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Speaker 1: Global business news twenty four hours a day at Bloomberg

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Speaker 1: dot com, the Radio plus mobile app, and on your radio.

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Speaker 1: This is a Bloomberg Business Flash and I'm Kerr in Moscow.

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Speaker 1: This updates brought to you by marks Paneth LLP, ranked

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Speaker 1: among the top three forensic accounting firms in New York

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Speaker 1: by the New York Law Journal for the sixth year

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Speaker 1: in a row. Visit marks Panet dot com home depot,

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Speaker 1: posting first quarter profit that topped analysts estimates and raising

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Speaker 1: its forecast for the year. Shares up two tenths per

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Speaker 1: cent in early trading. Children's Place is of nine point

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Speaker 1: one percent. It reported first quarter profit that beat analysts

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Speaker 1: estimates as well, and also boosted its forecast for the year.

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Speaker 1: Lending Club which plunged last week after the surprise departure

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Speaker 1: of its leader and disclosure of faulty internal controls. So

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Speaker 1: the scandal is prompting investors who suspend debt purchases and

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Speaker 1: spurring government probes. Its shares are falling eleven per cent.

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Speaker 1: Futures are lower SNP even A futures down to in

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Speaker 1: a points Dow WE many futures down eighteen NAS doc

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Speaker 1: he many futures down to dax in Germany's down two

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Speaker 1: tenths per cent. Tend your treasury down one thirty second

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Speaker 1: the years one point seven five percent. No, I'm excret

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Speaker 1: oil down three tons per cent or fourteen cents to

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Speaker 1: forty seven fifty hit a barrel comes gold is little change,

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Speaker 1: down twenty cents to twelve seventy four and ounced the

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Speaker 1: euro An dollar thirteen twenty the again one oh nine

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Speaker 1: point four six. And that's a Bloomberg business flash. Tom

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Speaker 1: and Mike Cara Moscow, thank you very much. Brian Bowski

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Speaker 1: is whe Us. He's trying to get past his disappointment

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Speaker 1: or the twins lost last night. UM, looking at at

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Speaker 1: the markets, we're talking about earnings beforehand. Um, to what

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Speaker 1: extent in your mind does the stock market reflect what's

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Speaker 1: going on in the economy these days. UM, that's a

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Speaker 1: great question. You know, we've had a nice recovery off

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Speaker 1: the lows um from February and from our lens, you know,

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Speaker 1: we continue to thank the SMP is gonna close at

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Speaker 1: the year, so we're pretty much there. So I have to,

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Speaker 1: you know, put my money over office. I think at

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Speaker 1: the end of the day, you know, stocks I think

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Speaker 1: are reflecting what's going on fundamentally. However, there's a lot

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Speaker 1: of different variables aside from the economy. We have the election,

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Speaker 1: and we have what's going on in China and the

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Speaker 1: rest of the emerging markets, volatility from Europe. So you know,

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Speaker 1: I think the prior segment when we talked about the

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Speaker 1: Fed potentially moving the summer is going to have an

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Speaker 1: impact on stock prices on on a on an intermediate basis.

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Speaker 1: One more question then to you as we move on

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Speaker 1: in the morning, and Brian Bells can't want to give

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Speaker 1: you a massive shout out. Your resilient optimism has clearly

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Speaker 1: been conveyed in the retail sales report and the jobs

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Speaker 1: report that we saw on Friday. When does the investment

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Speaker 1: click in by corporate America? You know, again, at the

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Speaker 1: end of the day, I think they're waiting around to

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Speaker 1: see what happens um um in Washington this fall. So

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Speaker 1: we're gonna blame the sun, Donald Trump, Well, gonna blame

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Speaker 1: it on Paul. I mean, the thing to think about

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Speaker 1: politicians is this two things. We believe that politics have

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Speaker 1: nothing to do with the absolute performance of the stock market.

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Speaker 1: You can either enhance or to track the current the

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Speaker 1: trend right So the trend right now is kind of sideways.

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Speaker 1: You know, we think with with a more conservative administration

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Speaker 1: and we're gonna see more business friendly with a more

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Speaker 1: liberal Uh, we're gonna see a little bit more regulation

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Speaker 1: and in pressure. And I saw. So you can't fault

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Speaker 1: Corporate America for kind of sitting out its hands right

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Speaker 1: now because at the end of the day, you know,

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Speaker 1: stock prices have gone up, Tom because they've been more

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Speaker 1: conservative and they've built build up their cash reserve, they

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Speaker 1: bought back stock and their paying dividends. Brian Belli, thank

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Speaker 1: you so much of them. Capital Markets on the Equity

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Speaker 1: Markets again, SMP had two thousand sixty seven. Michael mckewe

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Speaker 1: we mentioned Mr Trump there. We somehow got Donald Trump

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Speaker 1: into a conversation with Brian Bellski our next guest fifty fifty. Yeah, Well,

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Speaker 1: you know, nobody talks about politics or Donald Trump these days.

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Speaker 1: It's been a long time since we've heard that name. Uh,

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Speaker 1: we've got checked out with us from NBC's Meet the

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Speaker 1: Press eleven o'clock. At three o'clock, you could hear him

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Speaker 1: here on Bloomberg Radio every Sunday. Uh, and Chuck actually

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Speaker 1: I want to not talk about Donald Trump for just

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Speaker 1: a second. I know it's very difficult, but today's primary

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Speaker 1: day in Kentucky and Oregon, and Bernie Sanders expected to

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Speaker 1: do very well in Oregon and may do well in Kentucky.

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Speaker 1: Hillary Clinton has the delegates, but it's beginning to look

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Speaker 1: like she may not be able to clinch the nomination

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Speaker 1: before uh you get at least in bound delegates before

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Speaker 1: you get to Philadelphia. Well, right, it was always going

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Speaker 1: to be super delicate the name Barack Obama didn't clinch

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Speaker 1: the nomination, uh in in just bound delegates. He had

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Speaker 1: had supers too, So don't don't get caught up in that.

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Speaker 1: But yeah, no, today this is There's a reason why

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Speaker 1: the Clinton campaign threw a little money into Kentucky is

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Speaker 1: because they realized the this wasn't They're sort of limping

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Speaker 1: to the finish line here. Uh, and they would like to, oh,

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Speaker 1: stop this narrative of geez, she's got this basically one.

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Speaker 1: But boyd, Democrats don't seem very enthusiastic about it in

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Speaker 1: the rest of these states. Um. Look, the may states

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Speaker 1: in general on the primary calendar are more Sanders like

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Speaker 1: electorates in general. Um, they look like states that you know,

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Speaker 1: like they look forward. So part of this is just

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Speaker 1: the happenstance of the calendar in the order of the states.

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Speaker 1: But you know it's say, look at Sanders. Uh, we'll

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Speaker 1: know early tonight because Kentucky is polls clothes very early

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Speaker 1: and they count there both very quickly, so we'll know

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Speaker 1: quickly whether whether Clinton has anything to crow about tonight

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Speaker 1: or not. Chuck, before we turn to Donald Trump, is

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Speaker 1: Secretary Clinton laying low, if you will, to not use

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Speaker 1: her gunpowder before she gets near convention and then onto

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Speaker 1: the important end of the races is quiet part of

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Speaker 1: the model. Now, I wouldn't call it just that way, Like,

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Speaker 1: you know, she's not going to disappear. I think she

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Speaker 1: is gonna show up on the on the talk shows.

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Speaker 1: I think, well, you know, I think I'll be seeing

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Speaker 1: as soon as my guests, and I think that, you know,

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Speaker 1: maybe even a couple of times before the convention. So no,

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Speaker 1: they don't think they can go totally underground because Trump

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Speaker 1: he never goes underground, right, so you can't really seed

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Speaker 1: him that um, but I do think you're going to

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Speaker 1: see her. Uh take a step back a little bit,

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Speaker 1: you know, I don't think you're gonna see her tonight.

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Speaker 1: For instance, she's not gonna worry about doing either a

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Speaker 1: victory speech or any speech tonight. I think she's taken

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Speaker 1: a couple of days off the trail. I think you'll

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Speaker 1: see her, you know, out in the States, maybe three

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Speaker 1: days a week between now and the convention, which is

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Speaker 1: about what you're going to see Trump. So that's what

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Speaker 1: kind of pace you may see. Um as I was

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Speaker 1: told by people close to the campaign, Yeah, she's she

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Speaker 1: she'd like to start getting her getting getting a little

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Speaker 1: bit of rest right now before the before the convention.

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Speaker 1: And General actually pushed interesting peace and political this week,

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Speaker 1: suggesting that you know, normally fi spread fidential choices don't

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Speaker 1: matter all that much, but in this case they may

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Speaker 1: by softening the edges of two candidates people don't particularly like.

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Speaker 1: But at the same time, this vice the next vice president.

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Speaker 1: Maybe uh, we may be going back to the Alban

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Speaker 1: Barkley days, a warm picture of spit because you've got

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Speaker 1: Hillary Clinton bring along Bill Clinton, and Donald Trump ain't

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Speaker 1: bringing anybody along with him. I think you you just

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Speaker 1: point out what makes the job potentially unappealing to so

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Speaker 1: many people because of that you know, could you really

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Speaker 1: be a governing partner? You know, the last three vice

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Speaker 1: president have actually been very fairly powerful members of their

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Speaker 1: respective administrations. You know, they all have pretty decent roles. Cheney, Biden,

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Speaker 1: and Gore. Um Or being less of the three, but

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Speaker 1: at the time, or compared to his his predecessors, was

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Speaker 1: more active, and so it's really increased. So I think,

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Speaker 1: particularly with Hillary Clinton, I expect her to name somebody

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Speaker 1: that she's going to on to you at the potential

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Speaker 1: almost chief the staff level of advisor. With Trump, I

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Speaker 1: don't know what he's gonna do. I think part of

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Speaker 1: you look, part of his challenge is not everybody's gonna

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Speaker 1: want to want to um be on his ticket. I

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Speaker 1: think he's gonna I think he will find plenty of

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Speaker 1: people that will want to do it, but the perfect candidates,

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Speaker 1: UH propose that. I think they will not submit their

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Speaker 1: paperwork to be that it Trump Chuck Bloomberg view in

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Speaker 1: the last forty eight hours is had two terrific essays.

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Speaker 1: On eighteen sixteen. I know you've covered that election and

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Speaker 1: after the Civil War where we figured out how to

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Speaker 1: pay our debt. This ended up with a Public Credit

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Speaker 1: Act under President brand in eighteen sixty nine sift for

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Speaker 1: us the to the left of Sanders debt repudiation of

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Speaker 1: Mr Trump with the Republican left, the Republican mainstream or

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Speaker 1: other Republicans to the right of Speaker Ryan. I'm dumbfounded

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Speaker 1: that place, meaning that the this the this issue of

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Speaker 1: the debt, like how important to take it? That is

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Speaker 1: going to work like a real estate transactions are. He's

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Speaker 1: already tried to back off of that. Yeah. Um, but

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Speaker 1: that just goes to you. This is this was to

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Speaker 1: me an example of how Trump um speaks before he thinks,

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Speaker 1: speaks before he studies. Uh. He did it on abortion,

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Speaker 1: and he did it on this where he didn't understand

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Speaker 1: what the debt is. Okay, he didn't understand that. You know,

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Speaker 1: treasuries are like gold bars as far as the world

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Speaker 1: is concerned, Okay, the equivalent of a gold bar, and

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Speaker 1: so the US treasure you don't mess around with that

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Speaker 1: in the minute you do. Um, you know, forget forget

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Speaker 1: interest rates and forget people wanting to pull their money out. Um.

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Speaker 1: But it would it would cause it could cause major

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Speaker 1: financial calamity. So I don't I think that was a

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Speaker 1: case of just that's where Trump gets into more trouble

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Speaker 1: is that he speaks before he thinks, he thinks he

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Speaker 1: knows the right answers, and he doesn't. He doesn't study

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Speaker 1: then quickly, here, Chuck tudes one, are the people around

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Speaker 1: him teaching him to think before talk, or based on

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Speaker 1: your experience with Mr Trump, is at an impossibility? Well

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Speaker 1: look he Here's what's interesting about him is if he

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Speaker 1: knows when he needs to study up on something and

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Speaker 1: so he'll do it. He doesn't listen. You know, he will,

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Speaker 1: He'll take some advice and for one or two days

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Speaker 1: he'll even heat it um. But at the end of

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Speaker 1: the day he has had his He believes the success

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Speaker 1: he's had in his life is because of his gut

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Speaker 1: instinct and because of his shrewdness. And so I don't

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Speaker 1: think he views outside advice as anything other than well,

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Speaker 1: just tell me why that is. But aside whether I

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Speaker 1: need it, you know, that's just the way up, Chuck, wonderful.

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Speaker 1: Thank you for the perspective. Checked out, of course, see him.

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Speaker 1: I Meet the Press, I moderator Meet the Press Sunday morning.

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Speaker 1: You could hear it on Bloomberg Radio twice Sunday afternoon.

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Speaker 1: Another hour of Bloomberg sa Aillas