tv Bloomberg Markets European Close Bloomberg December 3, 2019 11:00am-12:00pm EST
lawyers. it is just nonsense, and they are wasting their time. nobody has to know anything about constitutional law come but they get three, and we get one. that's not sounding too good. but that's the way it is. for the hearings, we don't get a law your. we don't get any witnesses. we want biden. where is hunter? we want the son. hiff.nt sc we want to interview these people. but they say no, we can't do it. when it is fair, and it will be fair in the senate, i would love to have pompeo. i would love to have mick. i would love to have rick perry and many other people testify. but i don't want them to testify when this is a total fix. do you know what a fix is? this is a fix. tomorrow, i don't think anybody
is going to watch. i am not going to watch. this is much more exciting. tomorrow, they get three constitutional lawyers, and we get one. it's not going to matter. and they take three, and they give us one. who ever heard of anything like that? but i want them to testify, but i want them to testify in the senate, where they were get that's where they will get a fair trial. -- where they will get a fair trial. >> what do you want to learn from adam schiff? pres. trump: i don't want anything from adam schiff. i think he is a maniac. he is a deranged human being. i think he has a very sick man, and he lies. adam schiff made up my conversation with the president of ukraine. one of the reasons people keep talking about is that what they saw -- talking about is that is what they saw. he had a beautiful transcription of the conversation, but a lot
of people didn't read that. a friend of mine called up, a top person in new york, a great trend of mine, very successful. i didn't like what was said. wait a minute, did you read it? no, i heard adam schiff. well, that's not what was said. i sent a copy of what was said, and he said, this is great. this is and what he said. this guy is sick. he made up the conversation. he lied. if he didn't do that in the halls of congress, he would be thrown in a jail, but he did it in the halls of congress, and he's given immunity. this is a sick person. he's a liar. and by the way, nancy pelosi knew he was lying, and went on stephanopoulos and said he told the truth. so she was lying, too. these people are deranged. anybody else? > mr. prime minister, the president suggested that canada might pull out of usmca if the u.s. congress doesn't renovate ideal. have you ever made that --
doesn't ratify a deal. have you ever made that's it justin? -- made that suggestion? pm trudeau: we have had many conversations, and i am confident we will be able to get there. are engaged very closely on this issue. we are very hopeful that we are going to have good news soon. --mr. by minister -- mr. prime minister -- [indiscernible] [speaking french] >> is it your plan to have discussions about turkey and their role in nato with the president? pm trudeau: there's a range of discussions we are going to have during this meeting. look forward to an opportunity to have a discussion with the president, including the various challenges and reflections we have to have come in before
nato, and we have to make sure how we are responding to the real challenges the world faces right now. >> do you have any plans to talk about the extradition -- pm trudeau: we will absolutely bring up the issue of china and the detainees. pres. trump: thank you very much. thank you. vonnie: conversation therebetween president trump and canadian prime minister just improved euro -- prime minister justin trudeau. many subjects relevant to nato and to trade. let's get to bloomberg's josh wingrove, who is at the white house. on usmca, it is one of the things that markets are waiting for to see if this will get done, but there are very few legislative days left in the calendar year. iesco --et done doesn't get done? -- does it get done? josh: even if it was announced
this week, the likelihood of a vote in the house and senate before the end of this month isn't that high. we don't even know if they are going to get a deal yet. these talks are continuing. canada really is in the sidecar almost talks. a lot of the core issues are u.s.-my sicko issues, and more or less -- u.s.-mexico issues, and more or less, anything pelosi pushes for, trudeau would align with. there are a few controversial issues. trudeau was an peacemaking mode. he was being very careful not to agitate the president, so i don't think we are going to see a lot of flashpoints. the only exception might be that huawei issue, which we saw come up. canada has been sitting on the fence about what to do about that issue. the president has used the stock market as a barometer of his success. he said in that briefing, though, that the stock market is
not important to him, that jobs are important to him. did the president bro stock investors under the bus? josh: the president tweets about the stock market all the time, so it is not true that he never watches it. days tolosses on given get what he think of as restructured deals. he says there can't be an even deal. so we are hearing even more headaches for investors on windows to summer thoseariffs -- when december 15 tariffs may come in or not come in. we have no clarity, is the bottom line, on the china deal timeline, if and when they can get to that phase one deal, and how close policy and lighthizer are to getting a handshake deal to buy usmca on the floor for a vote. vonnie: senate republicans are
blooming house democrats, the president blaming the house speaker, but the canadian prime minister, at this point, he would like to get this done as well. what would be the sticking point? could canada move on huawei, for example? it would seem like everybody would benefit at this point from a usmca ratification. josh: canada really isn't the sticking point. trudeau would like to get an agreement. he got cut down to a minority agreement in that election. they also have it rabbit five -- they also haven't ratified. josh, thanks for the update. great to get your perspective. josh wingrove joining us from the white house. let's get more perspective on what is happening with these markets and how the president's comments are being taken. he's adjusted a little earlier on that i deal with china could
be put off for another year until after the election. base case.ket's here with us is daniel morris, bnp paribas senior investment strategist. is it the base case that we get a deal before december 15, and that we don't see further tariffs being applied? can i still rely on that being case?se up until about 24 hours ago, that is what the market was relying on. daniel: there are two risks. that is the most obvious one. there's been too many reverses and twists and turns to think that trump is just going to let it slide. even if we do actually get the deal, which is still our assumption, the details are going to matter a lot. how much have the markets priced in reduction of tariffs? we've gone from average tariffs of 3% to 8% to almost 20% on both sides.
the chinese clearly want that to be rolled back. the market seems to be assuming they will be rolled back. that is up legations for profits, for the s&p 500 and equities. we've got to get a deal, but we've got to get a deal that the market is satisfied with. guy: the president seems to imply in that collateral with mr. trudeau that he is willing to take a little hit on the stock market in order to get the deal done. the market has kind of relied on the fact that trump won't do that to them. are we setting up for another december a bit like last year? is it starting to feel like that? daniel: there is certainly something i don't thing anywhere commits or it to where we were last year -- anywhere commensurate to where we were last year. the big earnings disappoint at that we had then was apple announcing disappointing sales in china, so it is still china growth that was key. concern today is still relevant, looking at forward pes for the
s&p 500. it is priced for some pretty good news. the risk is that you don't get all of it. vonnie:vonnie: where would you be advising investors right now? it does seem like some investors are pulling out now before the end of the year. obviously, indices down the last couple of days. daniel: it depends on how clever you want to be, how much you think you are able to time the market. at this point, i think we have seen already over the course of .he year a good chunk of that has gone into fixed income funds, but a much larger chunk has gone into cash. there's a lot of cash on the sidelines. if we did see moderate correction in the market, you would see support for equities because the fundamentals are good, because you have all of that cash that would then move into any bigger correction in the markets. vonnie: what is going on in the bond market right now? is this purely a response to
deteriorating trade talk and that december 15 deadline rapidly approaching? daniel: trade does seem to be the big variable over the last couple of weeks. we had a 20 basis point rise in tenure treasuries a few weeks ago, at the same time you had a big move in chinese equities and in the currency, so that is the swing factor here. move so noted, that can much from day-to-day within the fixed income market as well. guy: let's talk about volatility. a couple of days ago, the fix was trading at 12. now it is trading at 15 -- the vix was trading at 12. now it is trading at 15. why was the market so complacent even the plethora of risks that exist out there? trade, payrolls, what is happening with the fed. daniel: well, the only thing i -- that weat we w
weren't quite so complacent. i think it is a very fair point that, certainly if you're looking at the level of the vix, the broad market as a whole was. you learn lessons that way. guy: pain certainly is a useful tool when it comes to learning lessons that way. daniel is going to stay with us, senior investment strategist at bnp paribas asset management. plenty more questions still to come for him. vonnie: let's get back to this global markets now. equities falling off a cliff. he is kailey leinz. kailey: we are looking at the three major averages in the u.s., all lower by 1% or more. the dow down by 1.5%. the underperformance of the ftse 100 in europe, now down about 1.8%. art of that is due to the strength we are seeing in the british pound, but the broader narrative over risk assets is trade, with the president saying he wouldn't mind if we don't have a china deal into after the
election. also some reports that the summer 15th tariffs will indeed come online -- the december 15 tariffs will indeed come online. one-dayook at the percentage moves on the s&p 500. those losses have accelerated in each of the past three sessions. it is also only the third day of three consecutive down days since over the summer. this would be the worst day for the s&p 500 since october. the biggest laggards are the tech and financial stocks. apple, amazon, microsoft, and jp morgan. these are four of the six heaviest weights within the index, having a big part in taking them lower today. they are all down by about 1% or more, apple down by about 2.5%. a lot of this may be profit taking, but apple very sensitive to china, and gigi morgan sensitive to moves in the bond market -- and jp morgan
sensitive to moves in the bond market. take a look at action on the 10 year yield, now lower by 12 basis points as investors rush into those safe haven treasuries, now looking at just 1.7% on the 10 year. investors also looking for safety elsewhere in the commodity market, flooding into gold. gold futures are higher by a full percentage point today. volatility slightly elevated. nearly a 17 handle on the vix. the pound also higher for the third straight day, up against the dollar by about 0.4%. vonnie: thank you. remember the function gtv on the bloomberg allows you to centse all of the re charts featured on bloomberg tv. this is bloomberg. ♪
♪ vonnie: live from new york, i'm vonnie quinn. guy: from london, i'm guy johnson. this is the european close on "bloomberg markets." let's check in on the first word news with courtney donohoe. president trump has another round in the legal fight with congress over his financial records. an appeals court ordered budge bank and capital one to turn over records to lawmakers. if that doesn't work, it could go right to the spring court. court -- to the supreme court. macron says he stands -- a veiled threat to the u.s. from north korea. kim jong-un's regime says it is preparing a choice of what it calls "christmas gifts" to
president trump, the latest effort to pressure more concessions in nuclear talks. from testingined nuclear bombs and missiles, but has warned he might take "a nupathe -- "a new path." hong kong executive carrie lam ruled out making any political concessions to protesters. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i'm courtney donohoe. this is bloomberg. vonnie: thank you. back now with daniel morris, senior investment strategist at bnp paribas investment management. we seen a big moving european bond yields as well, and today, an extra way me with the idea
there might be -- an extra whammy with the idea that there may be an extra tax on goods coming out of france. it certainly highlights the risk for european equities in any escalation of the trade wars. we have a very long, ongoing dispute around airbus and boeing that has come back into the news. there are threats on german autos, and of course, french exports around a tax on what seems to be u.s. technology companies. anyone of those would be enough to really challenge investors' positive sentiment toward u.s. equities -- toward european equities. vonnie: would your guidance be to pull out of european equities , even things like cheese and the wind sector, or would you wait and see what happens -- and the wine sector, or would you wait and see what happens? daniel: certainly we would wait and see what happens. we haven't turned negative.
i think it has just highlighted the risks to the sector. we think french equities are relatively attractive within europe because you have a much more domestic orientation then you do, say, with german equities, which are clearly exposed much more to weakness in global trade. guy: is the risk of a trade war between the europe and the united states higher than it was yesterday? daniel: we had kind of forgotten about it for a while, so it is certainly higher. probability, but if we look at german exports that are already week to the u.k. in particular, but have but off by it -- been off by exports to the u.s., the germany would have some thing to do with it. do you see rate cuts at the ecb? daniel: it is not obvious what they can do that is going to have much impact at all. however, i think risley backstop, particularly if it
does turn out to be -- i think there is a backstop, particularly if it does turn out to be fiscal. ultimately a reaction that would probably help out the german government, but it would probably take a while. vonnie: you are placing your chips there, daniel. it did seem like it may be more likely recently that germany would implement something, and then we have this big moving the bond market, so you are saying it is going to be a while if we get anything at all? daniel: the most recent mention from the government is reaffirming their commitment to a balanced budget, so i think there is no return -- no near term for increased spending, let alone a significant one, which is what you would hope to see if you wanted that stimulus to spill outside of germany. i think we are a long way from there.
it is a nice idea. it would be a good thing. certainly not summing we are counting on. there are many things that can still affect yields, affect sentiment. there's always italy, the political situation. we've got more pmi's coming out, to see what indication we have within the manufacturing sector in europe. so for us, it is probably a bit too soon to say that things are finished. guy: payrolls on friday, according to the number in front of me, 190,000. that seems quite high. doesn't seem high to you? daniel: it does. in expansion, you would see around 200,000. we had disruptions around weather. this may be a statistical bounce back from strike action, but broadly speaking, the labor has been the u.s.
falling. even if we can't necessarily look at inverted yield curve anymore as a recession indicator , a deceleration in the employment market or an increase in the unemployment rate is. the trend over the last couple of months hasn't been that good. guy: the president today saying he has not focused on the stock market, he is focused on the job market, so i am sure he will be paying attention to what happens on friday. thanks for stopping by. daniel morris, senior investment strategist at bnp paribas. this is bloomberg. ♪
copper and steel companies performing the worst, clearly a china and trade story. miners inrope, the the oil stocks having the toughest time. stocks doing well, wirecard trading higher. cac 40 down by around 1%. luxury stocks under a little bit of pressure today as a result of that spat between paris and washington. the close is next. this is bloomberg. ♪ when you move homes, you move more than just yourself.
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frat -- absolutely italy is absolutely flat. the dax positive. kind of risk of sentiment we are seeing in the united states. canons. treasury market 12 basis points over here, it is five or six basis points in terms of the move we are seeing here. ist is interesting, and this a key line in the sand that is worth paying attention to, we are sub 400 on the stoxx 600. that was line in the sand. technicians got excited. we got above it. we got to 409, then we backed off over the last few sections. today low the 400 line. individual markets very different five today. the london market under pressure for a number of factors. the first is we are seeing the pound have a fairly positive day. worth bank attention to
considering where we are with the election process. we are also seeing the oil majors coming under pressure and the mining stocks coming under pressure. they have added weight to the downside on the ftse 100. the dax is positive. it is an eclectic group of stocks that have driven the dax higher. considering the dax is the kind of trade proxy in europe, it is fascinating to see a day where we are seeing so much focus on trade the dax is treading into positive territory. we will talk about luxury stocks in a moment. the cac 40 as the home of the majors in europe. lvmh stands out. the cac 40 trading down over 1%. let's break it down from a sector point of view. we have every single sector bar three and negative territory. utilities were very much under pressure in germany on concerns of what was happening with the coalition falling apart. today they bounce back. tech is trading higher.
real estate, upon proxy feel in terms of what is moving to the upside or just to the upside. ,ood and beverage, health care autos only down a touch. definitely a defensive bias in terms of the sector breakdown. the bottom end of the market looks like this. i mentioned what is happening with the basic resources. these are the mining stocks. banks are lower as well. we will talking about job cuts at unicredit in a moment. let's talk about the single stocks and give you an idea of what is happening with the individual names. , another a trade story negative blow there. stops down 4.2%. lvmh down 1.5%. we will try to find out why in a moment. on the upside, we were talking about huawei in the last bilateral between the prime minister and the president, canada and the united states. it is fascinating the u.s. is starting to put some of its money to work and making sure it
can deliver 5g networks without huawei. ericsson could be one of the beneficiaries, trading up 2.25%. the trade dominated story but a much more mixed up picture in europe versus in the united states. vonnie: there is clearly a rotation going on, some kind of correlation or cause-and-effect is hard to know. we are seeing the dow down 1.6%. only one component in the dow higher and that is mark. the s&p 500 down 1.2% and plenty of cash going into treasuries. the 10 year yield is now at 1.70. we will see where this move ends up. 17, theis close to highest it has been a wild. nothing elevated, but the move from 12 to 17 was rapid. let's look at stocks on the move. steel.ak
there will be iron ore and that is good for the merged companies. iron ore prices are starting to turn around. 3.2% onks index down the tray deteriorating town. the gold index 1.1% higher. one of the sectors performing better on higher gold prices. guy: ok. president's proposed tariffs on $2.4 billion of french goods hitting the luxury sector today. shares of lvmh, caring, all fading to the downside. president trump said he made a lot of progress in the meeting with the french president emmanuel macron, but no specifics were discussed. , head of luxury goods equity research at deutsche bank has stopped by to give us the benefit of her wisdom about what we should look for when it comes
to the story developing. lvmh is up nearly 50% this year. a very good run. today it is down 1.8%. i'm assuming by the market reaction investors are not particularly concerned this trait spat between france and germany will go anywhere significantly in terms of the bottom line at lvmh or any of the other stocks. francesca: i think this will be seen as noise for the moment, nothing to worry about particularly. this is also to be seen in the context of the strong performance of the luxury stocks over the last 12 months. it is to be seen in the context of the fact that luxury today trades at a 53% premium to the you are a stoxx 600 which come -- to the euro stoxx 600 which compares to a 10 year average of 38%. it is substantially re-rated relative to the overall market. to me it looks like a bit of profit taking, and excuse to rely some profit by the market. guy: what would it take for it
to become serious? this is may be just the first blow being struck against the sector, which is an obvious one for the president to hit at. cars, germany, france, luxury. francesca: we have been here before during the last year. we had some news about potential tariffs on different products that is coming up again. i think luxury goods in general have good pricing power, they have reasonable margin that enables them to absorb. -- those goods that can be purchased by consumers, which can change the lower price points.
day onened already every the currencies, so why not arbitrage higher or lower prices , potentially driven by tariffs? unless it becomes a major trade war, which impacts the globe, which impacts the consumer sentiment, and the feel-good factor of luxury spenders, the feel-good factor being the key purchasesluxury goods . unless this happens, i do not think this is a major concern, at least for now. , itie: if it were to happen would obviously hurt the u.s., france as well. tiffany just having been bought by lvmh at some point would also get hurt. on the margins, would it take a basis point for two off of some of these margins?
of potential terms impact on profitability, it depends on how big the tariffs are going to be. we have no idea. the range could be from a low single-digit impact on profit to a mid-single-digit impact on profit, but it is very difficult to be more precise at the moment with the information we have. it also depends on what is made in france as opposed to made elsewhere or what is going to be made in the u.s. as opposed to made elsewhere. this is going to be having an in the overall calculation. vonnie: give us your best picks. i know you just said many of the companies in your universe are pretty fully valued at this point and they include all of the luxury names. you have favorites? francesca: we cannot name
stocks, but certainly what we are continuing to see, and this is the trend we continue to back, is for winners to remain winners and continue to gain market share on the back of good portfolio management, good trend management, good connectivity with consumers, incremental sales and incremental profits, which in turn can be tested for the brand in a self-fulfilling vicious circle. that is what i would say. guy: thanks for stopping by and coming to see us at bloomberg. luxury goods equity research at deutsche bank. vonnie, there's an economic theory that says the higher higherf an object, the value certain people ascribe to it. you wonder whether or not some
of these tariffs could backfire, making some of the goods more expensive and making them appear even more valuable to some people. we shall see. vonnie: i am sure the president's economic advisers will explain all of that to him. unicredit has announced a new strategic plan that puts $2.2 million in share buybacks while eliminating 8000 jobs. the move brings the number of job cuts announced a bank -- announced by banks to almost 80,000. almost all of them in europe. we are joined by bloomberg financial reporter in frankfurt. how have u.s. banks managed to avoid this kind of fate westmark 80,000 is a massive round of layoffs -- this kind of fate? 80,000 is a massive round of layoffs. nicholas european banks have not done their homework's like the americans the greek they have. there eliminating jobs over the years, but they never really shorted their capital levels.
they never focused on a business model is much as u.s. banks did. they got a dose of the interest rates. interest rates are lower. they are negative in europe where they are positive in the u.s.. if you are a bank tried to make money and looking to the future saying when will i be able to make money, the bread and butter of banking it looks further and further out. that is key to the unicredit announcement today. they are cutting branches as well. the basic nuts and bolts of banking are challenged in the future. guy: can you cut your way to growth? huge numbers of layoffs, but will it do good in restoring profitability? nicholas: isaiah depends on the bank. if you look at -- i say it depends on the bank. the areas we are cutting back on, the analyst saying we do not
know if you will not have revenue attrition and businesses because of that. in the case of unicredit, attrition today -- the case today positive. investors are saying is something we find credible. the analyst saying they believe what the ceo has been putting out today. , but it is a question of people rather than assets in this sense. this is something which to many analysts looks credible. vonnie: are there areas where the job cuts have been greater than others? obviously there would have been overlap in things like wealth divisions, but it also happened with bank office staff? where else? nicholas: in the case of unicredit, we do not have a lot of granularity, certainly not as much granularity as the staff would like. they are starting to negotiate with labor representatives who
are not a fan of this plan, as you can imagine. they will fight it tooth and nail. the fact that the branches are closing, i think that does give us a feeling there'll be a lot of retail jobs to go into this. unicredit has cut back on its investment in the past. that fat has already been trimmed. guy: i wonder if we get banking union and cross-border deals, whether the politicians will accept more job cuts. certainly one to watch out for. nick, great piece. nick comfort joining us out of frankfurt. let's check where the european stocks have finished the day. ftse 100 is down and down hard. it has been the mining stocks, the oil stocks that have suffered the most. in frankfurt, we saw the dax not having a bad day at all, relative to what has been going on in the united states and london, up .2%. the cac 40 hit by the luxury
sector, down 1.03%. not much movement during the auction process. the busy day driven by the president of the united states bilateral meeting at the comments on china. we will carry on the coverage at the top of the hour. the cable show. jonathan ferro in new york. i will be joining him in london. dab digital radio in london, around the world on all of your bloomberg devices. this is bloomberg. ♪
>> i believe and i think emmanuel macron believes that the bonds between america and canada are crucial for us but for the u.s. and canada. it is in their defense interest at this part of the world stay stable. maria: and defense spending is always the elephant in the room. is happymp saying he with country spending more. he is saying countries that do is something 2% they can deal with with trade. he is hinting at tariffs. in general i would agree with him that we have to spend more. we cannot have the american side of nato being about 50% of the and having 75% of the built while canada and the european side are only spending 25%. he is right.
whales waswe made to we would move to 2% step-by-step before 2024. when you look at the numbers now , 30 billion extra spent on the non-us side of nato since 2016, it is incredible number. maria: with regards to your country you commit to that figure, because trump would say the netherlands is a rich country? p.m. rutte: we are and he is completely right. we are spending billions and billions more. we are spending billions and billions more in terms of our overall defense spending. our economy is also growing at a high pace. we have to keep track. it is still our aim to achieve the welsh target in 2024. maria: the conversation abound russia is changing. voices sayingmore isolating russia is serving no purpose.
you agree the situation needs to be norm -- more normal. occupiede: russia has the crimea and interfered with ukraine. all things are happening. let's not be naive. thate same time i believe next to pressure we always seek dialogue. we cannot leave them when they are trying to connect to us. pressure first, dialogue second. is taking a lot of heat because of the russian equipment he is buying. what you think will happen? he is saying it is my decision. p.m. rutte: i agree with the secretary-general and others that buying this crucial defense equipment from the russian side is not a wise decision. i agree with my other nato colleagues that this is not a wise decision by the turkish government. years we have70 always had these differences, we
have always been able to hammer than to just have them simmering somewhere without being debated. maria: if erdogan decides to continue and test, what happens next? it is clearly an act of defiance. p.m. rutte: the americans have said it means we will not sell particular defense gear into turkey. it has consequence. maria: so there will be consequences? p.m. rutte: at the moment they are there. as a nato alliance, we also have to deal with this. more in general, i am happy we can discuss this issue on the table. vonnie: prime minister of the rutte speakingrk to bloombergs maria tadeo. this is bloomberg. ♪
hour. shares of beyond meat are falling. taylor riggs is here to tell us why. taylor: this is after oppenheimer funds came out and only put on market perform on the stop. analysts are a little bit -- on the stock. analysts and investors are concerned it was not a buy rating. it is concerning giving the rising competition. this is what oppenheimer analysts are noting. if you want to take a look at a chart, the average price target on the stock is still above $100 a share. the problem is the stock with a 76 handle keep slipping below that. it is rising competition. you have big players like tyson foods and nestle launching their own products. increasingly has been a tough day for the stock. what this means is the shorts are winning. as you have seen the shorts and to a percent of the shares, 40%. the stock has falling despite its partnership they also
announced recently with target in delmar, hoping to expand a partnership they have in canada with mcdonald's. today the news is not playing through in the stocks. vonnie: taylor riggs joining us from san francisco. tune in later on. she will be hosting "bloomberg technology" at 5:00 eastern. coming up, "balance of power" with david westin on bluebird television and radio. former homeland security secretary jeh johnson joins to discuss the latest on impeachment and security. a quick check on u.s. markets. the dow down 1.5%. all of the major averages down. this is bloomberg. ♪
where the world of politics meets the world of business. on the brief today, david merritt from london on a divided nato alliance. lara davidson from capitol hill, and also from capitol hill, kevin cirilli on what comes next with impeachment. david, let's go to you first. we saw president trump and president macron. it seems like for an alliance they are not very much together. david: a sour meeting between the two presidents. president seems to have maneuvered president trump defending nato. we are used to hearing president trump attacking the nato alliance and criticizing other members for not paying enough. mr. mike rawlings comments about -- emmanuel macron's comments about the lines being brain dead prompted president trump to say that is a nasty thing to say. you see the body language quite lacking in warmth you can say.
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