds of members of the u.s. navy's seven fleet. outgoing parliament president antonio to honey said it really must work with brussels to while its public debt also adding it is distancing itself from the e.u. he spoke to reporters in brussels where he responded to a question from maria. achieve goodant to agreements with european union, it is a possible thing, but we in italytudy the debt is the most important problem. make it not so isolated. mark: italy's deputy prime channel held a radio is waiting to see if brussels imposes a penalty over italy's failure to rein in debt. the irish prime minister said the u.k. should heed recent european election results and support an irish border agreement. speaking to a journalist in brussels, voters in northern ireland

i'm mari'm mark crumpton. this is bloomberg. ♪ i'm shery ahn. amanda: welcome to "bloomberg markets." we are joined by our audiences. here are the top stories around the world. stocks rebound in the u.s. after the worst rout in four months as president trump reassures markets he will clinch a trade deal with china in the rush that has been financial goldline are in new york this week. we will talk to the ceo and a leading advisor in the sector. hoover's ipo was one of the worst debuts for u.s. listing leaving investors where to lay blame. let's check in on the major markets. from yesterdayal but definitely seeing positive action, trading at the highs of the session. it is tech that is leading the way. the bigt, apple, amazon names at the top of the list. s&p 500, every group higher except for utilities. we are giving and i and energy. the price of oil -- we are keeping an eye on energy. saudi arabia says a drone attacked pumping stations there and that is partly because they can't supply from elsewhere. that pipeline has been shut down and you a

i am mark crumpton. this is bloomberg. david? david: let's turn back to the trade story mark told us about. we thought we were on track for a trade deal with china but then president trump rocked the world and markets with his tweet threatening new tariffs. former china trade negotiator wendy cutler says the stakes are high. the stakes are enormous on both sides and they're both facing a serious escalation of tariffs and other measures that will only affect china and the united states but they will affect the markets, global ,rowth, the asia-pacific region u.s. consumers come u.s. workers, u.s. businesses. david: we welcome congressman dan kildee of michigan who sits on the house ways and means committee. he joins us from capitol hill. thank you for joining us. you heard what wendy cutler had to say. gives an insight into the democratic caucus. what is the progressive position on trade at this point with respect to china? rep. kildee: she has it exactly right. this is a big moment. i was one who believed the president was right t

. ♪ ♪ mark: i am mark crumpton with first word news. president trump says he received what he called a "beautiful letter" from chinese president xi jinping, and that he will probably speak to him by phone. he made the comments from the white house as a delegation from beijing prepared to arrive in washington to negotiate a potential trade deal. >> a large group, delegation, headed by one of the most respected, highest officials in china, will be coming today at 5:00. they will see what they can do. but our alternative is an excellent one, an alternative i have spoken about for years. they took in well over $100 billion a year. we never took in ten cents from china. mark: the top u.s. envoy is in china for discussions. u.s. tariffs on $200 billion in chinese goods are set to increase 25 percent hours later. the president's former attorney is still trying to get his former boss to pay legal costs. michael cohen, who began serving a three year prison sentence on monday, has asked a new york state court to order the trump organization to tu

. ♪ ♪ ♪ mark crumpton with bloomberg first word news. president trump is laying out a new immigration plan to convince the public and lawmakers that the u.s. legal migration system needs to be overhauled. speaking at the white house rose garden, the president said his plan aims to create what he described as a "fair, modern and lawful system of immigration to the united states,," adding "it is about time." >> today we are presenting a clear contrast. democrats are proposing open borders, lower wages, and frankly love is chaos -- lawless chaos. we are proposing immigration plan that puts the jobs, wages and safety of american workers first. effort,e latest spearheaded by jared kushner, the president's son-in-law and advisor, focuses on border security and favoring people with high-level skills and degrees and job offers, instead of relatives of those already in the country. house speaker nancy pelosi says that the emphasis on merit-based immigration is condescending, adding that families have merit, too. on speaker weighed in growing tens

mark: crumpton with bloomberg first word news. the mayor of baltimore resigning, effective immediately. catherine pugh faces multiple state and federal investigations amid a growing scandal around the sale of a self published children's book series p last week, numerous federal agencies raided her home and office to determine if she used book sales to disguise kickbacks. attorney general william barr skipped the house judiciary hearing today on special counsel robert mueller's trump-russia report. the decision escalates an already nasty battle between democrats and the justice department. house speaker nancy pelosi says the attorney general's testimony to congress raises what she calls "deadly serious questions." the speaker told reporters she "lost sleep" after watching barr defend president trump in his testimony wednesday before the senate judiciary committee. >> the attorney general of the united states of america is not telling the truth to the congress of the united states. that is a crime. mark: the justice department calls

. ♪ mark: i am mark crumpton with bloomberg first word news. special counsel robert mueller is resisting the idea of testifying publicly before congress on his pressure report. bloomberg learned -- his russia report. bloomberg learned mueller is pushing for a closed-door meeting, reportedly telling the has judiciary he doesn't want to be dragged into a political fight. sources tell bloomberg mueller is suggesting he make a public statement and then be questioned by the committee in private. on orders from the white house, former counsel don mcgann -- mc gahn defied his subpoena to appear before the has judiciary committee. chairman jerrold nadler said they would vote to hold him in contempt and take the issue to court, adding "the panel will hear from mcgahn one way or another. >> there are forces exerting other kinds of pressure on mr. mcgahn. in short, the president took it upon himself to intimidate a witness who has a legal obligation to be here today. this conduct is not remotely acceptable. mark: congressman doug collins, the ranking repu

. ♪ >> i am mark crumpton with first word news, treasury secretary steven mnuchin is indicating that he will not comply with the subpoena to hand over president trump's tax returns, saying that it is -- the dispute will likely be settled in the courts. they faced a friday deadline to hand over 60 years of mr. trump's personal and business tax documents, the house ways and means committee chairman subpoenaed the documents after secretary mnuchin repeatedly refused his requests to release them. vladimir putin says that he has been urging iran's leadership to stick to the landmark 2015 nuclear deal, despite the u.s. withdrawal from the accord. putin, who was meeting with austria's president, said that the nuclear records are coming apart and that he has been advising iranian leadership to adhere to them. saying if iran backtracks, everyone will blame it all on iran. meanwhile, the supreme leader issued a

i am mark crumpton. this is bloomberg. joe: today's big story, berkshire hathaway billionaire warren buffett buying into amazon. we are joined now by michael moore, who leads bloomberg's finance coverage. standing bybuffett and just buying shares of amazon. >> this was one of his investing deputies. he didn't specify which one made this purchase, but it shows that they are taking an increasing role. they've got their own piece of the portfolio. company has a the huge stake in apple, in amazon. is this a departure from the traditional berkshire style of investing, or is it at the point where they can point to companies like this and say these are value stocks? i think it is a little bit different. he's talked about revealing apple as a consumer company. amazon is not just tech. it is a little bit of everything. when you get into pure tech stocks like oracle, buffett bought in and immediately sold , i didn't really understand oracle's business. there are parts of the tech world that he is still iffy on, but these companies h

. ♪ mark: i'm mark crumpton with bloomberg first word news. says hispresident country will not respond to president trump's threat of tariffs with the desperation but will instead push for dialogue. president says they have been taking steps to slow illegal immigration and wants a good relationship with the united states. he has pushed for a longer-term immigration fix, focused on raising living standards and increasing opportunities so fewer people choose to leave the country. united nations atomic watchdog says iran is complying with the terms of the nuclear deal reached in 2015 with major powers. but the international atomic agency international atomic energy agency says stockpiles of low-enriched uranium and heavywater are growing. it is the first time tehran announced it is increasing low-enriched uranium production. theresa may was the first foreign leader to visit donald trump after he was born in. next week, he will become the last four leader to meet may before she resigns as the head

i'm mark crumpton. this is bloomberg. live from bloomberg world headquarters in new york, i'm shery ahn. amanda: live in toronto, i'm amanda lang. we are joined by our bloomberg and bnn bloomberg audiences. here are top stories from around the world. in version asked. global bond yields drop with portions of the ju yield curve inverting the most. we will talk to an analyst to says apple's earnings could drop 26%, should china banned the iphone. and the rare earth gamble. china threatens and export ban to the u.s. on hard-to-find commodities using everything from electronics to wind turbines. let's get a quick check on the market here. we are seeing jitters continue, --de concerns in looting including escalation of the lights we mentioned. across-the-board declines. s&p 500 week. energy is leading the decline. perhaps a read on the outlook for economic output. a tiny bit of strength and chip stocks. for the most part you are seeing negative action across the board here. as we mentioned, tied to the inversion of the yield c

. ♪ mark: i'm mark crumpton with bloomberg first word news. the white house press secretary sarah huckabee sanders has confirmed president trump and russian president vladimir putin spoke on the phone this morning. the two leaders reportedly discussed a wide range of issues including nuclear agreements, north korea, and trade. the two also briefly discussed special counsel robert mueller's report. in washington, a federal appeals court ruled juan guaido, not nicolas maduro, will represent venezuela in a lawsuit against commuting mining company. compensationants for its appropriate property. they say president trump's recognition of juan guaido is binding in u.s. courts. a panel of legal experts affiliated with the united nations is criticizing the sentence a london judge imposed on julian assange or jumping bail. the working group on arbitrary detention calls the punishment excessive and disproportionate for what it calls his "minor violation." the panel also question why he is being held in a high-security prison. saudi arabian authorities ha

i mark crumpton. this is bloomberg. >> live from bloomberg world headquarters, i'm shery ahn. >> live from toronto, i'm amanda lange. we are joined by our bloomberg nbn the nm bloomberg audiences. >> here the top stories we are following. tech cold war gets colder. the u.s. is considering cutting off the flow of vital american technology to five chinese companies days after battling while way. the latest minutes are said to be released in a half-hour. will they shed light on the debate over rate cuts. theresa may is in the hot seat after a meeting. happening right now in london. let's use -- let's get you started with a check of the markets. we continue to see the downside for u.s. stocks. not being helped by news the white house is considering expanding its blacklist of chinese tech. we are seeing the s&p 500 for four tents of 1%. not to mention that globally, not helping sentiment that the brexit chaos continues. we are seeing the british pound take a hit for the 13th can -- 13th consecutive session