North Korea frustrates US as 'maximum pressure' eases on sanctions
To restore Some US sanctions on, Iran that's how relieved as we check local news, at Baxter's in the Bloomberg nine sixty newsroom in San Francisco what, do we know it Doug well says it plans tougher penalties. On, the country's oil sales in November about the order restricts now purchases of dollar banknotes by Iran which is meant to prevent Iran from acquiring. Various industrial metals the president said over the weekend and I hope everything's gonna be fine with us in Iran but I will tell you they are a much. Different country than they were four months ago HAMAs Amman Taryn and president Hassan Rwanda headed says negotiations in sanctions at the same. Time meaningless if someone stands in. Front of his rival or enemy. And pushes a knife against her arm and seeks talks the responses he should I put his knife in his pocket and come to the negotiating table and use logic the measures take effect. Tomorrow North Korea telling the US it is myopic on, denuclearization will get, nothing, from its maximum pressure campaign Donald Trump continues. To say things are going well secretary of state Mike Pompeo saying that the the north is not the. Nuclearising and says the US? Has its eye on the wrong thing it says and the Korean war that's what the North Korea. Saying, stranded travelers in the Indonesian island, of Lombok are starting to make their way out the island. Hit by two major quakes and, a period of a week along with our aftershocks be Vandenbossche, myths has been volunteering with her children aftershock crying again and you know it's it's very unsettling Feeling so myself and, my two daughters, or, fourteen and fifteen I think they had like three or four kids Yeah the two quakes measuring six point four and six point nine with all. Those aftershocks at least ninety eight people, have. Died thousands are homeless Manafort trial right hand man Rick gates on the stand. Testifying that he and Manafort had fifteen foreign accounts they did not report to the federal government and they knew. They were. Illegal Japan plan for, daylight savings tests next summer moving the clocks ahead. Two hours, to beat the heat during the Olympics, global news twenty four hours a day on aeronautic talk on Twitter powered by more than twenty seven hundred journalists and analysts in. More than one. Hundred twenty countries. In San, Francisco I'm Ed Baxter. This is Bloomberg all right. Eight past the hour John stoltzfus is our guest he's managing director is. Also the chief investment, strategist at Oppenheimer and company John always a pleasure no. Shortage of dark clouds over, global markets these days but in. Spite of that we have the US equity market Kind of continuing to. Tread higher I mean is, this surprising to you at all Not to us when we've gotten accustomed to, walk this market climb walls of. Worry for, the last nine and a half years It looks like it. Can, it's continuing to do that now. And now it's supported by sharply improved. Fundamental in terms of revenue growth and earnings growth admittedly. Aided and abetted by tax reform but overall, things continue to get better and. It's significant, offsets, to many of the words John this is, David inherent here in Hong Kong but it's not spreading equally though I mean I I look. Under the hood at the moment so we're about one percent from the all time. High and the s.. And p., five hundred but only four percent of the index. Is that a new fifty two week high that tells me that I mean that tells me it's just. The few stocks reading it's carrying the weight and the market doesn't look really as it's not as healthy as it looks centrally what do you think You know what we what, we look at is we'll take. We'll take, the, the sectors of the s. and p. five. Hundred and just take a look at the way they've been performing not just thought on a. Year to date faces if you look at those I mean my gosh you've got. Tech is up sixteen. Percent consumer, discretionary is up four to healthcare is up over. A energies I'm very modest four and a half and of course you've got you know very flattish returns. In terms of performance From real estate USA financials can't get out of their own way because they're? Not getting, a steepling yield curve to the extent that everybody wants to see industrials are? Held hostage materials? By, trade world worries and Staples will stable, to toast is its own story because Staples has run into problems as a result of changing consumer habits and competition globally in, the international realm and telcos well that's a whole. Other story that got to, be a reorganized sector, in just a few weeks. It's up. To what about though the argument of a small cap versus mid. Cab versus the, multinational names I mean. Is that something you're paying, much attention, to where where market capitalisation is concerned Doug You know what makes spoken before you may? Recall we are market cap. Agnostic, so and the reason why we are is we feel these these markets we have seen developed over the last nine and a half, years and I've been in the business for thirty, five but Last night and a half years. Very prone to rebalancing. And rotation we think partially.