35 Burst results for "Interactive Brokers"
"interactive brokers" Discussed on Bloomberg Radio New York
"The Bloomberg interactive brokers studio here in Hong Kong we check the markets for you every fifteen minutes on the show Bloomberg daybreak Asia and there's a fair bit of optimism in the markets to date second day of this work investors are are looking at and hoping that the pandemic might be waning in some key areas and so they are buying stocks is a lot of stimulus coming and we had some earnings from Sam song which were also a lot better than expected really and it leaves investors with just hoping that the impact may not be as bad as what was earlier feared Samsung boosted chip orders from data centers helping connect people who have been stuck at home and so those profits at Sam some have the stock up let me see what is it about one percent here at the moment up one point four percent in terms of the broader indexes the hang Seng index is up nine tenths of a percent and we have China coming back from holiday with a one point nine percent gain in the CSI three hundred copies up one point one percent the straits times index in Singapore two point one percent and the taiex up one point six percent Chinese stocks also seeing a little bit of of a gain in do you want as well you want steady here at seven oh nine ninety nine against the US dollar the dollar was weaker and helps a little down about a tenth of a percent for the Bloomberg dollar spot index WTI is trading at twenty seven fourteen so a four percent rally after being sold down during the US session is still quite a bit of doubt about what might be accomplished in a meeting of OPEC plus on this Thursday gold has had a pretty good run up one point three percent now seventeen hundred sixteen dollars a Troy ounce sorry that's a look at markets let's get you over to the desk with attacks from San Francisco all right Brian New.
Google Cleans Coronavirus Misinformation on Search, YouTube
"All those results coming back in an age where information is that much more important special it comes people's health Google taking some different steps geared to think co wrote a really good story that both Carol and I really love going to this morning Dr Google scrubs coronavirus misinformation cigarette on search and YouTube or it's here with us November interactive brokers studio nice reporting on this and a little bit of a surprise it feels like at least to be folks who are following it as closely as your help us understand what Google's doing yeah I mean I mean we've had a lot of controversy in the last few years about you know essentially things whether Slade school shootings or terrorism or anti VAX hoaxes that kind of thing showing up on Google showing up on Facebook on Twitter on YouTube and at this you know those conversations I've kind of been going on you know I'm very intense way over the last couple years and when it comes to crown of ours for seeing Google really lock things down in a way that they've kind of been hesitant to in the past of course you know they do respond to some of those other issues mostly by just putting news results from mainstream news organizations at the top of a you tube results in particular but when it comes to crime virus on Google search if you search on your phone or even on your desktop the first six or seven results will all be very official will link to the CDC will link to news reports or to the W. H. O. itself and so I mean I think they're just very careful about us being seen as not doing enough being seen as spreading misinformation and they're really trying to lock it down whatever way they can why and I I don't know whether it's because Google you know has been looking to maybe be a bigger player in the health care industry and so this is right up their alley they wanna make sure they get it right like what's different verses some other situations where there's been a lot of misinformation on their site yeah I mean I think we're in sort of a very particular political situation where Google is very concerned about the stuff obviously you know more than so than than some of the other maybe the U. S. specific political controversies that kind of criticism for in the past but I do think you're right I think what's interesting is it says okay well say you know this does sort of and at some point in this this virus comes under control what then where does Google go from that because the doctor Google criticism is been there for a while the people have been googling their symptoms instead of talking to a doctor or really figuring things out on their own especially in the U. S. for people are sometimes hesitant if they don't have health insurance to go to a doctor and so I think you know we hasn't you know sourcing saying that Google is looking more and more at stepping up some of the ways that they provide health information search that is different than how they provide other kinds of info well and you have to imagine that given the power and the influence of Google maybe as Google goes so goes at least the more responsible corners of the internet or is that is that me being overly optimistic yeah I mean and and it goes back to that conversation of you know if we really want to zoom back and say you know Google has a lot of power of the internet down they always say you know our algorithms are neutral word we're not here to pick and choose winners but that's exactly what they do and you know it's good if they want to focus on sort of quality of content and that kind of thing but at the end of the day decisions that are made by engineers in secret at Google do have huge ramifications for the internet and the kind of information that people find and that lives and dies well because as you sort of alluded to when we've learned this about artificial intelligence so much of what you get on the back end depends on what goes into the front and sort of essentially how the computers are taught not to be too conservative listing about it right yeah and and I think you know Google is is obviously very sensitive about this I mean they don't want to be seen as sort of deleting things from the end right or you know censoring things on the internet they're very sensitive about it they they do talk about a lot and and I trust that they really do take these things seriously but it shows that in a moment of crisis when they sort of step in in this very kind of heavy handed way it does say well where else could they do this but again they're doing this it's not like people individuals reading through and picking out what's right or what's wrong or what seems to be questionable information about the virus minutes algorithms that are picking up on words and so forth is that he actually mean algorithms are still deaf and at least the ones really making the majority decisions obviously there's so much info on the internet you can go piece by piece but they do look at you two videos like a flag there are humans that look at those things and physically take them down and you know when it comes to deciding without a CDC link is going to go at the top of Google search that isn't an individual a leader a couple making that says Hey this reminds me of our conversation Kathy would yesterday RK you know investment that you know when there's volatility and market disruptions that leads to innovation and maybe better ways of doing it you do wonder whether we can on the other side of that Google kind of get something out of this that they can apply more broadly to stuff that's on their website I guess
"interactive brokers" Discussed on Bloomberg Radio New York
"In the Bloomberg interactive brokers studio in Hong Kong for the selling in Asia today particularly in Tokyo making up for being on holiday yesterday down three point seven percent here that's a fall of eight hundred sixty five points very similar to what we saw on Wall Street with Dow Jones industrial average down more than a thousand points off ten thirty one that's a drop of three point six percent and the nasdaq was down the most in the New York down three point seven one percent the main concern here is the corona virus spreading now not only throughout Asia but further into the Middle East and in Europe more than two hundred cases in Italy that sparks a lot of concern and more than eight hundred cases in South Korea the havens getting some demand this morning including treasuries gold and also the end gold is trading up felt like we were yesterday here in Asia so in the past twenty four hours not a lot of movement up but now sixteen hundred fifty four dollars a Troy ounce Dalian one hundred ten point nine three the euro at one point zero eight five three against the dollar and the Aussie dollar sixty six point one six U. S. cents a couple other quick note to mention Fujifilm soaring almost nine percent Japan will use its drug to treat the coronavirus some other companies reporting United AIR abandons its twenty twenty profit goal because of the outbreak MasterCard cuts its revenue forecast for the same reason in steel rebar stockpiles hitting records in China as the virus saps demand we'll get you another update in about fifteen minutes there's one slight positive note S. and P. E. minis are actually trading up now six tenths of one percent that's a jump of eighteen points all right let's get to the news just ninety minutes past our doctors in San Francisco all right thank you Brian yeah the nations you're talking about in the Middle East as a the virus continues to put a footprint wiring right around the globe are a rock Kuwait Bahrain and Afghanistan U. S. defense secretary mark esper says he's hopeful for a U. S. South Korea troop pack by March thirtieth we're getting reports out of Jakarta that parts of the capital and its suburbs are flooded after two tropical cyclones off the nation's coast triggered heavy rainfall overnight inundating houses in low lying areas and causing a power outage a major power outage Harvey Weinstein guilty of rape and sexual assault but acquitted of more serious charges of predatory sexual assault sentencing is March eleventh red carpet welcome in India for U. S. president Donald Trump yesterday today a visit to the Taj Mahal Malaysia's king is accepted the prime minister Ahmad here's a resignation and the U. S. Supreme Court has agreed to hear religious rights case over whether same sex couples should be able to be foster parents and the U. S. is mulling the idea of expelling of many of China's reporters after China kicked out three Wall Street journal reporters in San Francisco I'm at Baxter Kathleen do you thank you so very much we want to get out right to a C. E. O. who is joining us today from Hong Kong Richard Lancaster CEO executive director at CLP holdings is the larger of Hong Kong's to electricity suppliers with businesses in a number of Asian markets and Australia so Richard welcome the show first of all thank you so you reported to us your of full year net income today and it really fell short of analysts on average looking for something like just over eleven billion Hong Kong dollars coming in at four point six six billion what happened that includes a non cash impairment so average earnings were down from two thousand eighteen which which was a particularly good year for us some of this well is anticipated to we have a a new regulatory contract which took effect in Hong Kong at the end of two thousand eighteen so this was the fullest first full year of hello committed return under that contract that was fully expected what was less than expected was weaker performance in our Australian subsidiary arrow straight in business does go through ups and downs and two thousand and eighteen was a good year but two thousand nineteen was less of a good year I want to ask in a moment about the conversion that is under way for many of your power generation going to natural gas away from from coal or anything else what kind of capacity utilization numbers are we looking at now for your company in light of what we're seeing with respect to the corona virus how is your business being impacted we festival one Rachel that we we provide a healthy and safe workplace full of floral about stuff and where a customer facing business well we also want to make sure that our customers well protected as well so we've taken sensible precautions across a business run throughout Asia we also run an essential service so we wanna make sure that our operations are running reliably and that that that the like to staying on everywhere it's as far as the economic impact goes it's a little too early to to see that here in Hong Kong we seen some small changes in in demand but it's it's very early days yet to see the impact more widely in China we have a diversified portfolio across the country we there's a obviously a lot of attention being paid in who they province but we we don't have any operations there but it's still early days to see what what impact they may be and own on electricity consumption so in terms of generation though if you move to kind of natural gas or LNG how is that going to be sourced for Hong Kong we are developing and all fuel LNG import terminal to supplement our supplies of natural gas Hong Kong at the moment gets its gas by pipeline some from off shore gas fields and some coming actually from Central Asia so LNG import terminal will give us a third supplied gas which will be adequate and Anil symbols and that will help us make the transition from coal to to initially natural gas we also have nuclear power in Hong Kong which is common free and so our energy mix in Hong Kong will be a balance between natural gas and nuclear power so in in other parts of it with portfolio in India and China we are developing renewable energy that will be the the replacement for Alvarez you mention we just mostly just a few seconds here how does it look is that business stabilizing what's your power business gonna do you can just give us a few seconds of.
"interactive brokers" Discussed on Bloomberg Radio New York
"In the Bloomberg interactive brokers studio in Hong Kong well China's corona virus outbreak is spreading further in countries outside of Asia and outside of China particular concerns here about South Korea and it's raising further concerns globally of a pandemic in South Korea one hundred sixty one more cases today including two more deaths Samsung electronics LG electronics and other companies in South Korea taking some precautions now after the infection of a Samsung employee at a local production facility we mentioned the one is at a six month low this morning and it's looking at some of the futures in the United States Dow Jones in minis down three hundred eighty one points nasdaq one hundred E. minis off a hundred and seventy two points at ninety two eighty four and S. and P. five hundred E. minis down about one point four percent here in terms of the cash markets in the Asia Pacific cost be the hardest hit with losses of three point two percent banking index down one point six percent China stocks off about one percent and the ASX two hundred trading down two point three percent gold is being well bid this morning it's been trading up around sixteen hundred sixty seven dollars an ounce that's about a one percent gain oil getting hit hard down two point six percent for WTI fifty two dollars and two cents no trading in U. S. treasuries today because the Japan market is closed and so no trading Japanese equities either the last trades on the ten year had to yield one point four seven percent Dalian one eleven fifty one not too much movement there weakness in the Chinese currency the CNA training seven oh four thirty seven against the US dollar right that's a look at markets let's get over to.
Troubled Water: What's Wrong with What We Drink
"Be Wary of water. Joining joining us now is set to seek all. He has authored activist. Member of the Council of Foreign Relations guest curators interactive brokers studios. He is the author of a new book. DOC troubled water. What's wrong with what we drink? I want to talk to you about the book at about the sort of larger concept here and and you said right before we went on air. I'm not here to scare anybody at yet what I was reading through your materials. It's a little bit unnerving to think that a lot of the water that people drink it's not just flint Michigan it's contaminated that's correct almost everywhere in America there are contaminants in our drinking water and this is probably the largest unspoken of public health threat or menace in the United States. There's a large number of different chemicals that get into our systems through our drinking water that are having unknown effects on our bodies on our endocrine systems as technical phrase that affects growth attention spans sexual interest for Tilleke as well as the possibility of cancer. Some of those things are already proven scientifically and some are now in the process of being investigated but I would argue that being investigated aggressively enough by the EPA an organization that whether it's a democratic or Republican president or Congress is unfortunately inactive who've were not active enough in pursuing what we need to have pursued to get the best health profile for all Americans all right so we don't have the best water what needs to change within the US to improve the quality of our water. Well first of all there aren't nearly there. Were about one hundred thousand chemicals that are in commerce in the United States. Maybe more and you would think that seventy eighty percent of them ninety percent of them would be under some type of investigational regulation by the EPA because some significant percentage of them get into our drinking water and some percentage of those have have a act on our health but of that hundred thousand chemicals that are in commerce. The United States. It sounds hard to believe this. But it's true. Only seventy seven zero are being regulated by the EPA for drinking water purposes and is shocking as that low number is even more shocking given how much chemicals used daily life in America even more shocking is the fact that the last S. time the EPA regulated any chemical whatsoever or any contaminant whatsoever was twenty three years ago they have been inactive for generation and longer and that is putting our health at risk. Is there any map of where we can and can't drink water. We'll tell me where you live and I'll let you know. Okay I'll give you my address after this Seriously I mean it's anyone tracking or tried to do this scientifically we'll actually. There's an organization called the environmental working group. We're on their website. You Can Punch in your zip code and and they can tell you under the federally filed documents but each utility what contaminants have been found in that ZIP codes water whether or not that's particular to your. We're particular TAP LISA. I can't say for sure but invite me over for lunch and I'll bring my test okay. Great all right so water filtration plants. I I thought that was the answer you would think so the problem the problem Paul is both on the wastewater side and on the water filtration. which the way they distribute the water order to our homes from on both sides using technologies that are about one hundred or more years old and although in the interim place have been rebuilt and they're pretty nice parking lots some beautiful reception areas? The truth is that the technology is being used never grew up along with the time that America became. We'll highly medical society where now one one of where seventy percent of all Americans twelve and overtake at least one pharmaceutical product today to people to people about twenty percent of Americans twelve and overtake take five or more prescription pills day and that all gets into our water stream on the inbound side. We still do. We did one hundred. Plus years ago to get rid of cholera and dysentery and typhoid Loyd. Fever we put a dot of chlorine or chlorine like product in it to to cleanse the water. But we don't do anything to remove from that water. These pharmaceutical pharmaceutical residues and other chemicals that have found their way into our water stream such that occupy one example of many that are in my book troubled water just one they scientists independent independent scientists with no axe to grind when ahead in the Great Lakes vast amount of water so be diluted like crazy with think she tested fish and all five of the Great Lakes and an all five live with a great lakes. She founded their brains and their organs and their muscle. She found residues of all kinds of psychiatric medicines like solo often SELECTA and fourteen other medications medications. Now if that's going there that water is then being sent back to our homes for us to drink and we are getting that dosages back in micro quantities and we're getting that magnified amounts also for eating the fish. I'm just trying I'm going through these scrap extrapolation getting increasingly concerned. I'm just wondering. How normal is this with other countries says well they're just sort of this problem globally or is the US particularly bad the more the more industrialized the more industrialized society is the more likely you are to have these problems now? There are some countries particularly Israel in Singapore that have very aggressive systems for purifying the water for reasons unrelated to Necessarily health reasons but it's really for water scarcity reasons. They have a reason to do this. And there are some parts the United States and I talk about in a Chapter Orange County California which has made a decision to basically cle- ignore the EPA guidelines. Go Way above it and they demonstrate the fact that using known technologies at very reasonable prices you can have the safest drinking water. Possibly the pure water you'd think that Zoloft PROZAC or something. Everybody happy a little bit happier. Exactly so seth so private versus public water utilities. Tell us that the compare and contrast there okay so this was a piece that I wrote the other day for the Wall Street Journal and I want to. I want to highlight something that is completely unknown. Fact in American life even when I talked to members of Congress and the senators they have no idea. There's the case you would think rationally speaking fifty states. Oh maybe every state should have at least one and what are you telling maybe two maybe three so maybe there should be three hundred four hundred maybe five hundred. What are you toys United States tops? Even though you could say that when you could cover several states we have in the United States over fifty thousand. What are utilities one county Los Angeles County has two hundred separate water utilities? These are very tiny. They have no ability to have the financial wherewithal in order to get the financing that they need to make sure that they can in higher up to date Up that they can buy up-to-date technologies hire the most advanced scientists and engineers and also fix their broken infrastructure. Is Crazy Risi just real quick here. Who has the interest of keeping all of these smaller utilities open for utilities? Okay so no one of the Public Lisa. Nobody in the public should the second thing that this is a good idea. And it isn't a good idea. That's why one of the main thrust of my book talking about Public Health. Water is to say four big takeaways from my book. One of which is we must consolidate our drinking water utilities and by the way I a second point that I made in the journal Article is that it turns out that about fifteen percent of American. Utilities are in private hands which is investor owned hands whether they're public companies or private companies remarkably digging deep into EPA A health data which a couple of professors have done. You learn something remarkable. which is that although you would think that public utilities have the public's interest in mind actually we there's a much higher incidence of contaminated water in public utilities? And the reason for that is because mayors want to keep the price low and therefore the don't get the Outcomes you want set Siegel. Thanks for joining fascinating. Discussion set Siegel activist author member of the Council foreign relations author troubled water. What's wrong with with what we drink? That's coming October. I also author of let there be water. Israel solution for water start starved world. I am very interested in that Tom. Freidman near Times op-ed today on that the topic using the work of seth very
GM Earnings Beat But Joins Ford With Weak 2020 Guidance; GM Stock Up
"Strong they will deliver socks editor joining us here in our interactive brokers studios a busy day of earnings a busy day of macro whip sighing what do you focus on today focusing on today it to figure out how much meat is behind today's rally well when you try and sort out what's going on with the consumers there are a few stocks the jump out you know you've got the biggest gains in the S. and P. five hundred belonging to co teach the cosmetics maker thank a pre holding which is Michael cores and Jimmy Choo or Versace the consumer there you go absolutely in their quarterly results well received that's one side of the coin the other side of the coin is Ford motor also arguably consumer oriented that stock is down more than a half percent they're looking for earnings to be well below what analysts were anticipating which gets your attention for sure and you know even though General Motors numbers look a bit better they had a profit which analysts were expecting in the fourth quarter stocks now barely higher up seven tenths of a percent on a day when the S. and P. five hundred is up more than that so it's kinda moving with the market so you know when you put that all together I mean it's kinda hard to get a real take away that the consumer writ large is going great guns certainly from a luxury side of things it looks that way but the auto makers telling you a bit of a different
"interactive brokers" Discussed on Bloomberg Radio New York
"Interactive brokers studio big picture the S. and P. five hundred dog of course a breaking down those closing numbers for you three hundred eighty four names in the S. and P. five hundred higher today hundred eighty lower three unchanged one name that came to my attention Jason is General Electric and I just wanna go right there G. ET continuing on the rally continuing with a possible earnings beat lease corridor to bank they could have more room to run I have a potential earnings beat later on this month is accorded Deutscher the new year is proving to be a good one for G. E. I. shares Henley outperform the broader market so take a look at General Electric and so far this year that stock is up eight point six percent has a compare with the S. and P. five hundred S. and P. five hundred up just under two percent wow that's a big bounce mind you perspective right we know this name has been beaten up the lawyers all tell us talk was up almost fifty four percent last year and expectations of some changes so we shall see what comes that earnings will be a big one for that all right so remember back in December when Lulu and came out with earnings and the stock dropped in there is like wow maybe they'll have a good holiday guess what they did they came out and really handily as our streets has boosted their fourth quarter forecast pushing the stock to a record above two hundred forty one dollars a share then we just take a look at where it ended up but you know this is the name and we talked about it because we had an exclusive interview with the CEO and the lead director this is a private equity names are brought back from the store in the magazine in an interview those folks and just really kind of weird Lou as because it's gone through a couple of adoration yeah absolutely so here's where it is at that four point four percent today indeed closing at a record two hundred and forty five dollars a share and the stock is I believe quintupled since the advent international the private private equity firm went back in in twenty fourteen okay stock and you're bullish on it man this is when I got just looking at ninety percent last year at fifty five percent the year before in twenty eighteen up about twenty one percent twenty seventeen up almost twenty four percent twenty six I mean it's yeah it's unbelievable it's really an amazing thing right Hey Mitch a General Electric and how that stock was up again I do want to point out that they do report their earnings January twenty ninth before the market so that's something that we're gonna be watching out for and see if the games such as today's almost four percent game whether or not it's justified Tessa is another one Doug was talking about our whole team here Bloomberg news has been talking about it was up almost ten percent today closing at five twenty four eighty six I share the stock is now up twenty five percent all ready here in twenty eighteen just wild ninety four billion dollars get cap in the shares rose above five hundred for the first time today's wallstreet analysts played catch up with the company share price which is double from October Oppenheimer raised his price target on this doctors treat hive six twelve from three eighty five today saying that after many initial stumbles has has twelve has quote reach critical scale sufficient to support sustainable positive free cash flow and so a lot of optimism on this same sure position just under nineteen percent I want to quickly mention one more names do mise or as you say zooming which is now we call it our house very popular online shopping at the Kelly household but as if he's coming out and raising aftermarket about seven and a half percent they also similar to lululemon other very different company boosting their guidance at the fourth quarter guidance as well saying sales in the fourth quarter we're going to increase about six percent comparable sales they had seen two to four percent so a good holiday season and I can tell you Henry Kelly contribute thank you very much Henry so the volatility index report the Vicks on this Monday let me bring it up this doesn't seem right for some reason I think my number is well it's really down about one point four percent closing at twelve point three eight this is Bloomberg all.
Trump says U.S.-China trade deal will be signed on January 15
"Trump I will sign a phase one trying at China trade deal January fifteenth so there you have it president trump phase one China trade deal will be signed at the White House that is per president trump tweet so we have a little bit of clarity on the trade phase one deal gonna be signed on January fifteenth at the White House take a look at futures not much movement there S. and P. down six downtown sixty one Mike Regan Bloomberg stocks reporter joining us in a Bloomberg interactive brokers studio he's a warm body is gonna try to make the success where I'm kind of might want to be I mean that I know of a phenomenal year we're just gonna kind of close out today's trading right yeah you know what's it saying like you just read out that headline about president trump get ready to sign the trade deal January fifteenth not even a quiver in futures side just staying exactly where they are so take that for what it means you know and actually another to another hello I come across the Bloomberg from a trump says he will go to Beijing later for take face to talks were
An interview with Huawei USA's chief security officer Andy Purdy
"With any party is chief security officer while a technologies USA he is joining us in our Bloomberg interactive brokers studio in New York of course while a very familiar to her audience I feel like amid the US China trade tensions that we cannot forget the commerce department blacklisted while way back in the spring to stop American businesses from selling components to the company the White House for a while is accused of the company being a threat to America's national security let's kind of roll it all together any good to have you here with us because I feel like the more conversations we have on on these types of issues the smarter we all gatt the recent bands that have come out from the administration what has that done to you guys as a company and in terms of interacting with American businesses well there's certainly been an impact on while a we've got nearly three hundred American companies that want to sell to us the supply up to twenty five or thirty percent of all of our global components so we've had to move to what they call plan be something that IBM and recommended we start we did start sometime ago so we have had to find alternatives to those and right now we're able to ship our five G. technology with no American components so we're not entirely sure the impact on us but we do know that over forty thousand American jobs hang in the balance for no good reason so we hope that these issues can be put aside this effort to attend an effort to hurt China wear them hurting America we're cutting off our nose to spite our face and what sort of progress if any are you making in Washington to get that message across or they'd listening or are you sort of shouting into the wilderness here we're not making any progress I mean the fact is and I think the existence of the US trade talks the geo political situation although everybody says if we're not connected to it of the government won't even talk to us they won't talk to us about the kinds of things that allow Nokia Erickson do business in United States despite their deep ties to China so we hope that if that if there is some kind of a trade deal it may be that the government will talk to us about these negative on Telefonica the German company just came out the side to do a five year contract with us despite the pressure of the U. S. on Germany so we can address real cyber security risk and we'd love to collaborate with the US government what's the future though I do think because we have a ton of conversation the magazine just this week has a story about Chinese Americans who are be called especially those who work on government projects and have high security clearances where they're under heightened scrutiny and sometimes wrongly so and so I do wonder like what is the future in the in a world we talk about a bifurcation where it's kind of the U. S. versus China what does that mean for a company like you guys in the Verizon CEO recently said we want to avoid a five G. Cold War brightness came out and said it did it it just doesn't make any sense we see very important things happening in Europe for example in Germany with a telephonic announcement but the government is working hard the European Union is working hard to try to come with objective and transparent basis for knowing which products are worthy of trust because the bad guys out there have great skills we have to use very good technologies to address the rest that that comes through all products so any of I want to ask you because your background you worked in the White House mean you understand the other side of the table in many ways how surprised were you that all this went down essentially knowing how the sausage is made on the other side well there's been some longstanding concerns you know and although the terrorists help obscure these fundamental agreement among the Republicans and Democrats the concern about theft of intellectual property the concerns about forced technology transfer the threat that the US sees from China as China has grown economically and militarily these are things that the the cut across the board and so and legitimate concerns well let's put it this way our government the American government has to make sure that we address the rest to this country we've got to learn lessons like from the seventy five years ago DJ in cyberspace we have to be ready much more ready with we were when the Germans and the **** swarmed over Europe we have to be ready to address real rest and we think it can be done that it has to be done with standards and conformance programs for the operators as well as testing independent testing for the equipment we love the participate in those conversations but it is interesting too though that if there is a division of technology division and the world going forward we talk about a lot about five G. maybe there's going to be two standards are you know you do wonder what what what does that mean for global security concerns well it is a life what it means is a real threat to competition and and competition is critically important it's important for security it's important for resilience it's important for innovation we need to make sure that we have competition when you look at the equipment vendors there is not enough competition I hope no key is strong enough to to survive frankly hope that they're strong enough to do the are you D. that they need to with your expertise in understanding where you are currently and then as Jason mentioned you know having spent some time you know along the beltway and I just do wonder so what what is the answer because we do know in terms of our relationship with the Chinese that there has been problems with intellectual property and there has been a lot of technology transfer or if you're starting up a business you've got to do it along with a Chinese company you know it's very clear that the Chinese you know have a mission to be very dominant and I don't have a problem with that because I feel like that's capitalism a play but because of the past how do we know who what we're dealing with as as a country the United States well I'm glad I had the option to participate in discussions the United Nations here in New York last week with governments and private companies it's a combination of we need enormous for government we need benchmarks that we could hold governments accountable we could have mechanisms to create incentives and consequences of government if governments violate the rules but also unique companies you need independent standards you need independent testing so we can address the rest is the combination the shared responsibility that's gonna help us just thirty seconds what would be a great incentive for the two I needs to really make sure that turns the government conformity that it happens as quickly well I mean I think the global community holding them in other countries accountable the World Trade Organization to standards on the theft of intellectual property on forced technology transfer we have to have the visibility and then make clear when when a country whoever it is is violating those norms but it's interesting in a week where we know the WTO right wrist is weekend yeah to say the least any party we hope you'll come back we were only able to scratch the surface of a really important topic chief security officer at while way technologies here with us in our Bloomberg interactive brokers
Fidelity follows rivals in cutting online trading commissions to zero
"One of them two weeks ago interactive brokers open the flood gates and now the number of rivals matching its move cutting online trade commissions to zero is up for this morning Boston's fidelity investments announces its eliminating what have been just under five dollar commissions for online stock ETF and options trades last week Charles Schwab TD Ameritrade any trade financial slash their commissions to
Schwab Goes Free
"But let's kick things off with Charles Schwab Schwab announcing that it is eliminating online trading commissions nations for US stocks ATF's and options now previously trades were four dollars ninety five cents starting October seventh trades will be zero as in free free shares Schwab down around nine percent at the time of our taping. Andy the ripple effect here e trae down around sixteen percent percent and TD Ameritrade down twenty three percent. What does it all me. I'll say first of all if for all the individual investors who are listening and members members of the Motley fool this is just fantastic news we've been talking about the fact that there is a race to the bottom when it comes to commission trade trade fees of interactive brokers real has really been leading over the last couple of years lowering fees and now Schwab as they've moved down to below five five dollars and fidelity is followed now. Schwab is really putting the out there and going zero for US listen stocks and Canadian listen stocks not ATF's and this is for for individual investors out there. This is great news because you should not be paying a lot if at all for your trades so fantastic news. Schwab is tiny together together with the book that has coming out by Charles Schwab who still chairman still owned eighty percent of the company MAC worth more than four billion dollars of the fifty billion plus company. His new book called invested is coming out tober seven so they decided to push the trade commission feed two zero and as you said this is having ripple effects because the other other brokers brokerage houses who have been following along this path over the years as costs are going to zero. They are not to follow along. This is not big business for these companies anymore the revenue that they will lose somewhere. Schwab is somewhere between three and four percent of their total revenues as these companies have moved much more to fee based solutions for their for their brokerage holders Schwab the biggest out there. They have more than three point seven trillion dollars of assets so it was very meaningful in the market okay. I'm going to push back a little though because you say it's fantastic news but when you eliminate all commissions don't you encourage over trading and if you encourage over trading are you going to have more and more investors stirs losing money the Metaphor I use if just because I enjoy fat free ice cream doesn't mean I have to eat like a dozen tubs is a night of fat free ice cream right so don't go crazy and certainly don't over trade but the the the fact that to invest in businesses we we have to right now at least use a brokerage. We shouldn't be paying for that that fact do that so for individual investors as Charles Schwab for for decades has been leading this push to opening to lowering costs democratizing investing ask the Motley fool has has been doing for for more than two decades. It's it's good news for Vigil investors who want to own business for long-term certainly matt good point. Don't use it to over trade. Please use it to over trade because that is one of the worst things as you can do for your portfolio returns forget the costs emily just the fact that trading. INADA stocks is not good for your returns the best way and tax money taxes but even if your tax free account or tax advantaged account over trainee. It's just bad for your investments
Discount-broker stocks losing further ground in wake of Schwab commission news
"Let's switch gears though sticking with Wall Street and talk about Broker Commissions Today Day this morning there was news that Charles Schwab is eliminating commissions for stocks. ETF's and options listed on U S or Canadian exchanges the race as to the bottom accelerates David Ritter payments specialty finance analysts for a Bloomberg intelligence joining us from Princeton New Jersey David. What do you make the news well. It's been something that's been a long time coming. I mean obviously fee compression brokerage in an asset management more broadly is nothing new. I mean interactive brokers made their own own move last week to cut commissions two zero for basic stock trades so I think it it's going to have the very different impact on the different players players in the market and Schwab's case you know they only earned about fifteen percent of their net revenue from trading commissions verses e-trade and td Ameritrade where it's more than thirty five percent. I think you're seeing that reflected in the action this morning but but Schwab is really more an asset gather than anything and and so I see this move for them as a recognition of the fact that you know we don't WanNa lose customers and assets in the long term to these new stock doc trading apps whether it be Robin Hood or whether it be J. P. Morgan is you invest because that's how they make money they make money on new net new assets coming into the company and then you know sixty percent of their revenue is net interest income so they're essentially a bank right so they're paying low interest and Dan reinvesting that money and save security so that's the real driver not trading commissions. It's interesting look at the stocks mention Dave Schwab down nine percent. Td Ameritrade down about about twenty two percent today an e. trade down eighteen percent so kind of right in line with what you were saying and my question is kind of talked to us about some of these new technological competitors offers that you mentioned kind of robinhood and things like that gives a sense of what they are and what kind of market share they taking yeah well in the case of robinhood. You Know Very Rapid Growth Bruce Company several million customers already offering quote unquote free trade what underrecognized though is Nothing's free a write in the case of all of these retail brokers that charge the customer Azero trading fee. They're sending those traits to market maker so companies like citadel citadel and they're getting paid. What's called payment for order flow for those transactions so in their released last week. Interactive brokers was very candid they they said well you know this is how we get paid and if you still want best best execution you can take our four. Fi product instead of our free reprised so I just thought that was an interesting way to to approach it but you know certainly these things are having an impact and for Schwab. They finally said to themselves look we. WE DON'T WANNA lose these customers 'cause they're young people right so they're really the future drivers of their growth right now. Looking at Schwab shares down now more than nine percent so shareholders aren't buying it. Yeah I mean I think for both of them. When I described a minute ago what percentage of revenue they get from trading trading commissions I think the market is pricing in perhaps half of that revenue going away. It's interesting because the last round of price cuts was a couple years ago. Oh Fidelity sorta kicked it off by going to four ninety five trade and Schwab matched them what happened across the entire industry was fascinating is that the net inflows to the the companies and the trading volumes increased so it actually drew in more customers and so again I think that's Schwab's rationale here is we're trying trying to remove any impediment to folks either getting more active or becoming active in the markets for the very first time and then going going forward into the future so not sure. We'll see exactly that again this time but that's what we saw last time.
"interactive brokers" Discussed on Bloomberg Radio New York
"Interactive brokers studio let's get right to micron technologies because it is that one of the earnings reports are waiting for here after the closing bell I'd Cason micron coming in it looks like a big beat on both the top and the bottom line it does look like that and yet the stock which initially was up is now heading downwards interestingly there is that I just said there we go so fourth quarter adjusted EPS coming it fifty six cents still is it beat verses where analysts were looking they were looking for forty eight cents on the top line the revenue for the fourth quarter coming in at four point eight seven billion and the estimate there had been for four point five six billion but the shares are trading down almost five percent at the moment after initially popping Sir we're going to keep an eye on that scene fourth quarter EPS forty two cents plus or minus seven cents. that's a pretty big gap are that's a pretty good range and we should point out that the estimate is forty nine cents of that may be where or why I should say the stock is trading incidents right as you mentioned down more than four percent but keep in mind too it's also a name we've talked about these chips in the semiconductor area that have really taken off in twenty nineteen so micron if you look at the games here in twenty nineteen up more than fifty three percent so I feel like any kind of disappointment again that's investors saying you know what we did this puppy up a lot and said maybe there's some disappointment first quarter just said it adjusted revenue excuse me five billion plus or minus two hundred million the estimate there for four point seventy eight so that's a fairly. Jason basically have pretty much yeah. that I remember I remember covering the chip companies a million years ago and if Ian king is listening he's chuckling somewhere well as is Dan Morgan our friend down in Atlanta because it does feel like a long time ago but I do remember that they used to give these sorts of ranges I feel like most people have gotten out of that habit that the sell side especially has demanded that they be a little more specific my critters down about three and a half is that we are going to get into this in more detail with a non businesses are comes in on the low and that's what five point eight then yeah billion so it would still be Charlie four point eight billion to but it would soon be still pretty much in line with the estimates the outlook there for our team is saying that the first quarter gross margin forecast is trailing yes man that may be what is purchasers stand against it is for us we've got much for coming in in just few minutes we can stop speculating yes we can talk about and because that's the name we. a what yeah yeah but it has been mightily watched for sure and didn't do great you know it priced at twenty nine last night open to twenty seven and ended up closing it twenty five point seven six that that's a decline from the IPO price of eleven percent I can talk about another decline affected your number one to Kleiner in the S. and P. five hundred CC L. carnival corporation down eight point five percent in today's session slumping as two hundred I'm sorry plunging after reported what steeple called quote another quarter of uninspired results in providing week booking commentary for next year that has caused a quote total panic Sir carnival coming out as they said down the most in fact in three months I also taking down some of its rivals in the industry carnival cutting its earnings expectations for the full year citing higher fuel costs due to the Middle East tensions along with the impact of hurricane dory and Sir carnival saying today expect twenty nineteen earnings of four twenty three to four twenty seven that's lower than its previous outlook and so carnival specifically talking about tensions in the Arabian Gulf as contributing to its earnings shortfall the best performer in the S. and P. is Kanak grows coming out with earnings their shares up three point seven percent after they beat on estimates and the shares rising on that get a quick look at the mix yes pretty much call it flat unchanged if you will on the day just down a hair closing at fifteen point ninety six this is Bloomberg. all.
"interactive brokers" Discussed on Bloomberg Radio New York
"The Bloomberg interactive brokers studios in New York in an hour and a half trading will begin in Tokyo Sydney and soul Chicago Nikkei futures right now imply a move of not quite three hundred points to the upside of everything hold we've got a much weaker yen here at one oh six sixty six big all risk off day in or risk on I should say in the U. S. will be talking more about this and the dialing lower of a tension between the US and China on the trade front that story is coming up right now let's get you caught up on this hour's top business stories the ongoing protests in Hong Kong have prompted China is the biggest banks to slash its view of Cathay Pacific I CBC has lowered its rating to strong sell as a follow from the widening and rest damages the airlines brand the big now has a stock price target of six Hong Kong dollars for Cathay about a third less than where it closed on Monday and at a level last seen in two thousand one we go next to Facebook the company has been apparently paying hundreds of outside contractors to strip transcribed clips of audio from Facebook users now we spoke earlier with Bloomberg Serra fryer she says this is another failure for Facebook when it comes to user data what the contractors are doing is they were trying to figure out if those transcriptions from the artificial intelligence were accurate now face a posthumous work they say last week because they saw scrutiny of apple and Google's audio collecting practices so they don't want to get into the hot water so Facebook has confirmed that it had been transcribing user audio but the company said it will no longer do so users affected had chosen the option in Facebook's messenger app a long awaited deal new CBS has agreed to merge with Viacom in an eleven point seven billion dollar transaction the all stock deal unites the most watched U. S. broadcast network with the parent of Paramount Pictures and cable channels such as MTV and Nickelodeon that followed a marathon negotiation sessions this week as the two sides hashed out a price for the long awaited merger snap has unveiled the third version of its video recording sunglasses were talking about the spectacles three they let users record with two cameras instead of one they're also more than twice as expensive as the previous model price tag here three hundred eighty per pair now snap hasn't had much success with glasses so far it overestimated demand and had to write down nearly forty million dollars in inventory back in twenty seventeen Ali Baba's rival JD dot com reported a surprise profit and better than expected revenue the E. commerce company road make your promotions and recovery in consumer spending Judy is try to differentiate itself from Ali Baba by investing heavily in warehouses and logistics network well as I mentioned earlier we had a rally in US equities that occurred after the trump administration kind of de escalated the trade war with China Blueworks Bob moon has more American equities set a new high relative to the global peers after the trump administration announced it would delay until mid December it's ten percent tariff on some Chinese products the S. and P. five hundred index Israeli lend credence to the argument that had this round of levees got into full effect on September first it would have been worse news for the US and the rest of the world at large but with some of the burden lifted stocks soared the S. and P. five hundred added forty three points one and a half percent the Dow Jones industrial average rose three hundred eighty two point one and a half percent the nasdaq climbed one hundred fifty two points nearly two percent some investors remain cautious though about the prospects for a trade truce noting that president trump himself said he was simply trying to avoid disrupting consumer sales for the holiday shopping season I'm Bob moon Bloomberg daybreak Asia so before we had the news on trade today we did have the CPI data for the U. S. an unexpectedly hot reading particularly where core CP I was concerned a gain the end July three tenths of one percent that's a month on month it kind of weakens the case for the fed being aggressive enough cutting interest rates now in terms of the bond market today the risk on mood we had pushed rates a little bit higher the ten year actually picked up about five basis points we finished New York trading around one seven zero in yield the dollar gained a little bit of ground we have the Bloomberg dollar spot index higher by two tenths of one percent importantly for the Asian session we've got a weaker yen here at one oh six sixty eight so now Chicago Nikkei futures the active contract at twenty thousand seven forty five that saw just about three hundred points above where we were in the cash market yesterday in Tokyo now during the regular session we had a rally in crude oil that was largely reflective of the risk on moody an asset markets globally but then after the close here in New York the American petroleum institute reported that crew of crude supplies in the U. S. actually rose by three point seven million barrels last week there was a little unexpected so right now in the electronic session we're down about eight tenths of one percent on active WTI trading at fifty six sixty five I'm Doug prisoner at the Bloomberg interactive brokers studio in New York Selena to you in Beijing well Hong Kong International Airport is back to almost normal operations this morning at Baxter has the global news in the Bloomberg nine.
"interactive brokers" Discussed on Bloomberg Radio New York
"The Bloomberg interactive brokers studio this is Bloomberg best investors are counting down to the fed's rate decision at the end of the month with markets pricing in a twenty five basis points cuts that's right ad but Omar slim Asia fixed income portfolio manager at pine bridge investment I believe the federal reserve can reduce interest rates by fifty basis points in this month's policy meeting to counter an economic slowdown a slim spoke June with Bloomberg's Julie at Sally and upon man about fed policy and his outlook for yields to use chairman Powell's words an ounce of prevention could mean the fifty basis points because I think if you look at the fed models twenty five basis points is reading the noise and it does not really that consequences so the fed is going for what they're calling an insurance card it really needs to be solved the system and sold economic activity I think fifty basis points would probably do that given that twenty five basis points is already factored in that's obviously going to have a lot of dramatic impact on these deals that we already saw a fully of go to China my terminal as well showing that we're at the bit about a quarter crisis if you will with negative yielding debt now comprising about twenty three percent of investment grade Tasha we're talking about the likelihood that US yields probably not likely to go into negative territory but reading into the fact that we are seeing so much negative debt I think this is a reflection of the fact that one two policy globally has really turned decisively more accommodative and the trend that we have seen in two thousand eighteen where the central banks were either being more hawkish or expected to be more focused and we're seeing tied them onto policy has been decisively rivers so I think this trend will continue I think that you will continue to be well anchored US treasuries bias will continue to be for real yields and I think this is just a nice reflection of what one two policies doing contrarian call here for a fifty fifty basis point cut from the fed this one would send the wrong message for market so perhaps you know we're seeing you I set records right now it comes to equities he continues C. vase looking over priced at the moment if we see that fifty basis points when the markets are warring on what is going on with the world economy and actually spook investors I don't think so I think that narrative existed about a few weeks ago but I think the fed has clearly communicate that that what they're doing is essentially a Senshi preemptive car or precaution we caught and I think this is to counter and the slow down that we're starting to see in the U. S. even though it's not that pronounced and also the global slow down so I think the point is that if they really want to have a precaution we pre emptive rate cut they better start relatively big as opposed to just doing twenty five basis points now and the market will expect another twenty five basis points in September and so on and so forth so there's really no point in my view to drip feed this that these these because of the market is expecting seventy five basis points this year of course the risk is that the Clintons might as well go for twenty five basis points but what I'm saying is that the chance of a fifty basis point is more real than the market is pricing and at this point do you think a twenty five basis for fifty basis point cut it is it enough for the fed to to reverse inverted you'll you'll curse I mean they're quite flat when they're not in very good except the certain buckets of the curve so I think what you're going to see is a shift lower as opposed to a more kind of distortions in terms of the U. S. treasury curve to what extent does you know dovish fed which you obviously think it's going to be even more deadly somewhere expecting support and some of the one's own telephones particularly at AM it does to a certain extent because I think most of the central banks in the region they're either going to be as nervous as the federal reserve or they're going to try to a dog the federal reserve so for instance you've seen last year in number of central banks in the region including like a visa for instance that were clearly reacting to the fact heights when they hired by more like one hundred seventy five base for so we're going to see a reversal of that so I think he and there is going to benefit to a certain extent from it but I remain quite new ones in terms of at least some of the E. M. because the manufacturing slow down and the trade frictions or trade wars will have and are having an impact in terms of the economic data and their own full displays or the starting to be on full display with for instance the Singapore economic data a couple of days ago yes being quite extraordinary to see how much the impact has been felt around Asia want to specifically go to India because they may not have been as hit as hard with the tribal but they have been hit with that line problems with whether for example as well you'll sign the abi I could be quite aggressive as well you've also got a fifty basis point cut prediction from them yeah somebody I've I could do it in a number of steps is that of going out one one goal I think as you rightly say India is facing side soul if you sing Craddick stores and I think one area that we're watching a monsoon very closely is what's happening in the Indian finance inspectors visited a non bank financials I think these needs to be the decisively does but in terms of the R. V. I. and so the other central banks I think really is one of the reasons why they're going to cut this because they can so they don't really have a lot of increasing pressure so the the mentality of the central banks in the region has shifted from let's cut if we can if we don't have a problem with the current account deficit dollar major and if there's nothing fishy pressures the kind of natural bias for them would be to be.
"interactive brokers" Discussed on Bloomberg Radio New York
"The Bloomberg interactive brokers studio. This is Bloomberg best President Trump this week, signed an executive order that he said, would bring down the cost of healthcare across the country, and Bloomberg's David west spoke with the secretary of health and human services Alex as our to talk us through the president's order. Well, I really do believe that we're going to look back on this executive order, and these actions around bringing transparency on price and quality information is one of the major, fundamental shifts in American healthcare reform that we will have ever experienced you know, for folks like us who understand markets and customers, you can't have a market without price and quality information. And so what the president is doing is ordering us to have hospitals. Disclose information based on their negotiated rates that they've got in consumer-friendly machine readable format. He's making us put out requirements so that insurance companies give you the patient information on the list price, the negotiated price. And your expected out of pocket get this before you go to the doctor, and before you go to the hospital scene. You can make an informed choice. So that sounds pretty good. As you say that people deal with markets, we believe in markets, based on transparent information. But as a practical matter, these things can get pretty complicated. How are we going to make sure the information is provided in a way that people could actually understand it because you're not both? You can put it out in ways. They're pretty confusing. That's right. David, and that, that's why you'll notice I used to words in their machine readable. We're going to be putting out whether it's ensuring the hospital doubt of the insurance company data or the broader claims out of one of that one other aspect that is going to be just revolutionary. But what the president's required here is that we the VA the defense department Labor Department put out claims data from all of these healthcare programs that in a way that's D identified and protects patient information privacy and security, but make that available all. So many entities out. There are so much better at analyzing big data coming up with trends, identifying efficiencies, but also making it consumer accessible. We in the government are not expert at that. But there are a lot of companies out there that are who could figure this out for consumers if we just make the data available. So one of the earlier initiatives, you had all.
Slack stock surges at debut, values company at more than $25 billion
"Well slack technologies, of course, making its debut as a publicly held company, and that was at the new York Stock Exchange stock. We heard from Charlie up about forty eight percent here in its first day of trading or Emily Chang, on Bloomberg television, cut up with the CEO of slack, Stewart Butterfield. And they talked about the business, bringing in more cash than me, put out on a non going basis is a priority because it allows us to control their own destiny. The ideal for us, though is that we continually find new ways the new opportunities to invest to further the business that we don't need a lot of free cash flow. But just a little bit. All right. Well investors seem pretty excited about what they heard from slack. Let's understand what they're seeing in this business a little bit about how they got to market, as they say, Mendy, sing senior tech industry analysts for Bloomberg intelligence. He's back in our Bloomberg interactive brokers studio. Mandy, you're our expert on these things. What did we see today once slack was really out in the public a one thing is fairly obvious that there is a lot of investor in two zero around, you know, cloud subscription businesses, especially on that deprives side, because the revenue stream is so predictable these in case oh slack. It's growing top line at over fifty percent. So there is demand for P. I think the concern for single product companies, you know, on the cloud is how sustainable that top line growth is. And you know once you hit a billion dollars. I think you're going to see growth taper down. So, but investors aren't focus. Passing on
"interactive brokers" Discussed on Bloomberg Radio New York
"Bloomberg interactive brokers studios. This is Bloomberg daybreak. We're joined this morning by David Rosenberg chief economist at Gluskin Sheff as we continue to watch this flight to safety this morning. David ten year treasury yields continuing to fall to learn lowest levels in about nineteen months. Does the ten year treasury yield have further to fall? Well, I think if you just look at the chart you can see clearly we broke. Twenty four hours to some major congestion from what the reins we had in the summer two thousand seventeen and, you know, I'm not a technical analyst, but you don't have to be what to see that there is nothing but dead air from where we are now to, to percents. And I'm not even convinced that's going to be the bottom. For a while that you don't even have to talk about of -cation just take a look at where the Kate tenure guilt is trading below one percent now known a point nine and what separates the tenure yield from going. The UK is, is just by the fact that there overnight rate, their cost of overnight funds just point five percent and the only central Bank in the world did raise rates nine times a cycle was the fed where we're two and a quarter two and a half percent. Won the fad finally capitulated. And let's face it, we've seen this before the curve of ultimately reached deepened. But the whole curve was we'll shift down. And I need the convergence will be anew Kate gilts and everybody just folks on the stock market. They have no clue. How much money you can make in the bond market deals. Go down. Are you're saying when the fed capitulates when do you see the fed capitulating? I think that, you know, look, trying to time the exact meeting, nobody can do that. But I think that I would say that by late summer, we will see the fed starting to cut interest rates. So I'd say by Labor Day or there after no later than that. We've heard from some observers saying that they could even see the fed cutting rates fifty basis points as opposed to twenty five. I mean, could you see a fed rate cut that significant that soon? Well, it's not as if the fed hasn't done that before in, in the previous two cycles. I think that, you know, the, the day that would have to really warranted. I actually think that the data will warrant it will the fed go fifty basis points. To launch things off. You know that's a tough call. I mean things that have to get really ugly for that to happen. Because one thing we know about the fat, you know, and with all deference to Jay Powell, who's accredit sky, and not in the communist and the reality is at the fed remains and always has been an extremely incremental institution. That is more likely to follow the markets to leave the markets of at some point. Fifty two meeting dancers. Yes. First meeting, the answer is that who knows. I don't think that's where the relevant what's relevant is what's priced into the curve, and the curve does not have the sad priced. Do what I think they're going to do, which is to go back to zero bound in the next say, twelve months. So. Perspective over fifty you don't need a meeting too key. Here is at does not enough easing price into the market right now. We're going to have a key piece of data that the fed watches coming out this Friday with the core PC what's your expectation heading in? Well, I think that, you know, this is where in my writings. I've been saying that I was, I was questioning whether the fed is right on this. Call. Decline Inc is transitory, which was the language, of course, Janet Yellen used us a few years ago. Cornflakes in his back actually below where it was when she was talking about how this is a telecom more. I know the fantas focused on the Dallas the, the, the trim mean inflation, index showing that there's, you know, stripping out the extremes on both sides. But, you know, when I'm take. On. And I've taken a look of law city of money is going, and the money supply. I'm looking at apply where the gap is going. I mean everybody talks about the tight labor market. But yet if it wasn't for the decline in the participation rate employment rate, would've already grabbed the four handle in the past couple of months, and capacity was ancient rates are starting to go down. Precipitously over the course of the past four months. So that's Kelly me fundamentally getting away from just what the data shows this week. We are rebuilding a positive that is gonna put disinflation pressure onto cornflakes from measures that are already below target. So my sense, is that the trend is your friend is not transitory in cornflakes, and it's going to be receiving quite dramatically in the next six twelve months, and ask a really short answer to the next question. All things being equal conditions. Stay the way they are. Have you changed your recession forecast? Have I changed my recessive forecast respect in the respect of whether recession could come sooner rather than later? Well, I mean. I mean I I've been saying that, you know, in the past year that recessionary pressures were building. And this is before, by the way, the, you know, the next chapter of the US, China trade War, I would think all along. Yeah, I'd say that in a second half of the year, recess start. I'm not gonna take the month. But I say second year Volvo public recession the United States David, Rosenberg chief economist, Gluskin Sheff,.
"interactive brokers" Discussed on Bloomberg Radio New York
"Most placement officials will welcome postings for internships the process of writing opposed Incan, help an owner, formulate, what the internship will entail, and some placement offices have guides to writing posting on their websites, that Paul University College of communication guide. For example, says companies need to describe not only the perspective, interns responsibilities. But also they're learning objectives. Many business owners find that interns more dedicated when they're paid. If an intern is unpaid in over needs to make sure the work they're doing isn't work that an employee could be doing that. Could be a violation of federal labor laws owners also need to think about wearing in turn will work in the company's premises and who will be their mentor, and that's the Bloomberg small business report from. Bloomberg interactive brokers studio best it's forty seven minutes past the hour. And now it's time for Bloomberg opinion. This editorial was written by the Bloomberg editorial board in its struggle with China over trade and national security. The US has many legitimate grievances and a variety of weapons for seeking redress that doesn't mean it should use all of them the nuclear missile the US just launched it while way as a case in point last week. The Commerce Department placed while way on an entity list, which means US suppliers, may now need a licensed to do business with them, the ban threatens to drive one of China's most high-profile companies out of business. That would be a serious mistake. It will impose collateral damage on companies around the world, including American suppliers, and it undermines the implicit point of any U S, China trade deal. The US needs a larger plan that seeks a health. The're coexistence with China, crushing Weiwei looks like a split TJ miscalculation, this to'real was written by the Bloomberg editorial board four more Bloomberg opinion. Please go to Bloomberg dot com slash opinion or Opie I n go on the Bloomberg terminal. Thanks, charlie. Now let's check in with the Bloomberg affiliates to find out what's happening on most influential radio stations. Amanda rodeo on WBZ in Boston. I'm talking about earnings at hometown retailer, TJ eggs, Ed Corry on W, T, A M in Cleveland..
Chevron, Occidental Petroleum And Bloomberg discussed on Bloomberg Businessweek
"Today. I major bidding war has broken out. No doubt about it in the Permian after being rebuffed several times Occidental Petroleum making public a thirty billion dollar offered by Anadarko petroleum as it looks to break up a proposed takeover offer by Chevron. I find this interesting. How this is all play out because it's a it's a very aggressive. It's not it's good to be the king. It's a very aggressive Bidin. It's going to be interesting. How in Dhaka handles it? The seventy six dollar per share cash and stock bid for the Texas based oil natural gas producer. It's twenty percent more than chevrons thirty three billion dollar agreement. So the gloves are off seven Casey is following it. All he's energy, America's team leader at America at Bloomberg news in our Bloomberg interactive brokers studio, where are we surprised that somebody else came out knowing? No, if you look at the Chevron bids was announced on April twelve and I think part from the first day everyday since then the Anadarko still has been trading slightly above that offer price. So it was it was it was in the price expecting for you. I mean facts on the morning of that deal. It was announced. We also reported that Occidental citing anonymous sources that Occidental had made an ova chill. So they just come and today. That's what that's what the news is so expecting Chevron to step up to the plate again. Well, perhaps. It's not a certain this is a Bloomberg market minute. After what
The future of Star Wars: All the known movies and TV series coming your way
"Disney is trying to reshape the media landscape this morning, and at least it's reshaping the picture for a shares. Shares surging more than ten percent to a record high. Joining us in our Bloomberg interactive brokers studios. I'm so pleased to say terror Lachapelle who covers all things media and deals and telecom for Bloomberg opinion, terra, I find this deal fascinating. They unleashed Disney. Plus, which is the answer to net flicks. But can we start with just how limited is this offering at first I mean, this offering six ninety nine a month and a lot has been made of the price. But it's because there's not going to be a whole lot on it to begin with. If you're a really big Star Wars fan, perhaps there's a dry there because they are going to be able to have all the old Star Wars films. Which wasn't a sure thing we didn't know that. There was a big surprise last night because doesn't it actually sold the rights to those movies to Turner awhile back? So they probably had to pay big time to get those rights back for the Disney plus app. So if. Star wars. Okay. You've got that a Star Wars series is going to be on it the mandatory orien-, and then a lot of old Disney movies. So if you have young kids, perhaps it's good for that. Because we know kids don't mind watching the same movies over and over again. It's a great way to keep them. Busy. That you know, it's it's build a sort of the family app compliment to ESPN, plus and Hulu, which are the sports and more of the content. I guess you could say, but to me it really is forced to per fans of Disney and six ninety nine you know, you really not getting a whole lot for that price at first what's the vision for Disney? Plus, I think Disney plus is the product of the center of the future of Disney, which is kind of amazing. And I made the point in my column today that that's why the name kind of concerns me because Disney plus implies it's sort of like an add on as supplement to the real Disney. When really they're sticking their future on this app. And it's not gonna be profitable. And until two thousand twenty four which is going to be a few years after CEO Bob Eiger, who's leading this mission as long gone. He's retiring in twenty twenty one. So there's still a lot of questions about what this is going to look like how it's going to disturb the rest of the empire as an increasing amount of content goes to the app and not to. Sneeze other properties. How's this going to be the future though? I mean, I assume that eventually it will have more content. You're talking about the limited offerings at the initial out. What is the content eventually? And how does this end up being the monster revenue driver that Disney really needs? So I think what they're envisioning is as we've sort of seen this bulk innovation of the TV industry that Disney is increasingly going to keep anything that comes that's made by Disney on Disney. Plus, that's where you're gonna have to subscribe to get it or ESPN, plus and Hulu, and maybe they'll be some sort of bundle of those three apps. But basically, if if you're a Star Wars fan, if you like marvel movies, if you want Pixar movies, National Geographic content, you're gonna have to subscribe to Disney. Plus, so they're really sort of. Monopolizing that content for their own app. And it's not going to be available in other places. I mean, you can still, you know, big big films. We'll still go to the movie theaters, and maybe people will still pay to go. See those marvel productions maybe that still draws people out to pave and go to the movie theaters. But at the end of the day, I think what they're saying is the app is going to be the new home of Disney, and you need to subscribe. If you want anything Disney, so people are focusing on Netflix today. Netflix shares are slightly lower. But to me the real losers here, potentially the big cable networks. Absolutely. I mean, Disney right now is very dependent on the traditional bundles still, and they're not fully moving away from that by any means with Disney plus app yet. They I hearing from keagan part of peak global market intelligence that Disney gets about fifteen dollars a month per subscriber from its top twelve TV networks, which is a ton of money, and they're gonna have this app for six ninety nine. They generated about three billion dollars in box. Office ticket sales last year from its films and eventers endgame opening later this month could be the biggest opening ever. So they are still very dependent on these former revenue streams, but I think Disney possible accelerate this court cutting trend because if you are such Disney fan, why would you subscribe to cable one hundred dollars hundred dollars a month or you could just get Disney for six ninety nine. And I think that's what they're really hoping for. Although can you really get it for six hundred nine. My question is when they actually start to incorporate more offerings onto Disney, plus can they possibly stay at this price that undercuts net flicks. I mean, that's the reason why people were so odd by it because it just blows that flex out at the water in terms of in terms of discounts. Right. I mean, they've left themselves a lot of over to raise the price at six ninety nine. It's much cheaper than net flicks at twelve ninety nine, but again, Netflix has more I would say diversity of content for adults at least. But yeah, they've left themselves a lot of room. And I I would imagine the company hasn't said anything about this. But I would. Imagine that over time as bigger hits make it to that app. And they're increasing number of originals. They will have both the wherewithal and the need to raise the price. Okay. So going forward four net flicks. What is sort of the key test about whether this will actually draw people away from it? Yeah. Because I think right now the draw. Netflix is good enough for the price. Right. Maybe it doesn't have always the the best quality movies. And it doesn't have some of the TV shows you like to watch on cable. But at the end of the day at thirteen dollars a month. That's kind of a great deal. The question is over time. Does it lose that appeal as Disney plus comes on board, and then AT and T launches some apparatus HBO and the other assets bought from Time Warner, and there's all these other free ad-supported apps coming coming out. Now this year. That question is do people still need to pay for net. Flicks. I think for a lot of people it's going to be sort of the base case. It's kind of like what you need. And then what else can you afford to pay for? But for others for parents, maybe doesn't plus a lot of their problems, and they don't need flex, and that'll be interesting to see over time does that flex sort of that that premium. I honestly want to use that quote for the rest of my life, maybe for parents, plus solves all of
Pinterest and Lyft move closer to IPO
"So twenty nineteen was eagerly anticipated for some of those unicorn IP as it would finally finally become public. Just this week. We heard from Pinterest, and they're expected to file confidentially for its IPO valuation of about twelve billion. Then you've got lift we're talking about maybe evaluation of. I think I don't have a number. I can't I don't have. But anyway, the other one is Uber and we're talking about one hundred twenty billion. So we're talking about finally, maybe some of these IPO's kidding the market and becoming public entities. Let's talk about it with Jeff Grebo. He's America's venture capital leader at Ernst and young based in San Jose, California in our Bloomberg interactive brokers studio in New York, and yeah, if you went late last year, this was going to be one of the big themes of twenty nineteen and then when the markets fell apart, everybody got a little worried, but nonetheless, we're starting to see league at IPO's. They will be coming. They will say, well that's going to be one thing. Leads nineteen two thousand eight. Eighteen was a phenomenal year. We had one hundred thirty eight billion dollars put to work which crushed whatever we saw in terms of what was put to work in the venture space in the dot com era. And so. And get your head around that everybody just sit with that was really great. Yeah. And and a big trend that drove that which is something that's also you'll get your head around was it was driven by mega rounds. So and we define a mega around is any company that's raised one hundred million dollars or more. There were two hundred and twenty one companies it raised one hundred million dollars or more in two thousand eighteen which is significant say the lease up from one hundred twenty nine year before right? And you do the math. That's there's two hundred sixty one working days in a year. That's almost one hundred million dollar deal a day for a year in the venture space. Where is all the money coming from or rather not where it's coming from per se to do the to do these deals, but what who's the loser on this end? Because if it's going into all this IPO, it's got to be coming out of somewhere. Well, the money. So you were talking about a little bit yields and whatnot. So we've been in an historic low yield environment. And what's happened is to get yield investors? Have had to assume more risk and that has pushed a ton of capital into the venture space. So other asset classes are buying down. That has ballooned the amount of capital that we've seen what's been in comparison. Right. We talk about whether it's family wealth offices. Whether it's instant pick your institutional investor right in that seat seeking yield. They have moved into other areas and big time in terms of providing money for startups and venture. Yeah. Because you go back probably seven or eight years, and we wrote something on this that what you if you look at other asset classes IPO's at that time were crushing other asset yields, and so a lot of these sophisticated investors buy in across multiple asset platforms, and so really even by IPO's. And so they decided to say, hey, why instead of just by why do we buy a little earlier, maybe we'll get more on the IPO? So in general as you say they're chasing risk if you will to to get yield these have you the rest of the stock market how how these performed I mean investors made the right decision. By putting money into into. I if you well, I mean, that's interesting phenomena in an interesting asset class not for everybody. I mean, I I can't tell you. I think year to date last year. IPO's worry pretty good bet. RIP Bloomberg IPO index was up five percent last year. Okay. And I'm trying to see what was going on that. Right. Let me just see my track record. I'll tell you that actually forgive me. That's for twenty seventeen. So let me see if I can get the I don't know. I don't have the two thousand nine hundred. But yeah, I think you're right that it was a better year. And so what happens is when yields are up in those markets more buyers come in. And so and you do have large buyers. It's just not mom and pops that are buying it. There's large institutions that by significant positions of these that actually mom and pops have exposure to you wanted to minimus basis through. Mutual funds and other types of things and other types of instruments. Well, it's interesting too. I do wonder now the renaissance IPO ETF it was actually down seventeen and a half percent last year. And I'm thinking that they probably if you take into account that December month really kind of change the overall indices, maybe some of it was then I'd have to take a look and just see how what the history was. But we are in a volatile environment. Yeah. It was up twenty nine percent of you ticket. I think till a little bit early. Sorry. I'm just playing around with. And so what I am curious about is because there's so much money flowing around. Jeff, I mean, it does allow I do wonder about the IP alternately come to market are they stronger are they healthier? Well, these companies are much older than they were you compare. Everybody loves to compare dot com. Era versus today and the companies today have have significant top line numbers and they've been around for quite some time. And they've got the other got some real beef to them and their and it gets to be more. A question of. How much is there there versus is there? A there there and back in the dot com era. It was a basically a lot of these IPO's were public venture capital. And now it becomes a bad on. Okay. How big will these companies be and can they with girth and the breadth in the meat that they've put on the bone? Can they get to be profitable? You've mentioned essentially will it slowdown. What is twenty nineteen go to look like a week going to keep going at that twenty eight thousand pace or we're starting to hit a wall somewhere? Nothing can continue to go up into the right forever. Find you know looking forward into twenty nineteen. I would find it hard to believe we would be twenty eight. But I think twenty nine thousand nine can be a fairly substantial year for a variety of reasons. One is we talked about the that is gonna shine. You're gonna see some significant companies go public in the next six months. That's that's gonna shine a bright light on the asset class, and there's gonna be some real money return to investors, and so that's gonna keep that piece of the equation going. What's the next round like after we get through the Uber's the lifts the pinta rests and a few others Airbnb. What are the ones that are kind of? What's the next round of now? I'm just curious like, what are you looking at because we've been looking at these I feel like for so long, and if talking about that, well, I mean or even just industries like where you're seeing kind of interesting developments. Well, there's a lot going on in fintech. There's a lot going in healthcare. I'm assuming with technology enabled one of industries, which is also another tale when helping to push all this money into venture capital and also helping to. Areas like New York, which was not a big venture capital place. But now it's got a significant start up, and he started PICO system and environment. Do you get nervous at all about in terms of the the market volatility? We've certainly seen increased volatility in the last year or so how does that impact? What we're seeing in terms of the world or does it just operate separately? These are ten plus your asset classes, they don't correct day-to-day monta month quarter to quarter year year, these are long term asset classes, you know. There was fifty five billion dollars raised into venture funds last year to be deployed over the next ten years. So there is significant dry powder. Now, if a substantial event or nuclear winter were to happen economically. Yeah. People will slow down. But there's also the old adage of hey recession is never a better time to start a company and to put money in the ground in venture capitals may got to put it to work right now. Otherwise, exactly their investors. Get frustrated they are on a timetable to deploy capital. And so, you know, so the IPO's are going to be one thing there is a significant number of companies out there. We're tracking over eighteen thousand venture backed startups in the US that have raised over half a trillion dollars at book value. So yeah, when you look at the pipeline, there's a lot to be fed there. So regardless of what happens a lot of these companies, raise capital Soleil will be coming back to market, you know, and to your point earlier, you know, up into the right forever. You know, people are starting to think about well. You know? It won't go up into the right? So should we start to think about being prepared for something? And so we're starting to hear about investors talking about, hey, we have other investors who want to come in. Why don't we do a preemptive around and just sit on it just to make sure what there's nothing wrong with having nine to twelve months of cash. The I was just gonna ask you that. How do you how to have your hedge that bet? So if you're in an initial investor, do you sort of let other people in and sell some of your shares to to hedge that if you will and just let more people in and spread your risk out. Well, that'd be that would be secondary. At actually have friends in the angel market who have done that who have taken money off the table. But primarily what it's doing. There will be some dilution especially because a lot of these are going to be growth rounds, which you'll be substantial amounts and certain of these investors that we talked about that are buying down or from other asset classes, we'll want to have a certain sluggish capital. And so and that also may give. Founders and employees and opportunity to give a little bit of
Fixed Income: Definition, Types, How It Affects Economy
"Let's talk fixed income Alex Harris bond reporter for Bloomberg news is in our Bloomberg interactive brokers studio, Alex so nice to see you. What are some talk about a crazy busy week free? But what are you looking at the markets today today, thankfully was a little bit calmer. You said it was boring. We're a little more come on. Let's just be relative to what was happening yesterday with the FOMC minutes. And there was a lot packed today. A little bit calmer was seen a backup and yields however, still range-bound because again, there's all this uncertainty floating around. So I think really today's move was driven more by the investment grade corporate bond calendar. You know yesterday you had alive lily come in with a with a big bond issue. Tens and out the curve and their funding an deal Tae, Boston scientific four point three billion. They were across the curves. Five cross the curve excuse me, five years to thirty years or bond market alive and kicking alive and kicking as long as there's day where you're not getting a whole lot of fedspeak and things are relatively calm. And there's not a lot of volatility. I think they can come in. And that's what's pushing the market a little bit. You have the five thirty s curve is steeper today. It's round fifty three basis points. So in on the new issue market what's the reception in there? And what's liquidity in the marketplace? Mean you're still getting people taking down these deals in clearly they're coming and they can come with four point five billion yesterday from Lilian then Boston scientific and follow up with another four point three reception is still good and as long as follow Tila ty- remains somewhat subdued and now the feds on hold. I think it just gives you a bit of an opening and the long end is an attractive place. For issue. Just because investors want that yields. So they're gonna pick up what they can get. So, but again, you know, ten year thirty year treasury yields still rangebound, we have trade uncertainty. We have Brexit uncertainty. We have all these issues on the table that have yet to be resolved. And until we get a resolution. A can't see the treasury yields breaking out one way or
Tencent shares jump 3 percent after Chinese regulators approve new games
"Twenty two down one tenth of one percent. Nasdaq up forty seven up seven tenths of one percent in New York. Charlie pellett. Bloomberg daybreak Asia. Thirty three minutes past the hour. Let's take a look at the Asia Pacific. What to expect today? And what's happening at the moment. Here's Doug krizner. Let's begin with the euro, Brian because we were down quite a bit of New York trading at one point we actually dipped below a buck thirteen that in afternoon trading, which coincided with a report on German or the German government, reducing its twenty nineteen GDP forecast to one percent earlier in the day ECB president Mario Draghi intensified. His warning on the challenges facing the euro area right now, we're dollar thirteen zero six so with euro weakness, the dollar strengthened against the majors. Bloomberg. Spot index picking up about three tenths of one percent on the day slightly. Weaker yen one oh nine fifty three in spite of that pullback, though, we're not seeing a lot of support for futures on the Nikkei trading in Chicago. We're only about twenty points above where we finished in the cash market yesterday in Japan, and in a little while we're going to get the Japanese CPI for the month of December want to get you to Sydney now, we've got Paul Allen. They're looking at the early goings down under and maybe a little taste of what's happening in New Zealand. Good morning, Paul. Yeah. Morning. Doug, gambit of a mixed bag in this part of the world, the dole is continuing its slide. Seventy eighty one the six high by one percent, but I wanna tell you about one of the worst performance today. I am he offers seven percent. This is after the wealth management warned the full year earnings are going to slump another thirty five percent costs piling up there from the financial advice scandal. I am going gonna take another one hundred and sixty million AUSSIE dollar hidden fiscal twenty nineteen on top of an earlier too. Hundred million dollar hit. So those shares easing off today over New Zealand daddy. So looking pretty flat right now dR, all right? Thanks to Bloomberg's Paul Allen here in New York. We had crude oil picking up about one percent. There was a report from the government. The energy information agency actually came out with a rather bearish view on the shale, boom. However looks like the growing instability in Venezuela is carrying the day helped WTI finish above fifty three a barrel right now, we are at fifty three o nine in the electron accession. I'm Doug krizner at Bloomberg. Interactive brokers studio in New York rish. Yeah. Thanks, the two bills aimed at ending. The US government shutdown has failed the two sides in anti gay shading at banks is go global news. And he's in the Bloomberg nine hundred sixty San Francisco newsroom. Yeah. Rish. Thank you. It's back to square one. Well, with the exception that both sides now. No there are two options compromise or leave the agency's shutdown. Bloomberg's Marty Shankar says the two sides now have gone back to the bargaining table. The outlines of some sort of a compromise that would continue that would open up the government for three weeks contain some semblance of border security. And the president says he is open that it will compromise reasonable agreement. I would support again, maybe a pro rated deal on a Wally says, but that a wall has to be part of it earlier in the day Chuck Schumer said he needs to know that the president will sign something that they negotiate last month. The Senate unanimously passed the short term Bill to keep the government open. It was leader McConnell's idea. Everyone thought the president would support it. But President Trump buckled to the most extreme voices in his party. So the talks are still on Japanese whalers say they will form a fleet of at least five vessels to resume commercial whale hunting, July first it says exact locations will be determined by research in June. It says catch quota and hunting scheduled not scheduled and decided North Korea's Kim Jong UN has ordered preparations for a second summit with Donald Trump. He says he will wait with patience and in good faith to work toward a common goal. The issue is what Cam needs from Trump to make any moves toward denuclearisation. The US has ordered non-emergency government employees out of Venezuela and the Trump administration trying to clarify statements made by commerce secretary Wilbur Ross about government workers thirty days of that. Some people will be out. There's no real reason why they shouldn't be able to get a loan. Against. So the president asked about it today, and he efforts what he was he being Ross was trying to say banks are working along. If you have mortgages, the mortgage is the mortgage the folks collecting the interest in all of those things, they work alone. And that's what happens in down like this. They know the people they've been dealing with them for years, and they work along the grocery store and explanation of why they really don't need to rely on food banks global news twenty four hours a day on Aaron a tick tock on Twitter power 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 Brian. All right. Ed. Thanks very much. Thirty eight minutes here past the hour. It's time for global sports. Dan Schwartzman
Intel misses revenue targets and issues weak outlook amid record revenue
"Semiconductor and hardware. Analysts for Bloomberg intelligence. He has made his way into our Bloomberg interactive brokers right now he's in high demand. Just saw you up there on the TV. And here you are with us. Now, what do you make of this because investors don't like it? Look, I mean, the bar was set pretty low for from an expectation standpoint. The recent few week rally here and Intel failed to care the bar rate. So if you have strength yourself from the from the last few weeks, the expectation was that data centre was going to be week. We know the cloud demand is weak, particularly in the first half Seagate has told us that western digits told us that. So this is unsurprising we hope that expectations may have been low enough that they would have been able to clear that low bar and that did not happen, right? The data center seals being week has a disproportionate effect on earnings because the sales of the serotypes carry higher margin. So that's unsurprising earnings miss is substantial particularly in one q. So again when you step back and look at it is causing a disproportionate amount of harm. We hope that it comes back in the second half of the year. That's where all the other companies in the space. They're saying they also missed but the expectations in their cases TI esky ki-hyon slum research where low enough that they were the stocks rallied right in this case that is not the case because the bar was low, but they went lower. What's what what I was just going to say because we saw those other results as we go into tomorrow. Is there a little bit of a contagion that goes through the rest of the chips? So this this sort of rights itself, right? Don't let we are not in the last few weeks. We've been taken aback way the strength of the of the rally, and we're we are setup into Allie. The chip Rodney and are set up into twenty nineteen is we we want this love hate relationship with semiconductors to go way. We weren't apathy. Right. When people don't care about semiconductors anymore. That's when it's an interesting time to look at it. Right. When companies are still trading adroitly fifteen times, it's a median multiple the large gap semiconductor group from Bloomberg intelligence and earnings have been cut only seven percent or twenty nine hundred then earnings needs to be cut far more dramatically in multiple needs to come down a little bit more. But more importantly, we warned expectations to going, right? And I just want to point out some other players Texas Instruments down point three percent as a. Applied Materials trading down about two percent in the after hours. Just quickly sheera twenty thirty seconds here. I mean, their CEO though is facing challenges they've got an acting CEO. Right. And so we're still waiting for the new guy. Yeah. I mean, I think that that is really that's the big pain. Here is that this company has been operating with an interim CEO since June,
Asia stocks calm as China slows
"What's happening in financial markets as the Asian trading day gets rolling. Let's get it over to Bloomberg's Doug krizner. You were talking earlier about one of the components. I guess a foundational component for this optimism being optimism on U S China trade, given the fact that is Bloomberg news reported last week. The Chinese were making some kind of offer on a path to eliminate the trade deficit with the US. But now we're hearing that the US and China have made very little in the way of progress when it comes to the issue of IT, we are told Chinese officials have denied IP theft, and they have asked the US for proof. So in turn the US T R, the office of the trade Representative of told US lawmakers of the lack of progress on the issue of IP. This may have been one of the factors helping to take equities from session. Highs here in the early asiapac session. We also have negative South Korea neck port export data for the first twenty days of the month of decline of nine and a half. Half percent. If you look at semiconductors by themselves. Semiconductor exports in the first twenty days were down twenty eight point eight percent. The Korean one right now against the dollar weaker by four tenths of one percent. Let's look at the equity picture very quickly in Seoul, the kospi down two tenths of one percent, Sydney. Asx two hundred is better by two tenths of one percent. In tokyo. The Nikkei still holding onto a gain of about four tenths of one percent. We had been higher by about one percent earlier. But the yen has strengthened now against the dollar to one oh nine fifty five in that has helped to take some of the wind out of the sales of the Nikkei in Hong Kong hang sang up three tenths of one percents. Shanghai composite. Meantime, better by about three tenths of one percent. Now, we have a holiday in the states markets will be closed in observance of the Martin Luther King junior day. So as a result, no trading in US treasuries in the Tokyo session. The ten year was last quoted at a yield of two point seven eight percent. I'm Doug krizner at Bloomberg. Interactive brokers studio in. New York, Paul. All right. Thanks very much. Doug. Well, the second Trump Kim summit is expected to be held in Vietnam. Baxter's. Global news in the Bloomberg nine sixty San Francisco newsroom. Ed, exactly right, Paul. That's the word today from the Trump administration. Anyway, vice President Mike Pence on FOX saying the US goal to begin to make real the denuclearization. That can Jong on committed to the first word is location Hanoi. But that hasn't been firmed up. We're told denying hokey men city also appear to be in the running. He you nations are split and disagreeing over how long they think the UK could delay Brexit how some of them pushing for up to a year. Others want pressure applied to accept a deal as soon as possible it's up to the UK to ask for a delay. Something Prime Minister, Theresa may has adamantly said she will not do you k- trade secretary Liam Fox in the BBC says the message to the EU is that there is a real possibility of Brexit without a deal there watching my message stem is I hope you've understood from this program that new deal is a real possibility at least put the African. And may is preparing to set out where Brexit goes next in parliament tomorrow MP's are already preparing to take control of the process. She's had a call with her cabinet today. Japan's Prime Minister Shinzo Abe's heads for talks in Moscow this week. The hope is resolution of the seventy year old dispute over Pacific islands, but Russian rhetoric has turned strident as foreign minister Sergey Lavrov says Russia will not surrender any territory and is publicly offering a pointed reminder of Japan's World War to defeat. Japan's hope would be that this is just pre negotiation rhetoric. US house leadership is how the Trump announcement over the weekend of a compromise which would give some dreamers, DACA. Three years to stay in the US. They say, it's an odd started. But Republican James Langford says it is a very good approaching the presents put a reasonable compromise on the table. Everyone knew we're going to go through this process. We're gonna end up compromising on multiple different areas to be able to resolve it. But the core elements are there that we all strongly believe about. But democratic Senator Mark Warner says this announcement by the president could be a starting point. But the government has to be opened. I what we cannot do. And I've actually had Republicans as well recognizes is that we cannot reward the kind of behavior of hostage-taking because if the president can arbitrarily shut down now he will do it time and again warned her on NBC and the House Democratic whip James Clyburn on FOX says he has a path forward temporary protective status for all people sick in the come to this country and the Trump Tower Russia talks didn't end until November election year. That's a far later than has ever been admitted by the Trump administration personal attorney Rudy Giuliani and CNN saying yes, November. But I'm not I'm not at all concerned about that. He gave a full and complete answer to it. I can't share the whole thing with you. But I can't share the conclusion, which is he had conversations with Michael Cohen. But it was Michael Collins driving the project says he never ordered him to lie to congress in San Francisco. I'm Ed backs. Stir? This is Bloomberg Bryan, sir. All right. Ed, let's move on to sport Donna pages with
Bloomberg, New York And US discussed on Bloomberg Daybreak: Asia
"All right. Let's get a closer look at what's expected here in the Asia Pacific. And in fact, what's happening here. Doug, I mentioned a five percent rally and just an full of days in Hong Kong, but still down fifteen percent over the past year and the CSI three hundred and China down thirty percent even after the gains of late. Yeah. Right now, hang sang is up about one point five percent in the Japanese market. The Nikkei is higher to where seeing the trade essentially flat against the dollar here. One. Oh, eight. Eight seventy infotech the only stock group within the Nikkei, that's showing weakness energy shares are being helped out a bit by a rise in the price of crude oil WTI right now in the electron accession fifty thirty to the game. There is about one percent during New York. Trading crew had been up for a seventh straight session. The bet here is for tighter supply, given the OPEC cuts we've been talking about and consider what may happen to the growth story. If if we do get traction on a U S China trade deal right now in Seoul, the kospi is up by about one point four percent in Sydney. Asx two hundred ahead nine tenths of one percent. And on the mainland. Shanghai composite is ahead about six tenths of one percent. Long term interest rates relatively stable here in the Tokyo session. If you're looking at the US ten year treasury we've backed up about three basis points in yield in New York on Tuesday to seventy two right now is kind of where we are trading. The dollar is pulling in about two tenths of one percent. If you look at the Bloomberg dollar spot index. That's about the same degree that we were up in New York. If you look at the Bloomberg dollar spot we were hired by two tenths of one percent. Offshore Chinese one right now six eighty four forty so we're a stronger against the dollar by two tenths of one percent. I'm Doug krizner live at the Bloomberg interactive brokers studio. Juliette? Thank you, Doug. And is apple story going to get worse or to set a report coming through from the Nikkei on the Bloomberg that apple will cut production of three new iphone models by ten percent will US President Donald Trump will take a tight to the era. I should say in about half an hour to present his case to build a border barrier. Ed Baxter is covering all the global news in the Bloomberg nine sixty San Francisco newsroom. Ed, Juliet, he's hearing voices in his head from from outside his conservative allies are pushing to have him declare a national emergency and use those dollars. Bloomberg Joe subject says that's not what we're hearing that he will say we're told that the Trump will offer something of an olive branch in some form or fashion to the Democrats who have been at at stalemate with it. He's also. Oh invited the top leaders of both parties in congress to the White House tomorrow, and he's going to talk to. Republican senators at their weekly lunch. Tomorrow's no, of course, all of that can change with a tweet and the president's case already being made by vice President Mike Pence today, we need new resources we need to build a wall. But we
"interactive brokers" Discussed on Bloomberg Radio New York
"From the Bloomberg interactive brokers studio, well, Asian equity cash and futures suggesting strong follow through on these games that we had in Wall Street. The Dow up six seventeen the S and P five hundred up sixty one seeing gains like this in about the last seven months yourself and taking a look here at a couple of the other Asian futures still still getting ready to trade in the cash markets in thirteen minutes. We'll get Tokyo looks like about a two. Eight hundred fifty point gain or so there at the open Hang Seng index futures will the contract is not active, but he was actually a little bit lower and SNP's five hundred eighty minis are down a couple of points that could be natural given the big. Beefy gain during regular session. China futures are up one point five percent now onto the cash markets, the S X two hundred in Australia eight tenths of a percent, and the ends at action New Zealand up seven tenths of why you ask well, it really was all down to the comments from the fed chief Jerome Powell said that interest rates are just below. The neutral rate has suggested to many in the market that it could be a pause now there are several other interesting aspects today, we report that Treasury Secretary Steven Mnuchin actually approached investors and asked whether they'd rather have the fed tightened through faster reductions to the balance sheet rather than hiking rates in the sense, adding some cover for going slower on rate hikes, and it turns out that the response from those investors was split about half and half. Oil price is it fifty fifty one yield on the ten year treasury three point zero five percents. All right. Twelve minutes before the top of the arts time for a news update to San Francisco. Here's Ed Baxter with the latest, Ed. All right, Bryan. Thank you US. Senate. Bipartisan move is advanced a resolution seeking to withdraw support from the Saudi Arabia led Warren Yemen. It is scheduled to.
"interactive brokers" Discussed on Bloomberg Radio New York
"You. So that's the spoils. You found the news. Here is your price action futures slightly positive on the S and P five hundred up by not even a tenth of one percent, positive two points, the FX market the euro a little bit softer SRI the morning is German GDP comes out in contraction territory. And we're way comments from the chairman of the Federal Reserve. From headquarters in New York, John Farrow and Tom Keene. Thank you for being with us on economics, finance investment too, much politics. We've seen that coming off the election still front and center, we're at the Bloomberg interactive brokers studio, enjoying a beverage of our choice on the interactive brokers market lounge as well, let's talk about today with futures red then green than red than green sort of speaks to the turmoil in the equity markets right now, the Bloomberg NJIT stem report brought to you by New Jersey institute of technology, one of the nation's top technological research. Universities a leader in nexgen stem, workforce development. Learn more at NJIT dot EDU. Nathan Hager, Tommy, John, let's see what's making news in science technology. Engineering and math snap says the Justice department and the securities and Exchange Commission are looking at. Into allegations. Misled investors ahead of its initial public offering last year snap investors alleged that prior to the IPO snap didn't reveal how much competition from Instagram was hurting its growth. They also say snap failed to disclose a sealed whistleblower lawsuit by former employees who claimed inaccuracies in the company's calculation and reporting of daily active users. Tencent holdings posted earnings that surpassed all estimates has advertising demand. Limited the impact of a government clampdown on its games business ten cents earnings. Buck the recent trend of disappointing results from China's technology companies as a slowdown in the economy dampens the outlook Alibaba group cut its outlook for annual revenue while search leader by do also predicted sales below estimates. And for years insect populations have been dropping worldwide without a clear explanation. Now, a new paper suggests male infertility is at least one factor behind that decline. The New York Times says the paper finds warmer than usual temperatures take a disproportionate toll on males of some insect species. After a lab simulated heat wave. Researchers found that male flower beetles produced vastly less sperm that response to heat may account for at least some of the population decline seen in insects. And that is the Bloomberg NJIT stem report, Tom and John Nathan, thanks so much fun. Things you need to know to start your day, say good morning, South America. We'll get to that in a minute five things you need to know. Thank you interactive brokers using integrated investment account from interactive brokers to earn borrow spend it invest globally from one account. Learn more do that IB K R dot com. We think interactive brokers as well Brexit, Emma. Ross Thomas was brilliant, John. I'm totally confused. So if that helps you out I mean, just to understand the process what needs to happen. So the prime minister is proposing her Brexit deal to the cabinet today. Her cabinet the may well be some opposition. There may be some nations if she manages to get through. This Tom then she's got to get it through parliament. So this is a baby step towards the biggest stamp, which is getting a deal approved by cabinet and getting get through. And I said to 'em. I said what does he incentive for the EU to do anything? But just wait, and wait and wait. And that's what they've been doing. Did you expect this like a minimum you leading our coverage the morning after Brexit were you sitting there on the desk in London cyber? With utah. Don't think many people realized how long this would take. I think they should go this beverage of our choice that too. But I just thought it was a seamless sort of process. Prime Minister David Cameron would go across the Brussels trigger. Article fifty we found out that it would take a long time before they even did that. And then a long time after that to discuss a deal. I mean, it's taken much much longer than anyone anticipated. I think oil Ed Morrison CitiGroup out on the sharp note today saying this will clear supply will clear prices flat higher. The supply stories was taken us down and often these narratives feed on themselves and people start thinking about demand as well. I don't see that yet. In fact, China is still got recruit imports. So it's not there yet. But the fear is that we do get that Demonte celebration through next year to the at twenty point one six call at the twenty five year average, but it doesn't feel like there's a sweat to it. Yeah. And this about credit averages not the old this centreback credit in the last twenty four sparks by the mining. Guggenheim as the interesting part. It's not about high yield. It is about the very lowest. We kissing part of investment grade. The triple b portion of investment grade credit which Tom is now about half of the overall investment that doesn't include GE anymore. Is in triple BAE zero. Hedge of nice vamp, I think of torture Bank, literature that was like really starting to try it a little bit more like junk. And that's the story. That's coming out the triple bay area chairman serving politique economic club in New York. But today a much more important early speech in Dallas is sitting down with Robert Kaplan said it's going to be a key session. I think I think Mr. Kaplan's leading it's not gonna be a straight speeches. I understand. It's a cool about them. With Kaplan too. That's cool because capitals got like fourteen people given them questions and he's rude enough. The Harvard professor to say. I hope so we say good morning to president Kaplan. If he's listening down in Texas. Okay. It's clinic time folks because I was lost in. What is it? Buenos Aires salaries. Wayne is Wayne salaries you're in America in Buenos Aires. Argentina soccer games are so violent the away fans. Can't go ready. Really tough ready was like this. Norma's massive game the Champions League, which is the best clubs in Europe getting together. In South America is called the couple Torres and the two big teams in Argentina in Buenos Aires, Boca Juniors and River Plate applying each other for the first time in that tournament in the final and he's Red Sox. First time Tom bigger than that bigger than that that rivalry between those two clubs is so interesting as well, how the sort of society plays a big role in this too. So River Plate actually moved their club to the north of the city. Mccall way affluent area. So the rich have won a salary support River Plate and the working class support Boca Juniors, and that rivalry goes beyond. Just try. To try to draw first leg second.
China: October money and credit data both surprise on the downside
"Markets up and running Doug krizner is tracking them for us. Fairmont of weakness with the exception of Tokyo where the Nikkei is now higher by four tenths of one percent. Some of this may be due to a weaker yen at one thirteen ninety four against the dollar wanted to get to our bureau in Tokyo, bring in Bloomberg's Jeff Sutherland for a closer look at what's happening on the ground there. Good morning. Jeff good morning. Well, we did get a report on GDP this morning and as expected Japan's economy got hit from several sides during the third quarter with GP shrinking one point two percent. That's the second time. Here we've seen a contraction of discount around because of the earthquakes and typhoons and heavy rains shut down factories and airports, but also experts weekend because of softer globally demand in that may reflect the impact of a trade war. And the overall result was a bit worse than economists had expected, but they're senior recovering the fourth quarter. Meanwhile, stocks are positive after yesterday's keep declined the Nikkei after about point three percent, and automakers are providing the biggest boost on hopes that the Trump administration will hold off on new tariffs for autos, but energy shares are down that dot yes, indeed energy. That was the same story. We had here in the states with a collapse in the price of crude oil WTI during New York trading fell to a nine month, low the drop was greater than seven percent and a lot of factors going on in the oil. Patch? Not the least of which all the latest tweets from President Trump with respect to being critical of Saudi Arabia on reducing output for the kingdom. In Hong Kong. Hang Seng down three tenths of one percents. Shanghai composite is off about two tenths of one percent right now in Seoul, the kospi down one tenth of one percent. And in Sydney, the ASX two hundred is weaker by eight tenths of one percent US ten year treasury in the Tokyo session, yielding three point one four percent. I'm Doug krizner in the Bloomberg interactive brokers studio in New York. Juliette? Thank you, Doug. We'll as the SEM meetings continue today. What is the prime focus? Ed Baxter is covering all the global news in the
"interactive brokers" Discussed on Bloomberg Radio New York
"We think interactive brokers, particularly for the coffee in the interactive brokers market, John it just won't go away. Newsflow? Yeah. Credit Turkey Commerce, Bank banking. Just can't get it done. There was one bright spot with some decent trading revenue that looks good. But I agree with you. The news just keeps coming out credit with a big surprise nine hundred seventy two million dollar charge. Basically revaluing the the unit of retired. The clearest memory is standing by that famous. Bridge in Prague, the fifteenth century, whatever Charles pharaohs were there. They lay the bricks for the bridge. Whatever that Ryan and right next to it's a brass plaque UniCredit UniCredit in Prague. Yeah. Really? And it's a whole expansion thing. Among all these banks and big exposure in Turkey to which is the story this morning. Trump sessions. Huge news to me, the singular thing in reading real experts is there's an ethics group. It Justice did fancy people consult when they need to know about ethics, and you wonder if the new attorney general or the interim attorney general will use the ethics group as Mr. sessions did earlier. So I'm really looking forward to catching up with Terry height. He's going to join us shortly. And I really want to strip away the emotion around this story because there's a ton of it and not misplaced. I'm just saying that a ton of motion around at the moment. It's give you a flavor of what Harry is going to talk about a couple of minutes. He's basically saying the senate's going to oppose any acting attorney general changing anything at the department of Justice. Number one. And then we'll get into the rest of in just a moment gridlock. It's here. I think we all agree. It's like, okay. Move on. Let's go isn't positive for risk assets. I'm not sure it is. I just wanna keep on stress testing the consensus view under not sure it is. And the reason I'm not sure this. If you ask an investor the one thing that they'd like policy gridlock on they would tell you tried. This is the one thing that a divided government. Does not gridlock. Firday dead meeting. Do you care? I'll be there. You won't. You'll be in the surveillance snap. I will be taking a nap in the interactive. Why are you doing it? Why are you staying up for it? We're doing great conversation. You can Ford got some good things. Yeah. Julia. About today next month look into next year, literally two events for the rest of the year, the G twenty and the December fed make woke up for my surveillance nap yesterday folks, and I had two choices a dive into sessions Trump and all that. Madness or review, you Venter's Manchester United player interim. And there was this like gorgeous kick. Okay. Great now. Total uproar at the end. Right. Well, yeah. Because Renaldo, Dan mouth match English, Manchester. United turn the game around one to warn and house, marina, the coach came on and put his hand to his event fans, basically sort of he was basically trying to want them the coke attended around. Yeah. But the goal from her now, though is just beautiful. Why is this such a big international game for premier leagues? Or the other ones seemed to be almost about her. Why did you get the impression? Nobody seems to care about the Champions League is a big big deal about Liverpool. Chelsea they care about events as Manchester United. Old school. In the old days. Basically the best teams in the Champions League coming together. And these two of the best teams at least, historically speaking. Manchester. United was mentioned troubles. Which is why it was such a good win for them. But the goal that Rinaldo scored was just beautiful technically speaking it is. So so difficult to watch the ball drop over your shoulder. And then kick it on the volley without it bouncing, which is what Cristiano Renaldo did new cheat the centre-back who picked up the ball to the halfway line and just put this beautiful perfect ball over the top of the back four against Manchester. United Cristiano Renaldo shell. Right. Anti follows onto his foot, and he was going out towards the center field wall and really caught the ball, right?.
"interactive brokers" Discussed on Bloomberg Radio New York
"Interactive brokers studios. This is Bloomberg daybreak for this Wednesday, November seventh twenty eighteen coming up this hour, one party rule in Washington and Democrats win the House Republicans keep control of the Senate the results put President Trump's agenda in question. I'm John Tucker. Andrew Cuomo wins, New York, Robert Menendez, reelected, New Jersey, and Connecticut. Gubernatorial race is too close to call Texas Senator Ted Cruz has claimed victory two major gubernatorial races. Go to Republicans and a surprise in Nevada. I'm Michael Barr. More ahead. I'm rob Bush coming up in sports, the Rangers rally with the big third period at home while Brooklyn nets a convincing win in the desert. That's all straight ahead on Bloomberg daybreak on Bloomberg Radio New York, Bloomberg ninety nine one Washington DC, Bloomberg one zero six one Boston Bloomberg nine sixty San Francisco. Siriusxm one nineteen and around the world on Bloomberg radio. Dot com and via the Bloomberg business app. And good morning. I'm Karen Moskow. I'm Nathan Hager. One party rule in Washington is over this morning with the Democrats taking control of the house and reinstalling Nancy Pelosi, potentially as speaker. Is more than about Democrats and Republicans it's about restoring the constitution's checks and balances to the Trump administration. President Trump called Pelosi last night to congratulate her as the Democrats stand on the brink now of recapturing the House Democrat control of the House Republicans maintain their majority in the Senate GOP unseated incumbent Democrats in Indiana and North Dakota and went hotly contested races in Tennessee and Texas, Bloomberg deputy managing editor. Kevin y law says the results are a partial victory for the president. He's gonna take a lot of solace in the fact that he helped deliver the Senate extra margin. He spent a lot of time in Indiana. He's been a lot of time in Florida and he worked hard to try to get those states. He didn't get everything you want it. This was a referendum on the president and the president lost. When it came to the key battlegrounds in the house. There are still three Senate races up for grabs contests in Montana. Arizona and Florida. Too close to call in Montana democratic incumbent, Jon tester. He's Republican Matt Rosen Dale by about one and a half percent and Arizona Republican. Martha make Sally leads democrat Kirstin cinema by a margin of roughly one percent. And in Florida Republican Rick Scott holds a less than one half percent lead over democratic incumbent. Senator Bill Nelson stole the president is claiming victory tweeting quote, tremendous success tonight. Thank you all. But his Bloomberg's to all already reports the democratic win in the house opens the Trump administration now to a slew of investigations, I'm not sure that he fully recognizes.
"interactive brokers" Discussed on Bloomberg Radio New York
"The Bloomberg interactive brokers studio in an interview with axios on HBO, President Trump asserted that he can end birthright citizenship in the US with an executive order. We're the only country in the world where a person comes in has a baby and the baby is essentially a citizen of the United States for eighty five years with all of those benefits. It's ridiculous. It's ridiculous. And it has to end in fact, many countries, including Canada, Mexico, Brazil and Argentina have US style birthright citizenship and President Trump's efforts are likely to meet stiff resistance in the courts. Joining me is Suzanna, Sherry it. Professor at Vanderbilt University law school. Most legal scholars not all but most say the law on its face and interpretations show that children born to illegal immigrants are US citizens. Explain the basis of that legal thinking well, the fourteenth amendment to the constitution starts by saying all persons born or naturalized in the United States and subject to the jurisdiction thereof are citizens of the United States and of the state where they reside. So the fourteenth amendment says it right there, if you're born in the United States, you are a citizen now explain the legal perspective of those who point to those words subject to the jurisdiction thereof and say the fourteenth amendment doesn't cover the children of illegal immigrants. Well, what the the purpose of the subject to the jurisdiction thereof language was to codify the common law exceptions to birthright citizenship. So at the time that the fourteenth amendment was adopted, and in fact at the time of the American revolution common law in England. And then eventually common line the United States had birthright citizenship, but there were two exceptions. You were not a citizen if you were born in a country, but you were the child of diplomats from a foreign country. And you were not a didn't have birthright citizenship if you were born in a country, but you were the child of an alien enemies in hostile occupation as the common law it in other words, foreign diplomats and invading armies were not subject to the jurisdiction of the host country. And so they're children didn't have birthright citizenship and the purpose of the sub. Object to jurisdiction language was just to make it clear that although most people would have birthright citizenship, those two exceptions would continue to be exceptions explain the supreme court's position. It's never addressed this particular issue directly and the case in which he did address this issue was an eighteen ninety eight. Well, it did address it pretty directly. It was in eighteen ninety eight. It was in a case called Wong, Kim ark. And Wong Kim ark had been born in the United States of parents who were Chinese citizens. Now it so happened that they were legally in the United States. But, you know, the supreme court never even mentioned that the majority opinion never cared. Whether they were legal or illegal, this the majority opinion simply said, they were residing in the United States, and he was born in the United States, and they said unequivocally the nothing is. Better settled than the doctrine, the children even of aliens born in a country while the parents are residents. There are subjects by birth. And the court went out of its way to say, the only two exceptions were for diplomats and invading armies, and that it it didn't matter why the parents were here or how long they were here. Even if they were here for a few days temporarily so journeying here the court said the children would still be citizens. So I think that case is in fact directly on point in some ways. Kim Wong Kim ark had an even bigger problem than the undocked the children of undocumented immigrants today under the law of the United States and the law of China at the time his parents could never have become citizens. Chinese people who were were born in China could not become American citizens. So the only way he could come. Citizen was because he was born here. So President Trump says he can end birthright citizenship with an executive order does that conflict with the administration's claims that President Obama could not start DACA whether unilateral action. It does conflict with that. And it I think an even a weaker claim that is starting DACA might have taken congressional approval, but it wasn't trying to change constitutional rules. What President Trump says he wants to do would be to try to change the constitutional rule, which he couldn't do even if he had congress with him that is even congress couldn't pass a law stripping these American born children of their birthright citizenship, assuming that this is not just a plan of Trump's to Rev up his base before the midterms. And that he actually does issue an executive order to end birthright citizenship, what kind of challenges would that face in the courts. Well, I think it would be challenged immediately. Bye. Children who were born here, and who would therefore be in danger of having their citizen born here of undocumented immigrants, and who would therefore being danger of having their citizenship taken away. And I believe that the attorney general of the state of Washington has already indicated that he would bring suit on behalf of the American citizens within his state who would be affected by this. The state of Washington was heavily involved in and brought several of the cases challenging Trump's travel ban order. Susannah, if it did reach the supreme court by some stretch of the imagination. Are there? Justices on the court who might support Trump's interpretation. I certainly hope not because there's really no plausible legal argument in favor of it. This is a constitutional doctrine. It is right there in the constitution. The tax is clear. The history is clear. The president is clear. So it really doesn't matter what your theory of constitutional interpretation is it all points to the same thing, which is that it would take a constitutional amendment to change birthright citizenship and just remind us about how much it takes to have a constitutional amendment and why we're not likely to see one, well, the congress both houses of congress after propose it, and then it has to be ratified by three quarters of the states, San it's only the constitutions only been amended twenty seven times and ten of those were all at once. So highly unlikely, but there there has been some minority viewpoints through the years about this amendment. What what brings it up every once in a while. Well, I think it's birthright citizenship is not always very popular. There are a lot of things in the constitution that aren't popular and from time to time both state governments and the federal government or people in those governments try to change them or try to get around them. And usually it ends up in the courts and the courts say, no, all right. Thanks so much. Susannah, thanks for joining us at Suzanna..
"interactive brokers" Discussed on Bloomberg Radio New York
"Bloomberg interactive brokers studio is the focus has been of course. Unreal. Tell Sears filing for bankruptcy WalMart having their investor meeting. And of course, we want to talk retail chocolate, Sarah halzack, Bloomberg opinion columnist covering the sector. Sarah. I wanna start with WalMart since this occurred. Shares up nearly two percent, and it just sort of interesting in light of some of the struggles at big box retailers. Why is WalMart continuing to show such strength? Well, I think that they have just done a lot of things right on two fronts, both on the brick and mortar friend and the ecommerce front so in stores they've really invested a lot and making sure they're in stock more of the time and that they have better customer service. They were talking in the presentation today about how it's investment in wages and training has meant there worker. Turnover has been reduced quite dramatically, and that seems to be helping them provide better customer service and getting that lifted traffic in their stores, and then they're ecommerce operation is doing better under the leadership of Mark Laurie. The ecommerce operation is expected to grow thirty five percent next fiscal year. Correct. That's correct. And so that will come from a combination of things one thing they've been doing is expanding their marketplace of third party sellers. Math allow Ben to offer a lot more skews a lot more different products. And now the counted for a significant share of the gross the other thing that they're doing is trying to add to their stable of brands one thing, they did very recently. That was interesting they acquired this company called eloquent, which is a plus sized women's apparel retailer a retailer that's really still the white and under served market and moment, he's gonna keep making acquisitions of that nature that should help support that ecommerce growth, so I wanted to figure out well, WalMart benefit from Sears is bankruptcy and just observe put into perspective. Today's game. The shares are still down one and a half percent year to date cure. I think WalMart does stand to gain though, perhaps not immediately. And I think they will less likely gain share from Sears, then from KMart rain and even see more of a bit of overlap of the WalMart and KMart customer is and. Tons of goods that they sell for example, KMart. So does a pretty large business in perishables intrude? And of course, she didn't even see a transfer to WalMart. They're also there's been some research in terms of the store overlap. The overlap in terms of locations. Situations where a WalMart store is a fifteen minute drive. Other KMart store, and there's pretty significant only the second just to clarify K mart is not filing for bankruptcy right yet. No, no. It's part of the whole series. Right. But so that oh, so you're saying that that KMart as a subsidiary is what we're WalMart is going to benefit the most. Exactly, yes. Yes. Who has any KMart's been closing a lot of stores and many of the one hundred forty two store closures as part of the bankruptcy filing. And many of those KMart locations. Sarah. Could you just expand a little bit on these third party agreements that WalMart has put in place because they've got a partnership with advance auto parts, they recently as you said they made that eloquence acquisition. They also bought bare necessities. The launch rate company and they've got a partnership with Metro Goldwyn Mayer content. Interrupted the retail partnerships. I think what they're doing is knowledge that the WalMart brand only resonates with a certain swath of customer. They know that an upscale affluent customers probably not going to respond to the WalMart brand the way they might eloquent or two Benito's, which is another acquisition. They made or to moose jaw an acquisition of the outdoor apparel and good type that they need and what they're trying to do is say a lot of the growth in the ecommerce space is coming from wealthier shoppers. And if we want a piece of that, we need to have a bigger tent, we need to have a different offerings different digital storefronts for them to shop at Sarah. I'd love to switch gears a little bit to figure out who you think will benefit the most from Sirius' bankruptcy. Yeah. So I think the benefit most, unfortunately are probably the ones that are already quite strong. And that's Home Depot. Lowe's and best buy the largest portion of fears business is still in hard lines. And that makes sense, right? That's their legacy craftsman tools Kenmore appliances that was still about half of their total merchandise sales about seven billion dollars worth. And so as many of the stores liquidate, the the ones who are already leaders in those kinds of products appliances electronics, I think they stand to gain. So do you think that the net result of Sears is bankruptcy will be a net positive for the big box department store retailers, or do you think it's sort of a harbinger of what's to come? I think it will be a net positive, but I think it will take a little bit of time to get there. So for example, if fears does end up completely liquidating, which looks like a very real possibility. It will have these liquidation sales Ray where it's going to be selling stuff for rock bottom prices, and sometimes that can create some short-term pressure for these retailers, and that might be a little bit difficult to shoulder. We saw that for example of Dick's sporting goods and sports authority where in that brief window or sports authority was going out of business is a little tougher next. So we could see that again. But ultimately, I think the dynamic playing out in retail for quite some time now is a sorting into winners and losers, and I think the disappearance of here's just further exacerbates that it creates potential for the ones that are winning to win even more just give you twenty seconds, Sarah. They have a agreement with Lord and Taylor. To offer premium brands at WalMart dot com at what point does this become too confusing for the shopper. That's a good question. And that's one of the more puzzling move they they've done so far. I think we just need more time to see on to see if the board and Taylor customer is willing to come to the WalMart site for those products, or whether it makes sense to have it as a standalone vertical. It's just all part of the experimentation that they're doing. Well, Don, thanks very much for being with us. Sarah, halzack, Bloomberg opinion columnist. She's an expert on everything having to do with retail shares of WalMart. They are higher by nearly two percent though. They are down three percent. So far this year. Yeah. On a price basis. It's really interesting to see things shake out. Just you know amid all of the retail sales sort of digging tipping down at at big box retailers. Just to see the climb at latronic or online marketplaces. Click. Click click and by all right? Let's go to our ninety nine one studios in Washington DC where Nathan Hager has world and national headlines, Nathan Pama high level. Turkish officials says police have found certain evidence in his words that Saudi journalist Jamal kashogi was killed inside the consulate in Istanbul to we two weeks ago. The officials spoke with the Associated Press on condition of anonymity. As secretary of state, Mike Pompeo met today with the Saudi King and crown prince in Riyadh Republican Marco Rubio sits on the Senate Foreign Relations committee. He says if the Saudis are found to be at fault would really blow apart. Our Middle Eastern strategy. And it's something we have to address from human rights standpoint. Just because a country we're working with it. It doesn't mean the US can can shoulder and say, well, the nothing happen here. We'll CNN and other outlets reporting. Saudi Arabia could say kashogi was killed in a botched interrogation. President. Trump says king salmon gave him a strong denial when they spoke yesterday while the president appears open to that denial. He is doubling down on a different controversy over Senator Elizabeth Warren's lineage a day after the Massachusetts Democrat released a DNA tests showing she has distant American Indian ancestry. The president tweeted about it three times this morning. Referring to Warren is Pocahontas calling the Stanford professors DNA test bogus with the midterm election. Just three weeks away. Now. Senate majority leader Mitch McConnell tells Bloomberg Republicans arriving a wave of momentum over the break Cavanaugh fights like a shot of adrenaline to Republican voters, and hopefully we can match the Democrats and enthusiasm going into this midterm election. Connell says the fight over control the. It's coming down to just a handful of states. Global news twenty four hours a day on air and talk on Twitter, powered by more than twenty seven hundred journalists and analysts in more than.
"interactive brokers" Discussed on Invested: The Rule #1 Podcast
"Dean because it's not just one purchase now to my portfolio move and on like he's continually stockpiling that company he has a move he archly bought in about eighty dollars a share and then in successive years he sold about a third of the position and then he started buying it back so nice bought back that third of the position and he's back up to his original one point three million shares or which says to me he likes the company of the whole time he just thought it was overpriced are overpriced got out came back or he was concerned about something or whatever so he moved out that he moved back in and his second position is very interesting i think is interactive brokers which is where i have my brokerage account a brokerage company yeah their public was started by hungarian named peter fi whose very interesting character i mean just really smart genius who kind of aidid a website early on in the nineties i think that could do options trading zones originally in options oriented website announced broadening and it is the largest a number of brokerages in a one in one brokerage website that you could you could use an alleged separate markets so i think you can go buy stocks in eighty nine or ninety markets by going on interactive broke out like worldwide worldwide let's call and they that's a unique mitch that only once he can do that they also have very low fees so they try to compete on price and what can you seemed to like them a lot while i'm there i just would warn you that they also have an interface made by hungarian.