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tv   Bloomberg Markets  Bloomberg  July 8, 2015 10:00am-11:01am EDT

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erik: you are watching bloomberg's market day. met: four days to negotiate a deal with regulators. after that, it could be looking for more chaos. erik: the government seems to be doing all it can to stop the slide in china. matt: what is sergio marchione's plan for chrysler's future? doesn't have to include general motors? -- does it really have to include general motors? matt: good morning. i am met earlier. -- matt miller. erik: i am erik schatzker. we will start with greece. a grexit.
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iik: i would not --matt: would not have expected that. but: not everyone it, jean-claude juncker and the economic affairs commissioner are using grexit, so we should use it as well. yolo t-shirt had a on. did you see that? erik: no, he did not. he had a ti on. ewe are alone this morning that greece's banks will remain closed through friday. capital controls are in place for the foreseeable future. hans nichols is where the action is, in brussels. the creditors have told alexis tsipras that sunday is a drop then -- dropdead date. there have been many. his is -- this is the latest.
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?o we believe him this time no, because even if you do not have a deal, the government could collapse, and the new government could cut a deal. sunday is the deadline for this government. they just one a referendum. -- thatmember that has is how greece takes about it, in terms of austerity. for the greeks to rebel, the banking system would have to collapse and they would have to lose deposits and imports would effectively grind to a standstill and people would not be able to buy basic food and medicine. that is not happened yet. hans: well, if there is no restart to any sort of talks -- if it becomes clear that what greece submits friday -- friday they have to give a proposal to everyone. it is the germans that have
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indicated most strongly they will be analyzing it and scrutinizing it the most closely. if sunday you do not have fresh described, theou collapse of the banking system, which is foreseeable, the humanitarian concerns about medicines you will get in -- it is also foreseeable, i am not saying the following week, but somewhere down the line. yes, they won the vote, but there is giant inconsistency with most of the poll say and we do not want our 30, but we also want to stay in the euro. all the people that hold the purse strings, the creditors, they are clear -- you need austerity or structural reforms if you want to stay in the euro. sooner or later, that has to come to a head. erik: the hardline out of rustles and nichols continues. on singles, the work -- out of greece continues. hans nichols, thank you.
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major shareholders have been banned from selling stakes in listed companies for the last -- next six months after the shanghai composite fellow most 6% today. the composite is down more than 30% over the last month, a drop that totals $3 trillion in market value. much of the money is borrowed. that is the problem. listen in. >> 7.1 percent official growth seems comfortable for most of them. they're happy with unemployment where it is right now. anticorruption reforms moving ahead as planned. but he the government is doing has been not necessarily according to grand plan, but certainly feels decisive. brummer of the eurasia group putting it into perspective. at one point, because of these were lockedllers out of 71% of the chinese
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market. the stock market is open for business in america and the dow is down 200 points. let's show you what the sea of red looks like. it is a 1% drop on the s&p 500. same for the dow, slightly more. it is not the quads i panic selling we have seen happening in china. that it is not great, nothing compared to what we see in china. erik: or japan, for that matter. matt: right. yesterday a couple of guests compared what is happening in china to the crash of 1929. it out on, if you map a chart and compare the steps taken, it there's curious similarities. matt: check out what is going on in europe. it is interesting. you see gains there and that might be more of a reaction to the greek situation than the chinese situation. i also want to point out what we saw here in the u.s. was a drop of a few hundred point on the dow jones industrial average
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early in the morning it then turned into a rally at the close erik:. let's not forget --close. erik: let's not forget greece is not europe. the euro has stabilized. maybe that is the sign. statusbellwether for the of the european talks, or at least the consequences of the --xit is the euro matt: it is possible investors have nothing to fear if greece actually leaves. let's go to companies. barclays chairman mcfarlane is shaking up. jenkins is out. barclays says new leadership is needed to speed up overhaul. >> for the board, when we
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reinforce the strategy at the off-site meeting, and considering how we bring for the execution of that, realized we needed a different person to do that. we need more revenue growth. we need more productivity. we need a leaner, more agile business. the company is very bureaucratic and we need much more personal accountability in the organization. john mcfarlane will take over as executive chairman while barclays looks for a new ceo and he is promising more cost cuts. jpmorgan is settling state and federal investigations into credit card and debt collection abuses. bloomberg news says the bank has agreed to pay $136 million and it will also change its credit card collection tactics. jpmorgan allegedly pursued the wrong borrowers, seeking incorrect amounts. there are new job cuts for microsoft as well. the company will eliminate up to 7800 employees and take a 7.6 billion dollars charge.
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most of the job cuts are the struggling smartphone business that microsoft acquired last year from no kia. .- no kia -- nokia many european leaders are taking a hard line with greek prime minister alexis tsipras, but some optimistic that a deal could be reached at all costs, including the economic advisor to the european commission -- excuse me, the commissioner. the former french finance minister told me and stephanie ruhle that a grexit would be a disaster. re: i am not a what if guy. i think for our history, the sick of the euro, important international currency, we need to have a eurozone at 19 member states. that is the mandate given by the heads of state given by the heads of state that met last
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night. i think an agreement is now possible, public kidded, but possible. we need to make it now. we need to do our best efforts. stephanie: but why -- what if greece entered without integrity, not being honest about what their financials were? rre: precisely, what we expect from the greek government is to be complete, precise, comprehensive. we need reforms that are credible in order to have a stronger greek economy, to have an economy that is competitive and can reinforce its attractiveness. that is what we want. we want it by tomorrow if we by sunday,clude
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which is the deadline that has been set by our heads of state and government. this morning the greek government sent a letter and in the letter he requested a new program from by sunday, which is the deadline that has been the european stability mechanism for three years and he promised to make reforms from next week in fields such as taxation and pensions, but they are -- they must be clear and concrete conditions. if not, the deal be more than difficult. erik: you say that it will be difficult, but you believe a deal as possible. mr. pierre moscovici, that is what everyone wants, everyone wants to avoid that you -- alternative, which you yourself say is a grexit. jean-claude juncker was quoted as saying europe has a "grexit scenario" prepared in detail. can you enlighten us as to what that grexit scenario is, what it
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involves? i will not,ainly, because we are all mobilized, all focused on avoiding the scenario, the scenario of the worst, but what is clear is the commission, and i am the theissioner in charge of negotiation for greece with president jean-claude juncker at its side, it is clear that the commission must be ready for any kind of eventuality. we the negotiation are ready. we know what we would have to do, but again, what i hope, and what i believe, because i think it is absolutely necessary for the european economy, the world economy, the eurozone, is that we will find a deal and again, all our energies are mobilized on meeting this deal. erik: that was the european commissioner for economic affairs, pierre moscovici, speaking to us from paris, the former french finance minister, and expresses hope from the french, perhaps more so than among the germans, that a deal
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could be reached with this deadline by this coming sunday. matt: no deal will be reached if alexis tsipras does not agree to cutting pensions and raising taxes, right? two of the things the greeks voted against in the referendum. erik: what pierre moscovici made clear is that alexis tsipras has to offer reforms first and then europeans are willing to offer back something he could take to the parliament. they know alexa service will not pass austerity alone. will not passras austerity alone, but perhaps in exchange for debt forgiveness, rp filing, restructuring. you have to believe that if tsipras makes a good faith effort to reform, they will have something to take back. tot: if he uses his mandate do something the greek people voted against -- erik: what they voted against
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was austerity with nothing else. it would have to be with something else. matt: we will continue to cover this possibly through sunday and possibly beyond. more pressing right now, i believe, is the market crash we have seen in china. stay with us. we'll talk about this on the other side of the break. erik: we will. ♪
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morning.d welcome back to the bloomberg market day. i am matt miller. erik: i am erik schatzker. matt: we want to look at our top stories. we are getting word that united airlines -- all u.s. flights are back in business. the faa grounded the entire fleet about an hour ago. they say automation issues have been resolved. this is the second setback for united in less than six weeks.
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a similar incident happened on june 22. a single failure grounded their entire u.s. fleet. in south carolina, the statehouse begins debate on whether to remove the confederate flag from capitol grounds. the senate approved the measure yesterday. some house republicans think the rebel flag should replaced with -- be replaced with a different one that flew over confederate troops, essentially, the same thing. the washington redskins have lost the battle off of the field. many native americans are opposed to the team name and logo, saying it is insulting. the cancellation would not go into effect on less -- unless the redskins exhaust the appeals process. those are your top stories today, aside from what we are really looking at, greece and china. everybody.ts, let's take you to julie hyman with a deeper look at what is happening in the markets. julie: let's start with a major
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averages. greece seems to be taken a backseat when it comes to what investors are waiting today. yesterday, the dow, nasdaq, all down more than 1%. interesting note from jpmorgan traders -- if a macro crisis did not exist, the market would find it necessary to invent one. in other words, jpmorgan traders say there has been a low-level anxiety since the financial crisis in u.s. investors are still not over it, so now they are looking to china, but there are real concerns as well. take a look at the u.s. companies that get a lot of revenue from china and you can see the detrimental affect. brands, half of its revenue from china. resorts, two thirds from china. general motors, which met told me earlier, gets more than -- matt told me earlier gets more than one-third of its revenue from china. there is apple, also, another
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itsany getting a quarter of revenue from china. those shares are down 2%. this is affecting many companies. china is seen as a hot market. forfor some of these -- some of these companies to get their product into. now there is a concern on what this means. interesting thing amidst all of this, goldman sachs is keeping its call the chinese stocks are not in a bubble and we will see tuesday'sly 27% from close. matt: that is fascinating. there's still holding onto that call. julie: holding on to that call. matt: you have to be in it to win it, i guess. erik: multiple views to make a democracy. julie: well, here, anyway. matt: exactly. china, they are finding some
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see-through. alicia joined us. ask let me you first -- let me thatou first about a call it was not a bubble. did we not see a bubble burst in china? alicia: let me take that one way. if we need -- need to see the chinese market come all the way back, we would need to see a new monster coming all the way forward immediately. that is the only thing that could make it. i'm not saying it is impossible, but it is not what the market forces would basically look for. so, let's look that -- hope that china does not do that because
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it would be rolling over the problem and increasing the debt even further. would it even work -- what a stimulus actually put the brakes on the market because everything the chinese government has done so far has not worked. -- alicia: that was 20 times bigger than what has been announced. i think it would work. the leverage is no longer. it is so much higher than it was then cobbled with the government sector and with the corporate sector. it is not that it cannot do it, it is that it makes no sense to do it. at this point they do not really have to because they banned anyone from selling shares in the home market. that will work because if you cannot sell, prices have a hard time following, but erik brought up the markets investors can
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invest in. how much trouble with a face in the coming days? -- will they face in the coming days? alicia: this will go like fire everywhere. we have seen it in most markets. of course, you cannot have stocks falling if you stop everybody -- the estimate is 70% is banned. you have hong kong, which cannot be banned, which will have a severe impact on many of those .orporates it is just not so easy. the other thing is these corporates there are no longer in the stock market need funding. it will have to go all the way to the banks again. matt: if you have to get cash, sell assets, and you cannot sell your stocks, you will sell everything else that is not tied down, right? alicia: correct. this is why, i think, ironically, this measure will
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make things worse because they will go to other places to get the money. i am white about the money market in china to start with. i am very worried about banks, both in china and hong kong. hong kong banks have been major lenders to chinese corporates. we runne question before -- are the regulators destroying their own money -- market by telling corporate executive they cannot sell for six months? first of all, it is changing the rules in the middle of the race, which always leads people uneasy, and furthermore, their constraining their economic opportunity to market, which ideally, at some point, should be as free as it can be. alicia: i think the idea of freezing shares is just ridiculous. they had other options which they announced in terms of -- strong options, against market freedom. still, they would have made more
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sense, intervening in the market directly, through brokerages, it would have come to the market up , but this thing is basically killing the market directly. matt: i just wonder what you think will get hit hardest, alicia -- real estate prices, metal prices question market's action scenarios that we do not attend to talk about -- prices? it is an instant scenario that we do not have time to talk about. thank you very much, alicia garcia herrero. erik: coming up, we'll talk about what life is like in athens. ♪
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matt: welcome back to bloomberg market day. erik just got back from greece. chaos, ieady economic would guess, but what is it
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like? erik: it is not economic pass. but i am waiting for this for the greek people to lose patience -- what i am waiting for is for the greek people to lose patience. people are remarkably tolerant of capital controls and bank theures, but now they know premise to did not tell them the truth. he told banks would be reopened as of this tuesday. they are still close today and will remain closed through the end of the week. at what point do they stop believing what they are being told and take matters into their own hands -- how come i am not sure, but something different that i observed in athens. matt: people being stand to see how they deal with us. a lot of them are unemployed to begin with. they have been used to cold spaghetti dinners. ♪
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mark: welcome back to the bloomberg market day. i'm matt miller. u.s. stocks are selling off, although they were doing a little bit worse this morning.
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we were off more than 200 points earlier. we are now down 188 on the dow jones. about 1%,wn also 2059. the nasdaq the worst of the three major u.s. indexes down 4937. weekly crude inventories are out. julie hyman in the newsroom with more. julie: inventories roughly in line with estimates. 384,000 barrels. ofh gasoline we saw a build 1.2 million. those numbers a little more curious because it is the summer driving season, so you would expect more of a drawdown in those inventories. we are seeing a drop off in oil prices. oil has been rebounding after
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the big two-day selloff in oil prices. a length lower after we got the inventory numbers. i will continue to look at the reaction and the numbers and back in about 10 minutes with an update on commodity prices. t: interesting we are seeing commodity prices fall as well. the imf has reiterated its views that the fed should hold off on raising interest rates until next year. that came as the annual assessment of the u.s. economy. the imf helps if the forecast of a growth 2.3% this year and 3% in 2006 in. we make it more of an explanation of what the fed is thinking when minutes are released at 2:00 eastern. jp morgan plans to move more than 2000 information-technology jobs out of new york city to new jersey. bloomberg news reporting it would bring the break $188 million in tax and if it's over a decade as part of a plan to cut x fences and moving back
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officepersonnel to cheap locations. albertsons had filed for an initial public offering. no word yet on how many shares will be offered or what they will cost or where the trains -- trades will trade. it closed the $8 billion buyout in january, drastically increasing the company's sides. getting your taco bell fix may soon get is the are -- getting easier. yum! brands starting delivery service today. it will be available initially in more than 90 cities and 200 restaurants around los angeles, san francisco, and dallas area they plan to bring delivery nationwide, but no word yet on when that will happen or if it will be available at 3:00 when you really want talk about. recalling 6000 suvs in the u.s. openeason, doors could
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while being driven. the range rovers and 2014-2016 branch rover sport -- range rover sport model. no crash or injuries have been reported in connection with the defect. those are your top stories at this hour. fiat chrysler looking to race ahead of the competition may spinning off luxury brand ferrari this year. it is from the ceos effort to remake the automaker in could include a megamerger with a giant like g.m. orbital flag and . joining me to discuss through skype is at niedermayer and the xecutive editor of matt is just like sergio marchionne. i know what it is going to say, to dysfunctional companies do not make a company. chrysler has 9000 brand.
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why does this make sense? what he is saying it makes sense , even if it is not going to happen anytime same. it does that make sense there are all these companies spending all this money to make duplicate profits, tiny profits. that.i get you know as well as we do that automakers are spending 2 billion per week and so much place there. certainly you must agree, but why deal inc. sergio and the chairman of fiat look at gm specifically as a best partner with her company? -- why do you think? >> i think a cynical person would look at the deal they had a while back and ended up walking away from $2 billion. and say those are the kinds of people you want to be negotiated with. but i think of less cynical perspective is there are not
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very many opportunities for this kind of deal. i think a lot of companies are is on the short end of a lot of the problems and do not bring a ton to the table that would make a merger work with most companies that are out there. matt: the wall street journal reported this year john elcon, not a very cynical person, and obviously the billion or psion of the family who basically owns the art chrysler phil -- still thinks of gm as the partner. i think at this point they would maybe go with anyone. i think they're open to partnerships. i think we could see a partnership with china. i think the issue is they have the most duplicate product. they are in a position where they do not own the market.
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i think gm does not necessarily have the strength or the investor base. with ford you get for it owning it. they will never move. has a huge investment base. gm is in the market and can make the decision without the board. we heard sergio say it would be our preference to work through the corporate governance structure to make a deal. he did not say we would make a deal. let's talk for a moment about ferrari. everyone seems to want to own a piece. to be the behind the rise and sheriffs, if you have one of those, you will be able to get a piece of for ari shares as well. be worthforecast to 60% of the company and sell less than 2% of unit sales.
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>> i think these two questions are intimately combined. the stock is up this year so far. it is because at the beginning of this year marchionne willnced 80% of the shares go to stockholders. i think what he is doing here is this is really bolstered a share price at a time when a lot of people think the market is coming to the top and very cyclical business could be in trouble in the short term. it has given him the leeway to talk about the deal without being punished by investors. they want the ferrari stock. i think also once the deal happens, i think there will be huge overhang on the stop. 60% of the company's business basically comes out of the relatively tiny part of the company. i think once the spinoff takes
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place, i think there is very little reason to own the shares at all, let alone at the price they are trading at now. i think talking about a merger is a way to keep support for the share price going, even after this and. i think that is really what this is about. the underlying market realities are true. i think marchionne is more worried about what will happen after this than anything else really. ast: let me get you quickly more of a champion of the car guide than the investor. is it going to room for ari -- ruin for robbery if they spin it off? ferrari if they spin it off? >> what is important as winning races. thesee people decked out in
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merchandise. it has a pretty good margin. need to winhey races. i think any to enhance the brand beyond what they have. i think the bigger problem is maserati is not ferrari. of theflagship brand company, i do not buy this supply. matt: matt hardigree thank you. always great to see you. someone i follow on twitter. kicks off intreat sun valley, idaho. five diller james murdoch, -- bob iger. there, too.s all of the vips are hanging out. we will go there live next.
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matt: welcome back. we are an hour into the market today. time to be you caught up on the market action around the world. we will kick it off with asia. stocks in shanghai and hong kong fell nearly percent today. smaller cap in sinn fein following -- falling as well. -- in se shenz falling as well. >> individual investors can come and buy and sell stocks. today with 1300 companies on the china-asian market being suspended, there is not a lot of trading but lots of long faces. i saw an elderly woman role her basket of groceries and she p/e in the window and saw all of the
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negative stocks as you will and walked away shaking her head. there were about four gentlemen sitting at a table implementing the stock market route, saying there were quite depressed today, and why not? 3.5 trillion u.s. dollars years -- u.s. dollars have been wiped away in a matter of weeks. upy even put their houses for collateral. -- betting their savings on a bet. cost fora societal those who have bet so much and much.ow lost so many people here in the capital are used to the government putting in, intervening or interfering. today we are seeing those measures the government came up with has failed to put a floor on the selling.
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the people on the streets of beijing are the ones paying the price. thank you. i want to get a look at the action in your rep. mark barton is in london. european stocks are rising today. our friend in beijing telling us about the china angle. the greek angle quite simple. greece has until sunday to accept the bailout package or risk expulsion from the eurozone. earlier today the stoxx 600 entered a correction. down 10% from the record, falling in the footsteps of spain, italy and france, which achieved the distinction monday. this is what is happening is the bond market. repealed continue to rise. since 2012. spanish yields falling for a second day. on the day the chancellor of the corporate taxes.
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he cut the banking levy. we did have the debt management ed fieldut the plan sale. the reduction was smaller than something predicted. beforeg was down already the budget. remember, after the election in may the pound has risen against every major currency in the world. here is the euro field, little changed after falling for today's. it is all about sunday and the deadline. julie: even though we're seeing stocks rebound in europe, not the case in the u.s.. concerns about china are weighing on the markets here. if you look at the major averages, declines of at least 1% across-the-board. take a look at the terminal. utilities the least changed. nonetheless, telecom, energy,
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consumer discretionary and onhnology, all of them red my screen. i'll out with earnings after the close of trading in shares have the celebrated as a client. -- alcoa out with earnings after the close. there is so much concerned about commodities demand in china. it is encapsulated by what we see for alcoa. bloombergour intelligence analysts are looking at is the aluminate spot pricing plus premium. this is contract pricing by the aluminum producers. you can see the big decline about 13% quarter over quarter. concern that will weigh on alcoa numbers. one of the biggest weights on the major averages, different kinds of materials.
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this one interesting because copper is self is rebounding. look at the commodity. rebounding from a six-year low at the concerns in china. iron ore down 10% to its lowest since 2009. after the inventories report, crude oil prices down after earlier they rebounded and now have turned around and turned lower. energy docs also falling. matt: interesting to see copper of. i was thinking if i could not. but i had a warehouse full of copper behind me, it would sell at a discount right now. julie: we have seen a lot of selling of copper. matt: that is true. thank you. stocks down about 180 points right now in new york. 300 media and tech executives .re in sun valley, idaho among them, rupert murdoch and son.
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james who recently became the fox ceo. maloneerty media john with more on the panels and potential private deals we go to olivia sterns who joins them there. a fabulous mix of all the big media moguls. sheryl sandberg, harvey weinstein and many more. not just the media moguls. this is elon musk first time at the conference. we caught up with him as he was arriving. of course he drove up in a white tesla. we started by asking him about the explosion of the spacex rocket. he said he was disappointed but confident they can get the launch back on track. he said the most important thing is to figure out exactly what
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went wrong. i also have to ask because it is sun valley and everyone is rolling around in the most enormous suvs i have ever seen how the launch is going. here is what he had to say. demand for suv and demands and sedans seems to be equal. we would suggest if it is well-received it would be doubling the volume. we expect to ship at the end of the summer. the big question that we do not know the answer to right now is whether -- how long it will take us to ramp the production. since it is a new car, we do not know what issues we will encounter. really the question is what is the production ramp look like gecko demand is strong. i think him will be a great car. transformational in the
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suv segment. olivia: in two years he hopes to see the new tesla suvs pulling up down here. 10 minutes ago he sat down for a conversation with reid hoffman, the founder of linkedin onstage. he said he is looking forward to that conversation. one thing they will hit on his artificial intelligence. they have spent a lot of time looking at artificial intelligence. he thinks google is the furthest advanced there. a conversation with muhtar kent and meg whitman of hp. a bunch of these fascinating conversations. a couple of the interviews today, including the exclusive interview with bill miller. perhaps the most controversial in america. back to you. matt: olivia sterns in sun valley, idaho. still ahead, canada's
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mega-drought trickles down to the american supermarket. why you will not find a cheap steak anywhere for a long time. ♪
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matt: welcome back to the bloomberg market day. i am matt miller. be here thinks may tuesday. the omega dropped across canada shows no signs of easing. dry season is crippling ranches. it cannot grow enough grass to see the hurts. is here. in washington, our reporter alan bjerga. i know from eating dinners with you that you are a big fan of state prices. the issue has to do with the cattle herds. how many cattle are out there
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and the price. i know alan follows this because there is a correlation to what they eat and a drought going on in canada. give us the details about what exactly is happening with the cattle herds in canada and how that affects prices. you are exactly right. if you look at the prices, a lot of it is connected with canada of the drought. we saw this happen with the united states and 2012. there was a big drought and ranchers were forced to sell the cattle herd. canada that only is the seventh largest x order, about a third goes to the united states. what happens in canada fx u.s. markets. farmers have been building up the herd inventory over the past three years. as you have the demand and dependence on canadian supply take place, if you look at a elevated levelan
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for these futures as well. the canada supply situation is affecting what demand can be for beat and raising a higher price for steak. i wondered you can talk about the seasonality issue. typically in the summer you see a decline in beef prices. is the summer grilling season and farmers and stores are preparing for that. if you have a supply shortfall that has been years in the making it is hard to get the supply coming off well. also, take a look at the prices in comparison to other prices. there was an issue last with viruses killing her. so much by affected the aviation scare but a little bit of an effect on the margins in that market. is relativelyef expensive, so is everything else. the consumer does not necessarily have as many places to go. matt: maybe we will get the
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really good stuff like to be from japan because they cannot sell chinese stocks and will let's go everything else he can for a discount. pimm: that was a connection i have not done it before. i thinkgentinian beef of as more luxurious than canadian g? >> argentinian before have some relaxed opportunity. these options take a long time to cycle through. supplyare a japanese your you would've had to pick this up three years ago to do that. matt: i will definitely be having a statement for lunch. in the next hour, we will take a look at the plunge in oil prices. ♪
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matt:matt: it is 11:00 in new york. 6:00 in athens. pimm: oil trading at the lowest
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level in months after a 13% drop in just two week's. is this about china or something more going on? the president of shell oil. matt: barclays file the ceo. -- fires the ceo. for now, he is going to stay in charge. pimm: why the chinese market collapse and crackdown on corruption is hurting luxury spending in china. we will talk to the executive in charge of some of the best champagne and cognac rands in the world. in the world. matt: good morning. i am matt miller. pimm: i am pimm fox. 90 minutes into the trading day in new york. the bears are in control. stocks are lower. the dow jonelo


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