julie: i am julie hyman, in for vonnie quinn. mark: business leaders are meeting for the milken institute's summit. manus cranny is standing by with michael milken, chairman of the milken institute. thank you. has had 40day sessions. welcome to bloomberg. great to have you with us. mike: it's mike. i'm not old enough to be a "mister." manus: three major upsets in the world. brexit. trump. and "re-xit." matteo renzi's exit. very fewre are surprises. what has occurred here was building for a number of years. the promise of finance and the promise of capital is to create opportunities for your citizens. median united states' income is lower today in 2016 that it was in 1999. the same in italy. there's a commonality between many of these issues you are seeing here. forink the need and search what is my career in the future, what is my job in the future, seen,s my future is being particularly in europe, the united states, japan, korea, and many countries around the world. aroundone can then turn donald trump saying he will make americ

that was july 2. july 3, the declaration is debated. july 4, it is adopted. we will bring you back to the second world war. i take you back to 1787 in philadelphia. that real steamy, hot summer, when the constitution is debated and ratified. debated and ratified a little later. the principles of the declaration of independence are codified into law, laws still used today. a document that is so meaningful today. i type you back -- take you back to 1814 when the british literally invaded and burned washington. it burned the presidents house, the capital building, other buildings. a clerk by the name of stephen clements, state department clerk, has the presence of mind to take the original declaration and constitution and stuff them in linen sex, throw them in the back of the wagon, have them taken out to virginia for safekeeping. he does it in defiance of the secretary of war. he says some of the british are not coming to washington. they have no interest in washington. they are only going to baltimore. he says, no, i don't think so. realize the impact on the n

julie: i am julie hyman. this is "bloomberg markets." is,sche bank in the cross this time with a high-profile client, at least currently. president-elect donald trump. at whatoined for a look germany's biggest bank is going to do to rework their nearly 300 million dollars in loans to mr. trump ahead of his inoculation next month. they have had a long-standing business relationship. a contentious one. what is the current status of it and what are the loans for? >> there for donald's various projects, golf courses, the hotel in washington, which is obviously in the news a lot, so these are bona fide big term projects -- big trunk projects. he has been a client of deutsche bank are many years and deutsche bank has continued to work with him, even as other banks have not worked with him quite as closely. the issue now that deutsche bank -- has one ofr the clients elected as president of the united states, it brings up interesting questions on how do you manage the fact that the president of the united states is going to be owing money to one

this is the fox25 morning news. >> julie: now at 9:30, good morning and welcome back. live look at back bay and things are improving drastically from earlier this morning when we headed into work. >> when we all headed into work it was pouring rain and welcome >> julie: need a song and dance. >> shiri: don't look like drowned rats because it has dried out, great news as well and might be throwing up the hair a little bit later, might turn into pony tail kind of afternoon because we have the winds, not super strong gusts right now and this is all i can scrounge up for the winds sustained 10, 15 miles per hour but growing stronger here in the afternoon and that's when we will start seeing some gusts 20, 30 miles per hour. so last to dry out, cape and islands, rain is over, we got upper 50s there, 50 in boston, upper 40s in malden and waltham and natick and noon time 55?, breezy, bright, combo of sun and scattered clouds here into the afternoon and upper 50s at 3:00 p.m. for kiddos coming home from school, going to be nice and mild to tell you the truth, though, similar 7

julie? julie: back to the big story on oil. saudi arabia has signaled it is ready to cut oil production. .his coming after russia novak said political was critical in getting that deal through. >> an important role has was crg that deal through. been played by the ministers. i think the key role should be given to leadership. there he supported that the deal. as it goes forward and understanding the importance of the deal being done. supporthis political which you talked about, this actually significantly helps to build a trustful relationship with our partners from opec and non-opec countries, especially with saudi arabia. these non-opec cuts genuine? or are they natural declines? >> i have to say that the situation is different as you go country by country. but i was very pleasantly surprised to see the support with russia to be dissipate. i would have to say that most countries have chosen and they joined not because anyone force them to reduce production. most of these countries, they will be taken active measures. >> what

julie:, the u.s. retaliates against russia for cyber attacks and that interfered with the 2016 election, and russia responding in a conference call. a spokesperson for the kremlin saying that russia regrets obama's decision on new sanctions, and that russia has no alternative but proportional response -- in other was, some sort of retaliation of its own. the pressure reaction, says the spokesman, will create "discomfort" for the united states. we will have much more perspective on this evolving situation, and have the latest of elements from washington next. this is bloomberg. ♪ the obama administration has retaliated against russia's cyber active involvement in the u.s. elections. president obama said the data theft and disclosure activities could have only been directed by the highest levels of the russian government. moreover, i'll double mats have expensive unacceptable level of harassment in moscow by russian security services and police over the last year. onma has imposed sanctions top offici

julie? julie: what does don king have to say about all that standing here. this is issues lends itself to nuance and not a sound bite issue. first and foremost i don't understand why john kerry would do this now. it has no practical effect. other than there is going to be a meeting in paris that the united states may or may not be part of that will determine further status of these peace talks. but, ultimately, it is very hard, almost like being a marriage counselor to a couple that decided to divorce, right? you can't force somebody to stay together when a couple said -- >> two sides are not equal. julie: doesn't matter if they're equal. neither side is interested in discussion of having a peace conference. israelis continue to build setments in areas palestinians claim their own. palestinians incite violence against israeliss and palestinian authority mahmoud abbas says something different in english than in arabic to his own people where the prospects of peace go. neither side is interested in anything john kerry has to say. furthermore what i find intere

this is bloomberg. ♪ julie: live from london and new york, i am julie hyman. mark: i am mark barton. this is "bloomberg markets" on bloomberg television. bad, bad day for european banks. joining me to shout all about it is chris jeffery, strategist at elgin and which has more than $1 trillion in assets under management. thanks for joining us today. the italian parliament today on publice motion debt for 20 billion euros. bloomberg is running a story saying that italian banks have the 52-billion euro whole and the balance sheets. how much for capital do you believe italian banks need? chris: we think the 52 billion number is a little on the high side but not wildly inaccurate. what does it mean for a time gdp? %.number on the order of 2-3 this is not an insurmountable amount of money on the national level. in spain it was roughly twice as big. this has been a frustrating thing thinking about the italian banking issue, the amount of money from the time government -- mark: navigating it is the biggest -- once again, the eu standing in the way of resolving the ban

this is bloomberg. ♪ ♪ julie: i am julie hyman. this is "bloomberg markets." amk: and live from london i mark barton. the latest on the u.k.'s move toward brexit as the appeals hearing wraps up. they argued they are giving the prime minister the authority to leave the e.u. without parliament approval would "crucify human rights." joining us is patrick, scottish, welsh always a ramping up the pressure today. what were they arguing? : first and foremost they were saying they were not here to try to block brexit or stall it, but clarifying points constitutionally. we heard richard gordon, the may would bethat crucifying human rights without approval from parliament first. 4 come to a conclusion, we will not know the outcome until january. where do we stand after four days of intense hearing? justices doled out a healthy amount of skepticism for everyone. lord knew berger said the referendum act was at legislation back in parliament, did it concede power to the people then? they said it was a joint effort when we joined the european union itself between parliament

julie: i am julie hyman. this is the european close. president-elect donald trump says the newest air force one order should be canceled. he spoke this morning at trump tower in new york. : the plan is completely out of control. it is going to be over $4 billion and i think it is ridiculous. i think boeing is doing a little bit of a number. we want them to make a lot of money but not that much. julie: boeing has responded saying, we look forward to working with the u.s. air force on subsequent phases of the program, allowing us to deliver the best plane to the president for the best value to the american taxpayer. rick plus who covers boeing is with us. give us a little bit of the background. there obviously is an air force one in existence, and what is the status of the order for the next one? rick: the existing air force one planes are nearing the end of their 30 year life span so it is time to get a couple of new ones. boeing has already signed a deal to bid the new -- build the new ones. they are under a $170 million contract right

julie: i am julie hyman. this is bloomberg markets. china is pushing back against an accusation by donald trump that it stole a u.s. naval drone. in a tweet, trump said "we should tell china we don't want the drone they stole back, let them keep it." aging doesn't like the word "stole." joining us now is bloomberg's policy reporter. next, thank you for speaking with us. we did hear that response from china it was a relatively muted response. why is that? why hasn't china been more outspoken? >> you are seeing a situation where china wants to sort of play it cautious and steady until president-elect donald trump actually takes office. they understand that we have one president at a time and they will deal with the obama administration on issues of policy and what is actually happening and they are giving donald trump a little bit of a pass when it comes to his statements now. it would be a much different story once he actually takes office. actuallying president starts to challenge some of china's core interests in the south china sea a

julie: one more question. i have my own chart here on the bloomberg, which looks at the s&p and poses of them have been higher. and this white line in particular has really outperformed since the election. justified?k that is will we see more outperformance going into 2017? feeling is that it has to do with a stronger dollar and growth in the u.s.. you naturally would want to focus on companies that are domestic and inward looking. and those are the small caps. so i think the run could continue. i do think we are due for a pause. in quite a move, and it has been quite a move since the election. so i wouldn't dismiss small caps but i would temper return expectations going forward. julie: david leibovitz, thank you for coming in. mark: coming up, u.s. lawmakers get to weigh in on the proposed $85.4 billion takeover of time warner. says the deal may need more analysis. adding that at&t and time warner could favor its own products. london and new york, i am mark barton. julie: this is "bloomberg markets." talking

independence is debated, voted on on july 2, not july 4 but july 2. john adams said july 2 would be remembered as an epic day. brilliant bonfires, illuminations, bands and celebrations. he was two days off. that was july 2. july 3, the declaration is debated. july 4, it is adopted. we will bring you back to the second world war. i take you back to 1787 in philadelphia. that real steamy, hot summer, when the constitution is debated and ratified. debated and ratified a little later. the principles of the declaration of independence are codified into law, laws still used today. a document that is so meaningful today. i'll take you back to 1814 when the british literally invaded and burned washington. it burned the president's house, the capitol building, other buildings. a clerk by the name of stephen clements, state department pleasanton, state department clerk, had the presence of mind to take the the original declaration and constitution and stuff them in linen sacks, throw them in the back of the wagon, have them taken out to virginia for safekeeping

julie: i am julie hyman. this is "bloomberg markets." in his newest book, "the undoing project," michael lewis writes about a shift in sports, medicine and government with two psychologist. let's talk to tom keene that michael lewis. tom: [indiscernible] absolutely courageous. this is the early lead there 2017, so we will jump into next year. twice this book important? -- why is this book important? michael lewis doesn't need another important book but this is important for two reasons. he has brought so i put of the foundational ideas of economics and has really brought to life one of the great losses of economics, and that is one. congratulations. when you wrote this and brought it to life, it is pouring, game. , the haverhill economics, but -- behavioral -- it is boring, game economics, behavioral, so what did you have to do? to do spectacular characters with a tumultuous, romantic kind of -- theythere were points hated each other. michael: the story has a shape of a love story, so it was emotional, part of the secret to the ability t

the remains of julie. they were unsure initially that it was human remains. we knew that there was -- >> even with all their experience? >> yes. everything was just consumed by fire to the point that things were unrecognizable. >> as for keith, he was away calling on customers in indiana. word of julie's death spread almost as fast as the fire had raced through the house. >> i'm getting ready for work, have the tv on in the background. >> we're live in the canterbury subdivision -- >> then temple bradley's phone rang. it was a friend who also knew julie. >> she said, you know there's a fire. i said, yeah, i saw it on tv. she said, yeah, it was keith and julie's house. and i just sat there. >> did she know at that point that julie, in fact, was gone? >> she knew. so she told me. >> temple's husband immediately tracked down keith as he was making the three-hour drive home from indiana. >> he said, i'm on my way. i'm probably, you know, two hours away. i said, are you all right? he goes, yeah, yeah. i could t

julie julie. >> daniel: good morning, i am

julie: julie european vacation watch. we looked at oil versus the 10 year but gold is worth mentioning. there is the year-to-date chart. its lowest. we have seen not a breaking of that trend downward since we have seen since the election. copper worth mentioning even though on the day we did not see that much of a percentage change, you see a push and pull between the effects of the stronger dollar on the one hand and a drop in inventory on the london metal exchange on the other, so that push and pull equally not a lot of movement on the day there. pretty flat. those are today's market minutes. let us talk about today's stock records. so, mark, welcome. -- market, welcome. rc, welcome. this momentum have seen, when you have this kind of momentum, is it hard to slow it down? do you need a catalyst to do so? marc: that is a good question. there has been a sea change of hope. when you look at the fundamentals, the valuations, there is a lot of hope baked into policy next year. that could cut both ways, but if you look at the

julie? julie: turning to turkey, the attack in berlin coming within hours of the assassination of the russian ambassador to turkey in ankara here that fueling the global uncertainty that turkey central-bank warned about following a surprise rate decision. let's bring in constantine from istanbul. we have this rate decision where rates are kept on hold. it was somewhat surprising to the market. it seems on the one hand that the central bank is faced with the following lire, and on the other hand with political pressure. why was that decision aid today? >> it was a surprise decision from the central bank. the central bank is dealing with depreciation in the currency. the layer is the worst performing emerging market currency in this quarter. growth is slowing down. the economy contracted in the third quarter and there's political pressure to keep rates low to stimulate the economy. that they noted the depreciation has impacted, may impact, depreciation. theslowdown is restraining impact. some

julie: all right. i'm going to oncen again eat some crow as i have been and say something -- melissa: you've been a very good sport about it. julie: no, no, i'm going to say something i think my fellow democrats, especially those in the house who just voted for pelosi, need to think about. for a year and a half, two years i've been talking about the vaunt model, and i think i lost sight of the fact that we looked at segmentation, too much math as i keep talking about, that we looked at what would appeal to melissa francis' demographic versus bernie mcgurk's but not what would appeal to this entire couch. and the whole bass tet of -- basket of everybody who's in this country. nancy pelosi's been part of that problem. i personally have been part of that problem as well. but i have now recanted and analyzed what needs to be done. i think problem with renominating nancy pelosi and making her minority leader once again is that democrats have not done that kind of an us. they are, as you said, doing the same

julie: i'm julie hyman. oliver: we are 30 mins away from the u.s. ande: a quiet trade day that's following the holiday read -- holiday weekend. oliver: the question is what did you miss? upmajor averages giving earlier gains in the dow has been flirting with 20,000. tech stocks like apple and amazon listing the nasdaq to another record. brian moynihan after simply years of consolidation. there is more to come. -- gloomy before donald trump one and out the market is up. we will examine that claim. let's take a look at where the major averages stand. -- abigail doolittle is standing by. abigail: we have stocks rising. the dow 20,000 -- the dow is .bout 50 points quiet tire trading. we have met -- record highs both on intraday basis, the all-time high, on pace for a record close. the s&p 500 had been there earlier. the s&p 500 is not on pace or a record. bloomberg commodity index is up 1.5%, having its best day this month. since thenning streak end of august. one point it million barrels per day starting this sunday. we, and itengthened looks like ther

julie. julie: the battle over brexit moves to the uk's up record. and the government win the case claiming theresa may has executive privilege? this is bloomberg. ♪ julie: live from london and new york, i'm julie hyman. mark: i'm mark barton. this is the european close. under 12 minutes until the end of the mondays session. let's bond to brexit. the u.k. supreme court is hearing arguments all we. get themay must approval of parliament before triggering the exit cause. jeremy wright laid out the government case saying executive privilege gives ms. may the power she needs to go forward. arguments madehe by the attorney general today. i think it was quite a tough day today. there was quite a grilling from the justices. jeremy wright had to insist that was not aprerogative relic and in fact an important part of a functioning state. moreustices wanted to know than the government lawyers were able to give. theresa may's bill that will replace all eu law with another pill. hamstringy might be -- hamstringing her own lawyers. he said it's the best way of

julie: i am ramy inocencio. julie: i am julie hyman. welcome to "bloomberg markets period -- "bloomberg markets/" and we are live from bloomberg world headquarters in new york for the next hour, and covering stories out of washington, paris, and moscow. president obama retaliates against russia for cyber attacks he says were it interfered with the 2016 presidential election. we will discuss the sanctions, the impact on u.s.-russia relations, and what they mean for incoming president trump. kate spade -- we will talk to a former board member about the luxury retailer's strategy. will political upheaval spell trouble for cross-border offer forlike bayer monsanto. let's check the markets with abigail doolittle. abigail: we are little changed. the dow in the s&p 500 down just fractions. the nasdaq down .2%. all of this presents a two-day decline. certainly not the vigor of yesterday's decline for u.s. stocks. as for what this looks like on the day, this is an intraday chart of the s&p 500. the index had been higher, then drifted lower. wher

julie: i'm julie hyman. this is bloomberg markets. donald trump has gone after china again on twitter. us if it did china ask was ok to devalue their currency , heavily tax our products going into their country? we are joined by bloomberg's international government executive editor john. this tweet was in response to criticism of trump for taking a call from taiwan's president. china has had the one child policy for decades now. there has been a lot of talk about how big a diplomatic brouhaha this will set off. president yet. what do we make of all of this? >> that's a very important point to make. they could have chosen to express alarm and outrage at what president-elect trump tweeted. very much the word out of beijing is that he is not president yet and perhaps he is being badly advised. they are doing everything they can right now. julie: this is pretty much in line with what trump promised going into the election. that he would sort of speak truth to power. hard to find folks outside of china who defend

julie: i am julie hyman. templeton emerging markets -- emerging markets group says the currency has surged to the highest in more than a decade. asked what a donald trump presidency would mean for the currency? >> i think in the short-term the dollar isn't getting stronger but in the longer term, i think the heavy spending that he is going to bark on, not only in infrastructure but defense, will result in people starting to think that maybe this dollar shouldn't be as strong as it is now. we are probably going to see a weaker dollar. julie: in the wake of the brexit vote, mobius says politicians and central banks need to wake up to political risks around the world. >> i think they are beginning to realize that their policies are not working. they have been pushing on the strings, so to speak. be evening systems have to given up. they cannot continue them. europe see japan and moving in the direction that the u.s. is moving. julie: that was mark mobius of templeton emerging markets group. mark: we are heading

. ♪ julie: i'm julie hyman. mark: i am mark barton. counting down to the european close, 13 minutes away from the wednesday equity session. let's get back to the markets. european stocks in the red today, they reach their highest levels of 2016 yesterday. let's head over to the head of global asset allocation. he joins us from paris. thank you for joining us today. trumpfh further has this lation trade got to go? i would say at least until january 20. the end of the year is the moment am playing, all the ones just a few in -- days of by year end. i would expect some kind of pause on the equities and the yield going up on bonds. mark: do you think it has overextended this rally in equities? have the economic policy which would confirm to exit some measures, which would lose the economic activity in real terms, but also in nominal erms. that means nominal gdp growth might have to go faster than expected. you the correspondents, if you catch the corporate tax rate from 25% to 30%, this would boost corporate earnings by 8%. 15%,u see it fr

this is bloomberg ♪ julie: live from new york, i'm julie hyman. mark: and i'm mark barton. this is the european close on "bloomberg markets." let's turn our attention to brexit. scotland will hold a new referendum on independence from the u.k. unless the country is able to retain access to the european single market. that is according to scotland's first minister nicola sturgeon, ultimatumentered her in a commentary piece. theresa may a short sturgeon she will look at the proposal. we are joined by the bloomberg news editor rodney jefferson. what do we know about sturgeon's plans? rodney: we know that scotland set out very clearly in june after the brexit vote that it was not going to accept the result. scotland.f for every region of scotland voted to remain in the european union. the thing we are waiting for is to find out what they will say about policies such as immigration. would there be a border? also, with trade. how do you keep access to the single market if your biggest trading partner has just left it? that will hopefully be laid out. mark: what sort of arrangemen

they will have to do both on july 2. on july 3, the seeds of what happened on july 2 will sprout. what we have here is one of the earlier maps of the battlefield, a consolidated version of it, which you can see here. you are about two miles southeast of gettysburg, the baltimore turnpike, meade's only supply line at gettysburg. it was a hard surfaced road and wound its way down to maryland where most of meade's supplies were. much will be made about it. if there was an opportunity for lee, that lifeline. we will see that he is very close to it at gettysburg. these lines, they were used by xii corps to fortify the woods on culp's hill. there is the upper hill, and the lower hill. that wall divides henry spangler's property from culp's property to the north. rock creek, east side of gettysburg, that will be a major determinant in what happens on july 2 and july 3. there is a barrier that george meade was hoping his line would be protected from the southerners. wgat you are looking at is the mill race. they had to speed up the water to the mill. it makes the water here 12 feet deep.

julie: and i'm julie hyman. scarlet: welcome to viewers who are on twitter. you can watch closing bell covered every weekday. we begin with the market minute, sleepy in terms of equities and how they are performing today. we wanted to a couple of sectors that i will begin with european banks. they are in the news, one making headlines. they are paying a combined $12.5 billion to uncle sam. and we see italian banks gaining after the italian government agreed to put 20 billion euros into their veins. bloombergeck on the to give you a sense of how quiet it was today. this is the dow jones industrial average and what we saw today, 30 point move. that is timing. it is the lowest ranges since december 2013. if you want to see or get a sense of houston -- of how thin trading was, so far we have this blue horizontal line, a swing if you can call it that. 30 points. julie: can we acknowledge that amazing fun -- pun. scarlet: in terms of weekly performance when you are looking at gains all around. this is the seventh straight weekly gain. the longest stretch since 2014

julie: from bloomberg world headquarters in new york, china julie hyman. -- i am julie hyman. mark: saudi arabia giving its first detailed look at a long-term budget plan. they have been hammered by falling crude prices and deficit standing at 11.5% of gdp. seriese implementing a of unpopular austerity measures. riad, what is the big take away? >> the big take away if they think they can get the budget deficit down to a surplus as early possibly as 2019. there may scenario think it will be 2020. they are hoping to achieve this by not necessarily reducing spending, which they are focused on this year, by increasing revenue from the nonoil sector and from an increase in oil prices. mark: on the sector front, who is going to benefit from this budget? riad: we had austerity this year. contractors were not being paid on time. they said to have paid those bills. they cut back on subsidies so the consumer, the saudi citizen has less money to spend in the quebec on spending. as theyctation is implement support programs and as they have now paid the s in a set period, you can expect co

julie: i am julie hyman. this is "bloomberg markets." ceo of coca-cola announcing plans to step down. >> we have shares soaring on this news. they're up 2% on the news that james quincey will be replacing muhtar kent as the ceo. we did reach out to a bloomberg intelligence analysts, who says that this is a natural progression. james quincey has been groomed for this position. 65%,s of coca-cola are up and on the year it is a different story. decline.bit of the it is modest on the year. can shea told us there are a couple of different reasons for this, one is right here. revenues declining over the last couple years. it appears investors are not going to tolerate this as much. coca-cola derives 75% of its business from out of the u.s., and it is getting clobbered by a rising dollar. declining as sales consumers are less interested in sugary drinks. it will be interested to -- interesting to see what the company does in 2017 and 2018 to turn those sales around. mark: thank you. it has been a big week or new etf launches. from funds that tr

. >> i'm julie hyman. joe: i'm joe weisenthal. >> and we are minutes away from the end of the year. >> the final trading day of 2016. the s&p 500 and nasdaq ready for their best performance since 2014. energy, the biggest winner. and still the best year for them 2013. joe: "what'd you miss?" lower andcks -- going we would take a look at some of the best and worst performing assets this year. it has been a wild 24 hours for the ruble following the announcement of u.s. sanctions and the russian nonresponse, but now the currency is going to have it strongest year against the dollar. and the question that will not go away, can the euro and in a vicious experiment -- ambitious experiment survived? the region is facing more political headwind in 2017. julie: taking a look at where the major averages stand as we go toward the close, not just for the trading session, but for the year. abigail doolittle is standing by. abigail: we are going into the final 30 minutes of trading for 2016, the dow, nasdaq and s&p 500

julie: and from new york i am julie hyman. mark: breaking news from the trump personnel choices. cohenn sachs ceo gary said to be the president-elect's choice to head the national council. how is this going to impact goldman? joining us is the u.k. financial team leader. start with michael. talk about draining the swamp. is gary cohen, top of the nec, draining the swamp? trump likes to pick people with goldman ties. he had a long career originally from ohio. he has never been afraid to say what he thinks about the economy. i think it does have some strong opinions. >> what sort of hold does that leave? michael: there has been a list of potential successors. the fear was because lloyd blankfein has left as ceo, no one could move up. you had the three vice-chairman -- chairmanr retire. there are a number of positions people can move up to. julie: who is the next generation? potentialbe the contenders for his position? erik: lloyd doesn't seem to be going anywhere, but this could precipitate a bigger shakeup of the gold that shakeup of goldman sachs paid it could give the board rece

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julie: i'm julie hyman. withil: the charts deal when will tightening with the possibility of the fed tightening hurt stocks. going higher with the threat of tightening hurting stocks. we first take a look at g#btv. surpriseberg economic index and white was down your lows, basically telling us the economy was somewhat on shaky have -- shaky ground. we see the s&p 500 and that economic surprise climbing higher, telling us the economy is doing better than analysts and strategists were thinking. perhaps that tells us the economy and stocks can handle rates going higher, that's what we do have a little bit of this dichotomy. take a look of the next chart, which shows in slow cycles, it's the second slow cycle the painful for stocks. possibly this wednesday, with with a lag, that could be what we're looking at. and finally, when was it a little long-term chart the gives great perspective in terms of yield and stocks, we see the s&p 500 has really shot to the record highs. the seems to have supported s&p 500 perhap

. >> julie: and i am julie grauert. the chill is back in the air this morning. meteorologist shiri spear from the fox25 storm tracker weather center with a look at the breezy and cool conditions we are dealing with, shiri. >> shiri: of course when you put end up with wind chills this morning. we have nice clear conditions right now. just the wind that i am tracking and the winds running 10 to 15 miles per hour from plymouth to boston over to worcester this morning. nice calm conditions in nashua, new hampshire. you will not find a wind chill there. but it does feel like 33 in boston. a little deceiving because the actual temperature is 40. so it is going to feel cooler. feels like 31 in lawrence, bedford. worcester feeling like only 25 degrees right now. fitchburg, 34. and feels like the lower 30s for southeastern massachusetts. your day planner today keeps temperatures out of above 40 degrees in boston through 6 a.m. upper 40s, close to 50 degrees between noontime and 3:00. breezy and bright. a closer look at that weekend forecast coming up in minutes. julie, b

julie meets her birth father, bobby. >> hi. >> julie? >> yes. nice to meet you. >> wow, you do look like my mom. >> he immediately takes out a photo of his mother. there's a striking similarity. >> scary how much i look like >> reporter: after an afternoon of catching up on a lifetime -- >> it's nice to meet you. >> reporter: good-byes and promises to keep in touch. but dean's reunion with his father is not to be, at least not yet. even though dean has his name, he can't find him. could he be watching tonight? as for joanne, she made it through her surgery. it's now been six weeks. >> hi. group hug. >> reporter: now the really hard healing can begin. cece predicts joanne's toughest critics will be herself and the millions of viewers she confessed to tonight. >> she will be judged, unfortunately. and i just don't think that judgment helps anyone. i have learned that familioundl are the most forgiving, loving people that i've ever met. they want that connection so in order to have that you have to let go of that negativity. >> reporter: a recipe f

by noon of july 22nd, the yankees are in position. moreover, they are perpendicular to the end of blair's line facing south. the very direction from which the rebels are going to attack. i'm married to a yankee, y'all. and there are times like this when she says, steve, i will give just shy of a prince's ransom if you will devote to me and my relationship with you just a portion of the passion you give to these long dead rebel rebels. says, i can't, sweetheart. you're a yankee. i know. i'm walking into the den of the lions. welcome south, brothers and sisters. the confederates deployment was anything but easy given the terrain and the fact they were all tired and foot sore. bates men slogs through underbrush, muck and knee-deep water. walker runs into terry's mill pond. he got so angry when he faced it that he's going to shoot case turner until major cumming talks him out of it and cools him down. just a half hour before noon, hardee knows he's behind and knows he hasn't gained the yankee rear so he orders cleburne, mainey, bate and w

julie: it's time now for our quick take. change down climate means cars and trucks that millions of than volkswagen diesel owners were surprised learned their engines past tests by cheating. that's not the only thing that can go wrong. the paris climate change records will increase pressure for cleaner vehicles, which have a quarter of the u.s. total. the pact came when they were rethinking the tax incentive that helps diesel claim a market share. new carsard calls for to average 54 miles per gallon. california's rules are followed by 10 other states. the push for cleaner cars original had nothing to do with climate change. in the 60's, the target was air pollution. in the 70's it was to decrease oil imports. the government wanted to help detroit's automakers develop a supercar. the breakthrough model was the victoria prius. -- toyota prius. some clean cars were effectively running on coal. as the electric grid gets greener, it increases power battery cars. the u.s. supercar and europe's show the dangers of the government pi

and a special thanks to emily and julie for joining us. great to see you ladies as always. >> you too. >>> coming up, holiday shopping season just getting started. our guys have the picks to make you money while you shop. i have asthma... ...one of many pieces in my life. so when my asthma symptoms kept coming back on my long-term control medicine. i talked to my doctor and found a missing piece in my asthma treatment with breo. once-daily breo prevents asthma symptoms. breo is for adults with asthma not well controlled on a long-term asthma control medicine, like an inhaled corticosteroid. breo won't replace a rescue inhaler for sudden breathing problems. breo opens up airways to help improve breathing for a full 24 hours. breo contains a type of medicine that increases the risk of death from asthma problems and may increase the risk of hospitalization in children and adolescents. breo is not for people whose asthma is well controlled on a long-term asthma control medicine, like an inhaled corticosteroid. once your asthma is well controll

how in markets reacting, julie? julie: decrease in yields. looks like people are looking at that average hourly earnings. mike mentioned it is down .1 of 1%, which is unexpected. while it may not change the trajectory for the fed in the short-term, given the fact that we saw yields climb so much, that presumed perhaps a better wage number. david? david: less incentive for the fed to raise, right? they're not as worried about inflation? julie: going forward, perhaps, but we might get data -- david: kind of confusing. percent and.6 employment rate and decline, those will be big topics that janet yellen focuses on because that really raises questions asked to, have we passed the point of full employment? the fed has been estimated for the employment for 4.7%, so this is the first time we have dipped below. david: you keep adding jobs and prices do not go up as fast, cinelli go to tom keene and david gura on bloomberg radio who are speaking with bill gross. joining us, bill gross, wonderful to speak to you, welcome. gross, it is embedded with fou

julie: i am julie hyman. it is time for the bloomberg business flash, a look at some of the biggest stories right now. general motors will close five factories next month. the factory could close anywhere from one to three weeks, just over 10,000 workers will be idled. plants in michigan, ohio, kansas, and kentucky. italy considering a measure to boost public debt. the plan would apply to a number of bank lenders, which means to $1 billionaschi, would be extended to banks should monte dei paschi fail. lawmakers are meeting this evening. sony pictures is looking to take a bite out of apple's itunes in italy. chile.s a 5% stake in some of the biggest investors on the video-on-demand platform include paramount, viacom, and one of brothers. u.k.,has extended to the germany, poland, and australia. that is your bloomberg business flash of it. oliver: china is pushing back -- flash update. oliver: china is pushing back on the assumption that it stole a naval thrown. donald trump tweeted "we should sell china that we

this is the fox25 morning news. >> daniel: made it to friday, >> julie: i'm julie grauert. breezy and cool to get you out of the door. shiri spear with stormtracker weather center with where the wind chill will drop into the 20s. shiri? >> shiri: cold and temperatures running 10, 15? cooler than it was yesterday at this time. so that means boston at 43?, so was lawrence and norwood, 45 hyannis, still in the 30s in spots like worcester and in orange. for the most part seeing a lot of sun now, get to soak it up the rest of the day in melrose 11:00 a.m. 46?, we got partly cloudy skies this afternoon, so there will be some clouds puffing up. we get close to 50 for the afternoon, temperatures dropping through the 40s for your friday night plans there and, of course, i got winds on top of it, winds currently gusting into the 20 miles per hour range over to the cape and islands and wind chill now and for the afternoon when i'm back in 10. julie back now with live time traffic. >> julie: pretty mellow south as you approach somerville. south of the pike expressway is slow spot aroun

you and julie -- you have one, julie's on the board. welcome to the game. >> oh, thanks. kennedy: okay, here we go. is this real fake or fake fake, huh? huh? bill clinton caught sexting with michelle obama on election night. real fake or fake fake? did someone really try and sell that as a news story, a fake headline as click bait, or did we just come up with it today? you're all right. katie and julie still tied at 2, mat in the lead with 3. i actually made that one up was i thought it'd be really funny. [laughter] hey, michelle, gre sun's out, buns out, guns out, what? >> pretty good bill. kennedy: thank you very much, mat. that's a wonderful compliment. okay. [laughter] obama orders isis to, quote, take out trump. real fake or did we just make it up today? oh, god, you guys are all so good. that was a real fake story. you guys have been reading your fake news and probably creating some of it finish. >> hey! >> watch your mouth over there. [laughter] kennedy: here we go. number five, this is our fifth headline of the night. embarrassed green party removes jill stein fro

this is bloomberg. ♪ julie: this is "bloomberg markets." i'm julie hyman. commodity markets are closing in new york. let's look at the big movers. we have been watching oil, having its biggest gain in two weeks. 1.6% higher, at its highest ends july. that's since july. $53.87. their only been for dow closes for oil prices in december. it has been an interesting divergence between oil prices u.s. etf's.t of the as oil prices have gone up, we have still seen fund flows out of that etf. yearly inflows going back to 2006. number of years have been week. 2014 14 and 2015 were strong, making this the steepest outflow year going back to when he 13. curious because we have had oil prices going higher. we are seeing a bounceback in these metals. gold has been one of the weaker performers since the u.s. election. we have silver and platinum also gaining some ground in today's .ession ramy: crude prices have doubled this year after bottoming out at the lowest price in more than a decade. davidre, i'm joined by from our texas bureau. oil up for the seventh straight day

so you have july 7th, you have july 12th, july 17th, you don't have to be a math major to see the sequence here. it's every five days. after my book came out, i heard from other people who said, you know, i don't know if this matters, but on july 7th i was camping and i saw this. yeah, it does matter, because that was what was going on. now, from 19 -- november 1997, the case was basically closed. the ntsb held two hearings. no eyewitnesses were allowed to testify. first time ever, totally up precedented. unprecedented. the, basically, they get away with it. the most successful cover-up in american peacetime history. the great untold story of our times. and 53 of your colleagues died without justice being brought to their, them or their families. now, i'm going to jump ahead a little bit. and i'm going to take some questions and answers here and add some other little useful anecdotes. but the deputy attorney general who oversaw this investigation in may of 1997 after this is essentially put to bed, gets a new job despite the fact she has no experience in either mortgage or finance. she's n

julie collins joins us live from thanks julie! chat at hb winter storm watch this evening through sunday evening today: becoming cloudy. a few flurries. light snow developing toward evening. high: 22 wind: w 4-8 mph tonight: snow. 2-3" of accumulation. slowly rising temperatures into the mid to upper 20s. wind: sw becoming se 4-8 mph sunday: snow. 3-4" of accumulation. high: 30 wind: se becoming s 5-15 mph sunday night: snow ending. another inch of accumulation. total accumulation at t.j.maxx, marshalls and homegoods, we've always believed the holidays should be about joy. where days are filled with magic, not madness. it's why we have amazing prices on thoughtful gifts, everyday. (beep, camera shutter click) did you just see that? that was awesome. we have to try it. okay. okay, mine's not working. maybe you have to bump it. oh, yeah. do the bump it thing. right. okay, yeah. (muffled) you can take money out using the bmo harris app! you want to buy a hairless cat? there's a pet store down the street. cool... i think she said "bmo

. >> or the in july of this past year july of 2016 the team met and adopted the toll policies two aspects that the board in july fulfills we need to do more work on in the aeshdz of the hours of operation and the toll level so when the board met in july they adopted the policy direction as far as the eligibility that is who paid the toll and what kinds of exemptions and discount and give us direction on the design of an affordability program those are the actions taken in july policies that were not adapted and are subject of ongoing work with the hours of operation the when what are the congestion areas and how much is the toll the 2011 mr. haney work that was adopted along with the development agreement that work anticipated that there will be a $5 toll but again, this is going to be action 6 months about before the start of whole program. >> and then you implied there maybe considerations for low income people like the thousands of low income people that currently live on the island and that san francisco k like that will be made for equity purposes for low income people that live on t

julie: and i'm julie hyman. let's get the latest from the markets. >> one of the big stories from today is still water mining is being acquired for $2.2 billion, this as we're starting to see a recycle of m&a for the miners. and we take a look at a bloomberg world mining index. we see this year just a huge gain up nearly 46% on the year as we have seen a rebound in many of the commodities. it has been a good year, but just in perspective, the miners have really outperformed. gb-tv. a look at we see down here on the bottom, that's the bloomberg commodity index up about 12% on the year. but the mining index in white outperforming, against up about 46%. a good year for the commodities but a great year for the mining stocks. now one reason recently that we have had gold coming under pressure is the dollar. we see the inverse relationship when we take a look at the chart here. and there we have the dollar rising and gold dropping. gold is still higher on the year, but the big question is whether or not gold can rebou