not only richard here, at 7 c:0, we have rand stephenson, then we have steve schwarzman, steny hoyer and at 8:30, kevin brady u.s. equit

spoke to steve schwarzman in new york. we asked him about investing in infrastructure as well as the president's relationship with china. by getting his thoughts on the apparent disconnect between the scale of assets blackstone manages, and the current stock price of the firm at this moment. >> the biggest disconnect for me is, we have this huge amount of money we manage for limited partners who believe we will large-- we will earn returns as a result of 30 years of experience and our liquid part of our stockmarket non-insiders, comprises only 5% of the total money that we manage. partners are 19 times the size and they buy off on what we do only because we do it. our public investors must say, i don't think that is going to happen. sort ofgive us a lower valuation, if you will. so how can 19 times that be right? that has something to do i think with the structure of the markets, how long people hold attitudeort of their on certain types of investments. >> do you see the attitude changing at all? >> yes. we just did someth

later today, an exclusive conversation with laxton ceo steve schwarzman. -- with blackstone ceo steve schwarzman. we will hear his perspective on u.s. growth, investing, infrastructure, president trump's relationship of china and more. this is bloomberg. ♪ >> 30 minutes left in the trading day in europe today. from london, a mark barton. >> i'm vonnie quinn in new york. this is the european close on bloomberg markets. ♪ mark: here are the top stories we are covering from the bloomberg and around the world. in the u.k., theresa may struggling to keep control. what does this mean for brexit talks, which are in days away? germy corbyn says he is ready to serve the country. we will hear from the labor mps who supports the leader. and in the u.s. come the day after fired fbi director james comey accused president trump of lying, the president is turning his attention back to his attention that agenda with an instructor speech this hour. we'll have a look at

we will see how steve schwarzman is investing in this political environment. also, john winkle read on the landscape for private equity. all of those interviews from the bloomberg invest summit today. this is bloomberg. ♪ mark: you are watching "bloomberg markets." 17 minutes away from the end of the wednesday session. geopolitical risks abound these days. central bank risks as well. joining me now is bruce richards of marathon asset management. thanks for joining us. let's begin with what bill gross said earlier in the program, he talked about having a lot of cash in the portfolio, a years,, he -two believes a lot of positions will be liquidated and defaults may happen. are solvingieve we the seeds for those to come later but not right now today. you have a pretty perfect mix of stronger economic growth, capital markets open for companies. companies are risking a lot debt, weaker coverage. default will come on weaker economic activity, but not today. around 2% is what your viewer should expect in the coming year. beyond that, there will be a big default cyc

conversations coming up with steve schwarzman, bill gross, and more. straight ahead, big names in business weigh in on donald trump's infrastructure plan. >> i applaud having air-traffic control being the leading edge. this is bloomberg. ♪ ♪ >> we can't reduce our carbon footprint unless we deal with transportation. transportation is 40% of the greenhouse gases. the only way will do that is with clean cars. the clean cars will not just come out of california, although that is part of it. they will come out of china and other parts of the world. i have to say china is a real driver in the money they invest, the diligence of their innovation, and i want california to partner with china in that endeavor otherwise we won't be able to achieve our climate goals. >> how much of a threat you think is posed to u.s. innovation and green tech in california and across the u.s.? how much of that is under threat from trump's decision to pull out of the paris accord? >> i think the role of america in the world has been reduced because of trump's pullout on the de

what steve schwarzman told bloomberg. when we look

the blackstoneis to steve schwarzman speaking -- at bloomberg invest in new york. here is nejra cehic. nejra: alibaba has predict did 49% revenue growth this fiscal year. the forecast compares with an analyst projection of 35% as alibaba invests in other areas including cloud computing and online media. airbus may be thrown a lifeline for its a380 superjumbo. emirates to buy more. emirates is the biggest operator in the world. the order could be worth $8.7 billion before discounts although people familiar say the carrier hasn't decided how many planes it wants. credit suisse investors will buy $4 billion9% raising for the banks turnaround plan as the second share issue since the ceo took over. in april, credit suisse ditched plans to list part of its swiss operation. that is the bloomberg business flash. francine: tune for our one-hour special on the election at 10:00 p.m. u.k. time. exit polls are published and number customers can follow that on tliv . guy johnson and jon ferro will be headlining at. bloomberg surveillance continues in the next hour. tom keen

schwarzman making a bet on the future. he invested 1$100 billion of hi own money to launch swartzman scholars scott wapner has more. >> reporter: they're extraordinary, 110 students chosen from more than 3,000 applicants, tougher odds thantid they'll face a clash of cultures, language barriers. and unexpected turns >> don't do what i did >> reporter: in a country where the government watches everything >> there's so many interesting things to understand about china. how have they been able to revolutionize their economy? how does the communist party make its decisions how does a chinese student think? these are interesting questions for me and they're the ones that i came here to answer. >> a billionaire's bet, the best and brightest premieres sunday night at 10:00 p.m. on cnbc. in tt o ext, why one markepr thkshe fed sit the bar very high indeed. hey, i've got the trend analysis. hey. hi. hi. you guys going to the company picnic this weekend? picnics are delightful. oh, wish we could. but we're stuck here catching up on c

. >> and steve schwarzman thinks a conflict between china and the u.s. is a real possibility so he's hoping that these leaders will reach out to each other and ease those tensions. m.asrnremiers sunday at 10:00 p. ete and pacific right here on cnbc final trade is right after this quick break. ready or not, here i come.ek.) ♪ anyone can dream. making it a reality is the hard part. northrop grumman command and control systems always let you see the complete picture. and we're looking for a few dreamers to join us. hthis bad boy is a mobile trading desk so that i can take my trading platform wherever i go. you know that thinkorswim seamlessly syncs across all your devices, right? oh, so my custom studies will go with me? anywhere you want to go! the market's hot! sync your platform on any device with thinkorswim. only at td ameritrade >>> congratulations to josh of ritholtz wealth for one of the top financial advisers congratulations. >> we have amazing people all over the country and amazing clients. thank you for including us this year. >> good stuff. c

joe: up next, part of bloomberg's interview with blackstone chairman and ceo steve schwarzman. his thoughts on china and president trump's relationship with xi jinping. this is bloomberg. ♪ joe: >> to om group ceo jason schwartzman spoke to bloomberg about china and its current relationship with the united states? >> there has been a pretty visible dialogue in terms of the difficulty with the trade deficit or this next year will be close to $500 billion. that is over 50% of the total trade deficit of the united countries. over 200 it has been in the media pretty well and articulated by the president, and i think that it is fair to say that the chinese have heard that, and they view,ize, at least in my from my conversations, that this is a big number. for a variety of reasons, the u.s. is quite serious about addressing this. we will have to address it. there is a july 16 deadline with the mar-a-lago meetings where there is meant to be some progress in the trade area between the two countries, and they are starting to announce different things. the 16th, so, i think there will

. >> and when aaron finishes the program he's heading for the real estate unit in steve schwarzman's own company blackstone other scholars are going in different directions with some even planning political careers. yoinlt want to miss it, "a billionaire's bet: the best & brightest." right here on cnbc, sunday at 10:00 p.m. eastern pacific >>> have these names run their course or are they about to chew their way into new territory f.a.n.g. all next week at noon eastern. >>> welcome back to "halftime. yesterday we con grad graduate lated josh and his first making it among the top 300 advisers list today we con a great late another one of our own. >> thanks, scott i'm in good company. >> it's important to point out. >> you know they don't rank them they're in >> kate moore to start us off. >> i'm still excited about the banks. i think a lot of people have been obsessing about the flatter yield curve. a very solid macroenvironment and a great potential for cash return is a safe bet. >> rob. >> agree with her. however, next week is f.a.n.g. week it's about window dressing the things that

withclusive sitdown elliott and blackstone ceo steve schwarzman. all of that this hour. look at wherea major averages stand as we head toward the close. abigail doolittle is standing by. abigail: we had stocks at session highs p that is true. small gains snapping a two-day decline we were talking about where we have more action. oil 5%. it had on paper its worst day since the end of may. it's longest stretch. and bloomberg intelligence analyst in the commodities space the path of least resistance, he thinks the between $45 per barrel and 55 could be broken and is really suggest that there is an inventory supply solution even if opec or to come out with a supply cut. 500,orst drag on the s&p some of these higher names tend to react more within the energy safe, we are seeing that today. we also had read in the infrastructure space. look at chicago breach and iron. coming as they cut the price target by more than 30%, 1150 per share, citing quarter debts. clearly not liking that and that appears to be taking other names with rentals down. plus, backdrop with oil. take a loo

schwarzman, wilbur ross, gary cohn. what's your thought about those business people like you who continue to stand there? >> i think that they are making a gigantic mistake, because i think what they're doing is they're lending whatever credibility they have to the president to make it seem as if this is an administration that is normal, that is under control, that has the support of people who have credibility and long-standing relationships. what we are seeing is that that's just not true, that this is a dysfunctional administration, that they are out of control, and every little tidbit we get, the threat to fire mueller, all the little things you go like, wow, this is the crazy train! and when they stand next to him, they only diminish themselves. >> tom, thank you for sharing your thoughts this morning. i appreciate it. >> thanks, stephanie. >>> we'll take a break. coming up, former labor secretary and current chair of the dnc, tom pÉrez, will be in the house. you are watching msnbc. lots to cover. by making every

not only richard here, at 7 c:0, we have rand stephenson, then we have steve schwarzman, steny hoyer and at 8:30, kevin brady u.s. equity futures after mixed day yesterday are sitting near the flat line. dow futures up by 9 points s&p futures down by 1 point. nasdaq up by 5 1/2 nasdaq up for two out of the last three sessions as technology stocks continue to defy odds. oil prices dragging things down yesterday. you can see in asia, the nikkei down slightly. hang seng was weaker shanghai was down by a third of a percent. in europe, in the early trading, already seeing some modest declines the cac is the biggest decliner, it's down by a half percentage point. the ftse off by 0.4% crowd oil prices sitting at a ten-month low. 42.80. still below $43. >>> the big stories we're watching today anything that happens at uber is big. it's another departure it took a day, but it's front page on all the papers today about travis >> so late it missed the papers. >> even now, if you're interested, some guy named bill gurley, who you may or may not know, a venture canpitalist at benchmark who was be