emily: caroline hyde there with facebook coo sheryl sandberg. coming up, more of that conversation including what she has to say about facebook's new cryptocurrency, libra, which is already facing major blowback on capitol hill. this is bloomberg. ♪ emily: facebook made big headlines announcing its own digital currency, but lawmakers are already calling for the social network to stop developing it immediately until regulators weigh in. coo sheryl sandberg says lots of details still need to be worked out. she also talked about facebook's m&a strategy in this exclusive interview with our own caroline hyde. take a listen. >> it's interesting when you think about him in a because instagram is so big now, but when we bought instagram, it had 13 employees -- 13. -- interesting when you think about m&a. banks would call like we are here to do your immigration work, and we were like we have already given them a badge and a computer. we will see what happens with m&a. a lot of the acquisitions we made were not big at the time. caroline: and they have n

emily: facebook coo sheryl sandberg with bloomberg's caroline hyde. for more on libra and the controversy, i want to bring in bloomberg's kurt wagner. caroline mentioned that maxine waters, the chair of the financial services committee, called on facebook to stop developing libra immediately. you have senator mark warner saying he is concerned facebook is using their dominance to dominate another industry. sheryl sort of glazed over it. where is facebook now? regulators have called them out. >> i think there is a misunderstanding from some people that facebook just totally dropped this yesterday without having told anybody about it. that is not actually the case. as the company has said, as they told us, they have been in touch with some regulators. they have talked with people about this. we don't know exactly who or to what depth they have gone in that conversation, but i do think the initial gut reaction -- and part of this is facebook's fault, right? we've spent so many years criticizing facebook for its privacy issues, its ability or inability to

sheryl sandberg is sitting down with caroline hyde. yl: the legislative process is never linear, so we will see. but we do think gdpr is a good blueprint for processing of deflation. we also are not waiting for legislation. in the united states, there was a bill that did pass call the , which said for political elections, you should see who is paying for the ads. that bill didn't past, but we built it. it was up and running for the midterms and eu elections. the gdpr controls passed in europe. they didn't pasts around the around- they didn't pass the world, but we made them available around the world. we are trying to work collaborative with government to write the right rules, but we will are working ahead on protection because we went to be a part of that. caroline: what about the effort in the unit is two breakup facebook, breakup google? you have responded with an interesting take, saying if you are going to do that, what about the chinese competitors? how is that argument landing on capitol hill? do they see that is a real problem

caroline: i'm caroline hyde. we are about 30 minutes from the end of the trading day. once again, a fifth day of gains. the technology sector is the upper former. nasdaq currently up 1.3%. keyresting, one of the laggards on the benchmarks is a tech stock, the worst performer in the s&p 500, salesforce. but we know why. flashing that cash, $50 billion of it. seeing the are dollar strengthened versus the chinese yen. all eyes turn to what will happen between the u.s. and china before the g20 meeting now that trump has removed the threat of mexican tariffs for now. caroline: it seems as though the onshore falling. meanwhile, the mexican peso has been rallying on the relief that the tariffs are not coming their way anytime soon. scarlet: we have emerging markets overall gaining. this comes back to the fact that there is relief that the u.s. is not imposing tariffs on mexican imports. this is the 10th gain in 11 days. quite the streak they have had over this period. treasuries falling. the prices rallying hard since late april. london, the day that the tory leadership conte

i'm caroline hyde romaine:. and i'm romaine -- i'm caroline hyde. romaine: and i'm romaine bostick. you are taking a look at bitcoin? >> it is up 20%, if you can believe it, and it is pretty incredible. the bulls are clearly in charge, storming into bitcoin. facebook's new cryptocurrency libre is giving the stake a little bit of validation, and everybody having that fomo, driving bitcoin higher out of a bear market. bitcoin over the last decade or so has seen a few cycles. let's take a look at the longer-term chart. this is not bitcoin spot, this is the bitcoin futures chart that we will take a look at with mcglone. you are making the case that this is a bottom for bitcoin? mike: i am. you are seeing a breakthrough to significant resistance. the market went to that level like a hot knife through butter. what this is, this is the price. the bear market and the major distribution -- it started with futures, all built around 6500. when bitcoin broke through that, it says to me that it will make new highs. it should go about 20,000, but where is your definition of risk? different, a hig

caroline: i'm caroline hyde. we are about 30 minutes from the end of the trading day. it has been a bit of a roller coaster trading day. in some ways, risk aversion, but now risk on just slightly when we look at what is happening in terms of nasdaq. get toseem to be able to a 60 day. -- sixth day. concerns about what is happening with the chinese trade deal. it is trump holding up the deal, so he says. scarlet: we will not get any indication of movement until president trump and president xi meet at g20 at the end of this month. if you look at treasuries, they have been all over the place. right now, they are barely moving. up just barely. the dollar also little changed. wti has stabilized. support around $53 a barrel. it had a short selloff the end of may and early june at seems to have halted. new jersey's plan to slash $2 billion of hedge fund investments on simple. you pick the top managers, ask for reductions from others. but they can look across the country to see how long that can take. five years after california's biggest retirement plan decided to pull out of

caroline hyde joins us. caroline, it looks a little windy where you are. caroline: a bit windy, it is a tough life being here in sunny canne surroundeds by such influences as yanick bollore are, the ceo of hawas. you have said that the french-based conglomerate that you work for, you say that it is a very international business. presence in asia, europe, the united states, where is it growing fastest for your the moment? yanick: would have it in percent of our revenue outside france. u s is more than a third. we are growing in asia, china and india. but we still have a lot of growth in the u.s. come the you carry, and smaller economies .ike france as well caroline: considering the amount of concern about the economy and political instability, are the consumers still wanting advertisements? >> it is interesting. when i woke up the next day, years ago,three everybody was shocked. the industry, i can imagine. let three years later, the investments have not slowed down. even as we have moved our european headquarters from paris to london, growth is pretty soli

emily: caroline hyde also spoke with the u.k. digital culture secretary at the conference and asked him about the country's givenon in the race to 5g concerns about huawei. take a listen. that we doportant have good quality equipment. it is important that we are at the forefront of the 5g revolution. what is just as important if not more so is that we have a safe and secure telecom infrastructure. are doing is not focused on huawei or even just china. i'm looking in my department for a way in which we can develop a ande telecom supply chain whoever develops our equipment requirements on safety and security. caroline: when will the council and its reviews -- >> i cannot say exactly when decisions will be made. we need to work through the conscripts before we make a decision, but we will do that as soon as we can. caroline: how difficult does that make it? >> this is a hugely interconnected world and you cannot pretend that decisions made in other parts of the world do not have a bearing. components in america go into components su

bloomberg's caroline hyde joining us from the south of france. as i said, caroline will be joining meg whitman later on to speak to the issue she is just referring to and what that will mean. that is coming up on "balance of power." taylor: time for our stock of the hour. exalted coding system is headed for its best day since october 2017. this is after the company said it is beginning a strategic review that could include a potential sale. kailey leinz is here with more. kailey: it is backed by warren buffett berkshire hathaway. was theirle exited it biggest return in 20 years. the company strategic review conducted by independent board members is including looking at their capital allocation and the headline is that potential sale. been i for a takeover in the past. streets optimism on the but there is skepticism how much the company could be work. highgh as $49, mid to 30's, nomura says mid 30's and they do not think a deal is likely. taylor: that is a big range. $20 or $40 a share. battle the charts is up next. this is bloomberg. ♪ we're th

our own caroline hyde spoke to the ceo. he says the company is winning contracts " quite despite the risks to rolling out 5g. has nokia been impacted by huawei being blacklisted. rajeev: i would just say that, yes, there is some uncertainty and unpredictability. on our part, we have been thoughtful with, if you are a customer who wants to swap out your existing 4g, how are you going to do it? we have come up with alternatives so you don't have to delay your rollouts. caroline: the arguments made by german company deutsche telecom, you think it is not correct? rajeev: i don't think on a european level there will be any delays with regards to security concerns. i think if any, there might be delays on account of spectrum not being available or the economics not making sense for a particular operator. we have four solutions if you want to swap out. they are all doable. they all have pros and cons, but they are doable. caroline: what about the cons that some have paid lip service to that through the trade differences, we will s

ceo speaking with caroline hyde. guy: we are through the auction process. let's take a look at where stocks have settled. the dax not playing today. the ftse 100, gas higher. the first couple of minutes we went up. since then we have gone sideways. not much movement. after the first half-hour, the markets traded in an incredibly high range. renault worth paying attention to. you can tuna into the cable show at the top of the hour if you want to carry on the coverage. we will see the nomination for the role of prime minister in the u.k. closing at 5:00. at 5:30 we will see who is on the list. jonathan ferro and i will be covering that in all of the news on the top of the hour on dab digital radio and all of your bloomberg devices. this is bloomberg. ♪ guy: from london, i am guy johnson. vonnie: from new york, i'm vonnie quinn. this is the european close on bloomberg markets. guy: let's catch up with the first word news. here is courtney donohoe. courtney: president trump is threatening to raise tariffs on china again. the president told cnbc tariffs would

talked withhe bloomberg's caroline hyde. take a listen. >> we are calling for regulation, not just saying we will deal with it reluctantly. we are working with president macron in france. we are working with people around the world on maybe a gdpr like privacy legislation. we want to not just be at the table, but really noticing and acknowledging that companies like ours shouldn't make as many decisions as we do. new rules need to be written and we want to make that happen. caroline: do you think that realistic rules are being talked about? it seems the e.u. has the blueprint, but is the united states getting it? >> the legislative process is never linear. but here's what we know. we think gdpr is a good blueprint and we've been public about that. we are also not waiting for legislation. in the united states, there is a bill that did not pass. it said that in political elections, you should be able to see who is paying for the ad, how much they spent. that bill didn't pass, but we built it. it was up and running for the u.s.

suri speaking exclusively with caroline hyde. fannie and freddie are sliding dims as stephen mnuchin investor hopes for recap and release. that story is next. this is bloomberg. ♪ vonnie: this is "bloomberg markets." i'm vonnie quinn. time for the latest bloomberg business flash. salesforce.com agrees to buy tableau software for $15.3 billion in stock. it is their biggest deal ever and a major event for the company to build its analytics offering. synchrony financial is expanding its relationship with amazon. the two are combining on a new credit card that targets consumers with low credit scores. the cart requires customers to deposit a minimum of $100 which event serves as a credit limit. that is your bloomberg business flash. fannie mae and freddie mac shares sliding following stephen mnuchin's statement that bring the two from u.s. conservatorship will not happen without an overhaul of the entire u.s. housing finance system. both were down as much as 50% on the session. for more, let's bring in jesse westbrook from washingt

caroline: i am caroline hyde in london. let's talk big tex. companies are under scrutiny at a house judiciary panel hearing. companies like google and his facebook are under the spell it. apple probably has a backup plan if the u.s.-china trade war gets out of hand. let's go to san francisco. let's start with tech, first and foremost. facebook rallying because it raisingme analysts are right targets in the face of such scrutiny. how much are those on the ground where you are worried about the limelight these companies are taking on capitol hill? >> the bet right now is that congress holds the hearings and makes a lot of noise that does not come out with any laws. that is a typical wall street that about these things. from the company's point of view, they are relatively concerned with these hearings because the house judiciary panels that are doing the hearings can subpoena documents, in else, contract -- emails, contracts, things like that. probably more of a concern for the companies then investors. romaine: there is a speech outside the hea

emily: that was facebook coo sheryl sandberg with our own caroline hyde. in the meantime, lawmakers have been skewering facebook's plans. sherrod brown of ohio responded immediately, saying facebook is already too big to dominate another industry without oversight. he joined david westin thursday. sen. brown: facebook is too big and too powerful. i don't know that people would have said that three or five years ago, but the public increasingly believes that they are too big and too powerful to engage in a risky cryptocurrency, running a cryptocurrency system out of a swiss bank is a big concern. we, first of all, wants to know more, second want rules about this. we know about what happened to our banking system 10 years ago, and there is this collective amnesia about what wall street did. and trump regulators, the white house looks like a retreat for wall street executives. we know that trump regulators are never as aggressively aimed at big companies, whether they are wall street banks or silicon valley, as they should be. so we want to shine light on thi

caroline hyde also spoke with the u.k. digital culture secretary at the conference and asked him about the country's position in the race to 5g given questions surrounding huawei. this as the u.s. continues to press allies like the u.k. to next-generation telecom networks. >> it is important that we do have good quality equipment. it is important that we are at the forefront of the 5g revolution. what is just as important, if not more so, is that we have a safe and secure telecom infrastructure. what we are doing is focused on huawei or even just china. i'm looking in my department for a way in which we can develop a system for the whole telecom supply chain to make sure whoever supplies this equipment meets our requirements on safety and security. we will bring those forward as soon as we can. caroline: when will the council come to an end of its review? jeremy: i cannot say exactly when decisions will be made. the americans have made decisions recently that we have to take into account, which in a telecom world will have

emily: that was facebook coo sheryl sandberg with our own caroline hyde. in the meantime, lawmakers have been skewering facebook's plans. sherrod brown of ohio responded immediately, saying facebook is already too big to dominate another industry without oversight. he joins david westin thursday. >> facebook is too big and too powerful. i don't know that people would have said that three or five years ago, but the public increasingly believes that they are too big and too powerful to engage in a risky cryptocurrency , running a cryptocurrency system out of a swiss bank is a big concern. of all, wants to know more, second want rules about this. toknow about what happened our banking system and there is this collective amnesia about what wall street did. regulators, the white house looks like a retreat for wall street executives. we know that regulators are never as aggressively aimed at big companies, whether they are wall street banks or silicon valley. so we want to shine light on this and figure out what facebook is trying to do and begin to move with th

this is bloomberg. ♪ ♪ caroline: live from bloomberg world headquarters new york, i'm caroline hyde. here's a snapshot of what was potentially a slightly boring day on the market. currently seeing volumes down for the s&p and the dow, but they were higher on the nasdaq. president trump has some choice words for fed chair jay powell. powell is set to speak tomorrow. more pressure on tehran. president trump signed an executive order just hours ago. summer school. 2020 presidential candidate bernie sanders rolled out his new plan to forgive student debt 45 million americans, leveraging a fresh wall street tax. joe: president trump continuing his attacks on the federal reserve this morning, tweeting, in part, "despite a federal reserve that doesn't know what it is doing and raise rates way too fast, we are set to have one of the best months of june in history. consider what could have happened if the fed got it right." week, they looked at the possibility of a cut this year. fed chair powell is set to speak tomorrow. we welcome in our bloomberg economy reporter. powell is speaking tomorr

we are going over to cannes now with caroline hyde for more. caroline? caroline: so great to be with you, and to be with none other than meg whitman. she was the chair ceo of hewlett-packard, of eb as well. now quibi. it is several board memberships. talk to us about quibi. it is about short form video. what is it you are offering the advertisers that is new? ag: first of all, this is mobile only platform with hollywood quality content and quick bites, married with a fantastic tech platform that allows video to be viewed on mobile in any way. so what they are excited about is the fact that it is targeted to a millennial audience in a branded safe environment, because nothing does not get on quibi we do not say gets on quibi. targeted to an audience on the go. so they think it is a unique opportunity and that is how we were able to announce today that we have six of the most iconic, innovative brands as our partners. caroline: giving you plenty of money, $100 million already saved -- signed up. but this is also a subscription model. so how will the busine

caroline: i'm caroline hyde. we have seen a rally in equities, but also a rally in bonds. we are seeing money flowing in, with manufacturing data beating estimates, but the fewest jobs since 2010 when it comes to the adp. currently above water. up .3%, higher on the back of services data. scarlet: we have the beige book headlines coming out. the beige book indicates that the economy is improving, outlook is solidly positive but modest, perhaps reinforcing the idea that there was a bit of a slowdown taking place. tariffs are clouding that look as labor shortages -- this comes before the big jobs report on friday. all of this is big given a jay powell made clear that he is open to rate cuts should the data indicate that is necessary. caroline: he has given the market a bone,

this is bloomberg. ♪ ♪ caroline: i am caroline hyde. joe: i am joe weisenthal. for the: the worst day s&p 500 since may 31. joe: "what'd you miss?" caroline: jerome powell reiterates the case for lower rates. micron dietz. beats. of theelivers, but warns impact of trade in 2020. powell reiterating the case today for lower interest rates. the crosscurrents have reemerged with apparent progress on trade turning to greater uncertainty, and income data raising renewed concerns about the strength of the global economy. caroline: while markets have been pricing and reduction of 50 basis points in july, james bullard provide some insight into how much of a cut we can expect. think 50 basis points would be overdone. i don't think the situation calls for that. i hate to prejudge meetings. things can change by the time you get there. caroline: we have matt bosler with us. he was at the event today. script.k to the same >> he made a point to say whatever i say today is consistent with what i said last week. which is important, because he was speak for the committee last we

bloomberg's caroline hyde and romaine bostick spoke with the dropbox ceo, drew houston, about the new changes. drew: we are really excited about it. it has been a big morning, launched the biggest change ever made to our products, all new desktop app. it involves the dropbox experience from a folder full of files to a living team workspace, where you cannot only have filed but any cloud content. google docs, suite 10 files, really -- suites and files, really anything that you are using. integrations with tools like slack and zoom. within dropbox you can send messages and start meetings. you can see a calendar. it is a much more integrated workspace because we saw so many of our customers and frankly ourselves struggling with these new apps. they are great, but how do you system all -- stitch them all together? we see a big opportunity to make that a seamless opportunity. we are really excited about it and cannot wait to get it out there. romaine: do you see this type of integration of these apps, do you think this is something we will see more of, not just in your corner of the tech s

meg whitman sat down with caroline hyde to talk about what is really in the new sponsors. >> a mobile only platform with hollywood quality content married with a fantastic tech platform that allows video to be viewed on mobile in a whole new way. they are excited about the fact that it is targeted to at an obvious and a brand safe environment because nothing gets there that we do not say gets there, targeted to the millennial audience on the go during these lean in moments. they think it is a unique opportunity and that is how we announced today we have six of the most iconic innovative brands as our launch partners. >> giving you $100 million already, you want $150 million from advertisers and this is the subscription level. how will the business model be divided between the two? >> one offer is $4.99 per month plus ads, and $7.99 per month without ads. about 75% of our customers would pick the ad supported version because it is cheaper and we think the advertising will be of incredibly high quality to match the content on the app. similar to the hulu pricing models and most choose t

i'm caroline hyde. >> i'm in for scarlet fu. this is bloomberg markets the >> stocks hold near record highs as investors await capitalists from g20 over. imposes moremp sanctions to the company posse leader. deal to $8.6 billion create the largest gaming operator in the u.s. all that and more is coming up. >> a quick check of the markets right now are the dow jones industrial average is one of the few major indexes in the green. of dow would be thousands points higher the fed got it right, trump tweeted. it has been doing pretty well. >> even without his tweets, it is front and center. we have jay powell, the chair, speaking tomorrow. all eyes are on whether or not he keeps of his dovish show -- tone. on -- are on whether basically they have are back. >> up for eight straight days now, another record high. the plague that people are making if they want to be exposed to equities. companies like microsoft or not want to benefit on it. >> here are looking at sally getting hit by the amazon news. deeper. dive a little get us started

bloomberg's caroline hyde spoke with the u.k. digital and culture secretary jeremy wright at the sooner than you think conference in london about the issue. she asked about the country's position in the race to 5g, given questions about huawei. take a listen. jeremy: it is important we have good quality equipment and important we are at the forefront of the 5g revolution. we want to do that. but what is just as important, if not more so, is that we have a safe and secure telecom infrastructure. what we are doing isn't focused on huawei. it is not even just focused on china. i am looking in my department at a way in which we can develop a system for the whole telecom system supply chain to make sure that whoever supplies the equipment, they meet our requirements on safety and security. that is what we are working on, and we will bring those proposals forward as soon as we can. caroline: when will there be an end to its review? jeremy: i cannot say exactly when decisions will be made. you will be conscious of the fact that the amer

caroline: i'm caroline hyde in london. we are 30 minutes from the end of the trading day. feels as though the risk off move in the market, particularly when you look at the nasdaq and tech stocks. nasdaq off by 4/10 of 1%, clearly you are seeing cautious trading, concerns about trade, about views being thrown against the gas pipeline by trump against mexico by trump. i thought it was interesting what is happening with facebook. notable that they seem to be reported by the wall street journal, uncovered emails that mark zuckerberg is aware of problematic privacy practices earlier than previously thought. this while responding to the federal privacy investigation. the euro lower on the back of that criticism coming from trump over the north stream gas pipeline between russia and germany. scarlet: we are seeing money flow into safe havens like gold, also u.s. treasuries. resulting in lower yields. utilities are another safe haven in favor. you can see the group up by 1.2% of the group has a trailing 12 dividend yield of 3.1%. that is in its favor. keeping an eye on what is go

anna: that was facebook's coo sheryl sandberg speaking exclusively with bloomberg's caroline hyde at the cannes- lyons event in france. joining us is our crypto reporter. -- good to have you with us. why such a backlash against libra? we heard them discussing it, sheryl sandberg felt the point took -- felt she had to point out it was bunning -- being run apart from facebook. >> in the first hours, you have had the french finance minister coming out against it, mark carney avowing it will be regulated to the highest standards. and in the u.s. congress, you have congresswoman maxine waters saying we should halt development of this until we can look at it in more detail. on day one, you have already got this huge amount of scrutiny. so it makes sense sheryl sandberg is trying to respond to that. matt: is this just like paypal except bigger? that we already have this? i can turn dollars into digital, use it, and turned it into it intoagain -- turn dollars again? >> that is certainly one criticism. , and if youch is look at the marketing material from the subsidiary that will allow you to

matt: that was nokia's ceo speaking with lumbar's caroline hyde -- bloomberg's caroline hyde. coming up, a record number of candidates want to become the next 40 leader and u.k. prime minister. more on the race, next. this is bloomberg. ♪ , ima conviction brexit eer with a plan to lead us out by the end of october. >> our failure to deliver brexit has put our country and party in grave peril. >> we need to deliver brexit but not be defined by brexit. we need to get to center ground to attract people to matter how they voted. >> new free-trade deals across the globe. thell ensure we are out of parliament, out of the eu, and once more taking back control of our money, borders, and laws. >> i to be prepared to leave without a deal if it was a choice between no deal and now brexit. without brexit, there will be no conservative government and maybe no conservative party. 10a: those were four of the tory hopefuls in the running to become the next u.k. prime minister. three launched their bids today, conservative lawmakers will now take part in a series of votes to whittle the cand

emily: that was facebook coo sheryl sandberg with our own caroline hyde. in the meantime, lawmakers have been skewering facebook's plans. sherrod brown of ohio responded immediately, saying facebook is already too big to dominate another industry without oversight. he joins david westin thursday. >> facebook is too big and too powerful. i don't know that people would have said that three or five years ago, but the public increasingly believes that they are too big and too powerful to engage in a risky cryptocurrency, running a cryptocurrency system out of a swiss bank is a big concern. we, first of all, wants to know more, second want rules about this. we know about what happened to our banking system and there is this collective amnesia about what wall street did. and trump regulators, the white house looks like a retreat for wall street executives. we know that regulators are never as aggressively aimed at big companies, whether they are wall street banks or silicon valley. so we want to shine light on this and figure out what facebook is trying to do an

caroline: it is 3:00 in new york, 8:00 in london. i'm caroline hyde. romaine: i'm romaine bostick. this is "bloomberg markets: the close." caroline: it is politics dominating discussions after the first night of democratic debates, and as the white house mulls a cap and gain tax, all while sending mixed messages ahead of the g20. ford is closing six planes overseas and slashing the overseas work horse by as much as 20%. wiped out nearly all of this week's meteoric gains. all of that and so much more coming up. romaine: let's get a quick check on the markets, we are seeing some risk appetite coming back into the market ahead of the g20. the dow jones industrial average one of the laggards today, only up by .1%. the s&p and nasdaq outperforming their. small caps getting in on the action today. caroline: usually, they tend to be in the opposite direction, lagging the investor optimism. romaine: it will be interesting, maybe our next guest can give us some insight on that. transports, they were also lagging. they are back in action. it seems to be a little bit of a trade related g20 tr

. ♪ caroline: i am caroline hyde. romaine: i am romaine bostickromaine:. caroline: here is a snapshot of the rallycaroline:. a rough day for the quarter. joe: what did you miss? on the wayore cuts for deutsche bank. all eyes on president trump and president xi. president trump sounds optimistic while president xi doesn't preclude gets crushed, oil -- doesn't. crude gets crushed. as deutsche bank passes the fed's stress test, bloomberg learned they will cut as much as half the global workforce in equities trading. for more, let's get more with michael moore. to a certain extent we know job cuts are coming and have been drip sent to us. what was new in terms of the shift scale? piece is an new acknowledgment that the equity trading at deutsche bank is not profitable on its own. it had a loss last year but investment banking as a whole is not making a lot. what we need to help our other businesses? what can we keep and can we get rid of the rest of? joe: is there something about this that makes it performs worse than others but or is it just to take and it co

. ♪ ♪ caroline: live from bloomberg's world headquarters in new york, i'm caroline hyde. here is what you missed. a snapshot of u.s. stocks closing higher. the best rally we've seen since january 4. joe: the question is, "what'd you miss?" caroline: rate cuts as global economic headwinds swirl. tech titans still bracing for a protracted antitrust fight. aboutwarning authorities citizens coming to the u.s., citing frequent robberies and theft in america. we've been hearing from some of the most influential, innovative figures and investing. they gathered at the bloomberg investor summit in new york to discuss the challenges and opportunities of a rapidly changing financial landscape. >> two thirds of all the recessions since world war ii have been caused by some fed policy. some fed policy of either being too slow or too fast in one direction or the other. will is hard to say if we have another cycle with interest rates, where they stand now. we might. >> the key is to be prepared. paul -- politicians are walking along a ridge line. externalities as well, things not in the

. ♪ ♪ ♪ caroline: live from bloomberg world headquarters in new york, i am caroline hyde. here is a snapshot of how u.s. stocks rallied again, volumes lower. central banks versus trade wars, terror headlines giving investors on their toes. the jobs report takes a stop. meet beats but will it be enough to fund dictate its valuation? and people withdrawing the merger with renault walking away from a deal that would have created a brand-new opportunity. -- ecbet's talk president mario draghi pledging to revive inflation, taking a listen to what he said in lithuania today. act in caseined to of adverse contingencies and also stands ready to adjust all of its instruments as appropriate to ensure inflation continues to move toward the inflation and sustained manner. caroline: sounded pretty dovish but it fell flat. here to talk about it is -- the euro was up .5%. it was the dollar weaker day but the market wanted more from mario draghi. >> you could tell from the defensive way he was going to talk what he was suggesting. there was a lot of room for him .o return to qe in the 198

don't miss caroline hyde's conversation with facebook coo sheryl sandberg tomorrow at 7:00 a.m. eastern. romaine: coming up, what the fed could learn north of the border. a look at the interaction between canvas labor market and inflation. this is bloomberg. ♪ romaine: some quick breaking news out of canada. the oil pipeline has been given the green light. headlines just crossing the wire right now. it appears canada has given the green light to move forward with the construction of that trans oil pipeline. sticking with canada and the u.s., our next guest says the central bank can learn a lot from its neighbor to the north. for more, let's welcome in the director of research and analysis. thank you for joining us again. i read this piece you wrote essentially laying out the case for why we can sort of look to canada's employment situation and the inflation situation. i didn't quite understand it. give me the quick layover. >> there's this idea especially in the u.s. that once you get to a certain level of unemployment, we are supposed to get a phillips curve moment where pric

he spoke exclusively with caroline hyde in london. ♪ europeant think on the level there will be any delays based on the situation with regard to security. if any there might be delays on the accounts of the sector not being available or the economic state not making sense. we have technical solutions should you want to swap out, and they are all doable. >> when it comes to security, when it comes to providers -- it is a relevant, realistic risk, do you think? >> the concern people are expressing is that it will be critical national infrastructure. the focus on security will be there no matter what.it has to be there. the second is, where is the intelligence network? is it in the core network, at the edge? there is no one particular place where intelligence fits. and this will be used for industrial networks. we get all this talk about worries around security, and i think that makes sense. it is critical national infrastructure, you will have industrial 5g networks used for a lot of industries as well as for carriers that will also use networks to deploy industrial applications. that concer

sandburg spoke to our caroline hyde exclusively. >> there are one billion people in the world who are not connected. let's talk about what that means. if you have a dollar and nowhere to keep it, that is a cure? it is bad for everyone and in particular women. there are 100 million women in the world, most of them are leaving their homes. working often in other peoples homes to send money back to their families and they are paying huge fees and 20% more than men. we want technology to help everyone. what we announced yesterday is the formation of a global association. it will be based in geneva. we have 27 partners. paypal, mastercard, visa, spotify, uber, lyft. what we would like to do is help make a global cryptocurrency. we are a long way from launch. we have a lot of work to do but this is an announcement of what we would like to do with a roadmap for people to jump in and help us do it. this will be an association, not reporting to facebook. carol: your immediate response to the regulatory scrutiny? we have already have maxine waters speaking out. mara connie saying the door is mi

our own caroline hyde spoke to the ceo. by nokia been impacted huawei being blacklisted. that,: i would just say yes, there is some uncertainty and unpredictability. on our part, we have been thoughtful with, if you are a customer who wants to swap out g, how are you4 going to do it? we have come up with alternatives so you don't have to delay your rollouts. caroline: the arguments made by companies -- rajeev: i don't think on a european level there will be any delays with regards to security concerns. there may be delays with regards to spectrum not being available or the economics not making sense for a to killer operator. we have four -- making sense to operators. if you four solutions want to swap out. caroline: we will see two different technology focuses, two ways that will be incompatible, do you think that is a risk? rajeev: no. caroline: what is the key risk when it comes to security? is it a relevant risk to have huawei as a provider? rajeev: it is going to be critical national infrastructure so the focus on security will be there no matter what. the second, whe

. ♪ caroline: live from bloomberg's world headquarters in new york, i'm caroline hyde. here's a snapshot of how stocks closed today. not as far to the lows as we thought. the s&p 500 down in the green. the nasdaq, just a hit. , apple,rutiny, facebook amazon shares tumbling on reports of a potential u.s. antitrust probe. wall street rings the recession on trump's trade war. democratic presidential candidate andrew yang tells us how he plans to stand out in his crowded 2020 race. joe: we begin with big tech tumbling. the companies appear set to undergo u.s. antitrust probes after the apartment of justice and federal trade commission agreed to split up oversight of the technology giants. joining us on the phone is scott calloway from nyu and the author four." people have been wondering about this moment or a theoretical moment like this for a long time. when will washington get serious about regulating big tech? is this the turn tech investors have been concerned about for a long time? >> it appears as if we are definitely one giant step closer although this really isn't a

. ♪ ♪ ♪ riggs in forr caroline hyde. romaine: i am romaine bostick. joe: i am joe weisenthal. >> record highs across the board. thank chairman jay powell. romaine: slack chose the road less traveled to go public. we will look at whether it is paying off. back from the brink, portugal's economy has returned to positive growth figures five years after international bailout. we will speak with the minister. summer school, going through the prestigious harvard business school for an exclusive with providence founder jonathan kneels. ♪ was slack stories shares. they reversed gains. the company still closing above its debut price. joining us now to talk about this is a general partner at institutional venture partners. invested in slack in 2015. ipo for them.h that is a big number. you saw the direct listing come out to get -- today. it came out well above its reference price and seemed to be fairly orderly. what did you make of it? >> it was a fantastic debut. the true measure of an ipo is in its volatility. you want low volatility. the fact it opened 38

caroline hyde spoke with the dropbox ceo andrew houston about the new changes. andrew: we are really excited about it. we launched the biggest change we ever made to our product and all new desktop app. it evolves the dropbox experience to a living team workspace where you can have files, any kind of cloud content. google docs. anything you are using. integrations with tools like slack and zoom. from within dropbox, you can send people messages. it is a much more integrated workspace because we saw so many of our customers and ourselves struggling with these new apps, but how do you stitch them together? we see a big opportunity to make that a seamless opportunity. cannot wait to get it out there. >> do you see this type of integration -- do you think this is something we will see more of not just in your particular space, but with other types of software and software services? drew: absolutely. certainly, most if not all integration, but the opportunity we saw is to organize it. put it into a coherent experience different from some of the messaging tools. what

. ♪ ♪ caroline: live from new york, i'm caroline hyde. romaine: i am romaine bostick. joe: i'm jim wiesenthal. caroline: the stocks managed to rally again. two days of gains. joe: the question is, "what'd you miss?" caroline: top policymakers are getting ready to cut rates. trade and transport. boeing's talks a china megadeal may be in jeopardy. high-profile crypto case. first to the fed. the dallas fed president says the mechanisms for rate cuts depend on key evidence and talks about the decision-making process behind such a move. i think it is early to make a judgment. we are going to be very vigilant about understanding these high and trade tensions. most importantly, see if they and so, i think it is too soon to make a judgment as to whether we might take an action. i would rather be patient and let events unfold. investors have priced in three rate cuts and economists over the weekend basically joined the consensus that you are going to cut rates. the have been in the watch and wait cap. what would tip the balance for you? when would you think you need to make a d

. ♪ caroline: live from london, i'm caroline hyde. taylor: i'm taylor riggs. joe: i'm joe weisenthal. caroline: how u.s. stocks closed on the day. they are rising higher. up 4/10 of 1%. joe: the question is "what'd you miss?" caroline: trade war's take a toll. how will qualcomm -- how hard qualcomm has been hit by the china-u.s. tensions? crude concerns, oil rises as the u.s. blames iran for a tax on two tankers near the persian gulf. meanwhile, chinese president xi jinping faces challenges as protesters in hong kong. first, breaking news. trump has just said that sarah sanders will leave the white house it would seem at the end of the month. she has been a voice of consistency for the white house. she became press secretary in july, 2017 through to the present day. we will see as to the reasoning of her departure but currently, the white house is saying sarah huckabee sanders, who was originally an american campaign manager and political advisers, serving as the white house press secretary. now seems as though she is running for governor of arkansas is the la

. ♪ caroline: live from bloomberg's world headquarters in new york i'm caroline hyde. taylor: i'm taylor riggs. joe: and i'm joe weisenthal. caroline: we had a risk off stop trading today. seemingly good retail numbers are bad news for stocks. a fed rate cut is looking less urgent following solid data from u.s. stores and factories. trouble with tehran. standoff with iran hardened as conflicting narratives. oil was up again today, but down for the week. facebook gains. investors giving the company a thumbs up as details emerge. joe: now, good news from u.s. stores and factories. both reported an upturn in activity last month, fueling notions that the economy is fine without urgent need for the fed to cut rates. the outgoing economic advisor weighed in on the data earlier this afternoon. >> what i see in the economic growth is very strong growth and what i see in the inflation is that it is decelerating. one reason inflation is decelerating is that the u.s. is the growth story of the world now. doing soonomy is not great compared to expectations. we've got high-growth.

caroline hyde spoke to jeremy wright at the sooner than you think conference about the issue. she asked about huawei. >> it is important we have quality equipment and are at the forefront of the 5g revolution. it is important we have a safe and secure telecom infrastructure. what we are doing isn't focused on huawei and china. i am looking at a way we can develop a system for the supply chain to make sure they meet our requirements on safety and security. we will bring those proposals forward as soon as we have them. >> when will there be an end to the review? jeremy: i cannot say exactly when decisions will be made. the americans have made decisions recently that we have to take into account, which in a telecom world will have an impact on huawei. we have to work through the consequences of that before we make a decision, but we will do that as soon as we can. caroline: how difficult does that make the decision, the u.s. blacklist? jeremy: you can't pretend decisions around the world don't have a bearing. if components in america go into components supplied by huawei into the

in an exclusive conversation with bloomberg's caroline hyde, she insisted facebook is not looking to avoid regulatory responsibility or restrictions. we are calling for regulation. not just saying we will deal with it reluctantly, but we are working with president macron on a co-regulatory model. we are working with people around the world on a gdpr that we think would be a good thing. we want to not just be at the table but be noticing and acknowledging companies like ours should not make as many decisions as we do. we know that. new rules need to be written for the internet and we went to help make that happen. >> do you think realistic rules are being talked about on capitol hill? it feels like the eu has a blueprint, but do you think it will be fit for purpose? >> the legislative process is never linear. good.nk gdpr is we are also not winning for regulation. in the u.s. there is a bill that did not pass. it said that in political elections, you should be able to see who is paying for the ad, how much they spent, who is behind your ad. that bill did not pass but we built the tool