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tv   Bloomberg Markets European Close  Bloomberg  August 16, 2017 11:00am-12:00pm EDT

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the european close off bloomberg markets. ♪ metrolink the top story -- nejra: the top stories. before we get to those, a quick look at the market. abigail doolittle standing by. abigail: we are looking at solid gains. mayor session highs. the dow, s&p and nasdaq. -- there are session highs. to buy into potential holdbacks are there signs we could see volatility and low and behold after last week's holdout, this week's gains. oppenheimer is saying by the dip
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is seems to be working. oil and the energy sector. we have oil trading slightly higher up about 0.4% after a bigger than expected drawdown for oil inventories and a small build from that oil reacting favorably up for the first time in three days or it -- three days. the s&p 500 not so much. down five days in a row. streak.losing perhaps helping energy stocks. and look at some of the industrial metals. big gains for copper, zinc, nickel. dollar, just about flat, giving up some gains. we have pretty decent movers. the top percentage mover for the s&p 500 is freeport, very solid.
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told methese, mike, that this has to do with the strength in iron. bank -- a dramatic -- nejra: somewhere shorting the metals because of concerns of china. here is hot equities are looking around the close of as and the trading. green across the screen. germany's dax, ftse 100 hitting their highs in at least a week in today's sessions. most of these benchmarks of 0.7% 1% like ftse. by in a the fx space, dollar strength ahead of the fed a minute -- fed minutes.
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weaker on the euro. sterling is pretty much unchanged. it is not showing up here but i can break it up. yields higher on the 10 year when it comes to the core, talking about metals being bid. brent crude is up. on the industry group, stocks is hundred, commodity producers leaving the gain and energy pretty well. stoxx 600 up 0.8%. strongest gains the yesterday. after see this dip reports that mario draghi it would not talk about policy at the jackson hole and we have stayed lower. what a bank knew was just -- vonnie new was distractions. the president facing growing criticism against his own party with equating neo-nazis with higher desk with
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counterprotesters. the new chief of staff what general donald kelly sat quietly with his arms crossed. "the new york times" says gary cohn is "disgusted" about the president's comments. joining us is white house reporter for bloomberg news and the most recent sort of condemnation of with the groups we have is a second statement from senate majority leader mitch mcconnell out. apparently related to a planned rally in lexington, kentucky. another gop member breaking from the president and a very important is one when it comes to the legislative agenda. what happens next. -- what happens next? >> exactly right, this issue is not going anywhere. we saw the protests over the weekend for without the first
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statement from president trump -- and don'tdly tuesday, he reverted back to the ontement on saturday -- and tuesday, he reverted back to the statement on saturday say there were five people among us a premises who were protested -- and there were fine people among who were supremacists protesting. there's so much on the legislative calendar for the republicans leaving in the house and the senate and as seems to words, the a war of president not strongly condemning the neo-nazi groups who started the first protest and now appear to be energized and plan a future protest. vonnie: many republicans have taken a distance from the president. will this dominate at beginning of proceedings in september? can legislation continue even as
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this emotional and spiritual other types of risks continue? >> the republicans in the house and senate do not have much of a choice in the calendar is brutal. they have to pass a budget and they need to live the data debtng -- lift the ceiling another piece of legislature does a legislation that they want. they do not really have a lot of time for the infighting. it appears they want to sell the agenda and some of the statements we saw were not necessarily from republicans say they will break with the president on his agenda, somewhere like criticism and it does appear that will focus on the agenda when they are back in town. it will be a constant distraction that will dominate the new cycles because many of the republic are back in the districts and when they get back in washington dc, it will be if it theyeporters
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wanted to more forcefully to knows what the president has said. vonnie: white house reporter, thank you for joining us. the reaction to this weekend's events continue and former treasury secretary larry summers says not enough ceos have quit the presidents manufacturing cancel. he wrote in a washington post op-ed "no advisor committed to the american traditions of government can possibly believe he or she is being affected at this point. anyone who believes they attend a meeting -- we will get to that quote again. david westin is here with the man himself so he can say it in the own words. david: we are joined by former president of harvard university larry summers. a beautiful spot on cape cod. thank you secretary summers for being here. when we read it is yesterday, i
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read it while i was on the air. powerful it isw a you are calling for all the ceos to step down. let me ask you why you wrote it and do you believe in your heart of hearts that if all the ceos pulled off the councils today, it would affect what president trump things are the positions he takes? know ifmmers: i do not it would affect what he things but it is a president more than in other respects people who have been successful in the business world. enhe were to be deserted masse because they decided collectively to send a strong signal, i cannot believe he would fail to hear that signal. and i think there certainly a drastic need for an adjustment where the president of united states is equating civil rights activists with white
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supremacists. i think it would be constructive for the presidency and much more importantly constructive for the company. i think also if you look at any for major companies, they look back at their history with pride , but there are things that were great. their treatment of jews or gays or african-americans or women decades ago. when the history of the metaphor leaving companies today is written decades from now, the moment when their ceos stayed with president trump will be a moment that is regretted. admired him ito was not the easier course of ken frazier that merck took. the step that at the ceos of intel and under armour took. the step that the head of the
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afl-cio took. it continues to be my hope that as as a -- that as they see what is happening and listen to their employees as they listen in many children that need to provide input to the government of my country. i do not need to be part of president trump's once a month, if that, photo op. and i shouldn't to be lending my reputation and my company's reputation to him given all the , just, the civil rights as values, integrity values through profiteering,
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international cooperation values with steps like the paris breakout, that i should not to be lending my reputation and company's reputation to this president. i hope and i kind of expect that more will come to that conclusion. larry, a clearly moral element and it comes across very powerful in your piece. there's also the business side of it. do you think those are perfectly aligned? are you sympathetic with the arguments there is a moral issue, but i have to think about my shareholders and my business and the business i may have with the u.s. government? isn't that simply irrelevant or is the moral two important to miss? -- too important to miss? larry summers: merck's stock rose as ken frazier resigned. the president lashed out with a
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tweet about controlling merck's prices. there is no evidence that is directly harmful to shareholders. second, by encouraging the president to say away from his embrace of white supremacy, he might return to the economic issues that are important for many of these companies. the purpose of tomorrow's -- yesterday's press conference as it was billed by the white house was to focus on streamlining infrastructural approvals. that is something that is hugely in america is economic and corporate interests and that was entirely lost because of this. if we bring the president to to economic issues, that will be in the corporate interest. third, i guess i have been around long enough to believe
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that ultimately doing the right thing can still work out for the best. there are larger numbers of in my children's generation who are going to judge these companies, who are going to think about what kind of company they wanted to work for and what kind of company they want to buy from. and those who choose to align , i thinks with this they are going to pay a price. to be fair, david, there's a , whichnce consideration is i think there are some ceos who fear the presidents retaliation against -- president's retaliation against the company is there resign. that is why i advised a number of ceos who asked me not to join
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president trump's councils because i felt, i told of, i think things will happen with a good probability that will make you want to resign. you will find that a difficult act and so you're better off never joining. but in now that they have joined, is a group of them leave -- if a group of them leave, it is surely safety in numbers. there is a congress that is watching. there is a press that is watching. if the president tries to sick of the irs or regulatory authority on those who oppose him, he will reap a firestorm. i do not think that business has a something to fear. i would say something else. if i am somehow wrote data wrong and institute -- wrong and
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institutions, huge institutions, walmarts, boeings, really have from theetaliation government of the united states directed by the president of the united states, if that is a valid fear, our democracy has come to a place where it is even more important that we all do something. i do not think that is a valid fear, but if it were, that is more reason for them to gather group, safety in numbers and ascend a strong signal, not the less. david: given of the moral imperative you see so clearly, let's talk about gary cohn or steve mnuchin. there is report in the new york times that gary cohn was very
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disappointed as he stood there them yesterday. , i am gary cohn resign not asking will he, should he? if ceos living -- leaving his counsel, gary cohn would have a much more powerful effect? if i was working for president of the united states who equated those marching for civil rights with white supremacists, some of whom had passed connections to the american nazi party, i would resign that day. that is my moral calculus. i cannot walk at another man's shoes, i cannot make the judgments of effectiveness i'm of the judgments of it -- effectiveness, the judgments of ambition, of prudence that others have to make. i am not going to prescribe for
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gary cohn or any other particular official. what i would say is that i find disturbing that there has been no resignations of principle from the political appointees in this administration. take an example, david. the white house yesterday sent out talking points saying that the president had a great press conference. would have been involved in producing those talking points, disseminating those talking points, repeating those talking points to the media. not one of them finds it so deplorable to be
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part of defending that press conference? withdraw?decided to there were principled resignations from the clinton administration over welfare reform. ida not share the views of those who protested, but i admired their moral purge. there were principled resignations from the state a number oft different points in a number of administrations over the united states not standing up strongly enough for human rights. now, when the president of the united states not speaking off because, but -- off the cough 2t after -- cuff, but after for of careful deliberation equating white supremacist with civil rights marchers decides to
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double down on that position? and no one working in the political or legislative or communications parts of his administration chooses to withdraw? i have to say i find it very surprising. look, david, i am someone who is worried them about the excesses of identity politics. i am someone who argued and has some scars to show for it for the importance of being supportive of the business community in a democratic administration. but there are some places where you have to draw a line. ceos guess i would ask the who have chosen to remain and i would ask the officials in the administration, not the one of the national security area who really do have a huge obligation
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to maintain sanity in our policy but the political ones, the communications, the legislative once, i would ask them to think about the question, if this was not enough to get you to with draw, what would be -- withdraw , what would be? or will you stay close enough to the flame of power no matter what happens? what would it take, what line would have to be crossed for you to step away? that is the question i think the president's colleagues, the question that i think of many of the corporate leaders should be pondering this afternoon. david: finally, larry, you mentioned the initial news conference was to discuss infrastructure. a subject you have been outspoken about. are the chances of meaningful tax reform through the congress lower today than 24 hours ago before this news conference?
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: frankly, in my view, they were pretty low last friday. they fell with the president's response, the first time to the events in charlottesville, and as a f -- they fell further yesterday. tax reform is very, very, very hard. it has been 31 years since it was done on a large scale. it takes a popular president. we have a president with a 34% approval rating. it takes a president skilled in working with the congress. we have got a president as war with the senator majority leader of his own party. andakes substantive detailed expertise and craftsmanship in the treasury department and we have got a treasury secretary who said at
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first there was not going to the reduction in taxes on high income people and then changed his mind about that and set multiple deadlines that have already been missed. i do not think we have the presidential popularity, the legislative skill or the technical expertise in the treasury department that makes it terribly likely that we will see any kind of substantial and comprehensive tax reform, maybe cutting.l be some tax but, i think the prospects for structural reform, which was the aspiration of the president laid out are minimal at this stage. david: larry summers, a distinguished economic professor
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at harvard. thank you for joining us. vonnie> vonnie: that is david westin. we'll have more bloomberg markets, next.
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vonnie: i am vonnie quinn. huge -- im never say am nejra cehic. target forecasting full earnings that beat estimates, the of the discount chain said sales were better than expected. -- the discount chain said sales were better than expected. president trump has unloaded on amazon again. the president tweeted that the world's largest retailer is hurting other stores and applied
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and was undisclosed industry jobs across the u.s. president has attacked amazon and its founder in the past. at home prices in the u.s. have reached a new high according to the national association of realtors. median cells of a previously owned single-family home was $256,000. that is your business flash for this hour. minutes away from european equity markets closing. a look of where they are now. the stoxx 600 on other fronts for the main equity indices. this is bloomberg. ♪
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>> live from london and new york, this is the european close straight i nejra cehic with vonnie quinn.
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of's take you through all the market action today starting with equities really on the front foot today with european stocks. ftse up more than 1%. germany process dax hitting its highest and more than a week. it is green across the screen here, in the fx space, dollar strength means were seeing a bit of euro weakness. that's taking a leg lower, particularly off the report of the ecb president mario draghi will not announce any a new policy at jackson hole. are trading one the pound. we've been seeing yields move higher at least in the core when it comes to the bond markets. gold a little higher and also breads. -- brent. looking into the industry groups the stoxx 600. yesterday we were seeing muted risk on. today the bullish momentum
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picking up. up 7/10 of 1% on the stoxx 600. material stocks leading the gains. we are seeing commodity producers outperform today with industrial metals very much bid on the enemy, industrials following close behind and tech, telecoms underperforming. this is the 10 year guilt yield. at what richard jones has to say about it and we will talk to him and a moment as well. the gilt yield -- guilt yield edging higher today. on thet to keep in eye moving averages, just gone above the 100 day moving average but will it stay there because as despitejones point out, strong employment data. finally, not something we
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usually look at but this is the with the island 100 year spread. talking about the treasury premium here has widened out, another chart that i encourage you to take a look at. we have another little bit of common the market when it comes to the vix down. the dollar might seem to put in its low for the moment but it is still flirting with a 94 level. goldman sachs saying negotiations really aren't going to have much more of an impact on the peso than we've already seen. a little bit of weakness today but that's also partially due to oil. a drawdown much bigger than we were looking for. cushing, oklahoma inventories not as we as expected and gas inventories the same, and that
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is put some weight on the price of a barrel of crude. let's look at the macro movers now. i chose to show you the g20 macro movers. the variety of indices are higher today. across the board from germany to asia to south africa, and similarly with currencies you can see the russian ruble really bouncing back a bit. there had been weakness, 5944 fell, the remedy -- remnbi below that yesterday. the south african rand strengthening as well today. commodities all in the green today. moore signs of life for the european economy. gdp increasing overall by 0.6%, catching the estimate of economists served -- surveyed by bloomberg. how will the latest numbers affect monetary policy? isning us from -- joining us
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richard jones. great to see you. what's your key takeaway? think the interesting thing about the euro area data this week, it has shown a broad-based recovery. area data itself was quite buoyant but as you break it down, italy was strong, the netherlands was very strong, germany was strong yesterday. from a growth perspective, that will be something that encourages the ecb. what they will want to see is that breads also being reflected in the growth in inflation and in wages. we haven't seen that as yet but i think given the growth dynamic we are seeing, it will give the ecb some encouragement. hopefully this will start to feed into higher wages. we've seenhe ecb, the euro lower against the dollar today and it did take a leg lower after the report that mario draghi would not be announcing anything new on
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policy at jackson hole. is that why you think the euro is moving that way today? : i think very much so. i don't think it was nailed on that mario draghi would necessarily say something on policy and jackson hole next week. the fact that has been taken out of the equation led to euro softness. it's a summertime and markets are thinner. it didn't take much to move the euro. we had a quick look below on 17 when that news came out. it chopped around at a tight range but i think the fact that it has been taken off the table is what led to that euro weakness this morning. vonnie: jackson hole is next source may know that mario draghi isn't planning on saying anything, of course he could totally say something if and when he wants and it could be spontaneous and it may not even be attributed. ofre's a good chance currency movements at the end of
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next week, no? richard: between now and then we have other things to focus on as well. minutes tonight and that is something that could give a little bit of impetus. we have some data coming out between now and then. i think the fact, if the going out of their way to take any sort of policy prescriptions off the table from jackson hole next week, i be surprised if mr. draghi went too far. stick isrobably something that's not policy related. there's always a chance that we could get something from him. turn itichard, let's back to the u.k. and the employment data today. strong across-the-board. it's always wages we are focusing on. let me take you to a chart on the nlid blog today, u.k. wage growth, trailing the u.s. this is showing the two year yield spread on this chart. the market reaction has been
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fairly limited to the u.k. data today. what do you read into that? think the reason we've had a limited reaction to the markets is it doesn't really change the dynamic that's really driving the bank of england. we have negative real inflation-adjusted wages in the u.k.. change that did not even though the wage side was stronger than expected. if you take a look from 30,000 feet, you have a bank of england facing that sort of negative wage dynamic. he will probably keep them on hold. then you have the brexit uncertainty, which will remain with us at least for the next year to 81 months. -- 18 months. investors are looking at u.k. growth prospects, and despite the fact that the data was stronger today, that negative real wage dynamic is something that is driving both the rates in the u.k. but also the currency, and both are soft at the moment. nejra: think you so much to
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bloomberg's richard jones in berlin of our mlive blog. go. his commentary on mlid vonnie: let's check in on the first word news straight emma chandra has more. president trump's chief economic adviser is said to be deeply upset over the events of the past few days right gary cohn was standing you're the president when he reverted back to his original position and said there was lame on both sides in the virginia violence. "the new york times" said cohn was upset and disgusted by trump's comments but he doesn't plan to great britain treasury secretary larry summers also voiced his disdain with the situation, adding more ceo's should be quitting the president's council. >> i think if he were to be deserted en masse because they decided collectively to send a strong signal, i can't believe he would fail to hear that signal.
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and i think there is certainly a drastic need for an adjustment when the president of the united states is equating civil rights activists with white supremacists. so yes, i think it would be constructive for the presidency. emma: we will bring you more of that interview with larry summers throughout the day. president trump is sounding a conciliatory note towards north korea's kim jong-un. the president tweeted that kim made a wise decision, referring launching a missile towards guam. president trump said the alternative would have been catastrophic and unacceptable. in the u.k., the manchester arena will reopen next month for the first time since the deadly attack in may. the former oasis frenchman noah gallagher will head a concert. 22 people died and more were injured when a suicide bomber detonated a backpack full of lose-lose after an area and a
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grunt a -- arianna grande concert there. global news 24 hours a day, powered by more than 2700 journalists and analysts in over 120 countries. i'm emma chandra. this is bloomberg. target delivers another sign is comeback is taking hold. the latest, next. this is bloomberg. ♪
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4.25%: glencore moves today in part because of the rally in base metals. aluminum climbed higher too.
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forer-than-expected demand these metals helping glencore rally the most in three weeks. before we get into some details, we should mention the chairman of bloomberg lp is executive director of the board of glencore. joining us with maurice taylor riggs. we seen this turnaround in the earnings. comesthe end of the day, down to the price of the base metals, right? you can see on the long your charts they have rallied from what you said, the bottom of 2016. that share price has come up quite a bit, now coming back to those highs back where they were in march. but coming back just in quick fundamentals here, i would know the imf raise their forecast for china gdp. that is held pushing demand from the metals that glencore helps, up to 6.4% from 6% going out to 2018 to 2020. getting to the metals, up to that $3000 of metric ton barrier it hit. glencore is the number 4
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producer of think, -- zinc, primarily from mines in canada. the rally is after glencore and other producers suspended output, so zinc is at its highest since 2007. i would also look at aluminum. that's another big base metal that glencore is involved in mining. aluminum is at its highest since november of 2014. this is when china was looking to shut down some of those illegal mines. it comes commodities, back down to supply and demand dynamic. nejra: i've been talking about the hedge fund manager all throughout the show, starting to short metal stocks in anticipation of a slowdown in china. is he the only one concerned about metals? emma: there has to be someone on the other side of this. indexntioned the lmex there that is made quite a bit of gains so far this year. some people are saying that
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bullish year, even though prices look high, will be range bound at the top end of those prices. other investors are saying, you know what? china growth a year from now will be a lot slower than it is today, and we are getting a little bit nervous about the skyhigh prices we are seeing and some of these metals coming off of china demand. vonnie: taylor riggs, thank you. turning now to retail and another stock where shares higher, up more than 3%, target boosting its forecast for the rest of the year after second-quarter sales topped analysts' estimates. a signed a big-box retailer is improving online sales and customer traffic. joining us is a senior analyst. he currently has a market perform rating on target, 12 month price tag of $60 per share. joe, is this a comeback story or is this a clawing on until amazon finally eats everybody up?
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>> they are doing what they can to compete with amazon. it's definitely coming back from where it's been. they had a very good quarter and a lot of the initiatives they've been putting in place seem to work out for them quite well. as optimism that the second half will be better, and we will continue. but to your point, amazon is that big, looming threat for all of retail right now that you have to figure out a way to do battle with them. vonnie: what is target doing that is bringing more foot traffic? >> they have really enhanced their merchandising within the stores. they focused very much on apparel and home categories, some baby and kid areas as well. they've upgraded the brands, their house brands in particular, they've done a lot there. that's been helping to drive more sales. plus, they've done a very good job with their mobile site, they done a very good job with their e-commerce, a desktop site. that's been helping to drive sales there is well. prices have come down a little bit, they are trying to
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stabilize on that level. generally they had a good quarter. the consumer is looking for some values and they were finding it at target. a lot of people have been focusing as well on the digital sales. how much is this about target benefiting from people using credit cards? household borrowing in the u.s. is close to a record high. absolutely. target does tend to have a slightly more affluent consumer and that's a big portion of where we've seen some of that borrowing happening. some of it is related to that. to your point, you need a credit card generally to shop online. that has been helping them. online sales are up 30% for them this quarter. amazon has been doing well, walmart we think will do well tomorrow. you're seeing this shift towards online and that's really been the growth area, and it drove a big portion of same-store sales for target. 1.1%s 110 basis points or
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of the full 1.3% count they did in the quarter. most of it was online. nejra: you've got a market perform on the target. are there any discounters that you see outperforming? >> we like walmart. walmart is one we have an also dollar tree. walmart we think is among the best positions within all of retail to do battle with amazon. they had been leveraging their store base, doing a lot to upgrade and enhance the feel in the stores, enhancing the merchandising, interested in labor over the past couple of years, the tech investment has been there. they are doing a lot of good things and when you expand to the internet, they have made helpacquisitions that will give them access to this new, younger customer. walmart has to care about amazon's for margin, doesn't seem to have to or have the units like amazon web services to give a cash flow and so forth. how good a retailer possibly
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compete? is this the walmart effect coming back to bite walmart? >> yes and no. i think ballmer can compete -- wal-mart can compete because walmart is very effective on price. the price studies we do, generally walmart is cheaper than amazon. i think the convenience of amazon's website and the fact that they have this more affluent consumer that is shopping via their website has helped them quite a bit, but as walmart starts to expand their base it little more and get that customer, and drive more sales, that's going to help them. and they already should profit. they are doing things profitably at walmart. they are generating 5.5% margins. vonnie: does the whole foods acquisition hurt walmart in the short-term? is there a response that walmart can get to that, maybe another acquisition? >> it's a good acquisition for
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amazon. i think it gets a more access to their core customer and get something -- some physical locations. i'm not sure amazon knows what they want to do with it yet. a lot of people have thoughts about what they can do and they can leverage the stores and ship from store, pick up in-store. i don't think it means game over for walmart. it doesn't change things that much. if anything, it will probably lower prices for whole foods core customers, which is a good thing for them. walmart is already way below price relative to whole foods. walmart has more stores, more locations, easier access to stores that whole foods. i'm not so sure it will be a game changer just yet. vonnie: thanks to joseph feldman, senior analyst. nejra: time for the bloomberg business flash, a look at some of the biggest business stories in the news right now. chrysler is joining bmw and intel in developing a platform for self driving vehicles. the coalition has said it's on track to put 40 autonomous tes
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on the car by the end of the year. has liftedareholder its stake in the world's largest mining company. l it now owns 5%. the firm says bhp appears to be heating investors' calls for change. and that is the latest business flash. now coming up, battle of the charts time today. topiocal, looking forward to that. this is bloomberg. ♪
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nejra: time for our global battle of the charts where we take a look at some of the most telling charts of the day and what they mean for investors.
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you can access these charts on the bloomberg by running the functions featured at the bottom of your screen. kicking things off is christine pitino in london. what have you got? >> today i'm looking at the amazon advantage. amazon is at center stage of this week's markets because of its $16 billion bond sale. one of the theories why that did so well is because it offered investors a chance to buy into the internet retailer without buying its stock. and that visitation is understandable even that its stock has risen three times as much of this year alone compared to the s&p 500. now, i took a look at amazon's 2024 bonds, which was part of his last bond sale in 2014, and the yield on that 10 year treasuries tracked pretty closely this year. that is likely to us wage any fears among investors about amazon valuations. but also on the flipside that implies there's not much of a yield advantage to holding
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amazon bonds over treasuries. the 2027 bonsai were a part of yesterday sale currently yield about 90 basis points over 10 year treasuries. so watch that to see if the yield premium improves over time. in the meantime, look at this trend and keep track of it. g #btv 7i77. nejra: that's going to be a hard one to beat. what have you got, vonnie? beene: you know how we've taking account of the dollar index pretty much every day, as a measure of sentiment and risk? a chart done following a survey by bank of america merrill lynch that shows right up to april being long the u.s. dollar the most talented trade among hedge funds and so-called smart money, that has changed now. and it turns out that the second most called a trade these days is being bearish to the dollar, short the dollar. we were thinking earlier with saidra vine heart, and she
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she doesn't think it's fully found it yet but there might be a little bit of room for the dollar to jog into that trade, pick up a little steam. there you have it, the second-most traded counter trade in the market. emma: -- nejra: i do love your chart but i've seen other iterations of it whereas i haven't read any like christine's. really a great one. christine is a winner. coming up next, and interview with kevin brady, the head of the tax-writing committee, let's try and tell us whether president trump latest comments will derail chances of passing tax reform. this is bloomberg. ♪ ♪
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change the way you wifi. xfinity. the future of awesome. vonnie: i'm vonnie quinn. welcome to "bloomberg markets."
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from bloomberg world headquarters in new york, here are the top stories on the bloomberg and around the world we are following at this hour. president trump facing growing condemnation from within the gop, and also from the business community. fresh statements in the last hour, including one from central lindsey graham, who said the president's remarks yesterday are quote, dividing americans, not healing done. plus, the republican congressman and house ways and means committee chair will give us his outline for the fast forward on reform this hour. and, the global chief investment strategist says the economy could be offended i three bears in this market. abigail doolittle is here with us know. we are halfway into the trading day already, abigail.


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