the and 30 minutes into trading day in the united states. from new york, i'm vonnie quinn. guy: from london, i'm guy johnson. this is "bloomberg markets." 904 is wherean see we are on the s&p 500, staying above the 2100 mark for the time being. yield 10 year treasury after all of that buying at the end of last week, back down to 2.55. some of the stocks on the move in the s&p, obviously the banks. 2.75%. sachs down a bit of a better performance elsewhere in the financials. elsewhere in the s&p 500, 8.6%nce data systems down after people say it didn't pay enough for its salon unit -- for

its epsilon unit. electronic arts down 2.25%. guy: european equities are doing absolutely nothing. remember, it is a holiday shortened week. we've only got four days. volume is actually ok. stoxx 600 unchanged at the moment. we started off a little positively, then faded the early rally. pretty similar to what we saw out of asia as well. stocks the big mining really outperforming the metals of late. i wonder whether or not we will see the start of those two minorsng, or maybe the come down. is the one you want to pay attention to. the eu giving the green light to

start trade talks with the united states. transatlantic trade relations not exactly great right now. if those go south, you whether wonder the arrow will follow -- the euro will follow. vonnie: let's get back to the bank story. we are joined by our bloomberg banking reporter. goldman sachs was a bigger surprise. investors are punishing it a little bit. a 21% drop in profit. reporter: exactly. it was even buffered by expense control. the worst story for goldman this morning is the, day -- is the .&a figures a lot of people haven't talked about the leverage finance underwriting being a little weaker as well. goldman is one of the top. this is maybe concerning investors today. vonnie: will goldman's efforts

to diversify workout? clearly that is coming through in the results. sonali: david solomon is getting grilled by investors and analysts on that very question. while they are diversifying, they also have to answer. a lot of these efforts will take money, yet on the call we are hearing about efficiencies and expense controls. more so how they use their capital. guy: does goldman sachs want to become jp morgan? it is really interesting they are launching this asset management division which is going to sit side-by-side with the markets division. it is really fascinating. similar numbers to jp morgan,? -- jp morgan,down yet goldman stock goes down. sonali: other thing that were highlighting this morgan where markets, its partnership with apple, and the push towards the

consumer. this is something that is new for goldman. it is something they are definitely looking at for growth, even as the core business is trading and investment banking. you see a little bit of headwind moving forward. guy: in terms of what clues we can take from this quarter into the next, what have we learned? sonali: some -- good news is the quarter so far had started off a little better in terms of market activity, which is good news. in the first quarter we had the government shutdown. also, the ipo activity for the rest of the gear will be good news as well. tomorrow morning bank of america reporting, and the next day morgan stanley. the intereste how rate movement is affecting their businesses. are we going to see the same things? vonnie: thank you. our -- sonali bostick on our banking and

investment team. what is the outlook for the major banks the rest of the year even that rates are so low, even though we did see that bounce a little bit? guest: i tend to think it is a little bit dicey. they've got the yield curve working against them. they've already got all the contrarians saying you should buy the banks. they are not a hated group anymore. and yet, they have been persistently underperforming for the last several months. i don't expect them to be a disaster, but i do think that for them to keep moving forward, we need a change in the environment. either trading is going to have to pick up -- the ipo calendar lyft islp -- but casting a pall over that with their performance. vonnie: where is the correct place for the 10 year yield right now? we talked to .57 earlier.

we are five or six basis points earlier than last week. where should we be? guest: it all depends on your belief in how manipulated the market is because of central bank buying. there's a lot of people that think it should be much higher. that is the consensus call, that rates will always go higher because central banks have been such big buyers, and they are reducing their balance sheets. i happen to think it is probably a little lower than it is right now then where it should be. it is a reflection of weak growth right now, especially because the yield curve was inverted and is very close to being inverted right now. it is giving us a market signal that things aren't great. it is not giving a signal of a recast -- of a recession. it is giving a signal as a struggle ahead of us that would probably translate into a revisit back to that low we saw back in march. guy: can i focus a little more on what is going on with the banks?

curve, and net interest margin doesn't look great as a result. the market seems to want to rerate these institutions. given what you said, why on earth would that happen? jim: i think they've been rallying because there's been a big contrarian call on them, but over the last few years they haven't been the best performers. the financial sector is one of the largest in the s&p 500. it is a critical sector in order for the market to get moving. it has been quite amazing that the market has actually made a run at its all-time high without really broad participation in the banks over the last several months or so. i think there's still some challenges ahead for that sector right now, as you point out, with regulation and the yield curve and stuff. they are not ready to go just yet. it has always been one that if wall street is like to own the toks and fund mangers like

own the banks, it has been a frustration for them because it hasn't always performed the way they think it should. vonnie: on trade, will you be affected by any of the incremental decisions on trade we are hearing today -- on trade? we are hearing today that china might move the tariffs as opposed to taking them off. jim: at this point i would save not really because the market is pricing in a deal. there will be a deal. it will get done. we will move beyond this. if the story is that it falls apart and more tariffs are coming, then you will have a reason to see the market start to price that end, and that would probably result in lower yields because it would be perceived as a hit to the economy. but if we are asking how is the market going to price in the announcement of a deal, it much.y has, or pretty i don't think there is much more upside from a trade deal moving forward. only disappointment would really move the markets from here. guy: just to come back to the

banks, the issue of the banks and their ability to rally from the highs in the year in relation to the equity markets? to draw that question a little broader, the stock market is pushing towards the highs of the year. yields are still near the low of the year right now, and they are both telling and inconsistent story. the bond market and yield curve is telling a story of weakness. that should be negative for the banks. the risk markets like stocks and some commodities like crude oil are rallying. that is telling a story of strength. this divergence is unprecedented one analystes that has been watching the market, and i tend to agree with him. we've only gotten a couple of back earnings.

which way is the market going to go? is it that bond market yields are too low, which is where i tend to be at right now? as the stock market to high? or is it the reverse? because you are not getting a consistent story, the bulls will say look at the stock market, the bears will say look at the yields the yield curve. hopefully earnings will resolve that question as we move forward. with that will be the banks. if we are going to rally from here, they are going to have to it.ith vonnie: jim b uncle -- jim bianco, you are sticking with us. let's check in on the bloomberg first word news with kailey leinz. kailey: the european union has given the go-ahead to start trade talks with the u.s. both economies want to rebuild relations after threatening each other with billions of dollars in tariffs after an aviation dispute.

meanwhile, the eu wants the negotiations in part to avoid tariffs president trump threatened on automobiles in part. china is considering a u.s. request to shift some tariffs on key farm products to other goods. bloomberg has learned the trump has asked for this so they can sell any move as a win for the administration. in france, president emmanuel macron will address the country tonight with aims at quelling discontent following a series of debates with citizens. those discussions were designed to take the heat out of the yellow vests protests. thousands of demonstrators turned out across france saturday for the 22nd consecutive weekend. john paulson is setting the stage for a potential spinoff that would turn his advisory firm into a family office. he has segregated most of his personal capital from that of outside investors. he made big profits during the housing collapse, but losses

have shrunk is asset management to less than $9 billion. global news 24 hours a day, on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i'm kailey leinz. this is bloomberg. vonnie: thank you. coming up, trade taking center stage. with u.s. and china moving ahead with negotiations and the eu giving the green light to start negotiations, that's next. this is bloomberg. ♪

♪ guy: live from london, i'm guy johnson. vonnie: from new york, on vonnie quinn. this is "bloomberg markets."

let's get a check of global markets. here's abigail doolittle. abigail: a bit of a mixed picture on this monday. -- the s&p ending as 500 and the nasdaq fractionally lower. we will be looking at some bank earnings on the day. the dax up fractionally, but the japanese nikkei doing quite well, up for the third day in a row, up 1.37%. investors waiting for more earnings reports, especially in the u.s. as for the shanghai composite, we are seeing an interesting losing streak as we take a look at a six-day chart. nikkei upave japan's for three days in a row, the shanghai composite the last three days the worst week for the shanghai composite of the year. initially sharply higher, then falling off a little bit. some traders and investors say this has to do with the fact that last week, china data was strong, and may mean less stimulus, so investors are selling those china stocks.

let's take a look at goldman sachs and citigroup, both trading down, more so goldman sachs. revenues missed by a little bit, equities missed, and also backlog not so strong. citigroup beat topline and bottom-line, but investors selling those shares. that is the case for the bank index overall. wehaps not helping the fact have a bit of a bid for bonds. the 10 year yield perhaps weighing on this group. finally returning to the theme around china stock. we have very positive develop in from the s&p 500 in u.s. stocks, very close to the all-time high. this chart goes back to the s&p 500's all-time high back in september. in white, the shanghai composite. in blue, the emerging-market index. in yellow, the s&p 500. in purple, the dax. clearly the shanghai composite is leading not just this year

out of that weakness, but on that recent moves down we see that it is not really translating yet to these other indexes. it has been leading on the year. something to keep in mind, we could just a little but of a pause for u.s. stocks as well. guy: be interesting to see whether the trade narrative starts to affect that one again, abigail. thanks very much. ande talks between the u.s. china apparently getting close to entering the end game. however, talks between the u.s. and the eu are just getting started. you governments, with the exception -- eu governments, with the exception of the french, giving green light today. let's bring back into the biancoation jim bianco, research president and founder. we spent a lot of time agonizing about the relationship between washington and beijing. now we will bring in europe and all of these real hot button issues we've been talking about so much with the chinese, but amped up even more.

if we end up in a situation where trade talks between the eu and u.s. get a bit touchy, have the markets price that end, or would that be a problem -- have the markets price that in, or would it be a big problem? guest: that would be a big problem. aboute were talking getting a deal with mexico and canada, and we got usmca. when we were talking about getting a deal with the chinese, now it looks like there is one coming. it is just up to how they will measure and enforce that deal. so the expectations of investors are there will be a lot of chest pumping and pomp and circumstance, but at the end of the day there will be a deal between the eu and the united states. i think you are right if there wasn't a deal, it would be taken very badly, but i don't think anyone really expects there will be no deal. guy: so using that is what is priced in right now?

i'm just curious because the timing is fascinating. so using a deal will get done. guest: absolutely. guy: but we are going to get into 2020, aren't we? i presume this is the kind of story the president is going to use as we approach the elections. i am just wondering how long it is going to be drawn out for. guest: i definitely think as you get into the election season, it will become a bigger deal, but for the president right now, the election season for him is not going to be until well over a year from now, maybe longer, because as we get into 2020, the story is going to be about democrats, not what he is doing, because there's 20 of them running and we have to figure out who is the nominee. so there is some time. just because the calendar says 2020 does not mean there's going to be no deal, so we've got time to work it out. vonnie: the eu is just beginning trade talks with the united states while china continues

that negotiation that has been going on for months and months, and really hasn't gone anywhere. the news today is that the likes of pure growers, apple growers, they are all very concerned about where these tariffs might move to. that is just the agricultural sector. other places could be semiconductors, aircraft engines, parts. what would the president consider a win, and what would be a win for the actual economy? jim: that is a good question. he will consider anything that sounds like a deal a win. but what would be a win for the economy is anything that would open up trade anymore bilateral way between china and the united states. right now the perception is it seems to flow one way. there's also issues about dumping from china and about election will property theft. if it -- about intellectual property theft.

if any of those issues are start on the you process of trying to get those issues fixed, that could be a win for the u.s. economy. again, i will come back to the mexico/canada deal we had last fall. right before that deal came out, we were asking exactly the same questions. what is going to happen when we have a trade war with canada? deal,en, boom, there is a and everyone seems happy with it. i suspect the same will happen with china. vonnie: thank you, as always. bianco jim bianco of research, the president and founder, coming to us from chicago. this is bloomberg. ♪

♪ vonnie: live from new york, i'm vonnie quinn. guy: in london, i'm guy johnson. this is "bloomberg markets." vonnie: the 123rd boston is happening today. for all the action, we are

joined by bloomberg's janet blue over the field. reporter: this is an area of stress and high anticipation. the first champion is about to cross the line, and it looks like an american is going to take it. would bers old, they the youngest american to win the wheelchair race. as he is about to cross, the vast majority of the field has not started because it takes a while to get 30,000 people across that starting line. we had a very wet start to the day, but it seems like the boston marathon always comes with this challenging weather. at least it is not the freezing day lose of last year or the searing heat of a few years back. some cheers are starting to erupt out here. i am very near the medical tent in a city of great hospitals. this is the largest er in the country on this day. as you may recall, the

volunteers here did heroic work in 2013 during the marathon bombing, saving every single person who ended up being transferred. this is the first time the marathon is falling on the exact anniversary of those bombings. as you know, this is an elite race, but also a race for good. the charity runners raised more than $36.5 million last year for good causes. back to you. guy: as you say, obviously a big focus and a lot of remembrance going on in terms of what happened on that day. not ass of the weather, bad as last year, but still looking at some pictures. plenty of people dressed up for the cold and the rain. is that affecting turnout? janet: it never affects turnout. the beautiful thing about the boston marathon, it does not deter the runners or the crowd. ist makes this so special that every bit of that course, the 26.2 miles through so many new england towns, it is lined

all the way. of course, we have some famous tunnel.ike the wellman it was garbage bag whether this morning, but now it is fine. guy: janet, thank you very much indeed. janet wu joining us on the phone, covering the boston marathon. from london and new york, we are going to continue to cover the markets today on this holiday shortened week. we are watching reasonable volumes developed, but nevertheless, probably plenty of people are enjoying not the weather in boston, but in london a little sunnier. this is bloomberg. ♪ moving is hard.

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[ sigh ] introducing an easier way to move with xfinity. it's just another way we're working to make your life simple, easy, awesome. go to xfinity.com/moving to get started. ♪ vonnie: live from new york, i'm vonnie quinn. guy: from london, this is guy johnson. this is "bloomberg markets."

let's get the first word news with kailey leinz. kailey: president trump visits minnesota today. the president almost won the state in 2016, and republican officials say it is in play for 2020. he will discuss his tax cuts after visiting a trucking company. vast majorityhe of americans do not believe their taxes went down. south korea thinks it is time for another summit with north korean beater kim jong-un. this comes days after his visit to the white house, where he tried to get faltering nuclear negotiations back on track. in turkey, unemployment has risen to the highest level in a decade. january's jobless rate rose more than forecast to 14.7%. turkey entered a recession after a currency rout last year that touched off inflation. billionaire jack ma is urging -- is urgingbrace

the endorsement of overtime culture of 12 hour days. global news 24 hours a day, on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i'm kailey leinz. this is bloomberg. vonnie: thank you. let's get back now to the banks. bostick hasromaine been monitoring the earnings calls. what are the questions that investors have been asking? : the callromaine just got started. the analysts haven't really had a chance to get into the call with their questions yet. i can tell you that mason did go over and tout the company's growth, the prospects for net income interest growth this year, saying about $2 billion

worth of growth this year, and line from what we heard from j.p. morgan on friday. enough to satisfy investors. the share is not doing a whole lot here, but they are staying afloat. i should point out one other thing they did point out on the call, they are not expecting any real move in interest rates this year from the fed. they say no midyear rate hike. they didn't give a solid forecast for the end of the year, but it doesn't appear they are expecting any real fluctuation in some of those key interest rates. guy: why is goldman stock down 3% when the numbers were better than the street was looking for? romaine: they had a big miss on the equities side. that was sort of expected come about a lot of people weren't expecting the down tick in investment banking backlog. that caused a little bit of concern. the goldman sachs called did wrap up. the executives trying to sound a more upbeat tone. they specifically said they will

have catalysts for future growth. they didn't pin a number to that growth, but they are trying to talk at this idea that sentiment has improved and some of the issues that weighed on the equities trading business and the investment banking backlog are going to rectify themselves. again, not really giving a timeframe, but sounding a more upbeat tone. vonnie: on that call, did the executives give any more detail about the versification? it looks like the stock is down about 3%. not a huge selloff by any stretch, but it doesn't seem like investors were cheered by what was said on the earnings call either. romaine: they did talk about that a little bit. with regards to investor reaction, you are talking about a stock that has been rallying pretty hard leading into the earnings, and definitely leading into the fed meeting we had on march 20 when they gave back some of the gains. what you are seeing today is a little bit a putback. expectations were not very high

to begin with. they largely met expectations with a couple of misses around the periphery. but i think you will see is a little pullback before investors get more clarity for the rest of the year. vonnie: all right. that is bloomberg's romaine bostick. guy: let's turn our attention to what is happening in washington. president trump set to depart the white house for a trip to the midwest. this comes as he faces the impending release of the long-awaited mueller report. we are joined by kevin cirilli, bloomberg's chief washington correspondent, live from the white house. it is going to be redacted, i understand. it is going to be a multicolored affair when it comes to that reduction. i am curious to how the white house is going to play this. it seems they are going to focus more on the four-page barr report and push the line that this vindicates the president other than focusing on the longer report. how do they make that work from a spin point of view?

kevin: there's a bit of apprehension on behalf of staffers at the white house, especially as the mueller report, redacted version, gets ready to be released this week. but the president, for his part, focusing on the cap line view. he tweeted earlier this morning, ag have already ruled no collusion, no obstruction. these were crimes committed by crooked hillary, the dnc, crooked cops and others. investigate the investigators." attorney general william barr has said he will be looking into precisely how the investigation had been arranged. we should also note that president trump's allies in the republican house conference on capitol hill are also calling for there to be an investigation. from the democratic standpoint, they are likely going to have to issue subpoenas once they do get their hands on the redacted version of this report. the investigations at the

congressional level are still going to continue. the key area to watch are the independent voters, voters who crossed over and previously voted for president obama, and switched over to vote for president trump. whether or not they have investigation fatigue is going to be something democrats and republicans are going to be parsing poll numbers on an this 2020 cycle. vonnie: the other news we are getting today is that trade talks are going to begin soon with the european union, and also with japan. is there any prospect of a quick success in either case? kevin: i think that there is optimism, but then there is realism. on behalf of the european union trade talks, the top trade negotiator for europe has really given the green light to allow these trade talks to advance forward. europeans don't want to see on a tariffs. the japanese don't want to see auto tariffs. but you can't look at either of these particular trade talks without noting the elephant in

the room, and that is the ongoing trade escalations between the u.s. and china. we should also note the president has been quite critical of the trade deficit that the u.s. has with japan, and the u.s. would like to make inroads from an agricultural standpoint to japanese markets. on behalf of the european perspective, they are growing a bit frustrated how the president has been critical of global agreement, everything ranging courseergy deals to of even the wto. vonnie: all right, kevin cirilli, thank you. kevin: thank you. guy: ok. coming up, we will be talking and hearing from the ceo of volkswagen, joining us from the shanghai auto show, on the company's progress in china and his response to the charges leveled against his predecessor martin winterkorn.

that is coming up. this is bloomberg. ♪

♪ guy: live from london, i'm guy johnson. vonnie: from new york, i'm vonnie quinn. this is "bloomberg markets." guy: let's talk about volkswagen. says he is diess quite optimistic about china's car market despite facing more uncertainty than usual. he spoke to bluebird at the shanghai auto show -- to bloomberg at the shanghai auto show. >> china has become a key market driving performance because of the government policies, but also because the society really

is asking for it. you she does much more in china than in other parts of the world , so china is driving electric cars. we really want to use the momentum of china. presumably part of that is deepening partnerships with your partners here. we've reported you are looking at a stake in your smaller partner jac. are you able to update us on those conversations? guest: it is too early to talk. we are very happy with our here in china. [indiscernible]

-- very international company already. we just opened up a new venture with jac, which is dedicated to electric cars, and we are reorganizing because china is changing for us. so far [no audio] developed ourave technology in china and put it into the market. this is changing, and this is why we are rearranging and exploring a little bit. reporter: you are also exploring a tentative partnership or cooperation was ford. can you update us on those talks? would there be potential to work together in the chinese market in some way? ford, this has made very

significant progress. most companies are midsize. combining our forces was ford makes a lot of sense. fordve been working with before in europe and not in america, so we are mckay good progress -- and latin america, so we are making good progress. reporter: there's been 10 straight months of falling sales across the auto market in china. when using that search to turn around?do you get a sense that things have bottomed out? guest: we hope so. we have seen two quarters of decline. i am quite happy with the div element from our viewpoint because we could defend our market position and increase our market share by one percentage point, losing a little volume, but gaining market share.

so we are not too scared about china, and we hope there are some advances in the negotiations between the united states and china. the market is in sound condition. [indiscernible] optimistic that the second half will be better. guy: volkswagen ceo herbert diess speaking to bloomberg's tom mackenzie at the shanghai auto show. vonnie: this was just hours after volkswagen's former ceo martin winterkorn was charged with fraud in germany. are these going to impact herbert diess, who is clearly himself trying to move on? >> very good question.

the diesel thing occurred in 2014, and here we are in 2019, still dealing with bombshell news and major headlines about one of the biggest figures incorporate germany. in terms of this case involving former ceo martin winterkorn, i don't think this will impact herbert diess at all because he's not been charged as part of the small group of people that prosecutors named today. however, there is another probe involving market manipulation that does involve diess, and also one of the chairman, and also winterkorn. prosecutors have said they will come to a conclusion this year on whether to go ahead with those charges. guy: in some ways this is rearview mirror stuff for volkswagen. they are trying to put the diesel story behind them, electrify the power trade, and move into fresh areas of focus. china is a big one.

in terms of that process of transforming from diesel to an electric power trade, how much is that costing them? when will we start to see significant results? where there any at the shanghai motor show? elizabeth: yes, there was one that has beenple part of that whole new family. it has been built very much as a tesla fighter that will go up against the model x. it is supposed to go on sale in 2021, just two years away. it is part of a big model rollout that is going to challenge tesla and all of the other major carmakers already in those lineups. vw has earmarked about 30 go onn euros just to electric cars, which is unprecedented in the company's

history. what is also interesting is they have really decided to go at this with more emphasis compared to other carmakers, making up a new platform just for electric cars, whereas other carmakers are going for an approach where you share the production platform. vonnie: how much do these factor into potential tariffs? diess spoke to this, and was saying they had done as much as they could do with regards to tariffs in the u.s. on potentially european made cars. for the carmakers, there is terribly much they can do. they will have to deal with a new business situation as they arrive. when thehe day european union has officially kicked off the process for trade

talks with the united states, is there a sense among the automakers that they could be the big losers in all of this? it is fascinating that the french have resisted these talks and the germans haven't. the german want a deal done. the french are worried about the agriculture sector. how much influence do you think they will have in the process? presumably they are lobbying hard in berlin. eth: they are part of the talks. however, trade is a european union matter. a number of auto executives, including ceo diess, have headed to the u.s. to present their case and make it clear, and hope for the best, i would guess. however, in terms of dealing with trade barriers, immediately what they can do is pretty limited. building a new plant somewhere costs $1 billion, $1.5 billion. you are not going to do that unless you think those tariffs going to remain there for a very

long time, decades, basically. vonnie: our thanks to elisabeth behrmann in munich. right now the worst performer in the s&p 500, alliance data systems. this is bloomberg. ♪

♪ guy: live from london, i'm guy johnson. vonnie: from new york, i'm vonnie quinn. this is "bloomberg markets." guy: time for futures and focus. let's go to chicago and bring in bilbo -- and bring in bill baruch from the cme. are you a buyer or a seller this week? guest: i'm a buyer on treasuries. i don't like the new low we saw friday, but it has shown signs of stabilizing. i like buying these dips. i like to see a decent -- i'd like to see a decent close

today. data hasn't really turned the corner yet, so i think it could be supportive this week. guy: out of curiosity, do you pay any attention to what happened with the banks today? a little concerned about what is going on with the economy. are you paying attention to that? bill: thanks are certainly a little scared. treasury yields have continued to move lower, and the spread has tightened. that is not healthy for their environment, and i am sure they are concerned about overall growth. we have seen growth move slower and slower. it is trying to turn a bit of a corner. we've got some better pieces, like new york empire statement effect string this morning -- new york empire state manufacturing this morning. data two weeks ago got everybody likeed, but it is your kids bring a home d grades

and you get a c. industrial production tomorrow, and pmi's later this week will be really key. guy: i'm curious about the retail numbers as well, whether the consumer is beginning to feel a pinch little bit. i want to wrap it up by talking about copper. i looked at the chart. really tight range. is it going to break out? bill: i don't think it does. i like these rallies. you get what is perceived as good news, like the china export news friday, that rips the market higher. i like fading those rallies into looking close out. you get it below that 50 day, i think you could see some further selling. guy: great to talk with you. have a great short week. from blueh joining us line futures up at the cme. vonnie: talking about tiger's

come back yesterday in a phenomenal performance. however, it is a bit of a headache for some companies out there, including shares of william hill. they are under pressure today to sell about 2.5% because of tiger. kailey leinz is here to explain. kailey: it was a pretty incredible win. i was so excited. vonnie: there was that double bogey as well by molinari, which did hurt. guy: it was great to watch -- kailey: it was great to watch. this was his first major title in over a decade, so he's been making bookkeepers a lot of money over the last decade because he still a fan favorite. people were still betting he could win. it just didn't happen, and now this comeback. one anonymous better in nevada that a payout of $1.2 million -- 1.2da got a payout of million dollars, the biggest

single payout for golf in william hill history. but the company has a pretty good attitude about it. the director of trading said it is a painful day for william hill, our biggest -- our biggest loss ever on golf, but a good day for golf. guy: the shares have been under pressure for a bunch of things. presumably tiger is not the only reason. kailey: it is not. they have lost about half their value, and most of that is due to changes in the u.k. in regard to betting terminals. they've capped the maximum bet pounds as opposed to 100 pounds on those fixed term bets, forcing gamblers online rather than these betting terminals, enclosed an estimated -- and closed an estimated 3500 betting terminals and shops. william hill has 34% market

share here, and spending in the u.s. is really booming, but nonetheless, it is set to be a $60 billion industry this year, although it was a different case this weekend with that tiger win. vonnie: on the other side, nike , and tailor-made got taken over by private equity. always a great label. we will talk more about tiger later. that's for sure. that is bloomberg's kailey leinz. aboutajors are down by 1/4 apiece, the nasdaq down about half 1%. this is bloomberg. ♪

♪ guy: 30 minutes left in the

european trading day. from london, i'm guy johnson. vonnie: from new york, i'm vonnie quinn. this is the european close on "bloomberg markets." guy: european equities pretty much flat on the day. stoxx 600 barely budging from that flat line. we are up less than 1/10 of 1%. where we are seeing some weakness is in the mining sector today. basic resources trading lower. we were just hearing from bill baruch at the cme on what is happening with copper. we have seen some metals rising out of their ranges, and mining stocks on the back of that. interesting to see if the metals catch up with the miners or if down towardsift the metals. giving the green light for u.s. trade talks. the question